Would like a professional opinion on when the texas real estate market will improve
Based on the real estate bubbles of the early 1990's and mid to late 2000's, I'd say 15 -20 years; 2023-2028 for the max value at the end of the next real estate bubble that is already forming....
All real estate values are extremely local. So much so that I have seen a store sell a location and move next door (and spend thousands to move and thousands more for the transaction) to an identical size and shaped space- just because the location (next door!) was better. Just within my city in North Texas there are huge differences in market activity from block to block. I have one transaction closing next week where the buyer has agreed to pay more than the mortgage company appriasal value- and that normally tells me that the market around that home is pretty strong. I know other areas just a few miles away that don't seem to have any buyers. There are a lot of ways that location matter of course- not just how the neighborhood looks. If people in your area feel very secure about their jobs then they are more likely to buy a house. If the schools are good in your area then people might be more likely to move to your area. If the transportation works well in your area, If the recreation in your area, if the government in your area, if the enviroiment in your area...all those things figure into location. If you look at the foreclosure rates for Texas and compare them to the nationwide statistics you will find we are doing much better than the rest of the country in that area. In my area the Barnet shale is pumping large amounts of money into the economy- kind of like very large stimulos checks each month. What you maybe asking is when will my home go up in price?. I can not predict the future price even on my own home. I can tell you that My home did not seem to go up in value this last year- I think it may go up a small amount this next year. I think in part the national economy is holding us back- but I do not believe my home has gone down in value at all in the last four years- and there are very few areas of the country where a homeowner can say that.
