August 30, 2015 - 12:00
Real Estate market in Houston Texas has always been in boom for many years. Owing to the falling oil prices, suddenly the real estate market has started to teeter from the success. As the oil prices have fallen, things have not completely changed in the real estate market but they have surely come to a stall. It is going to take time for the reduced oil prices to influence the housing in the city because it is too soon to expect significant changes.
Currently, 1,324 properties in the city are at the brink of foreclosure, whereas the number of houses which are available for sales are significantly low. The market showed an upward trend in June 2015 as compared to the previous month.
As the mortgage rates went up, the real estate agents predicted that the market showed good amount of activity. It is also anticipated that in future the sales will increase. Previously, buyers were reluctant to make purchases despite the fact that there was fierce competition in homes. Now as they have started to sense stability in the market, they are willing to make investment. Many people are coming forth to invest in property.
If the energy prices start to fall more dramatically, it is expected that the prices of homes in Texas will fall too and people will start showing a positive attitude towards buying property. Up till now, the market seems to be healthy. Therefore, anyone who was wanting for an opportunity would not want to miss this one.
Data Source from http://HAR.com