As you may have already seen, it’s been a very interesting year in the Houston real estate market.
August was a huge, record-breaking month, and in September, we were down by mere fractions. We’re still waiting for this October’s numbers still, but we know we’re up on a year over year basis. The average sales price of Houston homes is up 2% from last year, so we’re still seeing positive things in the market.
We do, however, think Upstream Energy is going to continue to be a bit of a drag on the market. Oil is back down, so there could be issues to work through into next year. When it comes to inventory, we’re currently at about four months, which is very low compared to the rest of the nation. To get a good idea of the market, though, you have to break it down by neighborhood. Some neighborhoods have very low inventory while others (especially in the oil sector) have very high inventory.
I also wanted to address the people who are thinking about selling their homes and considering waiting until spring to do so. This may or may not be the right thing to do. If you’re considering selling over the winter, I’d advise you to look at the inventory you’re competing against. How many signs are up in your neighbors’ yards? Some people think that winter is a bad time to sell, but we don’t have harsh winters here.
“WINTER COULD ACTUALLY BE THE PERFECT TIME TO SELL.”
The reality is that winter could be a great time for you to sell. Many times, December is our biggest month. That’s because winter buyers are truly motivated buyers; people don’t just go out and look at homes for fun between Thanksgiving and New Year’s. Buyers are also more serious at this time because they want to get their homestead exemption for this year’s taxes; you need to be in the home by January 1st to do that.
And on a final note, I have an interesting factoid for you: for the seventh year in a row, Houston is the number one destination for U-Haul trucks. You can look at U-Haul maps and see that there are a ton of lines coming in and not many going out, so we’re still a go-to city!
If you have any questions about these topics or you’re thinking about buying or selling a home in the Houston area, give me a call or send me an email today. I’d love to hear from you!