Houston Home Sellers Face Increased Competition
Selling a home in the Houston Energy Corridor will take a little more time this spring, according to market statistics published by the Houston Business Journal. Throughout Houston, 11,466 homes were added to the market during the month of March. The inventory of homes for sale increased by nearly 30% from March 2015 to March 2016.
Despite the increase in homes for sale, Houston’s real estate market remains favorable to sellers. Home inventory stands at a 3.7 month supply at the current pace of sales. Anything less than a 6-month supply is indicative of a “seller’s market.” As long as the absorption rate continues at its current level, there’s still room for more homes to enter the market, without causing undue concern.
As we are enter the peak season of the housing market, it’s reasonable to assume that we will see more homes for sale in the upcoming weeks. This is good news for home buyers, who will enjoy a better selection while facing less pressure. Meanwhile, home sellers will need to prepare for increased competition. This includes pricing your home correctly, and addressing any repairs and cosmetic issues before placing your home on the market.
Home sellers should also keep in mind that all real estate is local. Competition may increase, but your home is only competing with similar homes in your price range, in your local market area. Your home’s competitive strength depends on buyer demand for your home’s location, price, and amenities.
It’s important to use the guidance of an experienced real estate professional from the beginning, so that you have accurate information for the basis of your decisions! Begin with the expert advice of the KW Energy Corridor Team! We will provide you with a comparative market analysis and a pre-sale consultation. Our customized marketing strategies result in top-dollar offers!
KW Energy Corridor Team
11757 Katy Fairway | Suite 930
Houston, TX 77079