housing market, appreciation in Houston (West: sales, insurance, credit)

[chicagomama]

Have certain neighborhoods in Houston and surrounding areas been more affected by the housing market bubble and/or deflation? Which areas have retained their house prices and possibly even continued to appreciate? What is the forecast over the next couple of years? Ho-hum, we've lost about $25,000 in our price from when we bought less than 2 years ago. Had we bought waaaaay out 40 miles from Chicago I think the new construction then is worth more now. But too far of a commute for us.

[EasilyAmused]

I've gained 150k in two years on one house, and 100k in 6 months in another that I'm about the start gutting and remodeling to move into some time around Christmas. These are houses within Houston, not the suburbs. This is all based on recent sales on my streets for "lesser" houses.

I think the suburbs are flat right now. They sell, but they take time. They've really never been an "investment" so to speak.

Houston along the West Side/ I-10 corridor has always been hot, but it continues to appreciate despite the economy. It's probably the safest bet of all.
Small pockets slightly east, and northwest of downtown are really starting to appreciate.

[predatorprey]

The area in the suburbs have stagnated or declined.

Areas closer to 610 west loop continue to appreciate.

[Poltracker]

Originally Posted by predatorprey

The area in the suburbs have stagnated or declined.

Areas closer to 610 west loop continue to appreciate.

I wish someone would tell the the tax appraiser that!

[predatorprey]

Originally Posted by Poltracker

I wish someone would tell the the tax appraiser that!

You can. Protest them

[rtrip]

Originally Posted by Poltracker

I wish someone would tell the the tax appraiser that!

Someone did. I bought a house for $330k in August 2007 that was HCAD appriaised for $372k on Jan 1 2008. Yeah, I think I'll protest that.

Edit: I'm in the Timbergrove area, inside West loop.

[jfre81]

Originally Posted by rtrip

Someone did. I bought a house for $330k in August 2007 that was HCAD appriaised for $372k on Jan 1 2008. Yeah, I think I'll protest that.

If you bought it for less than the appraised value I think winning an appeal would be automatic.

The county is just looking for more money.

Originally Posted by EA

I think the suburbs are flat right now. They sell, but they take time. They've really never been an "investment" so to speak.

How does anyone think they're going to make money selling a house that is exactly like hundreds of others out there, some of which haven't even been lived in yet? And none of them sit on land that has any real significance or value.

You pay more to live close in because the land is actually worth something.

[EasilyAmused]

Originally Posted by jfre81

How does anyone think they're going to make money selling a house that is exactly like hundreds of others out there, some of which haven't even been lived in yet? And none of them sit on land that has any real significance or value.

You pay more to live close in because the land is actually worth something.

You'd be suprised how many people honestly think their homes will appreicate over a few years.

[jfre81]

Originally Posted by EasilyAmused

You'd be suprised how many people honestly think their homes will appreicate over a few years.

And when the dollar value is higher in 10 years because of inflation, they'll think it did. Never mind all the taxes and insurance they were paying.

Generally speaking, homes in and around Houston are homes, not investments. It's the way it should be, and it's the reason why you can still sell homes here (unlike Florida) now that the *boom* has gone bust.

[cathyholtz]

Originally Posted by chicagomama

Have certain neighborhoods in Houston and surrounding areas been more affected by the housing market bubble and/or deflation? Which areas have retained their house prices and possibly even continued to appreciate? What is the forecast over the next couple of years? Ho-hum, we've lost about $25,000 in our price from when we bought less than 2 years ago. Had we bought waaaaay out 40 miles from Chicago I think the new construction then is worth more now. But too far of a commute for us.

The housing Market in Houston ,Hold most values of all home sales Markets ....It is better then Chicago ..the average home prices our higher and the value greater..The job market higher,and the buyers get a better value per square foot..Most homes that are middle and lower income markets are selling below market...for two reasons ;economy and credit lending...Why you lost 25 Thousand is very unfortunate indeed...why would you have sold it so low then what you purchased it for ...raises questions..no one loses that much money unless you over bought it in the first place...or you where desperate to relocate..I would not have sold my home at that great of a loss.What was the appraised value of it ...who listed and settled to bargain down such a loss...and why?