In Spring, Texas the housing market seems to be picking up as we move into fall. We have improving employment conditions as ExxonMobil makes it’s way to our area. Homes in the area have always been affordable compared to the rest of the country, but now they are even more affordable due to extremely low interest rates that won’t last forever. It’s a great time for first time home owners to jump into the market. If you are a renter, it could be the best time to buy. The Houston MLS showed strong economic trends in the last quarter of 2011. While mortgage lending is still somewhat of a challenge, throughout the real estate industry we are hoping that banks and lenders will relax regulations to allow for a more rapid recovery. According to the MLS, the inventory of homes on the market actually dropped in the last quarter of 2011, leaving buyers with less to choose from. As housing inventory continues to decline, we will see that it will slowly move from a buyer’s market to a more stable, seller’s market. This is the path to a strong recovery. With the elections ahead of us, no one can foresee what will happen in the real estate market, but this Spring is really looking good so far.
