Howdy, y'all! Welcome back to the world of Texas real estate, where the sun shines brighter, the BBQ is hotter, and the housing market is, well, as unpredictable as a Texas thunderstorm! Today, we're diving into the Lone Star State's real estate scene and exploring why it's essential to focus on what you can afford when buying a home.
Y'all have probably heard the buzz about rising house prices and ever-shifting mortgage rates. It's challenging, to say the least! But don't you worry; we've got some Texan anecdotes and real estate wisdom to help you navigate this wild ride.
"Date the Rate, Marry the Property"
Have you ever heard the phrase "You can always refinance, but you can't always find your dream home." Picture this: you stumble upon a Texan farmhouse with a porch made for sweet tea sippin'. It's the one—the home you've been dreaming of. But mortgage rates are higher than you'd like. What do you do?
Well, remember, you're not in it for a quick fling with mortgage rates; you're in it for the long haul with your property. So, go ahead, take the plunge, and make that farmhouse your own. You'll thank yourself later when you're enjoying those Texas sunsets from your porch swing.
The Texan Way: Keep It Real
Sure, we all got spoiled by those historically low interest rates during the pandemic. But, folks, it's time to accept that those days might be gone like yesterday's BBQ leftovers. This is going to be the new normal for a bit.
Don't overextend yourself by chasing unrealistically low rates. Instead, focus on what's real—your budget. The Texan way is all about being comfortable with what you have today, not hoping for what might come tomorrow. If you can manage your payment now, you're in the saddle for a smoother ride ahead.
Focus on What You Can Control
Y'all can't predict the Federal Reserve's every move, and that's alright. The real estate experts in Texas know that success comes to those who play the long game. Don't be a short-term rate chaser; be a home equity builder.
Here in Texas, we don't fuss about the winds of rate changes; we focus on the horizon. Buy what you can afford today, and let your home equity grow like a tall Texan oak. Refinance when it makes sense for you, not when the rates tell you to.
Negotiate Like a Texan
Now, here's a little tip from the heart of Texas: don't be afraid to negotiate. Ask for those seller concessions like rate buydowns and see if assuming a mortgage is on the table. But remember, in today's market, extensive seller concessions aren't widely available in a constrained market. But hey, it doesn't hurt to ask. After all, Texans are known for their hospitality, and you might just find a friendly seller willing to deal.
Wrangling It All In
To wrap it up, buying a home in Texas, or anywhere for that matter, boils down to what you can control. The Texas way is to stay true to your budget, ride the waves of home equity growth, and negotiate when the opportunity arises.
So, my friends and future Texans, remember: date the rate and marry the property. Focus on what you can control, and you'll find yourself riding into that Texan sunset with a home that's as strong and steadfast as a Texas longhorn. When you are ready to get in the saddle and buy or sell your home, don't forget to give me a call!
Until next time, keep your boots on and your dreams big—this is Texas real estate, after all!
Signed,
Sherri Myers
The Royal Realtor