Just mentioning as of October 2018, the Houston Market is shifting to a buyers market. Three months ago, we were more of a balanced market. So if you are a seller or an agent and have noticed a slow down in showings, you are correct. Houston shifting toward a buyer market may be a result of Harvey flooding a year ago.
It has been a year, the homes are repaired or are almost repaired. So people wanting to move out of the flooded area, may be putting on the market. Now we have an extra amount of homes on the market. A year ago directly after Harvey, many homes were bought because they did not flood. We had a run on inventory both for sale and a larger run on lease properties. So now we have many lease homes open and available. Plus many repaired homes from West Houston and in flooded area, repaired and on the market. Adding to inventory.
Now worries, this is a wave. Hang on and ride the wave. Adapt, adjust and realize this is a buyers market. Price to be in a buyers market, more competitively. As the pendulum of Houston Real Estate swings back and forth. This market will eventually swing the other way, once the market has finished correcting itself.
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