The latest issue of Houston Realtor published July real estate statistics for our market. These statistics are compiled by the Houston Association of Realtors. My husband and I are both members of this association. It appears that only a small portion of the Houston market is being effected by the recent mortgage crisis in America. The price point that is effected by this slump includes homes listed between $80,000 and $150,000. This moderate decline is due to the crisis in the mortgage industry. Overall the Houston market saw an increase in sales. They show this increase over the last 2 months of figures. Also an increase over 1% from last July (2006) was noted. The average single family home purchased in July was $209,339. The median home price averaged out at $155,100.
Our market is Houston appears to be maintaining the stability needed during this mortgage crisis. To be honest the crisis seems to effect different regions of the country, not necessarily our region. Homes prices in Texas are relatively low in comparison to many other areas. Their is a wonderful time to have the advantage as a buyer. Please understand that, due to the current mortgage situation, a loan is no longer something that can be factored with variable conditions. Loans will be a bit harder to acquire. Having said that I want to stress that we have had a streak of luck over the past few years. A streak has destroyed many markets across the nation. Now things are returning to the old standards when requiring a loan. This for the consumers own good. Have your credit evaluated by a mortgage professional. Look at your finances and decide if a home purchase is truly a feasible choice. They will tell you what you need to work on, how much money to save, and what to clean up. Listen to these professionals and interview at least 3. Have your credit run by all 3 at the same time. Credit inquires do mark your credit history but you are allowed to shop around within a specific time period. If you know that you don't have the best credit history then just have it run once for your own benefit. After the mortgage broker evaluates your current situation then you can set goals. Often many of us are just 6 month to one year away from owing our own home. Be responsible about the realities of owning your own home. Just because it may be possible does not mean it is always sensible.
Please feel free to contact us with any questions regarding the mortgage process. We are working on a great new addition to our site. This page will allow you to get a credit approval within hours of your submission. We hope to feature several sources that can facilitate your mortgage needs.
Christina Stevens