We can sense stormy waters ahead and a real estate market that will undoubtedly feel the pinch as economic conditions gradually start to get tougher. Let’s look at some reasons why you shouldn’t wait to sell your house in Houston if you’re still debating whether the moment is right to do so.
Buyers Are Dwindling
It has taken some time, but as the cost of living rises, the demand for housing has now started to decline. And this is a compelling argument in favor of sell your house in Houston right away.
Over the past few years, the real estate market has experienced some significant ups and downs, but high property values and soaring demand have created what appears to be an unstoppable seller’s market. The number of prospective buyers has significantly decreased now that the most motivated ones have probably either bought their new house or made the decision to withdraw from the market. This is partly due to the uncertainties surrounding our nation’s economic future, which will probably cause the seller’s market that is currently in place to temporarily turn buyer’s market.
Along with alterations in demand, the Federal Reserve increased interest rates on house loans three times in the past year. Higher interest rates cause mortgage lenders to tighten their criteria for qualified customers. As fewer people are becoming eligible for mortgages and receiving approval, fewer buyers will be considering the market.
Values Are Holding Steady
Buyers are still scrambling to find their next home despite the generally gloomy economic outlook, which equates to significant gains if you’re attempting to sell your house in Houston.
We have observed how homes routinely sell for significantly more than their asking price as numerous purchasers come in to try and snap up the home swiftly. This intense competition between competitive purchasers frequently develops into a bidding war where buyers are constantly trying to outbid each other. During this time, the simplest approach to outperform the competition has been to overpay for a property in the hopes that the sellers will be impressed, and this is still the case today.
Any seller even considering the notion of selling their house would be wise to take advantage of these highly motivated buyers, but you also want to enter the market knowing where your property stands in terms of pricing. Take the time to compare the closing prices of nearby properties that are comparable to yours before pushing forward with listing your house for sale.
Knowing the reasonable price range that homes in your neighbourhood command will only be beneficial to you, and it may give you the power to impose your will during negotiations.
Supply Remains Limited
Alongside the market influence of high demand, low inventory of homes for sale has been a major complication for buyers over the last couple of years.
There aren’t many houses on the market, and the ones that are are probably already pending sales, as you’ll observe when exploring your local market for pricing data. There won’t likely be much competition for you, and we don’t anticipate things to change anytime soon.
This doesn’t mean you can take it easy and preparing your home for sale like any other time is absolutely necessary.
Your Partner to Sell Your House in Houston
Although the current real estate market is challenging, getting started in the industry doesn’t have to feel insurmountable if you have the correct team on your side. Contact us right now at (713) 866-4000 if you’re looking to sell your house in Houston and want a skilled, knowledgeable partner in the process!