The past year has seen record breaking real estate sales throughout Texas. The competition among buyers is fierce and multiple offers common, a surprising trend considering that we’re in the midst of a recession and global pandemic.
Pilots seeking Aviation Property have been calling me to ask why Texas is currently experiencing such a strong Sellers Market. One reason: historically low interest rates which inspired lots of folks to go house hunting. High demand led to low listing inventory and, consequently, rising prices. Not only are prices rising for existing homes, demand for new construction has caused building material costs, and new home prices, to soar as well.
A second reason for our Sellers Market: people and corporations from across the country are moving to business-friendly and tax-friendly Texas. The third reason…and this is just my personal opinion…Texas is a great place to live!
All this to say: If you intend to take advantage of low interest rates before they rise again…and they will…it’s more important than ever to get pre-approved for your mortgage ASAP!
Your pre-approval letter is required to submit an offer on that home and hangar you’ve always dreamed about, and having it on-hand can increase your buying power in the current competitive market. Contact your favorite bank, credit union, mortgage broker, or on-line lender to get started. If you don’t already have one, I’m glad to provide lender referrals, just ask!