The recession has seemingly disappeared from the borders of Texas, as home values and appraisals continue to increase while home sales easily match pre-recession figures. While not necessarily a consistent rise considering the pattern observed so far, the real estate market is expected to have high demand this year. Erath County homes in particular are facing another wave of high-homebuyer interest with not enough supply to satisfy potential residents.
This means most homes in the area can be sold for much higher values than ever before, helped along by a solid employment rate and the slowing of foreclosures across the country. The Texas housing market as a whole is expected to increase home values by 5.5% over the next year. This is a temporary estimate as the uncertain economy may fall again, but as a seller, this would be the opportune time to have high asking prices.
As mentioned before, the housing market will continue to be uneven for some time as actual home selling trends will affect the values of others in the area. During the recession, many homes lost up to 60% of their value because of weak demand in a market where everyone was selling. Homes were being unsold and had their prices slashed to the point where selling the property could not recover enough funds to buy out the remaining mortgage payments.
The Texas housing market has recovered quite well and homes are being sold for more than they’re worth again. However, the market is still wobbly and there could be another bubble burst in the near future. As a seller with enough money to make mortgage payments, it’s probably better to wait it out. If you can’t continue making your loan payments, it is highly recommended you sell now while the market is heated. There is always the possibility of this higher value trend increasing, but even the most optimistic estimates call for an eventual decline again in the market.
If you’re looking for property in the Stephenville area, please contact us. It would be our pleasure to assist you.