The real estate market has
drastically changed in the last ten years. So what's the outlook for the future?
It has been nearly a decade since the real estate market took a hit and home values plunged. Since then, the housing market in Texas has grown, and it seems stronger than ever at the moment. However, if predictions are correct, there could be a slight fall at the start of 2019. What do you need to know about the current Texas real estate outlook?
Real estate markets often fluctuate, and the strong market in Texas is no different. Where there has been almost explosive growth in real estate over the last several years, a slight fall in prices is not much to worry about; and in many cases, it may work in favor of those who are looking to purchase their first property and for investors who are looking for a good deal.
The summer months are popular for people to finalize purchases of homes because school is out and it is often easier for families to make a major move. Housing prices often go up in the springtime as demand for real estate rises, so if you are looking to purchase a home in Texas and want to save money, you may want to research pricing trends to determine the best time to place an offer.
If your offer on a Texas home is accepted, do not assume that everything will automatically be taken care of or that everyone has been upfront with you. As part of your due diligence, be sure to get a title insurance policy and have a title agency make sure the home’s title is clear at the end of escrow. The insurance will help if any unexpected liens or claims to the property arise in the future.
The beginning of every year brings a fresh start, so it’s the perfect time to look into purchasing a new home in Texas. The homebuying process can take a several months, even for a purchase you are making today. To save time, be sure to get pre-approved for a mortgage loan and decide which inspector and title agency you wish to use well in advance to fulfill your due diligence process.