Are you a Houston homeowner considering selling your house? If so, now is the time to act. That’s because, according to experts, home prices are likely at their peak right now, and prices will begin to fall in 2020 with an expected recession. This recession is likely to hit during Q1, after initial predictions that said it would hit in late 2019, and job numbers will fall when it does finally arrive. Wait too long and you’ll be stuck with a house that won’t sell, or at least you’ll have to take a much lower price than you would if you sold now.
Home prices rise and fall based on a variety of factors, and recently Houston has been performing especially well. In fact, headed into summer 2019, over 100,000 homes were sold in the area, and prices are up in the city by 3.8% year-over-year. As an owner, then, the market looks great – but it’s not likely to last long. And the same is true in many major cities. Experts believe home prices have also peaked in Boston, Los Angeles, Philadelphia, and Portland, among other cities. Seattle has already seen prices start to fall, as has San Jose.
The main factor that could benefit Houston, however, is that the city’s population may continue to grow over the next year, putting pressure on the available housing stock. If the job market isn’t strong, enough, though, more individuals may opt to rent, rather than apply for a mortgage.
One key reason why Houston home sales are likely to slow despite a growing population is that, like many major cities, there’s a shortage of affordable housing. In fact, the issue of affordable housing is something of a reciprocal problem – high housing costs are eroding consumer spending power and hurt the economy, and a slowed economy leads to a downturn in the housing market. This cycle tends to continue until the job market improves again, and Houston could suffer longer than most in a downturn, as Hurricane Harvey only worsened the existing housing crisis.
With economic pressures on to sell quickly, homeowners need to be strategic. Luckily, at Green Residential, we know what it takes to appeal to buyers in Houston, and we’re here to guide you. These 5 strategies will help you move your home quickly, before the next recession strikes.
As of this June, Houston homes took an average of 49 days to sell, just a day longer than the average a year before. That’s relatively quick turnover, and it’s about ten days faster than the national average. If you want to sell your home before 2020, then, you should have plenty of time, but every home is unique. Depending on your circumstances, it may also serve you to consider renting out your single-family home, as both the rental rate and average rental price for such properties are up year-over-year. Townhome and condominium leases are also up, despite purchases in the same sector slowing by more than 16%
If you’re looking for support selling your Houston area home, Green Residential is here for you. With decades of experience serving Houston property owners, we know the best ways to stage a property, provide professional photography services, and arrange showings and contracts.
Learn more about our home sales services today or contact us to discuss your sales needs. There’s a recession on the horizon and it won’t do to wait. Act today with Green Residential.
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