The real estate market, both locally and nationally, is in a good place right now. Homeowners who have been thinking of selling should be excited.
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I’ve got a quick market update to share with you today that will go over what’s happening both nationally and locally here in Houston.
A recent CNBC article came out talking about how strong the national spring market is. In fact, they called it the strongest spring market ever. The article stated that prices have surpassed even what we saw at the last peak of the market. The demand for entry-level homes is absolutely crazy, and sellers are in the driver’s seat.
We’re seeing similar things happen here in Houston. One of our agents is working with a client right now who is in the market for a home in the sub- $200,000 market. They put in an offer, then received a reply from the seller’s agent that they had received 25 other offers as well. Situations like this are playing out in several parts of town right now. This could have a trickle-up effect, bringing these home sellers up into higher-priced homes.
Houston has a top-five millennial population.
One factor that has certainly catalyzed this activity is the fact that millennials are now entering the buyer’s market. We’ve heard for years that millennials, the group of people born between 1981 and 1997, were going to be “the renting generation.” However, the latest studies show us that is not going to be the case. There are 66 million millennials right now who will add another 20 million households on top of the 24 million we will already have.
Why is this information especially important here in Houston? We’re in the top five for millennial population. With increased demand going forward, we are going to see an upward trend in the housing market and we expect to see that throughout the rest of the year. I
If you remember last year, we saw the high-end market struggle a little bit. We expect that to continue, but the definition of high-end is area specific. We’re seeing a large drive for properties in those upper price ranges in certain areas right now. If you have any questions for us or want to know about your specific area, give me a call or send me an email. I would love to hear from you.
If you remember last year, we saw the high-end market struggle a little bit. We expect that to continue, but the definition of high-end is area specific. We’re seeing a large drive for properties in those upper price ranges in certain areas right now. If you have any questions for us or want to know about your specific area, give me a call or send me an email. I would love to hear from you.
