Spring Texas Real Estate: Market Report January 2011
What’s going on with the Spring Texas Real Estate Market? Sales and pending sales are up over January 2010. Not significantly up but they are still up. Considering that last year at this time the Spring Texas real estate market was being artificially stimulated by home buyers tax credits an increase albeit a small one over January 2010 is significant.
Retailers holiday sales indicated an increase in consumer confidence and now we are starting to see the impact of the increase in consumer confidence in the real estate market. Tax credits were never the answer. The answer is and always will be JOBS. People are not going to empty their wallets unless they feel confident they will be able to keep earning money.
Last year we saw a lot of home sellers putting their houses on the market in hopes of capturing buyers out for tax credits.
This year we already have more inventory than we did last year AND we are a couple of months from “the season”. The advice I have for Spring Texas home sellers is put your house on the market now. The closer to the start of “the season’ its gets the more competition there will be. The competition is going to be tough so you better be ready to bring your “A” game.
The advice I have for buyers is get out there now. Yes, there may be more competition in a couple of months but there are plenty of homes to choose from now. Waiting may cost you more money as mortgage interest rates have increase over a 1/2% point in the last 6 months. Interest rates for 30 year home loans are hovering right around 5%.
Want more numbers? Check out past Spring Texas real estate market reports.
Want to learn how higher interest rates decrease your buying power? Watch this video.
The data represented is from the Real Estate Center at Texas A&M University and the Houston Association of Realtors MLS for single family existing homes in Area 13. Area 13 covers the geographic boundaries of East – I45 to West – Hwy 249 to South – Beltway 8 to North – Spring Cypress. A good portion of the houses in MLS area 13 have a Spring Texas mailing address.