Houston Market Cooling? Buyers Market? (refinance, credit, loan)

[Jack Lance]

Originally Posted by jfre81

"Newly updated"





Zillow and I would be in agreement.

Dallas and Houston ran up at the same time for similar reasons. Denver had, shall we say, entirely different reasons for its rapid growth around the same time.

You know I have to ask, what are these "entirely" different reasons for Denver's run up. Let me guess first, ah hummmm Denver is a pretty place and people just really really want to live there ?

With that said Denver is a regional energy hub you know...

[jfre81]

Originally Posted by Jack Lance

You know I have to ask, what are these "entirely" different reasons for Denver's run up.

Some of those reasons you smoke, some of those reasons you eat.

[Jack Lance]

Originally Posted by jfre81

Some of those reasons you smoke, some of those reasons you eat.

Ahh, I see, very well thanks for enlightening me....

[cheryjohns]

Part of this follows the same pattern year after year. The "buying season" starts about mid January and runs crazy until late May, when it cools down and limps along until October, when it goes really dead - until mid January. I always advise buyers to buy during the slow season - and sellers to list during the frenzy of the buying season. Noting new here.

[Even Further]

Prices are trending lower, and inventory is high in the areas I've monitored over the last 4 years.

[Houston321]

Don't let the facts hit you in the face here. Median home price is up, and Houston is #2 in the nation in housing starts. Unemployment at historical lows, stock market at historical highs, interest rates historically low. It's almost like people want things to be bad, while facts hit them straight in the face. Ignorance is bliss I suppose.

[kwr]

Seems the luxury market is still steaming.

https://www.houstonchronicle.com/new...y-14924827.php

[Scientific]

Cooled some? yes. Is it a buyers market? No. You may have a home go through two price decreases, and sell after 45 days with no bidding war. But, that isn't true for every spot. Median prices are still high, and overall inventory is still too low. Inventory spikes in some areas are the ones which had prices rise so fast they were going to be exposed to some normalization eventually. But overall, inventory is still low.

Interest rates have been low for so long, I don't know why anyone keeps bringing this up. It's the new normal, and we're not going to see a rate hike anytime soon. A decade of low interest rates, and if a 1% swing in a year is such a big deterrent to home buyers? How can anyone think the market can survive if it leaps back up 4% to the old "normal". Not going to happen. the FOMO of low rates has probably been baked in at this point.

[dd1153]

Originally Posted by Scientific

Cooled some? yes. Is it a buyers market? No. You may have a home go through two price decreases, and sell after 45 days with no bidding war. But, that isn't true for every spot. Median prices are still high, and overall inventory is still too low. Inventory spikes in some areas are the ones which had prices rise so fast they were going to be exposed to some normalization eventually. But overall, inventory is still low.

Interest rates have been low for so long, I don't know why anyone keeps bringing this up. It's the new normal, and we're not going to see a rate hike anytime soon. A decade of low interest rates, and if a 1% swing in a year is such a big deterrent to home buyers? How can anyone think the market can survive if it leaps back up 4% to the old "normal". Not going to happen. the FOMO of low rates has probably been baked in at this point.

This time last year I saw loans at 5.5%.. today 3.5%

[LocalPlanner]

Originally Posted by dd1153

This time last year I saw loans at 5.5%.. today 3.5%

They only exceeded 5.0% for a very brief period. For the last 10 years, rates have been exceptionally low. Anyway, in a historical context, 5.5% would be "average" perhaps, and certainly not "high."