Seller's Market in Houston metro area (Lubbock, Allen: homes, buyers, schools)

[49erfan916]

Originally Posted by 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.

I would add Arizona to the list of good investments. Crazy high appreciation and low property taxes

[S.Allen]

I have several family members n the real estate biz herein Houston.

They tell me crazy stories of CA buyers in bidding war over houses in the NW Houston burbs. Some are bidding on homes that they have not physically set foot inside! Some houses in places like Tomball and Cypress are selling for 20-50 grand over their asking price. It is an insane market and if you bought a house in Houston in the last 10-20 years and are looking to sell, you will probably make out like a bandit.

I live in Cypress and a very average looking house on my street went on the market a week ago and it sold in 5 days and the owner told me that he got exactly what he listed the house for. This house was 3bdrm, 2bath, maybe 2100sq ft and was built in 1992. No upgrades were done to it over the years. In my neighborhood, houses go on the market and sell in a week or two, tops. Mostly because of the school system and good location.


My real estate contacts tell me almost every buyer they deal with is from CA, NY or some other northern state like IL or NJ.


The surge of buyers seem to be escaping CA and other states, where jobs are thin and the taxes are high and going higher. CA has a 13% state income tax and gas hovers around 4 dollars a gallon. This is not sustainable for many middle class people, who have seen stagnant wages for years, so they leave for states like TX and FL.


When this surge stops is anybody's guess, however the Houston housing market has been fairly strong for decades and only saw a partial slow down in the 2008 crash.

[LocalPlanner]

Originally Posted by S.Allen

I have several family members n the real estate biz herein Houston.

They tell me crazy stories of CA buyers in bidding war over houses in the NW Houston burbs. Some are bidding on homes that they have not physically set foot inside! Some houses in places like Tomball and Cypress are selling for 20-50 grand over their asking price. It is an insane market and if you bought a house in Houston in the last 10-20 years and are looking to sell, you will probably make out like a bandit.

I live in Cypress and a very average looking house on my street went on the market a week ago and it sold in 5 days and the owner told me that he got exactly what he listed the house for. This house was 3bdrm, 2bath, maybe 2100sq ft and was built in 1992. No upgrades were done to it over the years. In my neighborhood, houses go on the market and sell in a week or two, tops. Mostly because of the school system and good location.


My real estate contacts tell me almost every buyer they deal with is from CA, NY or some other northern state like IL or NJ.


The surge of buyers seem to be escaping CA and other states, where jobs are thin and the taxes are high and going higher. CA has a 13% state income tax and gas hovers around 4 dollars a gallon. This is not sustainable for many middle class people, who have seen stagnant wages for years, so they leave for states like TX and FL.


When this surge stops is anybody's guess, however the Houston housing market has been fairly strong for decades and only saw a partial slow down in the 2008 crash.

While I'm sure many of the folks leaving CA and NY are peeved at their states' tax policies, I think the main driver of emigration from those places is just general cost of living for what you can get; basically, the value proposition isn't there, relative to some place like TX. Of course, taxation and poor policies certainly contribute to the excessive cost of living in those other states, but my impression isn't that taxation itself isn't what's the main specific driver of these folks' moves.

[S.Allen]

No, most are moving because of the lack of jobs and other economic reasons.


I live around several CA transplants and they all have told me stories of not being able to afford houses, high costs of gas and utilities and the increasing crime in places like Los Angeles and surrounding cities. One told me that the covid lock-downs also was a driving factor.

I travel to the Los Angeles area a few times a year and honestly...I do not know how some make ends meet in that area. I can remember being happy I found gas at 3.45 a gallon when I was there last January and remarking at the large number of tents and homeless people near LAX and along the 101 and the underpasses on some highways.


CA's policies have made a once great place to live, un-liveable and pretty soon, that state will be made up of the very wealthy and the homeless and illegals and that will be it. LOL

I just pray they do not come here and vote in the same types of people that created this mess, in Texas.

[HookTheBrotherUp]

Originally Posted by S.Allen

...I just pray they do not come here and vote in the same types of people that created this mess, in Texas.

This has always been one of my worries... I don't really care that they are usually Liberal, as long as they contribute to the economy, and not welfare recipients. I also don't think it's a type of person per say, but their ideologies.

What I worry about the most is what you touched on. I hope that those who come here can be honest, and consider what it was that made California, or other high-taxed state, to become that way, and that they don't come here and vote with the same ideology because they will just mess up Texas as well. So simple. You can still be a Liberal and be fiscally Conservative, but not many of those around.

[Jtxg]

Originally Posted by Bos2Iah

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.

I don't think your assessment is fair for many suburbs right now, as far as homes staying on the market for 'months'. The West/Southwest Suburbs (think Fulshear/Katy down to Sugar Land/Richmond/Rosenberg) it's odd to see something on the market beyond a week or two.

A friend of mine looked at a house this week in Sugar Land that has been on the market over 30 days, which was a red flag. Walked in and immediately could see there was previous water damage to the floors and trim. House is priced like a nicer house would be priced, hence it's time on the market.

[Chanteuse d' Opéra]

Originally Posted by Jtxg

I don't think your assessment is fair for many suburbs right now, as far as homes staying on the market for 'months'. The West/Southwest Suburbs (think Fulshear/Katy down to Sugar Land/Richmond/Rosenberg) it's odd to see something on the market beyond a week or two.

A friend of mine looked at a house this week in Sugar Land that has been on the market over 30 days, which was a red flag. Walked in and immediately could see there was previous water damage to the floors and trim. House is priced like a nicer house would be priced, hence it's time on the market.

I totally agree with you!

[TallGreengrass]

Anything in north Cypress under $500K is selling quick. Great time to sell but a tough time to buy.

[Chanteuse d' Opéra]

Originally Posted by TallGreengrass

Anything in north Cypress under $500K is selling quick. Great time to sell but a tough time to buy.

Where are those selling their homes moving if it's a tough time to buy?

[TallGreengrass]

[quote=Chanteuse d' Opéra;61247511]Where are those selling their homes moving if it's a tough time to buy?[/

I just mean you’re selling high but also buying high. North Cypress homes under $500k are selling quickly and there’s not a lot to choose from.