Mortgage Do's And Don'ts
Mortgages can be tricky, and it's easy to make mistakes that can end up costing you dearly. That's why we've put together this list of Mortgage Do's and Do not's to help you navigate the process with ease - and a little bit of humor.
DO: Shop around for the best mortgage rates
DON'T: Assume your bank will give you the best rate just because you have a checking account there. Remember, loyalty is a two-way street.
DO: Have a budget in mind
DON'T: Get in over your head. Just because you can technically afford a million-dollar mansion doesn't mean you should buy one. You don't want to be house-poor and unable to afford groceries.
DO: Get pre-approved before house-hunting
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DON'T: Assume you'll be approved for a mortgage just because you have good credit. Pre-approval is important because it gives you a better idea of how much house you can afford and shows sellers that you're serious.
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DO: Consider your future plans
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DON'T: Assume you'll live in your new house forever. Life happens, and you may need to sell sooner than you think. Make sure you're not getting into a mortgage that you can't realistically afford if you need to move in a few years.
DO: Get pre-approved before house-hunting
.
DON'T: Assume you'll be approved for a mortgage just because you have good credit. Pre-approval is important because it gives you a better idea of how much house you can afford and shows sellers that you're serious.
.
DO: Consider your future plans
.
DON'T: Assume you'll live in your new house forever. Life happens, and you may need to sell sooner than you think. Make sure you're not getting into a mortgage that you can't realistically afford if you need to move in a few years.
DO: Read the fine print
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DON'T: Sign on the dotted line without reading the terms and conditions. There may be hidden fees or clauses that could come back to haunt you later.
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DO: Be prepared for unexpected expenses
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DON'T: Assume everything will go smoothly. There may be unforeseen expenses, like a leaky roof or a broken furnace, that can quickly drain your savings. Be sure to budget for these types of surprises.
DO: Read the fine print
.
DON'T: Sign on the dotted line without reading the terms and conditions. There may be hidden fees or clauses that could come back to haunt you later.
.
DO: Be prepared for unexpected expenses
.
DON'T: Assume everything will go smoothly. There may be unforeseen expenses, like a leaky roof or a broken furnace, that can quickly drain your savings. Be sure to budget for these types of surprises.
DO: Have a good sense of humor
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DON'T: Take everything too seriously. Yes, buying a house and getting a mortgage can be stressful, but try to find the humor in the situation. After all, laughter is the best medicine for a stressful day.
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By following these Mortgage Do's and Do not's, you'll be well on your way to successfully navigating the mortgage process - with a smile on your face. Good luck, and happy house hunting!
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🌟Construction & Demand Drive Houston's Industrial Success! 🏢
🌟Construction & Demand Drive Houston's Industrial Success! 🏢
Hey there, Houston! 🌟 The second quarter has been fantastic for our industrial market, keeping up the solid momentum from the beginning of the year. Tenant demand is skyrocketing, thanks to our growing population and affordable living costs. And guess what? The forecast for the rest of the year looks bright and sunny as potential rate cuts could boost investments and construction. 🌞💼
Houston Highlights
📈 Leasing Activity Surges: The Houston industrial market saw a 25.7% increase in leasing activity, jumping to 10.8 million square feet from 8.6 million SF last quarter, marking a 12.4% year-over-year rise. 🏢✨ Integra Mission Critical made the biggest splash with a 1.2 million SF sublease from Wayfair, who never occupied their new building in Prologis' Presidents Park. 🏗️
🏗️ Construction & Vacancy Rates: New supply hit 7.3 million SF, outpacing the current net absorption of 3.2 million SF, which is a 4.7% increase from last year. The vacancy rate nudged up by 40 basis points to 7.7%. But don't worry, the construction pipeline is still 48% pre-leased, although it has shrunk to 12.1 million SF from 33.7 million SF year-over-year. 📉
💲 Rental Rates: Rents are climbing, too! We saw a rise to $9.58 PSF NNN from $9.43 PSF NNN last quarter, representing a 4.8% growth rate year-over-year. 📈💰
The Market Rebalancing Act
Despite a slowdown in construction after years of record-setting levels, leasing activity is picking up. With a solid 48% of under-construction properties pre-leased, we're on track to more sustainable levels. 🎢
🌆 Steady Absorption & Rising Rents: Net absorption is holding steady at 3.2 million SF, and rental rates are up 4.8% year-over-year. However, the vacancy rate at 7.7% continues to rise due to the influx of new construction. We might see rental rates plateau in the second half of 2024 before climbing again in late 2025. 📊
Construction Pipeline Shrinks
Developers face challenges in capitalizing new projects due to today's debt and equity markets, along with landowners' high pricing expectations from 2021 and 2022. But with strong leasing activity, developers are back hunting for new land positions heading into 2025. 🏞️💼
Opportunities for Tenants
Now could be a golden opportunity for tenants to strike advantageous long-term deals, especially in larger big-box vacancies. Landlords, responding to slight overbuilding in certain sectors, are offering aggressive concession packages. But this window might not last, given the strong leasing activity and limited future deliveries. 🏭🏢
Owning vs. Leasing Trend
More developers are selling to owner/users, who believe owning real estate is a great hedge against inflation. With Houston's business-friendly environment and low cost of living, many tenants are relocating here, even willing to pay a premium to own a building. This trend boosts sales and diversifies supply chains. 🏘️🔑
Cautious Optimism for 2024
As we head into an election year, we remain cautiously optimistic. Reduced vacancies due to rising overall requirements are happening, although bulk distribution faces a slowdown. Active industries include furniture, retail goods, hardware, solar, building materials, food and beverage, 3PLs, and manufacturing. 🛋️🔨🌞
Houston's Manufacturing Strength
Houston's strong manufacturing presence, coupled with a lack of quality manufacturing facilities, has spurred build-to-suit activity. The Port of Houston's increasing container volume also bolsters future industrial space demand. With our growing population, multiple deep-water ports, and two international airports, Houston remains a powerhouse in the national economy for logistics and manufacturing. 🛳️✈️
Stay tuned, Houston! The future looks bright! 🌟✨
#HoustonIndustrial #RealEstateBoom #TenantDemand #Construction #LeasingActivity #HoustonGrowth #CommercialRealEstate #HoustonEconomy
Need more help? I’m an experienced Commercial Real Estate Mortgage Broker, please feel free to reach me at 281-222-0433.
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© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory
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