Energy Realty just hosted the first annual Energy Corridor International Festival last weekend to help remind residents and local businesses why the Energy Corridor is a great place to live, work, and play. Overall, the festival was a great success as many local businesses came out and shared their food, culture, services and product on a beautiful sunny day, and the live performances and DJ created a lively atmosphere.
This was a grass roots effort pulled together by myself and other volunteers, Amy Dukes of Energy Corridor Living Magazine and Barbara Denson, author of the Gary the Go-Cart series. As residents of the Energy Corridor, we have seen businesses and neighborhoods hit hard by first the downturn of the oil industry and second by Hurricane Harvey, and we want to revive this community again. Our hope is that this annual event will continue to grow every year and become as popular as White Linen Nights in the Heights.
While driving through the neighborhoods that were hit hard by the release of the reservoir in 2017, I am happy to see that the neighborhoods have come back to life and are beautiful and pristine again for the most part. As a result, the home sales in these neighborhoods and the Energy Corridor have picked up again, although the market still remains saturated with a 9 month supply of inventory.
We are finding that in order to compete in a market full of remodeled flood homes that are often priced below pre-flood value, homeowners have to update and freshen their homes to sell, even if they did not flood. In 77077, there are 294 single family homes on the market; 205 in 77079; and 1147 homes for sale in Katy! That’s a lot of homes to choose from, so buyers can be picky right now.
As the memory of Harvey slowly fades away and the neighborhoods look better than ever, the desire to live in the Energy Corridor will far outweigh the risks of flooding and this area will come back stronger than ever! At the same time, as oil prices continue to stabilize in the $60’s and are predicted to go up to $70/barrel in a year, the empty office spaces will start filling up again, and home values should follow this trend.
There are great things happening in West Houston and I am excited to be in the middle of it!
Provided by: Carla Landrum with Preferred Lending
The worldwide supply and demand for money determines what we pay for all kinds of financing, including mortgages. As much as Hurricane Harvey was a huge event, its impact on mortgage rates has been minimal.
Freddie Mac reports that prime mortgage rates were 3.86 percent for the week of August 24th just before the storm. They actually fell to 3.82 percent for the week of August 31st.
Today’s mortgage rates are remarkably low by historic standards, and did not spike as a result of Harvey. This is good news for mortgage borrowers nationwide, and it’s also good news for Harvey victims because it means cheap funding will be available as they re-build.
Rates may be pressured to increase as the effects of Harvey over the long term will stimulate jobs and certain sectors from construction suppliers to auto’s as homes will be repaired and cars will be replaced. As economic indicators increase positively that tends to put the pressure on interest rates.
Lending programs such as Fannie Mae Homestyle and FHA 203(K) Rehabilitation loans can assist with the rehab costs for homeowners as well as the purchase of home that are in need of repairs.
Also for homeowners and renters displaced by the floods there are no down payment programs available through FHA for disaster victims.
Bottom line is that certainly in the near term our rates should remain low which is a huge benefit to new homeowners.
We are officially under a storm watch going into the weekend, and the homeowners who have just started to recover from Harvey, are probably holding their breath over the potential threat of a hurricane entering the Gulf. Communities that flooded from Harvey are still recovering from the financial blow to
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Houston, TX 77077