Houston continues to have one of the hottest housing markets in the US and the pace of home purchases shows no signs of abating. In fact, the Houston metropolitan area is currently growing by more than 400 people each day and there are 40,000 housing units being built each year.
With these lofty numbers, it is no wonder that Houston accounts for 7% of all residential construction in the US. Part of the reason is that the homes here are cheaper than in cities like Dallas, and the city planners are focused on providing services and a regulation environment that supports growth of the real estate industry.
For new home buyers interested in Houston, they will find a welcoming city with a diverse population, abundant job opportunities, lots of culture, and every activity imaginable.
If you are looking to make a home purchase here at the best price, there are some guidelines that can assist. Here is a list of things to be mindful of when you are home searching:
Consider Purchasing a Foreclosure
Not enough people consider foreclosed homes when they are searching for a new home in Houston. The Houston area has hundreds of homes that have been foreclosed.
A foreclosed home is one with a previous owner was unable to make the mortgage payments. As a result, the bank called the loan on the home, and it came into the bank’s possession. Banks do not want to hold onto real estate, so they will often put the home on the market at a price that will make it sell quickly. In this case, a new home buyer can save tens of thousands of dollars on their home purchase.
Many people have an aversion to foreclosed homes because they think they are always in unliveable condition. This is not the case, in fact many foreclosed homes are in the same or even better condition than other homes on the market. The only way know, is to view the homes. So when plan to go shopping, look for foreclosed homes in Houston as your first option and you might save lots of money and find you a home you love.
Do Not Get Pressured into a Purchase
Purchasing a home is an emotional undertaking and home buyers are often overwhelmed by the experience. It is the job of a realtor, to keep you calm and be patient as you assess properties.
However some realtors are less concerned about the well-being of the home buyer, and constantly pressure you to purchase. If you find yourself being pressured by a realtor, tell him or her your feelings. If you feel that the realtor is not getting the message, you should engage a different realtor who respects the time you need to come to a decision.
Think about the future when purchasing a home
Home buyers will often get emotionally attached to a home based on it meeting their current needs, and with no regard for their future needs. This is a bad decision. If there are only two of you, and you plan to have children in the future, a smart decision might be to purchase a home that has several bedrooms allowing you to grow into it as your family grows.
Purchasing those extra rooms and extra square footage now is probably a lot less expensive than it will be in the future when you have the children. In the meantime you can make those extra rooms onto an office, or study, until you start having kids. So when you are home hunting think about what your family will look like five and ten years from now, because you probably will have your new home for that length of time or longer.
Remember patience and persistence is the key. Have a good amount of both and you will find your new home.