Thread regarding ExxonMobil Corp. layoffs

That’s just the overall market in the US right now as rates are low and there Are beginning to be home shortages..

It is only “hot” due to the large number of foreign investors buying. Most people that were forced to move to the area for jobs over the did not want to move there and certainly do not want to stay. There is nothing great about the Woodlands. It is over priced and over rated. The crime is as bad as anywhere else but numbers are often skewed.

Just an interesting note about the Woodlands development.
It was a HUD (Housing and Urban Development) enterprise - completely funded by HUD.
Essentially an upscale 'Project', if you will.

Just an anecdote.

The government told people they can stay in their homes and defer their mortgage. Meanwhile, people fled the city due to poor lockdown quality of life. This is going to crash hard for 3 reasons: Rising interest rates will crack values, city slickers will get bored and sell to move back to the city, and the government will (maybe) stop subsidizing underemployed people's mortgages. Only a s—er or someone who is OK with losing 10-30% on their home value would buy a home right now.

@ddr+1a8wMkw8

Not a good idea to identify yourself on these sites. Full of trolls.

Home prices are generally up across the country. Low interest rates and low home supply from the pandemic the reason in most cases. Inventory will rise as the pandemic gets behind us.

We have lived in The Woodlands since 1984. I'm a EM retiree (2016). I have never seen a hotter housing market than today. Just in the last 30 days Zillow shows our Woodlands home increasing 7.7% (up ($38K). Don't believe me, check out the link:

https://www.zillow.com/homedetails/7-Cedarwing-Ln-Spring-TX-77380/28776762_zpid/?view=public

It's not going to help that the The Woodlands is rated really highly. See this link:

https://www.houstonchronicle.com/neighborhood/woodlands/article/Woodlands-tabbed-as-No-1-city-in-nation-by-Niche-16030430.php

(And, that The Woodlands is essentially built out.)

Honesty, I feel like I'm living in a construction zone. Many homes in my area (of +/- $600K houses) are being gutted and rebuild as +$1M homes or otherwise extensively refurhished.

This is really nuts. For all the oil industry layoffs in this area this place is nevertheless booming. I think a lot of boomer money may be circulation through the area. Also, those who have been in the stock market are flush with $$ and they are spending it, some of it on homes.

An example: we sold condo in The Woodlands last month. We had our first offer in 12 hours, cash, full price. Within 4 days we had 5 additional offers, one of which was over asking price.

I have never seen this type of hot housing action in The Woodlands. But, it's here and it's real. (For now anyway).

Take care, good luck to you.

Home interest rates are at an all-time low which is why so many people are buying or upgrading their existing home. Since interest rates are expected to rise, demand is up.

As you noted, HP and other Fortune 500 companies are relocating to Houston since Greater Houston home prices are significantly less than East or West Coast housing.

Just look at the price of a similar square footage house in San Francisco, New York City, and Fairfax, VA compared to Houston.

It’s not just the Woodlands....there is little inventory of homes across the Houston-Galveston area.

Beach houses in Galveston are in high demand!