The demand for buying has really heated up this summer, leading to multiple bidders and homes selling at or above the asking price. Furthermore, tight inventory conditions are being exacerbated by the fact that some home owners are hesitant to sell because they’re not optimistic they’ll have adequate time to find an affordable property to move into. These leads to low supply and high demand condition pushing prices higher than ever.

Along with a boost in home prices last month, existing-home sales also reached the highest pace in more than eight years. Lawrence Yun, NAR’s chief economist, calls this year’s spring buying season the strongest since the downturn.

Here is the snapshot of the 2nd qtr report published by Texas Real estate Commission for Houston-Sugarland area,

Home price has gone up 7% year over year and Days on the market has come down to 47 days compared to last year as well. It might continue till end of summer and hope to slow down bit and also job loses might push the real estate market down a bit in Houston area. The ripple effect has not taken into effect but eventually happen. If you are buyer, it’s really hot market to be in to purchase your dream home. Sellers are enjoying the best ever market ever in last 10 years. But don’t be too greedy and lose the deals which you thing is worth for the property.

Heat wave is upon us so stay cool and happy buying/selling!!!

About Vijaianand Thirnageswaram

I am a Proud Realtor of Texas, trying to guide and help clients to find their dream home and educate them to buy them for right price. I am also a Candidate for CFP who has more financial knowledge which allows me share and educate clients in any financial decision making process.

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