In Houston, which includes the Katy and Fulshear area, the housing market has experienced a “cooling off” from a three year hot streak. However, the lower number of Sales is really due to a combination of a serious shortage of available homes coupled with rising prices. Together this is starting to have a considerable effects on the number of sales.
According to the Houston Association of Realtors, home sales for single-family units are still at record highs but did experience a drop by 7.3% from the previous year, which is the first notable decrease in about three years. And on top of that, homes that were in the $500,000 range saw a sales increase of ten percent.
Where does this leave Homebuyers? Many Buyers are experiencing much frustration when it comes to finding a home they like, and the market is becoming increasingly competitive. Some resort to offering way over listing price or even writing heartfelt letters to Sellers just in hopes of getting a contract. Even still, Buyers don’t seem to catch a break due to low home inventory and rising prices.
Demand for houses is predicted to stay very high as time goes on. Because properties are selling so quickly, agents are now putting out yard signs that say “Coming Soon” in order to maximize the offers on their listings. This strategy may help Buyers that enabling them to be that much more ahead of the game. They just have to wait for the home to be officially on the market and appear on HAR and other sites.
