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Thoughts on buying or renting in the Houston area right now
Posted on 3/27/22 at 11:53 am
Posted on 3/27/22 at 11:53 am
So having to move to Houston and with rising rates and still high prices I feel like I am between a rock a hard place.
Even if things cool off drastically I cant see the Houston market taking a big hit, Katy, Tomball, Spring area. But still there is concern of depreciation and getting upside down.
Also rent everywhere is insanely high. Anyone have any opinion one way or the other?
TIA
Even if things cool off drastically I cant see the Houston market taking a big hit, Katy, Tomball, Spring area. But still there is concern of depreciation and getting upside down.
Also rent everywhere is insanely high. Anyone have any opinion one way or the other?
TIA
4
Posted on 3/27/22 at 12:08 pm to GREENHEAD22
well. oilfield work is strong this year . doubt any prices drop much in city proper or suburbs. clear lake area has some ok pricing and closer to Louisiana vibes vs west side.
Posted on 3/27/22 at 12:56 pm to GREENHEAD22
(no message)
This post was edited on 3/31/23 at 4:36 pm
Posted on 3/27/22 at 2:31 pm to GREENHEAD22
Interest rates are only going to rise. If you want any desirable neighborhood then values will not go lower pending some giant crash.
Buy asap or you’re pissing away equity.
Buy asap or you’re pissing away equity.
Posted on 3/27/22 at 5:35 pm to msutiger
quote:
Your problem in Houston is that as long as Black Rock and other federal reserve backed groups are sucking up as many properties as they can, the market won’t deflate. At least not in areas that are desirable.
I'm glad they have stayed away from NOLA for the most part.
Posted on 3/27/22 at 5:37 pm to Hou_Lawyer
quote:
Interest rates are only going to rise. If you want any desirable neighborhood then values will not go lower pending some giant crash.
Buy asap or you’re pissing away equity.
Typically rising interest rates have a chilling effect on home prices. People can only afford X per month and the more of that X that goes to interest, the less of the X that goes to principal.
Now maybe in desirable areas of H-town, the demand is still so great that it doesn't matter.
Posted on 3/28/22 at 6:23 am to GREENHEAD22
Home prices are expensive and for many homes you’re looking at multi offer situations bidding over asking.
We’ve had to lower our initial ceiling to be comfortable bidding up for area we want to be in.
Two questions most Houston area residents want answered:
1. has it flooded from any of our rain events in last 7 years- Harvey, tropical storms, tax day, Memorial Day storms
2. Did pipes burst in 2021 freeze event? If they didn’t do they have pex pipes?
Good luck!
We’ve had to lower our initial ceiling to be comfortable bidding up for area we want to be in.
Two questions most Houston area residents want answered:
1. has it flooded from any of our rain events in last 7 years- Harvey, tropical storms, tax day, Memorial Day storms
2. Did pipes burst in 2021 freeze event? If they didn’t do they have pex pipes?
Good luck!
Posted on 3/28/22 at 10:47 am to Larry Gooseman
Biden new budget proposal is for $2.5T in new taxes over the next 10 years and repealing tax breaks for oil and gas companies...so not sure that's great for the industry, our energy independence, and the prices at the pump. Guessing that won't get those dormant wells pumping.
Posted on 5/11/22 at 9:15 am to Larry Gooseman
Brining this up again since we are about to pull the trigger. Man I am nervous of getting upside down with the pending recession and sky high rates.
We are in a good area and great school district. Someone tell me the values are not going to tank since its in a good area.
Paying $160 sqft for something that tax assessed for 100k less in 21 and didn't sell for 80/sqft in 2012 sure as shite seems crazy but I am cheap.
We are in a good area and great school district. Someone tell me the values are not going to tank since its in a good area.
Paying $160 sqft for something that tax assessed for 100k less in 21 and didn't sell for 80/sqft in 2012 sure as shite seems crazy but I am cheap.
Posted on 5/11/22 at 9:23 pm to GREENHEAD22
Buy in the right area of Houston and you shouldn't be worried. There are too many people moving to Houston, a trend which isn't projected to stop, and there isn't enough housing supply "in town". The desire to live in areas like the Heights, Upper Kirby, Montrose, Highland Village, West U, or any of the neighborhoods near those will not dry up.
I would be worried about buying right now in Sugarland, Pearland, Clear Lake, etc.
With the imbalance of supply/demand not projected to ease up, home prices are also forecast to increase, albeit at slower annual rates than 2020 and 2021 which were record setting.
Unless we go in to an all out extended depression, I'm not worried about home prices dropping by any material amount.
Lastly how long are you expecting to stay in the home? Why worry about a potential short term drop in home prices if you have a long term horizon before you are selling?? Look at the bigger picture
I would be worried about buying right now in Sugarland, Pearland, Clear Lake, etc.
With the imbalance of supply/demand not projected to ease up, home prices are also forecast to increase, albeit at slower annual rates than 2020 and 2021 which were record setting.
Unless we go in to an all out extended depression, I'm not worried about home prices dropping by any material amount.
Lastly how long are you expecting to stay in the home? Why worry about a potential short term drop in home prices if you have a long term horizon before you are selling?? Look at the bigger picture
Posted on 5/11/22 at 9:48 pm to skewbs
We will be in Cypress Bridgeland ISD, all A rated schools throughout the grade levels.
Don't plan on being there long, 2-4 yrs.
Don't plan on being there long, 2-4 yrs.
Posted on 5/11/22 at 9:50 pm to GREENHEAD22
quote:
Cypress Bridgeland
This is exactly where I hope to be buying in 2-3 years. I can’t do it now, but dammit, I will own a home in Bridgeland.
Posted on 5/11/22 at 9:58 pm to GREENHEAD22
quote:
Paying $160 sqft
Must be nice.
Posted on 5/11/22 at 10:06 pm to Mingo Was His NameO
Bridgeland is over 30 miles from downtown Houston. There is nothing nice about paying $160/ft that far out.
Posted on 5/11/22 at 10:08 pm to tigburls
Exactly, fricking sucks. My gut is telling me hard I am going to get fricked on this deal when this whole ponzi scheme comes down in the near future.
I am a but if a pessimist when it comes to the future if the country.
I am a but if a pessimist when it comes to the future if the country.
Posted on 5/11/22 at 10:11 pm to tigburls
quote:
Bridgeland is over 30 miles from downtown Houston. There is nothing nice about paying $160/ft that far out.
You can't get anything within 30 miles of downtown Dallas for near $160/ft that has a good school district.
Posted on 5/11/22 at 10:48 pm to Mingo Was His NameO
quote:
160/ft
Holy shite that sounds like a dream!
Posted on 5/11/22 at 10:50 pm to GREENHEAD22
Buying with the idea to sell in 2-4 yrs is always tough. You barely have time to recoup your closing costs before incurring them again much less be able to stomach depreciation. I don't think home values out there will dip too much in the next few years but the odds of appreciation will be minimal.
If i were in your boat, with a 2 maybe 4 year horizon, i'd probably be renting.
How old are your kids? Are you working in town? I assume you are in a 350k price range?
If i were in your boat, with a 2 maybe 4 year horizon, i'd probably be renting.
How old are your kids? Are you working in town? I assume you are in a 350k price range?
Posted on 5/12/22 at 11:23 am to tigburls
Have you looked at rental prices lately? You would spend 100k over a 4 yr period on a house that would sell for 325-350k.
Young kids, working in Westchase. I am not worrying about appreciation, just don't want to get upside down.
And damn all the houses in Houston are ugly as sin.
Young kids, working in Westchase. I am not worrying about appreciation, just don't want to get upside down.
And damn all the houses in Houston are ugly as sin.
Posted on 5/12/22 at 11:28 am to GREENHEAD22
quote:
Young kids, working in Westchase. I am not worrying about appreciation, just don't want to get upside down.
If you pay $10k in closing costs and sell in 2 years for the same amount paying $5k in closing costs (assuming change in market where sellers can't demand buyers pay 100%), you are upside down.
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