If you're thinking of making a real estate investment in Texas, whether it's here in Hill County or elsewhere, you should always know what you're getting into. Statistics and market trends are your best bet for figuring out what you can get in Texas once you've put up your house for sale in Mississauga. We can provide you with an overview of the market conditions for the state of Texas. That should help you figure out if investing here is a wise move for you financially.
Though there is quite a bit of oil money in Texas thanks to drilling operations in the Gulf of Mexico, it's not enough to push earnings in the state above the national average. The average person in Texas only earns about $19,000 a year compared to the $21,000 a compatriot shopping off the Richmond, VA real estate listings would be making. That leaves less money left over for rent and mortgage payments. Since the market prices are set by how much people are willing and able to pay for their homes, naturally the real estate prices in Texas are lower than the national average.
How much lower than the national average, you ask? Well, the median (or middling value) for a home in Texas is about $82,500. Compare this with the national average value for a home, which is $119,600, and you see a pretty big disparity. Include the new homes in Georgetown, Ontario and the rest of Canada and the gap gets even bigger. This is good news for you if you're looking to buy real estate in the state of Texas because it means your money will stretch further and allow you to buy a larger home than you had in your old state.
Of course, these are just the averages. Each city and town in Texas has its own real estate market, so you can't expect the money you got for your Merton Street condos to go as far in Austin as it would in Amarillo, for example. The average asking price for a house in Dallas is about $483,000 while in neighboring Arlington it is only $180,000. Up north in Lubbock you'll be looking at an average of $192,000 while down south in Corpus Christi it's about $200,000. The difference in housing prices is largely due to how much work there is to be found in the area.
So what's the outlook if you buy real estate in Texas? Well, things are looking up. The state's real estate markets took a hit in the sub prime mortgage crisis and the recession and are recovering gradually, so you can expect your home to slowly gain in value. Compare this with Toronto town homes and condominiums for sale, which have already rebounded to the point where agencies are thinking it's a bubble that might burst, and Texas is looking like a solid bet.