Are you going into 2021 with an optimistic outlook? You should!
We know that this year has been difficult in more ways than one. The unpredictability, the stress and the pain many of us experienced were far greater than we could have imagined, BUT we made it through! And although this year was tough, there's still reason to rejoice. 2021 will be a great year, especially for the housing market in Texas.
Here's why:
- Property value is expected to increase, meaning your home will be worth more in 2021. The estimated appreciation for properties across Texas is a whopping 6.5%
- The population of renters is predicted to increase resulting in higher occupancy rates, which is great for investors that own rental property and people looking to rent.
- No real estate market crash expected in our near future! Statistics from the Bureau of Labor and the Realtor's Market Recovery Index show that Texas is on track to avoid economic downturn and recover from the pandemic.
- Inventory is low for homes under $300,00. Homebuilders are attempting to fill that void and satisfy the market by building in the suburbs and outside the city. If you're looking to purchase, there will be an influx of new homes available in the coming year!
- Mortgage rates are expected to remain low. This is fantastic news for current homeowners and those looking to purchase.
All in all, the market looks good for investors, homebuilders, buyers, sellers and renters. If you or someone you know is interested in real estate services please reach out to us!
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