The San Marcos Area Board of REALTORS® made what it called a “shocking” announcement this week: Most Texas homeowners would make a profit if they sold their homes today.
According to a report released last week by FirstAmerican CoreLogic, Texas is one of eight states that experienced positive home appreciation in 2008. In December 2008, Texas home values appreciated 1.8 percent compared to December 2007. In contrast, national home values depreciated 11.1 percent during the same time period.
“There has been lot of talk about how the Texas real estate market is different, but I think these statistics shine a spotlight on what that means,” said Brooke Hunt, chairman of the Texas Association of REALTORS®. “No market is immune to our country’s economic difficulties, but Texas’ long history of steady home price appreciation – avoiding the dramatic peaks and valleys seen in other real estate markets – is helping us weather the downturn and positions us well as the economy recovers.”
Texas has experienced positive home price appreciation for the last 16 consecutive years. With the population of the state expected to continue growing for the next several decades, that trend is likely to persist.
Hunt explained, “If you’re like the average Texan, you’ve lived in your home for six years. If you bought that home at Texas’ median price and sold it at the median price today, you’d earn a 9 percent return on investment. That kind of return makes my clients more than happy.”
Texas REALTORS® have launched a public awareness campaign to share facts like these and other truths about Texas real estate. Dubbed the “Ask a Texas REALTOR®” campaign, the details are available at TexasRealEstate.com.Email | Print