There are many great Houston area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluationso you know what buyers will pay for your home in today's market. You may also call me at 832-428-6453 for a FREE home buying or selling consultation to answer any of your real estate questions.
The big news lately is that the Fed's September 17 meeting ended without any big news. Interest rates will remain low for the foreseeable future. This is obviously fantastic news for buyers and sellers in the Houston area. The good news doesn't stop there: the numbers are in, and it turns out last August had the best sales ever for that month, and the eighth biggest month ever! However, despite a great August, things are starting to slow down a bit as the fall approaches. Additionally, there are some unknowns in the oil industry and global economies, which is having an effect here in Houston.
The Bauer College of Business at the University of Houston isn't feeling too confident about market conditions moving forward, especially as far as the oil economy is concerned. However, the Urban Land Institution says that despite a recent downturn in the energy industry, Houston can expect continued growth. In fact, they're projecting that in 2018 we're going to see another double-digit return in real estate. We're going to keep an eye on both of these forecasts and will keep you updated on where the market ultimately goes. As of now, homes are sitting on the market a little longer and inventory is a bit higher than it's been recently, but we're still seeing a competitive market that favors sellers. If you have questions about conditions in your neighborhood, or if you need real estate assistance of any kind, please don't hesitate to reach out. We would love to hear from you!
There are many great Houston area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluationso you know what buyers will pay for your home in today's market. You may also call me at 832-428-6453 for a FREE home buying or selling consultation to answer any of your real estate questions.
Starting on October 3rd of this year, the real estate market will be seeing some big changes. Why is this? It's because of changes coming to the TILA-RESPA Integrated Disclosure (TRID), and this will affect everyone involved in real estate, from consumers to Realtors to lenders. The Consumer Financial Protection Bureau (CFPB) issued a final rule amending regulations to the "The Truth in Lending Act" as well as "The Real Estate Settlement Procedures Act." So, what does this mean for you? The TILA-RESPA rule consolidates four disclosures for closed and credit transactions secured by real property into two different forms. One of these forms is a loan estimate that must be delivered or placed in the mail no later than the 3rd business day after receiving the consumer's application. A closing disclosure must be provided to the consumer at least three business days prior to consummation. These new disclosures must be provided by a creditor or mortgage banker that receives an application from a consumer for a closed-end credit transaction. However, creditors will still be required to use the current Good Faith Estimate, HUD 1 and Truth in Lending forms for applications received prior to August 1, 2015. After that date, these forms will no longer be used.
The TILA-RESPA rule includes some new restrictions on certain activity prior to consumers receiving the loan estimate. These restrictions took effect on August 1, 2015 regardless of whether an application was received on that date. These restrictions include imposing fees on a consumer before the consumer has received the loan estimate, or requiring submission of documents verifying information related to the consumer's application before providing the loan estimate. What does this mean to you and the entire closing process? Well, it's going to get longer. At a minimum, it will take 45 days to close. The other important thing to take away is to stay in close contact with your agent and your lender. There's a lot of changes up ahead, and I'm sure you have some questions. Please feel free to give me a call or send me an email. I'd be happy to help you.
