The uncertainty in the oil industry continues to impact home sales in Houston, and with the most recent downward turn of the price per barrel dropping under $50 a barrel, Houston’s home sales ease up as buyers become cautious again.
This was just confirmed in an article in Houston Chronicle yesterday, which is reporting “inventory for single family homes has reached 4.5 months, the highest in 5 years, as the number of homes for sale jumped 16.7% from a year ago.”
This is unfortunate, because like every commodity, it is a supply and demand issue, and as the supply goes up, the demand should follow, but the demand to purchase a home is not following the number of homes going on the market. With more to choose from, buyers become more selective and are choosing from the cream of the crop, so in order to be competitive, homes need to be pristine and updated to sell in this market.
Easier said than done for sellers that are operating on a budget and are forced to sell due to a job change or other reasons. Talk to your Realtor for tips on some minor inexpensive changes that may make a big impact, but remember that first impressions are critical, so please at least make sure that your home is well maintained and clean if you plan to sell.