Texas Real Estate Still looks bright

Texas future looks bright
The Real Estate Center at Texas A&M says that real estate in the Lone Star state will continue to shine bright in 2007. The experts there cite several reasons for this prediction, including strong population growth, healthy job growth, low tax burden, and affordable housing.

Texas added more than two million people between 2000 and 2005, and continues to grow by about 400,000 people each year. That is the second-largest increase next to California. Domestic migration is helping to drive the real estate market in Texas. But unlike California, our homes are reasonably priced, with moderate appreciation. In addition to strong population growth, Texas has a solid job market; with job growth double that of the national average. As a result, Texas home sales should remain about equal to or perhaps greater than 2006 sales. While some areas of the state may see a slowdown in the manufacturing sector, statewide sales should remain strong.

And while Texas property taxes rank among the highest in the nation, the overall tax burden is relatively low compared to the rest of the country. Additionally, property owners should begin seeing a significant reduction in their property taxes in 2007.

Source: The Real Estate Center at Texas A&M

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