Hi friend,
Today I wanted to write a quick post addressing one of the most popular questions that was asked to Mr.Google in 2022, “Should I buy a house now or wait until 2023?”
I even created a video last week addressing this topic, and that video can be found on YouTube here. My thoughts behind this video were “mistakes”. So I titled it, “The biggest mistake you could be making right now”, which are just buyer mistakes I want to help you avoid in 2023. So let's dive in… The mistakes are in bold, and I elaborated upon them thereafter…
- Waiting to buy – In most areas, especially in the established neighborhoods, inventory is at historical lows. When inventory is low and demand exists, prices are not going to drop unless the house is undesirable. And as inventory rises (winter to spring, and spring to summer), demand will naturally follow because of timing (school being out). Now let’s look at the other side of the coin and focus the conversation on new construction. Right now we have high amounts of inventory, so prices have dropped and incentives have increased. Couple that with stagnation in the market which was caused by increased interest rates, builders slowed or ceased the start of new inventory homes. Right now is the time to buy, because once demand increases, inventory will evaporate without replacement because the builders slowed or stopped 3-6 months “ago”, which will once again drive prices up on the limited supply. And on top of all that interest rates will be lower allowing more buyers to enter the market due to increased affordability.
- Not working with an established and experienced realtor. You want someone active and respected. Not working with an experienced and currently active buyer’s agent could also be a big mistake.
- Not working with a local lender. A local and respected lender will help your offer become the accepted one. I have personally found that local lenders are typically more invested, and they care more.
- Not knowing you have program options that can temporarily or permanently lower your interest rate. Builders and some sellers are and can contribute to these buy-down programs. You can achieve an interest rate that is 1% lower permanently or 2% to 3% lower temporarily. This is 1-3 percent below market, and you can always refinance if it makes sense. I personally know a lender that will personally watch your rate and alert you when it makes sense to refinance. Not only is that a free rate watch program, but also they will waive all lender fees, allow your escrow account to transfer, and most likely you will not need a new appraisal or survey, allowing the refinance to be insanely affordable. The only fees that should be left are title fees, which are typically under $1200.
If you are ready to have a conversation about buying, I would love to speak with you. Here, you will find a link to schedule a call with me.
We are so happy you found our little corner of the interwebs. We look forward to y'all reaching out to us. We love to answer questions and welcome them. Recently we created some local maps, and you can download those by clicking the image/link above. Below, you will find an index of some very helpful information to assist you in learning more about the Houston suburbs. If you are relocating to our neck of the woods, we hope you reach out to us, because we would love to help you by being your local realtor and friend. Thoughtfully written for you. Hugs, Jo.
We are Waiting for You
If you are looking to relocate to the Houston Area, we would love to meet you and hear your story. Below you will find all of my contact information, as well as some homes for sale in the area. We truly look forward to hearing from you! P.S. Don't forget to check out our YouTube Channel!
If you are overwhelmed..
Now if you are feeling overwhelmed about where you should plant your roots, I would love to talk to you. You can schedule a call with me by clicking this link: http://byjoandco.com/call or just send us an email: [email protected]. There are some amazing communities all over the Houston suburbs. In this post, https://search.byjoandco.com/blog/best-neighborhoods-in-houston/, I deep dive into all the different suburbs/neighborhoods that you might want to consider, and why. There are many resources here, so please reach out if you are curious about what to look at next! Thank you for trusting us.
What next?!
• Navigate our Blog: https://byjoandco.com/categories-to-help-you-navigate-the-blog/
• Download our Moving to Texas ebook! http://byjoandco.com/movingtotexasebook.
• Download our Where to Live in Houston Texas ebook! http://byjoandco.com/wheretoliveebook.
• Browse our Ebooks and Relocation Guides: http://byjoandco.com/ebooks
• Schedule a phone call or appointment with us! http://byjoandco.com/appointment.
• Email us! [email protected].
• Looking for a buyer’s agent? Fill out our buyer questionnaire! http://byjoandco.com/q.
• Ready to find your dream home? Search, http://search.byjoandco.com.
• Subscribe to our YouTube Channel: http://byjoandco.com/youtube.
