A recent report released by the Real Estate Center at Texas A&M University stated that although Texas homes are the most affordable in the nation, the gap between Texas real estate and the rest of the country is slowly narrowing. This trend is bolstered by the strong economy of many Texas communities, along with the low cost of living enjoyed by Texas residents. As the trend continues to develop throughout Texas, Stephenville homes may increase in value.
According to the report, the two main causes for the increase Texas real estate affordability are changes in the median home price and interest rates. For instance, the 30-year fixed rate decreased by almost 31%. However, the Texas median home price increased by 4% between 2006 and 2011, in spite of the national trend of decreasing home value. The report states that Fort Worth is the most affordable metro area within Texas, and the major metro markets within the state are some of the most affordable in the entire country.
Real estate experts predict that 2012 will be an excellent year for the Texas housing market since it has already shown such remarkable activity to date. Yet, the affordability of Texas homes such as those in Stephenville real estate listings may not last for long. Because incomes are not increasing in direct correlation to the increase in property values, affordability may decrease as a shift in the overall Texas marketplace slowly occurs.
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