For first-time home buyers considering Houston as their city of choice, the outlook is good. According to the Houston Business Journal, Houston has been named one of the top real estate markets to watch throughout the US.
That’s right – Houston has risen from its number 8 slot just one year ago to rank at number 5 as job opportunities surge in the energy industry. In fact, most of the home buying opportunities in Houston are located in the industrial area of the city.
Single Family Home Sales Rise
The Houston Association of Realtors recently reported that sales of single family homes have increased by 8.7%. For sellers in Houston, this provides the perfect occasion to sell a home at a reasonable or even lucrative price. Yet depending upon the neighborhood, buyers may find housing inventory limited and prices competitive.
The average price of a single family home in the city has risen 6.1% to $165,000. This is a comparable median price to other homes in the South averaged at roughly $163,600. But compared to housing in the West with a median price of $246,300, it is a steal of a deal. Average housing prices in the Northeast remain at $238,700.
House prices in Houston are expected to stay stable but may increase in certain areas of the city. Compared to other poorly performing regions of the country in Florida, California, and Nevada, Houston remains a prosperous city with ample room for growth.
Is It a Good Time to Buy a Home in Houston?
Even though the real estate market continues to remain stagnant in other areas of the country, it’s plain to see that the Houston housing market is stable. For many first-time home buyers, buying a house makes the most sense as rental vacancies lessen throughout the nation. This is causing rental prices to rise, making the cost of a home purchase a financially sound decision.
Since a home is an investment, the amount of money paid on a mortgage will be put toward the value of a property instead of poured down the drain each month on rent. If you’re planning to stay in one neighborhood for several years, buying is an ideal choice to provide more value for your investment as the housing market in Houston continues to remain strong.
Helpful Tips for First-Time Buyers in Houston
If you’re a first-time buyer looking for a home in the Houston area, you can count on finding a property at a reasonable price.
Experts recommend checking the sales prices of numerous homes in an area to provide a general guideline of how much you can expect to pay for a property. Of course, these prices will vary based on location, size, and amenities. When creating a budget for your new home, it’s also critical to factor in extra expenses, like Houston movers fees, cost of new furniture, and yearly property taxes.
Last but not least, communicate with your realtor about how much you can expect to pay in closing costs. In some cases, a seller may cover these expenses; otherwise, you’ll pay for closing out-of-pocket, adding to your total housing down payment.
Written by Julie Davis, a freelance writer currently writing out of Texas for Square Cow Movers.
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