This week I interviewed Dr. Jim Gaines on Houston Real Estate Radio. He is with Texas A&M University’s Real Estate Research Center. His segments will air on next weekend’s Houston Real Estate Radio Show. He gave us some great insight into what the real estate market is doing right now. The good news is that it is recovering and it’s a seller’s market.
Montgomery and Fort Bend are among the fastest growing counties in the country. Texas offers great affordable housing and interest rates remain low. They are starting to creep up some. Currently the state has about 4 months of inventory homes available. That is still extremely low and that is causing a housing demand. Anywhere between 5.5 – 7 months is a normal market. So it’s a great time to buy, but you are limited on selection. This is limiting sales and keeping us from fully recovering as quickly as we could if we had more inventory to choose from.
Dr. Gaines briefly discussed house payment affordability. He gave this insight:
3.3% x annual income = house payment ability
Tune in next Sunday at 1pm to hear the entire show broadcast on AM950.
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