Several years after the onset of the economic recession in the United States, the country’s real estate industry is making a much-anticipated comeback, and Houston, Texas remains one of the strongest markets leading the recovery. According to a Houston Association of Realtors (HAR) report published in yourhoustonnews.com, Houston’s housing market is growing at unprecedented rates.
HOUSTON – If the Houston real estate market were a car, it would be fair to say its driver had the pedal to the metal. September sped its way into the history books as the 28th consecutive month of positive home sales, and there still is no let-up in sight. The pace of home buying drove months of inventory down to 3.2 months compared to 4.7 months at this time last year.
Home sales soared 23.5 percent year-over-year, with contracts closing on 6,168 single-family homes, according to the newest monthly report prepared by the Houston Association of Realtors. That is the lowest one-month sales volume since March and follows four months in a row of home sales that exceeded 7,000 units.
If this rapid depletion of the market’s inventory continues, the fear that demand might exceed supply can result in a market craze that causes many potential homebuyers to feel pressured to act fast when purchasing a home. The excitement can cause buyers in competitive markets to be hasty and skip crucial steps in the home-buying process including enlisting the services of a title company in Houston to ensure a problem-free home sale.
Title companies in Houston help homebuyers obtain a title insurance policy by conducting a title search and evaluating all records associated with the property’s ownership, which confirms that the seller has the legal right to convey the property to the buyer. A title insurance policy protects lenders and owners from potential property ownership disputes, as well conflicts that may arise such as liens filed against the property or the current owner’s failure to pay the outstanding mortgage. In case of the latter, the burden of paying off the rest of the mortgage will fall on the shoulders of the new owner.
Buying a home should be an exciting time; however, homebuyers must keep in mind that the process involves challenges that they may not be equipped to handle on their own, including securing a title insurance policy. It is important to utilize the services of a professional, dependable firm like Riverway Title to ensure a smooth closing transaction.
(Article Excerpt and Image from Houston real estate market still going strong, Yourhoustonnews.com, 19 October 2013)