Booming Houston Economy Boosting Housing Market

This is a great article from Channel 13 KTRK. Click here for a link to the article or read the full article below. If you are thinking about putting your home up for sale in the near future or thinking about buying this article is a must read.

 

 

Booming Houston ecomony boosting housing market


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Booming Houston ecomony boosting housing market
Video updated on: 2013.02.26 at 10:55 PM CST

Story posted 2013.02.26 at 10:28 PM CST

abc13NOW News

A booming Houston economy is leading to a good problem if you are thinking of selling a home. Bidding wars, something the area has not seen in years, are now becoming common place.

It was not that long ago when houses were not selling at all, now they are being snapped up within days of being listed with multiple offers from buyers.

Joshua Asper got a nice surprise when he decided to sell a pair of Houston-area homes.

“Within six days, we had multiple offers on each and home — and in fact a bidding war on the homes — and they were completely sold within six days,” he said.

Asper’s story is not an isolated one.

“This house came on the market and within 24 hours; we had 17 showings and 6 or 7 contracts on it. It did sell for way over list price,” Realtor Tim Surratt said.

Surratt says another home in West U area brought more than $30,000 on top of the list price. It’s a big changer from just four years ago, when the housing market came crashing down.

“Four years ago, we had a lot more inventory, but the second thing we had was the buyers could not get loans,” Surratt said.

According to the Houston Association of Realtors, there were 24 consecutive months of declining homes sales starting in September 2007.

But those days are over.

The last 20 months have seen positive sales with inventory down to less than four months. In some neighborhoods, supply is even lower.

“We were seeing in some areas one to one-and-half months of inventory on the market,” HAR chair-elect Chaille Ralph said.

Ralph says if your home is not selling and no one is scheduling a showing…

“Your home has to be priced right. It has to be in the in the condition it needs to be in to sell,” she said.

That means if the kitchen needs to be updated, don’t expect the same offers as the house next door that has been renovated.

Realtors say they have not seen less than four months of inventory in the housing market since December 1999.

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Story posted 2013.02.26 at 10:28 PM CST