As the nation's economy slips into a confirmed recession, and the national inventory of homes hovers at a 10 month supply, the major metropolitan markets in Texas are showing healthier signs than the rest of the country.

At a 10 month supply, many economists indicate that conditions begin to lean toward favoring buyers over sellers. In some parts of the country this means that current conditions make selling a home a process requiring more time, patience and willingness to negotiate from sellers.

By comparison, demand for homes in Texas is doing a much better job of keeping up with supply. The inventory available in Houston is just a 6.5 month supply, with a 6.4 month supply in the Metroplex, and a 7 month supply in San Antonio. To date, no major cities in Texas have seen an inventory nearing anything close to a 10 month supply.

Throughout the last year, Texas has remained relatively sheltered from the national downturn in the housing market. Available inventory continues to show promising signs of a balanced, healthy Texas real estate market.

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With the advent of the Internet, thousands of real estate web sites have become available—all of them with some combination of raw data, opinions, and informative tips for selling your home. Some of these sites proclaim or insinuate that you are better-off selling your home by yourself—without professional representation. With all the available tools, you may be successful. Just remember, it doesn’t take much of a misstep to cost yourself thousands of dollars and a lot of aggravation. Consider a Texas Realtor to help you navigate a 21st century real estate transaction.

For instance, a property-valuation site may incorrectly value your home. If you use this information and place your home on the market at a price that’s too high or too low, you risk costing yourself money, additional time to sell, or both. Texas Realtors have the experience and knowledge to accurately price your home, and take many factors into consideration that no data-aggregating site can incorporate.

Telephone calls, property showings, open-house visitors, contract negotiations, transaction coordination, and legal risk are a part of the home-selling process. The game has changed, though—these days, you also have to post the property on the Web and market it through the Internet, and agents will help you navigate tricky web waters as well. Research from the National Association of Realtors indicates that more than 80% of buyers now heavily rely on the Internet for their home search. Potential buyers now expect lots of online content, especially pictures and video, and they want it to be high-quality, easy to find, organized, and informative.

Your agent will make sure you utilize the vast resources available to you on the Internet, and to give buyers the online information they need to properly consider your home.

Source: Texas Association of Realtors

Managing your credit score is important for all areas of financial health, not the least of which is getting a low interest mortgage when you are ready to buy a home. So, prepare yourself now by making sure you know the basic facts about your credit score:

Scores reflect only your past credit history — not personal characteristics, such as age and gender. Over time, you have the ability to control this factor.

A low score could not only cost you thousands of dollars a year in additional finance charges but also deny you access to credit, insurance, electric and telephone service, a rental unit or a even a job.

Consumers with credit scores less than 600 are typically charged relatively high subprime loan rates. Those with scores more than 700 are usually pay lower rates. Those with scores more than 760 get the lowest rates of all.

Paying your bills consistently and on time is the best way to improve your credit score. If you are behind, get current and stay there. Don’t max-out credit cards and other revolving credit. Pay off debt rather than moving it around, and don’t open many new accounts.

Check your credit report annually to see that it’s error free. Remember that while you often can get a free credit report, you almost always must pay for a credit score (except when applying for a mortgage loan). It usually costs around $9 to purchase reports and scores from one of the big three credit bureaus.

Source: Real Estate Center at Texas A&M University

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