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Houston Real Estate Market Report | February 2023


Houston Real Estate Market Report | February 2023

Happy February!!

Though the month of February is a short one, it is filled with lots of love and special moments.

What Happened?

Real estate markets are hyper-local in nature.  Therefore market conditions in your neighborhood may be dramatically the these Houston wide averages.

Keep in mind that closed sales data is, on average a 30 to 60-day lagging indicator of buyer activity.

HOUSTON — HAR News Room An upswing in new listings and further pricing moderation bode well for homebuyers in the months ahead.

January was an expectedly slow month for home sales across  the Houston area coming out of the holidays and easing back into the more familiar pre-pandemic trending of the start of a new year. While sales were down, there were positive indicators for consumers considering reviving their homebuying quests this year, including more robust inventory and moderating prices. (More)

January Monthly Market Comparison

January became the tenth consecutive month of negative sales as the market recovers from strong economic headwinds, including inflation, elevated interest rates, pricing and

lower inventory. Year-over-year single-family home sales fell 29.9 percent, but when compared to January 2020, just before the pandemic, sales were down only 4.6 percent; compared to January 2018, five years ago, sales were up 1.9 percent. (More)

What’s happening in the marketplace today?

Receding mortgage rates, cooling inflation, and a general sense that the worst-is-over has buyer activity perking up. Online activity, property views, and Showing appointments are warming. Open House attendance is strong.

Buyers are wading into the pool. We’re busy; the market is picking up.

For sellers, there is good news.  Listings priced appropriately, expertly presented, and

professionally marketed attract offers and sell quickly. But, one has to position themselves properly. I can make that happen for you.

To win in this market, sellers agree to more concessions such as; negotiated sale price below list price, seller-paid title policy, home service contacts, buyer repair requests, buyer closing costs, and mortgage rate buy-downs. I can help you navigate a successful outcome.

We are also seeing new home builders pivot aggressively to compete for buyers by offering generous buyer concessions, upgrades, and financing incentives. I can help you win here, too.

Mispriced, poorly marketed, and weakly-presented properties languish, require price reductions, and attract poor or no offers.

For buyers, there is good news. Mortgage rates have fallen.  While it remains a seller’s market, sellers are more inclined to negotiate price and terms. Prime properties sell quickly. When you find a property you love, move fast.

If you have questions or if I can be helpful, please call on me.

Thank You.