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Is Now A Good Time To Buy A Home In The Hill Country?
Over the past eighteen months, we have seen housing prices rising throughout the United States. This has been happening at record rates, leading to homes costing more in some states than ever before. In the Hill Country, this trend has had people rushing into purchases of expensive homes.
If you've been considering buying a home in the Hill Country, you may be wondering if now is a good time. Prices are higher than ever before, so should you wait until they go down?
You're also going to have to consider other regular expenses. Insurance in Texas is necessary for all homeowners, although it won’t break the bank. You will have to think about the kind of maintenance that all Hill Country homes require on a regular basis.
It is tempting to wait, but will waiting make you miss out on the lowest prices that will be available ever again? First, it is important to understand why home prices have been going up.
Price of Housing in Texas
Home values have been going up in Texas and throughout the US for two major reasons. One is the lack of supply. Home construction during the pandemic has happened in fits and starts. Even when construction companies have been raring to go, supply chain issues have led to delays.
This has been exacerbated by the fact that fewer people are selling, choosing to settle for a while in uncertain times. Demand is not that high, but the low supply means that people are willing to pay inflated prices for homes.
The second reason is that interest rates have been at record lows. This was in part due to a decision by the Federal Reserve to stimulate economic growth during the pandemic. Low interest rates have made it possible for many people to afford loans that would have otherwise cost too much.
Things are starting to change, with interest rates rising again and a gradual increase in supply. This should see the upward trend slow down throughout the United States. However, that is not necessarily going to be the case in the Hill Country.
Hill Country Growth
The lack of supply in some of the most sought after areas in Texas has led people to look further afield. This has led to an increase in demand for property in the Hill Country. Once people started to realize the potential available due to the space in the Hill Country, demand rose quickly.
In a post-pandemic world, moving to the Hill Country makes sense for many people. It is no longer so important to be close to the office, and many people have become accustomed to roads that are a little more quiet. The allure of fresh air and space to enjoy nature is drawing more and more people who, before the pandemic, would have never thought to move here.
Estimates show that the population in the Texas Hill Country will rise by almost 50% in the next ten years. Accordingly, there may be no better time to buy property in the Hill Country. Prices are high now, but they are likely to get higher. In other words, today’s highs will be tomorrow’s lows.
Reasons To Wait
The flipside is that the past two years have shown us just how quickly the world can change. Looking at statistics and projected figures can give you a false sense of security. It doesn’t take a global pandemic to make those projections entirely irrelevant. The tide can turn politically or economically, leaving us in unexpected territory for the next few years.
This has always been the case, but now we are more aware of it than ever before and it is understandable if you are risk averse. If you want a guarantee that now is a good time to buy property in the Hill Country, you're never going to get it.
Whether or not you end up buying property in the Hill Country in the near future may well come down to how much you want it. If you have found a property where you want to live and can’t wait to settle down, then not much is going to hold you back.
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