Happy New Year! All of us at Energy Realty wish all of you a happy and properous 2016 and hope to guide you with all of your housing needs.
We saw a resurgence of home sales in the last quarter of 2015, despite the continued drop in oil prices. In my opinion, buyer’s confidence improved again, as Houston home prices adjusted back to normal levels, and the threat of increased mortgage rates finally became a reality. Prices continue to creep downwards, making this a buyer’s market, while interest rates are creeping up.
Unfortunately, as oil prices continue to drop, Houston will feel the impact. Speculation that oil prices will not return to normal levels until 2017 is resulting in continued lay offs and a cautious real estate market. Our executive rental market has been severely impacted by the low oil prices, and many rentals priced between $3,000-$6,000 per month are not leasing. Houston is one of the top cities for real estate investors, but I am recommending caution for those rental investors.
2016 will be a roller coaster ride for real estate, but hang on—what goes down, must come up! For expert advice, please contact our office at (281) 679-6266, and I will match you to a profesional agent. Our team continues to grow, and I am excited to welcome five new agents (see announcement in the January 2016 Real News newsletter).