by Erika Mehlhaff
Texas Real Estate Market 2022 – Whether you want to purchase a new home, you want to put a property up for sale, or you are interested in your rental options in the Texas Gulf Coast region, it is essential to get the most up-to-date information possible about the local property market. Analyzing how the market is performing is important when it comes to determining your next steps. Here are three key real estate trends to keep an eye on in the current real estate space in the Corpus Christi, Texas area.
#1 Property Inventory
Potential homebuyers should consider the inventory of available properties in the local market. It is difficult to meet buyer demand when there are few properties for sale. Low property inventory drives fast and furious buying, especially in very popular real estate markets like Corpus Christi and other coastal cities. This is great news for sellers, who find less competition when fewer homes are on the market. But people looking to purchase a property have to think fast because there are so many quick sales–if they are unprepared, their dream homes could slip through their fingers and be swiftly secured by other buyers.
#2 Home Prices
Paying attention to home prices is also important. In the current climate, inflation is impacting everything, with rising prices for everything from groceries to gas. Across the nation, median home prices continue to increase, even as the rate at which they are increasing has been slowing somewhat. For sellers, this means higher profits when someone takes a property off their hands. For buyers, it is key to stay within a pre-set budget–even as homes fly off the market and tempt them to buy something that is too expensive.
#3 Mortgage Interest Rates
Mortgage interest rates are also significant to consider before buying or selling a house. Buyers benefit from low interest rates because they’ll make lower payments to borrow the mortgage; lower rates can help buyers afford a little bit more than when there are higher rates.
Sellers benefit from lower interest rates because it can help them sell their properties faster; higher rates can mean their houses will be on the market for a longer amount of time. That said, sellers can still take advantage of low interest rates if they decide to hold on to their homes until rates decrease somewhat by shortening their payment schedules via mortgage refinancing.
Texas Real Estate Market 2022 – If you are interested in buying or selling a house on or near the Texas Gulf Coast, consulting with a professional real estate agent like those at WEICHERT, REALTORS® – The Place of Houses is an excellent first step to take. The reputable group of real estate experts at this Corpus Christi, Texas-based real estate agency will help as you navigate the current property market, and will help you understand your options. WEICHERT, REALTORS® – The Place of Houses employs experienced, competent property experts who offer outstanding real estate guidance to their clients, and support them as they go through the process of buying or selling property in the region. Contact WEICHERT, REALTORS® – The Place of Houses any time online or by calling 361-882-5588 to find out more about their professional services and resources.