The Wall Street Journal, in an article dated January 24th issued this warning, "Housing Slump Starts to Hit Stronger Cities". Houston was a city expressed in the article as strong in real estate and strong in employment outlook.!  The article focused on the fact that there were a few exceptional cities to the real estate slump where up until now had not  been effected by the real estate slump, but  areas like the Northwest, North Carolina and now, even Manhattan are feeling the effects. 

The entire article can be viewed online at:

 

It is so refreshing to read articles that help distinguish the Houston Real Estate Market from so many other markets that are depreciating and/or slowing down.

There is no question that Houston is in a short-term period where home prices most likely will not appreciate.  However, the huge expansion of the Texas Medical Center is expected to bring international knowledge workers to town. In addition, Houston is an Energy Epicenter that is expanding and auxiliary businesses will also emerge to support these industries. The Houston job market will get even stronger in the future.  Whenever the job market is strong, so is the housing market.

 

We, at Prudential Gary Greene, Realtors believe that those that purchase homes this year will be in a position to capitalize on future appreciation in home values that will be brought on by more jobs being created in the aforementioned industries, not to mention the Port of Houston. 

While other cities undergo a painful economic correction this year, Houston will undergo the absorption of additional inventory.  This merely means a slowing or flattening of home price appreciation, however, it also spells opportunity for first-time and move-up buyers to purchase at prices that will grow in appreciation in future years.  Interest rates are low and home prices are the most affordable in the nation. It is precisely this type of market where an investment in a home makes the most sense.  Home sellers can also capitalize on making a move this year.  This year is a moment in time when the opportunity to move-up or down-size has never been better in terms of price, selection and interest rates. 

 

In the Wall Street Journal, a chart displays 28 cities and Houston is ranked as one of the strongest of the 28 cities.  For the full chart, go to the website link above, but here is Houston's real estate and market strength pulled directly from the Wall Street Journal:

 

Metro Area	Overall Strength of Metro Area	Change in Housing Inventory	Months Supply	Price Change	Employment Outlook
Houston	STRONG	12%	6	N/A	STRONG

 

Now, we invite you to review the entire chart in the Wall Street Journal and we ask, where would be the best place for you to make an investment in real estate?  Houston has one of the best outlooks of any city mentioned.

 

Barbara Robin

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