Why Consider Buying in a Seller’s Market?

Even though we are in a seller’s market, it’s a great time to buy. Here’s why.

Selling in the greater Houston area? Get a market analysis report

Purchasing in the greater Houston area? Get full MLS access

If we’re in a seller’s market, why would you consider buying a home in 2017? Well, according to Forbes, home prices appreciated beyond expectations in 2016 and mortgage rates were flirting with record lows before inevitably passing 4% for the first time in two years.

Home prices rose in every month of 2016, with the largest increase being in the last half of the year. According to experts, prices will continue their climb in 2017, but at a lower rate. This means you can take advantage of the slowdown in appreciation right now.

Mortgage rates are going up, too. Economists predict that they will increase by at least 1% by the end of 2017. If you wait to buy a house, you might not be able to afford the same home you could now. Why would you wait to save up and have less buying power?

Economists predict interest rates will go up by 1% this year.

More and more millennials are transitioning from renting to buying, but the inventory of homes is limited and probably won’t grow significantly in the next few years.

Home builders aren’t building enough homes to make up for the shortage, either. With mortgage rates and home prices increasing, affordability will become a problem in the near future.

If you’re thinking of buying or selling a home, give me a call or send me an email. I look forward to hearing from you soon.

What You Need to Know Before Selling in 2017

If you have been thinking of selling this year, I have some information you may want to consider.

Selling in the greater Houston area? Get a market analysis report

Purchasing in the greater Houston area? Get full MLS access

Since home values have been on a climb in the recent past, many people assume this trend will continue.

However, the general consensus among housing analysts and economists is that the local real estate market will slow down in 2017.

According to Forbes, the appreciation in 2016 was beyond expectation, and mortgage rates had an influence on previous record lows. Inevitably this caused them to cross over 4% for the first time in two years.

Additionally, prices rose each month of last year. The largest increase came in the last half of the year.

The local real estate market will slow down in 2017.

This climb is expected to continue; however, it will slow down this year. In other words, if you are thinking selling, the time to do so is now. What we’re seeing is a perfect storm.

A slow, steady increase in home values combined with low interest rates and low inventory means the market is currently a great place for sellers.

This is especially true now that millennials are ready to become homeowners.This puts starter homes at an even higher level of demand.

Also, while experts say that prices will gradually increase, overall sales growth will start to slow. This cooling trend eases some of the recent affordability issues we’ve seen in our market.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.