HomeRon's July Houston Area Market Update!

MARKET OBSERVATIONS:

• Sellers, Buyers, Tenants & Landlords have been very active as they usually are in the Summer. However, there has been an imbalance that has led to a favorable Buyer's market.
• The supply of homes on the market is surging! There is much more home inventory than there is home buyers...locally & nationally. Because of this...
• Home prices are continuously decreasing in most all markets & home categories. Sellers are making major concessions...especially in new construction!
• High interest rates and high home owner's insurance is still having a harsh impact on affordability for many buyers.
• Renting has become a very popular option for the time-being.
• Able and willing home buyers have been capitalizing in this market, as prices are lower than they were just a couple of years ago.

IF I WERE A HOME BUYER...

• I would have an in depth discussion with a lender to determine my qualifications AND a conversation with a Realtor to explore the opportunities available within my qualifications.
• I would NOT be intimidated in purchasing in this market. In fact, I would be excited shopping in this market. There are MANY options...I wouldn't have to settle on a home...I can get a great price and/or big closing costs contribution. I can also have a Seller buy-down my rate, and/or choose to refinance later.
• I would shop for both NEW & RESALE homes. New construction has tons of great incentives, especially interest rate. Resale homes offer way better home prices. I'd find a fit that checks the most boxes.
• I would absolutely NOT wait for rates to drop!

IF I WERE A HOME SELLER...

• I would NOT be afraid to sell. This is the case unless I purchased my home in the last 3 years...then I'd consider staying or leasing out the property due to the minimal accumulated equity.
• I would price my home as appropriately as possible to sell. I would be ahead of the price trends in my area, & take an objective, data-based approach to selling.
• I would offer closing cost contribution to potential Buyers.
• I would make my home as move-in ready as possible.

Every home has a buyer, it all depends on the price. Every obstacle in real estate has a solution. I recommend that you always consult your real estate professionals (Realtors...me of course, lenders, insurance agents) and make informed decisions.