When people think of a thriving, up and coming city, they don't usually think of Houston. People tend to associate the city with the smell of oil refineries, oppressive humidity, and the perennially under-performing Astros.
They should take another look. Houston's an economic juggernaut.
It's by far the country's number one job creator, the home of America's booming energy industry, is more diverse than New York City (PDF) and lets you stretch a paycheck farther than anywhere else in the country.
When the home bubble burst, mortgage sales collapsed, both loan origination and into the secondary market. The sleight hand in marketing mortgage backed securities was immediately exposed, challenging the price of homes and real demand. Then the recession ensued, causing demand to dry up and driving down the price of homes in many local markets. A great number of those markets reset back to pre-boom levels, while others recoiled to well below the levels that local economies and incomes could technically support. Most of these markets are off bottom, but have not returned to their “normal” state.
The US housing market can no longer be painted with one brush, as the housing recovery is playing out very differently across the country. Here are some anecdotes gleaned from our consulting team:
You've purchased that quick-flip property. Now it's time to get the most out of your investment. Real estate players rely on timing, negotiating skills and research to acquire properties that will return a profit. The property you purchase doesn't have to be the property you sell, however. Minor property upgrades can pay for themselves and then some. From the unsightly material clinging to your 60s-era ceiling to the stale air in the living room, minor problems can turn away potential buyers and reduce your profit margin.
