Foreclosure Houston – Homes for Sale – Buying During a Recession
Reader’s Question:
My husband and I have been saving up for years to buy our own house. We’re looking at the Houston area, is this a good time to buy a foreclosure house in Houston?
Janice
Tyler, TX
Good question. In this particular point in the country’s economic time a home buyer, to real estate agents, is akin to a rock star. It’s a buyers market out there now, so this is a good time to purchase Houston homes for sale. You’ll be getting offers left and right and would be in a position to take advantage of the lowest house prices in the market. You are a valuable commodity and Houston realtors should be all over you for your business.
Houston is a great place to live in. It’s a thriving metropolis with lots of beautiful neighborhoods and plenty of job opportunities (relatively speaking.) However, I’d imagine that even Houston is not immune to the recession so most Houston home prices are still falling. So you have house market prices going for you. Do keep in mind though that even if this seems to be a good time to be a home buyer (and a hell of a hard time to sell a house) that you still need to make sure that the house you will be purchasing is a good buy.
Location should be your first priority. Find a neighborhood with good vicinity to your work and other places like hospitals and schools if you have a family. Also make sure that you check out the house and assess all possible needed repairs. No one is really expecting the current economic downtrend to last for more than five years. Getting a good house now will increase in value quite handsomely once the economy picks up. Good luck and happy house buying!
Choosing the Right Foreclosure Houston Property
Reader’s Question:
My husband and I are scouting for a new or foreclosure home, and we need some advice on choosing the right property to invest our money on here in Texas. Which one is better: a newer house in an older neighborhood, or an updated house in a more modern neighborhood? Can anyone help us here?
Kirsten
Houston, TX
Choosing the right property to invest your money on there in Texas is not a very easy task since we are speaking of long-term commitment here. Investing on properties, such as a house, should entail meticulous inspection of not just the house but also the neighborhood of the house.
Now, to answer your question, before purchasing a house, you should have a very clear image in your mind of what your goals are. If you are just gunning for the resale value of the house, the house in the older neighborhood is a wise decision only if it doesn’t cost too much for that neighborhood. Otherwise, you’re better off with the one in the newer neighborhood, even if the house already has everything that you need. It is only better to choose the house in the older neighborhood if it just costs around the same price range as the others. You have to remember that when looking for the best house to invest on, you have to consider the price in relation to the local neighborhood and not in relation to that of other neighborhoods.
Another thing you have to consider is the progress of the neighborhood. If it is a neighborhood that is not on the decline and has been improving through time, that is all well as long as you do not overpay for these improvements.
But in the end, the most important thing that you should take into account is the needs of your family. Your house should be considered a home for your family. So, you better choose the one which offers the greatest comfort and safety for you and your family.
Houston Texas Foreclosure Real Estate Property
Reader’s Question:
I agreed to buy another foreclosure real state property here in Houston, TX about a week ago. And now, as awful as it sounds, I’ve changed my mind. How do I cancel?
Phil
Houston, TX
Hey there, Phil. Situations like these can be really sticky. The answer is usually not the one you’re expecting. To find the answer to your question, you would have to review your contract (the assumption is there is already a contract). We have to look at the legal side of things. The contract is the legal agreement with the seller. Most contracts have provisions that allow for the cancellation of the sale. Listed there would be the acceptable reasons for the cancellation. If your contract contains these details, then it’s well and good. However, if your reason for canceling the real estate sale is not one of the listed reasons in the contract, there may be consequences. You might need to think things over. Please keep in mind that while you were preparing to close the sale, the seller might have already made changes influenced by the “sale.” The real estate property in question might have been removed from the market already and the seller has decided to enter a contract with a real estate property seller to buy another house. Your cancellation might affect several processes (sales and purchases) that are dependent on the fulfillment of your obligation. Ultimately, you may have to consult an attorney there in Houston, TX, as this may have legal consequences.
Foreclosure Houston Texas Real Estate Rates
Reader’s Question:
Hello everyone. I’m planning to sell my house. How can I find out about the value of my house? The neighboring houses are not comparable to my house so I can’t really base my real estate price on theirs. Does anyone know what the current foreclosure rates are for the area, I hate to think that will happen to me but it could.
Hoover
Houston, TX
Hello there, Hoover. Well, usually, in getting the value of your house, you need to know the general value of the houses in your area, the real estate value of your location. If you think that your house in Houston, TX (you forgot to mention the exact area) is worth more than your neighbor’s house, then you might want to reconsider that. Homes maintain their good value if the neighboring houses are similarly valued, too. You don’t just sell the house; you sell the neighborhood, as well.
To really know the selling value of your house, you may want to consult a realtor, several realtors if possible, in fact. Get their opinions, discuss things and come up with a consensus. I won’t be able to give you any ballpark figure as I don’t exactly know how your neighborhood is or why your house is not comparable to your neighbor’s house. If you have made several improvements to your house over the years and you think it has improved its selling price, again, you still have to consider the overall real estate value of your location.
So, my best advice is: go ask realtors. Their quotations would not really vary too much, and then you’ll have a ballpark figure of the worth of your property.