When is the best time to buy a house in Houston, Texas? Deciding when to enter the housing market is a personal decision that depends on a combination of external and individual factors.
In this post, our team at Your Home Sold Guaranteed Realty - Chris Schmidt Team will discuss what to consider when deciding whether or not it’s the right time for you to buy a home. We’ll also cover what the housing market in Houston is like.
Key Takeaways:
- Work with your realtor to analyze trends like inventory levels and home prices to help you determine the best time to enter the market.
- Consult with a mortgage lender to understand current interest rates in your area and how they can affect your buying power.
- In recent months, homes in Houston sold for a median price of $309,000, which is a 4.7% increase compared to the same time last year.
When is the Best Time to Buy a House?
Evaluate External Conditions
- Housing Market Trends: Work with your realtor to analyze trends like inventory levels and home prices to help you determine the best time to enter the market. If you can, wait until conditions favor buyers– buyer’s markets tend to have more inventory, low demand, low prices, and less competition from other buyers.
- Seasonality: Generally, spring and summer are more popular with buyers, and most home sellers choose to list their homes during this time. However, competition can be higher during these seasons, leading to higher prices.
- Interest Rates: Lower interest rates are preferable, as they make it more affordable to purchase a home. Consult with a mortgage lender to understand current interest rates in your area and how they can affect your buying power.
- Broader Economic Conditions: The health of any housing market is closely tied to broader economic conditions. Be sure to consider the impact of factors like job growth, unemployment rates, inflation levels, and recessionary conditions.
- Neighborhood Dynamics: Individual neighborhoods have their own advantages and disadvantages. Research different neighborhoods within Houston to find the one that best fits your preferences, lifestyle, and budget.
Consider Your Personal Circumstances
- Personal Finances: Assess your financial situation, including your savings, income stability, and credit score to make sure you’re financially prepared for homeownership.
- Life Events: Consider any upcoming life events or changes that may impact your housing needs, such as marriage, starting a family, or a job relocation. Timing your home purchase to align with these events ensures you find a home that meets your current and future needs.
What is the Housing Market Like in Houston, Texas?
In recent months, homes in Houston sold for a median price of $309,000, which is a 4.7% increase compared to the same time last year. Most homes spend a median of 47 days on the market, which is a decrease of three days from the previous year.
Most homes sell for 3% below their original asking price, while the hottest homes sell for their exact original listing price. The hottest homes also sell faster, spending only 11 days on the market before selling.
Homes in Houston have a sale-to-list price ratio of 96.5% and 11.1% of homes sell above their original asking price. In addition, 26.2% of homes drop their asking price at some point after being listed.
We Can Help You Decide the Best Time to Buy a House in Houston
If you’re trying to decide the best time to buy a house, a realtor can help you make an informed decision that aligns with your needs and objectives. At Your Home Sold Guaranteed Realty - Chris Schmidt Team, Chris Schmidt and our team have been continually ranked as the best realtor in Houston.
We’ve helped many buyers find homes that match their budget and preferences thanks to our in-depth knowledge of the local housing market and unique buyer guarantees, including our Buy it Back Guarantee.
If you are interested in working with our team to buy a home, call or text today at 713-322-5604. You can also use the form below. Don’t have to wait to find your dream home in Houston!
To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!
