If you’re considering purchasing a home in Houston, 2024 presents a mixed outlook that demands careful consideration. As of January 2024, the economic stability and job growth in Houston are promising factors for potential homebuyers. The city continues to attract businesses and professionals, ensuring a steady demand for housing. Low unemployment rates and a thriving economy provide a solid foundation for those looking to make a confident investment in the region.

Key Takeaways:

• Economic Stability and Job Growth in Houston – As of 2024, Houston maintains economic stability, attracting businesses and professionals, resulting in low unemployment rates. This factor provides a solid foundation for prospective homebuyers, indicating a steady demand for housing.
• Houston Housing Market Predictions – Forecasts for the Houston housing market in 2024 vary, with some experts predicting a flat market. Factors such as population growth, increased housing demand, and new construction contribute to the overall positive outlook, but challenges like high mortgage rates and low inventory persist.
• Mortgage Rate Predictions for 2024 – The Mortgage Bankers Association predicts a 4.6% interest rate for 2024 on a 30-year note. However, buyers should stay informed about economic developments and Federal Reserve policies that could influence mortgage rates throughout the year.

Several factors contribute to the complexity of the current housing market in Houston. Many prospective home buyers had anticipated a more favorable market in 2024, but challenges persist. Mortgage interest rates remain relatively high, and housing inventory is stubbornly low, making the current scenario a challenging time to buy a house.

Houston Housing Market Predictions for 2024

Predicting the housing market’s future is inherently uncertain, but several sources offer insights into what potential buyers might expect in 2024. According to Bankrate, prices in Texas have relaxed slightly in many cities, but they are expected to increase in 2024. The current market has about 3.7 months of home inventory, and it needs to reach 6–6.5 months for a balanced market.

Realtor.com released forecasts ranking Houston 88th among the 100 largest housing markets in the U.S. for 2024. Some experts believe that the market will likely be flat in 2024, emphasizing the importance of carefully evaluating the current trends and predictions.

Despite the challenges, there are positive indicators. Continued population growth, increased housing demand, a rise in new construction, and an emphasis on energy are among the top 10 predictions for the Houston housing market in 2024, as reported by HAR.com.

Mortgage Rate Predictions for 2024

Understanding mortgage rate predictions is crucial for potential homebuyers. As of September 2023, the Mortgage Bankers Association predicted a 4.6% interest rate for 2024 on a 30-year note. While this rate provides a point of reference, it’s essential to stay updated on economic developments and Federal Reserve policies that could influence mortgage rates throughout the year.

Houston Economy Overview

Houston’s economy plays a pivotal role in the housing market. The city’s continued attractiveness to businesses and professionals contributes to economic stability. However, potential buyers should remain vigilant about any shifts in the economic landscape, as external factors can impact the real estate market.

Final Thoughts – Will 2024 Be A Good Time To Buy A House In Houston?

Whether 2024 is a good time to buy a house in Houston depends on various factors, including individual circumstances, risk tolerance, and long-term investment goals. While economic stability and job growth provide a positive backdrop, challenges such as high mortgage interest rates and low housing inventory may impact the decision-making process. Keeping a close eye on housing market predictions and mortgage rate trends will empower potential buyers to make informed and strategic decisions in navigating the Houston real estate landscape in 2024.

Is it Important to Have Home Buyer Representation? 

Securing representation as a home buyer is important, especially in the highly competitive Houston real estate market. Buying a home is a significant financial transaction. Think of your buyer’s agent as your dedicated advocate throughout the process. 

Their role extends across every stage of the buying journey, from finding properties that align with your preferences to facilitating connections with home inspectors, lenders, and title companies. When you discover a home that captures your interest, your realtor also becomes instrumental in negotiations with the home seller or home builder. 

What Credentials Will the Best Realtors Have?

Top-tier real estate professionals often have affiliations with prestigious national or local organizations like the National Association of Realtors, local real estate boards, or chambers of commerce. They may also have awards from these organizations.

In addition, client testimonials serve as a crucial gauge of a realtor’s performance. Of course, the best realtors should earn predominantly positive reviews. However, it’s important to see how they respond to any criticism in negative reviews. Additional indicators of a realtor’s expertise include certifications and designations such as Certified Residential Specialist (CRS) or Accredited Buyer’s Representative (ABR). 

If you want to buy a home in Houston, Chris Schmidt and Your Home Sold Guaranteed Realty - Chris Schmidt Team is the best choice. With over two decades of experience and unique buyer guarantees to guide you to your ideal home, buying a home with us is a unique experience.

What Questions Should I Ask Before Hiring a Realtor?

Before hiring a realtor, home buyers should ask certain questions to ensure they choose the right professional for their needs. Asking the right questions allows home buyers to assess the realtor’s qualifications, approach, and compatibility with their needs, ensuring a smoother and more successful home-buying experience:

• How long have you been a real estate agent? What is your experience in the local market?
• Can you provide references from past clients?
• How well do you know the neighborhoods I’m interested in? Can you share insights into current market trends?
• How do you prefer to communicate, and how often can I expect updates? Are you available on weekends and evenings?
• Can you share examples of successful negotiations you’ve facilitated? How will you help me get the best possible deal?
• Can you explain the home-buying process and relevant contracts?
• How do you handle the legal aspects of the transaction?
• How do you stay updated on new listings and market changes? What tools and technology do you use for property searches and transactions?
• What are your fees, and how are they structured? Are there any additional costs I should be aware of?
• Do you work independently, or do you have a team to support transactions? How will your support team assist in the buying process?
• What criteria will you use to match homes with my preferences?

Call Chris Schmidt To Help You Buy A Home

If you’re looking for the top realtor in Houston, Texas, look no further than Chris Schmidt and Your Home Sold Guaranteed Realty - Chris Schmidt Team. We’re experts at the Houston housing market. With years of experience helping home buyers, we know all the historical market patterns and current trends in the area. 

Plus, our unique buyer guarantees like the Buy it Back Guarantee and Move Up Guarantee make purchasing a home risk-free. Our team offers these guarantees because we believe you should have a stress-free home-buying experience. 

Above all, we’re committed to providing high-quality customer service, exceptional communication, and expert negotiation skills. To learn more about working with Your Home Sold Guaranteed Realty - Chris Schmidt Team to buy a home in Houston, call 713-322-5604, send a message to [javascript protected email address], or fill out the form on this page.

To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!