Houstonian and Martha Turner Sotheby’s International Realty President Marilyn Thompson answers our questions about what trends are happening with the Houston real estate market in the summer of 2016.
What real estate trends do we see heading into the summer here in the Houston metro?
Because people travel a lot in the summer, when buyers look at properties, they look very diligently and will hopefully make their housing decisions much more quickly. They also know that some of the city areas move much faster than others, and if they are looking in those areas they will have to jump to houses as soon as they go up for sale.
How do these trends differ from last year or previous years?
This always happens in the summer months. However, with the new lending guidelines in place, it takes even longer to get to the closing table.
What kind of market would you say it is this summer? Of the buyer? Of the seller? Does it differ according to the neighborhood?
It is always a buyer’s market. Buyers set selling prices, neither sellers nor agents set prices. A home is only worth what a buyer is willing to pay for it. A good agent will suggest a list price for the home based on comparable sales in the same neighborhood, and sellers will see the quickest sale if they price their homes based on those comparable sales.
What are the neighborhoods with the most activity?
There are too many to address here. From The Heights to Cypress, from West U to Katy, from Clear Lake to The Woodlands, there are many buyers looking for the best home they can get for their families right now.
What are buyers looking for?
Buyers are looking for open floor plans, nice kitchens and bathrooms, patio space for kids and dogs, outdoor entertaining space, porches (screen porches are adored right now), beautiful landscaping (curb appeal), colors Neutral: they want a home that they like, they can come in with their belongings and start living.
What kinds of houses are selling the fastest?
Mid-range homes. These are the houses in the $ 300,000 to $ 750,000 range.
What factors do you think are currently affecting the real estate market?
The energy sector, of course, but we are still adding jobs, just not as fast as we did in 2014. It is also an election year. Historically, the market will show some resistance just before the election. Then once the election is over, no matter which party wins, the market will shake and start moving again.
For those interested in buying / selling homes this summer, what are the three things to keep in mind?
- It takes longer to close properties now with the new lending guidelines in place (typically 60 days).
- Any buyer should go ahead and talk to a lender and get a pre-qualification; Nothing hurts more than looking at a home thinking you can afford it and then finding out that you can’t.
- All buyers should speak with their insurance agent and learn the guidelines, requirements, restrictions, and costs of obtaining flood insurance.
Anything else you think is relevant to share with readers interested in the Houston real estate market?
Houston will always have a strong housing market. There is absolutely no reason not to buy right now if you are thinking about it. We have inventory and we have the right work climate – it’s an ideal time to shop in the greater Houston area. With such diverse neighborhoods and landscapes, Houston has something for every shopper. We have water properties, houses with piers, wooded properties, properties covered by beautiful old trees; subdivisions by museums, the medical center; homes near the arts and downtown businesses; rural property with cultivated area; skyscrapers overlooking the sky; houses with a patio; town houses; Houston has it all.
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