It has been constant since the start of this year, i.e. the property demand and valuation has constantly been rising in Texas, even in the third quarter of the year 2013. The average prices for real estate property this year hit some of the highest recorded numbers in the history of Texas, claim the Texas Association of REALTORS – an authority concerned with housing management and report formation.
The start of the summer season witnessed record breaking demand for real estate property. People were in search of homes in Texas and that eventually led to a rise in property valuation too. It was definitely a sudden boost that Texas real estate property owners experienced.
Almost 80,000 homes designed particularly for single-families were sold in Texas only in the second quarter of the year. When compared with the figures of the second quarter of 2012, it shows that the demand for real estate in Texas has increased by around 17% in the current year.
Texas witnessed record-breaking real estate prices this year. Even when drawing a comparison solely among the average prices, the numbers are the highest this year; somewhere around $235,000. Talking in terms of percentage, it accounts for a rise of more than 10% as compared to that of the previous year.
In view of the constantly rising demand, it’s difficult to figure out inventory life in terms of months. Likewise, access to current and most accurate information also becomes crucial at times. Most often, a house is sold immediately after it is put on the market. Buyers seem to be waiting anxiously for an owner to place a ‘For Sale’ ad so they can grab the opportunity at once.
Due to a lack of current information, buyers have been observed bidding over and above the listed prices. Sellers also have to scan through and choose from amongst the loads of offers they receive from prospective property buyers. However, if buyers and sellers refer to authentic sources like the Houston Associaion of REALTORS, they can surely make it a mutually beneficial transaction.
As indicated earlier, there are dedicated bodies that devise quarterly reports and issue these four times a year. These are known as Quarterly Housing Reports and are issued by the Texas Association of REALTORS. With the help of these reports, buyers and sellers can keep themselves updated with current market trends in order to execute the most valuable transaction.