The Houston Chronicle recently published an article that covers the current state of the Houston housing market. According to the article, data released by the Houston Association of Realtors indicates that home sales are finally seeing the pop real estate agents were hoping for over the summer when mortgage rates declined and Houston’s expanding economy rapidly added jobs.
While homes in the mid-priced market have made significant gains, sales of homes on the high end of the market have stagnated. Why aren’t luxury homes selling when Houston homebuyers can afford more expensive homes for the same monthly mortgage payments?
Horizon Wealth Advisors’ Director of Investments, Owen Murray, is quoted in the article specifically addressing the luxury homes market. Murray suggests that Houston’s luxury market may be struggling because of volatile oil prices, saying “within our own client base, we deal with a lot of highly paid energy executives and there have been stunning consequences in response to turmoil in that business in terms of personal net worth and financial flexibility.” Read the full Houston Chronicle article to learn more about Houston’s real estate market conditions and economic projections for the future.
Horizon Wealth Advisors is a Houston based fee-only wealth management firm. Horizon is a fiduciary advisor. We specialize in helping successful individuals and families understand, organize, and manage their often complex financial situations. Horizon offers integrated financial planning and investment management services.