Bloomberg says Americans are fed up with the housing market - and Houston Association of Realtors Jennifer Wauhob says things were tense here earlier this year with out-of-town buyers snapping up homes quickly at extremely high prices. But things are looking better now. "Interest rates are still low. We are starting to see fewer multiple-offer situations. If you're a buyer and you decided to wait till things cooled off, you may want to revisit your search now."
Wauhob says home prices are still higher than last year, and we are still in a sellers' market - but more houses are coming on the market every day and they're staying on the market longer. Speaking of the cooling off, Wauhob says things only cooled off a bit here. "There was a lot of frustration. You had people who want to capitalize on the low interest rates but homes were selling in 3 days on the market and far above list price - and they couldn't compete."
She says things are looking better now. "We ARE starting to see inventory levels come up, and I think we're seeing tension easing up a little bit." Wauhob says we're still in a sellers market with prices up 15% over last year.