Property Tax Reform

What Homeowners Need to Know Property taxes are a critical issue for Houston homeowners. Ongoing debates in the Texas Legislature could bring significant changes to how property taxes are assessed and collected. Proposed reforms focus on providing relief to homeowners while ensuring adequate funding for public services. Stay informed about how these changes could impact your property values and tax obligations.
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Home Prices Continue To Climb

This trend is good for some but bad for others.

For existing home owners, they're seeing the equity in their homes increase substantially.

So, as market value increases, home equity does too.

In fact, the average US home owner saw a 9.6% increase in their equity last year alone, with a collective $1.5 trillion added.

 

But for first-time home buyers, high prices have largely locked them out of the housing market entirely.

 

However, it's worth noting that the housing market is showing some signs of cooling.

Median housing prices actually declined in the first quarter of 2024. As those who previously locked into low-rate mortgages reach the end of their terms, more property could come up for sale, potentially extending that trend.

That being said, it’s predicted that prices will continue to rise over the medium-term. Lawrence Yun, the chief economist at the National Association of Realtors, forecasts that the average sale price will rise by 15 to 25 per cent in the next five years:

“A crash happens with oversupply. It will not happen, because there isn’t enough inventory.”

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