Buyer's Market

[jaw_24]

Originally Posted by pdouglas

Jaw_24. I have looked in Sienna and there are a lot of great deals. Some houses are priced $100K below the tax assessed value. However, the taxes in Sienna is outrageous. May I ask why you are considering leaving the community? It's a beautiful community.

For us, it's just location--I work 5 mins from where we're looking to move. But if you work in Houston, Sienna is still one of the better areas to live in terms of commute.

Taxes are higher than in the city, but aren't really that bad considering the general age of the homes and area. Our current home is not in the super-saturated $250k+ range, so we have something going for us there. Our tax value is still relatively low.

[JustCinco]

Ask your Realtor to do a CMA before making an offer, that way if you really like that house, you'll be able to make a competetive offer.

[Houston321]

People have become so spoiled. It is a buyers market. Not necessarily because you are going to steal a home at an outrageous price, but because interest rates are still at HISTORIC lows.

I have some customers complain when their interest rate is not below 5%. Get ready.....interest rates are not going to stay this way forever. New FHA guidelines are limiting sellers contributions and raising PMI upfronts.

So now is a good time to buy. Many people are going to be doing a "woulda-coulda-shoulda" very soon.

[JustCinco]

I agree with houston321 on this one. Rates are still low, and if you want to take advantage of the tax credit, remember, you need to be under contract by April 30, and close by June 30.

[cheryjohns]

Competitively priced houses in good neighborhoods still sell quickly. I just got through showing houses in west Houston. Over 1/3 of the homes selected on Monday to see today were under contract by Friday. They were also in the best condition of the group.
A pet peeve is people moving to here from states where the homes are a lot more expensive and trying to buy for nothing. They will leave a 1200 square foot 3 br/2 bath ranch that they sold for $400K - come here and ask for a 4000 square foot house with a pool and want to pay $100K. Drives me crazy. BTW, not the people today looking.

[EasilyAmused]

West Houston seems to be a little bit on fire despite everything. It's interesting. Not much inventory, but when a good one comes on the market..it's gone like 2007.