Did you know that more people moved to Houston, Texas, than any other city in the United States in 2021? In fact, out of the top ten cities that saw the most newcomers, four of them were in Texas.
Over the past few years, Texas has seen a boom in its housing market. This is thanks to the state’s low taxes, warm weather, and eclectic communities.
But while the Texas housing market has been on fire in the Lone Star State, where will it go from here?
Keep on reading to learn about where the Texas real estate market is heading.
Bidding Wars Are Subsiding
Over the past few years, people from all over the country have been flocking to Texas. Many new Texans are coming from California as they’re looking to get away from the stressful cities on the West Coast that have recently been plagued by crime and poverty.
While people are still flocking, more buyers seem to just be “shopping.” This means that plenty of people are looking at properties and going to open houses but fewer are willing to compete to get a home no matter what.
In 2020 and 2021, it wasn’t uncommon to list a home and get offers within the same day. Now, sellers are waiting longer to get offers.
Home Prices Will Stay High
Interest rates and prices are both going up. This means that people who are looking to move might stay in their homes for longer because they don’t want to pay a bigger mortgage.
After all, if you sell your home, you go from being a seller to a buyer. And this is not an easy environment to be in when it comes to buying a home in Texas.
This is why prices are likely going to stay high. Very few people are willing to sell.
Don’t Rely too Heavily on Comps
In real estate, when you want to sell a single-family home, you’re going to rely on comps to tell you what a reasonable price is. A comp is a comparable home in the neighborhood. If a similar home sold for $500,000 then your home is probably worth around that much.
Comps are becoming less reliable when selling a home in Texas. If you’re neighbor sold their house a few months ago. That comp is probably close to worthless for you.
Several months ago, buyers didn’t care if a house wasn’t well-maintained and in bad condition. Today, they care a lot more.
If you price your home too high in this 2022 housing market, it could end up sitting around for a long time. That will lead to you having to lower your price and wasting precious time.
Thankfully, there are sites like this one that buy houses as-is.
Following the Texas Housing Market
Many people are following the Texas housing market because it has been booming for so long. As interest rates start to rise, potential buyers need to be careful and make sure that they do their due diligence before they purchase anything.
Make sure to check out the rest of our site today for more helpful articles!
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