Real Estate Market in Texas
Real Estate in Texas, as in most States in the U.S. at the current time, has been affected by the current economic situation. Depending on whether you are buying, selling or investing in property, the situation can be looked at as either hurtful or helpful.
The most current statistic for the real estate market in Texas are stating that the market may have hit bottom and now be on an upward trend. 2009 has been a year in which new home construction fell dramatically. Because of this, some investors feel that the present time is perfect to buy, due to housing affordability.
Building a new home is also suggested due to the fact that there are many contractors in need of work therefore offering better prices on the new home construction. Mortgage rates should remain low with some hitting a five percent level, which allows a family of moderate financial means to purchase or build a new home. Using the low mortgage rates and some of the new government allowances, especially for first time home owners, may be the boost the real estate market in Texas needs.
If you are considering purchasing an existing home in Texas there are many available. The prices vary as to which part of the state you are interested in residing. For instance, an example of one house listed for sale in the city of Dallas is an updated 4 bedroom home with 2 baths. The square footage is approximately 2,492. The kitchen has had many updates including granite countertops, oak cabinets and an island with extra storage. This house has vaulted ceilings and hardwood floors. It is located in a neighborhood with a low crime rate. The yard has been landscaped and kept well. This house and many others like it in the Dallas area sell for an estimated cost of $199,999.
A similar house in the Austin, Texas area is priced at $200,000, but has less living space, with only 1166 square feet. This house also has less rooms, containing three bedrooms and two baths. It is an older stone house and is also in a low crime area. It is located ten minutes from downtown Austin. The yard is larger then the above home in Dallas, but the variance in price in the different cities can be seen in this instance, with Dallas homes being set at a lesser sales price.
If you are seeking an empty parcel of property to build a new house on, the prices also vary greatly depending on which part of the state to wish to reside in. In the Dallas area an acre of ground can cost anywhere from $10,000 to $150,000+. Rural areas seem to run less while commercial areas are, of course, more expensive.
For first time home buyers, purchasing real estate in Texas could be a great way to start out. The new home buyer tax bill includes homes that are purchased for $80,000 or more. If the house purchased costs less then that amount the buyer will receive a credit for 10% of the cost. There are stipulations that apply to each purchase and a real estate agent can help potential buyers find out if they are eligible. Some eligibility requirements are that it has to be a first-time home buyer. This includes those who have not had any ownership in a home for at least three years previous. The tax credit works by lowering income taxes. The credit is claimed on the buyers income tax return. Since most people have already filed their 2008 income taxes, they can choose to claim the home buyers tax credit in 2009. The tax credit also has stipulations on the amount of income the home buyer is allowed to earn per year. As stated, a local real estate agent can help buyers decide if using the new tax credit is beneficial.