The housing market in Texas, and more specifically North Texas, has seen significant growth so far in 2013 and a big part of that growth is due to the high-end housing market, according to a recent report from The Wall Street Journal.
With the inventory of higher end homes bigger than the inventory of other homes across Texas and the rest of the nation, the housing market recovery as a whole has favored buyers of the more affluent variety.
However, in Texas and elsewhere across the country, an emphasis on improving the overall housing inventory is rampant as middle class buyers still make up a large portion of interested buyers.
“It will be gradual, but it will be at least several years before we see the participation of the first-time buyer come back to normal” levels, said David Crowe, chief economist for the National Association of Home Builders trade group. “In the meantime, the [new-home] market will lean toward the upper end.”
First-time home buyers often lack the funds necessary for high-end homes, which is a trend noted by Lynne Kitchens, a recent home buyer in Texas who was quoted by the site as saying that she’s noticed a surge in new homes priced in the $350,000 to $600,000 range.
Financing plays a major part in making home ownership more affordable for first-time home buyers. FHA loans for example are available and insured by the federal government. They come with as low as 3.5 percent down payment, attractive rates and are designed for first-time home buyers who may not be qualified for conventional forms of financing.
In North Texas and more specifically in Stephenville, homes of both the high-end and entry-level variety are available. Contact us today to learn more about Stephenville real estate opportunities.