Planning to buy your first house this summer? Here's what you need to know

If you're thinking of buying your first home this summer, you should hire a Texas REALTOR® right away. Why? The summer selling season is going to be competitive. The latest Texas Quarterly Housing Report shows that monthly housing inventory continued to drop in the first three months of 2015, falling to a new all-time low of 3.1 months, a decrease of 8.82% from the same quarter last year. Since summer is already a popular homebuying season, and many markets in Texas will experience high demand, you need to be prepared to move quickly when you find a property you love. If you begin working with a Texas REALTOR® this spring, you'll be ready to do just that. A Texas REALTOR® can help you determine what kind of property you're looking for, how much you can afford, and other factors that will help you be ready to make quick decisions. And as a first-time homebuyer, you'll need the extra help, due in part to the current market. Jim Gaines, Ph.D., economist with the Real Estate Center at Texas A&M University, says homes are being built quickly, but many aren't in the price range for the entry-level market. "Interest rates are still low, but tight lending standards, rising home prices, and slim inventory have created a tough market for first-time homebuyers," he says.