Is it worth it to wait to buy a home in Houston?
Supply and demand are two basic economics concepts, but they play significant roles in the price and value of the homes for sale in Houston. Homebuyers want to maximize the value of their investment in any property they purchase. However, doing so can be difficult if there is a large number of interested buyers in a house, which could create a favorable market for sellers.
The Houston Chronicle notes that the sale of single-family homes rose in April 2012, an indication that the real estate market could shift in favor of sellers. This could make now the perfect time for a homebuyer to move to the metro.
Take a closer look at the Houston real estate market by examining its impact on buyers and sellers.
What defines a healthy buyer's market are favorable conditions toward those who want to acquire real estate. In essence, this is the case in Houston, as you may find homes in the area for less than $165,000. Additionally, 15- and 30-year fixed-rate mortgages are available with interest rates below 4 percent, making it simpler for qualified buyers to make their homeownership dreams come true.
While low prices play a role in a buyer's market, the local economy remains one of the biggest factors. Fortunately, job opportunities are available in the area, and many small business owners are optimistic about future growth.
"It is encouraging to see growing confidence among local small businesses and we would hope - and expect - that some of that optimism will translate into potential growth opportunities and new jobs in communities across the state," Capital One Houston Market President Annella Metoyer said in a statement, according to the Houston Business Journal.
Houston home sellers
Conversely, home sellers who wait out the current market might be able to get fair value for their properties. As the local economy improves, more people could be drawn to the metro, which could increase the number of homebuyers looking for properties.
Karen Pereira is just one of many home sellers who has encountered problems while trying to sell her Houston home. According to the Houston Chronicle, Pereira's house near Westheimer and Eldridge Parkway has been on and off the real estate market for at least a year. She has been unable to find an interested buyer willing to offer what she considers to be good value for the home.
Pereira's and others sellers' luck could soon change. The news source notes that several real estate indicators suggest the market is rapidly shifting in the favor of sellers, and as the value of properties increases in the area, these homeowners become more likely to receive a variety of offers for their homes.