Trends Of The Texas Housing Market Since 2015
In a long and illustrious career path that has taken him from a fledgling startup to one of the preeminent real estate magnates in the world, the previous year has proven to be an especially good one for Marcus Hiles. 2015 could be said to be the culmination of Marcus’ life’s work, marking a period when his focus on providing quality homes at great value truly came to widespread public attention. With Western Rim Property Services and Mansions Custom Homes, Marcus managed to transform the Texas real estate industry, which in many ways would never be the same again.
Of course, the real estate industry is always in a state of flux, and things have changed considerably since 2015. Marcus Hiles has remained on top of these changes and has in fact played an instrumental role in shaping many of the most significant developments in the industry. With Western Rim Property Services and Mansions Custom Homes leading the charge, the Texas real estate market has become the third biggest real estate market for foreign home buyers in the United States.
Marcus Hiles’ contributions notwithstanding, there are a number of other factors that could be attributable to the Texas real estate boom. One of the most significant of these is the nationwide increase in foreign investment, which in itself has played a large part in shaping the market. Mirrored in several key development areas all over the country, the influx of foreign money into the Texas real estate market has been nothing short of staggering. As confirmed in the Dallas Morning News, Marcus Hiles and other property developers saw a 35% increase in the foreign buyer’s market, representing over $92 billion in home sales. Most of these buyers come from Canada, China, and Mexico, with the primary areas of interest being Florida, California, Arizona and Texas.
To date, Texas accounts for more than 11% of international home purchases in the country. In fact, 30% of all real estate agents in the United States now deal mainly with foreign clients. Even more significantly, foreign home buyers accounted not only for increased purchases, but higher purchase prices as well.
Although Asian buyers (mostly from China) account for as much 18% of the market in Texas, the vast majority are from Latin American countries. In 2015, buyers from Mexico, Brazil, Venezuela, and Argentina accounted for 60% of sales from foreign buyers in Texas. Property investors from Mexico have especially been keen on the local real estate market, spending as much as 65% of their real estate investments in Texas.
Although much of the activity is centered on the Dallas-Fort Worth area, 2015 saw the real estate market expanding beyond North Texas. San Antonio in particular has seen a huge influx in Latin American buyers, with Stone Oak in San Antonio being one of the more popular investment targets. Much of this activity could be attributed to the relative affordability of properties in San Antonio, most of which are listed at less than $200,000. Given these developments, it is safe to say that even bigger and better things are in store for the Texas real estate market in the coming years.
