Texas’ economy gained 174,900 jobs from October 2009 to October 2010,
according to the Texas Real Estate Center's latest monthly review of the state's
economy.
That's an annual growth rate of 1.7 percent. The U.S. economy gained 626,000
jobs, an annual growth rate of 0.5 percent, over the same period.
investors are showing renewed interest in property since the global financial crisis and many people watched the value of shares plummet, while property prices have remained relatively steady.
Investors are once again appreciating the long term stability and capital growth that property offers.
BABY BOOMERS
While political uncertainty with the new congress coming in January and a slow national recovery has slowed Texas coast real estate sales to near record lows, pent-up demand from a wave of now retiring Baby Boomers and Texas' nation leading metros has the coast bracing for a perfect storm.
Harris Interactive reports most baby boomers are still in the workforce, and are a driving force in the housing market. The same report concludes 42% of baby boomers would like to retire in the South, 32% in the Western United States, 15% in the Midwest, and 12% in the Northeast. Which means the bulk of opportunity for marketing luxury real estate remains in the Sunbelt.
- Four out of ten or 40% of baby boomers own second, separate vacation homes. In fact, baby boomers account for 57% of all vacation home ownership, and own 58% of all rental properties in the United States.
- Ten percent of baby boomers plan to buy real estate over the course of the next year.
- Two-thirds of those will buy a new home, a second home, or commercial property.
- People 50 and older will inherit an estimated $14 trillion to $20 trillion during the next 20 years.