Seller's Market in Houston metro area (Sugar Land, Allen: transplants, real estate, 2013)

[Jtxg]

Originally Posted by RVD26

I wish that were the case with our home out here in Katy.
It's been on the market for over 2 weeks now and we've only received one lowball offer.
I figured by now our house would be under contract because of this "hot" seller's market.

Katy is such a vast area, so it probably depends on your exact location. The house I'm selling is closing in a few days in Richmond, about 2 miles south of Katy (specifically the Cinco Ranch area 723/1093). It was on the market less than 24 hours with multiple offers over list price.

[timtemtym]

Originally Posted by gwarnecke

The "hot" housing market is mostly for less-expensive suburban homes with yards. In many parts of Katy and Sugar Land, there's literally no inventory right now. Every home that hits the market is snapped in a few days.

The inner loop will always be desirable, but at a higher price point there is simply a smaller pool of buyers and homes will generally take longer to sell. If the house in question is a 3-4 story detached townhome with no yard, that will work against it as well. It's relatively easy for big chunks of these homes to be built and added to the market, which keeps a lid on prices. By comparison, a detached home with a yard inside the loop will always be a better investment.

I 100% agree. That's exactly what I'm seeing in Montrose. The appreciation is just not happening with those, at least while they are still popping up like mushrooms after the rain.

[Dopo]

Am I the only one that remembers a few years ago when everybody was saying
"Houston is the most affordable city in the country"


Didn't take long for that to change

[futuregleam]

I believe the current real estate market is artificially heated by the low interest rate. However, nobody has a crystal ball for whether if the interest rate will rise enough to curb demand and when. The thing with Houston housing market is that, the home price also corresponds to the hiring and firing of oil companies. That is especially true for areas where private schools bus to, and areas close to the energy companies. I live in a neighborhood where private schools have bus stops. During 2020s oil downturn, most of our European neighbors left for their home country. With the transition to new energy and WFH, I don’t know if the housing market here will correspond to the oil market as much. But because of WFH, Houston is getting a lot of people from more expensive cities. It’s hard to tell if that trend will stop with more companies asking for returning to office.

[Bos2Iah]

Originally Posted by gwarnecke

The "hot" housing market is mostly for less-expensive suburban homes with yards. In many parts of Katy and Sugar Land, there's literally no inventory right now. Every home that hits the market is snapped in a few days.

The inner loop will always be desirable, but at a higher price point there is simply a smaller pool of buyers and homes will generally take longer to sell. If the house in question is a 3-4 story detached townhome with no yard, that will work against it as well. It's relatively easy for big chunks of these homes to be built and added to the market, which keeps a lid on prices. By comparison, a detached home with a yard inside the loop will always be a better investment.

I am a data analyst by profession and planning a move. I can see houses around memorial , montrose or uptown sell out within weeks to a month. Suburbs tend to stay for months. Schools seem tobe a major factor even though there are nice houses in spring and cypress and brian forest areas. Is this assessment fair?

We are not making offers yet but guess there are lit of people with cash to snap up as they appear.

[As Above So Below...]

Originally Posted by Dopo

Am I the only one that remembers a few years ago when everybody was saying
"Houston is the most affordable city in the country"


Didn't take long for that to change

I dont know that its still not. Prices everywhere are skyrocketing.

[ninbud]

New home builds costing so much are helping to drive the existing homes market.

[Ghost Town]

Originally Posted by Dopo

Am I the only one that remembers a few years ago when everybody was saying
"Houston is the most affordable city in the country"


Didn't take long for that to change

East Coast = same thing. California as well, of course. Real estate prices went up a lot pretty much everywhere.

[TallGreengrass]

It’s not just the US. Real estate is expensive in lots of places right now. Canada and Australia has crazy real estate prices too. Lots of younger generation complaining they can’t afford to buy either. Multi-generational living will become more common in America. Empty nesting will become a luxury concept LOL. Get used to living with your parents.

[Htown2013]

Real estate is great investment in places like CA with relatively low property taxes and high capital appreciate, if you could get in early. Real estate investment not so good in TX with really high property taxes and insurance, and relatively low capital appreciation. Although you get a much larger and newer house in TX.