As summer is here and life is back to normal after the chaos of the last year, it’s no wonder to see that the housing market in Houston is booming. People are excited to buy, prices are skyrocketing and the general environment is very encouraging for would be sellers. As a Houston home owner, there has rarely been a more uniquely great opportunity to sell your home. So, if you’re thinking about getting involved in this summer’s hottest sellers market, here’s what you need to know.

Population Boom

The excitement that we’re seeing at the conclusion of the pandemic is coupled with the fact that there is a huge influx of people moving to Houston. In fact, the latest estimates suggest that we’re seeing over 1400 people moving to the Houston area every day! And with all these people moving to the area, the demand for housing will keep going up. On top of that, several major companies have relocated to the area in search of a better regulatory environment. This means that not only are we witnessing a population boom, but we are seeing a robust and wealthy group of people moving in, ready to spend big on a dream home.

The Summer Peak

Ask anyone experienced in the Houston real estate market and they’ll tell you that the absolute best time to sell is in the summer. From June to August, you can see a real bump in the average closing price for houses. In fact, you can often see a 10%+ bump in prices just because of the time of year. And while you’ll typically see much higher prices in the summer, because of motivated buyers, you’ll also see much fasting closing times. All in all, it makes summer the prime selling season, regardless of the other positive factors.

Low Inventory

When it comes to determining value, you need to look at both supply and demand. We know that for a number of reasons, demand is potentially at an all time high. But to get the full picture, we also need to consider supply. And right now, there is an enormous supply shortage in the Houston area. Despite the best efforts of construction companies to build more houses, they just can’t keep up with the relentless demand. As expected, this disparity is leading to a spike in pieces that you can take advantage of as a seller this summer.

Low Interest Rates

Another interesting factor to note is the continually low interest rates. While many experts and commentators were expecting interest rates to have gone up by now, that just simply hasn’t materialized. With mortgage rates sticking around the 3% mark, buyers have become even more motivated knowing that their money can really stretch to do more right now.

This also provides you with a unique double benefit. Not only does it make it easier to sell your house, but if you’re thinking about upgrading into a dream home, you can also take advantage of these low interest rates to score yourself a fantastic deal.

What Does This Mean For Prices?

So, all the signs are there for a great sellers market in the Houston area but what has been the real effect on prices? According to research from Houston Public Media, we are looking at record high house prices. Average home prices are up between 10-20% depending on the type of house and these prices are showing no signs of slowing.

Summary

As a seller, Houston is a market that is simply on fire right now. With an incredibly unique combination of factors including the end of the pandemic, a population boom and low interest rates, Houston’s houses are seeing record high selling prices. If you want to get in on the action, but want to know how well you can do, then we’ve got you covered. We offer free professional home evaluations to ensure that you know exactly what you’re in for.