By now the news is everywhere that the Texas housing market, and by extension the North Texas housing market, has experienced significant growth over the past year-plus. While much of that growth has come from locals buying new homes, it’s important to highlight the positive impact that international investors have made on the housing market’s resurgence.
A recent report from the Texas Association of Realtors finds that nationwide, U.S. home sales to international buyers reached $68.2 billion between March 2012 and March 2013. This equates to roughly 6 percent of total home sales. On a regional level, in Texas, these sales reached the $6.1 billion mark.
According to a piece from My San Antonio, Texas made up roughly 7 percent of U.S. home sales to international buyers last year, which equated to roughly $5.8 billion.
Although on a surface level it may seem that international investors are swooping in and buying up homes for sale that could otherwise go to interested Texan buyers, looking closer we see that it’s the booming economy and attractive tax incentives that bring interested buyers from across the globe.
Bill Gottfried, chairman of the Texas Association of Realtors’ international committee, noted that affordable home prices combined with direct flights to foreign locales and the lack of corporate and individual income tax in the Lone Star State all contribute to attracting outside interest in its housing market.
And despite the limited housing inventory in North Texas and across the United States, affordable home sales are still there to be had. Helping matters is increased new home construction and an emphasis on passing building permits to satisfy the appetites of hungry new home buyers everywhere.
However, it’s promising to see that along with rising home prices due to limited inventory, home sales are also rising so it is clear that affordability conditions are still high and home buyers are motivated to sign on the dotted line.
If you’d like to learn about North Texas homes for sale, contact us today. We serve the greater Erath County, including Tarleton, Stephenville and Dublin.