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What Do Recent Houston Market Trends Mean for You?
Manage episode 156242308 series 1181693
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Considering Buying? GO HERE to perform a Full Home Search, or if you're a prospective seller, CLICK HERE to receive a Free Home Value Report. For any other questions, feel free to call me at (281) 599-6575, or shoot me an email at rdr@daleross.com.
December 2015 was a record month in real estate for the Houston area. The momentum has continued so far in January, which started out with a phenomenal burst of buyers. In fact, this past weekend we had 48 people show up to a single open house, and we received three offers by the end of the day.
What we're looking for this year is an increase in interest rates. When rates rise, they decrease the affordability index, which can negatively affect home prices. If you take a home price of $250,000, a change in interest rates from 3.75% to 4.25% will have a pretty dramatic impact on the affordability of a home. It will likely put some downward pressure on the median sale price, but how much pressure depends on how big the change is, so be sure to keep an eye on rates throughout the year.
If you have any questions about what you can expect from the Houston market this year, please don't hesitate to reach out to us. We would love to help you take advantage of the market before rates rise and prices fall!
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