Why is now the ideal time to sell a home? Well, it’s the main model of price determination: supply and demand. The inventory in Houston is at a historic low, currently sitting at a 1.9-month supply. As a reminder, a six-month supply is traditionally considered a balanced market. Anything less is a seller’s market.
With low supply and very low interest rates, there simply aren’t enough homes on the market to meet buyer demand. Builders are even having to slow their sales because they can’t keep up with demand. That, in turn, drives up prices, which is great news for sellers. Prices of single-family homes established new highs in December 2020. The median price rose by 8.7% to $273,443, while the average price rose by 11.4% to $347,164.
We strongly urge you to reach out to us as soon as possible if you plan to make a move this year. We’ll set up an appointment with you to discuss how to maximize your home’s value and when would be the best time for you to list. Don’t hesitate to reach out to us with any other questions you have, either. Hope to hear from you soon!