What do you look for before you buy a property in an area? As an investor, you are likely after a purchase that gets you the best ROI. If you don’t sell the property you just bought, then you will also be looking to make it a profitable investment in the future. Investing in real estate requires consideration of many factors. You’d want to scout the home values in a prospective area. But then you may also want to check out the rental prices there. It may surprise you that this year, the Texas real estate investment market is one of the hottest in the country! While we will discuss the situation in Plano in detail later, here’s what’s been happening the Texan state.
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A bird’s eye view of Texas
In the past half a decade, more people have become a part of the population of Texas (three million) than those who have moved to Florida or California! Even if we set aside the immigrants, we can safely say a huge majority of those movers was heading to Texas from other states.
In fact, when you check the figures for the GDP, you find it to be a whopping $1.6 trillion! Texas is an excellent state to move to because last year, its GDP increased at a rate of 5.2%. So, a strong economy that beckons more people is asking you to move to Texas.
Once there, which part of the state should you head to? The north, of course.
Moving in closer to Dallas
Last year was fantastic for most owners of investment properties in Dallas. Zillow tells us that the prices of homes in the area shot off to 12.3% from October 2017 to 2018. Moreover, there’s good news for renters too – especially those looking for two-roomed residences — because those rates only saw moderate increases.
Real Estate Attorney Plano welcomes real estate investors to the whole of North Texas. If you are looking for a reason for this move, how about a low cost of living in those parts? Need some more motivation, then consider the fact they also have strong job market growth.
Touching down wheels in Plano
Dallas News reports that Plano topped the real estate markets of North Texas due to a series of high-profile building sales just last year. Plano managed that even with two other areas, i.e., down and Uptown Dallas on the list! The dynamic duo is popular for being the sites that usually see the biggest commercial real estate sales. Even so, Plano ended at the top. That was mainly due to one of the priciest purchases ($160 million worth) – that of the Granite Park VII office.
But expensive that might not be what you want. As Plano native realtors will tell you, there is a trick to finding a reasonably priced home in the area. We recommend that any families trying to determine the average cost of a house to buy should focus on its location. In truth, Plano isn’t one city, but three cities merged into one. The city’s residents divide the metropolitan area into three geographically distinct regions, i.e., East, West, and Central Plano.
The zoning can be a great guide when estimating the prices of homes in any one part. If you look at the two extremes, i.e., East and West, you will find high-priced luxury homes there. Of those, the West is home to the highest-end residences. You will find mostly large suburban-style homes close to State Highway 121. In East Plano, you may have choices of both ranch-styled estates that sell for millions of dollars and affordable housing. However, if you land somewhere in the middle, Central is the place for you!
What to do when in Plano
Ever since the city has been in the news, it has become a seller’s market. Home prices are on the rise and realtors think they will continue to go that way. So, it’s a great news for those wanting to invest in real estate and then selling their purchases.
But what about the families who find the lopsided increase in prices makes it difficult to buy a home? For them, real estate analysts advise staying the course. Plano is a great place to move to, and you shouldn’t waste time waiting for the prices to come down. Most sources believe that this flawed perception won’t be of any use in the Plano real estate market.
We say the faster you go there and secure your dream house, the better. Doing so will not just save you time, but thousands of dollars too! Think about it: when one house in a neighborhood sells at a slightly higher price, the next seller will use that as the price to compare to.
Then there are great jobs in the area, a low cost of living, and affordable housing in two parts of Plano. What more could you need?
Audrey Throne is the mother of a 3-year old and a professional blogger by choice. Throne is passionate about lifestyle, business, automotive, technology and management and blogs frequently on these topics.
Find her on Twitter: @audrey_throne.