The Greater Houston Builders Association (GHBA) had their forecast luncheon this past week and good news for the real estate market in Houston. The following information from the presentation was give by Mile Inselman head of Metro Study. Metro study is an economic firm which meticulously studies the housing trends in America’s largest cities. The following facts were presented at the luncheon by Metro Study.
1) in the last 12 months 174,000 new jobs have been added to the Houston Market
2) Only 3 new Sales offices have been added in the last 12 months
3) Premium lots are in short supply and there are many subpar lots out there today
4) There only a 5 month supply of homes in MLS currently making it a “sellers market’
5) We in Houston are fortunate to have the #1 Housing Market in the US
6) Interest rates are forecasted to rise to the 6 to 7 % range. This rise in rates diminishes purchasing power by 25%
7) There has been a 20% improvement in the Houston market this year
8) Cost of raw land is increasing
9) Mortgage pressure will continue
10) NOW IS THE TIME TO BUY ***
***These were the words used by Mike Inselman he does studies and has does not care whether prices rise or fall he just studies the housing trends.
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