Posts Tagged ‘Real Estate Market’

Home Prices In Houston Texas Are Rising Despite National Averages

Tuesday, May 10th, 2011

February brought a surprise to many real estate professionals as the housing prices rose more than they ever had in history for that particular month. It is quite confusing to most, as the sales for single-family homes are still muted slightly, but the prices continue to rise. This could be that many are speculating on the oil and gas industry creating more well paying jobs in the near future, as the price per barrel of crude oil continues to rise currently. Texas is surely blessed right now as far as a much stronger economy than most of the US is currently having to weather.

It is definitely a buyers market still, but for first time homebuyers, the signals are mixed for those that are almost at a point of being able purchase right now. Even though Oil prices are high, that means that even Houstonians are going to have to shell out five dollar per gallon prices that are on their way. Household budget in general wane when taking a monetary hit like that, and could cause some homebuyers to pause their real estate hunting for now. When you hear stories about people having to get personal loans to buy fuel to drive to work that is a red flag that should heeded.

For those who have the funds on tap to buy a home in the Houston Metro area right now, the timing could not be more perfect, as many luxury custom homes can be found at near wholesale prices. This is also a great time for real estate flippers that can wait out the market, and let prices naturally rise back to where they were just a few years ago.

Jobs are being added daily and from 2010 to 2011 the oil and gas sector added nearly sixty thousand jobs in the Bayou City. The real problem for brokers and agents is finding the perfect storm for a sale, and that means having the properly priced inventory, and prospective homeowners that have excellent credit. The fall out of foreclosures that has taken place over the past thirty six months has tarnished credit scores, and forced many to search for apartments, since they can no longer qualify for a home mortgage. Sadly now there is an apartment shortage, and landlords are requiring excellent credit to be approved for a lease.

The home prices have lowered but so have salaries, so if people can get their credit scores back up to the mid seven hundred range, a save up a decent down payment, then they should have no trouble purchasing a home.

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The Houston Real Estate Market: A Closer Look

Tuesday, March 23rd, 2010

The 2010 Houston real estate market may be a work in progress, of sorts. Just this year alone we have seen a more stabilized market, with plenty of room for growth and improvement.

Whether the worst is behind us or not, and whether 2010 will be a year of moderation or growth has yet to be determined but, in the end, Houston will continue to be one of the most aggressive markets in Texas, if no the United States. The bottom line is that the Houston real estate market will continue to outpace and outperform other similar-sized markets across the United States, for a number of reasons:

Superb Communities

Houston is well known for its master-planned communities; in fact, it sort of has a reputation for being a market laden with superb, master-planned communities. It is therefore not uncommon to see communities with plenty of demand from home buyers. From the amenities and features to the excellent school systems and close proximity to city life, Houston’s master-planned communities are the backbone of the real estate market here.

Some of the more recognizable (and highly sought after) master planned communities of Houston include: Kingwood, Katy, the Woodlands and Pearland.

Residential Meets City Life

An interesting feature of many Houston neighborhoods is the ability to combine residential and commercial areas. In fact, there are quite a few residential developments within the Inner Loop, thereby squashing the common thinking that urban areas are just that – urban. Some of the suburban-like communities within Loop 610 include: Houston Heights, South Main and Meyerland.

City Living at its Finest

Downtown Houston is a popular haven for many Houstonians, and it’s no wonder. There is a fantastic array of downtown Houston living to suit nearly every budget. And the exceptional entertainment venues, shopping districts and trendy restaurants attract countless people to downtown Houston throughout the week. The social scene in downtown Houston is hot, thereby attracting visitors and residents alike.

Not to be outdone by downtown Houston, Midtown offers a great variety of residential options, as well as plenty of cultural and entertainment options. From high-rise condos and apartments to loft homes and townhomes, Midtown is a popular place to call home for many Houstonians.

The up-and-coming Midtown neighborhood boasts plenty of historical buildings and high-end boutiques, and is quite unique in its character, as it is a pedestrian friendly community.

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The Health of Houston’s Real Estate Market still Looks Good

Monday, November 2nd, 2009

Houston was always the city in the “bubble.” It was the city that, throughout the last year of financial crises, falling home values and job losses, seemed to pass by, unnoticed. Although Houston fell below the radar for the better part of year while other cities felt the worst of the recession, Houston has not gone unscathed. In fact, it has suffered many job losses and a shrinking economy.

However, Houston still manages to distance itself from other American cities of equal size. A good example is Phoenix: although both of these cities are comparable in size, Houston surges out ahead when it comes to the overall health of its real estate market.

A Comparison between Houston and Phoenix

Both of these fast-growing markets are located in the Southwest, although the comparisons end there. Houston has displayed a durability and resilience that Phoenix, or nearly any other city in the southwest United States, has managed to do.

Declines in real estate prices continue to remain relatively small in Houston, and most areas have seen steady real estate prices, even throughout the first part of the year.

Phoenix, on the other hand, has witnessed wide-spread foreclosures, declining home prices and a spike in unemployment rates, likely because of its massive growth just a couple years ago. In fact, Phoenix holds the unlucky title of being the U.S. city to see the largest, annual drop in home values. The numbers are quite shocking, actually; home values are down a whopping 35 percent from April 2008 to this year.

houston real estate market

Houston, of course, has also seen a decline in home values, but nowhere near the decline that Phoenix has experienced.

Houston seems to have avoided much of the fallout from the recession and credit crisis because of its strong energy market, strong oil prices and the job growth that goes along with it.

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