Pearland Question

[sarahiki]

We have been looking at houses in Pearland in the 180-200K range. There are some really nice places. I'm wondering, have prices there actually dropped? I feel like I didn't see so much for so little when we were looking a few years ago. Is this the subprime effect?

What do you think... are we likely to lose money buying a house at that price in Pearland? I can only think property values have to go up, despite all the new construction. Areas like Silverlake are so convenient, and the schools are good, I've heard. Am I being unduly optimistic? Thanks for any opinions.

[TAK]

I'm wondering, have prices there actually dropped?

Absolutely.

I don't live in Pearland, but I've been looking in your same range. I don't know that I'd call it the "subprime effect" but it's definitely the "foreclosure effect" which probably has something to do with subprime.

If you plan to live in the house for a while, the property value increase shouldn't be too much of a concern to you, as long as you don't go negative, which you shouldn't. However, without knowing the future of Houston's economy, you very well could. There will be an oil 'bust' at some point.

If you find a house you like, and it's priced such that it's below the recent comps (i'd go 3 months instead of 6, because things have changed drastically) buy it and live in it.

Don't look at your primary residence as an "investment" but as a place to live that has appreciable value.

PS - try putting this in the Pearland (Coastal Prairie and Bay) section and you'll probably get more feedback. -> http://www.houstonarchitecture.info/haif/i...hp?showforum=19

[HoustonRealtor]

Pricing on new construction out here in Pearland does seem to have gone down a little. While our real estate market isnt booming, it's not in a complete slump either. A lot of the national builders out here are doing what they can to try and close some sales and bring in some money. Our market can help them look a little better on paper when some other markets are doing so poorly.

In this kind of market, it's best to buy long term, just like buying stocks. It's not wise for the average home buyer to buy a home and expect to make a fortune off of it in a couple of years, whether in Houston or the suburbs. The real estate market here is not known for skyrocketing prices, but rather a slow and steady increase. I think buyers should focus on the house they want in the location they want, as you have no control over what happens to the economy and how it effects the value of your home. I would love to see my property escalate over time. However, I really bought this as a home, not an investment. And even if the value doubles by the time I'm ready to move, if the value of my "move-up" house has also doubled, then I haven't gained much anyway.

[sarahiki]

Absolutely.

I don't live in Pearland, but I've been looking in your same range. I don't know that I'd call it the "subprime effect" but it's definitely the "foreclosure effect" which probably has something to do with subprime.

If you plan to live in the house for a while, the property value increase shouldn't be too much of a concern to you, as long as you don't go negative, which you shouldn't. However, without knowing the future of Houston's economy, you very well could. There will be an oil 'bust' at some point.

If you find a house you like, and it's priced such that it's below the recent comps (i'd go 3 months instead of 6, because things have changed drastically) buy it and live in it.

Don't look at your primary residence as an "investment" but as a place to live that has appreciable value.

PS - try putting this in the Pearland (Coastal Prairie and Bay) section and you'll probably get more feedback. -> http://www.houstonarchitecture.info/haif/i...hp?showforum=19

thanks, I wasn't aware of that thread.. I'll post over there, too.

[remaxretta]

Greetings

I have lived in Pearland for 24 years, While I am in real estate now I wasn't when we first moved here, we love it and as housing needs have changed we have found Pearland to be very accommadating in every stage of our lives.

[rem78]

In this kind of market, it's best to buy long term, just like buying stocks. It's not wise for the average home buyer to buy a home and expect to make a fortune off of it in a couple of years, whether in Houston or the suburbs. The real estate market here is not known for skyrocketing prices, but rather a slow and steady increase. I think buyers should focus on the house they want in the location they want, as you have no control over what happens to the economy and how it effects the value of your home. I would love to see my property escalate over time. However, I really bought this as a home, not an investment. And even if the value doubles by the time I'm ready to move, if the value of my "move-up" house has also doubled, then I haven't gained much anyway.

I agree. Homes aren't selling as quickly and prices may have dropped but it's far from being a problem at this point. If you find a great deal for a house you want then go for it. I don't think it will be a problem in the long run. I bought my home two years ago and the comps are higher at this point, with the exception of a couple of one-offs which have moved moved very quickly. I really enjoy living with with all the amenities that Pearland has to offer, plus the close proximity to downtown, Reliant Stadium, etc. Good luck with your decision.