Why Home Buyers In Houston Shouldn't Ask For Good Deals

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With the summer home buying and selling season just around the corner, Houston continues to be a seller's market, and that's not likely to change anytime soon. Local real estate experts say there are some rules buyers need to remember.

Home sales have gone up in Houston for the last 22 months and that torrid pace is expected to continue for a while, especially in certain areas.

Danny Frank is the Chairman of the Houston Association of Realtors and was a guest on today's Houston Matters with Craig Cohen.

"The hottest markets we have in the Houston area in the area upper northwest area, 290, 610, The Heights, Timbergrove area. Those are the hottest markets we have in Houston. They're up 300-400 percent compared to the rest of the city. But if you look at the greater picture of Houston, every place in Houston is doing really well now."

Frank says 39-percent of sales in March were homes priced at $500,000 and above.

Steve Kyles is a mortgage loan officer with Legacy Mutual Mortgage Company and says buyers need to remember there's fierce competition for some properties.

"What we're encouraging buyers is to know that when you're making an offer, the key is that you've got to be prepared to offer either at list price or above and in this type of a market, you're not going to get seller contributions towards closing costs when buying the house if you need it closed within 30 days or less, because sellers are getting multiple offers on the houses in the right neighborhoods when they're priced correctly."

Interest rates are near all time lows right now, but Kyles says it's still much harder to qualify for a home loan than it was just a few years ago.

 

Below is the Houston Matters segment on To Buy or Not To Buy a Home, We Asked the Experts

Steve Kyles a mortgage loan officer with Legacy Mutual Mortgage Company. John Ridgway from Celtic Realty Advisors and Danny Frank, Chairman of the Houston Association of Realtors.