Houston area housing prices are slowly rising - and so are the sales. Home buyers are nervous because the demand for homes is steady- especially in Ft. Bend and Montgomery Counties .Houston area home buyers are afraid prices will soar after the pandemic when demand will be higher. Stewart Title Chief Economist Ted Jones says maybe not. Jones says your home is growing in value...and not just in price, but also in demand.
Interest rates are the lowest in history but Jones says that they won't last forever. "When interest rates go up--- and they will --- home values won't go up as much. If interest rates go high enough, home prices may go down." Jones suggests you watch the jobs market for demand clues. You have to have a job to buy a house.
Prices are gradually rising now because the demand is already high among remote workers...and interest rates are at an all time low. Jones also notes the nonprofit Tax Foundation is predicting what a change in the White House could do for housing demand next year. "Based in October, they said he would cause GDP (Gross Domestic Product) would go down 1.5% which would cause about half a million jobs. That would not be good for the job market - because, remember, it takes a job to buy a home."
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