The overall outlook for the commercial Houston’s Real Estate market is good. The economic indicators are positive showing future growth and healthy economic input. The housing market trends that show the movements of key price indicators show that the state of Houston has a 3% week-over-week increase in average listing price and a 3% drop I median rent monthly. The market is said to be growing fast because of job growth this is due to the increase in pricing gains in oil and gas sector.
Houston Real Estate Market by sell your house fast- Houston Re House Buyers
The year 2018, at least 5 Houston neighborhoods’ increased prices by an average of 10%. Thus the state’s property appreciation rates were at an average of 2-3%. The state of Houston has quality neighbors’ that have close and access to quality job centers. The state also has large lots of lands which is the primary value for the real estates. The location of Houston is favorable as it’s located in a less busy throughway close to a highway. Houston homes are comfortable to live in and can also be rented. This has made the land value in Houston neighborhoods’ to appreciate by more than 50%. Condos construction in Houston increased by 400%. The developers sold their specs on quality of buildout, parking space, and guest parking. The units were sold at developer’s price for the quality buildings made by qualified workers have quality aesthetic views.
The real estate economy in Houston faces the challenge of hurricanes such as 2017, Hurricane Harvey. The real estate market was resilient and it recorded the second-best year ever. In the past three years more new residential leases have come online for sell thus this has tripled the amount of supply making the prices to suffer. Caution must be taken before making a purchase for a home for rent because units built for rent are being will be out-marketed over the next few years. It’s best to focus on owning a quality land and property for a long term.
The NAR lobbied strongly against the $10,000 property cap. This benefited the real estate market as it brought along more money, more wealth and repatriation. The Congregation Budget Office (CBO) showed that almost 80% of Americans received a tax cut thus had more money. Most of the beneficiaries invested in the housing market increasing demand. This was a major factor in building stability as more investor. The beneficiaries were tax-paying corporations as their taxes dropped from 35% to 21 %. This was a high material increase.
Repatriation; This is the process of returning assets back to your country. A good percentage of USA companies are found in Houston. The companies trade a lot of money in overseas trade with huge trade commodities and thus when they invest in the growth of the region, develops the market.
Effects of Houston real estate to the economy
The good state of the Houston economy has also lead strong economic growth that translates into the improvement of other sectors in the economy around the state such as job creation, healthcare, retail and industrial market.