We are seeing indications that real estate is cooling off nationally. Historically low interest rates, the advent of working from home – hence no commute, and a virtual mode of home selling that made home tours on computer screens appealing, all helped set record rates in the year of the pandemic, and there was nothing to stop the frenzy at the start of the year. More existing homes were sold in 2020 than any year since 2008. Interest rates have crept up and down, and that’s causing some to put the brakes on purchasing plans, except in Houston.
“Houston is still a pretty good market right now,” says Michael Weaster, a realtor with Graham and Company Realty. “Typically, we are different than the rest of the nation, as most people know, we tend to not go with the trend. Houston property values right now are still increasing.”
The May numbers will be out later this week from the Houston Association of Realtors. April’s were spectacular.
Relative comparisons year over year are hard because the past year changed the parameters on just about everything, though even in the depths of lockdowns people still bought houses.
In the meantime, it’s still a sellers’ market. “We’re not seeing anything on the ground that would indicate to us that it’s coming to an end – slow down maybe, but that has more to do with a lack of inventory. People are clamoring for more and it’s just not out there,” says Weaster.
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