Texas residential construction and Erath County homes in particular have seen a strong start in 2013, with many properties increasing in value as the national real estate market begins to recover. Citing a newly rediscovered demand for homes, Texas has enjoyed better than average numbers in the current economic boom.
Early January figures indicated new residential construction and existing home sales growing steadily. However, looking to future trends in the real estate market, experts are leaning towards a higher demand for homes, meaning sellers are in a position of power to sell high and reap the rewards.
If current figures are to be believed, buyers will start having a hard time negotiating a fair price for homes as the demand will increase but the supply will not. This could possibly lead to some of the highest home values in recent history and prompt many homeowners to wait on the market for maximum return value.
In this case, available homes for occupancy decreased by 35.3% in the last six months while new residents and demand remained high. Even with a 30% increase in residential home construction, there will not be enough homes for people for a while. This may be a problem considering Erath County’s stable economy, higher employment rates, and low costs of living will undoubtedly attract more people into Texas.
In addition to efforts made by local builders, land developers, and real estate lenders who energized the current housing market, conservative planning ensured the demand for homes would never be subjected to a major bubble burst or flooded market. This has thankfully allowed most homes to stay relatively the same in overall value with depreciation levels incredibly low. If this trend continues, new residents will get to enjoy the same benefits and strong seller’s market years after purchasing a home. Compared to national real estate levels in the United States, even if the demand for homes goes down, local markets in Texas recover faster and residential housing never stays hurt for long.
If you’re looking to sell or buy Stephenville homes in this strong real estate market, please contact us. It would be our absolute pleasure to help you in your Stephenville home journey.