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Houston Real Estate MarketThe submprime lending issues spreading across the country have had an affect on Houston just as in other cities. In Houston; however, these issues result in both good and bad news. As a result of the subprime issues which have resulted in a rash of foreclosures throughout the nation, if you have credit issues you may need to save up a little longer in order to purchase one of the higher end homes in Houston. If you are looking in the $80,000 to $140,000 bracket in Houston it is a good idea to make sure you have some savings if your credit is less than perfect. When it comes to larger single family homes as well as small condos, sales have remained somewhat constant, which means that such issues have not affected this area as much. Recently there have been fewer homes come on the market in Houston; however, overall the market remains quite good for both buyers as well as sellers. Buyers can take advantage of less competition for some of the exclusive homes in Houston while sellers can benefit from healthy price listings. Apartments in Houston are experiencing a strong and stable occupancy. The rental rates are still very reasonable and below the national average. Like much of the rest of the nation Houston, Texas has witnessed somewhat of a decrease in housing prices. Still, the city is still one of the best and most popular places to live in the entire country. There are still numerous properties on the market, offering a wide selection for buyers. Overall, most sellers have been sticking to their guns when it comes to asking prices; however, since prices tend to be quite reasonable this is still a good market in which to buy. In Houston, there have not been as many problems with declining property values as in other areas. The city remains one of the best places to live in terms of long term property value growth. Both average and median prices for single family homes have continued to increase at an excellent rate in the city, making Houston an excellent bet if you are looking for investment property or think you may resell in just a few years. In addition, in direct response to the subprime lending situation across the state many of the top schools have elected not to increase their fees as much this year in order to help relieve the burden many of the families of their students are facing as they combat mortgage woes. Overall, it is currently a good time to make the move to Houston in order to take advantage of some of the promising deals available on the Houston real estate market. Prices are not significantly increasing, which is good for buyers, and the market overall has suffered less from the lending crisis than in other areas. |
