Move-Up Buyers in Spring, Texas! Here's a quick Market Update:

Move-Up Buyers in Spring, Texas: What You Need to Know About the Market Right Now

If you’re thinking about selling your current home and buying something bigger in Spring, Texas, now is a great time to act, but there are a few important things to keep in mind. Let’s break down what’s happening in the local real estate market and how it can affect your plans.

1. Low Inventory Means Less Competition for Sellers

Currently, there’s only about 3.28 months of inventory on the market in Spring. In simpler terms, this means there aren't many homes available for sale right now, and things are moving quickly. As a seller, this is a good position to be in, as it indicates a seller’s market, where demand for homes is high but the supply is limited. This could work to your advantage when it comes to selling your current home because buyers are eager and may make competitive offers.

2. Homes Are Selling Fast—So Timing is Key

Homes in Spring are selling in just 36 days on average. That’s pretty fast! The reason for this is the combination of low inventory and high demand. If you list your home now, you can expect a relatively quick sale. But here’s where it gets tricky: as a move-up buyer, you'll need to make sure you're also prepared to act quickly on your next home, especially if you're eyeing something specific. With homes selling fast, the longer you wait to make an offer, the greater the chance that someone else could beat you to it.

3. You’re Likely to Sell Close to Your Asking Price

On average, homes are selling for about 98.1% of their listing price in Spring. That means sellers are getting offers that are very close to their asking price, so you’re likely to sell your current home for a price that reflects its value. This is especially important when you're planning to purchase a larger home. The funds you make from selling your current home can help you move into that next step up in terms of size and features, so knowing you’re likely to get a competitive offer is reassuring.

4. Rising Prices: Understand What’s Happening with Home Values

The median sold price for homes in Spring is around $315,000. This price point can give you an idea of what homes are generally selling for, but keep in mind, prices can vary depending on location, size, and condition of the home. If you’re planning to buy something bigger, be aware that home prices have been rising, so your next home may cost more than you expect. However, with homes selling quickly and the market in your favor as a seller, you may be able to sell your current home for enough to offset this increase in price.

5. Be Prepared for a More Balanced Market in the Future

One thing to watch is that inventory has been rising by over 59% in the past year, which could signal a potential shift toward a more balanced market in the future. While this could mean more homes available for buyers (like you!), it also means the current competitive market may not last forever. It’s worth considering whether now is the best time to make your move before things start to shift and inventory levels go up.

What Does This Mean for You as a Move-Up Buyer?

• If you’re selling: This is a great time to take advantage of the seller’s market. Your home will likely sell quickly and close to asking price. However, remember that finding your next home might require quick decision-making.

• If you’re buying: Homes are selling fast, so be prepared to act quickly and make strong offers. Additionally, with home prices rising, it’s important to have a budget in mind that accounts for these potential increases.

In summary, Spring is currently a hot market with a lot of potential for both selling and buying. If you’re a move-up buyer, it’s crucial to stay informed, be ready to move quickly, and work with an experienced real estate agent who can help you navigate this competitive environment. By understanding these market trends, you’ll be in a great position to make the most of this exciting opportunity!