Relocation activity in Texas is high with the state welcoming over 580,000 new residents in 2019 the 7th year straight in a row that it attracted over half a million new inhabitants from out of state. The availability of jobs, cheaper cost of living, affordable land and homes, good weather and low taxes, to name some, are factors that entice individuals and families to relocate to the Lone Star State. If you’re planning to move out, why not consider Texas on your list as your next destination?
Strong Land Market
Land is valuable and a finite source. Fortunately, Texas is one of the top states with the largest land area in America after Alaska. Hence, if you’re interested in purchasing land as an investment, Texas is a good place to start. Although booming countryside sales sent the statewide price of land higher, up by 9.5%, prices are still affordable in comparison to other states. It costs $2,900 per acre in Texas while in California, it averages at $4,100. In addition, when you buy land in Texas, you may even qualify for exemptions that will reduce annual property taxes.
For example, if you buy acreage for use as duck hunting land, you are eligible for wildlife exemption that will reduce property taxes by the thousands. If you do not want to use your property for hunting operations any longer, you can still turn it into agricultural land. You can be sure that your asset will have a strong value in the future because it is easy to market your property in Texas should you decide to move elsewhere. Before buying land for wildlife or agricultural purposes, do consider water features to support wildlife and crops, sources of food like natural vegetation for animals, and natural coverage as habitat.
‘Sweet Seasonal Spot’ for Home Purchase
Interested in buying a home in Texas? Like most states, the inventory of housing is low especially in the major cities. Home prices in Texas reached their peak in summer with families trying to settle in before the start of the school year. The going rate for houses in Houston, for instance, increased by 10.5% from last year according to Realtor.com.
The real estate marketplace also says that the best time to buy a house in Texas is now when there are fewer buyers and less competition because families are focused on getting back to school routines. Hence, there will be a good balance of affordability and availability during the fall season. However, other areas in Texas are not seen as ‘seasonal’ experiencing steady demand all year long. The good news is, the market is cooling even though it remains strong. Hence, if you find the right place at the right price, you’d be wise to grab the deal considering that home prices will still increase next year. According to Norada, home values in Dallas went up by 16.4% over the past year and will continue to rise albeit at a slower rate.
Real estate in Texas is booming with housing and land sales soaring. On the bright side, prices are still affordable. The key is to find rates that will suit your budget considering that prices vary from one area to another.