The Houston real estate market seems to be following the temperatures and heating up as we swing into the summer season! I hope everyone is seeing the signs of increased activity and more homes going under contract at a faster pace than we saw in the last 6 months. I know that every Realtor I speak to seems to be busy. At Energy Realty, we have seen more business than we have seen in 2 years.
Yes, it is still a buyer’s market in most areas, unless your home is priced under $250,000, but remember, the real estate market follows the oil market within 6-12 months, and we are still in that window. While oil prices did take a dip the last few weeks, companies seem to be doing more hiring than laying off, and many of the employees being relocated to Houston are coming in on a local package with little to no housing allowances. This could continue to impact the rental inventory, but boost home sales as people relocating to Houston turn to a home purchase in lieu of a rental.
Summer is the season to move as many families like to settle in before school starts again in August, so if you are thinking about selling your home, now is the time to list! With 30-year mortgage rates hovering under 4%, it is a great time to buy as well.
If you are trying to sell, don’t be shocked if the value of your home is less than what it was worth 3 years ago, because we have seen values drop in the last 3 years. Every real estate market is cyclical, like the stock market, and we have been in a down cycle for 3 years. The good news is that we should see prices start to go up by the end of the year.
Always hire a professional that will be up front and evaluate the market with an honest approach rather than someone who is just trying to put a sign in your yard.