Houston holds strong, despite oil and gas industry woes.
Calling the city resilient, Sotheby’s International Realty Chairman Emeritus Tom Anderson, tells KHOU-TV that Houston has a strong housing market right now.
Despite economic dips from the production side of the oil and gas industry, Anderson tells KHOU the medical field is booming and in turn is causing the real estate market to flourish.
“What we lost in the oil patch, we gained in the medical field,” Anderson said. “Those jobs offset the oil and gas losses. Other entrepreneurial jobs other parts of business climate helped shore up. We created 20,000 jobs last year, not the 50,000 projected, but Houston is a great place to be.”
Anderson also added that it is a buyer’s market, because well, it “always is, they have the money.” But that doesn’t mean that home prices are also going up. In fact, Anderson said, they are remaining flat.
“There is an equilibrium in the market with four-to-six months worth of inventory,” he said. “Price level is flat, started last year, the luxury market is flat. Already this year, we’re 15 percent ahead in closed business from last year with low interest rates and long-term rates at three-to-four percent.”
Bottom line, buyers are gaining confidence and sales are closing, so the opportunity for a quality property at a rate that is manageable is possible now.