Why Texas

Texas

Why is Different

Downtown Houston

Strong, Diverse Economy Texas is strong in industries that are still growing (such as energy, education & health services, government and hospitality), according to the Texas Workforce Commission. In addition, the state’s four largest metros (Dallas-Fort Worth, Houston, Austin, and San Antonio) were recently ranked in the top 10 cities projected to recover from the economic recession nationwide (America’s Fastest Recovering Cities , by Francesca Levy, Forbes Magazine, Nov. 19, 2009).

Enduring Home Values From 1999 to 2009, the median home price in Texas increased 45% while home sales increased 16% (Real Estate Center at Texas A&M University).

Relocation According to the Allied Van Lines 42nd Annual Magnet States Report, Texas is the No. 1 destination state for residential relocations in 2009 for the fifth year in a row.

Statewide facts

Texas real estate remains a strong long-term investment.

In five years, the average home sales price in Texas has increased 13% in value, or $21,300 (November 2004 to November 2009); over the same period, median sales prices (half of all homes sold are priced higher and half are priced lower) also increased 12% in value, or $15,100. Also, with the state’s population growth expected to rise 11 % by 2015, all those people will need a place to live. In fact, Texas home sales have been on a steady upswing, increasing 62% from January 2009 to November 2009. * Data from the Real Estate Center at Texas A&M

Texas homes have appreciated steadily.

Appreciation refers to an increase in value of a property. It is a measure of the demand for the property. While home sales prices in places like California, Florida, Nevada, and Arizona have experienced rapid rises and drops in values, Texas prices have remained relatively steady. Home price appreciation in Texas has not fallen below zero in the last 16 years. At the end of September 2009, Texas ranked eighth in the nation for home appreciation according to the Federal Housing Finance Agency.

Texas homes are more affordable

Using a ratio of average family income to income required to qualify for a loan, the Housing Affordability Index indicates the proportion of the population that can afford to buy the average home sold during a certain time period. The higher the index, the more affordable the housing in that area. See the Housing Affordability Index Comparison chart below from the Real Estate Center at Texas A&M. Area

2009

2008

2007

2006

2005

2004

2003

2002

Texas

1.84

1.59

1.45

1.52

1.68

1.77

1.81

1.68

USA

1.57

1.33

1.11

1.09

1.23

1.34

1.61

1.43

Great rates are available

The screenshot in this page contains mortgage rates in Houston, Texas as of January 12, 2011. Mortgage loan rates are the lowest they have been in decades.

Austin, Texas

Additional Resources Houston Association of Realtors (www.har.com) Real Estate Center at Texas A&M (www.recenter.tamu.edu) Texas Real Estate (TexasRealEstate.com)

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