If you’re considering buying or selling a home this year, you probably have your ear to the ground for any news pertaining to the real estate market. You want to know what you can expect regarding pricing, housing demands and interest rates. Your real estate broker in Alpine, TX can provide this information for you.
With a trained eye and ear, realtors can provide an overview of how the market is doing and what trends you are likely to see next. Following is an overview of the current forecast for Texas. For more details, contact your local real estate broker in Alpine, TX.
The basic principle of supply and demand holds true for the housing market. When there aren’t enough houses to go around, prices increase. Looking at construction activity in Texas, we see that current construction activity hasn’t been higher since before 2007. However, this trend may take a slight dip by the end of the year, due to rising interest rates and the issuance of fewer multi-family permits at the end of 2018.
Texas has seen several consecutive years of explosive housing market growth. Based on current demand, you can expect a flatter trajectory for 2019. The affordability of homes and rising interest rates have lessened the demand for homes under $300K. However, houses priced between $200K and $300K are still seeing significant activity, and homes under $200K are experiencing the shortest market time.
For market time, homeowners can expect an average between 40 and 60 days if a home is priced under $300K. Homes above $500K are experiencing market times of closer to 90 days.
Texans are currently seeing the highest interest rates in seven years. These rates are affecting refinancing options and slowing new-purchase mortgage applications. However, compared to last year, the number of applications is higher.
Typically, the top question on the minds of both buyers and sellers is: “How much?” For housing prices in 2019, real estate brokers in Alpine, TX are seeing small rates of increase. These percentages, varying from 2.6 percent to 5.2 percent, are different throughout the state, with Dallas-Fort Worth leading the pack and Houston bringing up the rear.
For those focused on more exact dollar amounts, you’ll be interested to know that the median Texas home price is just over $235,000. Across all metropolitan areas of the state, median price per square foot has risen since last year. Thus, the trend for buyers has been moving toward smaller homes to adjust for this rising rate.
If you’d like to discover more about your local real estate market, contact your real estate broker in Alpine, TX. At Carpenter Real Estate, we’ve been specializing in residential properties, commercial properties and ranches for three generations. We’ve sold over 1 million acres in the Alpine area. Our vast knowledge and experience make Carpenter Real Estate the first team to go to for any and all real estate needs in Alpine, Texas and the surrounding areas. Reach out to our experienced team today!