The Houston Association of Realtors continues to report that home sales remain steady in comparison to 2015, yet if you are a seller or a listing agent with homes priced above $300,000, we are still wondering where all those buyers are. It appears that homes priced under $250,000 are selling quickly, and in my opinion, many of those buyers may be investors that are buying up the homes while prices are dropping. Real Estate Investment seminars are popping up all over Houston, and more people jump on that band wagon every day.
In addition to instability in the oil industry, real estate markets typically cool in presidential election years, so we are all anxious for this election to be over. Homes priced over $300,000 continue to move slow unless there is either something exceptional about the home or the lot/location. Buyers in that price range are basically looking for a pristine updated home, or an exceptional price/bargain. There are fewer buyers in that price range, and a lot more options in that price range than we have seen in years.
However, buyers should get off the fence soon because interest rates are on the rise again. Check out our Mortgage Resource Center for more information about mortgage rates. The weather is cooling, but we hope the real estate market will heat up again when the election is over.
There is a lot of talk about Shell relocating over 3,000 employees from downtown to the Energy Corridor. According to most of my relocation groups, this will hopefully impact home sales and rentals, but it will probably be a trickle until after the first of the year when the relocation is expected to be completed.