Houston is one hot real estate market. Home valuations are rising – they declined little during the recession, so this is equity gain – and a ‘For Sale’ sign isn’t up long before a Realtor® returns to attach ‘Sold’ to it. Our friends around the corner decided to move and met with an agent to discuss the potential value of their home. She provided a professional recommendation and my buddy said, “We’re not in a hurry – add $10,000.” Two days later they received an offer for 100% of the asking price.
Fueled by the energy industry – especially ExxonMobil’s upcoming relocation of thousands to a 385-acre campus in The Woodlands – land-rich Houston finds itself with a sudden short supply of housing. Of course, you never know what’s around the corner. For a decade beginning in 1985, Houston endured a malaise when oil and gas giants stopped hiring and the local economy came to a standstill. While this is a much more diverse area today, long-time residents haven’t forgotten that experience.
These might be halcyon days before the fall. So, enjoy the fruits of your labor, fellow citizens, and remember to save something for tomorrow just in case. For those who fail to learn from history…
