Buying And Selling In Sugar Land, TX
Looking to buy or sell in Sugar Land, TX? Have you been wondering if it’s a good location for you and your family to buy a home? Are you interested in selling and curious if it’s the right time to put your house on the market? Living Houston is here to break down the answers to these questions and more as you consider dipping your toe into Sugar Land’s beautiful waters.
One Of The Best Houston Suburbs
Sugar Land, TX is an affluent community with a competitive housing market. Statistics from 2021 show that the median sale price in Sugar Land, TX was $387K, and houses spent an average of 19 days on the market. With a diversity score of 98 out of 100, and 98% of Sugar Land residents voting it an excellent place to live, Sugar Land is one of the top U.S. cities.
Sugar Land offers residents a small-town suburban vibe, with big-city amenities, sprawling neighborhoods, and plenty to do, see, and eat. Sugar Land also boasts highly rated public schools, thriving businesses, and plenty of parks and events.
Buying A Home In Sugar Land, TX
One of the most challenging and stressful acts in an individual’s life is buying a home. There are many moving pieces, many financial components, and lots of waiting and hoping everything goes as planned.
9 Steps To Take When Buying A Home In Sugar Land, TX
- Calculate How Much House You Can Afford: An excellent place to start is by calculating your debt-to-income ratio, or DTI. DTI is one of the most important things a mortgage company will look into when you apply for financing. This means they will see how much debt you owe in proportion to your income. You’ll also need to be aware of additional costs such as homeowners insurance, HOA fees, and property taxes alongside your household expenses and how they will fit into your budget. Be prepared to assume the new cost and set the cap for your budget.
- Savings For Down Payment And Closing Costs: You’ll want to ensure that you’ve saved enough money to pay for your down payment and closing costs. Many people believe that you need to put 20% down when buying a house. However, you can get a conventional loan for as little as 3% down if you qualify. FHA loans can have a minimum of 3.5% down, and VA and USDA loans allow approved, eligible borrowers to put 0% down. Closing costs are the money you pay to get a loan. Closing costs vary, but you need to save around 3%-6% of the home’s value on average. So if you’re buying a home for $200,000, be prepared to pay approximately $6,000-$12,000 in closing costs.
- Get Preapproved For A Mortgage: Don’t look at a single home until you’ve been preapproved for a loan. You’ll receive a letter stating how much they’re willing to lend you based on income, credit, and assets. Once you have this letter in your possession, you’ll be able to hire a REALTOR® who can guide you towards homes that fit your price range.
- Find The Right Real Estate Agent: If we’re being honest, this is often the most crucial step in the whole process. An experienced, professional REALTOR® can make the home buying process as smooth and stress-free as possible. An agent with poor abilities can complicate the process. Their lack of skills can lose you the house you want. The greatest way to serve yourself is to choose a REALTOR® wisely.
- Begin House Hunting: Your REALTOR® will help you find homes to view based on your search criteria, desired amenities, and budget. Don’t get discouraged if you don’t find what you’re looking for immediately. Patience is vital in house hunting, and a good agent will help you stay positive and find the right house at the right time.
- Make An Offer On A House: Once you find a house you love you’ll work with your REALTOR® to submit an offer. The offer will include a number of things, and it will need to be attractive to the seller. The seller will then accept it, reject it, or counteroffer. Buying a home usually means a lot of back and forth, so make sure your agent is a master negotiator.
- Get A Home Inspection And Appraisal: You’ll want to obtain an inspection to ensure that the asset you’re about to acquire is a sound purchase with no significant issues. Your lender will require an appraisal to safeguard against lending you more money than the home is worth. If the appraiser deems the property value is lower than the offer, you could have trouble with financing. If this happens, you may be in for another round of negotiations, or you may need to come up with more money to make up the difference.
- Do A Final Walk-Through: Even if you’re 100% committed to the property you want to purchase, make sure to do the final walk-through to verify that everything is as it should be before closing and to ensure there are no surprises.
- Closing On Your Home: Before closing, you should receive a preliminary closing disclosure, which is a document that summarizes your loan details and lets you know the final amount you’ll need to pay. Often the prelim disclosure has some discrepancies. Your REALTOR® should walk you through it and be able to recognize errors and have them fixed. You’ll need to bring a current, valid form of identification and funds to closing and sign the necessary paperwork. Once the deal is executed and funded, you’ll be a proud new homeowner.
Selling Your Home In Sugar Land, TX
If buying a home is a rite of passage that feels like you’ve graduated into adulthood, selling a home is more like an afterparty. A home sale requires prepping, planning and paperwork. The sellers’ side of the transaction is slightly less stressful and tedious but equally celebratory when executed.
How To Sell Your House In Sugar Land, TX
- Prep Your Home: The real estate industry calls this step “staging.” Staging is the process of decluttering and depersonalizing your home. The goal is to make your home as desirable to others as possible. Your job is to create a welcoming space and a blank canvas for them to paint with possibilities. Staging can be accompanied by minor improvements such as a fresh coat of paint or new hardware. Ultimately, you want to sell your home both literally and figuratively. An excellent REALTOR® will make this step both painless and successful.
- Get Professional Photos Of Your Home: With so many people viewing homes online and going on virtual tours, how your home is presented is everything. Fantastic photos can sell your home without anyone ever stepping foot inside. Not to mention your agent will also use them to market your property, so make sure your REALTOR® provides this service for you.
- Work With Your REALTOR® To List At A Competitive Price: Pricing is everything when selling your home. Listing too high can put a nail in the coffin before you even know you’re dead. Make sure to choose an agent who’s well-versed in CMA’s and listen to what they have to say. If you don’t trust that your REALTOR® knows what they’re doing, then you hired the wrong one.
- Field Offers: Your agent should present all offers to you no matter what. Take the time to sift through them and choose the one that works best for you and your family. Get with your REALTOR® and go over each offer in detail. This will help you better understand the positives and negatives of each offer.
- Get Ready For Closing: Both the buyer and seller have closing costs. Customarily, the seller pays the real estate agent’s commission, usually around 5%-6% of the sale price. Buyers may negotiate with you for credits, repairs, or to help with their closing costs. The buyer usually pays the bulk of the closing costs, but you’ll have some responsibilities as well.
Sugar Land TX Realtor
If you would like to buy or sell in Sugar Land, TX and need advice from an experienced REALTOR®, don’t hesitate to contact us. Whether you choose to work with one of our agents or not, we’ll offer you straightforward, authentic advice.