How is the Houston market?

Question

Hi, Everyone,

I live in Houston, and just got my agent license.  I am considering to flip single family houses or apartments,  and/or demolish old houses and build new houses. I know the recent oil/gas  crisis had slowed down the Houston housing market.  Is there still any opportunity?

Your advice will be greatly appreciated.

Thanks,

Tony Castronovo · Answer

@Gaurav M. I think that is likely a seasonal slowdown. Normally, my properties rent within a week or two. I have one that has been sitting for 6 weeks. No one wants to move during the holidays if they can avoid it.

Michael Le · Answer

I don't think it has slowed down the market actually. You should have access to the monthy HAR reports. Go read them going back months and see the numbers for yourself.

Tony Castronovo · Answer

No, I haven't really run the numbers.  I am not really focused on Sugarland right now.  So I pass those leads onto others I know that are looking for properties there.

Nikolas Ferreira · Answer

@Tony Castronovo did you ever run the number for those deals in sugarland ? im just curious because i seen a few as well and they were NO deals at all when it came down to the numbers.

Tony Castronovo · Answer

Sugarland seems tough to find deals (in my experience).  I've seen a few wholesale deals in Missouri City but I mainly work in Katy and Cypress.

Tianlu Wang · Answer

@Tony Castronovo @Gaurav M. Thank you guys.  I agree, this is a slow season.  When  the weather gets warm, the market will become better.

How about Sugar Land area compared with Kingwood and Katy areas?

Gaurav M. · Answer

My rentals in Kingwood area have been vacant for more than 2 months now. It could just be a slow time of the year. But overall I think that Kingwood area is experience a slowdown in rental activity. Maybe not so much for sales.

Tianlu Wang · Answer

Hi, Fred, thank you for sharing your Katy experience.  I would think Katy is in a terrible situation now due to most of the oil workers living there.  So the greater Houston is still in good shape.

Fred Heller · Answer

It seems like everyone on BP is waiting for Houston to crash. Despite the problems in the energy sector, my experience is that the Houston market is still very strong.

I have an investor client who had two properties next door to each other in old Katy. One was a rental and one was a flip. I listed them in late November and both had multiple offers within a couple of weeks. One has already closed and the other is in closing.

How is the Houston market?

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