Is Houston Real estate market weakening? (Sugar Land, Spring: mortgage, loans, brokers)

[Newdoc]

Hi everybody,
I recently relocated to Houston and looking for the place to buy, been loooking into a couple of areas like Sugar Land and Spring Branch, only because have friends living there and they were able to show me around. I guess my question is, is it a good time to buy a home? I've been keeping track of what's going on market country wise, and also being from Florida, the place that's having steepest decline in price now. Now I know that Texas didn't have such real estate boom that other place like CA or FL had. So it's definetly much safer environment. But is it the time to buy??? I just don't seam to get honest answer from brokers...
Thank you in advance for all insights, it's greatly appreciated

[modster]

I think in many ways the jury is still out on how this will affect the overall Houston market, but I think it will affect different segments in different ways. I do not expect a huge crash b/c we did not have the over-inflated prices. Some people in Houston think we have over-inflated prices because they have been so spoiled to such affordable housing. Houston is still a cheap date on real estate & we still have strong job growth/economy that will keep the housing market in decent shape IMO.

Entry-level houses, (those under $150,000) are the hardest hit by the subprime crunch. In new suburban tract home subdivisions where resales are going up against new constructions, you will probably see the most negative effect.

Supposedly the high end of the market is still booming like mad, despite problems with the "jumbo" mortgages that are over $400,000.

With the growth in Houston I just don't see prices really going down much. My crystal ball, however, is no better than anyone else's. One thing to consider is your homestead exemption, this saves you a chunk on your taxes, but to qualify for it for 2008 you will have to own and live in the property on January 1, 2008. Close any later than that and you lose that exemption for the entire calendar year! So if you are seriously looking and in the market, try to get moved in before New Years.

[tstone]

All I can say is around the Clear Lake area, asking prices have been pretty stagnant over the past couple of years. I've watched this closely and they will fluctuate up and down through out the year, but the average is about the same. I don't think there will be any crunch overall, just as there was no real boom.

[nellydave]

How lower can the prices in houston go? I agree with the others.

[satriela]

I watch the local real estate market closely and I'd say: GO FOR IT! New construction has been stagnant, if you want a new house, a builder will give you lots more. Remember to check out an exclusive buyer's agent (not just any realtor) and ASK ASK ASK for what you want during negotiations, but sure, NOW is a great time

Good Luck!

[Huckleberry3911948]

Originally Posted by Newdoc

Hi everybody,
I recently relocated to Houston and looking for the place to buy, been loooking into a couple of areas like Sugar Land and Spring Branch, only because have friends living there and they were able to show me around. I guess my question is, is it a good time to buy a home? I've been keeping track of what's going on market country wise, and also being from Florida, the place that's having steepest decline in price now. Now I know that Texas didn't have such real estate boom that other place like CA or FL had. So it's definetly much safer environment. But is it the time to buy??? I just don't seam to get honest answer from brokers...
Thank you in advance for all insights, it's greatly appreciated

if it crashed in e. houston let me know. i wana buy back my mom and dad's house.
stephen s
san diego ca

[NYPRO]

I'm mostly concern that the morgage crisic and these overinflated states like CA, NY, FL that seem to be crashing right now will have the effect on Texas market. I don't think I'll have a large effect, but I can't seem to believe it'll have none.

[Bike4Life]

It sounds like you are single and don't want to waste your money on Sugar Land or Spring Branch unless you are trying to help establish a tight-knitted community. These areas are more likely than not to remain flat, go up slightly, or even go down in value.

Bet best is in and around the Loop but you may want to wait and see the mortgage industry clean up their act and stabilize the housing market. Right now, it's too hard to predict the housing market with so many rapid changes on the loan practice...but, if you find a house that you really feel comfortable with, then go for it.

[tstone]

Originally Posted by NYPRO

I'm mostly concern that the morgage crisic and these overinflated states like CA, NY, FL that seem to be crashing right now will have the effect on Texas market. I don't think I'll have a large effect, but I can't seem to believe it'll have none.

A good part of the local news media wants us to believe that the new, lower end neighborhoods ($90-110k) are going to have a hell of a problem... the kind with two workers making $9/hour trying to support a family. Basically it hinted that a large number of people in these neighborhoods signed ARMs without understanding them, and are now starting to feel the effects of the adjustments... and will likely lose their homes if they don't get a 50% raise soon. However I'll bet every neighborhood from low to high end has people who signed loans without reading them. I guess we'll see what happens in the next couple of years.

[BearBranch]

I know that overall, Kingwood is increasing. My next door neighbor's single story home had 4 full price offers and one offer that was over asking price. Her home was in contract in less than a week. Last year, in my village, homes increased 8.9%.