The state of Texas is experiencing a housing boom that buyers and sellers were largely unprepared for. After the housing market crashed in 2007, the recession stalled the housing market, especially in Houston.
As a result, many buyers are finding themselves in bidding wars with other buyers, forcing the final selling price of homes to sell at or above the asking prices set by the sellers.
Alternately, many Texas homeowners are looking for ways to stay in their homes as the current market grows. As the demand for residences increases, many longtime homeowners are finding their neighborhoods increasing in both size and price. As property taxes rise, homeowners fear being priced out of their neighborhoods.
To combat this, Texas Mortgage Broker is educating retirees on the benefits of a reverse mortgage. Texas Mortgage Broker advises that not every homeowner is a right fit for a reverse mortgage, they have published an article online detailing the benefits of applying for a reverse mortgage in the state of Texas at http://www.texasmortgagebroker.net/
The national average for home prices is down approximately 20% from their peak in 2006. However, the average price for homes in the Houston area is 4% above the previous highs recorded at the end of 2012. The median home prices in Dallas and Houston rose in the third quarter of 2013, up 14% from August 2012. These highs are the result of the fastest growth in Texas since the oil boom of the 1980s.
Because the population of Texas is growing at a rapid pace, and because homes and new builds are selling at a record pace, new mortgage loan applications are expected to take a number of weeks from pre-approval to approval to closing.
Texas Mortgage Broker is reporting the largest increase in mortgage loan applications since 2005, and they are booking appointments at a rapid pace. Prospective home buyers are encouraged to make appointments quickly, as current trends in Texas and Houston are indicative of a growing sellers’ market.