WILL HOUSTON HOUSING MARKET BE SLOW DOWN DUE TO LARGE OIL ENERGY CORPORATIONS LAID OFF EMPLOYEES

Hi Robert, in short yes it is but much less than what was intialy expected. I cover this topic in depth in my blog:
http://blogs.har.com/cozyhomes A lot depends on the price point and the location in Houston.
francois@cozy-homes
Best

Undoubtedly this will not have a positive effect, but thankfully Houston is not as solely dependent on the oil business as it once was.

Robert,

Since Houston and the Greater Houston areas are made up of so many different markets, it is important to look at each market to determine what is happening locally.

I will tell you that I personally am working with several families that are being relocated to different parts of Houston from across the United States as well as internationally with oil and gas companies, companies which have been in the news and have experienced large lay offs. While Houston is obviously a large oil and gas presence, it is becoming more diversified with the medical and technology sectors.

The economists predict that the housing market will continue to stay strong, although we do expect a more normalized market where annual appreciation is closer to the national average vs. the 10-12% we've seen in some areas over the last couple of years.

In short, homes that are show ready and priced appropriately are selling; the quickness at which they are selling is determined by a variety of factors (location, price point, etc.). Fact is, rates are still low and there is an abundance of buyers looking to purchase. The perception of a softened or slowed market is evident in longer days on market, but again, many times you can pinpoint the reason these properties are not moving..

I have an abundance of articles on the Houston market (including the effect of the drop in oil prices). I would be happy to send you PDFs of and links on if you like.

Let me know if you have any additional questions or would like information on the market of a specific area of Houston. I specialize in The Woodlands/Spring market as well as inside the loop in Houston.

Darby Grimmett
Keller Williams
936-827-9217
darby@darbygrimmett.com

If only we had a crystal ball to predict the future. I agree with the other comments in that there might be a bit of a perceived slowdown in certain areas, but overall I personally feel it will remain strong. Buyers are still finding few homes to choose from and multiple bids when they do find a property. Regardless of the job market, people will move, families will increase in size, or life changes will necessitate a move. When NASA experienced layoffs a few years back, there was a prediction of gloom and doom to the housing market here in Clear Lake that never materialized. Houston is more diverse in jobs than in years past. Only time will tell

Hi Robert, We are starting to see a slowdown in certain neighborhoods, but we still have a lot of pent-up demand from buyers who have been waiting for their opportunity to purchase. Although no one can predict the future, we're still in a housing shortage in many neighborhoods and the market remains strong for sellers. Homes are still moving quickly. And with interest rates still remaining low, people are eager to buy. How long will the strong market last? No one knows for certain, though Dr. Ted Jones, the chief economist for Stewart Title, predicted that Houston will return to a balanced market over the next year. Only time will tell if he is right! Best, Shelly

It has lost some momentum and is becoming more of a normal market. However, 600k and below seem to be doing really well. A lot of the buyers who could not buy last year do to bidding wars are know buying homes. Buyers now have options with more inventory.

If the home is priced right and marketed correctly it will still sell quick.