According to the U.S. Census Bureau nationwide the median cost per square fee in 2017 was $101.25. The South (including Texas and Florida) registered $95.35 per sq ft. The West was higher at $126.42, but the highest is the Northeast (New York) at $148.95 per sq ft. YES, WE ARE FORTUNATE TO LIVE IN TEXAS!
When buying a home you have the price of a home, BUT also (1) HOMEOWNERS INSURANCE to protect your homes from disasters and accidents. Flood insurance is extra. (2) HOMEOWNER ASSOCIATIONS. Can be $100 a month or much more. Be sure you understand this. (3) REPAIRS, REMODELING, MAINTENANCE. Does the house need new AC + the ongoing costs of keeping the house & yard in pristine condition. (4) TAXES. May be exemptions or maybe not.
(1) WALK YOUR WAY TO HEALTH: 20 minutes of walking a day, 5 days a week gives you more energy & lose your cravings for sweets, helps with stiff joints. (2) EMBRACE ONE-FLOOR LIVING: easier to move if too expensive to adapt a single floor. (3) GET COMFORTABLE WITH TECHNOLOGY: take a class to learn to use your tablet or smartphones, as to everything they will do.
Want to be close to work. 85% of buyers would compromise on other house features to shorten their commute to work. 40% say they want to reduce their commute time by up to 45 minutes. So out in the burbs of Tyler, such as Bullard, Lindale, Chapel Hill, Arp, Winona that may be tricky to accomplish
When in a new home expect to spend at least 2 years to recoup your closing costs to buyer the home. If a renter wants to have gains with their money, the stock market will grow faster, BUT home prices over a longer period of time will be a more rewarding investment.
Driven by increased activity near Dallas, the area is having remarkable price growth. Up to $4,421 per acres or 11.4% climb. Sales have fallen a big so some buyers will not pay those prices. Property size declined slightly from 114 to 112 acres. Information from Real Estate Center at Texas A&M>
The scramble for returns on land investment is now a more attractive place to park capital. Slower economic growth seems to be the consensus forecast, the FED now appears set to cut interest rates in the coming quarters. Barring something unforeseen such as war with Iran, markets SHOULD CONTINUE TO THRIVE!!
Continuing robust economic activity supported by a thriving oil industry fuel demand for recreational & investment properties. A rise of 5.96% from a year ago. Northeast TX registered strong growth & recreational demand in Central TX. West & South TX remained stagnant. Overall most markets showed remarkable strength. MORE TO COME
The affordability of homes starts with the price of the empty lot. A home usually sells for 5 to 6 times what the lots costs. So a $50,000 lot may yield a $300,000 house. Homes are affordable when prices are between 3.2 & 3.8 times a household’s income. Dr. James Gaines, chief economist at the TX A&M Real Estate Center, looks for a 5% downturn in single family homebuilding as lack of affordable retail lots.
Median age of homebuyer 47 years old & median household income is $101,700. 32% are first-time homebuyers, but 5% of buyers over 50 years of age purchase senior-related housing. 10 weeks is median length of time buyers spent searching for a home & looked at 10 homes. 13% buyers purchased a home for multi-generational family due to aging parents or children over 18 living at home.