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- Johnson Development, Newland Communities Open New Master-Planned Communities in Houston [HBJ]
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- Majority of Millennials Delaying Homebuying Because of Costs, Preference for Renting, Finds NHP Foundation [Houston Chronicle]
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im sure many homeowners are happy texas is being Californiaized,the homeowners in texas who bought before prices starting to skyrocket are becoming richer each year and are one the verge of becoming a millionaire just like the people who bought early in cali and nyc.im already sitting on several hundreds of thousands of dollars.i can cash out, but it wouldn’t make sense since there isn’t much land close to downtown and texas will get more expensive due to this population growth,the only bad thing about the skyrocketing housing costs are the property taxes.my mortgage balance is only $76,889 my house is 1,845 sqft in a popular hood,i couldn’t even get a house this price in the suburbs and the burbs are cheaper and i couldn’t even get a house for $76,889 in the less popular hoods in houston,so what’s the point of selling my house i would be very stupid and crazy to sell.
Dj- Wow! I was able to read that all in one breath.
Dj – the e.e. cummings of the comment board
Ahh Dj, you forgot the equity portion in your analysis.
I think DJ actually points out the problem with skyrocketing property values. If you one one house and catch the upswing, that’s great, but then the question becomes what do you do with it? If you sell and cash in then you still need to buy a house and any other house you want to buy would be equally expensive. So what really changed? Well, for one, your property taxes. But aside from that the net improvement wasn’t really that great. The only people who really make out well on these high property values are investors who own multiple properties and the City.
I read this as “Housing doesn’t want millenials” :)
The key to catching and riding the swing up to personal reward (not exclusively financial reward) is having bought the right place at the right price and then not spending a dime on it.
A neighbor just sold their total beater for 2X what they paid for it 9 years earlier. They spent less than 50K on fixing up their 1920’s place in 9 years, then sold it and moved to a recently remodeled place on a flood free Bellaire street. The sales price in the loop bought a significantly nicer place just outside the loop. They won’t need to cash in again until they are ready to retire and downsize.
Flipside, the people that bought the beater in 2016 for obscene $ is never going to see that investment mature. By my calc they have a 3% cap rate (with no debt service). Maybe they should have bought savings bonds instead.