The Houston market is strong and stable, but the time crunch buyers currently face makes Houston MLS Comps vital to the home-buying process.
The Market in a Glance
In 2014 the Houston market was a record breaker, but times are changing. Gone are the days of fast deals and inflated profits, but there is still a lot of good news for those looking to purchase in the Houston area. The pace of growth has slowed, but inventory still rose .4% which is enough to keep the market in good health, without stretching it past the bounds of stability. This new, more stable market has the Houston Association of Realtors predicting a positive future for the Houston housing market making it an attractive region in which to buy a home.
Where do Home Buyers Stand?
The slump in oil prices took a toll on the Houston housing market for some, but that same slump in one area has led to a rise in the heat in other sectors, bringing about a more balanced market, prime for the average home-buyer. Sales of luxury homes over $500k have dropped dramatically as a result of the downturn in the energy industry, but on the other hand, homes priced below $500k have continued to come onto the market at an average price range of $150-300,000. According to the Houston Business Journal, the local real estate market is expected to remain strong through the prime-buying season with low-interest rates and adequate inventory. However, it should be noted that information from Houston MLS Comps in the $150-300,000 range have spent an average of only 70 days on the market, making it imperative that buyers move quickly on deals.
Why Comps are Key
A strong market offers great investment potential for motivated buyers, but hasty and uninformed decisions can spell doom in a market which is slowing. For these reasons, it is vital for buyers to educate themselves using MLS Comps for homes they are interested in. Being able to access Houston MLS Comps strengthens a buyer’s understanding of the value of their investment as well as how it compares to the value of comparable properties. Using MLS Comps data to make a home-buying decision is akin to using a GPS to navigate the market versus a paper map, the more quickly you can access relevant data, the more quickly you can move in on a deal before another buyer and the less likely it is that you will miss an exit of opportunity.
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