Is it the right time to buy a home in Houston?
Sometimes we just miss the obvious. The media and the marketplace have been screaming that it’s a buyers market. Houston housing prices are way down. Interest rates are at historically low points. Sellers are often desperate to sell. Foreclosures and short sales are abundant. There has never been a better time to purchase a home in the Houston area in recent memory.
If you let greed drive you, you might decide to wait for the market to hit bottom. However, the only way to know you have found the bottom is when the prices have already risen from the bottom. Then it’s too late. Even if you buy now and the prices go a bit lower, the recovery will come and you will recapture that gap on the way up. Interest rates are unlikely to move much, of any, lower since there is little room for downward movement left.
Some folks who want to move up to a larger home, think that they want to wait for the market to recover before making a move. By doing so, they are simply going to allow their new home to recover its value. For example, if you are selling a $150,000 home and buying a $300,000 home and prices in your area are off by 10%, you may lose $15,000 ($150,000 * 10%) on the sale of your home. By the same logic, your new home will be discounted by $30,000 ($300,000 * 10%), giving you a $15,000 benefit
Even our government is stepping up with new home buyer incentives with $8,000 rebates for qualified buyers. Sure lenders are tight on qualifying borrowers right now, so marginal buyers could have some trouble. But make no mistake; if buying is in your near future, the future for buyers is now!
http://www.youtube.com/watch?v=d5YlaAHdaDM&feature=related
http://www.youtube.com/watch?v=xunqXonuQbc
Patrick W. Welsh, GRI
Using Technology to Solve Your Real Estate Puzzle!
Real Estate Consultant, REALTOR
Keller Williams Signature
14515 Briarhills Pkwy, Ste 100
Houston, TX 77077
281-558-8580 Direct
281-971-3570 Fax
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