There's good news for people who are looking to sell their homes in the Houston area. A Texas economist reported that home prices will likely surge this year. The economist, from the Real Estate Center at Texas A&M University, said that even though the market is tight there has been a lot of demand.
According to the economist, when the energy sector starts to suffer from an economic downturn, past events show negative economic consequences take time -- usually two to three years -- to show up in other areas of the economy. Now, says the economist, it's been about three years since the real estate sector started its economic downturn.
High borrowing costs could represent a challenge as mortgage rates increase to over 5 percent. However, shortages in available real estate may have the effect of shoring up prices. The economy is in a state of flux throughout the state, the Real Estate economist said. Nevertheless, he also pointed out that people are optimistic about the economy.
Most residential home buyers and home sellers simply use the services of a real estate agent to carry out their transactions. However, real estate transactions involve a lot of legal issues. As such, using a lawyer to carry out a real estate transaction as opposed to a real estate agent can help individuals handle their transactions in the most legally appropriate fashion. Indeed, having an experienced real estate lawyer on one's team allows Texas residents to look for and resolve potential legal challenges that could crop up later on down the road.
Source: mysanantonio.com, "Houston home prices to rise this year, economist says," Nancy Sarnoff, Jan. 06, 2017