Specialized Real Property Management keeps an expert eye on the economy to ensure our clients are well informed about the local and national trends in the rental market, and how the economy can have an impact on their bottom line both tomorrow and long-term. Informing our clients on economic trends empowers them to make strategic choices amid the ever-changing landscape of the real estate market. Our Fort Worth property managers are local experts that can help your business profit in any economy.
Texas Economy Overview
Our current economic status here in Texas is one of continual growth. Unemployment has dropped slightly and Texas-based companies are faring well on the stock market. Oil prices have slightly risen as well which is always good for Texas. Texas Leading Index shows two consecutive months of positive numbers.
Housing Market Overview
Housing sales have gone up. Particularly in the Dallas/Fort Worth area we’ve seen some growth thanks to new businesses attracting move-ins. Statewide we’ve seen a 2.1% increase in single-family housing construction permits, which is another solid indicator of the growing market. Housing supply hasn’t been able to keep up with demand, however, as a shortage of skilled labors or available developed lots slows new home construction. Still, numbers show that new home starts in the $300,000-$349,000 range jumped 81.2%. New homes at $200,000 and under dropped 14.6%. The demand for lower-priced housing is high, and again, there is not enough supply to meet the demand. Home prices may stabilize some, but trends are still predicting that prices will continue to inch in an upward fashion. Low-cost options will simply not be available for those on the hunt. To learn more about the current state of the Texas economy and the housing market visit https://www.recenter.tamu.edu/.
So What Now?
Potential buyers wanting a lower priced new home will either have to be patient and put their hopes on hold, or they may find themselves moving their search from a purchase to a rental. Preparing your properties to attract this type of potential renter allows you to target your marketing strategies to this audience. The market is hot and ready for summer renters, so get your management team ready for the summer fun.
For all your needs with property management in Fort Worth, TX, give Specialized Real Property Management a call. We will put you on the road for success if today’s changing real estate market.