Houston, a seller's market? (Pearland, Spring: for sale, real estate, mortgages)

[modster]

Buyers flocking to buy homes in some city neighborhoods - Houston Chronicle

[DejaBlue]

It's not just inside the Loop either. I'm in Spring and I drive around and see signs up all the time and a month or 2 later it's gone and people are moving in.

A lot of times it's some 50 ish people with kids in college and downsizing and the new people checking the mailbox have under 12 ones so snapping up a house in a good school zone/area is on the rise as well as proximity to nightlife and such.

[EasilyAmused]

Definitely around here. Things are more than often going over asking price.

Solid K-12 Schools, Quiet neighborhoods, Miles upon miles of park paths, the revitalizing of Memorial City, the creation of CityCentre, ease of commuting due to the Beltway/Westpark Proximity...It's been quietly appreciating for years, but in just in the past few months it's really taken off. I think the Mods along Memorial across from T&C will most likely disappear (if not protected) in few years if the city allows new ordinances. I could see Garden Homes moving in.

This city is growing like crazy, I just hope infrastructure can keep up with it.

[chris_ut]

Kingwood and Atascocita are not. I have been watching a number of properties and many have been on the market 9+ months with multiple price drops. Of course we have a lot of new construction out here to compete with.

[modster]

I am optimistic that we are going to have a much better year in real estate this year. I hope I am correct. I have seen some changes even in the transitional areas, where the downturn tends to be felt more than the "forever popular" areas like Montrose, 77079, Tanglewood, etc.

There is a small, totally redone bungalow in Eastwood that the owners just couldn't sell a couple of years ago. They were even quoted in an article in the paper a couple of years ago, bemoaning their lack of showings, (I don't think you should say that in the paper when you are trying to sell your house, but I digress). In any event they did what a lot of people do and rented it out for a year. Then put it back up about a month ago. This time it didn't last on the market but a few days. There is another one in Eastwood that has also sat on market for a long time. A converted duplex that was totally redone, albeit with some finishes I wouldn't have picked. The drought caused a shift on a couple of the piers under the house, so they took it off the market for several months, had that fixed, and recently put it back up. After sitting on the market previously for what seems like forever, this time that one lasted like a week and was under contract.

Of course that is all very scientific observations, but it does seem like the market is going to be stronger this year.

[HoustonRonnie]

Pearland's not.

[smuggy_mba]

I bought a home in cypress which is being built (actually had to pay more than others) and when I was in the shopping around process, I put an 405K offer on a 425K home and it was rejected in 10 minutes and the builder never even called to follow up.

On the other hand, some other builder who I didn't like much keeps calling and sending emails even now..supply and demand

[ChocolateBabz]

Can I ask a silly question regarding selling houses. We moved over from the UK and are living in the first home we bought. We haven't been through the 'selling' process'.

I like to keep my eye on neighbourhood prices though and notice a lot of homes for sale are empty - the owners have moved out? In the UK you normally lived in your home until it was sold then, if need be, rented until you were ready to buy again. Your other option was to have 2 mortgages running concurrently (the home you are selling and the one you are buying which is an expensive prospect especially if your old home does not sell quickly).

So what is the 'norm' over here?

[chris_ut]

I don't think there is a norm. Obviously it is best for the pocketbook if you can stay in your house until it sells but if your job transfers you to another part of the country then you really don't have much of a choice especially if your home is going to be on the market for many months to years. Some people move into temporary housing while they sell just because it is a pain to always have the house looking perfect and having to pack up the dogs and the kids and get out of the house every time someone wants to tour.

[archangelus2]

Good to hear the market is picking up in Eastwood.