With every passing year, property values fluctuate, so people interested in property investment have to stay up to date. As a first-time homeowner, it may be difficult to gather the right information, which is why you should always rely on trusted real estate agents to help guide you on your home buying journey. From understanding the property taxes that need to be paid annually to figuring out whether you’re paying the right amount in taxes, Bezit is the go-to real estate expert for all your property-related problems in Texas.
Tangential to property taxes in Texas, people who want to invest in property in 2024 should know about the property trends for 2023 in order to make a well-informed decision. This will help them prioritize their budgets, while also understanding different components of house buying, like paying taxes, insurance, and down payments.
In Texas, the market value of a property—commonly known as the price of a property—saw a 0.056% drop, with the median price for a property being $342,400. In fact, over the last 5 years, Texas home values have seen an increase of 48.46%. This is clearly indicative of the housing market going strong in the state of Texas!
Now let’s look at a few predictions for 2024.
The Sellers Are Back!
The sellers in the Texas housing market who took a back seat in 2023 are predicted to return to the market in 2024. This is especially true for individuals who are looking to switch to a more economical living condition.
Looking Forward To Stable Mortgage Rates
In October 2023, mortgage interest rates hit a high of 7.79%. Although these rates did reduce to 7.35% in November 2023, the rates are predicted to drop even lower in the 2nd half of 2024.
Increase In Homeowner Number
With a reduction in the mortgage interest rates to 7.35% and a promise of more stabilized rates of interest, homeowners are scheduled to make a comeback in the Texas housing market.
The housing market looks good for Texan buyers and sellers with interesting legislations related to ESG Investing being passed by the government.
Environmental, Social, and Governance (ESG) investing was created to urge companies to act responsibly by screening investments based on certain corporate policies. As per a bill passed last month, Texas investors can no longer set investment rates for most forms of insurance by accounting for the ESG criteria. However, there are no penalties associated with this, and companies can still account for factors that are relevant and related to the risk being insured. Senate Bill 833 limits the ESG measures imposed on companies looking to invest in insurance in Texas.
Looking at the ESG and property market values in Texas, it definitely is one the main things to watch out for in 2024 for property owners and buyers.