I recently had the pleasure of attending a HAR event in which Dr. Ted C. Jones delivered a presentation on the Outlook of Real Estate and the Economy for 2016. Dr. Jones is the Chief Economist and Senior Vice President at Stewart Title Guaranty Company. He previously served as chief economist at Texas A&M University’s Real Estate Center. It’s always good to hear from a bright mind and simply take in all the knowledge and expertise they have to give. I’m excited to pass along to you a little of what I learned in this series of posts on his talk.

In my previous posts on Dr. Jones’ talk, I highlighted what he had to say about jobs and the economy. His talk was not simply about jobs and the economy though. Much of it focused on the real estate market. One of the biggest takeaways from the real estate portion of his talk was that, despite all the negative headlines that have been thrown around, Houston’s real estate market actually has been doing just fine.

One figure Dr. Jones emphasized which illustrates the potentially surprising health of our city’s real estate market is that in 2015, Houston had its second highest number of home sales of all-time!

It feels like we heard a lot of talk about huge declines in sales, but at the end of the year, even with numerous months seeing year-over-year decreases, it all still added up to the city’s second best sales numbers ever. What we have to remember about all those headlines drawing attention to decreasing sales numbers is that 2015 was being compared to the record-setting 2014 sales.

The future of the market does remain uncertain though. Dr. Jones predicted that Houston home sales will decrease again in 2016. but he also touched on how the city’s home prices continue to rise. Moreover, he pointed out that the percentage of FSBOs or homes for sale by owner across the United States dropped to 8 percent in 2015, which was the lowest number ever. In an uncertain market, people are turning to realtors now more than ever. Properly pricing a home takes the help of an experienced professional and with FSBOs dropping to an all-time low, it appears that people are realizing this.

At a time when the market is continually shifting and adjusting, the value of a trusted realtor can make all the difference. As always, if you have any questions about the market whatsoever, don’t hesitate to contact me!

Looking to buy or sell a home, or just have questions about the market? Always feel free to contact me at 713.829.3052 or cynthia@cynthiamullins.com.

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