It appears that Houston has been one of the few markets in the country that has escaped to some extent the real estate downturn seen in most of the rest of the country. Despite the normal seasonal slowdown in real estate sales at the end of summer, Houston remained ahead of 2005 in terms of sales and pricing and its inventory of homes relative to sales is still well below the 10 year average. This bodes well for both buyers and sellers in the Houston market
The Houston real estate market is experiencing weakness but it remains much better off than the national numbers that have been reported and the numbers that are being forecast. In major listing categories, Houston's overall housing market has seen mixed results with increases in median sales price and average sales price on a year-over-year basis. However, a noteworthy decline is being seen in both total property sales and total dollar volume. Total year-to-date properties sales have been down but not too significantly.
The sub-prime and foreclosure issues are still a drag on prices and sales. Sales prices are holding up relatively well, however, and the mortgage adjustments are working through the system helping to create some stability in the Houston home sales market.
To take advantage of the current real estate situation, you should search out a realtor who has professional experience in a wide variety of properties at different price points. These professionals have the depth of experience to help you determine what price range is right for you, what area is appropriate and what the best strategy is for the sale of your existing home if you are moving up to a larger home.
Establishing a relationship with an experienced realtor will help to make the search for the right home much easier. Real estate professionals make it their goal to keep their finger on the pulse of the market in their area. They know which areas are selling, which are steady, where the best schools are and what the recreational activities are in each area. Establishing your personal criteria with a realtor will go a long way toward making your search for the perfect home in the Houston area a simple job. In summary, the Houston market is still a viable market for both buyers and sellers. As always, the business community is thriving which makes the Houston market even more attractive.
--
If you would like more information concerning investing in Houston real estate, contact the President of
New Houston Builders Adam Alford.
