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Old 01-03-2011, 07:59 PM
 
Location: Houston
612 posts, read 1,163,198 times
Reputation: 489
Default Are real estate prices in Houston stable?

Back to looking again, but not seeing much on HAR. Threads on the real estate forum are talking of prices falling more and more. Do you agree?
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Old 01-03-2011, 08:04 PM
 
Location: The Greater Houston Metro Area
6,947 posts, read 7,029,014 times
Reputation: 7748
Quote:
Originally Posted by CaroleF View Post
Back to looking again, but not seeing much on HAR. Threads on the real estate forum are talking of prices falling more and more. Do you agree?
They are falling in some other parts of the country - not here.

Now, it is what it is. Some areas are inching up.
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Old 01-03-2011, 08:07 PM
 
Location: Houston
612 posts, read 1,163,198 times
Reputation: 489
Yes, rising is my perception. I have been looking at Westbury, Post Oak Manor and Robindell, and the nice houses seem to be over $200,000 now.
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Old 01-03-2011, 08:22 PM
 
2,577 posts, read 5,277,766 times
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It seems like there are fewer nice houses to pick from.
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Old 01-04-2011, 08:04 PM
 
Location: San Antonio/Houston
20,159 posts, read 20,027,112 times
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... sometimes waiting to long is not the best idea.
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Old 01-04-2011, 08:23 PM
 
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Exactly. CarolF I'm sorry but if you have been looking for over a year and haven't found anything, despite it being one of the best buyer's markets in awhile and with increased buying power due to the low interest rates, then it may be time to do a little reconciling between what you are willing and/or able to spend, and what you want. There has to be a disparity there for it to be a year and not have found anything. I know it can take awhile, but if you are not finding it in this buyer's market, what is going to happen when the market starts to recover? Seems like chances will be even less.
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Old 01-04-2011, 09:03 PM
 
Location: San Antonio/Houston
20,159 posts, read 20,027,112 times
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^^^ I agree. Seems to me that many of the deals are already gone.
During 2009 and throughout the first half of 2010 the U.S. housing market experienced a time of stabilization and it looked like the housing industry might recover, but when the tax breaks expired things started to get bad once again.
Standard & Poorís analysts are projecting that U.S. home prices will decline between seven and ten percent in 2011. Home sales have been extremely poor even with mortgage rates near record lows for much of 2010, so what is going to happen if mortgage rates keep rising throughout 2011?
S&P predicts more home price declines through 2011 ę HousingWire
U.S. mortgage lenders have really, really tightened up lending standards. This has made it much more difficult to get a home loan in America. Lenders are going to be even more careful about who they lend to in the year ahead.
Unfortunately things look like they are only going to get worse. Today, there are over 6 million Americans that have been unemployed for half a year or longer. If Americans donít have good jobs they canít buy good homes.
Calculated Risk Chart Gallery
Starting April 1, 2011 Loan-Level Pricing Adjustments are going up.
On November 3, 2010 the Federal Reserve announced a plan to inject the bond market with $600 billion and the plan was met with derision. Immediately following the announcement, mortgage rates came off their lows of the morning. They've never returned.
In the 7 weeks since the Fed's announcement, the mortgage bond market has blown past the 26 weeks of gains and, now, it's gunning for its highest levels of the year.
All This Inflation Talk Does Wonders For The 5-Year ARM | The Mortgage Reports
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Old 01-04-2011, 09:25 PM
 
Location: Fondren SW Yo
2,785 posts, read 3,972,511 times
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Quote:
Originally Posted by modster View Post
Exactly. CarolF I'm sorry but if you have been looking for over a year and haven't found anything, despite it being one of the best buyer's markets in awhile and with increased buying power due to the low interest rates, then it may be time to do a little reconciling between what you are willing and/or able to spend, and what you want. There has to be a disparity there for it to be a year and not have found anything. I know it can take awhile, but if you are not finding it in this buyer's market, what is going to happen when the market starts to recover? Seems like chances will be even less.
Especially when Obama was giving out the $8k freebie to those of us who bought by the end of the Spring. I think the boat already left the dock at this point.
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Old 01-05-2011, 09:22 AM
 
Location: The Greater Houston Metro Area
6,947 posts, read 7,029,014 times
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The best time to plant an oak tree was twenty years ago. The best time, at this point, is today. I don't think Houston is going to follow the pattern in housing that the rest of the nation will set. (I don't recall it ever doing what everywhere else did). Price in the desirable areas will continue to go up, as will mortgage interest rates. Lending requirements will be tighter.

Modster hit the nail on the head - indecision is only going to cost the fraidy cats more.

I have a good friend that cannot make a decision. She still rents, after 10 years of thinking she wanted to buy a house. The rents have really increased over that time - unfortunately, so have the home prices. She can no longer buy in the same neighborhoods as before. Next year, her rent will no doubt be more, as will the current home prices in decent neighborhoods. She could have locked in a mortgage years ago and be paying a lot less for a nicer house than she rents today. She knows all of this - and still can't make a decision. She's never going to have a grown oak tree.
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Old 01-05-2011, 09:32 AM
 
Location: Houston (Memorial) and Western NC
8,807 posts, read 14,431,630 times
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While it might be a buyer's market, people simply aren't putting homes on the market in desirable/appreciating areas. Traditionally, owners in those areas have sold to "move up" from profits made. Due to uncertainty in the economy lately, residents are hunkering down and improving or adding on vs. moving up the price point ranks. It seems a majority of the housing stock that's coming on the market in the "hot" areas are either in a poor location in the neigborhood, original condition or have some sort of flaw. Perhaps this will fuel turn over in more transitional areas. JMHO from observations on the westside of town.
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