Texas Real Estate is Booming!
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The Austin-area continued to break records in home sales and median price for single-family homes
Experts predict smaller price increases this year. Their best guess is that prices will be up but not as much as last year.
Some surveys show consumers expect to pay 3 percent more each year for the next ten years. In other words, home prices will likely increase less than mortgage rates, indicating that the consumption motive to purchase a house is stronger than the investment one.
Also, the futures markets have home price increases at 5 percent annually. Experts see a continued buyer preference for rentals because household formation has been slowed by unemployment.
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Contacting a lender is an important step in the home buying process.