Everything is coming up daisies in the Houston real estate market. 2019 was a record-setting year and 2020 did it better by 10%.
While the forecast for the beginning of 2021 is promising, there is one hiccup that could bring is screeching to a halt, according to Richard Miranda, Chairman of the Houston Association of Realtors. “We’re going to continue in this momentum except – if we do not get additional properties listed on the market we’re going to see the effect of a very serious slowdown sometime in the end of the first quarter.”
The bigger the better is something of a motto in Texas, and it’s the value being applied by new homebuyers, who are scarfing up properties over the $500,000 range. Cheaper houses not so much.
And as more companies move headquarters to Texas, and more people move to the Lone Star State for jobs, Houston is light years ahead of the national average for fast sales. “The national real estate market has what we call an inventory of homes at 3.2 months. We are down to 1.9 months,” adds Miranda, suggesting that if you have been thinking of selling your home, now might be the best opportunity as interest rates remain low and buyers’ appetites are nearly insatiable.
While other industries have been left in ruins in the wake of a 100 year pandemic, innovative thinking and an embrace of technology took real estate to stellar heights. Miranda says the best evidence for that anywhere in the country is Houston.
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