Texas Realtor Predicts Future for State

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Texas Realtor Predicts Future for State

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Texas may have weathered the burst of the housing bubble better than almost all other states. With some of the most restrictive laws governing lending practices, Texas refused to overbuild, thereby avoiding the dramatic housing collapse like states such as California.

One Texas Realtor with over 30 years in the business has seen it all. Surviving the bust in the 1980's through the most recent downturn, this Realtor feels Texas is in a good position to again be a vibrant real estate market. She offered some Texas-style optimism about where the market in her state is going.

Entry-level homes, those priced under $150,000, have been very active this year. She thinks this is good news because this will help each price level move up in volume. Sales of lower priced homes have seen a boost from the federal tax incentives.

Our Realtor feels Texas is absorbing inventory much better than other states with minimal changes in sale prices. With new construction, builders often sweeten the deal with various concessions. However, as the market continues to stabilize the concessions will begin to disappear.

Even in this tough economy, homes in desirable locations in the $300,000-500,000 price range are beginning to see bidding wars. This segment of the market was very slow for months but has been re-energized recently as people in homes priced under $300,000 are selling and moving up.

Sales of luxury homes, those above $500,000, have been stagnant. Sales of homes at $1,000,000 or more dropped over 40 percent during 2009. In the luxury end of the market activity is still slow, particularly if there is a glut of inventory. Price positioning in this segment is crucial.

The BP oil spill is now affecting sales to some extent. The up-and-down stock market is also causing some concern. When the market is not performing consistently, many people choose to wait. The challenge is to know a deal when you see it. Otherwise it may be gone before you can strike.

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Tags: • california • over 40 • stock market • federal tax • luxury homes • tough economy • tax incentives • housing bubble • new construction • texas • real estate market •

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