The real reason houses are hard to find in Houston.
Local Realtor Tiffany LaRose showed a client a home in Cypress that had been on the market for just two days. “It had 150 showings the second day and received 110 offers that day. My clients and I did not win that house.”
Yes, you read that right. You may have even talked about similar situations with your friends or co-workers. So why is it so hard to find a home to buy right now? While the Cypress situation is a fairly drastic example according to ABC 13 News, the Houston Association of Realtors says that new “for sale” listings were down in mid-March by nearly 15% from this time last year.
The current real estate market — including the one right here in Houston — demonstrates the basic economic principle of supply and demand.
In addition to decades of low interest rates which made it easy for people to buy residential property, Millennials are in the prime age range for homebuying. Since they’re the second largest generation since the baby boomers, that’s a lot of house hunters. Another issue is the fact that fewer homes were built during the 19 months of the Great Recession in 2007 to 2009 — housing inventory is still trying to catch up.
There’s no single immediate solution to the shortage of available homes for sale, but you shouldn’t give up hope. Even though it’s challenging to find a home, there are still opportunities, according to Houston Association of Realtors chair Jennifer Wauhob.
“This is not a market for the casual buyer. You can get a home, but it’s competitive out there," Wauhob says.
Ask us about the benefits of getting pre-qualified for a mortgage to bring you one more step towards homeownership.
Yes, you read that right. You may have even talked about similar situations with your friends or co-workers. So why is it so hard to find a home to buy right now? While the Cypress situation is a fairly drastic example according to ABC 13 News, the Houston Association of Realtors says that new “for sale” listings were down in mid-March by nearly 15% from this time last year.
The current real estate market — including the one right here in Houston — demonstrates the basic economic principle of supply and demand.
The reason behind the reason
Although the lack of available homes sounds like a simple situation, it’s actually the result of many different factors coming together at the same time.In addition to decades of low interest rates which made it easy for people to buy residential property, Millennials are in the prime age range for homebuying. Since they’re the second largest generation since the baby boomers, that’s a lot of house hunters. Another issue is the fact that fewer homes were built during the 19 months of the Great Recession in 2007 to 2009 — housing inventory is still trying to catch up.
There’s no single immediate solution to the shortage of available homes for sale, but you shouldn’t give up hope. Even though it’s challenging to find a home, there are still opportunities, according to Houston Association of Realtors chair Jennifer Wauhob.
“This is not a market for the casual buyer. You can get a home, but it’s competitive out there," Wauhob says.
Ask us about the benefits of getting pre-qualified for a mortgage to bring you one more step towards homeownership.