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The Spring Housing Market is in Bloom


The Spring Housing Market is in Bloom

The Spring housing market is in full bloom in Houston and we are seeing home sales increase
weekly as we head into the second quarter of 2023.

We are all breathing a sigh of relief as buyers seemed to get off the fence and jump back into
home purchases in March, taking advantage of lower interest rates every time the Fed dropped the
interest rates.

However, the interest rates seem to be as unpredictable as the weather this Spring as today
brings another .25% increase in interest rates! Last month we saw interest rates drop as low as 6%, and
now they are heading back up to 7%. This coincides with record high Spring temperatures last week to a
sudden drop to the 50’s just before Easter weekend!

Our Energy Realty agents are busier than ever listing and selling houses across Houston, with a
focus on the Energy Corridor, Memorial, and Katy. When homes are priced correctly, the average
market time is under 30 days, but if they are overpriced, we are still seeing those homes linger on the
market, despite low inventory levels.

Buyers will continue to look for that Unicorn, which is the renovated home with “on-trend”
finishes in a great neighborhood at a reasonable price. Oddly, these buyers are still willing to pay above-
the list price when they find these Unicorns and we are seeing multiple offers and bidding wars again. I
know this first hand as one of my buyers lost out on an offer they placed on a home backing to a lake in
the Energy Corridor after offering $50k above the list price. It is still happening, so be prepared!

The Relocation market is also heating up with the Spring temperatures and we are seeing many
of the oil and gas companies targeting moves into Houston for April and May. These relocations will
bring a mix of renters and home buyers, typically where oil and gas companies are centered including
the Energy Corridor, Katy, the Woodlands, and downtown.

If you are looking to sell your home this Spring, Energy Realty agents will be prepared to advise
you on whether or not it makes financial sense to do some minor updates to sell your home for more
money in this market. With our new concierge program, you may not even have to pay for these
updates until after we sell your home.

A Real Estate professional today has to have a lot of tools in their basket to get your home sold,
and we are shifting with this market to provide every tool necessary for our clients.