As real estate professionals, this is another question we get quite often. You guys are smart and you know that real estate values tend to rise over time, but not always. There are a number of factors that affect home values. First, let’s consider those factors and then we’ll present our opinionated conclusion.
Our Analysis
This is a general outlook for the next three years based on historical trends and factors that typically influence real estate markets. Corpus Christi, Texas has experienced growth and development in recent years, driven by its coastal location, energy sector presence, and tourism. Here are some factors to consider:
- Economic Factors: The overall economic health of the region, including job growth, wage trends, and industry diversification, will impact the real estate market. Positive economic indicators can lead to increased demand for housing and potentially higher property values.
- Population Growth: Corpus Christi has seen moderate population growth in recent years. The population in Corpus grew about 1% last year, and could be 1-2% over the next few years. If this trend continues or accelerates, it could contribute to increased demand for housing and potentially lead to rising home prices.
- Interest Rates: Mortgage interest rates play a significant role in the affordability of real estate. Rates have risen significantly over the past year. This cooled off home values because buyers could not longer afford to spend as much at the higher rates.
- Housing Inventory: The availability of housing inventory can influence the market. As rates took off, fewer people decided to sell their homes. Over 60% of homeowners in Corpus Christi have a rate at 4% or less. Most are not interested in selling if when rates are now at 7%+. This has resulted in less inventory available for buyers. This has caused home values to stay steady or even rise as there are simply not enough affordable homes available.
- Infrastructure and Development: Corpus Christi has ongoing infrastructure projects and development plans, such as the Port of Corpus Christi expansion. These initiatives can contribute to economic growth and attract more businesses and residents to the area, potentially impacting the real estate market positively. Major companies such as Tesla are building new operations in Corpus. These factors tend to support or increase home values over time.
Remember that real estate markets can be cyclical and are subject to unexpected events, such as changes in the economy or natural disasters, which can disrupt trends. It’s always recommended to consult with local real estate professionals or market experts (such as WeBuyHouses.com) for a more accurate and detailed outlook specific to Corpus Christi, Texas.
Our Opinion
To cut to the chase here, YES, we think home values in the Corpus Christi area are likely to rise over the next few years, but not by a lot. It’s less likely that values will drop, especially for the typical single-family home, because there is not enough inventory available. And because rates are expected to stay about 6% for the foreseeable future, constraints on inventory are expected to continue.
Should I sell my house now, or wait?
We think this – should I sell now or wait – is the underlying question when homeowners (considering selling) are asked if home values will go up. Our answer is: It depends.
It depends on your personal situation, your reason for selling, your timeline, and your plans for the future (at least, for the next steps in your future). If you NEED to sell (to get access to money), then it’s certainly not a bad time to sell, and the cost of holding real estate (taxes, utilities, maintenance, etc.) will likely exceed the increase in home values over the next few years. So there’s no strong reason to wait.
But if you just WANT to sell, maybe to upgrade your house, this is probably not a great moment in time for that. Both home values and interest rates are high, so even if you get top dollar for your house, it will cost so much more to buy another house and finance it at current rates.
Contact WeBuyHouses.com
Those are my thoughts on these important questions for homeowners. If you’re thinking about selling and want a fast and fair cash offer, contact me today via to form or phone number here on the page. I look forward to speaking with you and learning more about your your goals. If possible, we will help you achieve them.
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