Even with a slow growing global economy and low oil prices, the Texas economy is still seeing a steady growth trend. The Real Estate Center, in the Monthly Review of the Texas Economy, reported that March 2016 was the third consecutive month Texas experienced an employment growth rate better than the annual growth rate in December 2015. The economy and the housing market always affect each other. How is the current economics of Texas affecting the housing market? As the leading rental property management company in Fort Worth, TX, Specialized keeps up on the housing trends to benefit property investors with management needs in any economy.
Outlook for Texas
The oil crash of 2015 hit Texas hard. But, Texas has been showing a steady economical upward trend. The seasonal adjusted unemployment rate fell in March as Texas metro areas showed more jobs in March 2016 than they did in March 2015. The economy is slowly recovering, jobs are being created, and the housing market is also showing growth.
Housing Trends For Texas
Housing demands are picking up this year along with the increase of available jobs. Statewide housing sales grew 5.8 percent; showing the highest rate since July 2015. Even though the overall sales growth is lagging behind the national rate, Texas housing sales are picking up. The issue with housing is that with the steady increase in demand, there is also a shortage of supply. People trying to find houses available, especially in the more moderate price ranges, are having a harder time finding homes. Buyers are quickly outbid or homes are only listed on the market for a short period of time before they are sold. Texas home prices are actually increasing at a faster rate than home prices on the national index.
What This Means to Property Investors
Rental property investors watch the housing markets and economical trends to know when to buy, sell, or hold on to their investment properties. With constraints on the housing supply, an investor offering rental housing may be just what some home buyers need. With interest rates still low, and housing prices starting to rise, now may be a good time to increase your rental property holdings. With expert help from a professional property management company in Fort Worth, TX, you can grow your rental property portfolio without stress or hassle. The other side of the current housing trend could also mean now is a good time to sell properties while it’s a hot seller’s market.
For more information on the Texas Economical Report visit https://www.recenter.tamu.edu/
Whether buying or selling, investing in rental property is made easy when you partner with Specialized Property Management. Call the leading Fort Worth rental property management company today and let us show you how we help make your rental property investment a greater success.