2013 has been a record-breaking year for the Houston real estate market with an incredible number of sales in both the residential and commercial property sectors. The trend for owning a cherished piece of Houston residential real estate is going strong and projected to grow even more in 2014. Not surprisingly enough, the gorgeous Space City is fast being recognized as one of the hottest residential markets in the nation today.
Last year, housing recovery was one of the bright spots for our economy. With rising home prices, increasing job prospects and renewed builder confidence, any Houston real estate agent will tell you that they have been busier than ever in 2013. Given the many factors that come into play in predicting real estate trends, the prospects for the Houston real estate industry looks immensely bright and promising in 2014. If you are considering buying a residential property in the Houston area, it is indeed an ideal time to seek the assistance of an experienced Houston realtor.
Top Houston Real Estate Predictions For 2014
Prices Are Projected To Hit An All-Time High
With a staggering number of home sales in 2013, the limited inventory of available houses has become a highly prized commodity. House prices are expected to rise substantially with an increasing number of frustrated buyers flooding the market. In addition, major employers, such as Exxon Mobil and other major companies, are also contributing to a steady influx of new residents looking for properties in the area. With median house prices set to rise continuously through the year, if you are looking for a home, consulting with a knowledgeable Houston discount realtor can be a great starting point.
Builders Are Building Like Never Before
Houston has currently been lauded as the hottest single-family home market in the United States. After the housing slump of 2009 to 2011 and a dramatic surge in 2013, developers are finally feeling confident to build new properties in the city. Builders are scrambling in hot pursuit of available lots, and it is estimated that there will be a significant increase in new home construction this year. Consequently, Houston has been named as the city with the highest number of building permits in the recent times.
Getting A Mortgage Will Be Easier
Interest rates are projected to rise slightly. However, mortgages will be easier to obtain. Rising interest rates will lead to decreased refinancing options for existing homeowners. In a bid to attract new homebuyers, lenders will be forced to provide more flexible and feasible lending options.
Apartment Buildings Will Continue To Pick Up The Pace
The Houston job market is booming and expected to grow even more in 2014. A large number of families, as well as young professionals, are relocating to the city and searching for affordable and convenient residential properties. Living in downtown residential buildings can be a very attractive option to young professionals and families that prefer urban living over suburban options. In keeping with the fast pace of 2013, apartment builders are constructing a large number of multi-family projects, all over Houston, in 2014. However, towards the end of the year, apartment construction projects are projected to slow down and take a more realistic course.
Houston Real Estate Becomes A Coveted Investment
According to The Greater Houston Partnership, investors from around the world are purchasing properties in Houston today. When it comes to making a solid investment, buying a Houston property can promise sound returns with reasonable appreciation in the future. With an increasing number of office buildings, shopping centers and commercial properties, the city continues to grow steadily and draw in a large number of employers and employees alike. Favorable employment opportunities, combined with a low cost of living and solid infrastructure will continue to attract new residents in 2014.