brownsuga1
which company? PLEASE DONT SAY ZILLOW - you know Modus?
Prefer not to say but if you're referring to the title company Modus, I have some familiarity.
How’s Houston looking - not the burbs but the city? I’m all for wanting the best deal but combined with the low interest rates and low inventory - the market was in a flurry especially with people wanting to spend money due to lockdowns etc.
I’m made peace with it - no real way to time the market - inventory, interest rates, material goods, labor issues, etc - next home should be it it so I’ll let the pieces fall where they may. Much different if the issues were investments/rentals though.
Like most markets in the south, Houston is buzzing with activity but due to severe lack of inventory it's causing prices to rise. Here's some data just to highlight how dire the inventory situation is.
- Months of supply (which is the KPI in real estate that measures how much time it would take for the current amount of homes to sell in a market) in Houston is 1.3 months.
- The historical average for Houston is 5.5 months
- Anything below 6 months is considered a sellers market, anything above a buyers market
- For perspective last January it was 1.9 months (inventory sucked last year too. The fact it's lower now is unprecdented)
- The total number of listings in Houston this week was 11,500. A year ago it was around 19,000
- Once the spring months come, there will be more inventory but way way way short of what's needed
- Because the inventory is so low the median price in Houston is $380K, it was $320K a year ago
- 2022 home prices in Houston are expected to appreciate by 8%, they appreciated by 16% in 2021
- Houston homes are probably overvalued by 11%