Is It Still a Seller's Real Estate Market in Victoria, TX?

Most of the United States has been in a seller's market since the COVID pandemic: but is that still the situation for Victoria, TX real estate? If so, when can that be expected to change?

Is It Still a Seller's Real Estate Market in Victoria, TX?

As of May 2022, Victoria, and most of Texas were still a seller's market, with home value increases of 1.53% month-over-month. While the average home value in Texas as of May was $313,339, the median sale price for a new home was $397,000: a clear indication of a market on a hot streak, with more buyers than sellers.

If you're considering selling your home in Victoria, now is the time. At the moment, homes are selling about 11 days faster than average compared to previous years and for about $48,000 more than the annual average. However, this could be poised to change, so keep reading.

Forecasting the Future

If you're looking to buy, or you think you want to sell but are on the fence, know that there are indications the market is cooling off. While home values are up compared with previous years, there is a definite plateauing trend and inventory is slowly starting to pile up.

For buyers, this is good news and could signal a bigger shift is coming that might mean more options and better prices. If you're a seller, this is a reason to get your home on the market soon to take advantage of the seller's market while it's still around.

The Good News

The good news is that the shifts we're seeing are not a bad thing. A "seller's market" can turn into a full-blown housing bubble if a hot streak goes on too long: and bubbles tend to pop. What we're seeing at the moment is a slow normalizing, not an abrupt crash, and that's a good thing.

How to Navigate the Waters Successfully

Sellers

Know the Market

You will get the best price for your home when you set realistic expectations and know the market. There's no better way to keep your finger on the pulse of Victoria's market than with the help of a skilled local realtor.

Negotiate

Just a year or two ago, sellers could basically name their price. The situation isn't like that right now. It's still a seller's market, but things are changing. Talk with your realtor about the best way to ensure you get the right price for your home and be open to negotiation, especially if you want to sell quickly.

Buyers

Position Yourself Well

Get pre-approved for a mortgage so you look serious to sellers, and make sure you're working with a great realtor who knows the market and how to negotiate on your behalf.

Be Flexible

You'd be surprised how many sellers want the gift of time. If you can give them that, allowing them to move out when they're ready or even setting up a rent-back agreement in case they need a little more time to close on their own new purchase, you could have a serious competitive edge that doesn't involve coming up with more money.

Whatever your situation, buyer or seller, talk to us at Greg Spears Realty today about finding the best deals in Victoria. We're the leading realtor in the area and we understand our local market, inside and out.