How Employment Opportunities Affect Real Estate in Texas

April 12, 2023

The job market and real estate industry of Texas supplement each other.
The Texas employment forecast looks to indicate that jobs will increase 2.4 percent in 2023. The forecast is based on an average of models that include projected national GDP, oil futures prices and the Texas and U.S. indexes. The forecast suggests that 332,500 jobs will be added in Texas this year, and employment in December 2023 will be 14.1 million, which implies that growth for the rest of the year will be around 1.9 percent.

Texas employment is growing around 3.0%-3.2% each month. Even though the numbers have been phenomenal, recent downward revisions to numbers suggest the labor market may be cooling off after growing at record-high rates for two years. Construction and energy employment numbers have been bouncing back, while growth in professional and business services, financial activities and information was notably weaker.

If you are also looking for a home in Texas, these tips will help you out.

Compare home Prices

The first thing you need to do is do a comparison of prices between the different home structures in the area you would like to settle in. The internet has made this job easy with hundreds of real estate websites telling you the general pricing of houses in a particular locality. You should also go over the MLS listings, especially as presented on the National Association of Realtors.

Calculate Mortgage Payments

Once you have a general idea of the price of the house, you now have to look for mortgage options. Once again, the internet comes into play here as it provides several online mortgage calculators that make you aware of borrowing opportunities.

Tax and Insurance Considerations

Don’t forget to add taxes and insurance to the selling price of the house you have your eyes on.  This is important, for in many cases the tax and insurance costs can literally double the amount you will ultimately pay for your house. You should call a local insurance agency and ask for an estimate. You wouldn’t be obliged to buy insurance from them, but at least you will have a general idea of what you may have to pay.

Other Costs

The story doesn’t end at tax and insurance, for you still have to bear the closing costs. This is the upfront cost of settling on your home and you simply cannot avoid it. Closing costs include origination fees charged by the lender, title and settlement fees.

Before you buy a home, you have to take all these costs into account before buying a home in Texas.