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Old 03-17-2008, 04:39 PM
 
328 posts, read 764,886 times
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Lightbulb When is the best time to buy a home in Houston?

We are finally thinking about buying a home this year. Planning to buy to live there for at least 5 years, preferrably in TMC area/sugarland on a price range of 250K (aprox).

My opinion about Houston market is that things will be flat/lower till summer of 2010.

Well, as they say, it does not matter "WHEN" if you are for the long term. Also, NOW is the best time

But, What I would like to hear from experienced folks here is, Is there any special (dis)advanatges in buying on a particular time (say, Winter) ?

Why sugarland : Since we live in Houston (work in DownTown/TMC) now, I do understand how important is TRAFFIC/COMMUTE in the decision. I was studying the live traffic map (Houston TranStar Real-Time Traffic Map) for last couple of months and it seems US 59 is the 'less worst' on peak times .

Last edited by wheretogo; 03-17-2008 at 04:48 PM..
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Old 03-17-2008, 06:00 PM
 
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Peak buying times are Summer and Christmas break because people try to move when the kids are on a break. So if that is not a concern, Sellers are more desperate during the school year because there are less buyers.
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Old 03-17-2008, 09:36 PM
 
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I find "2010" interesting......If you only plan on being (here) there 5 years and expect the market to be slow 3 more years.....just know you will only have minimal amount of equity when you sell.

I think the best time to buy is spring/early summer.
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Old 03-18-2008, 06:03 AM
 
Location: Buda, Texas
796 posts, read 2,483,308 times
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The best time to buy is when you get ready. You may get a better deal on a brand new inventory home at the end of the year. Appreciation is slow here so you are not going to get the "deal" you might in other parts of the country. Homes may stay on the market a little longer but sale prices are still close to asking price in most cases.
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Old 03-18-2008, 07:45 AM
 
328 posts, read 764,886 times
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Thanks for the respsonses..Keep it coming..
I know that there wont be much in EQUITY when I sell after 5 years. Thats not a big concern for me since I consider housing as an expense (not as an investment). If I could get what I paid for + selling expenses, I am happy. What I am more concerned is whether I could sell it when I wanted to sell..I dont want to buy somewhere where it would be hard to find buyers and house sitting on market forever..
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Old 03-18-2008, 07:46 AM
 
Location: Houston (Memorial) and Western NC
8,907 posts, read 15,129,905 times
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Quote:
Originally Posted by SkyeAnjel View Post
The best time to buy is when you get ready. You may get a better deal on a brand new inventory home at the end of the year. Appreciation is slow here so you are not going to get the "deal" you might in other parts of the country. Homes may stay on the market a little longer but sale prices are still close to asking price in most cases.


^^ applies only to the burbs.

The best time to buy in town is mid-March thru June. You have the most choices at that time. Every other time of the year there are things, but if you miss it, you often have to wait a while untill something else appealing comes on the market.
Appreciation in Houston hasn't been slow. House values have actually doubled or tripled in the past 10 years in many places. HOWEVER, I see things sitting right now for more than three weeks, so I think the the market is currently flat, which is good for buyers. 20 day turn over has been the norm lately in points west of downtown.

The burbs has tons of inventory. Any time of the year is fine, people transfer year round out there. If you don't get the house you want, you can always find the same plan around the corner brand new. THAT'S what keeps the appreciation slow.
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Old 03-18-2008, 02:05 PM
 
Location: Houston
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The right time to buy is when you feel you are ready. An inventory home will get you the best bang for the buck.
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Old 03-18-2008, 04:49 PM
 
Location: Buda, Texas
796 posts, read 2,483,308 times
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A good school district is important for resale. Buyers will pass up a great house if the school district isn't very good.
My knowledge is the suburbs, not the city, and there are plenty of custom homes out here that you will not just find the floor plan right around the corner. There are alot of happy homeowners in The Woodlands, Champions, Tomball, Magnolia, Cy-fair and surrounding areas.
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Old 03-19-2008, 08:07 AM
 
328 posts, read 764,886 times
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Thanks for the response guys.
How about taxes ? Is there something like you have to be living in the house on Dec 31 2008 to qualify for homestead exception in 2009 ? Also, Is there any good time to 'close' in a month (Beginning/mid/end) ?
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Old 03-19-2008, 08:09 AM
 
Location: Houston (Memorial) and Western NC
8,907 posts, read 15,129,905 times
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Yes, you must be in your home by the first of the year.

Montgomery County has very high taxes compared to Harris. I think Ft. Bend's are inbetween.
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