Normal. Do we really know what normal is anymore? Our real estate market is trying to find normal again, after several years of rapid appreciation in a strong seller’s market. It’s still a seller’s market, but most sellers don’t think so. They saw homes selling in weeks or even days for above list price, and now their homes are sitting on the market after multiple price reductions. Well, that’s normal in real estate.
Technically a balanced market is when homes take 6 months to sell. If it takes longer than that, then it’s a buyer’s market. We are not there yet and I don’t expect that we will get to a true buyer’s market anytime soon, as our underlying fundamentals are still very strong.
We still have job growth and population growth in the Houston area, and not enough homes to meet demand. Buyers are spooked by rising interest rates, but they are starting to adjust their expectations and to find financing alternatives such as adjustable rate mortgages and rate buy-downs to help them get the homes they want.
The upcoming holidays will slow down the buyer traffic, but this is also a good time to have your home on the market, as their will be fewer listings to compete with. So when is the best time to sell your home? Whenever you are ready.
