New Home Buyer • Uncategorized • January 22, 2023

Should You Buy a House Now or Hold Out?

by Aaron Clough

As the housing market continues to be a rollercoaster ride, many are wondering if now is the time to jump or wait for the perfect opportunity. The decision to buy a house is a personal one, and it can be overwhelming to navigate the current market. But don’t worry, we’ve got you covered with this guide on how to decide whether or not to buy a house in today’s market.

Affordability: The first step in buying a house is to assess your current financial situation. Are you a millionaire or just a regular Joe? Can you afford the costs associated with homeownership like a down payment, closing costs, and ongoing expenses such as property taxes and maintenance? If you’re not sure, it’s best to consult with a financial advisor before making any decisions.
Interest rates: The current interest rates can have a significant impact on your mortgage payments. Low-interest rates are like a sale at your favorite store, it’s a great opportunity to buy, but it can also signal that the market may be reaching its peak and is due for a correction. So, make sure to keep an eye out for interest rates, and if they’re too good to be true, there’s a chance they might be.
Job security: Job security is an important factor to consider when buying a house. If you’re not confident in your ability to continue earning a steady income, it may be best to wait until your financial situation is more stable. After all, you don’t want to be stuck with a house and no money to pay for it.
Location: The location of the house you want to buy is also an important factor to consider. Are you buying in a desirable area with good schools, amenities, and job opportunities? Or are you buying in an area that may be at risk of declining in value? It’s like buying a house in Beverly Hills or the middle of the desert, it’s all about location, location, location!
Timing: Timing is key when buying a house. If you’re able to buy at the right time, you may be able to get a great deal on a property. However, if you wait too long, you could miss out on a good opportunity. It’s like catching a wave, if you wait too long, you’ll miss it.
Personal needs: Ultimately, the decision to buy a house should be based on your personal needs and goals. If you’re ready to settle down, raise a family, and build long-term wealth, buying a house may be the right choice for you.

So, there you have it! The current market can be tricky to navigate, but with a little bit of research and some sound advice, you’ll be able to make an informed decision. And remember, whether you decide to buy or wait, always keep your sense of humor, as real estate can be a wild ride!

New Home Buyer • May 18, 2022

Top 5 Things To Buy For New Homeowners

by Aaron Clough

FINALLY, you’re a homeowner! But as you unpack your belongings, you realize you may not have been as prepared for homeownership as you once thought. Never fear, here is a list of 5 things that you may or may not have thought of that are must haves for your new home:

1: A Full Tool Set: That pieced together set you have may work but if you bought it alongside your Ikea furniture, it’s time for an upgrade. You can get pretty decent sets for around $150. I’d also highly recommend picking up a good drill/impact driver set as well. Don’t have to have every tool under the sun, but it’s time for an upgrade.

2. Lawn Care Equipment: Unless you were responsible for lawn care at your previous rental, you’re missing these. For small yards, you can get away with a weed eater and a blower. That being said, you’re going to want to invest in the pair and a good mower. May be able to pick one up on Facebook market place or get one new for a decent price.

3. New Locks: You can keep the old locks but I highly recommend having them re-keyed. If not for safety, at least for piece of mind. This is a pretty easy job for those who are handy or a quick fix for a contractor/locksmith.

4. Video Door Bell: Not a necessity but definitely something to consider from a safety standpoint.

5. Furniture That Fits the Space: Your current furniture may have fit great in your old place, may even look ok in the new one. However, most of my clients tell me that after a few weeks they realize their old furniture just doesn’t fit how they want. Another common furniture need is additional bedroom sets if your buying a larger house. Don’t be the people with empty rooms.

Each person’s situation is different, so you may have some or all of these. Regardless, as you get close to closing start brainstorming and taking inventory of what you have and need. One last word of advice, wait to make any big purchases until AFTER you close and do not open any new lines of credit while under contract. It can complicate or derail the buying process for you, if you’re not careful.

Uncategorized • May 10, 2022

Rowlett, TX Housing Market Update Apr 2022

by Aaron Clough

The home prices just keep going up but the number of homes for sales does not! That’s the story across the DFW Metroplex and the country. That combined with historically low interest rates has pushed home values to record highs in some areas and Rowlett is no different. And as a member of the community and homeowner in Rowlett, I like it!

Much like the rest of the DFW Metroplex and the country, Rowlett continues to see strong year-over-year (YoY) growth both in the median home price and price per sq ft. As homes appreciate, we are starting to see the concentration of price distribution highest in the $400-$499k price points, followed closing by $500k-$749k. Much of this can be attributed to the high demand and lack of overall inventory across all price points.

If there are any bright spots to focus on, if you’re a home buyer or potential home buyer in this market, is the days on market and days to close are going up, which normally means either homes are listed too high or we are starting to see market dynamics change and a slowing of appreciation. It is my opinion, for what that matters, that the days on market are due to the increased interest rates that are pulling potential buyers out of the market or making home buyers more selective when choosing where to offer. Unfortunately, don’t expect or bank on the multiple offer scenarios to go away completely, more like 4-5 offers per house compared to the 15+ we were seeing.

Rowlett does present a unique scenario in the fact that we are not seeing a large number of new construction units hit the market in the near future, which will continue to push buyers to existing homes. Great news for those homeowners who are contemplating a move and the opportunity to cash in on years of high appreciation. That being said, Rowlett does have plenty of positives, both from with proximity to major thorough ways and several communities with lakefront or lake view properties.