Buying A Home In Texas. Perhaps one of the biggest commitments you can make in your life is purchasing a home. The important thing to remember is that you are signing up for a mortgage that you will likely be paying off for a period of 30 years of your life. In the event that you may be interested in purchasing a home today, you will need to take the time to examine the current state of the real estate market in your area.
Here are three of the most important trends involving home buying to keep an eye out for during the month of September.
- First, there’s the fact that overall home values will likely remain high. One reason why so many buyers have struggled with purchasing homes in 2022 involves the fact that property values have skyrocketed on a national level – something that is unlikely to change during the month of September. According to Realtor.com, the median listing price for homes reached approximately $385,000. This represented an increase of 10.3% from 2021. Additionally, homes located in larger-sized metro areas also saw a smaller average price gain of approximately 3.9%; however, if you will be purchasing a home in the near term, you can expect to pay more for a home than you would have the previous year.
- Next is the fact that homes can end up selling rather quickly. Ever since the year started, the housing market has experienced a severe lack in terms of inventory. Some of this could relate to various economic concerns on the part of the seller, while some may result from wanting to ride out the COVID-19 pandemic before then selling at a more reasonable time. Regardless of the reason, a lack of homes remain on the market, thereby making the competition all the more fierce.
- Buying A Home In Texas. Finally, there’s mortgage rates likely remaining competitive. Since the beginning of the year, mortgage rates have remained at reasonable levels – a trend that is likely to continue throughout the month of September. Currently, the average interest rate on the 30-year fixed loan is 3.070%. It’s important to note, though, that rates vary depending on location, meaning they could be higher or lower in some portions of the country. For the most part, however, you can expect to find affordable financing for a home, provided you have a strong credit score when applying for your mortgage.