Texas Home Buyer Assistance Programs

The latest edition of the Realtors Confidence Index from NAR sheds some light on the relationship between seller traffic (supply) and buyer traffic (demand). Until the supply of homes for sale starts to meet buyer demand, prices will continue to rise. The price of any item is determined by supply, as well as the market’s demand for the item. The  National Association of REALTORS  (NAR) surveys  “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions”  for their monthly  REALTORS Confidence Index . Their latest edition sheds some light on the relationship between  seller traffic  (supply) and  buyer traffic  (demand). Buyer Demand The map below was created after asking the question:  “How would you rate buyer traffic in your area?” The darker the blue, the stronger the demand for homes is in that area. The survey shows that in 3 of the 50 U.S. states, buyer demand is now very strong; only 2 of the 50 states have a ‘weak’ demand

Some Highlights: The “cost of waiting to buy” is defined as the additional funds necessary to buy a home if prices and interest rates were to increase over a period of time. Freddie Mac forecasts  interest rates will rise to 3.8% by Q4 2020. CoreLogic predicts  home prices will appreciate by 5.4% over the next 12 months. If you’re ready and willing to buy your dream home, now is a great time to buy.   source https://www.simplifyingthemarket.com/en/2019/09/27/what-is-the-cost-of-waiting-until-next-year-to-buy-infographic-3/?a=489394-750b3ad95b7715aa39b3f5a8d59f5d51

When people talk about homeownership and the American Dream, much of the conversation revolves around the financial benefits of owning a home. However, two recent studies show that the non-financial benefits might be even more valuable. In a recent survey , Bank of America asked homeowners: “Does owning a home make you happier than renting?” 93% of the respondents answered yes, while only 7% said no. The survey also revealed: More than 80% said they wouldn’t go back to renting 88% agreed that buying a home is the “best decision they have ever made ” 79% believed owning a home has changed them for the better Those surveyed talked about the “emotional equity” that is built through homeownership. The study says more than half of current homeowners define a home as a place to make memories, compared to 42% who view a home as a financial investment. Besides building wealth, the survey also showed that homeownership enhances quality of life: 67% of current homeowners believed the

According to a new study from realtor.com , the week of September 22 is the best time of year to buy a home, making it ‘Black Friday’ for homebuyers. Every year, ‘Black Friday’ is a highly anticipated event for eager shoppers. Some people prepare for weeks, crafting and refining a strategic shopping agenda, determining exactly when to arrive at each store, and capturing a wish list of discounted must-have items to purchase. But what about buying a home? Is there a ‘Black Friday’ for the home-buying process? Believe it or not, there is. According to a new study from realtor.com , the week of September 22 is the best time of year to buy a home, making it ‘Black Friday’ for homebuyers. After evaluating housing data in 53 metros from 2016 to 2018, realtor.com determined that the first week of fall is when buyers “tend to find less competition, more inventory, and the biggest reductions on list price. ” The report explains, “During the first week of fall, buyers tend to face 26% l

If you’re thinking about remodeling your house before you list it, take a look at these three tips to help you decide if you really need to fix it up before you sell. The answer may surprise you. With the fall season upon us, change is in the air. For many families, children are growing up and moving out of the house, maybe leaving for college or taking a jump into the working world. Parents are finding themselves as empty nesters for the first time. The question inevitably arises: is it finally time to downsize ? If you’re pondering that thought, you may also be wondering if you should fix-up your house before you sell it, or go straight to the market as-is, allowing a potential buyer to do the updates and remodeling. If you’re one of the many homeowners this camp, here are a few tips to help you decide which way to go. 1. Analyze Your Market A real estate professional can help you to understand your market and the potential level of buyer interest and demand for your home. Are

In today’s real estate market, more houses are coming to market every day. Eager buyers are searching for their dream homes, so setting the right price for your house is one of the most important things you can do. According to CoreLogic ’s latest Home Price Index , home values have risen at over 6% a year over the past two years, but have started to slow to 3.6% over the last 12 months. By this time next year, CoreLogic predicts home values will be 5.4% higher. With prices slowing from their previous pace, homeowners must realize that pricing their homes a little over market value to leave room for negotiation will actually dramatically decrease the number of buyers who will see their listing ( see the chart below ). Instead of the seller trying to ‘ win ’ the negotiation with one buyer, they should price their house so demand for the home is maximized. By doing so, the seller will not be negotiating with a buyer over the price, but will instead have multiple buyers competing with

Some Highlights: Buyers are active in the market and often competing with one another for available listings. Housing inventory is still under the 6-month supply found in a normal housing market. Homes are still selling relatively quickly, averaging 31 days on the market.   source https://www.simplifyingthemarket.com/en/2019/09/20/4-reasons-to-sell-this-fall-infographic-3/?a=489394-750b3ad95b7715aa39b3f5a8d59f5d51

One of the benefits of homeownership is that it is a “forced savings plan.” Here’s how it works: You make a mortgage payment each month. Part of that payment is applied to the principal balance of your mortgage. Each month you owe less on the home. The difference between the value of the home and what you owe is called equity . If your home has appreciated since the time you purchased it, that increase in value also raises your equity. Over time, the equity in your home could be substantial. Recently, CoreLogic revealed that the average homeowner gained more than $65,000 in equity over the last 5 years. Unlike last decade, homeowners are no longer foolishly tapping into that equity. In 2006-2008, many owners used their homes like an ATM by pulling equity out to purchase new cars, jet skis, or lavish vacations. They were pulling out cash (equity) from an appreciating asset, and then spending it on rapidly depreciating items. That is not happening anymore. Over 50% of Homes Have

When searching for a home, you may end up selecting a property in a community with a Homeowners Association (HOA). Before you buy, it’s important to know how an HOA works and what they mean for you. According to a recent article on realtor.com , “In a nutshell, an HOA helps ensure that your community looks its best and functions smoothly…The number of Americans living in homes with HOAs is on the rise, growing from a mere 1% in 1970 to 25% today, according to the Foundation for Community Association Research.” An HOA is governed by a board nominated by those living in the neighborhood. It is designed to make sure the residents have a support structure to maintain the value of the community while abiding by a set of guidelines called Common Restrictive Covenants (CC&R), “Simply put, CC&Rs are just the rules you’ll have to follow if you live in that community. Unlike zoning regulations, which are government-imposed requirements on how land can be used, restrictive covena

Price appreciation can differ depending on your price range. CoreLogic analyzed four individual home prices tiers and shares the increase in each one. CoreLogic’s Home Price Index (HPI) Report revealed, “ National home prices increased 3.6% year over year in July 2019 and are forecast to increase 5.4% from July 2019 to July 2020. ” They also analyzed four individual home-price tiers, showing the increase in each. Here’s the breakdown: To clarify the methodology, CoreLogic explains, “The four price tiers are based on the median sale price and are as follows: homes priced at 75% or less of the median (low price), homes priced between 75% and 100% of the median (low-to-middle price), homes priced between 100% and 125% of the median (middle-to-moderate price) and homes priced greater than 125% of the median (high price).” What does this mean if you’re selling? Price appreciation can differ depending on your price range. If you’re a homeowner thinking of selling, let’s get

Congratulations! You’ve found a home to buy and have applied for a mortgage! You’re undoubtedly excited about the opportunity to decorate your new home, but before you make any large purchases, move your money around, or make any big-time life changes, consult your loan officer – someone who will be able to tell you how your decisions will impact your home loan. Below is a list of Things You Shouldn’t Do After Applying for a Mortgage . Some may seem obvious, but some may not. 1. Don’t Change Jobs or the Way You Are Paid at Your Job. Your loan officer must be able to track the source and amount of your annual income. If possible, you’ll want to avoid changing from salary to commission or becoming self-employed during this time as well. 2. Don’t Deposit Cash into Your Bank Accounts. Lenders need to source your money, and cash is not really traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan office

Some Highlights: Keeping an eye on the current status of the housing market is one of the best ways to make powerful and confident decisions when buying or selling a home. Mortgage rates remaining near historic lows and houses selling in an average of only 29 days are just two key elements driving the strength of today’s market. With the national data shown here, make sure to also determine what’s happening in your local market so you are fully informed when you’re ready to make your next move. source https://www.simplifyingthemarket.com/en/2019/09/13/6-graphs-showing-the-strength-of-the-current-housing-market-infographic/?a=489394-750b3ad95b7715aa39b3f5a8d59f5d51

With the current uncertainty about the economy triggered by a potential trade war, some people are waiting to purchase their first home or move-up to their dream house because they think or hope home prices will drop over the next few years. However, the experts disagree with this perspective. Here is a table showing the predicted levels of appreciation from six major housing sources: As we can see, every source believes home prices will continue to appreciate (albeit at lower levels than we have seen over the last several years). But, not one source is calling for residential real estate values to depreciate. Additionally, ARCH Mortgage Insurance Company in their current Housing and Mortgage Market Review revealed their latest ARCH Risk Index, which estimates the probability of home prices being lower in two years. There was not one state that even had a moderate probability of home prices lowering. In fact, 34 of the 50 states had a minimal probability. Bottom Line Those wait

In a recent article by Realtor Magazine , Mark Fleming, Chief Economist of First American Financial Corporation , notes, “The largest group of millennials by birth year will turn 30 in 2020, which puts them entering their prime homebuying years”. The article continues to describe how millennials have more buying-power than the generations that preceded them, making their interest in embracing homeownership stronger than ever, “Millennials—the most educated generation—have the highest incomes across their generational cohorts, even when salaries are adjusted for inflation.” This combination of power and desire has the potential to drive positive growth in the homeownership rate heading into the near future. According to Fleming, ‘“The gap between the potential and actual homeownership in 2018 narrowed slightly as the growth in homeownership modestly exceeded the increase in potential demand,” he says, citing First American’s Homeownership Progress Index . “We expect the h

So, you’ve decided to sell your house. You’ve hired a real estate professional to help you with the entire process and you’ve been asked what level of access you want to provide to potential buyers. There are four elements to a quality listing. At the top of the list is Access, followed by Condition, Financing, and Price. There are many levels of access you can provide to your agent to be able to show your home. Here are five levels of access you can provide to a buyer, each with a brief description: Lockbox on the Door – This allows buyers the ability to see the home as soon as they are aware of the listing, or at their convenience. Providing a Key to the Home – Although the buyer’s agent may need to stop by an office to pick up the key, there is little delay in being able to show the home. Open Access with a Phone Call – The seller allows showing with just a phone call’s notice. By Appointment Only – Example: 48-hour notice. Many buyers who are relocating for a new caree

Freddie Mac ,  Fannie Mae ,  and the   Mortgage Bankers Association   are all projecting home sales will increase nicely in 2020. Below is a chart depicting the projections of each entity for 2019, as well as for 2020. As we can see,  Freddie Mac ,  Fannie Mae,  and the  Mortgage Bankers Association  all believe homes sales will increase steadily over the next year. If you’re a homeowner who has considered selling your house recently, now may be the best time to put it on the market. source https://www.simplifyingthemarket.com/en/2019/09/09/home-sales-expected-to-continue-increasing-in-2020/?a=489394-750b3ad95b7715aa39b3f5a8d59f5d51

Some Highlights: Hiring a real estate professional to help you buy your dream home or sell your current house is one of the most powerful decisions you can make. A real estate professional has the experience to help you confidently navigate through the entire process. Make sure you work with someone who knows the current market conditions and can simply and effectively explain them to you and your family.   source https://www.simplifyingthemarket.com/en/2019/09/06/a-reasons-to-hire-a-real-estate-pro-infographic-2/?a=489394-750b3ad95b7715aa39b3f5a8d59f5d51

Last week realtor.com released the results of a survey that produced three major revelations: 53% of home purchasers (first-time and repeat buyers) currently in the market believe a recession will occur this year or next. 57% believe the next recession will be as bad or worse than 2008. 55% said they would cancel plans to move if a recession occurred. Since we are currently experiencing the longest-ever economic expansion in American history, there is reason to believe a recession could occur in the not-too-distant future. And, it does make sense that buyers and sellers remember the horrors of 2008 when they hear the word “recession.” Ali Wolf, Director of Economic Research at the real estate consulting firm Meyers Research , addressed this point in a recent interview : “With people having PTSD from the last time, they’re still afraid of buying at the wrong time.” Most experts, however, believe if there is a recession, it will not resemble 2008 . This housing market is

When buying a home, taxes are one of the expenses that can make a significant difference in your monthly payment. Do you know how much you might pay for property taxes in your state or local area? When applying for a mortgage, you’ll see one of two acronyms in your paperwork – P&I or PITI – depending on how you’re including your taxes in your mortgage payment. P&I stand for Principal and Interest , and both are parts of your monthly mortgage payment that go toward paying off the loan you borrow. PITI stands for Principal, Interest, Taxes, and Insurance, and they’re all important factors to calculate when you want to determine exactly what the cost of your new home will be. TaxRates.org defines property taxes as, “A municipal tax levied by counties, cities, or special tax districts on most types of real estate – including homes, businesses, and parcels of land. The amount of property tax owed depends on the appraised fair market value of the property, as determined by

Below are 5 compelling reasons listing your home for sale this fall makes sense. 1. Demand Is Strong The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase…and are in the market right now. More often than not, in many areas of the country, multiple buyers are competing with each other to buy the same home. Take advantage of the buyer activity currently in the market. 2. There Is Less Competition Now Housing inventory is still under the 6-month supply that is needed for a normal market. This means that in the majority of the country, there are not enough homes for sale to satisfy the number of buyers. Historically, a homeowner would stay an average of six years in his or her home. Since 2011, that number has hovered between nine and ten years. There is a pent-up desire for many homeowners to move as they were unable

On Labor Day we celebrate the hard work that helps us achieve the American Dream. Growing up, many of us thought about our future lives with great ambition. We drew pictures of what jobs we wanted to have and where we would live as a representation of a secure life for ourselves and our families. Today we celebrate the workers that make this country a place where those dreams can become a reality. According to Wikipedia, “ Labor Day honors the  American labor movement  and the contributions that workers have made to the development, growth, endurance, strength, security, prosperity, productivity , laws , sustainability, persistence, structure, and well-being of the country .” The hard work that happens every day across this country allows so many to achieve the American Dream. The 2019 Aspiring Home Buyers Profile by the National Association of Realtors (NAR) says, “Approximately 75% of non-homeowners believe homeownership is part of their American Dream, while 9 in 10 curr