How Houston’s Market Rate Compares Nationally

There are many great Houston area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 832-428-6453 for a FREE home buying or selling consultation to answer any of your real estate questions.

There’s been a lot of news lately concerning the national real estate market increase. The market is getting stronger. What I want to tell you today is how this affects Houston’s own real estate market by comparing how its recent history has fared against national trends.

Nationally, from 2001-2005, we underwent a boom. From 2006-2010, the cycle reversed and we experienced a bust. From 2011-2015, we were in recovery mode. Projections show that, by all accounts, 2016-2020 will be another boom. This bounce back is expected to be the result of the number of homes sold and the general demand of housing rather than an increase in pricing.  

"Through the years, Houston’s market remained steady."

In some cases, Houston’s regional market worked against this national ebb and flow. But through these time periods, overall performance remained steady. No extreme highs or extreme lows. This year has been no different, thanks in large part to the resolve of the greater economy in general.

I hope this comparison gives you a more comprehensive idea of what to expect going forward. Be sure to click on the video for a more in-depth, year-by-year statistical analysis. If you have questions about your specific neighborhood or area, we’d be happy to answer them. Just shoot us an email or give us a call.

The Latest News in Houston Real Estate

There are many great Houston area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 832-428-6453 for a FREE home buying or selling consultation to answer any of your real estate questions.

This year, the numbers for the first quarter are down compared to last year. 2015 was a record year, so we anticipated these differences.

The $1 million and above price range is struggling right now. This category has seen an increase in inventory and a slowdown in sales. In fact, some areas in this price range have up to two years of inventory.

If you are trying to sell a home in that market, understand you should price according to market trends. Price according to where the market is going, not where the market has been. Otherwise, your property can sit on the market much longer than you anticipate.

On the other hand, homes priced under $500,000 are in a hot market! Homes are selling quickly. Depending on the part of town you’re in, you may be seeing a lot of multiple offer situations.

This year, we predict home sales will decrease around 10% compared to 2015. Overall, the market favors buyers. Buyers will have more time to look at properties and ultimately, have more options to choose from. We are headed toward a more balanced market. Since Houston is so large, the market varies depending on where you are.

If you’re a buyer, now is a great time to buy. If you’re a seller, home prices are still trending upward, so it’s still a great time to sell. Prices aren’t appreciating as quickly as they did last year.

If you have any other questions, give me a call or send me an email. Additionally, if you were unfortunate enough to get water damage from all the rain last week, please reach out to us. We can put you in touch with contractors to help you with that. I look forward to hearing from you!

How to Avoid Paying Higher Taxes on Your Houston Home

There are many great Houston area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 832-428-6453 for a FREE home buying or selling consultation to answer any of your real estate questions.

Tax season is here, and the biggest questions we’ve received lately have to do with protesting your taxes. If you’ve seen what I’ve seen, property tax assessments in the Houston area have gone up again. My short answer? Yes, you should protest your property taxes! I do every year because I want to keep my bases low.

There are a few options out there for people who want to protest their taxes. First, you can do it on your own, which means you’re going to go, sit down with HCAD, and try to convince them why your property taxes are too high. I don’t have the time to do this, so I usually hire a third party to do it for me. I have had some mixed success going that route, but I feel it’s worth it.

Although we’re in a normalizing market, property taxes have continued to go up. If you have a homesteaded property, they can go up no more than 10% plus any improvements you’ve made. In some cases, improvements to your home can increase your tax burden substantially. Even if you haven’t made improvements, these higher assessments will cost more and more money as the years go by.

In short, we highly recommend that everyone contests their property taxes, especially if you have the time. If you’re interested in a third party to protest your taxes on your behalf, I would be happy to put you in touch with a great company I use. They typically charge 50% of what they end up saving you; if they don’t save you any money, you don’t have to pay them anything, so it’s not a bad deal.

If you have questions about this or any other topic, please don’t hesitate to reach out to us. We would love to hear from you soon!