September 17, 2019
Houston home sales were hot through August, according to the Houston Association of Realtors. Low interest rates continue to encourage home buying in prices ranging up to $750,000, but homes priced above $750,000 slowed compared to the rest of the market.
Despite this good news, most home prices continued to soften, so we will probably see home values in 2019 end lower than 2018. The other good news is that I feel that our market has finally hit bottom. It has been two years since Harvey devastated many Houston neighborhoods, and we are also seeing oil companies heat up the hiring in Houston again as oil prices stabilize. The Houston housing market typically follows the oil market by 6-12 months. I think home values will start to go up again in 2019!
If you are just now choosing to put your home on the market for sale this Fall, you could see some good results. When you read the article below about mortgage rates, 30 year mortgage rates have consistently remained under 4%, so the Fall market could be the second best time to sell a home besides the Spring. Vacations are over, schools are in session, and many home buyers hope to take advantage of the Texas Homestead Exemption by the beginning of the year.
We continue to assist homeowners in flooded neighborhoods as well, and although these homes typically sell below pre-flood value, at least they are selling again! Many flooded homeowners are choosing to Lease their homes until their home values go up again, and with oil companies hiring again, many of these homes are leasing. Despite the rumor, most oil companies are allowing rentals in previously flooded homes.
We are still in a Buyer’s Market, so remember that buyers have the upper hand with more inventory to choose from so we see two things happening: 1) buyers like to negotiate 2) buyers are looking for homes that are move in ready.
Every house will sell in any given market at the right price! The question you will need to discuss with your Realtor is what that price is and if you are willing to sell at that price. A professional Realtor should be able to give you a realistic idea of what your home will sell for in this market.
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