COLLEGE STATION, Tex. (Real Estate Center) – The Texas housing market has been going strong the last few years. While it’s likely to cool off some this year, the chief economist for the Real Estate Center at Texas A&M University said now is still a good time to buy or sell a home.
Low interest rates make it an especially appealing time to be a buyer, said Dr. Jim Gaines. The biggest challenge is the lack of selection.
“The only reason that it might not be a good year is some buyers may have a hard time finding what they want,” Gaines said. “We still have a shortage of existing inventory being listed for sale.”
Last month, Texas had a 3.1-month housing inventory. The Center considers 6.5 months a balanced market.
“You’ll have to work very closely with an agent or someone who is close to the market on a day-to-day basis, because in many of our markets properties are being grabbed up almost as soon as they come up for sale,” Gaines said, “often on the same day and with multiple offers.”
In other words, once you find a home you like, be prepared to act quickly.
This is good news for sellers, who will probably have no trouble getting the price they want — at least for the first half of the year.
“I think we’re going to see a slowdown in the housing market this year, but the market’s not going to stall,” Gaines said.
The median price for a home in Texas last month was $201,900, up $8,200 from the previous month and up $9,900 from a year ago.
“The past four years we’ve had this tremendous imbalance between the demand for housing and the supply being offered for sale. What I think will happen is the demand is going to slow down, and builders will keep supplying because they’ll find there’s still a very good market for new homes. People will decide now’s a good time to buy or sell, maybe before interest rates go up. The market will end up more balanced than it’s been.
“Buyers will start finding that home prices won’t go up as fast and maybe some bargains will come out there.”
Author:Sarah Dieter Phone: 972-352-7534 Dated: February 1st 2016 Views: 844 About Sarah: Growing up in the Dallas area and attending the exemplary public schools this city has to offer has ...
JP And Associates REALTORS (JPAR) is one of the top 100 independently owned brokerages in the US. A full service real estate brokerage firm specializing in real estate sales and marketing services with multiple offices across the US and expanding quickly. JPAR is also one of Real Trends top 500 Brokerages in the US for volume and sales and in the top 1% in the US for sales.
Our mission is to provide extraordinary services and exceed our clients’ expectations by always committing to the highest levels of professionalism, ethics and standards in the real estate industry.
JP and Associates REALTORS is a real estate company with a solid structure and foundation built around service and productivity. We believe in providing a fun and rewarding environment for all our REALTORS® and therefore always ready to support our REALTORs® Associates in any market and in any condition. All our REALTORs® will always strive to close more transactions in a given year than the average REALTOR®. Our goal is to recruit and retain the most professional, better trained REALTORs Associates in the local market.
If you are interested in a new career in real estate or already have a real estate license but wish to learn more about our company please contact us directly to set up an interview. We offer our agents a 100% commission plan, company leads, training and mentoring and coaching from TOP Producers with no office, desk fees or monthly marketing fees ever. We are a full service brokerage at a transaction fee cost.
At JP And Associates REALTORS we strive to exceed our Clients AND our Associates expectations.
General Inquiries: firstname.lastname@example.org
Office Number: 1 (800) 683-5651
Texas Real Estate Commission Consumer Protection Notice