Just over 1000 homes are currently on the market in Corpus Christi. If the housing market doesn’t change, it would take just over four months to sell all those homes.
Real Estate Agent, David Garcia, who’s been selling homes for 16 years, says this is good news!
“It’s an excellent time to buy, you definitely want to take advantage of the low interest rates,” Garcia said. He says the housing market is based on supply and demand.
Out of those 1000 plus homes for sale, roughly 21% of them fall in the high demand category. Garcia says the most frequently purchased homes in Corpus Christi are right around $250,000. Although the supply for those homes is low, the demand is high.
Meaning, if you put your house on that market around that price range, it will sell very quickly.
Garcia says a recent survey found the median home price went up about 7% from 2015 to 2016.
He says that translates into a good return on investment. That’s not the only advantage to buying a home. Buyers also build equity and reap tax advantages
“Your net worth is 45 times greater owning a home vs renting,” Garcia said.
Another incentive to buy? Rent has gone up over the last year. On average, renters will spend slightly over 1000 a month for a single family.
“A lot of the industry experts are predicting 2017 to be a very good year in terms of sales,” Garcia said.