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Over valued Real Estate Markets: Austin No 1 and Houston No 2?

Discussion in 'BBS Hangout' started by glynch, Sep 15, 2015.

  1. Cranberry_Juice

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    Can someone clarify what they mean by the "loop"? Is it everything inside 610 or only certain parts of it?
     
  2. Supermac34

    Supermac34 President, Von Wafer Fan Club

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    Reasons prices rose quickly in Houston:

    1. Between 2007 and 2010, new home building ground to a halt due to the recession.
    2. Oil prices jumped and 10,000 people a week started moving into Houston area for jobs.
    3. It took until 2013 for home building to spin up to meet demand

    Now dropping:

    1. Job growth has slowed due to lower oil prices
    2. Lower oil prices creating uncertainty
    3. Home building has now begun to overbuild

    I don't think you'll see a crash in prices, but you'll see a correction. The next year or so will be a good time to buy when they level off.
     
  3. noscrusir

    noscrusir Contributing Member

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    Spoke with a mortgage counselor today. Said she expects interest rates on 30 year mortgages to stay above 4% for the foreseeable future. Take it for what you will.
     
  4. Ziggy

    Ziggy QUEEN ANON

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    Both, really. But technically just certain parts. Inside the loop is expensive in general, and coveted, but you have pockets nobody wants to touch. But a lot of those pockets began to shrink during the recent housing boom that is now beginning to lose steam.
     
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  5. Butterfingers

    Butterfingers Contributing Member

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    My understanding is anything inside 610 but west of downtown. With a huge emphasis on the area in between 610, i10, and 59.
     
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  6. Ziggy

    Ziggy QUEEN ANON

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    Well the Eastend and directly North of downtown took off and will resume growth eventually. There's even an emerging pocket of growth south/near downtown. And you also have people claiming there's something going on in the far east, but I'll believe that when I see it.
     
  7. Nero

    Nero Member

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    As long as that den of thieves known as HCAD continues to operate without oversight or consequences, and are answerable to no one but themselves, then these numbers will just keep going up.

    Seriously, those people should all be in prison.
     
  8. Cranberry_Juice

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    Will mortgage rates be by 5 or 6 % by then?
     
  9. Dairy Ashford

    Dairy Ashford Member

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    You look far away enough from the high density areas and pick a poorly maintained or foreclosed asset in a crappy enough development you can get some reasonable deals. I think as much as anything Houston has some pretty decent flipping opportunities.
     
  10. Dairy Ashford

    Dairy Ashford Member

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    This post is about high property appraisals? Do people selling or refinancing feel the same way?
     
  11. Dairy Ashford

    Dairy Ashford Member

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    To a certain extent I think UT's out-of-state undergrad and grad school demand, especially as an entree to Houston, Dallas and O&G job markets, will always justify continually higher pricing.
     
  12. heypartner

    heypartner Contributing Member

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    hey, pouhe,

    What were you saying about multiple posts in a row???

    Have a good weekend, I will
    You seem bitter in all your posts this morning.
     
  13. Nero

    Nero Member

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    If you don't think the vastly over-inflated appraisals contribute to over-inflated prices, then I would just disagree. Is it the ONLY factor? Of course not. But HCAD has NEVER paid attention to actual sales numbers. They just raise appraisals in order to shake down the citizenry - it's a form of old robber-baron shakedown 'taxation'. It's stealing is what it really is, and it's inexplicably legal.

    Inflated tax appraisals DO affect the market, at least enough to make a noticeable difference. Hell I would LOVE to sell my house for what HCAD says it's worth, but I know in reality they are roughly 50k too high.
     
  14. Ziggy

    Ziggy QUEEN ANON

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    Said this before, it would be cool if you could choose to contest your property tax, pay it, or contest it, then sell it to Harris County for 5% under their post-negotiated final appraised value.
     

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