What Has Happened in Houston Real Estate This Year?

Houston Real Estate Podcast with Mike Gray

As we head into 2017, we want you to be informed on what’s happening in the market. Here’s what you should keep an eye on next year.

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I am excited to bring you an update on the Houston real estate market as we near the end of 2016. Before we get to that, I just wanted to take a moment to thank everyone so much for their great support this year. I’m grateful for you, and it has been a pleasure to serve you.

Now, I want to talk about two things that have been happening in the real estate market you should be aware of.

The first thing is that the election is over. There has been a big sigh of relief now that it has finished. We have actually seen an uptick in activity since the results came out. Ultimately, we will have to wait until the first of the year to see how the numbers shake out.

The second thing is that increase in interest rates. They have increased significantly in the last 30 to 45 days. They were in the mid-3% range, but are now over 4%. Right now, you can get a 30-year fixed rate loan for 4.25%.

We’ll keep a close eye on things for you.

If you’re a buyer in Houston, be aware that we are expecting a positive movement and gradual increase in price and rates. This will affect affordability, especially for first-time buyers. However, we don’t expect this to have a negative impact on homeowners. If you look back at the last time we had a big interest rate movement, you will see that homes appreciated by 10% as a result. We will keep a close eye on this and we will be back with some projections in January.

We hope you have a merry Christmas, a happy Hanukkah, and a joyous New Year. Enjoy the holidays and we will see you in 2017. If you have any questions for me in the meantime, I’m just a phone call or email away. Talk to you soon!