Is now the right time to buy a home? If you can qualify for the loan, have the cash for down payment and closing cost, then the answer is yes. The truth is… it may never be a better time to buy a home in Houston. At a minimum, you should at least be considering it.
If you are listening to the national news about the overall market and think the market is still going south, then you may be misinformed, at least about buying in Houston.
In many areas of the Houston real estate market, there is still an over supply of housing, which means those parts of town are in a buyer’s market. If interest rates start to increase later this year and the excess in housing drys up, then the cost of owning a home will increase. With the rising cost of gasoline, groceries and other items, the cost of living can get out of hand. The cost of fuel is driving up cost in all areas and will drive up the cost of construction of new homes, land development, etc.
You must understand, that I am not someone who can predict the future, but if the Houston economy stays on track, the cost of housing can increase as well as interest rates. In such a situation, you will be buying less house for the same money, if you are in a position to buy at all. If you are interested in becoming a home owner, you need to discuss your situation with a real estate professional.
Filed under: Buying, Home Sales by Dwight's Real Estate Update