Home Sweet TEXAS Home!

The national residential home market has been in a tailspin the last several years.  With continued media commentary saying that there is no end in sight, many prospective home owners are choosing to rent rather than buy a home.  This has proven to be quite a boon for the multi-family market which has enjoyed the benefits of this wait and see approach.  Multi-family building has reached almost record levels, with low vacancy and increasing rents just adding to the success of developers.  While renting is a good option for some, home buying is still worth real consideration.  Particularly in makrkets like Texas, it is best to wheigh theoptions yourself,  not just a default to renting based on media hype.
 
The truth is we still have many issues to work through in the housing market, many of them associated with predatory lending practices, over buying, and frenzy like conditions.  We had a housing bubble, the bubble burst, and we are now living through the clean up of the mess it left.  The other truth is that real estate markets are local - just like the weather.  You don't have to live in Texas very long to realize that we do not have the same weather as California.  We also don't have the same housing market.   The coastal markets had roller coaster highs followed by roller coaster lows - not the case in Texas where markets never had the outrageous appreciation and therefore have not seen the dramatic declines in home values.

So, the question is "When is it a good time to buy a home?"  The general answer: When home prices and interest rates are low...NOW!  The specific answer: When it is right for you and your family.  It is true that housing is no longer the way to "appreciate yourself out of debt", but it is a good way to build equity.  If you are thinking about buying a home, be smart about it!  Determine how much you want to spend, then see if you can find a house that meets your needs for less.  You can always increase your price point, but it is hard to shop down.  Prioritize your cirteria - you can add granite countertops much easier that adding a bedroom.  Be patient - treat the process with the time and regard it deserves.  Ask questions and expect answers orask them again.  Find a lender and real estate professional you can trust and enlist their service and expertise.  Determining the timing of buying a home is a personal decision, but if you live in Texas it may well be time to find your Home Sweet TEXAS Home!