Signs the Housing Market is Shifting, Not for the Better

It's been a red hot sellers market due to the COVID lockdowns, but Michael Weaster at Graham & Company Realty Group, says the pandemic is starting to catch up with some homeowners.

“There is definitely a slowdown. I think everybody is getting a little nervous with the (foreclosure) moratoriums ending and there is reported defaults, so it's coming,” says Weaster.

The average price of a single-family home in Houston was just over $387,000 in May.

“These people have to make decisions if they can sell their home now while the market is still strong, get out from underneath them, great. But historically that's not the way it works. Historically people are going to try to hold until they can't and then we get defaults and foreclosures.”

At the same time, working remotely is allowing others to move further away from the office.

“New Caney, Porter, Katy, Brookshire, Sealy, Waller, a lot of the outer lying areas are just hot because of new construction out there,” Weaster added.

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