Houston one of the worst for affordability for first time home buyers (Baytown: condo, crime)

[Bonez765]

Originally Posted by Meyerland

I would say that a starter home right now is $200,000-$300,00 if you want really good schools. You just can't find that much that is cheaper unless you go into a less desirable part of Houston or a burb. Sometimes older homes in original condition can be found.

that's still WAY CHEAPER than what you get here in the Bay Area for a neighborhood of the same quality. a neighborhood of the same quality here in any average bay area city is at least double in price or sometimes more.....

[eyeye]

Any thoughts how long the demand is going to go on? We hope to sell in 9 months or so. Our house, as is, is about 375. If we put in some work, we might be able to get it up to 500. But maybe selling it lower with work needing to be down would appeal to more? (Im in the Meyerland area, but zoned to Westbury High)

I guess I still need to find myself an agent.

[cheryjohns]

Originally Posted by eyeye

Any thoughts how long the demand is going to go on? We hope to sell in 9 months or so. Our house, as is, is about 375. If we put in some work, we might be able to get it up to 500. But maybe selling it lower with work needing to be down would appeal to more? (Im in the Meyerland area, but zoned to Westbury High)

I guess I still need to find myself an agent.

You are fine on time. Do the improvements. That area is not the starter people.

[Meyerland]

Originally Posted by eyeye

Any thoughts how long the demand is going to go on? We hope to sell in 9 months or so. Our house, as is, is about 375. If we put in some work, we might be able to get it up to 500. But maybe selling it lower with work needing to be down would appeal to more? (Im in the Meyerland area, but zoned to Westbury High)

I guess I still need to find myself an agent.

Look in your mail box if you want to save the realtor fee, there are a few realtors who are waiving their 3% if you buy something else the same price or more within 6 months. I threw mine out or I'd PM you the details. You will be selling when most people start looking, so you should be in good shape. Do the work and get more money. The reason I say this is because flippers buy houses in our area and they lowball offers on fixer uppers.


A friend took her house off the market in the area because only flippers were looking. She was trying to sell for around $425,000 and got a couple of offers around $325,000.Now She is redoing her kitchen and master bath and adding hardwood and newer tile. She is not touching the floor plan except to do a cutout in the kitchen and taking down an upper cabinet. It will sell for around $500,000 at least. Look at the flips in your neighborhood to see what style sells the best.

[cheryjohns]

Originally Posted by Meyerland

Look in your mail box if you want to save the realtor fee, there are a few realtors who are waiving their 3% if you buy something else the same price or more within 6 months. I threw mine out or I'd PM you the details. You will be selling when most people start looking, so you should be in good shape. Do the work and get more money. The reason I say this is because flippers buy houses in our area and they lowball offers on fixer uppers.


A friend took her house off the market in the area because only flippers were looking. She was trying to sell for around $425,000 and got a couple of offers around $325,000.Now She is redoing her kitchen and master bath and adding hardwood and newer tile. She is not touching the floor plan except to do a cutout in the kitchen and taking down an upper cabinet. It will sell for around $500,000 at least. Look at the flips in your neighborhood to see what style sells the best.

Actually, most will cut you a deal, if you buy through them also.

You are right on the repairs/upgrades. Flippers bid low - their profit is the difference between their costs and the sale. You might as well make that money yourself.

[Bike4Life]

I think the average starter home price should be $170,000. Running through HAR, I counted over 100 homes available priced from $169,900 to $170,000.

This is based on the average household income.

[TXbywayof]

Originally Posted by Meyerland

I just got a mailer from some random realty firm saying that if I list my home, they will waive the 3% commission. That alone tells me that homes are selling easily and for top dollar.

The problem is, where would I go? I've looked and everything I love is so much more expensive than it was 2-3 years ago.

Waiving the 3% commission has actually been the norm here as long as your listing agent sells you your new home. Actually, during this boom I am kind of surprised they are still doing that since they don't really have to.

"Where would I go"? That is the million dollar question. Where I live, most of my friends and neighbors ask themselves this question all the time (we are all empty nesters). We all have a generous budget yet none of us can find an area that meets all our needs, especially at the current price points. I would love to be in 079 or 024 but it is difficult to justify the price point, especially when you are looking for energy efficiency and newer construction. I haven't given up and will keep looking. Meanwhile I will continue to suffer in my paid off home and low taxes. Gotta go plan another vacation.

[eyeye]

Thanks meyerlqnd, we will be moving out of houston

[Jack Lance]

The top 10 least affordable cities for housing

click link to see the list....

"The health of the for-sale market is directly tied to the rental market, where affordability is really suffering" said Zillow Chief Economist Stan Humphries. "As rents keep rising, along with interest rates and home values, saving for a down payment and attaining homeownership becomes that much more difficult for millions of current renters, particularly millennial renters already saddled with uncertain job prospects and enormous student debt."

Where you give up the most to afford a house

Like others have posted it must be the lack of "starter" houses that makes Houston less affordable for first time homebuyers. As you can see Houston is nowhere on the list for least affordable cities overall.

[Scientific]

Who are most "first time home buyers" anyway? Are they usually mid 20s-30s somethings?

If that's the case then yes you're screwed. You went to school, waited on saving for the wedding if you got married, maybe tried to pay down student debt as fast as you could. And once you finally tried to save up that 20% down for a home.....BAM! Here comes a surge of transplants with cash starting bidding wars, a healthy economy, and flippers trying to cash out.

Originally Posted by SouthernBoy205

So sounds like it's not really that Houston is becoming expensive, but it's the fact that there isn't enough housing for the newcomers?

When rents and home prices have sky rocketed to record highs, its expensive. there's no getting around that.