HUNTSVILLE, TX – Despite rising interest rates potentially pushing property prices downward, Huntsville’s real estate market remains lively, with the city undergoing a significant growth spurt. The surge is largely attributed to a migration trend from Houston and the expansion of Sam Houston, creating an uptick in real estate demand.
Recent market analysis from both Rocket Homes and Redfin reports that homes in Huntsville stay on the market for an average of 71 days. However, local Realtor and real estate expert Terri Coleman notes that she hasn’t observed this trend with her listings.
A notable factor contributing to the area’s low housing inventory is current homeowners who are locked into low-interest rates of 2-3%. These homeowners are refraining from selling their properties to maintain their favorable rates. The future trajectory of interest rates remains a topic of speculation. While the Federal Reserve has hinted at possibly increasing rates one to two times this year, Coleman’s discussions with three prominent mortgage lenders suggest another bump is expected before year-end.
Frequently questioned about the right time to purchase a home, Coleman advises potential buyers to assess their needs and financial capability. “Real estate has always been an investment,” she remarked. Citing her own experience, she said, “My first home had a 14% interest rate, and when I sold it nearly three years later, I made a profit. If you need a home and can afford it, buy now and consider refinancing later if interest rates drop.”
Coleman also offers guidance for prospective buyers, emphasizing the importance of viewing property purchasing as a transactional business decision. For those seeking smart investment strategies, she suggests considering duplex properties – living on one side while renting out the other, thereby allowing tenants to cover real estate expenses.
Huntsville’s reputation has been on the rise, being recognized as one of the best places to reside. Moreover, commercial real estate in Huntsville is emerging as a valuable asset. With the city’s growth, commercial property owners might think about listing their properties.
For more insights on Huntsville’s real estate trends or to connect with a trusted real estate professional, visit Terri Coleman at www.myrealtorterri.com or contact her directly at (936) 581-4434. Specializing in North Houston, including Spring, The Woodlands, Conroe, Lake Conroe, and Willis, Terri is committed to serving and guiding clients through their real estate journeys.
