This year is one of the most really good years for Texas as well as Frisco tx real estate. The momentum has begun since a year and a half. After a year that was down in 2016 Texas is finally back on its recovery since last year. What are the factors let us have a look?
Energy: As per estimates, that are based on a $55 per barrel on the yearly average. We are not anticipating as sort of fallouts from the prices and when looking at the overall economic health by just looking at the rig count in Texas. Thanks to technology there has been reduced number of new wells that are required to produce more barrels of oil. Production has risen significantly in the recent time thanks to fracking debuting in 2010. Oil production was at an all-time low in the 1980’s and 90’s.
Texas produces about only 40 percent of the total US Oil. There is a lot of one state when you think of considering when you consider the total of US that includes California, Alaska, and Dakota. Texas produces roughly the same amount of oil as Canada.
Population too has been growing and is continuing to be a good factor when it comes to the Texas growth. Last year the census bureau has gained around 400,000 new residents. In the last few years, more than half of them get to gain from the foreign and domestic immigration and half come from births outnumbering deaths. You may think what has it gone to do with us. Population growth will be fuelling the housing market and will be remaining strong and houses for sale in Frisco tx and other surrounding cities will also go up by another 5 percent easily thus setting new records.
Multi-family housing is an altogether another story. It is fuelled by the shortage of single family housing and by the burgeoning youth population. Texas is still a very young state and it has been attracting 20 and 30 something’s, college graduates and job seekers and many of those who tend to rent.
Coming to the single-family home market is tight because it has become difficult for builders to build new homes for lesser prices than $250,000. This price range is the limit for most of the first time home buyers. But when it comes to the volume you cannot produce homes at that price range. The situation gets further complicated because most of the first time buyers will have the most difficult time in getting proper financing too as per frisco real estate records.
When it comes to curtailing of loads, anyone who cannot demonstrate an ability to repay is the target. Most of the entry-level buyers will be having lower FICA scores, no proper credit history, have not been on the market for long and may also lack the initial down payment price. The federal requirements have been eased but there are not many homes in the market to actually meet that kind of demand.
Stay tuned to read more.