Houston Real Estate Did What?!
Last month, September 2013, real estate in Houston continued to improve. If you are an investor, first time homeowner, looking to downsize or upgrade, etc., NOW is the time! The median home price increased again, inventory is low, rent is increasing, and interest rates are still relatively low. The reason for each one of these buyers to buy is clear.
Investors may have less inventory to buy from but when you spot a deal, do not hesitate! With less inventory on the market, the quality of the home will win over the buyers. When you purchase an investment make sure you do a great renovation, this will make your home more desirable than the others. This may bring you a higher than expected offer. If being a landlord is your thing, then add to your rental portfolio. House prices may be a bit higher than last year but the higher rents justify the increase in prices. However, I would still make sure you have equity in the home in addition to the cash flow.
Now, if you are a first time homeowner, then the reason to buy now is obvious. Would you rather give away $1,000-$1,500 per month in rent or use that amount to buy down a mortgage? Remember that a portion of the money you pay towards a mortgage pays down the principle, which in turn increases your equity. Although the rates are not as low as a year ago, the average rate of 4.4% is still great. Also, if you wait any longer the prices of homes are just going to increase and you may not be able to live in your sought after neighborhood.
If you are downsizing or upgrading homes then you may be able to ask more for your home now while inventory is low. Keep in mind, that new construction is increasing so if you live near any newer construction you may not be able to compete with the builder’s prices when they hit the market. Due to you being able to ask for a higher price you will have more funds to work with on your future purchase. If you’re downsizing, that can mean some extra money for more features or just some extra savings in your account. This can also make upgrading smoother and possibly less money out of pocket.
Get off the sidelines and start looking at what is available to you TODAY!! I am not the only one sharing this great news. The Houston Association of Realtor’s have the numbers and stats to confirm what the Houston real estate is doing in today’s market, CLICK HERE to see their report!!