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So far in 2016 the market has been looking quite hot. This is difficult for me to say, though, because we have just come off two white-hot years in this market.
One thing to keep in mind is that Houston functions like a group of cities, and that there are many micro-markets that will be performing differently than other parts of the city. For example, there has been a slowdown in the luxury markets, but this only seems to be happening in the oil-driven areas.
The market that I’m seeing right now is similar to the market that we saw last year with lots of growth and appreciation. More homes have come onto the market and inventory has increased. This should help to stabilize prices in the market, because for a while they were increasing at unsustainable rates. Another trend I’m seeing is that the strongest markets in Houston are the most diversified, but they also have the least amount of inventory.
My word of advice to home sellers is to price with the current market trends. Don’t look back six months ago, because even that is too long ago. Buyers are savvy and know when they are getting a good deal or not.
If you have any questions, don’t be afraid to ask me!
