How the Housing Market Will Affect the Price of Your New Home

The price point of the home you will potentially buy is directly related to the housing market- specifically, the housing market in your desired North Houston neighborhood.

Contrary to popular belief, the price of a home is not arbitrarily set by the sellers of the home; a home is priced by many factors.

When the price of a home is set, a Realtor will first consider the selling prices and points of similar homes in the area. For example, the sale of a high-priced luxury home for sale right up the road might allow a seller to raise their asking price. On the other hand, a neighboring foreclosure might have a negative impact on a potential sale price.

Once the has developed a list of comparable properties, they will determine a price range in which they believe the home could sell for.  It is then that they meet with the seller and discuss at what price the home will be listed at.  However, just because a home is listed at a certain price doesn’t mean it will sell for that price!  Depending on the popularity of the area, the condition of the home, and the desirability of the neighborhood, the home could end up selling for more- or less- than what it is listed at.  Ultimately, the offer that you choose to put on the house you are looking to buy should be well thought out with the help of a qualified Realtor who knows the area.

If you’re curious about the North Houston real estate market in your desired area, a local Realtor will be able to generate a list of homes currently on the market (as well as those that have sold in the neighborhood within the past 3-12 months). This list will give both you and them insight into what housing prices are doing in the neighborhood.