cloud713 Posted January 15, 2016 Share Posted January 15, 2016 So my sister and brother in-law are starting to look at buying their first house, likely in the Katy area. I am not a real estate agent, and admittedly haven't spent as much time looking at the housing market as others on here. I am just concerned because of the volatility in the Energy Corridor and the effects it has on the Katy submarket. Especially the ripple down effect from oil dipping below $30 a barrel and the local office vacancies. How will this effect the area? Am i wrong in being concerned about them looking at buying a house in Katy? Why or why wouldn't it be a good place to buy a first family home, especially in this market? Link to comment Share on other sites More sharing options...
Sparrow Posted January 16, 2016 Share Posted January 16, 2016 ... especially in this market? Buy low, sell high. While the oil crash is not beneficial on the macro scale, and is quite unfortunate for others, those looking to buy will gain the advantages of increased foreclosures and downward price pressure due to reduced demand. Mortgage rates are still quite low for the time being--the near term will be a great time to buy a house. Link to comment Share on other sites More sharing options...
august948 Posted January 16, 2016 Share Posted January 16, 2016 Buy low, sell high. While the oil crash is not beneficial on the macro scale, and is quite unfortunate for others, those looking to buy will gain the advantages of increased foreclosures and downward price pressure due to reduced demand. Mortgage rates are still quite low for the time being--the near term will be a great time to buy a house. What Sparrow said plus they should take a hard look at the neighborhoods and try to pick one that will weather the storm. That would likely be in a master planned community and in the middle to upper price ranges. Starter homes in a neighborhood of only starter homes are likely to go downhill if there are too many foreclosures or rentals. Link to comment Share on other sites More sharing options...
cloud713 Posted January 16, 2016 Author Share Posted January 16, 2016 Good points.. I thought the market conditions might lead to a better deal, I just didn't figure Katy was the best place to buy a house. Link to comment Share on other sites More sharing options...
UtterlyUrban Posted January 16, 2016 Share Posted January 16, 2016 Some might argue that buying a house right now is like trying to catch a falling knife.Others will suggest the opposite.That is what makes a market.Frankly, to me it comes down to how long the home buyer intends to live in the house. If the answer is 2-5 years, I would wait more before buying as I think prices will decline further. If the answer is 15-20 years, I would buy if I found the right property. Link to comment Share on other sites More sharing options...
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