Get Ready, Texas! Summer Promises to be an Exciting Time for the Housing Market

2023 is the year of home buying in Texas! With payments from COVID Relief bills being injected into local economies, a real estate boom is taking place throughout Lone Star State. The CARES Act, along with subsequent relief packages, allocated over $4 billion for Texans and their businesses as a way to mitigate losses caused by the pandemic. This influx of cash has helped to fuel an increase in housing demand across all major cities. In Austin, homes are selling faster than ever before – on average, properties stay on the market less than 30 days before they're snatched up by eager buyers. Low mortgage rates have also made this an opportune time for potential homeowners who want to get a great deal on a house. In Houston, some neighborhoods are experiencing bidding wars over homes that haven't been available for sale in years. The city has seen an increase of 26% in the median home sales price since 2020 and inventory levels have dropped significantly – meaning buyers need to act quickly if they hope to secure their dream home. San Antonio is also seeing a real estate surge due to COVID relief bills. People are taking advantage of the low-interest rates and cash influx from stimulus checks to purchase properties in this growing city. According to Zillow, prices for San Antonio homes rose by 6% just between April and May 2021 alone! With Texas' real estate market showing no signs of slowing down, the COVID bills that recently passed in the state are proving to be a major boon for the industry. Home prices continue to rise across the state and demand for housing continues to remain strong. The passage of these bills is providing additional incentives for both home buyers and sellers, making it an even more attractive option than before. One key aspect of the recent legislation comes in the form of expanded tax credits. These credits are designed to provide relief to those who have suffered financially due to the pandemic, while still allowing them access to affordable housing options. This means that potential homeowners may now qualify for extra tax breaks that they may not have been able to take advantage of otherwise. Another major area of focus for the COVID bills is providing assistance to local governments. This can come in the form of additional funding or reduced regulations, both of which help to encourage more construction and development projects within certain communities. By freeing up money that was previously unavailable, local governments are now able to invest more heavily in real estate-related initiatives. This means that there are more housing opportunities available for those looking to purchase a home in Texas. In addition to these tax incentives and government assistance programs, the passage of the COVID bills has helped increase consumer confidence across Texas' real estate market. With people feeling comfortable investing their money again, it's creating an even stronger demand for housing throughout the state. Buyers know that they can take advantage of the incentives offered and sellers are taking advantage of the higher prices that buyers are willing to pay. The bottom line is that the passage of the COVID bills in Texas has had a positive effect on the state's real estate market. With more incentives available, people feel comfortable investing in homes again and local governments have access to additional funding for projects. Home prices continue to rise and demand remains strong, making this an ideal time for both homebuyers and sellers alike. If you're looking for a place to invest your money, now is definitely the time to do so in Texas!