I recently attended the Women’s Council – Houston Industry Event featuring both Ted Jones and Bob Hale for the 2018 HAR and Economic Updates, and left with a good feeling about the forecast for real estate in 2018. Both speakers presented an optimistic forecast for increased sales in Houston and a rebounding market.
Realtors are the foot soldiers, so we see firsthand what is happening in the market and can present a realistic picture of the activity in the field. At Energy Realty, we have seen both showing activity and open house activity double in the last few months, and many homes for sale have started to go under contract.
Since we are located in the heart of the Energy Corridor, a large percentage of our inventory last year was impacted by flooding, but we have continued to assist home owners with selling flooded properties both on and off the market so they can move on and rebuild their lives. The average price of flooded homes has increased by 10-20% as more investors arrive in Houston and make this market more competitive. A listed flood home sells on average for $50,000 more than the off market homes.
Our agents have been on the ground advising flooded home owners, and at this time, the only known is the “as is” flood home. We know what the as is flooded homes are selling for , but in the next month or two, we should have a better grasp of what remodeled flooded homes will sell for. To date, I have only seen a few comparisons of remodeled flooded home sales; one home in Westchester sold 10% under pre -flood value, and another home in Lakes on Eldridge sold at 100% of pre-flood value. Stay tuned as this market heats up…
Spring is the season for selling homes, so we hope to see inventory improve, offering buyers more options. If you have been thinking of selling your home, this may be the year to sell! Interest rates are on the rise, but should stay in an affordable range through the end of the year. Please call an Energy Realty Realtor today for professional advice on buying or selling.