If you’re reading this, I assume you’re either considering a move to the greater Houston area or have already relocated here and are in need of a place to stay. If this is the case, then congratulations! You’re in luck because we’ve got you covered. In this article, we’re going to walk you through a quick and easy guide to giving you a good idea of whether or not it’s a good time to buy a house in Houston, TX. So let’s get started.
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Real Estate Is On the Rise
The last few years have seen a rapid rise in the price of real estate throughout the country. That being said, the situation in Houston has been particularly striking. For example, according to the most recent statistics, the average price of a home in Houston is $266,600. That’s a massive increase of 46% in just the last year alone. What makes the situation even more interesting is that while the national average is seeing a 20% climb, home prices in Houston have soared by a whopping 66%. So if you’re looking to snap up a bargain, this could be the place to do so.
The demand for real estate in the greater Houston area has also been fueled by an increase in population. As of 2016, Houston is home to 2.95 million people and is classified as a metropolitan area. That’s a 2.5% increase since the last census and a pretty significant jump. Similarly, the city’s population grew by 4% between 2010 and 2015. This is probably due to Houston being one of the most accepting cities when it comes to people of different backgrounds and lifestyles. It wouldn’t be a stretch to say that Houston has become a major hub for people who are looking to get away from the crowds of cities but want to keep living in a comfortable, modern home. If you fit that description, you might want to consider investing in real estate in Houston.
Rental Property Is a Popular Choice
One of the interesting trends that we’ve seen in recent years is the rise of the sharing economy. Essentially, these are platforms such as Airbnb and HomeAway that connect residents and visitors who want to rent a home with individuals or businesses who want to rent out their property. It’s an innovative concept and one that has allowed many people who would have otherwise been unable to afford a home to find accommodation that suits their needs.
This trend has undoubtedly benefited homeowners who want to rent out a room or entire house to generate extra cash. That being said, it’s also provided home buyers with an interesting option that they might not have considered before.
If you’re looking to purchase a home but don’t want to deal with the overhead of running a household, you might want to consider buying a rental property. There are several upsides to this proposition. First off, you won’t need to worry about staffing your household with people to manage the property because professional property managers handle everything for you. Second, you won’t have to deal with house guests who stay for a night or two before moving on. Third, you won’t need to budget for housekeeping or laundry because the property manager takes care of these things for you. And last but not least, you won’t have to worry about selling the home after you’re done using it because the property manager handles all the details of the transaction for you. This is a common and popular way to invest in real estate these days, and it’s certainly not a bad option at all.
Purchase Now, Or Wait To Purchase?
It’s never easy deciding when to buy something, but it’s especially tough when it comes to real estate. On the one hand, you want to make sure that you secure the best possible price for the home that you’re purchasing, and on the other, you don’t want to make the mistake of purchasing a home that you can’t comfortably afford. It feels awful when you make an impulse purchase and then later learn that you couldn’t really afford it without going into a lot of debt. So it’s essential to set a budget and a deadline for yourself before you start looking at houses so that you don’t make any impulsive purchases without thinking.
The Best Time To Buy A House
There are several good times to buy a house, but the best time for the greater Houston area is typically said to be between January and April. During those months, you’ll generally find decent deals to be had if you know where to look. So if you’re looking to secure a good price for your home, this is the best time to do so. However, bear in mind that if you want to secure a good yield on your investment, it’s best to purchase a property that you can rent out for at least three years. Based on the current rental market, this should put you in good stead for additional revenue and higher rental prices. The worst time to buy a home is typically said to be between July and December. During these months, you’ll typically find a great deal on houses only if you’re willing to pay more for them. So if you want to make sure that you don’t lose money on your investment, it might be best to wait until after June to make a purchase.
Is It Worth the Risk?
One of the major concerns that you’ll need to address is whether or not the house that you’re considering buying is going to decrease in value. Obviously, you don’t want to purchase a home that is going to depreciate in value, so it’s important to do your research before plopping down the cash. Of course, this is always a major concern with any kind of investment, but it’s something that you need to keep in mind when buying a house. The good news is that you can reduce your risk by buying a property that already has some money invested in it. This way, you know that you’re at least making a reasonable purchase and won’t lose out on too much value. Additionally, make sure to get a good feel for the community that you’re buying in. If you live in a desirable area, it’s unlikely that you’ll have this problem. Also, be careful when considering a purchase of a home in a bad area; you may end up spending more in order to make it better. Always consider the cost of moving before making any kind of purchase decision.
Hopefully, this article has given you enough information to help you make the right decision about whether or not it’s a good time to buy a house in Houston, TX. Of course, you might have other questions and concerns, so be sure to consult with a mortgage professional if you need further help. Otherwise, enjoy your new house!
