Gloom and doom, gloom and doom in the real estate market. It's getting a little redundant out there in the news, isn't it? OF COURSE the real estate market is down. REALLY DOWN in some parts of the country.
I know the negative news is wearing thin on both consumers and real estate professional. There's got to be some positive news out there SOMEWHERE, right?
The Fort Hood area real estate market was off about 10% last year. That's a statistical fact. But that was still a GREAT year for real estate. The outlook for 2008 shows that builders are still building, buyers are still buying.
Fort Hood area economic confidence appears to be good, since last January 07, President Bush made a commitment to increase the size of the military by approximately 74,000 new troops, and a Pentagon report issued in December 07 outlined the new Grow the Army plan, revealing that over 3,200 new troops will be stationed at Fort Hood by FY 2011.
Obviously, this action should have a positive economic impact on the surrounding communities of Killeen, Harker Heights and Copperas Cove! These cities are already gearing up to meet the housing and other support needs of the new personnel and their families.
Just a few of the projects in the works:
The city of Killeen just annexed over 4,000 acres of land to provide city services to new housing subdivisions. A need for new office space has been identified, and developers are planning to start construction soon to meet that need. Killeen is also slated to start construction on a $27 million dollar police station in the southern part of the City near Chaparral Road in response to the continued growth. Killeen is also involved in developing an historical district to preserve the early heritage of the city.
The city of Harker Heights is a hubbub of excitement over the new shopping area along Central Texas Expressway that will include Barnes and Nobles books, a Target superstore and a new cinema among other retail stores and restaurants. Harker Heights is also building a new water tower touted as a 1.5 million gallon elevated water storage facility. This move should ensure good water supply and pressure to the large subdivisions located in the southern part of Harker Heights, namely Skipcha Mountain. This project is one phase of the 2006 Water Master Plan. More retail establishments are planned for the FM 2410 corridor which serves residents in Skipcha Mountain, White Rock Estates, Knights Ridge and other new subdivisions.
To the west, Copperas Cove is working on an economic development plan that includes a land swap with Fort Hood for acreage near the city that will provide opportunities for commercial investors who will build space for new businesses. Copperas Cove is in the last planning phase of their downtown revitalization plan which will be a big boon to the city's identity as a gateway to the beautiful Texas Hill Country. To the west and north of town, new phases of subdivisions are being cut out of raw land, with streets almost ready for construction of new homes. Sales tax rebates from the state are up for Cove, which is an indicator that new businesses are in town and people are shopping them. UPDATE: It was announced on 30 JAN 08 that the land swap has been approved!
One of the best things, though, is the continued affordability of homes and the lower interest rates that are available now . As an example, the Fort Hood Multiple Listing Service has new homes listed from $96,000 for about 1200 square feet in Killeen which includes three bedrooms, two baths and a two car garage (according to builder plans). An estimate of a payment on this home comes in around $850 (depending on your credit score and interest rate). Click here to check your Fort Hood BAH.
So now that the good news is on the table, let's all get in touch with our left brain (the logical side) and think about these positive facts. Since interest rates are down to spring 04 levels, affordable homes are available, new businesses are opening, and Fort Hood area cities are preparing for growth with increased infrastructure, it appears that the outlook for the Fort Hood are could be an exciting year of growth.
Check back in six months and I'll give you a little update!
REAL ESTATE IS LOCAL - Statistics from one part of the country do not always apply to other markets.
Last week was a great week
A Fort Hood area Buyer Agent called me the other day after we had completed negotiations on one of my listings. She was feeling a little down, saying she felt like she hadn't represented her clients well in negotiations because they didn't get the seller to give them much in the way of concessions.
Listen Up, Ya'll! 
