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January 2023 Houston Market Update

January 2023 Houston Market Update

How is the year going for you so far?
Let’s check how Houston metro real estate in 2022 was. The beginning of 2022 was very good for all our sellers until July when the mortgage rates started going up. Prices of home increases started to slow down and buyers started to have negotiation opportunities. On new constructions, side builders started offering amazing deals too, while a few months before buyers were on a waiting list.
2022 became the first year with a negative sales number since 2015. That decline represents 10.9% compare to 2021
The month of December was the 9th consecutive month of sales decline.
In conclusion, the Houston market remained strong in 2022 with a very good seller’s market. Despite the rate increase the average prices of homes still remained high.

Is this a good time to buy?

Here‘s my opinion: be married to the product you buy. If you like the house, it fit your needs and you can afford it, buy it. The rate will do what they’re going to do. If you can afford it, then get it. Sit on your home for few years, when rate decreases; then refinance.

The last 2 years teaches us: when the rate went down home prices went up, when the rate went up prices of home still went up. If you can afford it, get it! as long as you love the product and it fits your needs.

Is it a good time to sell?
Yes, the value of home went up by 10% in 2022. But as a seller, be willing to negotiate, think about your first impression and price your home right: at market value or you will sit on the market for a minute.

Let‘s see how 2023 will do compared to 2022. Remember recession is not a permanent stage. Since 1980 the USA had 6 recessions and home values are higher after and most recessions don’t last more than 2 years.

If you need an expert by your side to navigate this market, contact me or my team at DBK real estate. We are here to help.

Full-year inventory

Single Family: Average & Median Home Prices

December inventory

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