Immigration And Texas Housing Market
The price points of homes in Houston and its environs were reasonably priced that middle income family can afford a great newly built home for the income that they make, but today in Houston with the number of families moving from the west and east coast to enjoy the friendly state of Texas, the price of home are appreciating dramatically, that first time home buyers in the medium income range find it almost impossible to buy quality brand new homes. And as time passes, it the inventory will become less and less.
Cash Home Buyers And Texas Housing Market
Cash Buyers:- The east /west coast buyers often sale their home and move to Texas with a hand full of cash to spend on our mansions. These homes here would have cost 3 times the price up north or in California but they pay cash for them causing our market to always run low in inventory to meet the demand of our median income first time home buyers.
Investors And The Texas Housing Market
Investors delight:- The 100s to 200 thousand range of homes are always your investors delight, Houston being a land of milk and honey for investors, the battle to get to the finish line and win the bid on these homes are just unstoppable because the rental market is strong for them and they are receiving good returns on these investments. The Housing market in Houston in August saw a 4.5% increase in leases of single family homes and 10% on condominium leases.
Home Shortage And Housing Demand
A tale of two evils. Low inventory, and the lack of great builders willing to build at these price point , has left the Houston first time median income buyers with little or nothing to buy. Hence, an agent working with these buyers who fail to see the reality of their situation, but prefer to low ball the seller, hoping to steal a home with financing , “calls the agent incapable of helping me get that house” when in fact, the agent did all within their powers. the seller here is the player in this game and thus dictates the tone. You want a home? Stop low balling the seller.
Buying Versus Renting
The average home price for Single family home in Houston housing market in August was $282,000 with a 3% increase from last year, and the median price of single family homes went up $215,000 a 5% climb. These families looking to pay about $1500- $1650 with an FHA 3.5% down are mostly not likely to find a home and are sent back to renting till their can afford more. The cost of living in the state of Texas is reasonable and that is the reason why its attractive for most family, however, we need more quality new home builders, building in the mid $100 to $200 thousand price point, so we Agents can meet this demand of this ever growing buyers. Sales in September $150,000 – $249,999: increased 15.6 percent and $250,000 – $499,999: increased 16.0 percent, our housing market is experience a huge growth and is not likely to stop anytime soon.
I take pleasure in representing these price point home buyers, there is nothing wrong with buying what you can afford, I rather have clients buying what is comfortable for them, than buying what is way above their heads and end up late on their mortgage (foreclosure). Looking for an agent who can represent you regardless of your price point? Then you can call me, Bennie Chukwurah at 281-760-9879.
About Bennie Chukwurah
Bennie Chukwurah is the top producing real estate veteran for Century 21 Olympian which is headquartered in Houston, Texas. Bennie Chukwurah is not just a top producing licensed real estate agent in the state of Texas, but is also a licensed mortgage loan originator with The Money Store , a mortgage banking firm headquartered in Florham Park, New Jersey known for its no mortgage lender overlays and lenient underwriting standards. Bennie Chukwurah has network of realtors throughout the United States and all of her clients, whether real estate clients or mortgage clients, become her lifelong friend. Bennie Chukwurah is a firm believer that knowledge is king and is always studying new laws and regulations and keeping updated with real estate prices, foreclosures, and market trend not just in the Houston area, but the United States as a whole. Bennie Chukwurah is available 7 days a week and can be contacted at 281-760-9879.