Sugar Land Housing Shortage
The Sugar Land real estate market is currently experience a historic housing shortage. We simply do not have enough homes for sale to meet the current demand. This is great news for home sellers, but worrisome for home buyers.
If you are planning to buy a home in Sugar Land right now, be prepared to offer top-dollar and be involved in multiple-offer, super-competitive negotiations. To strengthen your negotiation position you should get PRE-APPROVED (not just pre-qualified) through a reputable local lender (not a big, national bank) and be ready to show Proof of Funds (as in, copies of bank statements showing the balance).
A pre-approved buyer has already submitted W-2s, tax statements, bank statements, etc. to the lender and the lender has actually verified employment, assets, etc. The lender will provide a letter stating this fact.
When a Seller has to choose between multiple offers, the seller will often choose the buyer who has already obtained pre-approval. And often times, that seller will prefer a local lender who can Close faster (within six weeks) over a large, national lender who may take eight weeks or longer to Close.
Houston Employment Forecast
2012 was a good year for the Sugar Land real estate market, 2013 was even better, and there are no signs that things are going to slow down…especially when Houston may have 70,000 new jobs in 2014. Read excerpt from “2014 Houston Employment Forecast: A Publication of the Greater Houston Partnership“
» Read also “How long will Houston boom last? Top 5 real estate predictions for 2014“
» Read also “Housing Outlook 2014: 10 Predictions From The Experts“
» Read also “Houston Housing Market Metrostudy 1Q14 Survey Results: Market Continues Surge in 2014; Inventory Constraints Cause Price Increases“
Fort Bend Real Estate Sales Data
The Sugar Land real estate market is part of Fort Bend county. The following charts and graphs show data for all properties (single-family homes, townhomes, and condominiums) located within Fort Bend County including: Sugar Land, Katy, Richmond, Rosenberg, Missouri City, etc. It shows the tremendous surge in home sales in Fort Bend County in 2013 as well as the serious lack of inventory (approximately 2 mths).
The Sugar Land real estate market is constantly changing. The way we determine the type of real estate market we’re in (Buyer’s Market vs. Seller’s Market) is based on the amount of inventory (homes available for sale) currently available. Six months of inventory is considered “equilibrium”–neither a Seller’s or Buyer’s Market. A Buyer’s Market is considered to be 7 months or more of inventory. This is where the demand for homes is somewhat less than the supply of homes…and where Buyers may have more “say” over house prices than Sellers. A Seller’s Market is considered to be 5 months or less of inventory. This is where the demand for homes is somewhat greater than the supply of homes…and where Sellers may have more “say” over house prices than Buyers.
These graphs and charts are for the entire Fort Bend county.
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Broker: Keller Williams Southwest
1650 Highway 6, #350 (Map)
Sugar Land , TX 77478
Phone: (832) 779-2890