It’s a Great Time to Buy a Home in the Texas Housing Market
Since Texas was the national leader in population, economic and housing market growth last year, there was significant growth in Texas real estate as well. Texas gains more out-of-state residents than any other state and is a leader in home sales from international buyers.
In November, Texas’s unemployment rate was only 4.9 percent down from 6.1 percent year-over-year according to Bureau of Labor Statistics. Over the next five years, Texas is expected to have the nation’s fastest job growth rate at 2.7 percent, according to a Forbes article quoting data from Moody’s Analytics.
Texas’s major metro areas, including the Dallas-Fort Worth metroplex and Houston have even lower unemployment rates than the state average. Business growth will help spur on local housing markets. Additionally, Toyota is moving its headquarters to Plano, Texas and bringing with it 4,000 jobs. The company just broke ground on their headquarters and will put nearby housing markets into overdrive as Californian Toyota employees look to move to Texas. Last year, San Antonio gained nearly 5,000 jobs as a result of 28 companies’ expansion and relocation.
The strong job growth should translate into a booming year for homing buying. According to Housing Wire, “the Mortgage Bankers Association forecasting a 7% increase to $1.19 trillion in mortgage originations in 2015, a 15% rise in purchase originations to $731 billion in 2015, and a 3% decrease in refinance originations to $457 billion.”
Low mortgage rates entice potential homebuyers to enter into the real estate market. With rates at their lowest since May 2013, the Texas housing market is a great place to purchase land or a home. At less than 4 percent, it doesn’t get much better than that.
Low mortgage rates help you get more land and your dream home within your budget. Take advantage of the booming Texas housing market and purchase a home at Vintage Oaks today.