Why are so many people looking for homes in Texas?
Would-be Texas homeowners are feeling frustrated lately because there’s so much competition for every well-maintained, properly priced home. They’re also frustrated because homes are selling for higher prices than they anticipated. Prices are, of course, rising due to the law of supply and demand.
Why so much demand? Because the population of Texas is growing daily. According to a December 2013 release by the U.S. Census Bureau, Texas added more than 387,000 residents between July 1, 2012, and July 1, 2013, and more than 1.3 million since April 1, 2010. This increase is significantly more than any other state.
The sharp growth patterns have been in the Midland-Odessa region due to the oil and gas boom, and in the largest metropolitan areas. Dallas-Forth Worth, Houston, Austin, San Antonio, El Paso, and the Rio Grande Valley are all booming. Some rural counties, however, have lost population.
Why is the population growing?
Because Texas leads the nation in job growth, and responsible people go where they can find work. On top of that, Texas has no personal income tax, so residents can keep more of what they’ve earned.
According to the U.S. Bureau of Labor Statistics, in January 2014 Texas added more jobs than any other State with a gain of 33,900 jobs. In contrast, 27 states plus Washington, D.C. lost jobs in January. California was the leader in that category, with a loss of 31,500 jobs.
Texas also ranked #1 in job growth for the 12 months ending in January – with the addition of 322,400 jobs.
And why does Texas lead in job growth?
Because Texas is “business friendly.”
According to the Small Business & Entrepreneurship Council’s “Business Tax Index 2013,” Texas ranks #1 in terms of the lowest costs of taxation on entrepreneurship and small business. To compile these rankings, the Council pulls together 21 different tax issues and combines them into one tax score. California, by the way, ranked highest in tax on business. Is it any wonder that their population is falling as the population of Texas grows? Click here to see the 21 tax issues used in this determination, and to see where other states rank.
What does this mean for hopeful home buyers?
It means they need to become pre-approved before they shop, and be ready to make an offer when they see the house they want. Thinking about it for a day or two will likely mean losing out.
Even though prices are rising, home buyers can be thankful to be in Texas. According to Zillow, the median price of homes that sold in Dallas–Fort Worth in January was $162,129, and the median home value in Houston was $135,200 – while the median home price in Miami was $305,500 and in Los Angeles County $443,000.
If you’re ready to become a Texas homeowner, call the Clover Mortgage Group today at 1-800-2232-7409 or apply on line at http://www.mikeclover.com. We’ll be happy to get you pre-approved and ready to find your new home.
Homewood Mortgage, LLC
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