Real Estate McAllen TX

Real estate market in McAllen is headed off to a great start. McAllen was one of the first markets to recover successfully from the recession, and the trend continues as we enter into 2018. Various factors are playing their role here.

Foreclosure trends, foreign investments, cost of goods and lifestyle, and new tax reforms will undoubtedly have their impact on the local real estate market. We must also consider the lack of inventory. We hope the stock will improve in 2018 as statistics show that new supply of homes will hit the market before 2020. It remains a question whether the interest rates will favor buying or will we have enough properties to cover the purchase requirements of millennial buyers.

Median Home Price in McAllen TX

Home prices in Texas continued to improve throughout the year. According to Zillow, the median home price is $208,990 while the median value of a home in McAllen is $123,300 (As of Jan. 2018).

Another source (Realtor.com) suggests that the median home price in McAllen is $215k while the median closing price is $145k.

Real Estate McAllen TX: Foreclosure Trends in McAllen

McAllen is a non-judicial foreclosure state. It is one of the cities with the lowest foreclosure rate. The current percentage is 0.03% which is lower than the national average of 0.05%.

Real Estate McAllen TX: Housing Inventory in McAllen

Quarterly reports published by the ‘Texas A & M Real Estate Centre’ show that inventory has increased by 14% in McAllen. It is good news for those who are seeking to buy their first house in 2018. You can find a new range of homes. However, there is a twist in the story.

Despite the increase in inventory, the price is still rising. According to the same report, home prices have increased by 10% in McAllen which is causing trouble for property sellers. Increase in inventory is making it difficult to sell the house. Furthermore, the rise in home prices is making it tough for buyers to find and finance a house.

Real Estate McAllen TX: Tax Cut and Jobs Act (TCJA)

The recent changes in tax calculations will affect the real estate market in a new way. Although the policy states that the average taxpayer will benefit from the further reforms, it will be high earners who will benefit mainly from the new regulations. The new tax reforms are designed to help corporate companies. However, when the companies have to pay 21% instead of 35%, it will automatically affect employee’s salaries and the cost of goods.

It is expected that new tax reforms will reduce the mortgage rates. If this happens, it will become an affordable option to buy a house.

Real Estate McAllen TX Market Summary:

About Habitat Developers LLC

Habitat Developers is a real estate solutions company operating throughout the McAllen TX. Having worked with hundreds of homeowners in McAllen, our firm is dedicated to helping motivate sellers. We help sellers who want to sell their house quickly either because of financial strain or because their home has been sitting on the market for months. In any case, we can buy the house as-is for cash price thus eliminating the uncertainty from the sales process.

On a positive note, the sellers do not have to pay any commissions, closing costs and their home is sold within 7-10 days.

Our expert team is dedicated to helping you. The size, condition, and price of the property do not matter. Click here to sell your property to Habitat Developers.