The Texas Housing Market & Why You Need a Real Estate Attorney

The Texas housing market has seen significant changes over the past few years. For example, in 2020, the median home price was around $283,950. In July 2022, the median home price jumped to its highest peak at $402,494. As of May 2024, the median home price is sitting at $379,950.

Even though costs have decreased since its peak in 2022, the median home price remains higher than before the pandemic. While the Texas housing market can present exciting opportunities for homebuyers and appears to offer attractive perks such as no state taxes, the home purchase process can be challenging to navigate, especially alone. It is essential to consider the assistance of a real estate attorney whose legal expertise can help explain the home-buying process and provide a clear understanding of the transaction.

Texas is Booming: High Housing Demand Due to Population Growth

Since 2020, Texas has experienced a 1.3% population increase, equivalent to roughly 382,436 people. The state has seen an influx of people moving in, possibly due to the relocation of major employers to central Texas. Despite major employers bringing in new Texans, there are other reasons why people continue to move to Texas, even if it’s at a lower rate. Texas’s overall cost of living remains lower than other densely populated states, roughly 7% below the national average. Other attractions enticing people to move include the absence of state taxes and numerous employment opportunities. Although we have observed high rates of people leaving due to increased living costs and major employers relocating, there is still a strong demand for housing in Texas.

Fast-Paced Texas Housing Market Creates Challenges for Buyers

Entering the housing market as a first-time buyer is stressful. For years, buyers have struggled with multiple challenges when buying property in Texas, such as dealing with a smaller supply of available housing to purchase, high demand, and fluctuating home costs. On top of that, buyers must compete against property investment companies outbidding Texans on homes. Homebuyers in Texas also must deal with negotiations, loans, and interest rates while maintaining an understanding of all the real estate aspects they come across. It is easy to feel overwhelmed when such a complex process is included in such a big purchase, and it can especially be more stressful without help.

Benefits of Legal Representation in the Home Buying Process

Did you know that Texas is a “Buyer Beware” state? This means that the individual purchasing the property is aware of the risks. As a buyer, it’s essential to understand all the risks in buying a property and to explain any concerns you may have to the seller. Although it may seem intimidating to be told you’re alone, it’s important to remember that you’re not alone! A real estate attorney can provide crucial support and protection in various real estate transactions, and a Texas Legal Attorney can offer valuable help.

Some areas a Texas Legal Attorney can provide support in:

• Expertise: A real estate attorney has specialized knowledge of real estate laws and regulations, which can help you navigate complex legal matters related to your property transactions.
• Contract review: Your attorney can review and explain the terms of real estate contracts, ensuring that your rights and interests are protected.
• Legal support: An attorney can provide legal representation and support throughout disputes or legal issues.
• Title search: Attorneys can conduct thorough title searches to uncover potential issues with the property’s title, protecting you from future complications.
• Closing assistance: Your attorney can oversee the closing process, ensuring all necessary legal documents are in order and the transaction is carried out correctly.

Common Issues a Texas Legal Attorney Can Help With

When purchasing a home, we often overlook potential issues with the property. Many issues homebuyers have with houses can come up unexpectedly. Luckily, real estate attorneys have seen and handled all types of issues during the home-buying process, so if one comes up for you, they can help you.

Real estate issues a Texas Legal Attorney can help you resolve are:

• Boundary disputes
• Unexpected property liens
• Seller disclosures
• Hidden defects
• Contract loopholes or unclear terms

It’s essential to have legal guidance when dealing with an asset like property. As a Texas Legal member, you can have attorney costs covered by your legal benefit plan. This means you won’t have to pay a significant amount to get the help you need when buying property, allowing you to make the best-informed decision possible.

A Texas Legal Benefit Plan is the Smart Solution

You’re probably thinking, “Hiring an attorney sounds expensive!” and typically, that is true. The average cost of a real estate attorney’s fees in Texas is $342 an hour, but don’t worry! This is where Texas Legal can help. Texas Legal is a nonprofit organization created by the Texas State Legislature and State Bar of Texas to help make legal services more accessible for Texans.

By signing up for a Texas Legal benefit plan, you get coverage on attorney costs for real estate transactions and other legal issues such as traffic tickets, estate planning, divorce, and more. By covering attorney costs, we significantly reduce the money you must pay for beneficial legal services, saving you time, money, and unnecessary stress.

Join Texas Legal Today!

The Texas housing market can be complex, so don’t go into it alone! A Texas Legal Attorney can guide you throughout the home-buying process, providing invaluable expertise and safeguarding your interests. Visit texaslegal.org or contact us today! To understand more about what Texas Legal covers, review our plan benefits.

Are you ready to make a smart move? Sign up for a Texas Legal Benefit plan today and gain the peace of mind that comes with knowing you have affordable legal help on your side.

Not a member of Texas Legal? Join now at an affordable rate! If you are a veteran or bank with a credit union, your monthly cost could be even lower. Find out what your rate is today!

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