There are many good reasons why people are still flocking to Houston. FYI, for anyone considering a move to my favorite city, we’re a welcoming, vibrant, diverse community with impressive cultural heritage. As the fourth-largest city in the US, and one of the fastest growing, Houston is much appreciated for its sound economy and appealing job market – even after the oil prices dropped and the market got a little bumpy.
Those of you who already love Houston as much as I do don’t need me to tell you that Houston has no shortage of local attractions including the Museum of Fine Arts, Downtown Aquarium, and Space Center Houston. We’ve also got world class theatre, top-ranked schools and universities, and did I mention the food? It’s heaven for Foodies.
What I haven’t mentioned yet is the strength of Houston’s real estate market over time. In fact, homes purchased in the Houston real estate market nine years ago have appreciated, on average, by $79,484. The national average increased just $16,435 over the same period. Sound pretty good? Read on for some pros and cons of buying a home in Houston before the end of the year.
The Pros of Investing in Houston Real Estate by the End of 2017
Tax Benefits. Buying a property at the end of the year would help you unlock significant tax benefits that you can take advantage of sooner, rather than later. If you “seal the deal” and get the keys to your new place on or before December 31, you will be able to take all the tax deductions for your purchase on the taxes you file for 2017 in January 2017. If you wait until early on in 2017 to close on your new house, the incentives are still yours – you just have to wait until 2019 to get them. So, consider getting a new roof over your head towards the end of the year in order to receive those deductions for 2017.
A Healthy Local Real Estate Market. In spite the country’s past economic downturns, Houston can take pride in its resilient housing market. In particular, our single-family housing market is still far from being overbuilt, and our current home inventory is a solid indicator of a balanced, healthy market. According to a recent article published by Houston Business Journal, the demand for Houston-based single-family homes will surely skyrocket as soon as Millennials feel determined and financially empowered enough to pursue the hottest offers available on the housing market. What does that mean for non-Millennials? Now is a good time to become serious about buying your own place.
Luxury Home Sales Are Dropping. If you’ve got the budget for a luxury home, here’s my advice: buy now. Right now, high-end home sales are dropping, and Sellers may feel compelled to turn to unconventional tactics to promote and sell their properties. I’ve experienced some incredible incentives offered by Sellers in the luxury home market that weren’t even on the table just a few years ago.
The Cons of Investing in Houston Real Estate by the End of 2017 (I can only think of one!)
Seasonal Housing Market. A slower housing market is a phenomenon that we typically find during the first and last months of the year, and this year is no exception. The only truly ‘bad’ thing about this is that inventory is reduced compared to peak times of the year, which means Buyers will have fewer homes to choose from. However, if you’re flexible, and determined to spend less on a great home by the end of the year, rest assured that we can still find a property you love for a great price.
To recap: if you’ve been contemplating a move to Houston recently, now is a great time to make it a reality. Prices are stable, inventory is good, and Houston is an awesome city. There are many more reasons why newcomers will want to put down roots here in the Bayou City, but I think the best way to experience them all is to join us – Houston is a great place to live!
Give BuffaloBayouRealty a call at (832) 698-9227 to discuss your options for purchasing real estate in my home town. I’ve lived in Houston and enjoyed the city for 30+ years, and would love to help you turn your Houston house hunt into a fun, easy, rewarding experience. And remember, we offer Buyer Rebates up to $24,000!
All my best,