Right Place, Right Time
Houston’s residential market is brimming with opportunity
There’s a time and a place for everything and, in the context of home ownership, now is a good time to buy in Houston’s Inner Loop. As interest rates climb and the inventory of available homes diminishes, there exists a sense of urgency to act. This is why savvy buyers who know a good thing when they see it (and understand the accruing value of real estate) are motivated to become homeowners in Houston.
Values on the Rise
For years, Houston’s real estate market has enjoyed widespread growth. In November 2016, sales across all property types were up by 21.4 percent, compared to the same period last year, with the total amount sold increasing by 28.7 percent. Today, the question on everyone’s mind is how long will the trend continue?
While starter homes in Houston are still affordable, supply and demand realities may price some buyers out of the market if they delay their purchases too long. With inventory down by 12.1 percent and list prices up by 16.6 percent, compared to November 2015, new homebuyers may have less choice and more expense in the coming months.
In the single-family home market, November proved to be another stellar month. In this category, home values increased by 8.3 percent to a median price of $222,000. Even the luxury home category is seeing growth, according to Houston Business Journal, despite the previous slump in oil prices and in the midst of uncertainty surrounding the national election.
Meeting Houston’s Housing Demand
Across all major price points, Surge Homes is meeting Houston’s housing demand. The firm was recently named Developer of the Year by Houston Agent Magazine’s 2016 Houston Agents’ Choice Awards for good reason. Surge Homes is developing several new communities within the Inner Loop, including affordable, space-efficient condominiums in the Museum District, and townhomes and condos in Midtown. Additionally, their Upper Richton development features luxury homes in Upper Kirby, an area that has seen a 57 percent value growth over the last five years.
Surge Homes recognizes that Houston represents a diversity of tastes, styles and needs. By building homes based on true buyer and community feedback, the firm has been able to dominate many markets with homes that deliver on quality, price and aesthetics.
In the Moment
While Houston is poised for continued growth, there is a natural inflection point. Now is one of the best times to be a part of the exciting world of homeownership.. For millennials, empty nesters and families alike, the Houston real estate market offers great value and the promise of appreciation. The key is to leverage the opportunity today, before the buying landscape looks decidedly different.
