Houston's real estate market will relax in 2023
Local experts predict 2023 will bring more normalcy to the Houston-area housing market.
The big picture: As the hype and fear over a real estate crash subsides, homebuyers and -sellers will resume buying and selling at a pace that was common before the pandemic, forecasts Jennifer Wauhob, the 2022 chair of the Houston Association of Realtors (HAR).
But, but, but: Affordability remains a huge challenge for want-to-be homeowners who missed last year's low-interest-mortgage boat.
The big picture: As the hype and fear over a real estate crash subsides, homebuyers and -sellers will resume buying and selling at a pace that was common before the pandemic, forecasts Jennifer Wauhob, the 2022 chair of the Houston Association of Realtors (HAR).
But, but, but: Affordability remains a huge challenge for want-to-be homeowners who missed last year's low-interest-mortgage boat.
- The average cost of a single-family home is still around $400,000.
1. Buyers will have more leverage
There will be a greater availability of inventory and a more relaxed environment, according to Nicole Lopez-Cummins, a team lead at Mark Dimas Properties.
What they're saying: "Buyers will be able to make more well-thought decisions without the drastic rush to land a property," Lopez-Cummins tells Axios.
Between the lines: Last year, especially in the early months with low interest rates, a lot of the offers were coming above the asking price. But now, buyers are offering more on par with the asking price, says Cathy Treviño, the 2023 HAR chair.
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