So what is the Houston housing market like now in places like the Heights, Montrose etc? I am transferring to 1500 Louisiana and worried that the 1000's being laid off by Chevron in March along with other E&Ps & service companies.
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Who are you @1lia? A real estate wiz or someone who rents an apartment? Real estate may plateau during this energy downturn, but it won't tank like back in the mid 1980's. Everything in real estate is location, location, location. The better locations will thrive.
Grab your ankles... Housing is going to hell no matter how hard you try to convince yourselves.
@1znu, you are thinking forward and have a good plan to guide you. I hope you are able to keep your job. But, you shouldn't wait 1-2 months before applying for unemployment. I'd advise you to do this on Day 1 after you are officially terminated. Don't waste time. Good luck to you.
Just because you lost your job doesn't mean you are going to sell your house. We all need a place to live.
I check out Zillow and har.com 2-3 times every week, and there are many houses in the 200-300k range that have price reductions of 10% to 15%, some as high as 20%, and these are not dumps. The usual scenario is: 1) I have lost my job-shock and anger; 2) I am pretty good and will work my ass off to find comparable employment; 3) after 1-2 months, apply for unemployment; 4) after another 1-2 months, put house on market for best price possible; 5) desperation - sell my house just to get it off my back and hopefully recoup my equity and maybe a small profit. Just wait another 3-4 months and you will see many house prices going down quite a bit, probably 15-30k or more.
I don't expect a housing crash either. Not like in the post-1986 era. As a matter of fact, homes in the $190-260k price bracket are the most sought right now. These homes will hold their value.
I have been looking at the pretty closely. As far as I can tell the only real decrease is in homes over 450ish grand. Biggest hit is in the Woodlands. Houston is very diversified (medical, technology, petrochemical ETC) and the majority of the petrochemical industry in the area is downstream or chemical. I don't expect a housing market crash.
Home prices should come down alright by this summer, but the home value notice you will get on May 1 is based on comparable home sale values as close to Jan 1 as possible. Prepare for lower home values this summer, maybe. Also prepare for 10% increase in your tax bill, definitely.
My prediction is that this summer will see prices drop precipitously in comparison to 2015's summer. There is no way that prices can stay or increase over the next couple years. Nowhere to go but down
Wow @zsh, the Houston City Council is cheering along with you and so is your MUD district and other taxing entities. Their budgets will pass without a problem this year.
I agree with -nua. Also, real estate is a relatively safe place to put your money compared to other things like stocks right now. A lot of foreigners putting their money in Houston real estate.
My house in the Heights was just reappraised for 22% more than I paid. Housing bust may be in some areas but Heights still great!!!!!! Oh my neighbors house was also up 24.3%.
Still cheaper then any of the other major cities of this size. Don't think it will collapse maybe level off and not increase.
Right? Outrageous. 10% increase three years in a row. Taxes have already eclipsed my mortgage.
@lsw, homes in Houston may be sitting on the market a little longer than before, but I bet in May the appraisal district will hit most of us for another 10% increase in home values. Those assholes don't get a shit about markets, only filling the taxing entities treasure troves.
Wait it out as it will burst. Has too.
Rent through this summer. Prices haven't come down much yet, although builders are offering more financing and upgrade concessions.
If you are coming into Houston then you should be happy if the bubble bursts before you arrive.
Homes are sitting on market a little longer than in the past. Existing home sales have been down almost double digits each month for the last quarter.