Moving for Your Life, Not Just Numbers
Moving for Your Life, Not Just Numbers
by Chantal Nguyen
from the Alliance Team with RE/MAX Results
Many people in Houston are hesitant to sell or buy homes due to financial concerns and the possibility of a recession.
- Mortgage rates should not hold you back, as most consumers still feel optimistic about interest rates.
- Houston's strong major industries (shipping, medicine, and energy) usually make its market stronger than national averages.
- Houston has added over 20,000 jobs, indicating a strong demand for real estate.
- Most deals in Houston take less than three weeks, with single-family home deals taking a bit over one week.
- The equity in your current home can count towards your next purchase, and there are various lender options even if you don't use equity.
Many residents in Houston are hesitant to sell or purchase a home at the moment. Some are waiting for housing prices to increase, while others are waiting for interest rates to decrease. Additionally, there are those who are preparing for a potential recession. While financial considerations play a significant role, a recent survey conducted by realtor.com highlights that 25% of individuals make the decision to move based on personal reasons.
Why Should I Move?
If you're considering buying or selling a home, it's important to think about the reasons behind your decision. Based on my experience, many clients seek my services for four main reasons
Major life events drive major decisions. When people move, they move because "we wanted to expand our family", or "we wanted to be closer to our children". How often do you hear someone say "Well, in the first quarter, rates dipped so we decided to move to the optimal area"? If you need to sell or buy because your life has changed, don't let mortgage rates hold you back from what you need.
Optimism in the Housing Market
We've been discussing the impact of rising interest rates on the real estate market, and it seems that buyers remain optimistic about mortgage rates, according to a recent national survey by Fannie Mae.
Here at the Alliance Team, we believe that the Houston market is typically stronger than national averages. This is because Houston is powered by three major industries: shipping, medicine, and energy. These are essential needs that people all over the world rely on - their goods, their bodies, and the energy to power it all.
In fact, a report from the Federal Reserve Bank of Dallas shows that Houston has added over 20,000 jobs, which is above the current trends.
Based on our own internal data, we've found that most of our deals in Houston have been completed in less than three weeks. Single-family home deals have taken a bit over one week on average. This indicates that there is still high demand for properties in Houston.
Overall, despite the rising interest rates, buyers in Houston remain optimistic about mortgage rates. With a strong job market and quick deal turnaround times, Houston's real estate market continues to thrive.
If you have decided that your life needs a change, there might be more options than you think. Houston has a wide variety of places to live.
|Houston Metropolis||Pearland, TX||Tomball, TX||The Woodlands, TX|
If you're looking to purchase a new home, did you know that the equity you have in your current home can be used towards your next purchase? Even if you don't have equity, there are still plenty of options available with lenders. To find out what's possible for your home purchase, we recommend reaching out to our preferred partner, Motto Mortgage Plus. They specialize in finding you the best mortgage options tailored to your needs.
Curious to learn more about Motto Mortgage Plus? We recently interviewed them on our YouTube Channel. You can check out the interview here. They shared valuable insights and tips that can help you make informed decisions when it comes to your mortgage.
So hang in there, Houston! The Alliance Team at RE/MAX Results is dedicated to helping you navigate these challenges and achieve your real estate goals. Whether you're buying or selling, our experienced team will provide expert guidance every step of the way. So don't let those rising interest rates get you down we've got your back!
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