Mortgage rates are lower than they have been in 3 years, so we are hoping that many of the Buyers that have been circling around will finally decide to buy!
According to the Houston Association of Realtor’s marketing report for May, home sales rose slightly from 2015, but prices dropped a marginal .5%. Our inventory levels continue to increase as homes take longer to sell than prior years. While Realtors and sellers became accustomed to homes selling in 5-30 days, in a normal market, homes take 90 days to sell.
Inventory is starting to back up in some neighborhoods, including Cinco Ranch, which currently has 368 homes active on the market. With so many homes to choose from, it is important to not only price your home right, but also to make sure it is pristine and showcase ready.
In the Energy Corridor and Katy, we are beginning to see relocations with oil companies pick up. This may be a sign of improved oil prices coming around the corner, or oil companies continuing to consolidate their operations in Houston. Before the downturn in 2014, we saw relocations slow down drastically that summer, so the current increased activity makes me optimistic about 2017.
As summer heats up, we hope that home sales will heat up too! July and August are historically some of our busiest months, and with the low interest rates and increased inventory, Buyers should be motivated to make a move.