Nicah Lowry Real Estate

02/20/2024

Buying your first home is a big, exciting step and a major milestone that has the power to improve your life. As a first-time homebuyer, it’s a dream you can make come true, but there are some hurdles you’ll need to overcome in today’s housing market – specifically the limited supply of homes for sale and ongoing affordability challenges.

So, if you’re ready, willing, and able to buy your first home, here are three tips to help you turn your dream into a reality.

Save Money with First-Time Homebuyer Programs
Paying the initial costs of homeownership, like your down payment and closing costs, can feel a bit daunting. But there are many assistance programs for first-time homebuyers that can help you get a loan with little or no money upfront. According to Bankrate:

“. . . you might qualify for a first-time homebuyer loan or assistance. First-time buyer loans typically have more flexible requirements, such as a lower down payment and credit score. Many help buyers with closing costs and the down payment through grants and low-interest loans.”

To find out more, talk to your state’s housing authority or check out websites like Down Payment Resource.

Expand Your Options by Looking at Condos and Townhomes
Right now, there aren’t enough homes for sale for everyone who wants to buy one. That’s pushing home prices up and making affordability tight for buyers. One way to deal with that issue and find a home right now is to consider condos and townhomes. Realtor.com explains:

“For many newbies, it might just be a matter of making a shift toward something they can better afford—like a condo or townhome. These lower-cost homes have historically been a stepping stone for buyers looking for a less expensive alternative to a single-family home.”

One reason why they may be more affordable is because they’re often smaller. But they still give you the chance to get your foot in the door and achieve your goal of owning a home and building equity. And that equity can help fuel your move into a larger home later on if you decide you need something bigger in the future. Hannah Jones, Senior Economic Analyst at Realtor.com, says:

“Condos can help prospective homebuyers who perhaps have a smaller budget, but who are really determined to get a foothold in the market and start to accumulate some equity. It can be a really great entry point.”

Consider Pooling Your Resources To Buy a Multi-Generational Home
Another way to break into the market is by purchasing a home with friends or loved ones. That way you can split the cost of things like the mortgage and bills, to make it easier to afford a home. According to Money.com:

“Buying a home with another person has some obvious advantages in the mortgage department. With two incomes in the mix, buyers can likely qualify for a larger mortgage — a big help in today’s high-cost market.”

Bottom Line
By exploring first-time homebuyer assistance, condos, townhomes, and multi-generational living, it can be easier to find and buy your first home. When you’re ready, give me a call.

02/19/2024

If you’re thinking of selling your house this spring, now is the perfect time to start getting it ready. With the market gearing up for its busiest time of year, it’ll be important to make sure your house shines bright among the competition.

Here are four tips you can use to get your house market-ready.

Declutter and Organize
First impressions matter, and if your house is a mess, that can easily turn off potential buyers. Before listing, take the time to declutter and organize each room. Decluttering is about more than just tidying up – it’s about creating a sense of space and openness that allows potential buyers to envision themselves living in your home.

Deep Clean Your Kitchen and Bathrooms
The kitchen and bathrooms are focal points for many buyers, and often influence their overall opinion of the house. Ensure these spaces dazzle by giving them a thorough deep cleaning. Pay attention to details like scrubbing grout lines, polishing fixtures, and decluttering countertops. A sparkling kitchen and bathroom can leave a lasting positive impression on potential buyers.

Maintain Your Yard
Your home’s exterior is the first thing potential buyers see, so it’s important to make a good impression from the moment they arrive. A well-maintained yard not only enhances curb appeal, but also shows buyers the home has been well taken care of.
Take the time to spruce up your yard by mowing the lawn, trimming bushes, and clearing away any debris or dead plants. Remember, the goal is to create a welcoming environment that entices buyers to step inside and imagine themselves living there.

Find a Listing Agent
A skilled listing agent is your partner in minimizing stress when selling your home. Lean on your agent for advice on decluttering, staging, and enhancing your home’s appeal to potential buyers.

Bottom Line
By decluttering, deep cleaning, and tidying up your house, you can create a welcoming environment that resonates with buyers and increases your chances of a successful sale. Connect with me today for advice on what you need to do to get your house ready to sell this spring!

02/17/2024

If you’re trying to buy a home but are having a hard time finding something in your budget, here’s something that can help: consider condos and townhomes.

They may better fit your budget, can help you start building equity, and tend to require minimal upkeep and less maintenance.

Looking at condos and townhomes can make it easier to find and buy a home.

When you're ready, give me a call! 405-820-2812

02/15/2024

Feeling a bit unsure about what’s really happening with mortgage rates? That might be because you’ve heard someone say they’re coming down. But then you read somewhere else that they’re up again. And that may leave you scratching your head and wondering what’s true.

The simplest answer is: that what you read or hear will vary based on the time frame they’re looking at. Here’s some information that can help clear up the confusion.

Mortgage Rates Are Volatile by Nature
Mortgage rates don’t move in a straight line. There are too many factors at play for that to happen. Instead, rates bounce around because they’re impacted by things like economic conditions, decisions from the Federal Reserve, and so much more. That means they might be up one day and down the next depending on what’s going on in the economy and the world as a whole.

Take a look at the graph. It uses data from Mortgage News Daily to show the ebbs and flows in the 30-year fixed mortgage rate since last October.

If you look at the graph, you’ll see a lot of peaks and valleys – some bigger than others. And when you use data like this to explain what’s happening, the story can be different based on which two points in the graph you’re comparing.

For example, if you’re only looking at the beginning of this month through now, you may think mortgage rates are on the way back up. But, if you look at the latest data point and compare it to the peak in October, rates have trended down. So, what’s the right way to look at it?

The Big Picture
Mortgage rates are always going to bounce around. It’s just how they work. So, you shouldn’t focus too much on the small, daily changes. Instead, to really understand the overall trend, zoom out and look at the big picture.

When you look at the highest point (October) compared to where rates are now, you can see they’ve come down compared to last year. And if you’re looking to buy a home, this is big news. Don’t let the little blips distract you. The experts agree, overall, that the larger downward trend could continue this year.

02/14/2024

Three Reasons to Fall in Love with Home Ownership

1. Customizing to Your Heart’s Desire-Your house should be a space that’s uniquely you. And, if you’re a renter, that can be hard to achieve. When you rent, the paint colors are usually the standard shade of white, you don’t have much control over the upgrades, and you’ve got to be careful how many holes you put in the walls. But when you’re a homeowner, you have a lot more freedom.

2. Greater Stability for the Ones You Love Most-One of the hardest things about renting is the uncertainty of what happens at the end of your lease. Does your payment go up so much that you have to move? What if your landlord decides to sell the property? It’s like you’re always waiting for the other shoe to drop.

3. A Feeling of Belonging-You may also find you feel much more at home in the community once you own a house. That’s because, when you buy a home, you’re staking a claim and saying, I’m a part of this community. You’ll have neighbors, block parties, and more. And that’ll give you the feeling of being a part of something bigger.

Bottom Line
A home is a place that reflects who you are, a safe space for the ones you love the most, and a reflection of all you’ve accomplished. Call or text me today if you’re ready to break up with your rental and buy a home. (405) 820-2812

02/05/2024

Here’s why having your own agent is key when you build or buy a new construction home.

1. Agents Know the Local Area and Market
-It’s important to consider how the neighborhood and surrounding area may evolve before making your home purchase. Your agent is well-versed in the upcoming communities and developments that could influence your decision. One way a real estate agent can help is by reviewing the builder’s site plan. For example, you’ll want to know if there are any plans to construct a highway or add a drainage ditch behind your prospective backyard.

2. Knowledge of Construction Quality and Builder Reputation-An agent also has expertise in the construction quality and reputation of different builders. They can give you insights into each one’s track record, customer satisfaction, and construction practices. Armed with this information, you can choose a builder known for consistently delivering top-notch homes.

3. Assistance with Customization and Upgrades-The most obvious benefit of opting for new home construction is the opportunity to customize your home. Your agent will guide you through that process and share advice on the upgrades that are most likely to add long-term value to your home. Their expertise helps make sure you focus your budget on areas that will give you the greatest return on your investment later.

4. Understanding Builder Negotiations and Contracts-When it comes to working with builders, having a skilled negotiator on your side can make all the difference. Builder contracts can be complex. Your agent can help you navigate these contracts to make sure you fully understand the terms and conditions. Plus, agents are skilled negotiators who can advocate for you, potentially securing better deals, upgrades, or incentives throughout the process.

10/25/2023

Super fun and different! Would you consider living here?

A mixed-use, “floating village” is wading into Houston. Midway, the privately-owned real estate development firm behind Houston’s and CityCentre developments, are converting the former headquarters of ConocoPhillips into the waterfront community of Watermark District at Woodcreek. Plans for th...

10/20/2023

If you're wondering what’s happening with home prices, know they’re still rising, just at a slower pace – and that’s perfectly normal for this time of year.

Based on typical seasonality in the market, prices go up most in the spring during the peak buying season, and then price growth slows down as the year goes on.

Home prices aren’t falling. They’re just rising slower and going back to normal seasonal trends. That’s a good thing.

If you're curious about prices in your area, reach out today!

10/15/2023

If you are looking to call Tomball home, come check out this beauty from 2-4 today!

For Sale: 20826 Mystical Legend Dr, Tomball, TX 77375 ∙ $412,000 ∙ 0.17 Acres Lot ∙ 2,533 Sqft, 4 beds, 3 full baths, Single-Family ∙ View more.

07/24/2023

Based on the recent report from ATTOM, there has been a slight increase in foreclosure filings compared to the previous quarter and one year ago. However, it's essential to understand this increase in context to avoid unnecessary worry and misconceptions about the current housing market.

In the past few years, the number of foreclosures has been at record lows due to various relief options and forbearance programs introduced during the challenging times of 2020 and 2021. These measures helped millions of homeowners stay in their homes and get back on their feet. Additionally, rising home values allowed many homeowners facing financial difficulties to leverage their home equity and sell their properties rather than go into foreclosure. This trend indicates that equity remains a significant factor in preventing foreclosures.

Contrary to alarming headlines, there is no sudden flood of foreclosures looming. The recent increase in foreclosure filings can be attributed to a combination of delayed activity from previous years and economic conditions. The current situation is vastly different from the housing crash in previous years, as evidenced by data on foreclosure filings since 2008. Foreclosure activity has consistently remained lower since the crash, and the number of foreclosures reported today is significantly below the record-high levels seen during that time.

Moreover, the current housing market benefits from more qualified buyers who are less likely to default on their loans. This, along with various relief measures and better economic conditions, contributes to a more stable housing market, reducing the likelihood of a price crash.

The current rise in foreclosures is far from the crisis levels observed during the housing bubble burst, and it is not expected to lead to a crash in home prices. Understanding the context is key to making informed decisions about buying a home in today's housing market.