Keeping oneself abreast with the current real estate statistics in Houston, Texas is one of the things that make a good investor, good. You have to find a way of knowing where the winds are blowing, and for that to be possible you’ll have to mobilize all your resources.
Investors are not the only people who are more dependent on statistics. Real estate agents in Houston, Texas depend on those same statistics as well. Once you start learning all there is to learn about the housing market in Houston, you’ll quickly realize that your entire livelihood actually depends on these stats. For example, a real estate agent won’t be on top of their game if they don’t know the current mortgage rates, the average house sale price in the property market, the number of homes that sell in a typical quarter, and more importantly, the commission rate. They know that a slight change in any one of these variables can have a significant impact on their lives.
Statistics are not just some boring numbers. They are not only fascinating but also informational. With the accurate numbers, you can understand what direction the industry is heading to and quickly design a strategy that would help you increase your earnings. Let’s look at some amazing statistics that could be useful to you:
- The housing market has risen by a significant percentage since 2008
Do you know what’s hard to believe? It’s really not easy to believe that it’s been more than a decade since the real estate market collapsed, thereby plunging our economy into crisis. In the fourth quarter of that year, the property prices fell 12.4 percent, and that was without a doubt the largest year-over-year decline. But things changed and kept on changing and now we can happily assume that the real estate market has regained a huge chunk of what was lost.
- The agents’ salaries have been surging
If you thought that the property prices were the only thing that has had a dramatic turnaround ever since the collapse, you’re surely wrong. The real estate agents are also celebrating a little bit. The median gross income for a typical realtor in 2008 was 36,700 dollars. This was a 14 percent drop from 2007. Why is knowing this important? Well, it’s important to know this because you’ll want to know whether the agent is trying to take advantage of you during negotiations or not.
- 33 percent of homebuyers in Houston, Texas are millennials
According to the statistics, millennials make up a third of the buying market in Houston, Texas. they have already eclipsed the baby boomers home buyer percentage. Buying a home in Houston at such an early age has been possible for them because they started saving for down payments early on, and hence boosting their chances of buying a home.
- The suburban markets have seen a large majority of residential growth
The suburban life continues to skyrocket even though it’s always been parodied in our culture. Over the next ten years, the suburban communities will see an 80 percent residential growth.