The Houston real estate market started the new year on a positive note with a strong emphasis on sales at the higher end of the current housing market with a 52.2 percent year-over-year gain. This is a continuation of the progress made at the end of last year. This progress is also continued throughout the $500,000 to $1 million dollar range with an increase of 47.1 percent and the $250,000 to $500,000 range experiencing an increase of 36.1 percent.
There’s been no stopping Houston’s housing market throughout the recent months despite historically low inventory and deviation from seasonal trends. Several factors including the most recent winter storm that swept Texas, limited new construction starts, a new wave of Millennial purchasers, and disruptions by COVID-19 have all contributed to a lack of properties on the market. Each of these has had a different impact on Houston real estate and we explore them below.
All in all, if you have been considering putting your home on the market or selling an investment property, you should take advantage of these market conditions.
If you are currently looking for a new home, you may not have considered the impact that closing before the year end can have. The homestead exemption helps you save on taxes on your home. In addition, you may be eligible for other exemptions, such as age 65+. In order to benefit from the applicable tax exemptions on owner-occupied residential property, one must occupy that residence on January 1st.
Real estate taxes, exemptions (if any), and tax rates are based upon location and appraised value. They are determined by the County Appraisal district.
Contact Us for more information or visit your local appraisal district website for more information! See a list of some of the local County Appraisal District websites below.