2020 was a tough year for many people…but the real estate market just kept getting hotter and hotter! As a matter of fact, Texas’s homeownership rate is now at an all-time high of 70% which exceeds the nation’s 67.4% for the first time since 2012! This is according to the latest Texas Housing Insight report from Texas A&M University. Here are the contributing factors:
Historically LOW interest rates! The average homebuyer can purchase a lot more house for a lot less money due to the low interest rates.
Buyer’s needs are changing. Due to the Pandemic, many households found themselves sharing workspaces with kids attending classes online and parents working from home instead of heading off to brick-and-mortar offices. As a result, some people had to find bigger homes with dedicated offices and virtual schooling space.
Also due to the Pandemic and travel restrictions, homeowners needed more “recreation” space to keep their families occupied while being at home. They wanted more outdoor space, pools, larger kitchens for cooking, craft rooms and exercise areas!
On the other end of the spectrum are the folks who simply needed to downsize and save money for retirement since there is so much uncertainty in our economy today.
Whatever the case, people continued to buy and sell, and we were there to help them! Whether you need to buy a bigger home with more amenities or downsize, invest in a rental property or lease your next property… Castle Hills Real Estate can be there for you too! We look forward to a prosperous 2021, with less uncertainty and more hope, love and kindness for all of you.
We sincerely wish you a Merry Christmas and Happy New Year!
Submitting an offer on a home without ever setting foot inside is not new… and now with the COVID-19 Pandemic, it has become more common place for buyers who simply don't want to take any risks. But is this a smart thing to do?