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Buying in a hot area

1,406 Views | 6 Replies | Last: 6 mo ago by Jay@AgsReward.com
Dirtnap ag
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My wife and I have been looking to buy for the last several months in Houston, more specifically lazybrook/timbergrove and also looking in Shepard forest and goof. Ideally we would like to be in timbergrove area but we realize some of the houses are above our price range and that limits the number of houses that appeal to us and can afford. Our price range goes up to 525k which should be more than enough to get us into the neighborhood. We do not have to be in an all updated house but want good bones and a decent lot size(6000+) The reason I'm posting is because we have been beat out on 4 different homes all of which we have come in at or above asking. I guess we just want to know if there is any chance for us. We have all of our finances in order, offer quick closing dates, and jump on houses of interest on the first day. In every case we have been beat out by flippers offering cash or someone offering more than 10k plus asking. If there are any tips anyone has for buying in what appears to be a redhot area they would be greatly appreciated. I know there is a house for us it has just become emotionally taxing at this point and we want to look as attractive as possible to buyers to get a house under contract. Thanks in advance.
Premium
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Dirtnap ag said:

My wife and I have been looking to buy for the last several months in Houston, more specifically lazybrook/timbergrove and also looking in Shepard forest and goof. Ideally we would like to be in timbergrove area but we realize some of the houses are above our price range and that limits the number of houses that appeal to us and can afford. Our price range goes up to 525k which should be more than enough to get us into the neighborhood. We do not have to be in an all updated house but want good bones and a decent lot size(6000+) The reason I'm posting is because we have been beat out on 4 different homes all of which we have come in at or above asking. I guess we just want to know if there is any chance for us. We have all of our finances in order, offer quick closing dates, and jump on houses of interest on the first day. In every case we have been beat out by flippers offering cash or someone offering more than 10k plus asking. If there are any tips anyone has for buying in what appears to be a redhot area they would be greatly appreciated. I know there is a house for us it has just become emotionally taxing at this point and we want to look as attractive as possible to buyers to get a house under contract. Thanks in advance.


See property same day it comes on market and offer $15K above asking?


OilAg01
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How big of a house do you need?

I live in GO. Personally, would tell you to go Oak Forest and make sure you are zoned to Oak Forest Elementary. Elementary schools drive value in houston. You'll pay for it up front but it will be what keeps the value you up if you're scared of over paying.

Go on the fringes of any of these neighborhoods and you want have the issue. Or, within reason, pay more than ask. I don't think you'll see the same dynamic in GOOF, by the way.

CS78
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Show the sellers that you will close. Offer fat option money, or no option period, no financing addendum, or add a statement to special provisions saying something to the effect that "buyer will forfeit earnest money if buyer fails to close for any reason excluding title or survey concerns". Even if someone else is offering more than you, the seller is going to give you the option to match them, worst case scenario. They'll often take your offer over a higher BS offer.
Texker
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Wait til August-September when the "we gotta be in a house by the 1st day of school" buyers are out of the market.
Red Pear Realty
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I'm doing a deal in Oak Forest right now, and one of my agents closed one there last month. I agree, that market is hot! Not sure if you are already working with an agent, but if not, I'd love to help you--and you could use your 2% buyer rebate to make your offer that much more appealing compared to other buyers.

Sponsor Message: Up to 2% Buyers Commission Rebates / $1,200 Full Service For Sale Listings / $500 For Lease Listings with Red Pear Realty. Also, contributor at Houstoning.
Jay@AgsReward.com
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We offer a "same as cash" loan for well qualified buyers in your situation. It allows for a 7-10 day close with no financing addendum so it allows you to compete with cash buyer/flippers etc. It would cost you a bit more but if it is THE house maybe it is worth it.
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