The Houston Market Update!
The Full HAR Report for April month end came out 2 weeks back and it gives a nice insight as to the type of Spring market we're experiencing right now in Houston.
The biggest indicator of what kind of response a new listing will get is the the months supply of inventory that is currently on hand. It tells you how much competition you're likely to experience.
Last year at this time, we had a paltry 1.3 month supply of homes and everything that came on was essentially sold with 10+ offers.
At this moment we're sitting at a 2.7 month supply. What does this mean if you need to sell?
It means its still relatively easy to get a house under contract as a seller, although buyers do have a few more options right now. This is always going to be a statistic that is heading in a particular direction and for now it seems the inventory will continue to grow over the next year or so.
The only reason it's not growing faster is the swath of low interest rates we've talked about in the past. Hundreds of thousands of homeowners now have rates locked at 3% or below and are sitting tight in their houses...some of them in houses that may even be too large for their current needs, but the payment is manageable!
So what this increase in inventory level means is the importance of prepping the home and getting it into prime condition for the next buyer will be the deciding factor that helps your house be chosen over the competition versus sitting on the market.
Please call our team anytime if you've got questions about the market or if you'd like to have any kind
of Real Estate conversation.