The Truth about Texas Real Estate

With so much misperception created by the national news about the real estate market, our local board office, dfwREALTORS.com - MetroTex Association has provided the following information to update you, the consumer on what is really going on.

Why Texas is different
* Strong, diverse economy: Texas is strong in industries that are still growing (such as professional & business services, education, and health services, government) and has the second largest economy in the nation by GDP according to the U.S. Bureau of Economic Analysis.

* Steady job growth: According to the U.S. Bureau of Labor and Statistics, Texas added about 153,700 jobs (1.5% increase in employment) from December 2007 to December 2008m while during the same time the national unemployment rate rose 2.3%.

* Top state to relocate: According to Allied Van Lines' 41st Annual Magnet States Report, Texas is the #1 state for residential relocation for the 4th year in a row. New data from the U.S. Census Bureau confirms that Texas gained more residents (484,000) between July 2007 and July 2008 than any other state.

Statewide facts
* Texas real estate remains a strong long-term investment. The average home sales price in Texas has increased $15,600 from December 2004 to December 2008; over the same four years, median sales prices (half of all homes sold are priced higher and half are priced lower) increased to $8,600.

* Texas has a balanced market. Statewide, there was a 6.4-month inventory of homes for sale at the end of 2008. Economists at the Real Estate Center at Texas A&M say that about 6.5 months of inventory is a balanced market, where homes are being sold and prices continue to increase at a moderate pace.

* Texas homes have appreciated steadily. Home-price appreciation in Texas has not fallen below zero in the last 16-years.

* Texas has steady home value appreciation. Sales prices in places like California, Florida, Nevada, and Arizona have had rapid rises and drops in value, while Texas prices have remained relatively steady.

* Most borrowers are approved. According to a report by the National Association of REALTORS, 91% if buyers in Texas were NOT rejected by lenders last year.


Thank you to the MetroTex Association of Realtors for providing such wonderful information about our Texas market.

How can the Grove Team assist you with your real estate needs? Contact us directly:

Office (817) 337-0000
Email info@groveteam.com

Web www.groveteam.com