Is now a good time to buy a house?

Dated: 11/14/2018

Views: 66

A survey including Texas reveals that for the past five quarters, the majority of Americans said their housing markets were overheating. Now, in the fourth quarter, 75 percent of Americans say their local housing market is starting to cool.

Seventy-two percent of Americans and 78 percent of “urban residents” say home prices are still too high. Urban homeowners blame “flippers and speculative investors” and “wealthy transplants from more expensive housing markets” for inflating their local home prices to unsustainable levels, according to the report.

Some home buyers may hit the pause button to see what happens in the housing market. Fifty-nine percent of interested home buyers (which includes first-time and move-up buyers) say they plan to wait for a “meaningful correction” before they buy. Fourteen percent say they plan to not buy at all until a correction occurs.

I find that there is a cooling in the $450k+ market.  Luxury homes move slower than homes in the $200-$449k price range.  Lower priced homes also benefit from more lucrative mortgage rates and first-time home buyer programs.  There are still good deals out there. When our customers ask when is the best time to buy, we reply - five years ago.

Dwight Shotgun Cook
the Brilliant Real Estate Team

Blog author image

Dwight Cook

BRILLIANT Real Estate Team, Technology Driven but Customer Focused. Let's Talk!....

Latest Blog Posts

How good are Interest Rates?

Rates for a 30-year fixed mortgage have hovered around 4% in the past week after hitting a 12-month high near 5% in November. While those tenths of a percentage point will matter to your clients

Read More

Strong Houston, Ranked for Diversity

Wallethub.com has rated the top cities in America. America is undergoing an extreme makeover, thanks to rapid demographic diversification. By 2050, many shifts will happen. For example,

Read More

Flooded Home Protection

Thinking of buying a flooded home? Three-quarters of the 204,000 homes and apartments in Harris County damaged by Hurricane Harvey were outside the 100-year flood plain, so many homeowners were

Read More

The Creepiest Place in Texas

The Travel Channel has named hotel Galvez as the creepiest place in Texas. Known as "Queen of the Gulf," Hotel Galvez in Galveston opened its doors in 1911 and was added to the National

Read More