Spring is in full swing, and if you’ve been eyeing the real estate market, you’re probably wondering, Is now a good time to buy or sell?

Here’s what we know right now.

Mortgage rates have come down from last year’s highs, giving buyers a little more room to breathe. While rates still fluctuate, many buyers are using creative strategies like seller concessions and rate buydowns to make homeownership work for them. After all, smart buyers are realizing they can’t sit on the sidelines forever. Life is happening, and at the end of the day, you can’t hit pause forever on the house hunt! These kids and pups need a place to call home!

Home inventory is increasing, which is great news for buyers who’ve been frustrated with limited options. More homes on the market = more choices and potentially less competition! Now, every market is a little different. Personally, I’m even seeing multiple trends in one market depending on price point.

Home prices are still rising, but at a more normal pace. Nationally, prices have been increasing by about 3-4% year-over-year, much steadier than the double-digit jumps we saw in 2021-2022. Shooo, we couldn’t do that forever anyway. This is much better for us long term!

Here’s what’s happening in 77058 (Houston, Texas area):

In Clear Lake, the average home price is $370,000, up 4% from last year.

We currently have about 2.5 months of inventory, meaning it’s a seller’s market. Sellers have the upper hand, but with inventory on the rise, buyers are starting to see more opportunities.

The average days on market is 45 days, so homes are still moving, but depending on the price range, there are opportunities for negotiations.

Thinking about making a move this summer? Let’s chat, I’ll break down what’s happening in our market and how you can make the most of it. Just reply or text me at 832.979.4311

💌,
The Gems at Black Diamond Real Estate Group