How’s the Spring Texas real estate market? Fueled by first time home buyers and relocating buyers, the Spring Texas real estate market is starting off the year RED HOT! Home sales were up 24% over the same month prior year. Listing inventory is down 32%. Months of inventory has dropped even further to 3.2 months. The Spring Texas real estate market is no longer a buyers market as sellers are firmly in control of price and terms.
If you are thinking about listing your Spring Texas home for sale this year, don’t wait until summer do it now!
In anticipation of the EXXON MOBIL campus opening in 2014, numerous new communities are in development in the Spring Texas area. Time will tell if there will be sufficient housing available at the time EXXON MOBIL employees will be moving into our area.
Months of Inventory – Sitting at 3.2 months, the months of inventory is extremely low and firmly puts us in a sellers market. Six months of inventory is considered a balanced market. Less than 6 months of inventory have the sellers in control. More than 6 months of inventory have the buyers driving the negotiations. The market has changed and buyers have not realized that the market has changed are being outbid and having to settle for their second or third home choice.
Home prices – Average and median YTD prices are remaining steady. Appraisers are still reluctant to recognize the increase in demand and are being conservative in their appraisals.
Days on Market (DOM) – Measured from the date a house is put on the market until the date it goes under contract. DOM on market for the month was 83. Homes are quickly going under contract. So don’t wait until the weekend or next week to view a new listing because you may be too late.
Mortgage Interest Rates – Interest rates continue to remain super low at 3.5% for 30 year fixed rate FHA loans. The rates for 30 year conventional loans have begun to creep upwards. Mortgage interest rates are predicted to remain low in 2013
Realtors all over the Houston area were busy during the month of January. The 2013 January sales for our broker, Better Homes and Gardens Real Estate Gary Greene, was the third highest in their 50 year history. Our Better Homes and Gardens Gary Greene Champions office pended $28 million in real estate transactions in January.
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 a large geographic area stretching from I45 to Hwy 249 to Beltway 8 to Spring Cypress.
Jill Wente is a phenomenal realtor!!! She recently sold our home that had been a difficult listing. Not only... read moreJill Wente is a phenomenal realtor!!! She recently sold our home that had been a difficult listing. Not only would I not sell a home with any other realtor, I would not buy a home with anyone else. Why? Jill is a Five Star realtor. One has to perform at the top of their profession on a consistent and lengthy basis to receive such a designation. Jill has done so and received this award year after year after year. At our meet and greet get together she offered two transformative suggestions for our home. She continued to propose ideas that led to the sale of our home. Her work ethic was exceptional. She held open houses very frequently. She even picked up leaves when I was busy on another task for a showing. Jill is a wonderful person that really cares about selling your house. Her advice with negotiations and closing was all we could ask for and resulted in us getting our asking price. Trust her. We did and could not be happier. read less