The housing market has been heating up across the United States in the past couple of years, especially Houston. With lower housing inventory and high demand from buyers, real estate sales are benefitting sellers the most.
Many Houston homeowners want to capitalize on this opportunity and consider putting their property on the market. Learn more about the factors impacting Houston’s market. Why is it a seller’s market? Why you may want to list your home in 2022 instead of waiting?
Considering Selling Your Home?
If you’re thinking about selling your house, you’re not alone. Real estate experts predict last year’s increase in homebuyer activity will continue through 2022.
- The Houston market is booming – Houston and Harris County is the primary destination for out-of-state moves into Texas. Many new residents are relocating to Houston for work and appreciating the lower taxes and cost of property it offers.
- Ranks 2nd National in real estate activity – Houston ranks second in the U.S. for all residential and commercial real estate activity from 2012 to 2021. Offices, retail, industrial, and single family homes all have seen growth in the past decade.
- Most active single-family residential market in the U.S. – The Houston metro area has the highest active single-family home market in the country. The metro area has seen over 390,000 permits for single-family homes in the past ten years. The region saw its highest number of new single-family homes built in 2021, with an estimated 52,000 units.
- Shortage of homes – Despite the home building boom, fewer sellers are on the market. The increase of new residents is also contributing to this shortage.
- Unprecedented market conditions in the Houston area – Low home inventory, an influx of out-of-state residents, and low-interest rates fuel Houston’s hot real estate market.
- Home prices have risen – Fewer homes for sale and increasing demand from buyers have caused housing prices to rise dramatically over the past several years. Bidding wars between homebuyers, investors, and those with cash offers are common.
- Buyer demand outpacing supply – The need for housing in Houston is currently outpacing supply. Even with an increase in home construction, builders can’t keep pace. This shortage of inventory is leading to increased housing prices that benefit sellers.
- Mortgage rates remain relatively low – Your credit score and market forces like inflation and the overall economy’s health determine mortgage rates. Even with inflation and rising interest rates in 2022, mortgage rates should remain relatively low—current mortgage rates for the Houston area range between 5.0% and 6.5%.
Reasons to Sell Your Home in 2022
If you aren’t sure if now is the time to sell your Houston-area home, consider the following reasons that selling in 2022 can bring in significant benefits.
- Low inventory means shorter time on the market – In 2022, the need for homes is higher than the supply, putting you in an excellent position as a seller. The low available home inventory means that your house stays on the market for less time. You can to sell quickly instead of waiting months for a deal to come in.
- Interest rates are the lowest numbers in decades – Even with expected increases, rates will remain relatively low. Historically, mortgage rates hovered between 11.20% in the 1970s, around 10% in the 1980s, and 8.5% in 2000. With mortgage rates forecasted to remain between 3% to 6% in 2022, now is a great time to sell.
- You are relocating due to job change, retirement, or growing family – If you are one of the 75 million “Baby Boomers” leaving the workforce, you can sell your home to add to your retirement funds. If you are a growing family and need a bigger home, selling your starter house can provide you with a down payment for your forever home.
- Repairs are becoming a financial drain on your budget – Keeping up with repairs and maintenance from recent Houston storms can drain your homeowner’s budget. Selling is an excellent solution to getting the property off your hands and moving to another home that requires less upkeep.
Sell Your Home to Big State Construction
If you’re ready to take advantage of Houston’s hot real estate market, consider selling your home to Big State Construction. Our real estate construction and renovation business has served Houston and the Gulf Coast for over 13 years.
We’re willing to buy your property as-is, eliminating the need for costly home repairs. You won’t have to worry about home appraisals, staging, or closing fees, saving you from added expenses. Selling to us is an easy process, reducing the time your house sits on the market. Contact us today to learn more.