If you’re on the market for a new home in Houston, now is the time to buy. Or sell, whichever suits your fancy.
By all accounts www.luxuryrealestate.com, 2014 could continue the trend of a great housing market in southeastern Texas.
There are multiple reasons why experts feel this way, but here are some.
The Housing Association of Realtors in October reported that a 22.5 percent year-over-year increase in home sales. HAR chairman told Luxury Real Estate that Houston “continues to benefit from a confluence of very positive economic forces: strong growth, low interest rates and reasonable home prices compared to other parts of the country.”
Most experts’ prediction for 2014 includes lower inventory levels, along with rising levels of demand that will push Houston real estate values even higher in 2014. Prediction sites like Luxury Real Estate add that the numbers will not be as dramatic as 2013, but homeowners can expect a healthy level of appreciation in the coming months
With fewer homes for sale, that means less completion and higher prices. Most people who shop in the winter months just don’t want to hassle with the market come spring. Come March, April and May when the market increases, the price could go down. Lawrence Yun, chief economist of the National Association of Realtors, told McGeough LaMacchia website that existing-home sales across the country have shown a 20 percent cumulative increase over the past two years, while prices have gained 18 percent.
As you would expect, all this leads to historic low numbers when it comes to foreclosures in Houston as well. According to this press release from http://www.har.com/mls/dispPressRelease.cfm, foreclosure property sales fell 49 percent in November compared to the same time a year earlier. Foreclosures make up 8 percent of all property sales, down from 20 percent at the start of 2013. The median price of foreclosures rose 9 percent to $88,000, according to the press release.
While interests remain low, they will go up in 2014. As we speak, the rates are expected to rise to 5.5 percent by the end of 2014. Another possible factor is that the Fannie Mae announced a few weeks ago that it would raise the fees it charges for lenders, who in-turn would pass those fees on to borrowers. Again, as you read this, you have to ask yourself: Why wait to do this?
With fewer homes on the market, simple logic tells you that they sell faster. If you wait until April or May, more will show up on the market and increase the time it takes to sell your home.
Selling a home is not an easy task. It can be stressful and time consuming. Why make it more difficult on yourself? One resource that will is www.homevestors.com. Instead of waiting until the typical months of April and May to put your house for sale, do it when the market is at its strongest, there isn’t a lot of competition, won’t take that long and will make the most money for you, do it now.
Author Bio: Ian St. Clair is an award-winning writer who has close to 10 years of newspaper experience. He’s written about everything from the Denver Broncos and college football to community theater and romance novels. He’s now at We Buy Ugly Houses Houston. You can find him at Google-Plus.