DISCOVER HOUSTON
Being well-educated home buyer important when relocating
When moving to Houston, there are several frequently asked questions that relocation clients typically ask of their Realtors in order to gain a better understanding about the city, and the types of areas and neighborhoods that might be good options for them as they begin their home search.
Kirsten Abney, senior vice president of Heritage Texas Properties, said that one of the best places to start the discussion with a relocation home buyer, is by providing a thorough explanation of the local real estate market.
“For people who are not familiar with Houston or have never been here, getting a good understanding of the different market areas is very important, so we start by educating them to the local market,” Abney said.
Since Houston is made up of several submarkets, Abney said that it can be difficult to characterize the Houston real estate market as a whole, because there are significant variances in prices and housing options that are specific to the area and/or neighborhoods that are being considered.
In addition to being well-educated about the market, Abney explained that relocation clients also need to be aware that if they are looking in an area or neighborhood that is highly desirable, that there may be fewer properties to choose from, and that the days on market tends to be shorter. In those situations, she said that home buyers need to be prepared to act quickly if they see a property that they like.
For that reason, Abney said, “It’s really important to work with an agent who really knows the market areas that are of primary interest to the relocation client, because that agent will be able to be more of a trusted advisor with regards to the different questions the client may have, and can help the client understand the community and what’s around the community.”
When it comes to actual areas and neighborhoods, Abney said that for people moving to Houston with children, that schools are generally the top priority, which means that parents need to be prepared to do their research.
“So much of the research is incumbent upon the home buyer, because a great school for one child, will not necessarily be a great school for another child, since every child has different needs and requirements,” Abney said. “Parents have to really decide which things are most important for their children, and do the research so that they can make the right decision based on their children’s needs.”
She added that the best way to do that is by scheduling appointments to tour the schools and meet with the administrative staff.
Abney also explained that it is extremely important for relocation home buyers to work with an agent who is well-versed in the corporate relocation process, and who truly understands the unique needs of the client, including how long the client anticipates living in the new home.
It is very common for people who relocate to Houston as part of a company transfer to find themselves relocating again in a relatively short period of time. Thus, many relocation home buyers approach the home purchase decision by evaluating how quickly they might be able to resell the property, and whether they would be likely to either realize a profit, or at least break even on the invest- ment.
Abney said that this is especially true for a relocation client who is interested in buying a new construction property in a masterplanned community where new construction is expected to continue for the next several years.
“Unless someone is planning on staying in a house through the completion of a development, they will end up competing with the new construction properties when they get ready to sell their home,” Abney said. “And, depending on what the market is like at the time they are ready to sell, there might also be builders that are selling new construction for less money than the relocation home buyer paid for their home when they purchased it.”
Another issue, Abney said, is that the finishes and/or amenities that builders puts into new construction homes might change, even a very short period of time, which means that a home that is only a couple of years old, could be perceived as outdated by current builder standards, and might be less appealing to potential home buyers.