Hows the Texas Real Estate Market doing so far in 2019?
- Housing sales have increased 5.2% since January.
- New construction permits saw a drop in activity.
- Market is leveling out.
Real Estate Market in Texas…
According to the Texas Real Estate Center at Texas A&M, Texas housing sales increased 5.2 percent from January amid lower mortgage rates and decreased price pressure. Supply indicators were mixed with single-family construction permits and total housing starts stabilizing after a shaky end to 2018, but single-family private construction values continued to slide.
On the demand side, the typical Texas home continued to average just 60 days on the market and sold above 95 percent of the original list price. Lower mortgage rates provided incentives for prospective purchasers, but housing affordability remained a challenge across the state. Overall, the healthy labor market, population growth, and the economic expansion supported strong housing demand.
What I have experienced in the Greater Houston Area Market
Buyers
Buyers have started gaining a stronger position in the market. Median priced homes are staying on the market longer than they usually do this time of year. Interest rates are stable, most of my clients have been locking in rates around 4.25 for a 30-year conventional loan. Although I did have one client who recently was able to get a 3.75 percent interest rate, the best I have seen in a while.
Sellers
The market may be leveling out in most areas; however this is not always a bad thing considering most sellers, end up on the buying a new house after the sell. Homes are staying on the market slighter longer than average for this time of year. With that being said, homes that are priced correctly and marketed properly always sell in a reasonable amount of time. If you are curious about what updates make the biggest difference on your home’s value, check out this post on home improvement.
Takeaway…
The market is leveling out giving buyers and sellers a more level playing field than we have recently seen. Negotiation and marketing have never been more important so make sure you chose a realtor that you trust. Don’t make the costly mistake of signing a lengthy contract with the wrong realtor. If you have any questions feel free to reach me personally at 281-352-9972.
