Covid-19 caused a decline in sales for many businesses and industries in 2020. Real estate in Houston, however, was not a part of this. Houston’s real estate market has enjoyed some of the best years in recent times and 2021 has not been any different.
Houston has prime weather conditions, low cost of living, prime, sunny weather conditions, and booming job markets. This is why it's not a surprise that many investors are looking to become Houston homeowners in 2022.
Adequately understanding what to consider when buying a home in Houston is essential for every investor. If you’re looking to buy a home in 2022, this guide is for you.
Understanding the market trends in the locale, you wish to buy a home can help you make a better buying decision. Here is how housing in Houston has fared in this past year as of October 2021.
● Houston’s local home sales were 12.9% ahead of 2020’s record pace and 21.6% ahead of 2019’s.
● Although there was a 3.1% decline in all property sales year-on-year, total dollar volume increased by 9.9%, going up to $3.8billion.
● Prices of single-family homes went up by 13.1%
● Townhome and condo sales increased by 7.6%
Real estate trend experts say that Houston has a track record of being an excellent long-term real estate investment in the United States. It has appreciated up to 90% since 2011.
Forecasts show that the value of houses in Houston will continue to rise. Making the present an excellent time to buy a house in Houston.
Real estate in Houston is getting highly competitive, and there’s now only a limited supply of homes. So if you want to buy a luxury home in residential areas like the River Oaks Houston apartments, it’s best to get started on your search with time in hand.
Investing in a house in Houston is one sure way to increase your cash flow in 2022.
Houses in Houston, Texas, have a strong appeal in terms of their unique designs and architecture. One of the only homes designed by Frank Lloyd Wright in Houston was recently snatched up for $2.7 million.
There are many neighborhoods with well-designed homes in Houston. So, when you want to buy houses in Houston, here are some to check out:
1. Montrose, Houston
The average price of a home in Montrose is about $378,333. It’s 23% safer than the rest of the neighborhoods in Houston. It's also a prime location for families, singles, or young and modern professionals.
Montrose is at the west center of Houston. It has a welcoming atmosphere and friendly residents. It’s a bustling part of town with art, shopping centers, boutiques, and restaurants spread across.
It’s close to Downtown Houston, making it accessible to professionals. Montrose provides different types of property to choose from. They include bungalows, condos, cottages, townhomes, and more.
2. Midtown, Houston
Here’s another safe part of Houston, with house prices averaging $230,222. It’s great for singles and young professionals as it’s just a short ride from METRORail.
It’s also a bubbling part of town, especially at night, with its exotic bars and restaurants. Outdoor games are also common fixtures in this community. Midtown offers a variety of real estate investments from condos to townhomes and even newly constructed buildings.
3. Greater Heights, Houston
This location is also a prime one for real estate investors. It’s safe (65% safer than most neighborhoods in Houston). It’s also a great location for families looking to settle down, retirees looking for their forever home, and young professionals constantly on the go.
Greater Heights has an array of real estate options ranging from classic Victorian bungalows to Craftsman-style homes and modern condos. Homes in Greater Heights average $362,028.
The prices of homes in Houston rise and fall depending on the time of the year. But with data garnered by Nerd Wallet, early January, during the winter season, is the best time to buy a home in Houston. During this period, prices of houses fall 8% lower than in the warmer months.
If you intend to buy a house in Houston in 2022, here are some tips to consider as you make adequate preparation.
- Save money on the down payment. Start getting funds ready, as you will need to put down at least 5% or more to get a house.
- Prepare your credit report. This way, you can find any possible errors and remove them before lenders access your financial history.
- Work with a professional. As you find the best property to invest your resources in, work with an experienced real estate agent. They will arm you with great advice that’ll be useful for your purchase.
As you plan to buy a house in Houston, getting prepared with real estate knowledge will help you make the best buy. This buyer’s guide has valuable information to facilitate your smooth investment.