Two of the things that worry prospective home buyers are taxes and insurance costs, but there are reasons to hope that while both have been going up the past few years, there are signs these expenses may be stabilizing and there is even a possibility of lower bills.
Mark Woodroof, owner and CEO of Better Homes and Gardens Real Estate Gary Greene, says markets, taxing laws, and policies are changing.
"On the tax front, the fact that prices have flattened out the last couple of years is going to make it a lot harder for the taxing jurisdictions to continue to raise appraised value," he says.
That appraised value is the subject of some contention among tax activists, who say the ability of jurisdictions and local governments in Texas to dictate appraisal figures (an estimate of what a home is worth) acts as an unspoken and overlooked "tax" for homeowners, including estimates by some that poor and elderly Americans are being taxed out of their homes.
But the Houston-area Realtor also has some even more positive news: The price of home insurance could soon become more competitive, which could then result in lower insurance costs for homeowners.
"I'm told by the insurance folks that rates have moderated there, and that actually there are more carriers coming into the market here," he says, adding that overall, the Houston and Texas markets look good.
"You know we've got a pretty balanced market now, with about five months of inventory, which is not so different than it was in 2019 and before."
After some tumultuous years, it appears the home-buying markets are stabilizing, with some good bargains and lots of inventory available for buyers and an active market for sellers.