If you were in the market for a more relaxed lifestyle outside heavily populated Texas metros during the pandemic, you weren’t alone. In the first quarter of 2021, large acreage rural properties grew more than 50% in West Texas and 37% statewide, exceeding the record-setting levels in Q3 and Q4 of 2020.
According to a recent news release, Dr. Charles Gilliland, research economist and rural land expert for the Texas Real Estate Research Center at Texas A&M University said, “In the aftermath of the COVID-induced economic lockdown, 2021 Texas rural land markets have exploded in a burst of activity.”
The increased activity resulted in a record annualized total dollar volume of $1.99 billion, an increase of more than 38% with 612,699 acres changing hands, “marking one of the most active times in the history of Texas land markets as urban-based buyers seek out rural retreats,” said Gilliland.
This migration from urban to rural properties has made USDA-backed mortgage loans a popular financing option for buyers.
Issued through private lenders, but guaranteed by the U.S. Department of Agriculture, USDA loans were long thought of as just for farmers. But the program has been expanded to encourage more people who want to purchase or refinance in a rural area access to the same incredible benefits, including 100% financing option, better terms than other loans, and flexible credit guidelines, to name just a few.
Interested in exploring your rural home buying or refinancing options? First United Mortgage Group offers USDA programs designed to help you do just that. Get started by giving us a call today at (972) 591-3097 for a free quote and consultation.