Author: emma

Moody’s Analytics predicts ↓ 10% in home price, assuming no recession and a mortgage rate path falling to 5.5% by 2024. Goldman Sachs expects home prices to ↓ 0.8% through December 2023 due to high mortgage rates and low inventory.

Texas attracts sellers with: Warm weather Affordability Property values Sellers in Texas should budget ~8% for closing costs including agent commissions. Counting Late Q-3 Texas Selling Costs Texas-Selling-Costs Counting late Q-3 Texas selling costs

Homeowners, whether facing real or perceived losses in property value, are seeking ways to add value. Inexpensive changes, such as a fresh coat of white paint or updated fixtures, can significantly enhance a property. Auditing homes for energy efficiency, with options like heat pumps or improved insulation, can ↓ bills and attract buyers.

~7% of homes for sale had price drops, a record amid ↑ mortgage rates↑ Rates compel sellers to ↓ prices, alleviating buyer budgets, though rates fluctuate. Early-Q4 avg mortgage rates ↓ 7.76%, offering brief relief as sale prices stay ↑ 3% yearly.

Buyers are seeking ways to cut costs by exploring options to ↓ interest payments. Buydown mortgages are gaining popularity, allowing lump sum payments for temporary or permanent interest reductions. Temporary buydowns provide short-term relief, while permanent buydowns maintain ↓ interest rates throughout the loan.

Location, size, condition, and proximity to urban centers impact house prices in Texas. Avg Cost of a 3 Bedroom House: $275K Texas housing market features: Rapid population growth Architectural diversity Lower taxes Energy-efficient homes Investment opportunities Major cities like Austin, Dallas, Houston have higher housing costs; smaller cities offer more affordable options.

30-yr fixed-rate mortgage avg ↓ 26 basis points, leading to ↑ 2.5% in mortgage applications. Despite rate drops, experts anticipate a sluggish housing market in the near future. Consistently mortgage rates ↑ 7% are influencing consumer behavior in the housing market.