In the past few weeks, West Houston, Katy, Cypress and Sugar Land area real estate seems to be picking up steam. This positive real estate momentum is similar to the January momentum we saw in 2009 and 2013. Both of those very good real estate years came after a year in which a general election was held.
Therefore, the increase we are seeing in 2017 should not be a surprise. The years after an election are often very good for real estate. The voters who voted for the winning candidate are ready to spend money because they think their candidate is going to make everything better. The voters whose candidate did not win decide that they cannot wait four more years to make a real estate move and they might as well get moving now. So, before an election, everyone holds their breath (and their money tight). After an election, people go back to making good decisions. Historically, the market has usually been down in election years and picks up after the Presidential Election.
There may be more to this upturn though for Houston. Oil and gas companies have spent the last few years really getting efficient to survive lower oil costs and now oil costs are rising. The medical industry we’re also well known for has continued to thrive. Additionally, Houston has one of the highest populations of millennial age buyers, who are just starting to enter the home buying phase. These millennial buyers should lead to a 14-year upturn of real estate demand in the Houston market.
The market is a little over built in some areas right now and inventories are up a little versus previous years. However, most projections and recent activity show the market getting stronger over the next few years. So, strap in Texas, we are going to have a wild real estate ride.
See Tim Sell at Keller Williams Realty is here to help you find the home of your dreams in this fantastic market. Reach out today at 877-313-SELL or visit us at seetimsell.com