When the time comes to buy your home, like most consumers, you’ll probably start the search immediately with Realtor.com, Zillow or the local HAR site. Not so fast my friend! Cool your jets, because there are at least a couple of steps you should think about beforehand!
- Finding your professional Realtor: The most common method consumers use is the word of mouth approach, which works most of the time because the referral comes from someone you trust that has had a good experience with a Realtor. A risky approach to find an agent in a random fashion, you could go to the local newspaper or walk into a local real estate brokerage firm and ask to meet someone. Other steps you could take is to google certain geographic areas, or specialties. You could save yourself the trouble and call me!
- Pre-approval – It is best to go into a search knowing exactly what you can afford and having a relationship with your lender. The lender will drive the transaction and it’s best to work with an experienced and knowledgeable mortgage lender.
Inventories are experiencing a slight uptick and at a 3.6 month supply according to the latest Houston market data. A 6 month supply is recognized as a normal supply, so you can see the inventory is still a little low but increasing. Some Houston geographic areas remain hot such as the Inner Loop and Energy Corridor. Homes in certain price ranges are moving briskly as well. Generally speaking, homes priced below $400,000 are selling fast and homes below $200,000 are even receiving multiple offers.