And so I have customers asking me, "is the drop in oil prices going to have an effect on our house values?"
"Are we moving into another real estate recession?"
Hmmm . . . let me get my crystal ball . . . nope, doesn't look like it!
Let's examine the indicators:
Sure, the oil companies are planning layoffs whilst at the same time, Exxon has built a huge campus-facility up near The Woodlands.
Builders are continuing to build, buyers are continuing to buy!
Land sources for new construction are drying up . . . unless you go "wayyyy" out. And the developers do keep moving out, making the Greater Houston Market the most expansive territory ever. The other day, I drove out to a new community in Cypress called "Bridgeland." It was nearly an hour from my office, and I'm on the beltway! Where else in the world can you drive for an hour and a half and still be in the same place?
In the entire Houston MLS (a/k/a Har.com), there is a 2.7 months supply of single family homes! That is the lowest in recent memory, making Houston a seller's market.
Frankly, Houston has added more jobs than it's lost, making the oil price drop appear as more of an "adjustment" or "market correction" than anything. And I always think that politics are involved....hmmmm.....
Nonetheless, it's a great time to sell . . . and buy in this market. It looks like we're in for some great real estate market periods ahead.
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