Buying a home in Houston Real Estate Market Now

Navigating the Houston Real Estate Market: A Guide for Buyers If you're considering buying a home in Houston Area, now might be the perfect time to make your move. With interest rates coming down and property values on the rise, the current market conditions offer several advantages for prospective buyers. Let's dive into some key factors that make this an opportune moment to invest in Houston real estate. ### Mortgage Rates: A Silver Lining One of the most encouraging signs for buyers right now is the downward trend in mortgage interest rates. After a period of relatively high rates, we've seen a welcome decline, making home loans more affordable. Lower interest rates mean lower monthly mortgage payments, which can significantly affect your overall budget and purchasing power. Essentially, you can afford a more expensive home without increasing your monthly expenses or you can save money on a more modestly priced property. ### Rising Property Values: A Double-Edged Sword While rising property values might seem daunting at first glance, they actually present a compelling reason to act quickly. In many parts of Houston, home prices have been steadily climbing, reflecting the city's robust economy and growing population. By purchasing now, you can benefit from future appreciation in property value. Waiting too long could mean paying more for the same property down the line. ### Seller Incentives: Help with Closing Costs Another favorable aspect of the current market is that sellers are increasingly willing to assist with closing costs. This can be a significant financial relief for buyers who are already stretching their budgets to cover down payments and other upfront expenses. Seller concessions can include covering part or all of the closing costs, which typically range from 2% to 5% of the home's purchase price. This assistance can make a substantial difference in your overall financial outlay and make homeownership more accessible. ### Market Update: The Current Landscape Houston's real estate market continues to be dynamic and competitive. Despite economic uncertainties, demand remains strong across various price ranges and neighborhoods. The city's diverse job market, cultural attractions, and relatively affordable cost of living compared to other major U.S. cities make it an attractive destination for both new residents and long-time locals looking to upgrade their living situations. Inventory levels have fluctuated but generally remain tight, meaning that desirable properties often receive multiple offers shortly after hitting the market. As a buyer, it's crucial to be prepared with pre-approval for a mortgage and a clear understanding of what you're looking for in a home. ### Tips for Prospective Buyers 1. **Get Pre-Approved**: Before you start house hunting, secure pre-approval from a lender. This not only clarifies your budget but also shows sellers that you're a serious buyer. 2. **Work with a Local Realtor**: An experienced realtor who knows the Houston market can provide invaluable guidance and help you navigate competitive bidding situations. 3. **Be Ready to Act Quickly**: With high demand and limited inventory, being ready to make swift decisions is key. 4. **Consider Future Growth**: Look at neighborhoods with strong potential for appreciation based on upcoming developments or infrastructure projects. In conclusion, buying a home in Houston right now offers several advantages due to favorable mortgage rates, rising property values that promise future gains, and sellers willing to help with closing costs. While the market remains competitive, being well-prepared can position you to take full advantage of these conditions and secure your dream home in this vibrant city. So why wait? Start your journey towards homeownership in Houston today!

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The 5 Most Common Fees Associated With Purchasing a Home

  The 5 Most Common Fees Associated With Purchasing a Home Aside from the list price, there are five other fees commonly associated with buying a home that you need to be aware of. Selling in the greater Houston area? Get a market analysis report Purchasing in the greater Houston area? Get full MLS access   When buying a home, here are the five most common fees, outside of the purchase price of the home itself, that you can expect to pay: 1. Down payment. Typically, down payment expenses make up anywhere from 3% to 5% of the overall purchase price. Some buyers choose to make a down payment of 20% or more, and there are benefits to putting that much down, but there are also several down payment assistance programs that allow you to buy a home with 0% down if you meet the loan requirements. The best way to find out how much money you’ll need to cover your down payment is by talking to your lender. 2. Closing costs. This is usually the second-largest out-of-pocket expense homebuyers make, and it’s often confused with the down payment. Most of the fees involved with your closing costs are associated with the preparation of your mortgage. These include attorney fees, title insurance fees, taxes, lender costs, and homeowners insurance. Some of these costs, such as the recording and transfer taxes charged by your state and local government, are non-negotiable. Others, though, you may be able to negotiate over with the seller. The amount you’ll pay overall depends on the size of your loan and what taxes you pay in your area, but they generally constitute 3% to 6% of the purchase price. The best way to find out how much money you’ll need to cover your down payment is by talking to your lender. 3. Earnest money. This isn’t necessarily a fee, but it is something you need to be aware of because you’ll need earnest money up front to move forward with the purchase of the home. Earnest money is basically your proof to the seller that you’re serious about buying their home. There needs to be earnest money involved to protect the seller’s interests while they take their house off the market and give you time to do your inspections. In the Houston area, the earnest money amount is usually 1% of the purchase price. This amount is then credited back to you at closing. 4. Appraisal fee. An appraisal is an educated guess as to how much the property is worth. No credible financial institution will lend you money to purchase a home without first getting an appraisal done on that home. Appraisals usually cost $500. 5. Home inspection fee. This is technically an optional fee, but we always recommend getting a home inspection when buying a home. An inspection will determine whether there are any problems with the home that need to be addressed before moving forward with the purchase. An inspector will look at the mechanical functions of the house to make sure everything is in working order. There are also specialized inspectors who perform a specific type of inspection, such as a termite inspection. If you have any more questions about home purchasing fees or you have any other real estate needs I can take care of, don’t hesitate to reach out to me. I’d be glad to help you.   Written by Ruby Miranda on December 11, 2018. Posted in Buyer Tips, First Time Home BuyersTags: Buy Your Home, Buyer Tips, Financing A Home, Ruby Miranda Trackback from your site. Leave a Reply  

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Buying Real Estate? – Watch These 5 Steps! LOL

  Buying Real Estate? – Watch These 5 Steps! LOL Step 1. Knowing When You’re Ready Buying a home is so grown-up and impressive, but there are a few things you should think about before you start telling everyone how grown up and impressive you are. Step 2. Mortgage Lending 101 Unless you have a boatload of cash under your mattress, buying a home usually costs more money than you currently have. First, you’ll need a competitively-priced loan. Step 3. The Home Search You’re really doing it! You know what you can afford and you’ve got your pre-approval letter. But before you buy the home of your dreams, you’ve gotta find it first. Step 4. Making The Offer Here you are, ready to make an offer on your first home! And since you’re about to part with an insane amount of money, it’s time to get close to your REALTOR®. Step 5. Closing the Sale – YES There is nothing more awesome than taking ownership of your new dream home. But before you do that, you better loosen up your writing hand. Did someone say paperwork?   Written by Ruby Miranda on September 29, 2018. Posted in Buy A Home, Buyer Tips, First Time Home Buyers, Home Loan Process, Raving Fans, Real Estate Knowledge Video Series, Testimonials / ReviewsTags: Buy Your Home, Buyer Tips, Financing A Home, First Time Buyer, Home Appraisals, Home Inspections, Home Loan Process, Real Estate Knowledge Video Series Trackback from your site. Leave a Reply

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