The Full October Report Has Been Published by HAR
Ok let's talk about whats going on in Houston Real Estate right now.
Inventory is steadily growing. Some people will always need to move for one reason or another and they will need to put their house up for sale. As long as the demand is the same, the inventory level doesn't really change.
Unfortunately, the combination of sharp uptick in interest rates, and the fact that SO many people bought new houses in the last 2 years are both combining to reduce the demand for houses....so we're seeing inventory go up more than 50% from the same time last year.
Now when we say "reduce the demand"....realize that more than 8,000 properties in Houston changed hands last month. There is still plenty of demand.
So what that means, is if you have a house to sell, the "normal market" rules now apply again. The last 2 years were borderline nonsense.....everything was selling no matter what. We had practically zero listings expire across the city. Everything sold. Now that the demand has shrunk about 20%.....we're going to start seeing hundreds of homes a month across the city fail to sell.
So if you have a house to sell and you want to be successful at that... We are back to a few things being critically important:
1.) The condition of the house needs to be as close to turn key and move in ready as it possibly can.
2.) The price needs to make sense, and if you are a seller, you need your agent to be VERY aware of the competition's condition and price, so they can properly advise you how make sure your property is standing at the front of the line in the growing list of options that buyers now have.
3.) The presentation of the listing as it appears online could not be more critical. Photos, descriptions, captions, supplemental documents...all this stuff needs to be on point to make it as welcoming and easy to submit an offer as possible.
4.) Your agent needs to be very good at answering the phone. You will never know when the sale is hanging in the balance and a failure to get a buyer the info they need may cause them to simply move on.
Subsequently, these are also the things that helped maximize sale prices during the crazy times of the last 2 years, and we've already had these in practice for years, and we still never stop looking for ways to help sellers present their homes to be the best they can to the marketplace.
>> Click here if you'd like to read the full HAR report. <<
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