Market thoughts for the Katy/Houston area
I feel like I have been away for sometime but it is because I prefer to give you something of substances rather than filler information. Today's post will be from my observations on the market in the Katy/Houston area.
Renters: This is the beginning of the height of the season no matter what the market is doing otherwise. You are not the only one moving. Pull your credit report, determine your price range, and start looking certainly within 30 days of your desire to move. Don't have everyone pulling your credit, it lowers your score. The renter market is still hot.
Sellers: Listen to your Realtor on pricing and presenting your property. The market has changed but you can still sell your home if it is presented propery and buy that dream or next move up home at an great interest rate.Pull your credit, talk to a Lender, make sure you can get a loan after your home sells. The credit market is a lot stricter now. In fact, it might be a good idea to open dialogue with your Lender before you put your house on the market. If you don't trust the advise of the Professionals you hire, don't work with them. Hire someone else. If you know more than the Professionals, do it yourself. The process is stressful enough without the added stress of fighting your team.
Buyers: Not everyone should own a home, nor is ready to buy now. Determine if this is the right time for you. There is the incentive of good interest rates, the $8000 tax credit, and choices but none of this means anything if your credit needs work or you don't have any money to cover the down payment, closing costs, moving and turning the utilities on. If you are ready, you need a Realtor. The new home builder has a representative, the homeowner has a representative, so why do you think you don't need one? You need someone looking out for your interest.
In my area, new builder inventory is down, 3-5 months waiting time for the home to be built as is ordered. Re-sale homes iinventory is low, foreclosures,short sales, REO's are up but you must have patience and are willing to wait maybe 4-6 months give or take a month or two. There are no warranties, no surveys and in most cases no repairs will be done. Take the home as it. You can find bargains if you are willing to do repairs and in some cases subject yourself to monetary penalties if you cannot close on time and or additional fees from mitigation representatives in some cases. The acceptable finances are cash and conventional. Cash is always king and there are people out their willing to give it up for rock bottom price properties.
For those waiting for prices to go lower, I don't have your crystal ball. I sincerely hope you won't have to look back and wish you had bought while you could. I don't know about the rest of the country but we are still selling, buying and leasing homes in the Katy/Houston area and the pace seems to be picking up.
I am always willing to give out information, so if you have a general Texas real estate question , no strings attached, email me. If I don't know, I will tell you or refer you to another source.