1.Inventory is low
The entire Houston real estate market is facing historically low inventory, benefiting you as a seller in that it makes the demand for your home a lot higher. According to HAR, a decrease in the number of active listings has pushed the months of supply to a record low of 1.8; Meaning that homes are selling faster than you can blink.
2.Homes are selling faster than you can blink
Inventory of homes is so low, and buyer demand remains high homes throughout Houston are getting sold fast. Because many buyers held back early during the year due to COVID restrictions, home buying activity was delayed and pushed further into the year. Also, many new construction buyer incentives caused new construction sales to go up. Therefore, adding more fuel to the fire of buyer demand.
3.Buyer Demand is Through the roof
Buyer demand has skyrocketed this year, the main reason being the historically low mortgage rates. Mortgage rates have continued to drop month after month since the beginning of COVID and now sitting incredibly low at 2.76%. Furthermore, the demand to live with more space due to COVID scares has taken many people out of apartments/condos and moved them towards single-family homes.
4.Mortgage Rates Are Very Low
As mentioned before, mortgage rates remain at historically low levels. One may ask, besides increasing the buyer demand, how does this benefit me as a seller? If you are selling your home, you are probably going to have to purchase a new home. Therefore, adding you into the pool of buyers, allowing you to take advantage of low mortgage rates for your next home.
5.Homes are Selling for Above asking price
The benefit from all of this comes down to the price you can get for your home. Not only are homes selling fast, but some are even closing over the asking price. Due to such high demand, competition has forced some buyers to enter bidding wars. As a seller, that is a dream come true. If you are considering selling your home soon, now is the time to take action! The current state of the market, plus the help of a great real estate agent, will ensure that your property sells at a quick and best price possible.
If you have any questions with regards to how your property stand in the current market or would like to find out more about the state of the real estate market and where it is headed please feel free to contact me. I would be more than happy to help and answer any questions you may have.