Texas continues to fare better economically than other places around the country. Companies are attracted to the state, so job growth increases. When other parts of the country seem to have hard economic downtrends, Texas stays relatively stable and experiences economic growth. Property management in Fort Worth should carefully watch the economy for indications of when investing in rental property and the demand for housing are changing.
Texas has enjoyed a booming economy with businesses moving to the state adding job growth and people wanting to relocate to the Lone Star State. The Texas Leading Index gives an indication of what future direction and changes that might be coming in the business cycle. The Index looks positive because of stable stock prices of Texas companies. Jobs in the state continue to increase, and the unemployment rate is holding below the national average. A stronger dollar makes U.S. exports more expensive for overseas purchasing causing exports from Texas and the U.S. to fall. The decrease in the demand for oil and lower prices also slows down export growth.
After a long run of house price increases, this past quarter saw some slowing down in the upward price climb for real estate. The price difference between the listing price and actual sale amount of new homes is widening. The price difference indicates a changes in the upward movement of new housing pricing as prices are starting to level out. Existing home prices are staying steady. However, the Texas Housing Opportunity Index indicates that the affordability of a home to a family with a median income is below the national index. Dallas housing is shown to be less affordable than compared to the rest of the nation where the housing market in Fort Worth shows to be more affordable than the nation. For investors looking to increase their opportunities in property management, Fort Worth would be a good place to start looking for those rental units.
Economy and Property Management in Fort Worth
Housing sales have also decreased as well as the number of permits issued for new single-family house construction. New housing is more expensive than existing homes. Overall, home prices are slowing down from their past increases.
As businesses and people continue to come to the state, rental owners should have their rental units rent-ready as Texas still has a higher demand for affordable housing than what it has in supply. Specialized is the leading property management in Fort Worth and surrounding areas that can professionally partner with investors for more successful real estate income. Find out how our proven processes can benefit your investment efforts at www.specializedrpm.com
More information on the Texas economy can be found at www.recenter.tamu.edu/research/the-texas-economy