Texas Home Buyer Assistance Programs

As a homeowner, it’s always tempting to dream about the next big project you’re going to tackle. The possibilities are endless. Should I renovate? Should I refinance? Should I stay? Should I move? The list goes on and on. In today’s housing market, it’s actually a great time to shift your thoughts toward selling your house and moving up into the home of your dreams. Here’s why: Inventory is on the rise, but there’s still an overall shortage of houses for sale (less than a 6-month supply found in a more normal market), so homes are going under contract quickly. In fact, the National Association of Realtors (NAR) Realtors® Confidence Index Survey reports that right now homes are only staying on the market for an average of 27 days. That’s less than one month, an even more accelerated pace from the 36-day trend we saw last spring . The same report also indicates there are more interested buyers than active sellers today, which is one of the big factors driving home prices higher. ...

Many of the questions currently surrounding the real estate industry focus on home prices and where they are heading. The most recent Home Price Expectation Survey (HPES) helps target these projected answers. Here are the results from the Q2 2019 Survey : Home values will appreciate by 4.1% in 2019 The average annual appreciation will be 3.2% over the next 5 years The cumulative appreciation will be 16.8% by 2023 Even experts representing the most “bearish” quartile of the survey project a cumulative appreciation of over 6.7% by 2023 What does this mean for you? A substantial portion of family wealth comes from home equity. As the value of a family’s home (an asset) increases, so does their equity. Using the projections from the HPES, here is a look at the potential equity a family could earn over the next five years if they purchased a $250,000 home in January of 2019: Based on gains in home equity, their family wealth could increase by $42,000 over that five-year period. ...

The current housing landscape presents greater home values, low interest rates, and high buyer demand. All of these factors point to the strong market forecasted to continue throughout the rest of the year. There is, however, one thing that may cause the industry to tap the brakes: an overall lack of housing inventory.  Buyer demand  naturally increases during the summer months, but the current supply is not keeping up. Here is a look at what a few industry experts have to say: Lawrence Yun,  Chief Economist  at  National Association of Realtors “Imbalance persists for mid-to-lower priced homes with solid demand and insufficient supply, which is consequently pushing up home prices.” Mark Fleming,  Chief Economist  of  First American “Market conditions are ripe for increasing home sales with one glaring exception. The supply of homes for sale remains tight, keeping existing home sales below potential.” Danielle Hale,  Chief Econom...

Some Highlights: The  Federal Housing Finance Agency (FHFA)   recently released their latest  Quarterly Home Price Index   report. In the report, home prices are compared both regionally and by state. Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more! source https://www.simplifyingthemarket.com/en/2019/07/26/home-prices-up-5-05-across-the-country-infographic/?a=489394-750b3ad95b7715aa39b3f5a8d59f5d51

Whether you are a first-time buyer or looking to move up to the home of your dreams, now is a great time to purchase a home. Here are three major reasons to buy today. 1. Affordability Many people focus solely on price when talking about home affordability. Since home prices have appreciated throughout the past year, they assume homes are less affordable. However, affordability is determined by three components: Price Wages Mortgage Interest Rate Prices are up, but so are wages – and interest rates have recently dropped dramatically ( see #2 below ). As a result, the National Association of Realtors’ (NAR) latest Affordability Index report revealed that homes are MORE affordable throughout the country today than they were a year ago. “All four regions saw an increase in affordability from a year ago. The South had the biggest gain in affordability of 6.9%, followed by the West with a gain of 6.0%. The Midwest had an increase of 5.8%, followed by the Northeast with the sma...

Shifting trends and industry-leading research are pointing toward some valuable projections about the status of the housing market for the rest of the year. If you’re thinking of buying or selling, or if you just want to know what experts are saying is on the horizon, here are the top three things to put on your radar as we head into the coming months: Home prices are appreciating at a more normal rate : Home prices have been appreciating for about ten years now. Experts at the Home Price Expectation Survey, Mortgage Bankers Association, Freddie Mac, and Fannie Mae are forecasting continued growth throughout the next year, although it should be leveling-off to normal appreciation (3.6%), as we move into 2020. Interest rates are low : Over the past 30 years, the average mortgage rate in the United States has been 8.27%, and rates even peaked as high as 18% in the 1980s. Today, at 81% , the rate is considerably lower than the historical 30-year average. Although experts predict i...

We’re halfway through the year, and with a decline in interest rates as well as home price and wage appreciation, many are wondering what the experts predict for the second half of 2019. Here’s what some have to say: Danielle Hale, Chief Economist at realtor.com “Lower mortgage rates, higher wages and more homes for sale have helped counteract rising home prices, and ultimately, made it so that buyers are able to afford more than last year.” “Our outlook implies 4% growth for the remaining months of the year, predicated on…more supply than last year, the decline in mortgage rates, moderating home price appreciation and improving affordability.” Lawrence Yun, Chief Economist at NAR “Rates of 4% and, in some cases even lower, create extremely attractive conditions for consumers. Buyers, for good reason, are anxious to purchase and lock in at these rates.” Doug Duncan, Chief Economist for Fannie Mae “Moderating home price appreciation and attractive mortgage rates continu...