Spring is in the air and as the flowers start to bloom, the Houston real estate market is still booming.
According to an article in Next Advisor Mortgage News, “77% of homebuyers believe there’s a bubble where they live, according to a recent Redfin survey,” but with inventory levels remaining at an all-time low and the pent up demand to purchase homes not going away, there is no indication that this booming market will slow down soon.
Houston is sitting in a great position with oil prices higher than they have been in over 5 years, and the relocation market in Houston is also busier than we have seen it in over 5 years.
As a prominent player in the relocation market, Energy Realty agents are busy, busy, busy!
As predicted since January, inventory levels are picking up in April, as this is historically the best month to sell a home. As of today, there are 138 homes on the market in Katy, compared to less than 100 in March—that is almost a 40% increase. Although buyers may continue to compete against multiple offers for the remainder of the year, the supply should continue to increase into the summer, causing a cool down in above-market offers.
The buzzword out there today when competing with multiple offers is Appraisal Waiver. Watch my video on our YouTube channel next week on the Addendum Concerning the Right To Terminate due to An Appraisal. Click here to subscribe to our Youtube channel: https://www.youtube.com/user/EnergyRealtyTexas.