Well, it finally happened. Houston's luck ran out and we got hit by a hurricane. Luckily, I suffered no damage to my home and I have power.
As Houston begins to dust itself off and continue moving on, neighbors to the southeast are not so lucky. Many of them have lost their homes and are displaced. This is going to change Houston's housing market and I predict housing demand will increase. I suspect the area the most stressed will be the inner loop area close to downtown or close to freeways. Displaced homeowners still need to commute and will want to be close to freeways.
Add this to the existing demand from people transferring into Houston and I believe we are very well heading towards a seller's market. I remember hearing reports after Hurricane Katrina devastated New Orleans that bidding wars took place for houses in Baton Rouge. It is quite possible that Houston can see similar activity. However, due to the massive size of Houston, I believe we will see this type of activity in pockets of Houston.
It never ceases to amaze me how things can change in Real Estate in just a matter of 24 hours.
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