IS IT A GOOD TIME TO BUY IN HOUSTON? HOUSING MARKET FORECAST (2022)

Despite increasing mortgage rates and a minor increase in housing supply, factors that generally put downward pressure on cost (home prices) have continued to rise. However, the data suggest that the market is still resilient, even if it is expensive. According to the National Association of Realtors, the median home price has risen every month this year, reaching a record high of $413,800 in June before dipping to $389,500 in August (NAR).The COVID pandemic and ensuing housing boom impacted Houston and many other cities. Single-family homes best Houston neighborhoods for sale are predicted for $385,00 on average in 2022. Since 2020, single-family home prices have risen by 10% yearly.

Tips for Buying in a Competitive Real Estate Market

Begin with a budget and make a promise to yourself to stick to it. Despite a minor increase in the number of properties for sale, purchasers are still confronted with exorbitant prices and the highest mortgage rates in 15 years.Homebuyers should arm themselves with an experienced Realtor familiar with the area and a suitable lender with whom they are comfortable speaking regularly.

Tips for Selling in a Hot Real Estate Market

Finding a listing agent who knows the region and comes highly recommended is the first step toward a successful sale. A professional realtor will work closely with you to set a competitive price for your house while receiving queries and offers from prospective purchasers.Even if the market is still in your favor, it is to your best advantage to present your home in the best light possible. Nobody has unlimited funds for renovations and repairs, but a little sweat work can go a long way. The first step is to declutter, clear, and clean.

REASONS TO BUY A HOUSE IN HOUSTON

You will not be limited when choosing the best neighborhoods in Houston. There’s something for everyone at every age and stage of life. Best of all, Houston has some of the nation’s lowest housing expenses. Houston’s housing costs are 36.6 percent lower than the national average and when compared to the 20 most populous metro areas.

  1. QUALITY LIFE IN HOUSTON 

Houston’s blend of cultural events, dynamic neighborhoods and affordable cost of living continue to entice citizens and businesses worldwide. Affordable housing prices and the absence of city or state income tax, contributes to the city’s continued growth and vitality.

Statistics on Quality of Life:

According to NerdWallet’s cost of living calculator, Houston has a lower price than other Texas towns such as Dallas and Austin.

  • Forbes named Houston one of the greatest cities in the United States for business and careers.
  • Niche.com gives Houston an overall “A-” grade, including strong ratings for public schools, housing, and nightlife.
  • Niche also ranks Houston as having one of the lowest living costs and one of the most significant locations in the United States.
  • According to U.S. News & World Report, Houston is one of the finest places to live and retire.
  • Memorial, Clear Lake, Kingwood Region, and Astrodome Area are some of the friendliest communities to live in the Houston area.
  • The Houston Museum District, which includes 19 museums and galleries, attracts approximately seven million people annually.
  • THE LABOR MARKET

In May 2022, metropolitan Houston added 31,000 jobs, exceeding the 20-year/pre-pandemic average. Indeed, job growth in Houston has been higher than the pre-pandemic norm for nine months.According to the Greater Houston Partnership, nonfarm payroll employment is at an all-time high of over 3.2 million, the most significant level ever. In 11 industries, including scientific and technical services, arts and entertainment, and professional services, employment in Houston exceeds pre-pandemic levels.

Will Home Prices Keep Rising?

Inflation, high mortgage rates, and record-high property prices are making it increasingly difficult to buy a home and this is unlikely to change anytime soon. Fannie Mae economists predict that prices will be 16% higher in the approaching quarter than they were a year ago.MBA analysts predict that home prices will rise in the near future. They expect a 9.8% annual price increase in 2022 over 2021 and a 2.8% increase in 2023.

CONCLUSION

There are several aspects to consider when deciding whether to continue renting or buying a home. In the 2022 housing market, the decision to buy requires a thorough examination of your and your family’s needs and the prospective investment. Financially, the rapidly rising rent prices may be a compelling cause to consider purchasing a home.While home prices continue to climb, the increased value becomes an asset when you own the property. In many Texas cities, the monthly mortgage payment for a three-bedroom, two-bathroom home is less than the rent for a two-bedroom apartment.

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