The job market and real estate industry of Texas supplement each other. The Monthly Review of the Texas Economy report stated that Texas created almost 300,000 jobs that were not related to agriculture. This displayed an annual growth of 1% above the national average. Not to mention, the unemployment rate is less than 1% of the national average in the Lone Star state.
The rise in employment is spread almost evenly across all the industries of Texas, with the construction sector being the largest job creator. So as you can see, growth in construction (real estate) is resulting in job creation. Job creation then attracts more and more people to cities like Houston, which then increases the demand for real estate.
If you are also looking for a home in Texas, these tips may help you out:
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.
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.