Credit Crisis! Falling Prices!! Foreclosures!! Why in the world are you even thinking about buying a house right now when you relocate to Fort Hood?
Maybe because you are sly like a fox?
Credit Crisis? This is a GOOD thing for you if you are buying right now. It means that you can be confident that your lender is going to be CONSERVATIVE and won't shoehorn you into some kind of weird subprime loan to get you into a home. If you get turned down for a loan, that is GOOD. It means you are NOT ready to buy and should encourage you to work on your credit and prepare yourself to be a home owner.
Falling Prices? First quarter Killeen Fort Hood home sales showed an average price increase of $3000 over the same period as last year. Appreciation is happening in our market, not in all price ranges, but it is evident that prices have been increasing.
Foreclosures? Yes, there are more foreclosures in the Fort Hood real estate market right now, but reference back to the Credit Crisis above. This is fallout from the wild lending that went on two to three years ago. Risky buyers got risky loans. These buyers should have NEVER bought a home. They were not ready for home ownership. And they didn't understand the loan documents they were signing. The documents that clearly explained to them that their low interest rate was only good for a couple of years, and then would explode into a much higher (and unaffordable) interest rate and payment after that. Once the payments went up (per their loan) these risky home buyers were unable to make the larger payment and had to let the house go. Since their credit still wasn't good, no lender would approve them for a new loan to refinance the house at a lower fixed rate. They were risky buyers to begin with and still didn't work on their credit after they bought the house in order to be prepared to refinance when their adjustable rate mortgage reached the date the interest rate was scheduled to go up.
So what does all this mean for you?
It means you might find that you have an opportunity to buy a home at Fort Hood, so don't fear the credit crisis, or falling prices or foreclosures. If you have good credit, good employment history, and you make sure to get a fixed rate loan, you are in great shape to buy when you get to Central Texas.
There has probably never been a better choice of real estate to choose from in Killeen, Harker Heights and Copperas Cove than there is right now, also. Beautiful resale homes are on the market this spring, as is a large inventory of brand new homes. So whichever type of home appeals to you, go out there and buy your new home at Fort Hood feeling confident that the time is right!