August 10, 2018
Categories: Affordable Housing, First Time Buyer, Home Buyer Education, Homeownership
It's summer in Texas which means scorching hot weather. In 2018, it also means a hot housing market, especially for entry-level buyers trying to find an affordable home. That's the primary takeaway from the latest housing report issued by the Real Estate Center at Texas A&M University.
This is supported by several key indicators from the report. For example, the average days on market fell below 56 days for the first time since 2015, and urban areas continue to set the brisk sales pace, with Fort Worth, Dallas, Austin, and Houston ranging from 38 to 54 days on market.
But what's most concerning is that the inventory for homes priced below $200,000 continues to shrink. In 2011, those homes accounted for 72 percent of sales, but now they represent just 34 percent of sales.
The good news is that there are ways entry-level home buyers can compete and stay cool in this hot housing market. Down Payment Resource recently compiled six such ways. Here's a closer look at three we want to highlight.
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It’s a hot market, which means that home sellers are really the ones who make out. However, home buyers aren’t left behind either! There are ways to make the process much easier on the buyers.