Despite Fears, The Houston Real Estate Market is Hot

September 27, 2017
Posted in Insights
September 27, 2017 DCT Capital Fund

Houston homeowners who had already listed their homes for sale were astounded to find that people were still interested after Hurricane Harvey’s aftermath. A couple in Houston, one week after being forced from their home due to rising floodwaters, received a call from a buyer.

Despite what one might typically believe, this is not at all a rare occurrence. According to agents at Redfin, 45 buyers were in the final stages of home acquisition before Harvey struck. Afterward, only eight had withdrawn their offers. In fact, Redfin managed to close two deals on Labor Day alone, despite the inclement weather.

Both damaged and undamaged properties are being sought after, with many people becoming buyers for the sake of flipping houses after repairs are made. Due to the availability of single-family homes being diminished there is, however, an expected increase in home prices.

Despite the destruction caused by the storm, some buyers from other areas still view Houston’s real estate market as a better alternative to anything locally available to them.