There are many great reasons to feel very good about owning Texas real estate, according to industry experts.

"Real estate is a localized business, and the long-term future for Texas housing is strong and fueled by a relentless growth in population," says Virginia Cook, Chief Executive Officer of Virginia Cook, Realtors.

She says, "In the next 15 years, enough people will move to Texas to create a new Dallas, Austin, Houston and San Antonio."

In a recent speech to Dallas real estate professionals, Dr. Mark Dotzour, chief economist for the Real Estate Center at Texas A&M, noted that Texas has one of the best real estate climates in the nation today with affordable housing and affordable lifestyles.

"Texas has the best tax structure for business and will continue to outperform other states in attracting relocating companies and job growth," said Dr. Dotzour.

Additionally, there are no price bubbles in Texas. "Our market is not experiencing the woes caused by a wild run up in prices in states such as California, Nevada and Florida," he said.

In fact, Texas housing values have appreciated a steady 4 percent annually for the past five years, and Business 2.0 magazine and Moody's Economy.com recently named the Dallas/Fort Worth region as the 4th best market for home-price appreciation in 2008 and 2009.

According to Dr. Dotzour, speculators, investors and people who should not qualify for a home loan have left the market, returning real estate to "normalcy," where demand is driven by a desire for shelter, a high-quality lifestyle and a sound long-term investment.

Currently most media reports capture real estate at the national level, notes Ms. Cook, where a big picture look at sales puts things into perspective.

"In 2002, home sales set a new record at just over five and a half million, and the median home price was about $164,000," says Ms. Cook. "At that time, homebuyers and the media were full of confidence that the real estate market was strong and healthy."

"Fast-forward to today where we expect national existing home sales to be about five and a half million in 2007. And the national median home price is about $224,500. Compared to 2002, sales are strong and prices are up -- it's a fairly good market even at the national level," she said.

"There are ample opportunities, in the current market for buyers who have good jobs and good credit," says Ms. Cook. "Conventional loans are available, rates are reasonable, and FHA-insured mortgage applications have been rising as low- and moderate-income buyers seek alternatives to subprime loans."

Published: November 28, 2007

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