The value of housing in the Houston-The Woodlands-Sugar Land metropolitan area has seen an impressive increase of 14.7% in the past year. While other markets such as San Francisco and Tucson, Arizona have experienced double-digit decreases in combined sales growth and price changes due to large price drops, Houston has remained strong. This is mainly due to the cost of living being below the national average and a strong local labor market, which attracts people looking for both the services of a big city and affordability. Katherine Feser, from the Houston Chronicle, covers a variety of topics for the business section.
She coordinates some of the newspaper's most popular special sections, such as Chronicle 100, Home Price Survey and Top Workplaces. It compiles many of the basic elements of the section, including the daily markets page, People in Business, event listings and real estate transactions. Experts predict that average home prices among the top 10 will rise by 7.3 percent, compared to 5.4 percent in the United States. Jennifer Wauhob from HAR told Craig Cohen of Houston Matters on Thursday that even though home sales have declined, home prices are not.
As more homes remain on the market, prices are likely to stabilize and shift somewhat in favor of buyers, as long as their budgets can accommodate current prices and mortgage rates. At present, inventory in the greater Houston area is increasing, so buyers could benefit from waiting for more properties to be listed. With changing market conditions and a still reduced local inventory, an experienced real estate agent can help you make sure you sell your home at the right price or make offers with a competitive edge. Available inventory is likely to continue to increase, which will benefit buyers, as home sales will continue to sell below the asking price.
Since the Houston metropolitan area is quite large and varied, it's important to find someone who is not only licensed but also local, especially if you're moving from another state. It's also wise to enlist the help of an experienced real estate agent once you decide to buy or sell a home in the Houston area. On one hand, inventory has increased and prices have dropped by nearly 17% in August compared to last year; however, prices are still relatively high and inventory is limited. Houston Public Media is supported by its donations to the Houston Public Media Foundation and is licensed by the University of Houston.
Whether you're selling a home in Houston or looking to buy one, working with a trusted real estate agent will help you manage the transaction as smoothly as possible.