With the most beautiful Town Square in Texas, a vibrant community and more amenities than you can shake a stick at, it is little wonder that Georgetown, TX continues to attract new residents year on year. Nevertheless, all of these new individuals and families need somewhere to live, and with a hot property market, you need to move fast to secure the house of your dreams.
Here is what you need to know about the hot, home-selling trends in Georgetown, TX during 2018 and a little of what you can expect over the course of the following year.
Home sales continued to flourish and there is no sign of them slowing for 2019
Research has shown that during the last six years, demand for homes within Georgetown has continued to grow. In fact, more than 4,600 new residents relocated to Georgetown in one year alone. This level of demand means that properties that go on to the market are a highly sought-after commodity, and you need to be quick if you wish to snap one up. Realtors are recommending interested parties have their mortgage offers firmly in place and are ready to move if they wish any bids on Georgetown properties to be taken seriously. Experts do not expect to see the number of home sales slow anytime in the near future.
Increasing property prices
Unsurprisingly, increased demand for homes in and around Georgetown has contributed to rising property prices, which are estimated to have risen approximately 7.19% during the last two years. Despite this, Georgetown still remains much more affordable than other cities such as Austin, a fact that contributes towards the low availability of properties pushing up demand.
At the time of writing this blog, according to Zillow the median home value in Georgetown is $298,800, with a median list price per square foot of $149. With property prices predicted to continue to rise, if you buy a home in Georgetown, TX you could start building equity in your home within your first 12 months of ownership!
New housing developments provide more affordable housing options
There are three new housing developments currently in progress – Live Oak Apartments, Kaia Pointe and the Merritt Heritage Senior Village. Each of these projects is committed to renting out all or the majority of its units to qualifying residents at a lower, more affordable rate. This will help a large number of locals who are currently putting more than 30% of their annual household income towards their housing costs.
This is particularly great news for lower earners and potentially first-time buyers who are hoping to take their first steps onto the property ladder by purchasing a home in Georgetown, TX.
Foreclosures are few and far between
If you are hoping to snap up a bargain on a foreclosure property, then you may need to change that plan. Low unemployment rates in the area and a generally good economic climate means that the number of homes in foreclosure at any one time is extremely low. And with demand for properties high, you can bet your bottom dollar that these bargains aren’t going to hang around for long.
Whether you are relocating inside Georgetown, TX or considering relocating to the area for the first time, our dedicated and experienced real estate team have the knowledge you need to make sure you get the right property at the best price. Please contact us today and let us help you with your property negotiations.