This great article from “CultureMap Houston” is good news and bad news.
The good news is that homes sales – and prices – in Houston are soaring. The bad news is that inventory is at an all time low, which means that buyers are having a hard time buying. Multiple offers, homes selling for more than asking price, and all cash offers are common. This is most especially true in the more popular neighborhoods.
The predictions seem to be that the pace of sales can’t, and won’t, last forever. BUT – the price increases will most likely continue, just at a lower pace, for some time to come.
What does this mean for the average buyer and seller?
For sellers, it means that you will get a great price for your home right now.
For buyers, it means that you should expect to pay full asking price (or more) for properly priced homes, and expect to be competing with other buyers at the same time.
The rising prices and low inventory also means that sellers that are moving up (or down as the case may be) will have the same issues because they will now be buyers.
The current historically low interest rates are also another consideration as well. Rates are slowly creeping up and up.