Houston’s real estate market is making a big comeback. In February, Houston hosted Super Bowl LI, featuring the New England Patriots and the Atlanta Falcons. This Super Bowl is the perfect, timely example of how the Houston economy is on the rise. Houston’s real estate market is making a big comeback. Not only that, Houston has multiple projects, to the tune of billions of dollars in investments, that will enhance performance for years to come.
But how did we get here? As oil prices fell to an all time low, Houston’s job growth rate also fell- from 4.0% in 2014 to just 0.5% in 2016. Because of this economic downturn, investors found themselves looking for opportunities outside of Houston. However, long-term investors saw this underperformance as an entry point. Even with the sharp decline, Houston’s job growth rate remained in the positive. This was a great indicator that recovery was near.
As we move forward into 2017, the Greater Houston Partnership (GHP), has forecast that the city will create nearly 30,000 new jobs this year. The healthcare and food service industries are making up for the losses in the mining and logging sectors. This forecast may seem aggressive, but there are multiple other economic indicators that confirm Houston likely reached its bottom and is making a healthy comeback in 2017.
The time to buy is now. Don’t wait to find your new home in the Houston area. It could end up being costly. We recently wrote a post about the topic, if you’re interested in reading more about the benefits of buying now.
If you’re looking for help in relocation, the purchase of a home or the sale of your home, reach out to us at See Tim Sell. Our experience team of realtors will guide you every step of the way in your home buying or selling journey.