Even with mortgage rate increases homebuyers are still out pursuing the American dream of homeownership. The number of Spring Texas homes under contract jumped 8% over the last week. Total listings and months of inventory are relatively unchanged from last week. The Spring Texas real estate market is a sellers market. The recent increase in mortgage interest rates have buyers scrambling to secure a home before next month’s projected 75 basis increase in the Fed’s overnight funding rate and a further increase in mortgage interest rates.
Multiple offers are still occurring especially in the first time homebuyer price range. Sellers are starting to understand the importance of market based pricing, staging, and marketing. The Spring Texas real estate market has changed and it requires changes on sellers, buyers, and Realtors®.
Buyers are seeing more price decreases and as such they are taking a more cautious approach to the market. Instead of rushing to put in an offer, they are watching the property and hoping it gets reduced in price. Less than 20% of homes are having price decreases. Some buyers are waiting too long to submit an offer. When they do submit an offer, their offer is one of many instead of the only offer.
The Spring Texas housing market continues to be a sound financial investment.
Market stats are from the Houston Association of Realtors for the week of October 18 – October 24, 2022 for single family homes in Spring Texas.
