Finding Happiness in Katy Home Ownership–The Joy of Buying your First House
Later this week, I will be at the closing table with a young couple who are purchasing their very first home. They have been delightful clients to work with and it will be an honor to sit with them as their dream comes true and the keys are turned over. Although I have sold real estate for 19 years, there is always something so special about helping first-time buyers.
Despite economic bleakness and the panic mode that has ensued, it is a buyers market and a great time to buy! My clients steadfastly proceeded in their pursuit of this most basic and universal American dream, a home of their own. Confident in their job security, with a sound down payment saved, good credit and the desire to change their lifestyle from apartment dwellers to home owners, we set out on our shared journey to find the right home.
It was not without pitfalls. There was a time of frustration when a house they bid on, a beautiful resale home, was swept out from under their offer by a higher bid. Go figure; this house had been on the market for months and months with no contract and, bam, two offers at once! I advised they not get into “a bidding war” with the other potential purchasers as, invariably, they would pay more than any of us thought the house was worth.
We looked at other houses and nothing really compared with “the lost house”. I started thinking, “Maybe they should have offered more. Did I give them bad advice?” Still, my gut feeling was that the right house would come along and there would be no regrets. We continued to look. I searched the MLS everyday for new listings.
Then, one morning, my client phoned me, “Julie, I found a new construction house on MLS that we would like to see!” (We were a team, everyone staying on top of new listings which is very important when home shopping.) Not much new construction shows up on MLS but, when a builder is closing out in a neighborhood, they will often list their houses to get rid of their remaining inventory. Having closed their model home, it is difficult for the builder to sell the few houses they have left.
As soon as we walked into the new house, it was apparent that this just might be “the house”. It turned out this was the case! To our mutual delight it was a beautiful one-story in the heart of Katy. On a good lot south of I-10, surrounded by other lovely homes and with easy access to the Grand Parkway and I-10, it just “felt right”. I cannot over emphasize the importance of the “feeling” a house gives a buyer when they first explore. As long as they receive sound advice concerning location, etc., this will be the time to move forward.
Actually, this new construction house had previously had two prior contracts that “busted out” (as we say in the real estate business). These days, mortgage loans can be difficult to come by and the previous buyers ultimately did not qualify for their loans. This left a wonderful house still available and it had a variety of upgrades already in place. This was a very attractive opportunity.
Having already lost two buyers, the builder was understandably eager to get this house off their books. More good luck prevailed as we discovered that the builder had listed other sold inventory in MLS. What other buyers had paid was public knowledge. This is rarely the case with new construction. (What a buyer has paid for a similar property, a “comparable” or “comp”, is all that matters when making an offer. What the seller is asking is irrelevant.)
The builder, Brighton Homes, a well-know and respected company, was ready to seriously negotiate which is usually not even a concept in the purchase of new construction. Most often, the builder will not budge off their price. My clients are astute negotiators and a fair price, including upgrades, was agreed upon. The timing was just right and excitement really settled in!
Negotiated into the purchase price were a few more upgrades including crown molding, an additional ceiling fan, window coverings and a built-in microwave. The builder even offered a washer, dryer and refrigerator at discounted prices. If the buyers used the builder’s mortgage company, which offered highly competitive rates, the builder would also give 3% towards closing costs and pay for the Title Insurance policy. That’s a hard deal to beat!
So, by the end of this week, the process will come to a very happy ending. My clients and, now, new friends, will be moving this coming weekend. How exciting to spend the holidays in their new home! I can’t wait to be invited over to see the decorated home.
If you would like to explore the joys of home ownership, please phone me at 713-818-2404 or email me via the Contact page on this blog. I would greatly enjoy helping you through the process, too. Don’t forget: It’s a great time to buy!
For information about Katy area homes, you can search the entire Houston MLS from this blog. For questions or to tour any area homes, contact me directly at 713-818-2404. I have specialized in Katy real estate for over 19 years. Experience does count!
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