The Houston Association of Realtors published an article about views on renting vs. buying a home in August of 2011.  Information from that publication was used to write this article because now is a great time to stop renting and buy a house.  Homeownership is the American Dream and Texans know that better than anyone.  Most renters want to own a home in the future.  Most Americans believe that homeownership is still a good financial decision.

According to the 2011 National Housing Pulse Survey released today by the National Association of REALTORS®, 72 percent of renters
surveyed said owning a home is a top priority for their future, up from 63 percent in 2010.

Ask any Realtor about the proposed hike in the 20% down for conventional loans and they will tell you it’s a bad idea.  New regulations have made it so hard for consumer to get loans, but if you can qualify, there are some great deals in the market.  Over half of “working class” homeowners who currently own their homes reported that an increase in the 20% down payment would prevent them from becoming home owners.  Coming up with down payment money and the closing costs are usually the biggest costs for home buyers.  Currently, job security is also an issue for Americans.

Home owners continue to take advantage of the mortgage tax deduction.  They build equity while paying off their mortgage to own the property.  With the foreclosure and short sale crisis that took place over the past year in Texas, many homeowners are scared of losing value in their property.  However, Houston’s housing market remains stable.  The Woodlands has hardly been impacted by the crisis.

 

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