Texas Gulf Coast (PRWEB) July 19, 2007
The Texas Gulf Coast is a better value for real estate vs California or Florida according to a report published by TexasGulfCoastOnline.com
TexasGulfCoastOnline.com has compiled data comparing the Texas Coastal Real Estate Markets with those in Florida and California. A list of advantages and disadvantages of both renting and buying are included along with vacation home rental information and buy vs rent tools.
According to the national news, home prices throughout the nation are currently disconnected from the basic fundamentals that rule the real estate market. While this may apply for the rest of the nation, the State of Texas is unique.
"The Texas Coast market fundamentals are strong and in many cases rental rates and mortgage payments are very close. Also, Texas coastal areas have very strong rental demand often exceeding supply," says Michael Stuart CEO
Although the real estate market is depressed in many parts of the U.S. (notably the east and west coasts), Texas, continues to defy the naysayers predicting a big bust.
In Texas we're still seeing gains in the market at all levels, from home appreciation in nearly all areas of the state to active buyers' and sellers' markets in many communities. The overall market has slowed down, but not nearly to the degree of the rest of the country. Texas even has areas on the highly coveted coast where oceanfront property has strong rental demand and relatively low prices - where average rental rate and mortgage payments are about the same.
"The latest figures show Texas is growing by about 400,000 each year," said Dr. Mark Dotzour, the chief economist at the Real Estate Center at Texas A&M University. "All of these people need homes or apartments in which to live."
Job growth is also strong, with Texas outperforming the national average and likely to continue doing so for the foreseeable future.
The Texas Gulf Coast resort areas are located just a few hours drive from major metropolitan areas such as Austin, Dallas, Houston and San Antonio, creating a strong and steady demand for vacation home rentals and purchases. Major developers have already seen the potential for these developing areas and are investing in new communities such as Cinnamon Shore in Port Aransas, Laguna Harbor Bayside Resort in Port Bolivar, Palisade Palms in Galveston and Wild Sands on South Padre Island's new north-end.
In situations where average rental rate for the year is close to the mortgage payment, it's almost always better to buy. Using a buy vs. rent calculator can help you determine if you should buy or rent a specific property. The rental demand and direction of the market should be taken into consideration as well as the advantages and disadvantages of both renting and buying.
To learn more about how Texas is out-performing the nation's other coastal markets, read the news article on http://www.texasgulfcoastonline.com/News.aspx.
TexasGulfCoastOnline.com is the number one site for real estate information for the Texas Gulf Coast area, with over 250,000 potential buyers visiting the site each year, and compiles statistics from all the coastal area MLS's. The site is sponsored by Alice Donahue Real Estate.