Wanted: Starter Houses in Texas – NMP Skip to main content

Wanted: Starter Houses in Texas

Phil Hall
Feb 10, 2017
For those who view Texas as a land of plenty, there is one thing that the Lone Star State is lacking: Starter houses

For those who view Texas as a land of plenty, there is one thing that the Lone Star State is lacking: Starter houses.
 
In a new data report from Trulia, Texas metros made up four of the top 10 “mismatched markets” when it comes to people looking for starter houses and the available inventory of such properties. Dallas was top of the list, with 18.1 percent of all home searches aimed at these introductory properties and 6.2 percent of these homes listed for sale. Houston placed second on the list, with a 17 percent-to-5.7 percent imbalance, while Fort Worth was fifth (19.5 percent-to-9.6 percent) and San Antonio was ninth (12.2 percent-to-5.8 percent).
 
Other states with multiple metros on the “mismatched markets” list were North Carolina (with third ranking Charlotte and fourth ranking Raleigh) and Florida (with sixth ranking Daytona Beach and tenth ranking Tampa-St. Petersburg).
 
“Nationally, the average market mismatch score across the starter, trade-up, and premium price tiers rose 1.8 percentage points to 7.4 percentage points during the fourth quarter 2016—with most shoppers searching for starter and trade-up homes but most listings being premium homes,” said Felipe Chacon, housing data analyst for Trulia's Housing Economics Research Team. “The widening gap between listings and searches underscores the difficulty home buyers face in locating an affordable home they like. More than half of Americans who had been in the market to buy a home during the past two years (58.5 percent) said the process was either somewhat or very competitive. This compares with 37.8 percent of those who were exclusively in the market for a rental during the same time period.”
Published
Feb 10, 2017
Lenders Complain FGMC Is 'Radio Silent' On Loans

Company said it would stop purchasing new loans in the wake of its mass layoff last week; seeking court-approved financing.

Industry News
Jun 30, 2022
AnnieMac Home Mortgage Acquires OVM Financial

Wants to expand its outreach into the Mid-Atlantic region.

Industry News
Jun 30, 2022
Ready Life Launches Black-Owned Fintech To Help Underserved Borrowers

Ready Life, led by two Black entrepreneurs, is taking aim at the racial wealth gap by starting a mortgage fintech.

Industry News
Jun 30, 2022
FGMC Files For Chapter 11 Bankruptcy Protection

FGMC notified laid-off 471 employees late Tuesday night that it would pay severance.

Industry News
Jun 30, 2022
FGMC Paying Severance To Ex-Employees

Late-night email tells laid-off workers they'll receive one week of pay for each year of service.

Industry News
Jun 29, 2022
Texas, N.Y. Law Firms File Class-Action Suit vs. FGMC Over Layoffs

Both firms represent a former employee suing over lack of 60-day notice before mass layoff on June 24.

Industry News
Jun 29, 2022