Been waiting for the mortgage interest rates to go down before listing your Spring Texas home? Stop waiting and list NOW! With this week’s inflation numbers coming in hotter than anticipated, the probability of a decrease in the overnight borrowing rate in March dropped down to zero. Home buyers who are waiting for the mortgage interest rates to drop will have to wait until June.
Move forward and list your home NOW! There’s fewer homes for buyers to choose from NOW so your house will stand out. The number of buyers entering the market is not going to significantly increase until the interest rates go down. If you wait until June before listing your Spring Texas home, you increase the probability of missing the between school years to move.
With months of inventory at 2.2 months, we are still in a sellers market. Sellers are controlling the negotiations. You don’t have to wait until more buyers enter the market especially if you live in a high demand subdivision. If you are competing against new construction homes, you are in for a rocky road. Builders will continue to buy down interest rates and significantly contribute to buyers closing costs to sell their homes. Builders are in the business of selling homes, they will do what’s necessary to sell homes. When the mortgage interest rates decrease, builders will decrease their incentives.
Here’s the stats to know about the Spring Texas real estate market:
Average Sales Price to List Price – 97.6% Median Sales Price to List Price – 98.2%
Average Days on Market – 54 Median Days on Market – 37
Average Sales Price – $422,760 Median Sales Price – $356,500
Average Price Per Square Foot – $152.73 Median Price Per Square Foot – $143.4
Wondering how the real estate market is doing in your Spring Texas neighborhood? Wondering how much equity you have in your home? Reach out to Jill Wente, Realtor to get informed answers to those questions running through your mind.
Market stats are from the Houston Association of Realtors for Spring Texas for properties classified as single family homes for the week of February 6 – February 12, 2024
