Housing costs are rising across North America, and the Lone Star State of Texas is no different. External factors like inflation and building materials are both soaring, impacting home prices.
But the cost of housing has been alarmingly high for months, with widespread reports of endless bidding wars, longer lines, and even letters penned by pets.
Let’s check out how homebuyers in Texas are navigating these waters.
Real Estate Technology
Amid the economic hardships of finding a nice, affordable home with doors and windows, real estate technology has been a godsend.
Innovator Regan McGee brought real estate technology to Texas in the form of Nobul, a digital platform designed to help homebuyers get what they’re looking for easier and at a lower price.
All homebuyers need to do is list their budget and describe what they’re looking for in a property. Real estate agents will send them messages through the app, and homebuyers are free to select which one to hire.
Even better, agents vie with each other to represent a new client, offering additional complimentary services or cash back. Nobul doesn’t accept money from agents looking to get listed or ranked higher, so the user reviews are reliable.
The platform never gives agents the homebuyers’ contact information, and all contact is strictly through the app itself, preserving their privacy. However, the real estate trends in Texas may change, they’re easier to navigate using real estate technology.
Most Homes for Sale Built Since 2012
According to one report, Texas cities like Austin, El Paso, and San Antonio are the only large US hubs where homes built in the last decade number over 40% of what’s available on the housing market. That so many new homes are available suggests that it’s easy for homebuyers to find a modern place to live with good-quality furniture that isn’t gut-jobs and are easy to wire for smart homes.
Sometimes, sellers’ price older homes lower because they factor in how much the inevitable repairs will cost. The newer the home, the less likely you are to face this problem.
Prices Surging
According to a May 2022 report from the Austin Board of Realtors, the median home cost in regions like Caldwell County increased by 47% in the last year. Homes in other countries reflected this trend: Bastrop surged by 38%, and Hays Country jumped by 30%.
In Austin city limits, the median home price is now $640,000, the highest it has ever been and a 16% increase from the previous year. If you consider the points made earlier, it may seem odd that Austin is among the leaders in US cities with new houses on the market, even as demand for homes is so high.
Just imagine how much they would cost if the city hadn’t been building so many!
Everything is bigger in Texas, from the demand for housing to some of the houses themselves. The prices are also larger lately. If you use real estate technology to help you navigate changing trends, you’ll spend less money and energy to get your dream home.
