Local Real Estate Expert Michael Weaster with Graham and Company saying right now, the inventory is slower than before. He says there are still more homes coming onto the market every day. "The real estate market as a whole is going to slow down. It's going to cause houses to spend more days on the market. The days of multiple offers have really slowed down!"
Lower prices and more homes from failed mortgages will soon counteract higher interest rates. Houston homes are still going for less than the national average. "I don't think we'll ever run out of houses to sell. There will come a time in the near future when the prices of houses will come down. Also - there is a large sector of houses our there that are in default!"
Although there are fewer mortgage applications in Houston these days, Weaster says business and inventory will pick up soon. "What we're getting from the experts is: Inventory it going to grow and the days for houses to be on the market are going to start extending out." Median sale prices are still 25% lower than the national average, and more inventory is on the way. He says, "There are a large amount of people who are behind on their mortgage payments. At some point they are not going to be able to come out from beneath it - except to sell."
Weaster saying the fear of a recession is also slowing down sales.