THE NUMBERS TELL THE STORY!
Per the Houston Association of Realtors, Houston’s sizzling summer of home sales extended through September as consumers continued to take advantage of historically low mortgage interest rates amid a pandemic. The high end of the market experienced the greatest increase in sales volume, with mid-range homes also drawing strong activity. The sales frenzy, combined with a steady decline in the number of homes entering the market in recent months, has sent inventory to its lowest level in almost six years.
Experts agree that a sales slowdown is inevitable as would-be buyers are left with a narrower selection of homes from which to choose. “September sales defied expectations with many Realtors busier than ever, however we do anticipate that the pace of sales will soon slow down since there just aren’t a whole lot of homes out there for consumers to buy,” said HAR Chairman John Nugent.
The basic laws of supply and demand would suggest that sellers have somewhat of an upper-hand in the current environment. Serious buyers know they have to act quickly and make strong offers to win out. Serious sellers understand that with so little choices, buyers will naturally gravitate toward properties that are move-in ready and/or updated to current buyer expectations.