Local Realtors answer questions about the trends and give tips to homebuyers and sellers considering buying or selling a home in or around Cy-Fair.
How do you think the real estate market will change in 2016?
There are many positive things developing. We continue to be a very affordable city for new businesses. Sixty percent of industry in the [Greater] Houston area is not energy-related. We look forward to several large companies moving into the Cy-Fair area this year, which will help the market.
Are you expecting home prices to go up or down, and if so, why?
I expect home prices will hold steady this year. In recent years, we have seen incredible value increases for real estate. This year, that is likely to level out and stay more steady. That is a good thing. We want to stay affordable.
What are some real estate market trends you noticed in 2015?
2015 was a split year. The first six months we saw a very hot seller’s market. We continued to see houses selling very fast with multiple offers. In the last few months, things slowed down quite a bit. Prices stayed steady, but the time it took to sell a house took a bit longer. Even now, statistically, we are still in a seller’s market.
When is the best time of year to purchase a house?
I would recommend talking to a licensed Realtor and a mortgage professional to plan out the best strategy. Be in the best position to negotiate, and be ready to buy with financial approval in place.