As is common with any market, the real estate market has its highs and lows. And during the financial crisis that the rest of the country was facing, the Texas real estate market boomed. But a booming market can only stay at an excessive peak for so long. 2013 showed high demand for real estate in Texas, shortening inventory and appealing to sellers across the state. However, 2014 is predicted to slow from its manic pace to a more normal selling market rate, despite climbing interest rates and home values. A more 'normal pace' does not necessarily mean a worse market though. Steady is a positive market state that helps near a balance between buyer and seller.
No matter the pace of the market, here are five best practices that will always be applicable when buying a home.
1. Waiting until you're ready
If you think you've missed the best time to buy a house, don't sweat it. If you weren't ready to buy a house, then it doesn't matter whether or not the market was an amazing buyer's market. You need to ensure that your finances, your timing, and your life line up properly with the ability to look for and buy a new home. Once you've got that foundation prepared, then you can start looking for the right market for you.
2. Buying a house is a process
Just like we recommend that you should only buy a house when you're ready to, we'd like to remind you that buying a house is a process, not a rushed online order. It takes time to find the right house for you in the right area, at the right price, and at the right time. On top of those stipulations, you should remember that buying a house is not just financial, but also emotional. You're choosing a home, so it's best to do it wisely.
3. Don't always believe what you hear
People are always predicting what will happen next in the real estate market. Numbers are tossed around and, not surprisingly, contradictions occur. The information you come across while researching a new home can be overwhelming, so our advice to you is to use it as a vague guideline and keep your own personal goals at the top of your priorities list.
4. Focus on the applicable area
Like we mentioned earlier, while the rest of the country was in a dry financial spot, the Texas real estate market boomed. Keep this in mind when searching for a home: every real estate market is different. All the national information that may fall into your lap can be unnecessary and overwhelming. Focus on the areas where you're looking to move in order to cut through the clutter.
5. Instinct is key
While your local real estate agent can be a huge help, remember that you are the one who knows your finances best. Keep these in mind while doing your market research. This way you can stay realistically grounded and follow your gut as you get further into the home buying process.
So make sure you're ready when looking for a new home, remember that buying is a process, don't get overwhelmed by the data, know that real estate is local, and always listen to your instincts. These failsafe guidelines will be sure to help no matter the year or the market pace.
Article Citation: DeSimone, Brendon. (January 10, 2014.)How to approach real estate in 2014 % beyond. Yahoo! Homes. Retrieved January 12, 2014 from: http://homes.yahoo.com/news/approach-real-estate-2014-beyond-181755025.html.
Picture Citation: http://www.shrink4men.com/2010/10/19/welcome-to-the-new-shrink4men-from-dr-tara-j-palmatier/new-home-2/