Where have all the starter homes gone? 150k or less in Cypress and Willowbrook.

When it comes time to purchase your first home, your friends and family that have bought before you are bound offer up opinions on where to buy, what to buy, when to buy... You'll probably hear a lot about finding a nice "starter" home. But as you begin to look for yourself, you'll find that this kind of starter home, or at least the way it's described to you, can be a fairly elusive breed.

So where do you find these homes in the areas where you want to live? 

Below You'll find homes currently for sale in the Willowbrook and Cypress areas for 150k and under (narrowed down to active single family listings)

Homes for sale in Cypress North

Homes for sale in Willowbrook South

Homes for sale in 1960/Cypress

Some considerations when shopping in a modest price range...

• Know the drawbacks of buying a foreclosed or distressed property. 

If you're home search is on a tight budget, you'll likely come across several foreclosures and short sales. Keep in mind these transaction can vary greatly from a traditional home purchase. A short sale is anything but short in regards to timeline, they can take up to 6 months to close. Your REALTOR can help you navigate these differences. 

• Don't bite off more than you can chew. 

Daydreaming of a fixer upper? You'll likely get a rush of excitement upon finding a that diamond in the rough in a neighborhood you thought you couldn't afford, and the idea of purchasing a home with room for some "sweat equity" seems like a no-brainer. However, it's important to be realistic about what it would take to make this a comfortable home without breaking the bank... or your sanity! And most importantly don't skip the home inspection, it gives you crucial insight to the condition of the home. 

• If you're up for the challenge, there are some resources that could help.

If you do decide that a fixer upper IS for you, there are some mortgage products that you'll want to consider. The FHA 203k Rehabilitation Mortgage and the Fannie Mae Homestyle Renovation Loan. Both of these loans are designed to finance the purchase of the home and the renovation all in one mortgage.

• Don't forget about down payment assistance programs.

There are a variety of state and local programs available to help you get into a home, many of them are grants that do not have to be repaid, and not all of them are limited to first time buyers. State programs generally offer 3-6% of the loan amount in assistance, and are easier to qualify for than you may think. And if you're a veteran, teacher, police officer, corrections officer, fire fighter/EMS personnel; you have even more options available to you. Find more info HERE.

Jessica Mckinney

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