BE ALERT: Texas Housing Market’s Rapid Changes Affect Homebuyers

The rise of the housing market in Texas in the last three years has been truly dramatic. At one point  I remember looking for a home myself and thinking wow when did the prices go up so high?

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IS THE HOUSING MARKET IN TEXAS IN TROUBLE?

According to Newsweek, Texans who are having difficulties selling homes are now getting new opportunities for buyers. For those interested in buying homes in Texas though it may take a lot longer to resell properties. With 20 different regions in the Country with real estate platforms, it’s recently been claimed that the market is considered cold for at least 15 of them near or along the Gulf Coast including Texas. Realtor.com economist Ralph McLaughlin says for" homebuyers looking for comfort, the southern market is offering up much-needed hospitality".He goes on to say that "the inventory, especially on entry-level homes is growing and they are moving slower, and listing prices are down compared to last year.

CHANGES ARE BEING MADE IN TEXAS

Realtor.com economist warns Texans, even though there are lower listings for buying homes, it could mean that Texans will have to hold on to them for longer than expected, and possibly difficult for homeowners who want to sell. Newsweek stated that the climate change-related disruptions have led to a lot of insurance companies soaring in state taxes, which makes it very difficult to sell homes as of right now. There will be a massive number of options for buyers in the cold market, where buyers will be able to take their time and be more discriminating about where they choose to place their investments. If you want to sell your home, keep in mind Texans right now it could be a struggle.