A real estate expert is now predicting Texas to have one of the most promising potentials for property investment in the next five years.
Speaking to Yahoo Finance, Mark Severino, owner of Best Texas House Buyers, outlined several reasons why he recommends investing in properties in Texas. These reasons include the rising property values in the state and favorable landlord laws.
"The median existing single-family home price in Texas has been on a steady incline since at least the year 2000. When the national price goes down, the dip in Texas lasts for only a short time and then regains value. This allows for tremendous appreciation for property owners with the right investments," Severino said.
"Compared to other states, Texas has greater property protection rights, a faster eviction process, and laws that generally favor landlords when a dispute with a tenant arises. This is important to property owners as it allows a level of assurance that their investment is provided greater protection than in other states. This also makes it easier to manage and profit from the property portfolio," he continued.
In addition, Severino also noted the Lone Star State's population growth as one of the reasons why it is showing promising potential for investment.
"The number of people who leave is significantly less, making the net population growth in Texas through domestic migration positive every year in the hundreds of thousands," he said.
What Do Other Experts Say?
Economists and real estate experts are predicting mixed results for the Texas market this year. The Texas A&M Real Estate Research Center, for instance, predicted the inventory of single-family homes and office spaces to increase this year. Rental prices for office spaces may also fall over the year. However, rent for multi-family homes and retail spaces will grow between 2% to 2.5% by the end of the year.
In addition, Texas Realtors predict the demand for houses in Texas will stay strong, adding that the state will remain a popular place for people looking to relocate from other states.
What experts do agree on, however, is that the housing market in Texas will unlikely crash anytime soon.
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