A Candid Analysis of The Woodlands Real Estate Market
The 2016 real estate market in The Woodlands has not had the positive driving forces behind the thriving market we saw in 2014.
In that year, oil prices were skyrocketing, Exxon was moving to our doorstep with thousands of employees, and confidence was at an all-time high.
In 2015, the market started a slight decline in sales that continued into 2016.
In 2014, sellers were receiving full-price offers and, in many instances, received multiple offers and sold the house to the highest bidder. There were several instances when buyers paid above list price, some by as much as 15%, a phenomenon which had not been seen for decades.
Fast forward to 2016, an election year, with oil prices down and confidence in the economy and our government at an all-time low. In some sellers’ minds, the profits of that “boom market” of 2014 could still be achieved.
As a result, homes were priced too high, forcing multiple reductions and homes staying on the market for record days. Those folks who needed to sell, after purchasing during the months of higher pricing, found themselves suffering losses. Another group that has suffered severely this year are developers and builders.
With the high of 2014 carrying into 2015, developers scrambled to provide more buildable lots while builders stepped up their programs to put more inventory on the ground. This left some builders and developers in a real predicament when the market slowed. Nevertheless, the market has remained fairly stable because inventory isn’t growing at a rapid pace. That is partially due to sellers delaying sales unless absolutely necessary. In this down market, buyers are receiving great value in their purchases.
As the saying goes, “When the going gets tough, the tough get going.” That’s just what we did when we decided to defy the market and open our own company this year. We wanted to choose our partner agents. We decided that quality service, honesty, persistence, knowledge, and teamwork would combine to give our clients an exceptional choice to represent them in a down market.
Both buyers and sellers benefit from a Realtor with extensive market knowledge. Along with this, we have confidence in the coming year and have positioned our company to be on top of the curve moving forward in 2017.
Thanks to all of you who have supported me over the years with your business. And to those of you looking to move in 2017, let us be your quality choice. Visit us at www.ferester.com for more information.