Like most major cities, Houston has had its fair share of market cycles. However, this most recent decline in the local economy’s growth rate that was caused by a steep drop of oil prices put
Is now a good time to buy a house?
A survey including Texas reveals that for the past five quarters, the majority of Americans said their housing markets were overheating. Now, in the fourth quarter, 75 percent of Americans say their local housing market is starting to cool.
Seventy-two percent of Americans and 78 percent of “urban residents” say home prices are still too high. Urban homeowners blame “flippers and speculative investors” and “wealthy transplants from more expensive housing markets” for inflating their local home prices to unsustainable levels, according to the report.
Some home buyers may hit the pause button to see what happens in the housing market. Fifty-nine percent of interested home buyers (which includes first-time and move-up buyers) say they plan to wait for a “meaningful correction” before they buy. Fourteen percent say they plan to not buy at all until a correction occurs.
I find that there is a cooling in the $450k+ market. Luxury homes move slower than homes in the $200-$449k price range. Lower priced homes also benefit from more lucrative mortgage rates and first-time home buyer programs. There are still good deals out there. When our customers ask when is the best time to buy, we reply - five years ago.
Dwight Shotgun Cook
the Brilliant Real Estate Team
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