The housing market is in a constant ebb and flow. Economic news often focuses on the national housing market as a whole, but this is not telling of market health in individual regions. There is always a buyer’s or seller’s market somewhere, and a licensed real estate agent can help you find what you are looking for. This past year – 2018 – has seen some marked changes worth noting whether you are buying, selling, or ‘just looking’. Rockport homes, for example, have soared in median value over the past year. Currently, they are up a whopping 14.3%, and values are estimated to rise by another 2-3% in the coming year.
Perhaps even more interesting is Rockport’s average listing price-per-square-foot. Set currently at $161, it is far above the $125 that houses in the Corpus Christi market are commanding. Add to that a lower the average mortgage delinquency rate, and it is easy to see why the current housing market in Rockport seems red hot.
For sellers who choose to list their homes now, it is possible that their homes could spend less time on the market than they would have just a year or two ago. For buyers, it means that home prices are in an upward trend – right along with rising interest rates. That means that buying a house now could prove less expensive than it would be a year or even a few months from now.
Although there is no way to determine what mortgage interest rates will be in a week, a month, or even a year from now, the Federal Reserve has been steadily raising rates since 2015 – three times in 2018 alone. There is no reason to believe it will not again raise rates in the fourth quarter of 2018 and beyond. While rising interest are not necessarily a primary driving force behind the Rockport housing market, they often do play a role in a buyer’s decision to purchase now versus later.