![]() Most young professionals that are first-time homebuyers want to live close to the city, and they’re looking at condos and townhomes with average sale prices of $700,000 to $800,000. In an area like Houston where there is a range of properties and submarkets, housing prices can reach several million dollars. Prior to applying for a loan and actively in the buying process, buyers should save for a down payment and understand what they can afford. TR: Homebuyers should be aware of their credit scores and how that impacts approval/interest rates. HA: What are the current barriers to finance that homebuyers should be aware of before applying for a loan? The demand for houses has remained good although in 2016 we’ve seen some areas in the higher price range that have slowed. While in 2016, oil prices have been lower, but home prices have remained fairly steady. Over the past four years, we’ve seen price appreciation in Houston due to high oil prices. ![]() However, they should know they have many options available to them and many great resources to help them through the process. Market prices are really dictating the market.įor many young homebuyers, the rising home prices cause concern about their ability to afford a home. Houston is certainly an affordable city, however, there are just really specific areas of the city that aren’t. You can come here and buy an average-priced home, but it might be miles and miles away from the city or areas where you really want to be. Houston is not one home market, but really is comprised of several different submarkets. Tom Rhodes (TR): It’s a generally good sign for the economy – the result of supply/demand and a sign that the Houston market is still booming. How are these prices affecting Houston’s home market? Houston Agent (HA): Average prices in Houston are relatively affordable, but there are areas of the city where homes are selling for more than $500,000, and other places where $1-million homes are common. I would defiantly recommend Dan and his team at Sente mortgage to get you the financing you need to get you into a home or even a “refi” if you need it.Tom Rhodes is the chief executive of Austin-based Sente Mortgage, and he took time this week to talk lending, including what agents need to know about best helping their clients. All the while the interest rates were going up and up and investors were buying up all the properties that we were looking at. There were a couple of hiccups along the way but we all got through them and closed without issue. I’m not going to say it was easy and that all went well. My wife had never been through anything like this and it was a while back since I had purchased one so we were basically amateurs at the entire process.ĭan got everything going with his team and April churned through the red tape and slush with the down payment assistance and other things we were needed to get us into a house with payments we could afford without going under financially. ![]() He was “too tired and too old to be a landlord.” I got the recommend from our realtor to work with Danial at Sente mortgage and was not disappointed. We were renting a condo with the intention on moving about 1 or 2 years later after saving up more money for a down payment when the landlord called and said that he wanted to sell. I wanted to start this review off with the premise that we were just flat not ready to move financially.
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