Now the time to buy (Katy, Cinco Ranch: for sale, real estate, 2015)

[TXwrath]

The market in Katy seems active but is this the time to buy a first time home?

Rates seem solid for now and a lot of analysts including my company predict prime to go up in the next 6-10 months.

Any thoughts? I have seen some even appealing on the market for 30+ days and is non owner occupied.

Say the home was asking 310,000 and reduced 30 days ago to 300,000. What should be the lowest amount to offer?

My hope was to offer 280 and ask seller to cover 5k in closing costs.

2 part thread but would appreciate some input.

Buying a home is one of the most fun/stressful and emotional things my wife and I have done.

[d2mini]

Originally Posted by TXwrath

Buying a home is one of the most fun/stressful and emotional things my wife and I have done.

Ha! Wait until you have to sell your home. Every time I do it I tell myself I'm never doing it again.

Yes, prices are falling a bit, homes are sitting longer, sellers are more motivated.
Your agent can pull comps and come up with a good offer.

[right]

[TXwrath]

Haha thanks! Yeah we got our lease structured nicely and just weren't sure of what to do

1) pull the trigger on our top house with a fair offer
2) continue to view new listing for Feb/Mar (I hear a lot of houses go up than)

[oespinoza83]

I live if far west Katy, and more and more houses are popping up for sale/lease in my neighborhood. And tbh, a lot of them have been sitting for some time. The fact that we aren't in Cinco Ranch (but border up next to it) could be an issue, but who knows.

[jtothemak]

If you have a need to buy a house then buy a house. A house should be home and is a long term investment. I don't understand why so many people buy a house and look at it a short term investment and looking to flip in the next 2-5 years. 15-20 years from now you should equity no matter what. If you happen to have a bunch of equity in say 5 years then simply call it luck and smile.

Rates are potentially going up and a lot of the market predictions are that our housing market is going to stabilize. So as far a looking for pricing to fall off a cliff it probably is not going to happen. There will be some discounts and prices might come down some and houses will take longer to sell. However we got spoiled the last few years with a very over heated market. Heck our house that we just sold increased in equity by 40% in the last 5 years.

[smithsl5]

We put an offer on a house in Katy in November. It was listed at $300K and we put an offer in for $275K fully expecting them to come back and negotiate. They received a $295K offer and didn't give us an opportunity to match/beat (and we would have). I LOVED that house. Lesson learned! If you are going to regret missing out, I wouldn't play games with your offer nor would I wait. We thought the market was slower too and it turns out not so much (at least not to the extent we wanted it to be). For comparison's sake, we ended up buying in Cypress. Our house was listed at $275K and we paid $273K.

(Also, in our case, the house had been listed for a while, but no/limited showings were happening...so it looked like it was sitting on the market but really wasn't)

[TXwrath]

Thanks for all the info. The houses I ran into in katy both had issues and are still on the market.

One was previously burned down but the seller does not disclose.

I knew the deal was to good to be true. PM me if you want to know the listing as I have an agent and am not sure of real estate laws or want defamation on a owners property.