Mark Haley - Real Estate Agent

Here's my Greater Houston Real Estate update for January 23, 2025! Click the link below to get caught up:

Copy of Welcome to Your Weekly Real Estate Update for the Greater Houston Area

On October 26th of this year, according to Freddie Mac's reporting, the average mortgage rate peaked at 7.79%. Today, that average is 6.95%. That might not seem like much. But, on a $300k house with a 3.5% down payment, that 0.84% represents a savings of $165.68/mo and nearly $60,000 over the life of the loan.

While that's FANTASTIC news for potential home buyers, I can't recommend strongly enough that you consider getting pre-approved and start the home search ASAP. Rates dropping isn't a secret. This will drive buyers out of the woodwork, which will drive up prices. Not only that, typically, the busy season for home sales starts early spring. So, even more buyers will enter the market soon. So, if you're thinking about it, even a little bit, let me know and I'll help walk you through some great options.

(The numbers in the chart below are only principle and interest payments. There are too many variables for me to estimate taxes, insurance, & HOA. But, if you send me a home you're interested in, I'd be happy to estimate those other fees too.)

Another satisfied client! So glad that I was able to help Sharlene find a fantastic home at an even better price.

If you're waiting for rates to drop again (and most lenders seem to believe they will go down a bit), I'm not sure that I would. When rates go down, it encourages more people to look to buy, which typically drives prices way up. I believe the smarter move is to buy when you need to move, regardless of when that is, and refinance when rates drop enough to make it worth it.

There are lots of great homes available in the Houston area that can be had for a fantastic price right now. If you're looking to purchase or sell a home, I'd love to have your trust to guide you through the process. I'm happy to answer any questions you may have. Just reach out!