Lake Texoma Real Estate
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Is Our Market Stable
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Sherman
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Is our housing market stable?
Virginia Cook
CEO Virginia Cook, Realtors
Wall Street Journal editor David Crook shared tips
this week on how to determine the health of the housing market in your community. The good news is that many of the neighborhoods in North Texas are strong or stabilizing. Here are three factors to consider:
#1 Employment – In every community evaluated by the Wall Street Journal where home prices are within single digits of their peak prices, the unemployment rate is below average. Stable, diverse employers, including state and federal government, the military, colleges and universities and healthcare contribute to a healthy environment for investing in a home.
#2 Rental Fees- The rule of thumb is that if you can buy a home for 15 times what you would pay in rent over one year, it is probably a good time to buy. If you would pay more for a home that 15 times the rent paid in a year, you should rent.
#3 – Foreclosures - Even one foreclosure on a block can depress values for every homeowner on the street. Experts have warned that we need to keep an eye on the shadow foreclosure inventory.
Buy a Home like Grandma and Grandpa Did!
After World War II, grandma and grandpa bought a home because they wanted to LIVE in it. They bought a small home that FIT their current needs and could be expanded if the family grew. Unlike Baby Boomers grandparents who bought in a highly inflationary period and expected to move up to more house.
Grandma and Grandpa bought a home that they planned to stay in for a long time. Today, it makes sense to buy a home in you plan to live there for several years or more. Mr. Crook from the Wall Street Journal warns against buying with the expectation that your home will quickly appreciate you out of debt.
If you want to take advantage of rock-bottom mortgage interest rates and affordable prices to make a smart investment, please call one of the 42 Real Estate Consultants at Virginia Cook, Realtors, located next to Best Buy in Sherman Town Center, 903.893.8174.
Virginia Cook
CEO Virginia Cook, Realtors
Wall Street Journal editor David Crook shared tips
this week on how to determine the health of the housing market in your community. The good news is that many of the neighborhoods in North Texas are strong or stabilizing. Here are three factors to consider:#1 Employment – In every community evaluated by the Wall Street Journal where home prices are within single digits of their peak prices, the unemployment rate is below average. Stable, diverse employers, including state and federal government, the military, colleges and universities and healthcare contribute to a healthy environment for investing in a home.
#2 Rental Fees- The rule of thumb is that if you can buy a home for 15 times what you would pay in rent over one year, it is probably a good time to buy. If you would pay more for a home that 15 times the rent paid in a year, you should rent.
#3 – Foreclosures - Even one foreclosure on a block can depress values for every homeowner on the street. Experts have warned that we need to keep an eye on the shadow foreclosure inventory.
Buy a Home like Grandma and Grandpa Did!
After World War II, grandma and grandpa bought a home because they wanted to LIVE in it. They bought a small home that FIT their current needs and could be expanded if the family grew. Unlike Baby Boomers grandparents who bought in a highly inflationary period and expected to move up to more house.
Grandma and Grandpa bought a home that they planned to stay in for a long time. Today, it makes sense to buy a home in you plan to live there for several years or more. Mr. Crook from the Wall Street Journal warns against buying with the expectation that your home will quickly appreciate you out of debt.
If you want to take advantage of rock-bottom mortgage interest rates and affordable prices to make a smart investment, please call one of the 42 Real Estate Consultants at Virginia Cook, Realtors, located next to Best Buy in Sherman Town Center, 903.893.8174.
