I've been in sales for a very long time now. I remember my first sales job was a very grueling one. During the first few months, I really worked very hard trying to get things going. It seemed like I was never going to get anywhere but I wouldn't give up. And then, one day something gave and orders started coming in. I'll never forget my sales manager looking at me and saying, "See what a difference a day can make"?
Houston was beginning to shift into a buyer's market. Some areas, mostly outside of the loop, were feeling it the most. The innerloop was getting it but not as much. And homes over $500K seemed to be doing the best.
It looks like Hurricane Ike is going to change all that. It will take a few days for Realtors to be able to assess their inventory and determine which homes are still in tact and which ones aren't. And as we wait for power to come on some Realtors are out of commission.
More significantly, some of Houston's available inventory has been damaged and will have to be taken off the market. That definitely lowers the supply of housing. I've received a few calls from displaced home owners needing housing in Houston.
If you are a buyer, don't wait too long to get started, you don't want to find yourself in a bidding war over property.
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