The Top 10 Reasons To Buy a House!

If you are wondering if now is the time to buy, check out this website! If you are wondering how much of the information the media reports about the housing market is applicable to the Houston housing market, check out this website! If you ever wanted to know anything about the Houston housing market, check out this website! HoustonFacts.org is a great place to find out about what is really happening in our market. It is a refreshing alternative to the negative buzz we are used to hearing regarding our current real estate market. You will find encouraging statistics and helpful points such as the following:

The Top 10 Reasons To Buy a House!

10. MORE SPACE: Kids, pets, hobbies, in-laws. No explanation necessary.

9. Energy and Resource Efficiency: Today’s new homes are increasingly energy-efficient and are constructed with resource conserving materials and techniques to save you money.

8. Amenities: Gourmet kitchen, mini-spa bathroom, home theater. You want it, you got it! It’s all about you.

7. Leveraging: Make a downpayment of 10 percent or less of the value of the house. Earn returns based on the total value of the property. Plus you get to live there! What’s not to like?

6. Equity: College expenses, consumer goods, retirement. Your 401k should be so useful.

5. Interest Rates: Currently near historic lows.

4. Great Selection: Ample inventory of new and existing homes means more choices, better bargains.

3. Tax Benefits: Your kindly Uncle Sam knows homeownership benefits the nation and encourages it through deductions for mortgage interest and state and local property taxes.

2. More For Your Money: Builders are offering free upgrades, mortgage interest buy-downs and a host of other incentives.

1. It’s a Buyer’s Market: You’re in the driver’s seat and can get a great deal on a new home. Yes, dreams do come true.

Houston #1 in Housing

Among the Top 10 U.S. metro housing markets in full year 2006 (according to number of residential building permits issued), only two cities recorded year-over-year percentage increases – Houston (+14.7%) and Los Angeles (+8.7%).Houston’s increase, combined with Atlanta’s decrease (-6.3%), nudged Atlanta back into second place behind first-place Houston. New York, Dallas and Chicago were next in line in terms of total number of permits, although they all recorded year-over-year declines. The Los Angeles increase was entirely due to multiples (+42.1%), as single-family permits in the city declined (-19.4%). Among the top 50 U.S. metro housing markets in all of 2006 (based on preliminary data), only nine had a positive percent change. Almost half of the cities in the top 50 registered year-over-year percentage declines of greater than -20.0%

Now Is a Good Time to Buy a Home

Are housing consumers suffering from some form of “market psychosis”? During the recent boom years in 2003-2005, sellers were calling the shots – dictating prices and terms to multiple bidders who were knocking down their doors in many markets. Today, with the real estate market slowing in many parts of the country, all the market fundamentals show that buyers are now in the driver’s seat. Consider the facts: prices are competitive, interest rates are very affordable, there are plenty of homes in all price ranges to choose from and sellers are ready to bargain. So why are many prospective home buyers having second thoughts? It appears they are letting emotions overtake common sense. For instance, many home owners who are looking to sell and trade up to a better house are hesitating because they have seen the value of their current home drop from peak levels. “If my neighbor sold his house for $250,000 six months ago, why should I have to settle for $225,000 today?” But waiting out the market to recoup a $25,000 “loss” could prove to be a poor decision. While the value of the buyer’s house may have fallen, that so-called loss has probably already been more than offset by a reduction in the price of the home he is thinking about buying. Furthermore, if he waits too long, he may lose out on the price advantage that currently exists. First-time home buyers who are choosing to “play it safe” and keep renting are essentially postponing the opportunity to build household wealth. Also, in the current marketplace, with rental vacancy rates tightening, they can probably expect to see a healthy increase in the rent they pay. No one can accurately predict the peaks and valleys of the housing market. If you sit on the fence and wait for the absolute best deal, you could end up literally waiting for years, and in the meantime miss out on the opportunity to become a homeowner while prices are moderating. Not to be overlooked are the tremendous tax benefits received by homeowners as they accumulate equity in their homes. History shows that buying a home is one of the very best financial investments available to a typical household, and a relatively small downpayment enables the buyer to see appreciation on the entire value of the property. Though local housing markets periodically adjust according to overall economic conditions, over the long term real estate has consistently appreciated. On a national level, home appreciation has historically risen 5-6 percent annually. At that rate the value of a home doubles every 13 years. Not only is homeownership a stepping stone to a future of financial security, it provides a permanent place to call home and enormous personal satisfaction. In today’s housing market, the real risk is in waiting to buy a home. We know that interest rates are low today. We know that home prices are leveling off and even declining in some markets. We know that there are plenty of homes on the market to choose from. We know that sellers are willing to bargain. And we know that builders are willing to offer attractive incentives to get your business.