Houston is a unique market for new-construction homes: it’s the fastest growing and largest market in the nation for new-home buying and also one of the most economically stable areas. So what do these thousands of homebuyers look like? Here’s a snapshot:
Houston homebuyers know that there are plenty of options when it comes to homes, so most will take their time in making a decision and many of them will get help from a real estate agent. The average shopping process for Houston buyers is often more than nine months. Houston buyers are looking to make a fresh start: nearly 78 percent say they are interested in a brand-new home and are looking for quality construction above all.
Check out the graphic below for more information on buying a home in Houston:
The Most Important Qualities to Look for in a Home
• Quality of construction
• Safer neighborhood
• Better floor plans
• Convenient to work
• Lower maintenance costs (as measured in both time and money)
New Homes Versus Used Homes
• 38 percent of Houston-area home shoppers prefer newly built homes.
• 23 percent of Houston-area home shoppers prefer used homes.
• 40 percent of Houston-area home shoppers are indifferent.
Why Buy a House?
• Favorable interest rates
• Increasing rent
• Favorable home prices
Time Frame When Searching for a New Home
• The majority of buyers (45 percent) search between 9 and 12 months.
• 20 percent of buyers spend 6 to 9 months looking for a home.
• 3 percent of Houston-area homebuyers spend 3 to 6 months searching for a home.
• 18 percent of home shoppers find a home in less than 3 months.
Local Housing Stats
• The average Houston home was built in 1983.
• The average Houston homeowner will stay in their home for 15 years.
• Houston home shoppers are 86 percent more receptive to newly built homes than the national average.
• About 88 percent of home shoppers in the Houston area will use a real estate agent.