Last year, the Houston's real estate market prices soared by 17%, and inventory was meager. Low inventory made it very difficult for people to buy since the market forced buyers out. Unfortunately, it does not appear that the market will be getting any better for buyers this coming year.
Rising Prices for Houston's Real Estate
Realtors have wagered that the housing market in Houston, Texas, will only continue to grow and become more competitive. This is not great news for buyers looking for a new home soon. Buyers might be swayed to look in the other direction, but realtors advise buyers not to wait too long to find a new home. Prices are only looking to soar, making purchasing more challenging, so buyers should continue to look and buy when they can.
As prices and the market rose last year, the inventory became more and more scarce, which is what caused prices to rise. This year, the issue remains the same and will remain the same as the months. Sales activity was at the strongest at the highest end of the spectrum, and that’s not looking to change. Buyers have reported that it is nearly impossible to find anything below $250,000 suitable and livable. Inventory will continue to be low because people who consider putting their home on the market have chosen against it because they cannot find a new home.
Interest rates, we expect, will change up to four times possibly in Houston's real estate market. However, that shouldn’t alarm buyers or sway them from trying to purchase a new home. The rates are still affordable and should continue to be that way even if they rise.
Realtors advise that if you’re looking to buy, you should get your finances and funds in order, so you are ready. Be prepared to submit a competitive offer when you find a home to your liking. With the fierce competition, you cannot be subtle with what you offer. If you find a place you love, be ready to compete fiercely for it.
If you have any questions about Houston's real estate market, contact Flash Realty Solutions in Houston, Texas, today!