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 Roxane Pyle of Bernstein Realty in Houston, who is a top producer and has been in the real estate industry since 1995. She has many different certifications, but is most known for her Certified Luxury Home Marketing Specialist (CLHMS) designation, an honor that is only granted to the top 10 percent of luxury home specialists. She is also a member of the Houston Association of Realtors (HAR) and the National Association of Realtors (NAR).
Pyle, who comes from a real estate family, is a second-generation Houstonian and currently resides in Memorial with her daughter.
Houston Agent (HA): What sorts of trends are you noticing in the luxury market?
Roxane Pyle (RP): Luxury buyers are visionary – they want what they want, and they can pay for it. I’m seeing a lot of wine cellars, generators, wider spaces, guest quarters, the absolute highest technology material. Outside amenities are important too – they want pools, landscaping, et. They want to provide a place ideal place for socialization. If the house doesn’t come with these features, they will re-do the home to get what they want.
HA: Have you noticed an increase in asking prices in the Houston area? Why do you think that is?
RP: Absolutely. It’s supply and demand, and at this point, we have more demand than we do supply. Our relocation department at Bernstein Realty is swamped. We’ve got people coming into the city because Houston is the major hub, and we just can’t build fast enough. Because of that, we’re seeing prices coming up.
We’re also seeing a lot of cash buyers, which makes everything more competitive. People are coming from all over the world, which is making the market rise. So if you’re going to make an offer on a house, you have to have your money in order.
Based on the first three weeks of this year, I am not seeing any signs of slowing down. As long as Houston is going to employ people, I believe we’re in for another wild ride.
HA: What predictions do you have for Houston’s housing market in 2014?
RP: One of the predictions I have, based on my buyers and sellers, is that a lot of people will be leasing. We just don’t have the supply. People who are putting their house on the market need to know that their home will sell quickly, and they need to have a Plan B.
I think 2014 is going to be just like last year, except faster. Hopefully, people will be more educated on how this market is working, because it’s different than it was 10 years ago. My prediction is that we’ll have more foreign money coming in, and it will be much more competitive.