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Old 12-11-2019, 01:27 PM
 
59 posts, read 47,163 times
Reputation: 70

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It looks to me like the Houston market, writ-large, has entered a cooling phase price-wise starting in the middle of 2018 and really gaining momentum this year. Houses are on the market longer and are usually going for under asking price. My area alone has corrected downward around 10% in the last year (south main). This is occurring while Houston continues to grow, interest rates are low and the economy is good which seems somewhat counter-intuitive, alarmingly. This is scary for someone like me that seems to have bought at the "peak" about two years ago and has very little equity in my home. What are you all seeing in your local neighborhoods? Obviously there will be exceptions but I'm curious how local current markets compare to about 2 years ago around Houston.


https://www.chron.com/business/artic...g-13848958.php

Last edited by ganadocoog; 12-11-2019 at 02:08 PM..
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Old 12-11-2019, 02:06 PM
 
Location: Memorial Villages
1,515 posts, read 1,797,942 times
Reputation: 1697
Our neighborhood (Energy Corridor) has been soft, but I doubt it's dropped 10% over the last few years. I'd attribute local softness to:
-State of the energy industry
-Very high inventory of flipped Harvey-flooded homes

Despite these factors, homes that are in excellent condition and/or were rebuilt to a very high standard have been selling for surprisingly high prices in some cases.
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Old 12-11-2019, 02:45 PM
 
Location: Beautiful Northwest Houston
6,292 posts, read 7,511,305 times
Reputation: 5061
Quote:
Originally Posted by ganadocoog View Post
It looks to me like the Houston market, writ-large, has entered a cooling phase price-wise starting in the middle of 2018 and really gaining momentum this year. Houses are on the market longer and are usually going for under asking price. My area alone has corrected downward around 10% in the last year (south main). This is occurring while Houston continues to grow, interest rates are low and the economy is good which seems somewhat counter-intuitive, alarmingly. This is scary for someone like me that seems to have bought at the "peak" about two years ago and has very little equity in my home. What are you all seeing in your local neighborhoods? Obviously there will be exceptions but I'm curious how local current markets compare to about 2 years ago around Houston.


https://www.chron.com/business/artic...g-13848958.php
Quote:
Originally Posted by gwarnecke View Post
Our neighborhood (Energy Corridor) has been soft, but I doubt it's dropped 10% over the last few years. I'd attribute local softness to:
-State of the energy industry
-Very high inventory of flipped Harvey-flooded homes

Despite these factors, homes that are in excellent condition and/or were rebuilt to a very high standard have been selling for surprisingly high prices in some cases.
According to H.A.R. The Houston housing market is still very alive and well...

Houston’s housing market is poised for another record year as low mortgage rates and a relatively healthy economy have fueled home sales throughout the region.

Single-family sales were up 3.6 percent year-over-year in November, the fifth straight month of higher year-over-year sales. Buyers closed on 6,395 houses in November at a median price of $240,900, up 2.5 percent from last year, the Houston Association of Realtors said Wednesday in a monthly report.

Nearly 79,000 Houston-area homes have been sold through the end of November, with year-to-date sales running 4.1 percent ahead of last year’s record volume. Sales in 2018, the previous record, totaled 82,177.

https://www.houstonchronicle.com/bus...tent=headlines
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Old 12-11-2019, 04:56 PM
 
Location: ✶✶✶✶
15,216 posts, read 30,580,004 times
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Quote:
Originally Posted by Jack Lance View Post
According to H.A.R. The Houston housing market is still very alive and well...
The Houston housing market is always alive and well, according to HAR.
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Old 12-11-2019, 06:14 PM
 
Location: Beautiful Northwest Houston
6,292 posts, read 7,511,305 times
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Originally Posted by jfre81 View Post
The Houston housing market is always alive and well, according to HAR.
Is that all there is, or are you going to back up your not so subtle innuendo ?
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Old 12-11-2019, 06:21 PM
 
Location: ✶✶✶✶
15,216 posts, read 30,580,004 times
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Quote:
Originally Posted by Jack Lance View Post
Is that all there is, or are you going to back up your not so subtle innuendo ?
No, really, it's kind of like asking the local car lot owner whether or not today is a good day to buy a car.
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Old 12-11-2019, 06:51 PM
 
Location: Katy,TX.
4,244 posts, read 8,768,253 times
Reputation: 4014
Quote:
Originally Posted by jfre81 View Post
No, really, it's kind of like asking the local car lot owner whether or not today is a good day to buy a car.
LMAO....I was thinking the same thing when he posted HAR as his source
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Old 12-11-2019, 07:08 PM
 
Location: Beautiful Northwest Houston
6,292 posts, read 7,511,305 times
Reputation: 5061
Quote:
Originally Posted by jfre81 View Post
No, really, it's kind of like asking the local car lot owner whether or not today is a good day to buy a car.
Quote:
Originally Posted by usc619 View Post
LMAO....I was thinking the same thing when he posted HAR as his source
The Chronicle finds them credible, as does the Houston Business Journal, but wait, we have two smug ass posters on CD that think they're lying to try to maintain a faux persona of vibrancy . I guess ?

Why do I always buy into the lies

BTW the Chronicle article posted in the OP also uses H.A.R. as it's source...
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Old 12-11-2019, 07:32 PM
 
Location: ✶✶✶✶
15,216 posts, read 30,580,004 times
Reputation: 10851
Quote:
Originally Posted by Jack Lance View Post
BTW the Chronicle article posted in the OP also uses H.A.R. as it's source...
It uses Zillow, which is quite a bit less self-interested.

Asking HAR if the local housing market is going up or down is like asking Donald Trump if he thinks he'll be re-elected or not. Whether that's you asking or a reporter.

Keep in mind, I used to work in a newsroom. I know how the sausage is made.
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Old 12-11-2019, 07:42 PM
 
Location: Beautiful Northwest Houston
6,292 posts, read 7,511,305 times
Reputation: 5061
Quote:
Originally Posted by jfre81 View Post
It uses Zillow, which is quite a bit less self-interested.

Asking HAR if the local housing market is going up or down is like asking Donald Trump if he thinks he'll be re-elected or not. Whether that's you asking or a reporter.

Keep in mind, I used to work in a newsroom. I know how the sausage is made.
Well hard nosed newsman, the article also uses H.A.R. as a source or at least their Director of economic research.

"Javier Vivas, director of economic research for the National Association of Realtors, said the longterm trend in Houston’s housing market has been a gradual decline. The number of homes on the market have been rising, and the average time it took to sell a home has been growing longer."

H.A.R. does nothing but post statistics and I see no reason to dispute those stats..
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