Predicting trends is about like predicting the weather. But the stats and data look sound for supporting these top five trends as we close out the 2015 market here in Fort Worth, Texas.
- It is still a seller’s market.
Temps are hot, but the housing market is hotter. Housing sales in North Texas are at a record high. Mid-summer this year more than 10,000 pre-owned single-family homes in North Texas sold in one month. RECORD BREAKING. A Fort Worth management company knows families are on the hunt for a new place to settle down. With sales numbers this high in North Texas it is an excellent time to look to purchase investment rental property. And there is no reason your property should sit empty.
- Inventory is low.
Permits to build are on the rise, but for the time being inventory is low across the Fort Worth market. Fort Worth property managers foresee this is a temporary advantage and seek to maximize investments now while the market is in the owner’s favor. As market inventory grows over coming months competition could get tough. With proper prep rental housing should see few vacancy days.
- Prices are up.
As part of a seller’s market, and with inventory down at the moment, prices have continued to climb. Locking renters in a slightly higher rate while it is comparable to other market rates is a way to get an edge on profit over time.
- Invest Buying is Great
Unemployment is down, the economy is up, interest rates are low, and foreign investment in American real estate is high. Mortgage rates are cheaper than the average rent, so Fort Worth property managers are buckling down to make sure they have a competitive edge against an increasingly appealing option to buy. Choosing the best properties, and making those properties attractive to potential tenants gives that needed edge.
- Millennials are still looking to rent.
Although the market may favors buying over renting, the effects of the recession on lending are still present. The belt is still tight for young families looking for loans, and for many of them buying is not an option. Fort Worth management company personnel know the market demographics and how to cater to this type of renter and keep units full.
As we wrap up the year and the weather and the market begin to cool off, keeping these trends in mind will help owners maximize returns by reducing or eliminating vacancies.