Don't. Buy. "Home prices are overvalued nationally with Houston leading as the most expensive housing market, Bank of America Merrill Lynch said. The bank found that the U.S. housing on average is 13 percent overvalued compared with personal income growth, a fundamental driver of property values, and that Houston properties are 77 percent overvalued." Read Latest Breaking News from Newsmax.com http://www.newsmax.com/Finance/Stre...on-income/2015/03/13/id/629959/#ixzz3Uh1hO0N3 Urgent: Rate Obama on His Job Performance. Vote Here Now! http://www.newsmax.com/Finance/Stre...e-prices-Houston-income/2015/03/13/id/629959/
sorry about the messed up link.. can someone delete this part below?: Read Latest Breaking News from Newsmax.com http://www.newsmax.com/Finance/Stree...#ixzz3Uh1hO0N3 Urgent: Rate Obama on His Job Performance. Vote Here Now!
http://www.har.com/mls/dispPressRelease.cfm HOUSTON HOME SALES DECLINE FOR THE FIRST TIME IN SIX MONTHS Prices climb to February highs and inventory shows signs of growth HOUSTON — (March 11, 2015) — Falling oil prices and related layoffs, limited housing inventory, and rising home prices contributed to the first decline in home sales the Houston market has seen in six months. Sales of single-family homes dropped 5.8 percent year-over-year in February, led largely by faltering activity among homes priced above $500,000, which, until now, had been one of the market’s strongest and steadiest segments.
http://www.har.com/mls/dispPressRelease.cfm HOUSTON HOME SALES DECLINE FOR THE FIRST TIME IN SIX MONTHS Prices climb to February highs and inventory shows signs of growth HOUSTON — (March 11, 2015) — Falling oil prices and related layoffs, limited housing inventory, and rising home prices contributed to the first decline in home sales the Houston market has seen in six months. Sales of single-family homes dropped 5.8 percent year-over-year in February, led largely by faltering activity among homes priced above $500,000, which, until now, had been one of the market’s strongest and steadiest segments.
When do you guys bet the market will be ideal for buyers? I'm looking to buy some land in the city...
Buy before oil brings jobs back... So whenever oil is about to bounce back... That's the time to buy.
I was thinking about buying a new house up here in the DFW area. You're all happy your house has appreciated in price so much, but then realize new construction prices are going through the roof.... sucks how that works. lol. Up here, from what I can tell, anyway, the prices are fueled by a housing shortage with large companies relocating here. People looking to move up and from out-of-state are gobbing up houses as soon as they're being built.
Been looking for a house over the last few months...most likely going to rent for an additional year before buying. Im on HAR every freaking day monitoring the situation.
Maybe it's not optimal to buy; but largest job market in a state with three huge colleges and a huge transplant factor would seem to indicate population growth that would eventually validate a purchase. Energy is down right now, but it seems to have a become a firmly entrenched prestige industry for business grads nationwide.
The time to buy will be just before oil jobs take off again. Don't hold your breath until prices push more hiring. That's when you will see a jump in buyers and a jump in demand. The market has begun to cool for now.
You shouldn't buy a house unless on plan on living it a minimum of 5 years anyway. You should buy a house because it gives you the utility of living in it, so I don't think market timing is really that big of a consideration. You cannot predict economic conditions 5+ years out with any certainty. It could be the prices are bottoming out on the panic now and will stabilize on the reality. Who can say?
We were very lucky. We needed a little bigger space with a new one on the way and were able to find a spec house that had every single one of our wants in a nearly-completed subdivision close to Cinco Ranch. We happened to get it when the builder had it at its lowest price, just before it was scheduled to go back up ~50k. With what we're making on our current house, we're going to be about $70k in equity right off the bat. But we adhere to Dubious' advice and we're treating this as our "forever" home, so that's just icing on the cake right now.
http://www.har.com/mls/dispPressRelease.cfm HOUSTON HOME SALES DECLINE FOR THE FIRST TIME IN SIX MONTHS Prices climb to February highs and inventory shows signs of growth HOUSTON — (March 11, 2015) — Falling oil prices and related layoffs, limited housing inventory, and rising home prices contributed to the first decline in home sales the Houston market has seen in six months. Sales of single-family homes dropped 5.8 percent year-over-year in February, led largely by faltering activity among homes priced above $500,000, which, until now, had been one of the market’s strongest and steadiest segments.
Awesome! My business partner told me a long time ago to not worry about treating my home as an investment too much...that if your plan is to live in it and spend meaningful years of your life there, anything appreciation you realize above and beyond that is, as you say, icing.
I never once thought of my current house that way, which honestly just speaks to my financial acumen more than anything else. But damn, it ended up being a nice investment.
