Hot or Not? | Houston Real Estate Market Update | November 2018

Hot or Not? |  Houston Real Estate Market Update | November 2018

It’s the fall of 2018. So Houston Real Estate Market Hot or Not? Stick around we’re about to dive in. Hey friends I’m Paul
with The Holub Team and I’m here to share with you our best practices,
hilarious stories and simple tips and tricks for all things real estate to
help make your next movement smooth one. So the real estate market tends to slow
down in the fall but is it slower than it was in 2017? Let’s look at the numbers.
Houston sold 300 more single-family homes
this October than it did October of 2017 to total of just over 6700 homes sold.
What did that do to the average sales price. Well I’m glad you asked! The month
of October actually had its all-time highest average sales price at just over
two hundred ninety four thousand five hundred dollars and a lot of this is due
to an increase in the luxury homes sold Those are houses $750,000 or more
which saw a 12 percent increase from this time last year. Home inventory is
actually up seven percent to just over 41,000 single-family homes on the market
and if you look at the by foreclosure to maybe flip electric cash in your pocket
just know there’s a ton of competition because foreclosures only represent 1.8
percent of the entire real estate market. All right time for hot-or-not! Lets review the
hot areas around Houston and the not so hot areas. This is actual metric put out by
the Houston Association of Realtors. So these are the top hot areas around
Houston: we have the near north area, the north area, southeast, Pasadena area,
highway six north. Alief area, east area, Clear Lake area and the Cyfair area.
These are the not so hot areas: Memorial area, Central area, Central West area and
the Southwest area. Again this doesn’t mean that these places are bad
place to live it just means that they have a higher
amount of inventory on the market and they tend to sell much slower than the
hotter areas mentioned. Alright diving into the interest rates so the 30-year
fix is hovering around five and a quarter
and the 15-year conventional fix is hovering around 4.75 or so so we
definitely continue to increase we should expect another increase coming up
in December as the feds getting together potentially raise interest rates again.
Alright so here’s the rundown Houston’s in a seller’s market and we’re
above last year but not every area of Houston is selling like hotcakes. Interest rates have been climbing and are expected to go up even more in the next
couple months and finally the east side of Houston’s tend to sell a little bit
faster than many of the west and central areas of Houston. Hey guys that’s it for
the Houston real estate market update make sure to subscribe for other great
videos coming up on YouTube and if you need some help moving in Houston give us
a call, we’ll be happy to help you make your next move a smooth one.

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