Property Values in Texas Still Highlight a Seller’s Market

Property values have been on the rise throughout the nation as availability continues to become more limited. The combination from both a slowdown of overall residential property development along with the influx of younger buyers entering the market has pushed home values to all-time highs in many locations across the nation. It seems no area is outside the impact of these trends where the market is showing increases in property values all the way up to 10% growth in just under a year in both top metro and suburban areas.

Specifically, in Texas where the last five years has seen great deals of high volume increases in both residential and commercial, new findings are showing property values have increased on average 8-10% from 2018. This includes more affluent areas like that of Plano where an increase of property values rose $2.5 billion in taxable values.

With this information, residential areas like those noted in Texas are still being considered sellers markets. This means property buyers are likely paying a premium when purchasing their home in what is still being considered the height of market increases. Due to these trends many residents are turning to alternatives that will push off home buying until prices level out, whether that be later this year, next year or in the unforeseeable future.

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Texas’ Dallas-Fort Worth Continues to Grow Faster Than Other Major US Cities

According to recent data released by the U.S. Census Bureau, the Dallas Worth Forth-Arlington, area gained more residents last year than any other metro in the nation. Growing over 130,000 in population from 2017 to 2018, the metro now stands the fourth largest in the country with over 7.5 million residents. When compared to other large cities such as Boston and NYC who actually lost residents in 2018, the increase is substantial coming in at over 30% more new residents than the second largest growing metro of Phoenix, Arizona; and the population spike does not seem to be slowing down.

Although there has been a large draw from residents in state the increases are mostly from the nation’s other 49 states who are attracted to the economic opportunities and community environment offered in the DFW area. “Of its biggest advantages; job creation, housing access and affordability as well as diverse industrialization has attracted more transplants to the state than any other in the US.” shares longtime Dallas resident and entrepreneur Marcus Hiles who has experienced and tapped into new growth opportunities in the state throughout his 30+ year career as a leading Texas property developer. And it’s not just local figures who are recognizes the value the lone star state has to offer.

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Western Rim Properties Introduces Three Property Styles to the North Texas City of Farmers Branch

Texas-based Western Rim Properties will be opening the doors to its three new spring development projects in the next upcoming weeks. Established for the last 30 years across the Texas rental real estate market, the firm that has been growing its presence across the state’s top cities in areas like Dallas, San Antonio, Austin and Houston now has nearly 20 properties and over 20,000 rental units. Providing popular luxury apartment style rentals, the spring projects have been in the works for over a year and a half and will be positioned around central rental population segments who live outside of city limits. These surrounding city locations where renter populations reside have a growing network of both residential and business development and welcome medium to upper class tenants who are looking to benefit from community run suburbs that come backed with the accessibility of city amenities.

North Texas has been a focus location for the Western Rim’s past and upcoming developments with two of the spring developments positioned in the popular Northern Texas City of Farmers Branch. One of the fastest-growing Texas cities, residents are coming from both in-state and out of state to this area to benefit from everything the growing suburb has to offer. The properties will include WRP’s The Mansions and The Towers style rentals which have existing communities across the state and provide the best in upscale living accommodations. “Our projects focus on offering renters the flexibility they want in a rental property matched with the benefits found in upper class housing. We have selected Farmers Branch to be the site of two of our spring projects to tap into the opportunities growing in the area from younger families and professionals looking for community focused, luxury rentals,” shares CEO and founder of Western Rim, Marcus Hiles.

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Texas Suburbs Continue to Attract Residents, Driving Increased Residential Development

The wish list and must-haves of renters and home buyers in today’s market has drastically changed in recent years. Most seen within the nation’s top surrounding metro areas, residents are putting importance on not only their indoor living area but also their outdoor accommodations.

Across the country this growing demand for easily accessible and vast green space; even in congested, city-like areas is beginning to shape future community development.

Two example locations are suburb areas that border two of Texas’ top cities: San Antonio and Dallas.

Recognized as being some of the best places to live in the state, the suburbs of Frisco and Riverside, Texas have been recognized as offering some of the best in balanced living; helping the area’s residents sustain healthy, active lifestyles.

To supplement this importance on community accommodations that promote healthy living, future developments along with state-funded programs are getting creative to maximize this selling point.

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Western Rim Properties Continues to Invest in Major Texas cities as the Population Grows

With over 500,000 new residents coming to Texas each year, new housing development is being forced to keep up. The share of residential units added as a proportion of the state’s population shows that Texas grew its housing supply by over 10 percent for every household during the period, more than double that of California and New York. Some of the top Texas metros and their surrounding areas including Dallas, Houston, Austin, and San Antonio have held some of the largest increases in new residential growth across the nation in recent years. San Antonio was the Texas city with the largest population gain from July 2016 to 2018, adding over 60 people every day – making it the nation’s seventh-largest city.

With this demand for housing outweighing the available properties in the state’s most desired city and suburban locations, an influx in both rental costs and home market appreciation is on the rise. Developers and property firms are more focused than ever on breaking new ground to make room for new and relocated renters and buyers.

Dallas-Fort Worth-based Western Rim Properties is focusing its expansion in some of these top surrounding city locations with three new projects coming in summer of 2019 to areas like Rowlett and Farmers Branch, and San Antonio. With its communities serving the growing need for affordable rental properties that provide some of the area’s highest quality accommodations, the development locations are also positioned where the market is headed. With a booming economy and job market that helped land Dallas as one of the top 10 home markets in the nation, it’s no surprise costs are increasing in the city and more people are looking for affordable alternatives near this leading location.

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