Every week, we ask a Houston real estate professional for their thoughts on the top three stories from the week before.
This week, we talked with Nolan Nix, the founder of Home Run Realty in the Kingwood area. Nix received his real estate license at the age of 17 while he was a junior at Kingwood High School and started serving the public in June of 2008 after he formed Home Run Realty. He manages the primary location in Humble, with satellite offices in Houston, Tom Ball, Austin and Dallas, and recently acquired the old Century 21 business in Tyler, Texas. He operates a “limousine business” in his spare time, while enrolled as a part-time college student.
Houston Agent (HA): Do you see a housing bubble forming in Houston in the future? Why or why not?
Nolan Nix (NN): I see a housing bubble forming eventually, but I don’t see it happening anytime in the near future. Here in Houston, we have an abundance of jobs, a low cost of living and low interest rates. As long as those things continue to occur, I really don’t see a bubble forming. It looks as though we’re doing pretty fine so far.
HA: Is there a lot of new construction in your area?
NN: Yes, we’re definitely seeing a lot of new construction occurring. The Kingwood area has been a very popular place to move to, specifically because of the land values and the proximity to George Bush Intercontinental airport, the Grand Parkway (which creates a new loop around Houston) and Highway 59 – people prefer to 59 over 45 because of its easy access to downtown. Demand for new construction is high, and I definitely see this trend continuing for the next few years or so.
HA: How quickly do listings go under contract in your area?
NN: Pretty quickly. Listings usually go under contract within the first week or so. This is a pretty desirable area because we’re known for our good school district. Other reasons why people want to move to this area include the low interest rates, job growth, the low state income tax and the improving economy. With all of these people moving to Texas, I don’t see this trend slowing down anytime soon. It’s definitely a seller’s market, and will probably stay that way for a few years.