HAR's Crazy Right Now-- So many pending (Houston, Katy: days on market, 2013)

[Lowexpectations]

Originally Posted by patrickst

I bought my house off the market about 5 months ago and have been watching HAR for the neighborhood since (Idylwood). Houses that are remotely livable last less than a week. Even those needing some work. The ones adjacent to wayside with utterly bizarre layouts haven't moved.

As for the bubble question - totally agree with cherryjohn. prices are going up, but the demand is organic. People are physically moving here. Construction is well below late 70's, early 80's level (ESPECIALLY on a per capita basis). This is not a case of investors blindly buying up anything and everything tulip style.

Best part of it all is I bought at ~145/sqft and the last 4 homes around me have sold for $200/sqft. Nothing like a confidence boost to start your day, right?

While the pricing boost seems nice you are baking in tax increases for the foreseeable future that and a 40% price increase in 5 months might be a bit more than just normal appreciation

[patrickst]

Originally Posted by Lowexpectations

While the pricing boost seems nice you are baking in tax increases for the foreseeable future that and a 40% price increase in 5 months might be a bit more than just normal appreciation

It's just a comfort level thing. I'm just glad I probably didn't overpay in this market. Which is easy to do, since I lost 3-4 bidding wars beforehand.

[TexasTony]

People are looking to buy newer or remodeled homes.

[locotl]

So the big question will be. For tax purposes. Will homestead exemption be doubled (like they've done in Florida) now that the county will have more money.

[Lowexpectations]

Originally Posted by locotl

So the big question will be. For tax purposes. Will homestead exemption be doubled (like they've done in Florida) now that the county will have more money.

Good luck seeing that one through

[PinkLadyK]

Originally Posted by Lowexpectations

Where are you looking at 275.00/sqft? The heights, river oaks, west u?

Not even -- Wilchester and Spring Valley. Some of them never updated. Insanity.

[julia1999]

My understanding is that the current market is stagnant compared with 3 months ago. It is the same as UK. When the property price quickly increased by 25% in one year, buyers will start to be more conservative and reconsider the best buying opportunity.
It is a good thing for them, considering the future interest rate rising.
Besides these areas inside the loop, there is no definitely winning suburb in Houston. Katy and Sugarland are both strong in education. But There are plenty of houses in Richmond or around 1463, and they will catch up soon. This can be reflected in the current slacking rental market in Katy and Sugarland.

[cheryjohns]

The market is going down a little because it ALWAYS goes down now. The it goes back up a little - and then a slow couple of months at the end of the year, followed with insanity mid January until June. Follows the same pattern every year. Has to do with the transfers' schedules.

The good houses still sell, even in the slower times.

[Supermac34]

Builders basically stopped building from 2008 to 2012. Four years of new home growth backlog is finally catching up.

[Even Further]

I went and looked at an old mid-late 70's house I'm interested in. It has cracking/crumbling/shifting exterior indicating possible foundation issues, bad electrical panel with questionable wiring, kitchen needing remolding, probably has a host of other major issues. The property is worth about 175K as is, and the seller is asking 325K, lol. The sellers market is good, but that is straight bizarre.