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Friday, May 26, 2017

Is the Houston Market Starting to Balance Out?

The Katy real estate market has come alive! There is good news for both buyers and sellers, and I’m happy to report that we are in a balanced market.
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Real estate in the Katy area has come alive since the middle of January, and there is a lot of good news for buyers and sellers alike.

Interest rates have gone up about four or five times since the beginning of the year and are expected to continue to rise. While that’s not so great for buyers, the good news is that interest rates are still below 5%.

The number of home sellers continues to decline, and there is less pressure from other sellers in the market. We still have about three to four buyers for every seller on the market, so there is still pressure on home prices. You have to be competitive when you put your home out there on the market or it’s just not going to sell.
Some houses are getting multiple offers & selling above list price.
We are seeing some fluctuation in home prices. It’s getting to the point that whenever a seller puts a home on the market at a price point that the buyer agrees upon, we’re seeing multiple offers again. In some cases, homes are selling above list price, which is great since they were selling below list price for the last five or six months.

Ultimately, we have a balanced market right now. We are extremely excited about what’s happening in 2017, so if you have any questions about navigating our real estate market, just give me a call or send me an email. I would be happy to help you!