Preferred Properties of Texas

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Markets May See a Noticeable Bump in the Number of Homes

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A survey by the National Association of Realtors found that finding the right home for them is the biggest challenge in today’s market. This is due to the low inventory today of homes for sale.

You may have seen this if you are looking to purchase a home. There is good news. Recent data suggests that more sellers are listing houses this season. This may increase your home search options.

This year, more sellers are listing their homes for purchase each month. According to realtor.com this trend is expected to continue. Their research shows that the majority of potential sellers intend to list their home within the next six-months.

As we move into spring and summer, there may be a noticeable increase in homes on the market. Nearly 10% of homeowners who plan to sell their homes this year have already put their property on the market.

It can be difficult to navigate a low-inventory marketplace as a buyer. However, there are some things you can do. If you have had difficulty finding the right home for your needs, the increasing number of listings and expectation that more sellers will list it in the future is good news. These new listings are moving fast. This means that you need to keep your feet on the gas, and be ready act if you see a home that you love.

Your agent can keep you up to date with the latest listings in your local area, so you can find the right home for you. Also, your strongest offer can be submitted as soon as possible.

You can keep searching if you are having trouble finding the perfect home for you. There are many options available and your dream home might be one of them. You can partner with a professional real estate agent to keep up-to-date on all the listings in your area so that you are ready to act quickly when you find the right one.

 

Original article:  https://www.keepingcurrentmatters.com/2022/05/11/are-there-more-homes-coming-to-the-market/

 

Spring Housing And What To Expect

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You want to be prepared for the spring housing market. There are many factors that can cause uncertainty such as the conflict in the Middle East, rising inflation and the first rate hike from the Federal Reserve over three years , but the housing market seems relatively stable.

Here are some predictions from experts about spring.

Mortgage Rates Will Rise

Freddie Mac The 30-year fixed mortgage rate increased by more that a full percentage in the last six months. Experts believe that rates will rise over the next 90-days, despite mild fluctuations in recent week.

If you are a first-time buyer, or a seller looking to move into a better home, you should know that you will pay a higher interest rate if you wait. This higher rate can increase your monthly payments and add up over the loan’s life.

Housing Stock Will Rise

Buyers looking for homes to buy may find some relief. Realtor.com reported recently that the number new homes increased for each of two months. The National Association of Realtors just announced that the month’s supply of inventory increased. This is the first time it has happened in eight-months. Based on the activity in recent months, it appears that the inventory of existing homes will grow every spring.

It looks like buyers who are frustrated by the lack of homes for sale could be able to find relief this spring. If you do find the perfect home, it is important to act fast.

Listing now is better than waiting for more competition if you are a seller. As more homes are added to the market, your leverage in negotiations will be affected.

Home prices will rise

Supply and demand determine prices. Despite the increasing number of homes on the market, buyer demand is still very strong.

What does this mean for you? Home prices will continue rising as the demand for housing continues to outpace supply. Experts believe that the rate of appreciation will decline from the double-digit highs we have seen in the past two years. This means that prices will continue rising, but at a slower pace. Experts predict that home prices will not fall.

Will Increasing Mortgage Rates Not Cause Home Prices to Fall?

Experts disagree with the belief that a 1% rise in mortgage rates will cause home prices to drop.

If you are a first-time or repeat buyer, you will likely pay more to buy a home late in the year if you wait.

Three things seem certain about the spring housing market

  1. The mortgage rates will continue to rise
  2. There will be a slight increase in the number of homes for sale
  3. The pace of home price appreciation will be slightly slower, but it will not stop.

You should act quickly if you are thinking about buying a home. Selling is a good option if you want to beat rising competition. Contact Preferred Properties of Texas to speak with one of our knowledgeable agents today! 

 

Original Blog: https://www.keepingcurrentmatters.com/2022/03/24/what-you-can-expect-from-the-spring-housing-market/

People Are Planning On Buying Homes Soon

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Although some homeowners might be tempted to wait until spring to sell their homes, homebuyers don’t want to wait. As rising mortgage rates are being beaten, there is high demand. In response, buyers are eager to enter the market or move their plans higher so that they can purchase as soon as possible.

The number of people who are fast-tracking their plans for purchasing a home has increased over the last three months. Many buyers are now assessing their strategies and realizing that they need to act quickly. It’s a sign that homeowners who are looking to sell may now be the right time to list .

Some people are planning ahead, while others are putting their plans in motion. The time on the market is a good indicator that homebuyers are motivated to move quickly.

Homebuyers are changing their strategies and moving forward. Others are moving today. This means the demand for your house has risen.

Because there are so few homes for you to choose from, it is important to sell your house sooner in order to take advantage of the high buyer demand and get more houses listed in your area. This is why it’s important. Buyers will have more choices as there are more houses on the market. Your house will still be the center of attention until then.

Let’s get your home SOLD! Contact Preferred Properties of Texas and speak to one of our trusted agents.

 

Original article: https://www.keepingcurrentmatters.com/2022/02/16/more-people-are-planning-to-buy-a-home-soon/

New Year’s Resolutions That Can Help You Buy a Home

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New Year, new home! To improve your chances of buying a home, you need to get your financial records in order.

Are you thinking of purchasing a home in the new year? Five New Year’s Resolutions to help you maintain a strong financial record are listed below.

1. Avoid job-hopping

When evaluating mortgage applications, lenders will look closely at income and employment history. While a new job can be a great career move, if your goal is to purchase a home in 2019, it’s important to know that some lenders may not approve of job hopping, especially if the applicant is moving to another industry.

It is ideal to have a steady job history with few, if any, gaps in employment in the last two years. This allows lenders to better predict your future income.

Notify your lender immediately if you find a job that is not related to home-buying. This doesn’t necessarily mean that you will not be eligible for a mortgage. However, be prepared to provide additional documentation.

It may be beneficial to your application if you are moving from an hourly or commissioned job to one that is salaried with the same or higher compensation. Lenders prefer that borrowers have steady, predictable incomes.

2. Subscribe to a limit on monthly services

Although monthly subscriptions are convenient, they can be costly. Even if you make your monthly payments on your credit card, your credit report could be pulled at any point during your credit cycle.

Consider reducing your monthly subscription if you are thinking about buying a house this year.

3. Credit history building

Your credit history is one of the first things that a lender will examine. Lenders favor borrowers who pay off their credit cards and other debts on a timely basis. This signals that they are more likely to approve you for borrowing.

It may be more difficult and time-consuming to secure a home loan if you don’t own credit. A history of paying rent and utilities on-time, along with student loans debt and cell phone bills can show potential lenders that you are capable of managing monthly payments.

4. Verify your credit

Your credit score could have a major impact on your ability buy a house. Low credit scores can have a negative impact on how much money you are able to borrow from lenders and your interest rate.

A few percentage points difference in the interest rate could cost you thousands of dollars over the loan’s life. To avoid any unexpected surprises that might delay your loan application, be sure to monitor your credit, particularly for fraud.

Many financial websites provide credit score monitoring. You can also get a complete credit report once per year if you are unsure about your credit score.

5. Avoid large purchases

Before buying a house, avoid taking on excessive amounts of debt. Even if you are preapproved, this is a good idea.

The ratio of your income to debt, which is how much you earn compared to the amount of debt you have, will impact how much money a lender will lend you. A lower debt load can make home-buying easier.

Like proofreading your resume before applying for a job, a clean financial resume can improve your chances of purchasing a home.

When Your ready for your NEW HOME give Preferred Properties of Texas a call. We are here for All Your Real Estate Needs!

 

Orignal blog: https://clarkwilsonbuilder.com/5-new-years-resolutions-that-can-help-you-buy-a-home/

 

October Might Just Be The Best Time To Buy

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Are you thinking of buying a house? We have good news for those who are.

Although it’s clear that the housing market has had a fantastic year, most headlines focus on the benefits for buyers. What about buyers? You’ll likely be facing bidding wars as you look for the perfect home. You don’t have to feel discouraged if you are looking for your dream home.

There is a golden window for those who are looking to purchase a home.

There should be an increase in the number of homes for sale. realtor.com predicts that more homes will be on the market in October. According to the findings, 17.6% more homes will be available than we had at the beginning of the year.

This will allow you more choices, which is a relief in a tight housing market.

You should see a slight decrease in bidding wars as there are more homes on the market. Because there are so many options, buyers might not be as competitive for homes because they have more options.

This means that writing an offer may be less competitive and have a greater chance of winning the bid. It’s important to make a strong offer.

As we approach the end of the year realtor.com suggests that this week could also be one the most popular weeks for price reductions in the 2021. The data from the past shows that an average of 7.0% homes experience a price drop in this week. What is the reason? Why?

This means that although home prices continue to appreciate overall, there may be some homes where price adjustments are made by eager sellers. Closing a house is a lengthy process. Sellers may be more motivated to close by the end of the year if they can do it in October.

Don’t let your enthusiasm die if you are in the market to buy a home. According to data, early October could be the time you finally find the home of dreams. To keep you motivated and on the right track to finding the perfect home, you should rely on an experienced real estate professional as your advisor. Give us a call today. 

 

Link to original article: https://www.keepingcurrentmatters.com/2021/09/28/early-october-is-the-sweet-spot-for-buyers/

What Can Affect Your Home Value?

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Real estate experts know that homes in desirable locations or within the boundaries of top schools will sell at a higher price. The location is an important factor in determining the price of homes. What are the factors that can lower the home’s value? What makes a neighborhood less desirable?

Bad Schools. Young families are looking for homes that are zoned for the best schools. Homes with low school ratings aren’t highly sought-after. Property values are affected more by living within the limits of schools with poor ratings than any other factors. According to Great Schools, the median home price for zip codes with schools rated 1 through 3 out of 10 is $155,000.

Strip Clubs. This one seems to be the most expected on this list. A young family would not want to live near a club with an adult theme. These clubs often have loud music blasting and unsavory people hanging out outside. Realtor.com surveyed many areas with strip clubs in large metropolitan areas. One neighborhood had 10 clubs. Washington Park, East St. Louis, IL. This neighborhood has only seen a few homes sell in the past three years, and the median home price is $10,000.

Lots of Rentals. Is it possible for a neighborhood with high levels of rental units/buildings to lower its property value? Although it is difficult to do an exact analysis of this factor, the research revealed that higher property values were associated with areas with more rentable homes.

Homeless Shelters. Shelters for homeless people can often be seen as the unloved misfits of a community. Although there isn’t any hard evidence to prove that homeless shelters bring in more crime than others, shelters can attract a diverse group of people and emergency calls numbers go up in areas close to shelters. The property values of areas with homeless shelters are almost 13% lower than those without them.

Cemetery. Cemeteries can be quieter than other neighborhoods, but there are still people who don’t want to live in close proximity to the living. The median home price in zip codes with cemeteries was 12% less than the neighboring zip codes.

Factors that Bring Down Value less than 10%

These last factors  bring down property values less than 10%, but are still worth noting.

  • Funeral Homes- 6.5%
  • Power Plants- 5.3%
  • Shooting Range-3.7%
  • Hospitals-3.2%

While location is important when it comes to real property, there are many other factors that can help homes sell for top dollar. With the help of an expert selling agent you can get your home sold for a great price.

Preferred Properties of Texas

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