The Houston housing market is quite unsustainable as home prices have drastically increased. There seems to be a downward trend and it is a seller’s market. The median price of a home is 240,000 dollars. In addition to that, new developments are taking time to complete. To meet the demands, the developers need to complete the construction on time. The local economy is rebounding and there are plenty of job opportunities waiting for people in Houston in 2018. Many people migrate to this city for job opportunities so it seems to be a positive sign. 2017 will be better than ’15 and ’16. The multiple properties which are on verge of completion will improve the performance of the local economy. Although, commercial sector will take time to resurge. The total wages are getting decreased as time increases. Oil industry is a prime occupational activity which offers job opportunities.
The demand for Real estate in Houston
The need for buying a rental property for commercial and retail space is high. The real estate sectors have a great impact on oil industry as companies are in need of space for a particular lease period. The retail, office and industrial sectors are also improving and recovering at a fair rate from recovery. Retail sector has been most resilient amongst all as per capita decreased. The retail sector has been predominantly occupying lot of space and still in demand. There are lots of new companies coming up, so the supply doesn’t meet the demands. The occupancy rate is also historically high. Due to excessive demand, there is sublease option offered to the retailers. The rent is collected accordingly and it is a cost-effective method. The purchase power is pretty high in office sector also as there is high vacancy rate. The rental allowance is also getting streamlined as sublease option has emerged. The industrial sector is strong with a large occupancy of 95 percent. South east Houston is favorable for industries as it has petrochemical developments. Private sector is also gaining its significance in the meantime. E-commerce is widely popular and there is a fair contribution from that sector to Houston market. With all sectors improving, eventually it is a comeback from a recession period. The real estate sector has seen both rise and fall, but overall the nation economy is becoming hot.
2016, the year marked the resurgence of Houston real estate market as it was steadily performing well. The end of the year witnessed amazing home sales. Nearly 77,000 single-family homes were sold fast. Inventory rapidly increased which became more of a buyer’s market towards fag end of 2016. Investors were looking for homes in Houston as well as Harris County. The 2017 witnessed rise in mortgage rates. With great job opportunities, buyers can afford a home in this city though home prices have gone up. The whole Texas housing market has become red hot as prices of homes have gone up. The shortcomings like bubble are not occurring in the forthcoming months as market has become stronger. More than booming, the Houston housing market is evolving from a recession or a collapse.
Quick home sale tricks