While much of the United States is contending with colder temperatures in March, Houston’s spring weather is usually lovely. With high temperatures in the 70s, Houstonians enjoy the outdoors through many festivals, the Rodeo, and the Azalea Trail. Due to large inventory, spring is also a good time to buy a home. If you are in the market for a new house, here are some things to consider.
Review your credit report. Before you begin searching for a home, check your credit scores. If there is a problem or error, now is the time to get it fixed before you find the house you love and an inaccuracy holds you back from obtaining financing.
Set a budget. When deciding how much you can spend, don’t forget to include taxes, insurance, HOA fees, and renovation costs. A common rule of thumb is keeping your monthly house payments to 28 percent of your gross monthly income.
Secure a pre-approval letter. Before you begin house hunting, obtain a mortgage pre-approval letter. This letter shows the amount you qualify for and can help making an offer go more smoothly.
Compare lenders. Do your homework and find the best deal out there for you. A lower interest rate can save you thousands of dollars over the life of the loan.
Watch the market as you look to purchase. The Houston real estate market continues to perform well and is expected to do better in 2019 than last year. This spring may be the right time for you to buy.
Written by Joseph Radzwill
Joseph Radzwill is Senior Vice President and Financial Advisor with the Wealth Management Division of Morgan Stanley in Houston.
