77079 - overconfident? (Houston, Spring: home, employment, safe neighborhoods)

[ToyYot]

Originally Posted by houstonfan

I'm no expert but I did read that in general, if interest rates rises, prices are hindered. That's because if, say, the typical person's salary can afford a mortgage payment of $2000/mth, they will be able to buy less house when interest rate is high. If everybody can buy less house, then an expensive houses will have less buyers who will look at that house, therefore slightly depressing the market.

Exactly my point, but all neighborhoods are affected, not one in isolation.

[jordanaf]

There is a shortage of nice homes and its driving the prices up. Tons of people moving to Houston as well. Sellers that have been on the fence are throwing out high prices just to see if they get it...and often they do. I keep saying this...multiple offers at list price and above are happening in certain areas. As a realtor, its hard to find a house sometimes when you have a buyer. I sold 3 in the last year that were not even on the market.

[cheryjohns]

The average buyer doesn't want to do a darn thing before moving in. Add to that fact that a lot of homes go on the market that need a LOT of work. Buyers will fight over the house that doesn't.

[dejamiller]

So those shows like "Property Virgins" and etc, are pretty accurate with this move in ready, upgrade this/that, and open floor plan business. I swear that is what every buyer say on those shows. Lol.

[cheryjohns]

Originally Posted by dejamiller

So those shows like "Property Virgins" and etc, are pretty accurate with this move in ready, upgrade this/that, and open floor plan business. I swear that is what every buyer say on those shows. Lol.

LOL - on what buyers really say. Those staged shows are so funny. I think they are told what to say. 90% of them work in the word "space" - as in "This is really a good space." The only time I EVER hear that word, my question is whether they are avid HGTV fans. They always laugh and say yes.

[dejamiller]

Originally Posted by cheryjohns

LOL - on what buyers really say. Those staged shows are so funny. I think they are told what to say. 90% of them work in the word "space" - as in "This is really a good space." The only time I EVER hear that word, my question is whether they are avid HGTV fans. They always laugh and say yes.

LOL. Makes sense. Because literally they all say the same exact thing over and over.

[Glossa]

The For Sale sign is gone from the house that was the subject of this thread. I wonder if it sold or if they changed their mind.

[cheryjohns]

The listing was terminated. The sellers evidently thought it was the agent's fault because it didn't sell at that inflated price (actually, she was at fault for taking the listing and fueling that fantasy - so I do not feel badly for her). It will show back up under another agent. Later, another one - and then another one later.

[Glossa]

I hope they drop their asking price if they list it again. It's a great neighborhood, but that busy street location just isn't that desirable.

[sxrckr]

The 77079 zip has been very propped up in prices because of the last 5-10 years good performance in the energy industry. Almost every employer in that area right there is oil/gas.
Now with the election results, I know many executives in supporting industries that are going to shift their work from products for oil/gas companies to others instead, such as road/bridge construction. They say the oil/gas industry will be taking a hit with upcoming actions in this administration.
Not saying prices will drop like a rock or anything in that zip, but I'd be really concerned it's been "overconfident" the last few years and currently and may "correct" itself.