The Texoma Region, or Texomaland, is renowned for its lakeside properties, water sports, and striped-bass fishery. It has long been a popular vacation destination, especially for residents in the Oklahoma City and Dallas-Fort Worth Metroplex areas. Recently, more people have been looking to settle down in the lake area, and there are hundreds of listings of Lake Texoma houses for sale on the market.
If you plan to purchase your dream home in this area, where should you begin? Let’s look at how to find a realtor, prepare your budget, and search for a home. Plus, we’ll answer common questions like: How do realtor fees work, what happens after an offer is accepted, and how does my realtor get paid?
Working with a Realtor
A realtor, or real estate agent, plays a vital role in the home-buying process. A realtor familiar with the region can help you find Lake Texoma houses for sale that match your criteria and budget. They will schedule and accompany you to property showings to share unique insights and answer your questions.
They will also help you navigate the local real estate market and offer objective information. For instance, if a property borders USACE (United States Army Corps of Engineers) land, they can clarify what you can and can’t do and show you what you need to know if you plan to buy or build a boathouse.
When finding a realtor to guide you through the process, verify they are licensed in Oklahoma and are a member of professional organizations like the National Association of Realtors (NAR). They should have extensive knowledge and experience in the Lake Texoma communities and real estate market. Also, ask them for references from past clients to ensure you’re in good hands.
How do realtor fees work, and how does my realtor get paid?
In a typical home sale in Oklahoma, the seller’s agent receives a commission that’s a percentage of the sale price (e.g., 5-6%). The buyer’s agent shares the commission with the seller’s agent — which means their services are often free for the homebuyer. If a realtor represents both the buyer and seller as a dual agent, they receive a larger commission.
What happens after an offer is accepted?
After you have found your dream home, your realtor will negotiate the price, contingencies, and closing costs on your behalf. When your offer is accepted by the seller, your agent will assist you with drafting and reviewing contracts, coordinating with other professionals, and handling the necessary paperwork.
Preparing Your Budget
Establish a budget so your realtor can present the best options for your consideration. Plus, getting your finance ducks in a row ensures you can act quickly to close the deal when you find your dream home.
Set a realistic budget by evaluating your finances. Consider your income, expenses, debts, and savings to determine how much you can comfortably allocate to housing costs. Then, follow the “28/36” rule to ensure you spend under 28% of your gross monthly income on total housing expenditures and less than 36% of your gross monthly income toward any debt, including mortgage payments.
Next, your realtor can help you explore financing options and available mortgage types, such as fixed-rate, adjustable-rate, FHA, VA, and USDA loans. Then, get pre-approved for a mortgage before starting your home search to see how much you can borrow. Along with the down payment you have available, you can determine the price range for your home search.
Check and improve your credit score because a higher one can help you obtain better mortgage terms and lower interest rates. Meanwhile, your realtor can point you to local or state homebuyer programs that offer down payment assistance or reduced interest rates for qualified buyers.
Consider additional, ongoing costs beyond the purchase price so you don’t run into unpleasant surprises. These include property taxes, homeowners insurance, HOA fees, and maintenance and repair expenses. Also, set aside money for closing costs, like appraisals, inspections, and title insurance fees — typically 2 to 5% of the purchase price.
Searching for Your Dream Home
With so many Lake Texoma houses for sale, getting started can be overwhelming. First, identify your priorities and must-haves. Consider factors like location, budget, the number of bedrooms and bathrooms, square footage, school districts, and amenities to narrow down your options.
Use online listings like Zillow, Realtor.com, Trulia, and local MLS (Multiple Listing Service) websites to search for Lake Texoma houses for sale. Also, work with a reputable real estate agent who can offer exclusive access to listings through the MLS and offer personalized advice to help you find the best candidates.
Attend open houses and schedule viewings to see various properties in person. Get a feel of the neighborhood to see if it’s a good fit for you and your family. Be prepared to ask questions about the home, its history, and potential issues. Also, take notes and photos to help you remember the details of each location.
Your realtor is your ally in this process, and effective communication can help you get the most out of it. Share your priorities, budget, and requirements to help them tailor their recommendations. Provide feedback after viewing properties so they can refine their search.
Stay in touch with your real estate agent to ensure you hear about new listings and market trends in the Lake Texoma region. Ask them for advice on negotiation strategies and potential red flags. Finally, promptly respond when they notify you of a property that meets your criteria so that you don’t miss out on opportunities.
Find Your Dream Home in Lake Texoma
With so many Lake Texoma houses for sale, there’s no better time than now to find your dream home in this up-and-coming region. American Realty specializes in Texomaland real estate, covering areas like Lake Texoma, Marshall County, OK, Bryan County, OK, and Grayson County, TX.
Our team of real estate experts knows the communities like the back of our hands. We can give you the latest insights and insider scoop to help you find the home or land in Lake Texoma that’s made for you. Contact us or schedule a meeting to see how we can help.
