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 Realtor Patti Beaulier of Century 21 Realty Partners in Magnolia. She has been a serial entrepreneur since she was 18, managing and partnering multiple family owned businesses, then gravitating to the real estate profession early in life.
Beaulier has been in the real estate industry for 20 years, fulfilling roles as a Top Producing Real Estate Agent and Broker, Manager, Trainer, Real Estate Recruiter, Owner/Broker, Custom Home Builder, Developer, Real Estate Investor and Property Manager for both commercial and residential properties. Beaulier has owned an independent real estate brokerage and has been a Century 21 franchisee for over five years.
Houston Agent (HA): Houston housing inventory hit a record low in November. Do you see inventory continuing to be this low during 2014?
Patti Beaulier (PB): During the beginning of the year, I think we’ll start seeing a lower inventory. But I think by the end of the year, we’ll see our inventory start to level out. I know there’s a lot of building going on, and a lot of properties that homeowners were unable to sell previously will no longer have that problem, due to an influx of people coming in. So yes, I believe that as we head toward the end of the year, we will see more inventory leveling out.
HA: Residential construction was on the rise throughout the country in 2013. Have you noticed it increasing in your area as well? And will this trend continue in 2014?
PB: Absolutely. Lots of new construction is happening in our area, especially in the downtown Houston markets, The Woodlands, Cypress and even the surrounding Houston markets. All of these markets are growing. Even some of my builders have complained about seeing a shortage of materials, which takes the house longer to be completed.
One of the reasons new construction has increased so much is because Houston is an international city. People from all over the world are buying and growing their companies here locally. There are a lot of jobs available, and many corporations are relocating to our area. I think we’re seeing people move here because of jobs, the economy and the climate. It’s a great place to grow and raise a family.
I think we’ll continue to see multi-family properties increase as we enter 2014 because we have a shortage of single-family residential properties. I also believe that other areas of Houston that have stopped developing will also finish building out and increase their number of residents.
HA: Asking prices jumped 15.5 percent in Houston this November. Do you predict they will continue to increase? Why or why not?
PB: I don’t think so. I think we’re going to see prices start leveling off during the third quarter. We have a lot of people relocating here, which will continue to grow our market, but I think it’s going to stop by the end of the year.