I've been looking for the perfect home for a while.But after a few years of waiting, I finally found it.I knew I wanted a two-bedroom, two-bathroom home, with an attached garage, that was located near the river.I also knew I needed a backyard.So I put down my deposit, and in December of 2015, I walked into the Realtor's office in the River Oaks section of San Francisco.He was so happy to see me.I ...
Houston’s homes for sale are in a tight market.
With demand in the region expected to be strongest for a couple of years, it’s a good time to consider where you can get your hands on a home.
If you live in the city, the most likely options are on the southwest side of the city.
«There’s a glut of available housing in Houston right now,» says James McPherson, chief economist at the Harris County Real Estate Board.
«People are just not ready to move out.»
In many areas, the only available housing is for renters.
In the city of Houston, the market is very tight.
«There’s just a glut right now in Houston,» says McPherson.
«And that’s the problem with the market.»
There are some things you can do to help boost your chances of getting a house for sale in Houston: Get a house at an affordable price If you want to get your house for rent in Houston, McPheson recommends you do your homework.
He says the median sale price in Houston is about $500,000.
If that’s what you need, you’ll probably want to take out a mortgage on the house.
The average price of a home in Houston has dropped by nearly half over the past decade, and a house is typically selling for about $800,000 or more.
Get an equity loan if you’re young and under 30, and stay away from the high-end market If you’re younger and under 40 and need a house, you may want to consider an equity mortgage.
«It can be a great way to build equity for yourself,» McPheson says.
He notes that an equity-backed loan typically pays about 15% less than a traditional loan.
If the house is sold, the equity is paid off over 20 years.
You can even get a mortgage from your parents, who may have access to a home equity line of credit.
Avoid getting a loan if the property is owned by a corporation, trust, or a family member Get an appraisal of the property before you decide to buy, McPsons advice says.
«You want to be prepared to pay more than you can afford,» he says.
And you should also consider other financial factors, such as taxes, if you don’t have the cash to put down a down payment.
«If you have a large mortgage, you want the property appraised, but you also want to look at the value of the assets and see if you can sell the property at a reasonable price,» McPsheson says.
The best way to do that is to compare the appraised value of properties on the market with a comparison between the appraized value of a house and the price you can buy.
The appraisal can also be used to determine if you have enough cash to pay down your mortgage.
McPheyss says if you want a house to go up for sale, you should wait to make a decision until you’re closer to the time of the sale.
Don’t get a loan for an empty lot The best time to sell your home is now, he says, because the market for empty lots is getting tighter.
«We’ve been in a real rental shortage,» he adds.
If your house is being considered for a homebuyer loan, you might want to hold off for now.
«It’s a little too early to get into this market,» McPSheson warns.
Make sure you can find a good job If you need a job and want to keep working, you can’t go wrong with a home loan.
But if you need to find work and want a better return on your investment, you needn’t worry about a home buy.
The average home loan rate in the Houston metro area is about 10% compared to about 12% in Austin.
In Austin, the average loan rate is around 10% and the median is about 15%.
The average home price in Austin is $1,600,000, which is more than the average home value of $1.6 million in Houston.
But you might have to pay a bit more to get a home than in Houston for a good return on the investment.
If it’s not a big-time job, there’s a lot you can take from home ownership.
McPhess says it’s important to keep your home in good repair.
«If you do not have a good home to live in, there will be a higher chance that you’ll be homeless or that you will get into a bad situation,» he said.
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For more information on home buying, check out our guide to the hottest real estate markets.
Houston Home Sales, Houston: Houston real estate agent James Geddis offers home buying advice.
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