In 2007 Forbes Magazine found Kingwood, Humble and Atascoctia to be some of the Most Livable Metro-Suburbs in the nation. The reasons given are some of the same I have mentioned in my previous blogs: livability, location, community, well maintained neighborhoods, affordable pricing, fine schools and living in a very livable forest as well as low crime and high quality lifestyle.
Texas has fared well in the past year of real estate and mortgage crisis turmoil. Our home values have increased in value in every major city of the state. Our economy has fared better than most. Throughout the state job growth is increasing and the unemployment rate is down. (see Blog: Lucky #7).
A recent report from the National Association of Realtors reported that out of 149 metro areas 48 showed an increase in home values. I am proud to say that Houston, among other Texas cities, was one of them.
The benchmark year for real estate nationwide was 2005. The market here in Kingwood is even better than it was then. Our market in Kingwood and the communities surrounding Lake Houston is still in the sellers favor and yet home prices are affordable.
The interest rates today compare very well with those in 2003 which was seen as having historically low interest rates. The interest rate did go up slightly this week (.0.13%). Income and debt ratios have remained about the same in terms of qualifying for a mortgage loan but loans with less that 3% down have all but disappeared. In today’s market, the more down payment a buyer has will make that buyer’s qualifying much easier.
Markets have changed across the nation. Loan practices and qualifying criteria have also changed. No one has a crystal ball when it comes to real estate. No one can predict when is the best time, or the right time; but there is no time like the present to consider a home purchase
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