Houston home prices during the last recession (The Woodlands: house, neighborhood)

[rjj42]

Originally Posted by dd1153

The last recession / financial crisis was caused by over leveraged borrowers with bad loans / people who had no business buying a house. Regulations were put into place that would keep these loans out of the market and more strict guidelines for borrowers.

IMO we might see a recession based on the slow down of economic activity due to everyone staying inside on coronavirus. However the Fed is trying to stay ahead of this by lowering the cost to borrow.

So if the cost to borrow drops and people can long in long term debt for pennies on the dollar, the RE market could continue booming. Right now Houston is under supplied for housing.

True, lower interest rates usually means higher asset prices.
I would think if the same things happen as did happen during the last energy downturn, things in the Houston real estate market will just keep humming along.

[LocalPlanner]

Originally Posted by rjj42

True, lower interest rates usually means higher asset prices.
I would think if the same things happen as did happen during the last energy downturn, things in the Houston real estate market will just keep humming along.

Yes, the lower rates will tend to push up prices a little, but the new energy downturn means that there will be fewer high-income folks looking to buy homes, which will tend to hold down prices, especially in the upper half of the price spectrum. It's a mixed bag.

[Failed Engineer]

It'll take some time to see if there is any impact. I'm keeping my eye out for rental properties as it's been hard in the last 2 years to find good ones at a good price. Also will be looking to upgrade our residence if there is a significant drop in the $750k+ market. I think it'll take another 6 months to see movement with the odd exception here and there in the higher bracket.

[notkim]

Originally Posted by Failed Engineer

It'll take some time to see if there is any impact. I'm keeping my eye out for rental properties as it's been hard in the last 2 years to find good ones at a good price. Also will be looking to upgrade our residence if there is a significant drop in the $750k+ market. I think it'll take another 6 months to see movement with the odd exception here and there in the higher bracket.

Homes in the range $400K - $900K (Updated one which are ridiculously priced high) in The Woodlands are going under contract in a matter of 2 days.

Wondering how long before things ATLEAST cool down. I thought this COVID-19 and falling oil would atleast keep people from buying, but no.....a home priced $700K went under contract in 24 hours with multiple offers !

[robertobaggio]

Moving from New York to Houston in July. Would like to buy a single family home in the 300-450 price range, prefer gated community and decent backyard. We used to live in Houston before until 2017 but were renting. Would it make sense to go through the pain of moving twice, meaning rent for a year, as home prices in July may not have dropped yet or you think it’s a waste of effort/time, considering moving even within a city is expensive and tiring? We just don’t want to buy a house that will be worth 30% less a year after.

Also, spouse has secured job in Aldine near 69/beltway 8 while I don’t know where I may end up working. Before moving I was working in an O&G company near Memorial. Where would you suggest living given we know her commute but can’t know mine ahead? Where are most companies still located?

[rjj42]

Originally Posted by Failed Engineer

It'll take some time to see if there is any impact. I'm keeping my eye out for rental properties as it's been hard in the last 2 years to find good ones at a good price. Also will be looking to upgrade our residence if there is a significant drop in the $750k+ market. I think it'll take another 6 months to see movement with the odd exception here and there in the higher bracket.

I'm curious, what areas of Houston are you looking out for rental properties in?

[Failed Engineer]

Originally Posted by rjj42

I'm curious, what areas of Houston are you looking out for rental properties in?

All of mine are close to the 59S corridor between Sharpstown and Sugar Land. It's the area I know best and I pass on properties unless I know the neighborhoods to street level intimately, even if they are good deals.

[rjj42]

Originally Posted by Failed Engineer

All of mine are close to the 59S corridor between Sharpstown and Sugar Land. It's the area I know best and I pass on properties unless I know the neighborhoods to street level intimately, even if they are good deals.

Makes sense.

[rjj42]

Thought I would revive this thread.
What's everyone seeing with respect to home prices these days? Going down, holding steady or going up?
I've noticed more than usual 'For Sale' signs in my neighborhood in Cypress, but that is typical for the summer I am guessing.

[md1429]

Originally Posted by rjj42

Thought I would revive this thread.
What's everyone seeing with respect to home prices these days? Going down, holding steady or going up?
I've noticed more than usual 'For Sale' signs in my neighborhood in Cypress, but that is typical for the summer I am guessing.

Home prices are high in my neighborhood. Updated homes are going in a matter of 2-5 days.

A house that was sold last year (May 2019), came back on the market few days back for $100k MORE than what it sold last year for. But it is updated now.

Was looking at sold prices in that neighborhood from 2018 and 2019. Currently all homes that are on the market or that have been sold in the last few months are all $100k higher than 2018/2019.