Why the Texas real estate market is booming!
Texas real estate market
We have all heard the saying, “Everything is bigger in Texas,” but for the real estate market it appears as if things are better as well. While the real estate market in the United States seemed to be somewhat stale for the entire year, the real estate market in the big old state of Texas saw some great improvements. This wasn’t an isolated event either because the entire spectrum of the Texas real estate market saw improvements.
The Texas Luxury Real Estate Market
The luxury real estate market in Texas is large and it has been generally unaffected by the real estate market troubles that plagued the rest of the United States. This is because people who makes these types of purchases have no problems paying for the properties without any type of financing. Luxury real estate buyers generally make cash purchases.
The Texas luxury real estate market has also attracted plenty of buyers from all over the world. Texas has become an international real estate shopping ground as people from all over the planet happily make their purchases. There is no other state in the entire country that has as many new out of country residents as the state of Texas. The great locations and excellent hospitality have helped the Texas real estate market grow while other markets have remained stagnant.
Prices Are Up Too!
While most of the country saw slim or no increases in real estate pricing, Texas once again managed to outshine other real estate markets in regards to real estate price increases. There was a basic lack of inventory that helped to drive prices higher than other markets in the United States. Texas real estate has become highly popular!
It wasn’t just houses that saw the overall increase either. Condos and town homes were labeled the fastest growing sector in the Texas real estate market growing over 10% in just the first five months of 2014.
The state of Texas continues to prove that it is nothing like the rest of the country. With its booming economy, excellent choice for land and great people, the Texas real estate market is still setting records.