What’s Going on in Our Real Estate Market?
Here’s what’s going on in our market currently.
The real estate market is crazy busy again. If you’ve been paying attention to the trends, you’ll have seen that homes were flying off the market in 2020, so much so that inventory became critically low in Houston—and it still is. Typically, at this time of year, the market is pretty quiet before building momentum in late February and March.
Well, 2020 changed that. Before COVID hit, our market was super busy; homes were selling at record speeds. Then the pandemic hit, which put a damper on activity for about a month. After that, though, homes began flying off the market right and left.
Due to the pandemic, people’s understanding of the word ‘home’ began to change. As more people were working and schooling from home, the dynamic with their existing space shifted. Many people needed more space and/or a home office to compensate for their altered work arrangements. So far, here in early 2021, those trends have continued.
"If you price your home correctly, you’ll almost certainly receive multiple offers and get top dollar."
As I mentioned, reports for the end of 2020 showed us that Houston’s inventory was historically low. In some markets, we have just two months of inventory or less. That’s why so many homes have gotten multiple offers and sold for over list price.
Experts project that the first six months of 2021 will be the same. The latter half is up in the air, however. I’ve been in the industry for a long time, and I’ve seen many different cycles in the market. That’s why I’m committed to sending you a market update each month so that you can keep apprised of what’s happening right now.
I’m sensing a similar market pattern to what we had back in 2013 and 2014, when home prices peaked and then dipped in 2015. Those types of patterns normally run for 1.5 to two years, so if you’re thinking of selling your home, right now is your best time to sell. If you price your home correctly, you’ll almost certainly receive multiple offers and get top dollar.
If you’re concerned about buying a new home to replace your current one, remember that even though you’re selling your home high right now, interest rates are super low and are projected to stay that way for at least six months. That means buying a new home will still be affordable.
So if you are thinking of selling your home (especially if it’s in the upper end of the market), don’t hesitate to reach out to me for a home valuation. We can pull the numbers and make a plan to sell your home fast and for the most money possible.