Texas, the Lonestar state. The second largest state in the US known for its abundance of live music and quality of its BBQ sauce it’s no wonder why so many Americans have called this state home. And to call this place a home you have to have a home to go to, and Texas being so large has no shortage of real estate opportunities. But how do you go about it, where do you start? I’m going to run you through the play by play on getting you on the real estate ladder and getting you a home to back to at the end of it all.
What state is the economy in?
The past couple of years have not exactly been kind to the economy. The country is still reeling after the complete collapse that happened as the country was locked down early last year. Unemployment still isn’t as low as it should be, the country is facing shortages due to supply chain disruption and most importantly for us, housing prices are still rising and unfortunately Texas is unique in these situations. In the last decade the fasted and most significant rise in house pricing was March of this year. Unfortunately, supply is struggling to keep up with demand. But it isn’t all doom and gloom. Savvy buyers can use many different techniques to make sure they get a good deal on a place to live if they are vigilant enough.
Where should I look?
Now we know what we are getting into its time to make arguably the most important choice of the process. Finding a place, you’d like to live. Obviously different people have different needs they want to be met when looking for somewhere to settle but if you ask me you want to try and find a nice middle ground. Whilst a small town in the middle of the desert is going to be extremely affordable to live in there isn’t going to be a whole lot else going for it. On the other end of the spectrum, the capital city of Houston may be filled with culture, things to do, places to eat, but not only will the cost of house be through the roof, the cost of living in states capital is often much higher than the rest of the state. As an example, for the rest of this article I am going to use the city of San Antonio as a case study. Not too big not too small.
When is the best time to buy?
Although the housing market is unstable and consistently in flux, there are a few sure things when it comes to finding a good time to buy a home through the year. At the begging of the year, January to February time, is when the listing prices for new houses are often at their lowest. This is due to it being right after the holiday season and at a time where the average person is going to have less disposable income in the back pocket. Maybe the money isn’t so much of the issue as it is finding the right place for you. The number of available properties on the market vary throughout the year but on average Is it at its highest end of spring, beginning of summer sort of time. And finally, if you are looking for a better rate on your mortgage, end of the year is more often than not where you will be getting the best interest rates. Make sure you plan well in advance when to start looking for a property to make sure that you get the outcome you want.
Why buy property now?
Although there are plenty of economical issues that the country is facing as a whole. Texas is not doing too bad comparably when it comes to real estate. The real estate market in states like New York and Los Angeles are in chaos at the moment. The price to get a large multi bedroom flat in Texas would struggle to get you a one-bedroom studio in somewhere like New York. There’s also much more range in Texas. With it being such a large state the variation in properties is much greater than many other places in the country. Let’s take San Antonio again for instance. The average price for a house in San Antonio, Texas is roughly $345,114 whereas the average house for a price in Boston, Massachusetts is upwards of $615,000. And even when you have the house, getting a home inspection in San Antonio is much easier than in a big city in other states. And all this is before you even look into mortgage interest rates that again are constantly in flux throughout the year. Though Texas may not be the most glamourous state in the country it has a lot to offer, and more importantly, actually buying property in Texas is much more feasible than a lot of the bigger metropolitan states across the country.
To conclude, buying a house at any time can be a bit of a precarious job. Real estate is a tough area to get into, but with the right preparation, and patience to stick it out when things get tough, will get you the property you want in no time.