Relocation Spotlight: Beth Wolff Realtors Real Living
When it comes to the local real estate market, Ed Wolff, president of Beth Wolff Realtors Real Living, said that it is very important to paint a realistic picture for people who are moving to the Houston area.
During a recent interview, he shared his views on the current state of the Houston market, as well as the changes that it has undergone over the past year.
Following are excerpts from our conversation:
MS: What is the most important message about the local market that you would like to relay to people who are moving to Houston?
EW: It’s important to talk about the changing market as it pertains to relocating clients right now. The market is stable, but it is taking a little bit longer for homes to sell than it was a year ago, and I think that people need to adjust their expectations in regard to the amount of time on the market, and what it takes to sell a house. So, if someone is moving to the area, they need to pay attention to how quickly properties sell, and not necessarily look at history, but look more at what’s happening in the market today. History can tell us a lot about what has happened in the past, but it’s not going to tell us what’s going to happen now or in the future.
MS: How can relocation buyers adjust their expectations, so that they have a clear view of the market today?
EW: I think it’s a lot more important now for them to do their research and study the market, because we’re in that dangerous time where historical data says one thing, but the current market says another. So, it’s important that they work with an agent who can analyze what is happening today. Just because a house sold for $500,000 yesterday, doesn’t necessarily mean that it’s worth $500,000 today. MS: What is the best way for someone who is relocating to approach their home search when they are unfamiliar with the city? EW: I can’t tell you how many times we have a relocation client and the first thing they want to talk about is how many bedrooms, baths and square feet they want. I tell them that I can find that for them in any neighborhood across town, so I ask them to tell me what they like to do. I ask them to tell me about their weekends and where they live now, and what it is that they love or hate about the house or neighborhood that they live in now. Those are the things that they need to think about when looking for a home. The budget and the size of their family will dictate the other pieces of the puzzle. MS: Do you think that leasing is a good alternative right now for people who might feel a little uncertain about the market? EW: More of our relocation clients have been saying that they want to lease for a little while and then buy. With interest rates still remaining low, my opinion is that when a relocation company or an employee’s corporation is paying for the closing costs, that there is no scenario where it’s not financially better to buy than to lease a home. That being said, people then have to look at the market where they will by buying, and make sure that they are buying at a price that is appropriate for the current market conditions, and that they buy a product that is not easily replicable. So, I tell them that they don’t want to be the first person in a new section of a new subdivision, because they don’t want to be competing with new construction.
MS: As we head toward the end of the year, are you bullish or bearish when it comes to Houston and our local real estate market?
EW: I believe in the Houston market, and the resiliency of our market to meet any issue that it faces. I do think that everybody has to be cautious and move forward intelligently. I also think that we will see some price adjustments in areas that might have gotten a little out of hand, but I also think that we will see stability overall in the marketplace. Houston real estate is still a great investment and it’s still a great opportunity. I think that we will see continued positive growth in the residential real estate market over time, but people shouldn’t expect to buy something today and sell it tomorrow for more money. It’s just not realistic.
Michelle Sandlin is an award-winning writer, journalist and global mobility industry expert. She is a frequent contributor to Worldwide ERC’s Mobility magazine, and is vice president of creative strategies at AMBER Lodging Co. Follow her on Facebook: www.facebook.com/TheMichelleSandlin and on Twitter: @ MichelleSandlin. Also visit “On the Move” at blog.chron.com/onthemove.