Houston is one of the country’s most active real estate markets. And within Houston, Pearland sees some of the highest values and demand for homes. So what’s driving this explosive growth? Here are the factors that we believe are fueling the value of houses for sale. Keep reading to learn more.
The Low New Home Inventory
The first factor is the meager inventory of new homes. According to the Houston Association of Realtors, there’s only a three-month supply of new homes on the market. That’s well below the six-month supply that’s considered a balanced market. The lack of new home inventory is driving up prices and making it difficult for buyers to find the home they want.
Pearland’s Strong Job Growth
Another factor is the strong job growth in Pearland. The Houston Chronicle reports that Pearland’s unemployment rate is only four percent, which is well below the national average of six percent. And with more people working, more people can afford to buy a home. Additionally, many of the new jobs being created are in high-paying industries, giving people the purchasing power they need to buy a home.
Low Interest Rates
Pearland’s low-interest rates are another factor that’s driving up home values. Rates are still near historical lows, and they’re not expected to rise significantly in the next year. This makes buying a home more affordable for people who might have been on the fence about purchasing one. Additionally, low-interest rates make it easier for people to qualify for a loan, which gives more people the opportunity to buy a home.
In-Person Tours Coming Back
Finally, we’re seeing in-person tours coming back. After months of virtual showings and Zoom calls, buyers and sellers are starting to feel more comfortable with in-person tours. This is good news for the Pearland real estate market because it means more people are interested in buying a home. In addition, it’s a sign that people are feeling more confident about the economy and their finances.
These are just a few of the factors that we believe are driving up home values in Pearland. If you’re considering buying a home in Pearland, now is a great time to do it. Prices will only continue to rise, so it’s essential to get into the market sooner rather than later. And, with interest rates still near historical lows, there’s no better time to buy a home than now.