Q: Has your confidence level in the local, state and wolrd economy increased or decreased since last year, and why?
Brian Martucci: I would say it has decreased because I think the economy has just been propped up by the Herculean efforts of the Fed and once they remove the punch bowl we’ll see what happens when the stimulus is gone.
Q: How confident are you in the housing market for 2015?
Robyn Jones: I’m very bullish on the market for 2015. I don’t think it’s going to be as good as 2014 because I think you’re going to see an easing of inventory because of the builders coming on board. I think the real key to the kind of year we’re going to have in 2015 is where that interest rate is. I think the reason we had a 2014 because of higher home prices recovering in Houston is because the interest rate has made it affordable even though the prices are higher. We have an affordable interest rate, which makes it easier for buyers to be able to qualify and sustain that payment.
In general I think it’ll probably bump along. There might be some corrective pricing in some markets. I think in residential real estate it’ll just bump along. There might be some larger pain in commercial and multifamily.