The Good News You Never Hear…
About today’s real estate market:
Courtesy of federalhousingtaxcredit.com
It seems like every time we turn on the evening news or read a newspaper headline, the bad news deepens our fear and concerns about the economy. With the news media in full throttle, using terms like “meltdown” and “crises”, it’s easy to see why you might lack confidence in buying and selling a home.
We have to remind ourselves that the media reports negative news, not positive. Their key objective is to pull in an audience and advertisers, not to make you feel good about yourself. They announce the unemployment rate rising despite the fact that millions of people are still working, making money, eating at restaurants and even buying and selling homes.
Are we really spinning out of control? Let’s look at the facts remembering that Katy is far ahead in financial recovery than other parts of the nation. The following data in based on national averages:
- The U.S. Gross Domestic Product is greater than Japan’s, Germany’s and China’s combined.
- Approximately 30% of American homes are owned free and clear and do not have a mortgage.
- Of the 70% that do have a mortgage, a full 96.7% are not in foreclosure.
- When mortgage rates fall to a record low, housing affordability surges to a record high.
- The Housing Affordability Index is at the highest level of affordability in history.
- First time home-buyers have more flexibility when entering into the real estate market because they aren’t concerned about selling another house. Given the low home prices, plentiful supply and low interest rates, its an optimal time for first-time buyers with a long-term view.
- First time home-buyers can get a tax credit for as much as 10% of a primary residence purchase up to $8000.
- If you own a home that doesn’t meet your current needs or you prefer to be in a different neighborhood, it’s the time to take advantage of so many homes in inventory. It’s a perfect time to find a home you love!
- If you are an investor, in certain areas, houses are on “sale”. If you are looking for a long-term investment in real estate, than you should be looking now. With the built in discount on interest rates and housing prices, smart investors can hold onto the property to build equity and long-term wealth.
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 20 years. Experience does count!
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