Aaron Lathan

🔑🤏🏽 Risk or Regret.

Both are scary.

But it’s a choice we get to make every day with our passions.

Which one are you 🅲🅷🅾🅾🆂🅸🅽🅶 today?

What Can 6 Blocks Cost You In Houston?⁣
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In this case about $130,000 difference in price.
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Both homes are 3 stories. ⁣
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Both are around 2000 SF in size. ⁣
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Both finishes are almost exactly the same. ⁣
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But what’s the difference? Location, location, location. ⁣
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Here’s the crazy part. These two homes are almost the same distance from the center of The Heights. Yet you’ll pay a premium just to be “in the Loop”. ⁣
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As prices increase around the city, buyers are forced to make adjustments to what they’d call home. One of the simplest ways to still get the look yet stay under budget is to adjust the location. ⁣
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Curious to see if we can find your look in a different location? Shoot me a dm so that we can find the best options for you.

What I would do if approved for $200-250k?

I would have my agent show me my vastly different options at this price point, compare each to my personal must have list, and pick the one that checks the most boxes. I would be excited, as you should be, about finding my dream home ... with adjustments.

Houston Association of Realtors recently reported a median price point of nearly $300,000 for single family homes. This means our current price range still comes in under what is considered the average cost of a home in Houston. What does this mean for your search at this approval amount? Let’s get into it...

The first thing you’ll need to do is define what’s most important to you. You will have to make a tough choice between upgrades and style, square footage, and location. It is very rare to get all of what you’re dreaming of at any budget, but prioritizing your must haves is especially critical to finding “the one” at this price.

Buyers are typically faced with the following choices:
☝🏽 Getting space in a large fixer-upper.
✌🏽 Finding some upgrades but less space in a renovated home in an established neighborhood.
👌🏽 Going brand new in a transitioning neighborhood with a lower tax rate.
🖖🏽 Choosing a brand new but smaller home in the suburbs with amenities but a higher tax rate.

There’s honestly no wrong choice. It comes down to your priorities and the lifestyle you’re trying to live.

So what would I buy if approved between $200-$250K? Something like one of these gems 💎👇🏽👇🏽👇🏽

My final choice would depend on which phase of life you asked me the question. Young, single me might choose a fixer or new in a transitioning neighborhood because of the faster potential of appreciation. Family man me is leaning towards renovated in an established neighborhood or new in the suburbs because of schools and amenities. But I would be mindful of how those higher tax rates would affect my monthly payment.

Either way, don’t be discouraged by this approval amount in the slightest. Tons of options exist, and your home is out there once we nail down what’s truly important. Want to find out? Shoot me a DM so we can get started.

What Would I Do If Approved for $150K?⁣
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Simple. I’d have my agent find the best options in the areas I’m comfortable with, view them, and decide if the best of what I can afford right now is a better fit than my current living situation. Meaning, should I buy now or wait? I would almost always suggest buying at that price range. Here’s why....⁣
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Real estate has a sobering way of showing you where you currently are financially. And sometimes that can feel discouraging if the home you imagined is out of budget. I’ve been there. It’s ok! Our first home in San Antonio cost less than $110,000. No matter where your starting point is today, it doesn’t mean that you’re destined to stay there. ⁣
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That starter home was great to us. It ultimately became our first rental, appreciated in value, and sold for MUCH more than we bought it for. All because we made the decision to buy the best of what we could afford at that moment in time. ⁣
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The fact that real estate appreciates is also a reason why I would suggest buying over waiting in this scenario. What was $150,000 this year could reasonably be $160,000 next year. You could keep running into a pricing issue regardless of delaying. ⁣
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So what would I buy with $150,000? Something like this home. 👇🏽👇🏽👇🏽
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If you’re thinking about buying a home, and you’re not quite sure if there’s something out there for you at your budget, shoot me a dm so we can find the very best options out there for you!⁣
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In the next few weeks, I’ll be exploring how I’d spend with different approval amounts in Houston and surrounding areas. Stay tuned!

5 Things To Know About Pre-Approvals ⁣
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I often get asked “where do I start?” when it comes to buying a home and the answer is get a pre-approval. ⁣
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Your preapproval comes from a lender and effectively let’s you know the maximum amount you can receive for a home loan. It sets the budget. ⁣
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If it’s your first time, that process can often seem daunting, but it’s really one of the most simple parts of the home buying journey. ⁣
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⁣Here’s what you need to know:⁣
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1. It’s the very first step of the home buying process. Before a single tour, you need to know your preapproval amount to set expectations on the type of homes and locations you’re in range of. Sometimes clients are surprised with how high it is, sometimes it’s lower than they hoped. Either way, it’s crucial to moving forward and becoming a home owner at any budget. ⁣
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2. Pre-Approvals expire. All banks are different. Some approvals last 60 days while others honor a quote for up to 90 days. The lender of your choice will let you know how long your approval amount is good for. ⁣
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3. Compare multiple lenders. Look outside of your current bank. It’s sometimes easier to get an approval with a bank you’ve worked with, but that doesn’t mean they have the best program or terms. It’s always best to compare lenders when you’re getting serious to find the best fit. ⁣
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4. It’s not a commitment. Getting pre-approved doesn’t mean you must buy. Getting pre-approved is just a letter from a bank stating what you could afford if you moved forward. However it is a pull on your credit so don’t do it often.⁣
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5. Discuss your next step with your agent. Are the type of homes you’re dreaming of in range of your amount? If so, PERFECT! Let’s go house shopping. If it that number doesn’t align with what you’re dreaming of, that’s ok too. There’s no reason to feel ashamed of your number. Just remember that a pre-approval is just a snapshot of what we can afford at this time it doesn’t mean that it won’t change in the future as your circumstances change as well. It may be time to press pause on the move. However, there may also be some gems out there that would still allow you to own today!

🔑🤏🏽 to build the life you want to see. No one else is going to do the work for you.

5 Tips To Buying In A Seller’s Market

It’s a seller’s market. You’ve likely heard this a lot lately. But what does it mean for you as a buyer?

1. Know what to expect. There are fewer houses available than normal. With such amazing interest rates there are many more buyers in the market than homes to buy. Prices of homes have increased more rapidly than in a balanced market.

2. Be ready to make decisions. If the house looks good or has potential other buyers will also see that same potential. National average for offers on houses have doubled since January 2020. This isn’t a market to “sleep on it” before making a decision.

3. Buy new construction. Seller’s have no reason to back down on price or repairs in this market, and you’re not competing with buyers when you go new. Let’s not forget the incentives!

4. Make strong offers. Many times it comes down to the terms of the offer. Having a pro on your side to craft stronger offers is often key in beating out multiple full price offers.

5. Be flexible. The picture of what your home looks like may need to adjust a bit in today’s market. If you’re not willing to duke it out with other buyers we may need to sacrifice on commute, size, or cosmetics.

Want to chat about navigating this buyer frenzy with a pro? Shoot me a dm 😉.

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Comment down below. Are you ready for this market?