After attending a recent presentation by economist, Ted Jones, we had a better idea of how to forecast for 2015 and how gas prices could affect the Houston Housing Market.
His talk focused on “No Place But Up” referring to interest rates, rents, prices, real estate and the economy in general. While Houston had an outstanding 2014, it doesn’t mean that 2015 will be a major downfall. 2014 was a record-breaking year for the real estate market and while it doesn’t look like 2015 will be setting records, it will still be thriving.
The headlines in Houston may reflect doom and gloom, but the truth is, oil and gas will continue to have ups and downs but there is no bursting bubble in sight. Here are some of the current positives about the economy:
– More jobs than any other time in history
– Year to date 58% of new jobs pay more
– Interest rates are highly affordable
– The retail boom is just starting
While there may be layoffs coming for some, overall Houston is still expected to have 65,000 to 72,000 new jobs in 2015. Houston homes sales are predicted to decrease by 10% after 2014’s record year but the sales prices will continue to slowly climb.
For more information on Ted’s 2015 forecast, click below.
For more information on Ted, check out his blog here.