YouBet said:
Guess I'm just perplexed at all the talk about white hot markets in Texas or otherwise. No one is buying or selling a damn thing in my North Dallas hood which should be considered white hot. We have one story houses on the market for $1.5M that no one is sniffing and then the next level of home is $2M+ which are mostly spec homes at this point.
If you have a house below $1M it's sitting and not selling unless it's low enough (<$700K) to gut and flip.
What type of neighborhood? (Ie well established/zoned to good to great public schools, 80s-90s vintage suburb homebuilder type, big MPC, etc?)
What I'm seeing in Houston is what a lot of posters have alluded to earlier. Low inventory due to IR hikes and pricing, the "not selling unless I have to or am upgrading etc". Low inventory has made highly sought after locations where there is a finite supply of homes zoned to the attractive schools sell like hot cakes.
Just bought our house in May. There were prob 30+ families at the open house. We lost out originally and when it came back around we had to win in a best and final.
On the sale side, we had 2 full price offers the afternoon of the open house.
On the commercial side- I'm seeing homebuilders stay extremely active. Privately capitalized MF developers are still getting deals done if they have strong banking relationships, industrial is continuing its unprecedented run.
I'm not saying everything is great. But from my perspective (Houston and in CRE). The market is showing Houston resilience and how much we have changed since the oil bust days. Strange market for sure but people are still finding ways to get things done.
Similar to commercial, residential is "hot" but for different reasons than when IR were 3%. Different playing field now, my realtor who went to HS with me is crushing it even with sales volume down.
