Considering Buying? GO HERE to perform a Full Home Search, or if you're a prospective seller, CLICK HERE to receive a Free Market Analysis. For any other questions, feel free to call me at (281) 599-6575, or shoot me an email at rdr@daleross.com.
One of the most frequent questions I get these days is if we are in a buyer’s market or a seller’s market in Houston. The answer is, we are actually in a balanced market.
Whenever you’re in a balanced market, you’re never really even-keeled. Typically you’re trending one way or another; toward a seller’s market or a buyer’s market. The Houston real estate market is currently trending toward a buyer’s market.
This means we have more sellers than we do buyers. Right now we have about 6.5 sellers for every buyer out there. Typically when you get to about a five month supply of homes for sale - which we’re easing towards right now - it turns into a full-blown buyer’s market.
Right now, prices are becoming competitive because we have so many sellers trending toward that buyer’s market. Over the past year we’ve seen about a half point decline in home values on a monthly basis, so prices are down in general; about 6% lower than where they were during the same period last year.
I expect the current decline to continue, well into the summertime. In fact, I expect us to hit that buyer’s market at the end of July, when prices will become even more competitive, and we’ll have about 10 sellers for every buyer in the market. Things will get interesting unless something changes dramatically in the petroleum industry (which is what controls a lot of our market in Houston).
If you’re interested in learning more, email me and I’ll provide a free market analysis. If you have any questions in general, send me an email or give me a call. I look forward to working with you.
