Here in The Woodlands, the housing market is sizzling this summer! The bold predictions are coming true, as this year is surpassing last year in number of homes listed and sold. If you’re a buyer, there hasn’t been a better time to look in recent memory. For sellers, the market is hot, too, as long as your home is presented and priced right.
The range of homes available is very wide, with houses priced as low as the $100,000’s up to $8 million in the area. The hottest price range is around the $400,000 mark, with a virtual “candy store” of selection. For sellers, this means you’ll have to work extra hard to make your home pop. Consider hiring an interior designer to help stage your house, get a landscaper to work some magic for curb appeal, and pay extra attention to all the tips and tricks your realtor recommends.
Inventory has probably reached its peak, as most people who would consider putting their house on the market have likely already done so. For the seller, this means you’ll want to be patient. As homes are bought over the summer, the inventory selection will slim down and not be replaced by new listings, therefore increasing the chances of your home selling.
The luxury market, homes priced over $750,000, is continuing to recover as spring marked a six month rising sales period. Economists are optimistic about local jobs creation continuing to boost the economy in The Woodlands. In more positive economic news, the median home price rose over 4%.
Buyers, you’re in the driver’s seat now, with still record-low mortgage interest rates and huge selection all working in your favor. If you’ve ever thought about buying a house, now is THE time! Keep in mind that some buyers will be more motivated to sell than others, so don’t be dismayed if your offer is rejected by a seller willing to ride things out. You can also work with your realtor to offer a lower price on your dream house and chances are you’ll luck out.
The market is expected to remain hot for the course of the summer, and things won’t slow down until seasonality kicks in in the fall. Expect the next 90 days or so to be the best of the best time to buy.