Every week, we ask a Houston real estate professional for their thoughts on the top three stories from the week before. This week, we featured Rose Marie Bredeson, Realtor, Better Homes and Gardens Real Estate Gary Greene-Champions.
Houston Agent (HA): How do you see the slump in new construction affecting Houston’s real estate market?
Rose Marie Bredeson (RB): I think new construction is going to be competition for the people with resales, and the resale people need to get their homes into shape. Resale homes have more to offer in a house, the size of the house, lot, the character. The cost to build new construction has increased tremendously. Buyers have to look at things like the function of the house, the updating of the bathrooms, kitchens, and floors. Those are very important things to take into consideration. A buyer looking at resale property doesn’t want to do anything, but will want to get the house at a much lower price if they have to do all the updating.
HA: How is low inventory affecting the listings you are showing clients?
RB: The good ones will sell quickly. People are getting more for their resales than they have in the past years, because of the high demand for homes. We have more people moving here and Houston is the most affordable city to move to, plus we have a lot of jobs. I have clients from out of town who say they like seeing all the activity that we have. They see people working in new construction and it gives them a positive outlook on moving here.
HA: What do you think the appeal is for the younger generation in Houston to own a home?
RB: They want low maintenance and smaller yards, which gives them more time for other pleasures. They are more interested in newer construction with a fresh new look. Foreclosures are sought after by people that are willing to do work/repairs and then turn around and sell. When we see people are in need of a house, that’s when they’re willing to pay. Home ownership will never go away, it’s the American dream.