Tag Archives: pre-approvals

Starter Home Benefits

From The Desk of Courtney Okanlomo:

Starter Home Benefits

Over the past 10 years, we have all witnessed the real estate market crash and re-build itself in an extremely impressive timeframe, thusly confirming its considerable contribution to the wealth of most Americans today. Purchasing real estate, whether for investment or personal purposes, is one of the single most sought after ways to build savings and equity over a period of time. In fact, many Americans claim that their starter home purchase single-handedly saved their financial life.

One of the largest misconceptions about purchasing property, is that you can't spend less than $200,000 on a 'quality' property. This is simply untrue. For example, look at these beautiful starter homes currently listed here in the Houston area

    i. Kings Chase Drive; Houston, TX - $150,000 - 4 Bedrooms, 2 Baths

Open concept floor plan...

    ii.  Sweet Olive Drive; Tomball, TX - $150,000 - 4 Bedrooms, 2.5 Baths

Beautiful 2 story home with large backyard...Updated kitchen with stainless steel appliances...

    iii. Audubon Hill Court; Houston, TX - $140,000 - 4 Bedrooms, 2.5 Baths

2200 square foot home with covered back porch...Quaint kitchen with lots of cabinet space...

Beautiful homes, right? Studies have shown that properties purchased for less than $200k tend to experience the most appreciation in the shortest amount of time. This appreciation ultimately translates to equity, which is very tangible when you go to sell a property. 

Moreover, starter homes make the perfect rental investments in many cases. The mortgage payment is usually relatively low, and the size of the home is fitting for a small family or single individual that wants more space than an apartment can provide. The profit and savings of building equity, selling the property, or even renting it, all have the ability to extend endless financial opportunities.

Are you considering purchasing your first starter home? Or perhaps a home under $200k that would be ideal for renting out regularly? Contact me today to get started on these goals! 

Houston Real Estate Forecast: Sunny and Selling

From the Desk of Courtney Okanlomo:

Houston Real Estate Forecast: Sunny and Selling
 

It is no secret that 2008 marked the largest real estate bubble in United States history, but one city that has managed to stay successfully afloat has certainly been Houston. In fact, Houston, Texas never lost its position as the #1 single-family market in the country. There appears to be alot of optimism surrounding Houston real estate at the moment, and I for one do not want any of my clients to miss out on this.  

Between first time and repeat buyers, experienced sellers, and knowledgeable Realtor representation, this accomplishment is of no surprise to most. In fact, it is has been forecast that Houston will realize 10% or higher growth in home sales volume this year - coming behind setting a 2016 record in this category.

If you're considering purchasing a home, or even positioning yourself to purchase one, it certainly seems as though Houston wouldn't be a bad place to start your search.  Home sales in Houston could potentially see double digit price increases in the year 2018, which is quite frankly an occurrence that the region hasn't seen in 35+ years.  

Houston real estate has proven to be a force for quite some time. Are you ready to join us?!

 

 

 

 

Real Estate 101: 5 Things You Should Know

Real Estate 101: 5 Things You Should Know

Buying a home can be super scary when you're unsure of the facts. That's what many people tend to believe, first and foremost. It isn't, however, a statement that should deter you from taking the leap as a first time home buyer.

  home   Here are 5 things you should do when considering buying a home or property:
  • Get Pre-Approved. - Most people don't know that this is where you should ALWAYS begin. The financial piece is extremely vital to the entire process. Know how much you can afford, know what to do to improve your credit or financial standing (if necessary), and know what price range to look in - from the very beginning.
  • Find a RELIABLE Realtor. - As a buyer, you do not pay a commission to your Realtor. This is even more reason why it is important to be picky. It is encouraged to choose wisely, choose based on experience, and to provide him or her with your pre-approval information early on. You will be considered a "qualified" and "serious" buyer by starting with your best foot forward.
  • Look Past the Cosmetics. - Many diamond homes are often looked over because they are seen "in the rough." The true value in a home or property is found in it's school districts, size/potential, neighborhood, and surrounding attractions. Paint, updated countertops, and appliances do not attribute directly to home value - they are merely cherries on top. That being said, paying a contractor to do exactly what you want to the property, whether it's 5 months or 5 years down the line, will only increase your pride and overall value in your home.
  • Sacrifice. - It is sooooo hard to wait for the perfect property for you, but I assure you it's out there. Extend your lease a few months if necessary, cease all large purchases, and trust the process.
  • Don't Get Discouraged. - The journey in buying a home can be very stressful. After all, it is arguably the largest purchase you'll ever make in your lifetime. You may lose a bid, or lose a property after a poor inspection that the seller isn't willing to make good on. The list goes on and on when considering the things that can go wrong. It's important to remember however that these mishaps are all NORMAL. Keep looking, be consistent, and make small changes to your search criteria if necessary.
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While there are so many other things to consider when purchasing a home or property, these are definitely the fundamentals that I am asked most about by my peers. As a former licensed Realtor with many years of experience, I am here as a resource if anyone has any questions. Home-ownership is truly a blessing and a great way to establish both wealth and a retirement supplement. Happy Buying!