Megatel Homes, a Texas-based homebuilder that funds part of its operations through private placements offered by its capital markets division Megatel Capital Investment (MCI), reported a record-breaking month with a total of more than 200 sales, approximately $92 million in revenue in January.
“I am pleased that despite the effects of a global pandemic, Megatel Homes had a record-breaking January 2021, which followed a record year for our firm in 2020,” said Zach Ipour, co-founder. “While commercial industries have been experiencing many shortcomings from the pandemic, residential real estate has been booming in sales with the only challenge being supply not keeping up with increased demand.”
Ipour explains that corporate relocation to Texas is one of the main factors which contributed to the firm’s record-breaking month.
“The pro-business and research environments, attractive tax rates, regulatory climate, workforce, and access to global markets are just a few reasons why several companies have recently relocated to the state. In fact, according to Adriana Cruz, executive director of Texas Economic Development and Tourism for Governor Greg Abbott’s office, the office currently has 196 active relocation or expansion projects in the pipeline.”
Among the multinational companies that have recently relocated to Texas are Tesla, Oracle, HPE, Charles Schwab, AT&T, McKesson and PGA of America.
Ipour also emphasizes that more companies are embracing employees working remotely amid the pandemic, leading to a decrease in the importance of commuting to work.
“Buyer priorities have shifted in terms of living situations, and more people are moving out of large cities and into more rural parts of the Dallas-Fort Worth area,” he said. “Additionally, the shelter-in-place orders that were put into effect during the pandemic enhanced the importance of living situations for most people.”
The company also pointed to current 30-year mortgage rates at a record low of 2.73 percent. “This low rate coupled with scarce inventory, low interest rates and strong demand are rapidly escalating home prices, placing home builders in an optimal situation to increase revenue,” added Ipour.
Megatel Homes was founded in 2006 and has completed more than 100 developments, comprised of several thousand homes, across the states of Texas and Oklahoma.