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What to Know About Buying a Home in Texas

You know the saying: everything’s bigger in Texas. If you’re looking for a place to raise your family, get out on your own, or take advantage of a growing metroplex that’s within a few hours’ drive of the great outdoors, Texas may be calling you home. Let’s look at moving to Texas and what to know about buying a home in The Lonestar State.

5 Things to Know About Buying a Home in Texas

Where to Buy in Texas

Everyone knows about the big-name cities in Texas, like Austin, Dallas/Fort Worth, Houston, and San Antonio. Austin is a bustling tech hub. Dallas/Fort Worth continues to grow and expand, with micro-plexes popping up around both cities. You don’t have to move to the big-name cities to enjoy Texas. Smaller suburbs like Corpus Christi, Amarillo, Odessa, and more are growing just as fast as the rest of the state.

When choosing a city in Texas to call home, you want to make sure it has what you’re looking for, and we don’t just mean a house. What does the job market look like? What do the schools look like? Does the city have recreation you love to take part in? Is it close to an airport? What’s important to you is vital for choosing a place to live.

Home Values

Like any area of the country, Texas sees home values rise and fall as supply and demand control the market. It’s essential to investigate each city you’re interested in and talk to real estate agents to determine what home values you can afford and what you should be looking for. We recommend finding an agent or broker in the city you want to move to – they will know the market and its ebbs and flows better than anyone else.

Down Payment and Closing Costs

Your down payment will be dependent on your financial situation, as will your closing costs and the home you choose. A real estate agent or broker will be able to walk you through the process and ensure you’re getting the most bang for your buck. You won’t find much difference in your closing costs or down payment options moving to Texas.

Average Time Houses Are on the Market

In 2020, the average time a house was on the market in Texas was about 60 days. The typical closing period was about 30 days. The average time from first listing the home to closing was around 95 days total, with no real issues popping up to delay closing on either side of the transaction.

Best Time to Buy a House in Texas

According to Realtor.com, for 2020, the best times to buy a house depend on what you’re looking for:

  • Housing Inventory: April
  • Listing Price: January
  • Mortgage Rates: December

While these fluctuate year after year, it’s safe to say that once you decide what the most important aspects are for buying a home, some of this doesn’t matter. Real estate agents and brokers will help you navigate the market trends to ensure you get the best possible deal for buying or selling a home.

Why You Should Buy a Home in Texas

Texas offers a little bit for everyone, especially since there’s no income tax in the state. If you’re looking for a lower cost of living, a growing job market, and a much warmer climate than other parts of the United States, moving to Texas might be the next best thing you do. Connect with a broker or agent who knows Texas and get started on the rest of your life with a new home to call your own.

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