Local Realtors say home sales are still healthy

Even as the economy tightens, real estate professionals are still upbeat

Falling oil prices may have affected the housing market throughout Houston, but Realtors in the CyFair area say homeowners are not slashing prices yet.

“It’s just stabilized into a more normal market,” said Amy Lippincott, an agent with the Cypress office of Better Homes and Gardens Real Estate Gary Greene.

She noted that she recently listed a home for $160,000 and received 10 offers right away.

“It’s still a good market if the property’s wellpriced,” she said. “Pricing your house properly is the biggest thing.”

Lippincott does believe, however, that the slump in the oil-and-gas industry has made buyers nervous.

“People are scared of what the economy is going to do,” she said.

“People have lost jobs and people are holding on to their money a little tighter.”

Still, she said local job openings are plentiful in other fields, particularly in health care.

“There’s still lots of opportunity,” Lippincott said. “And there are tons of people still moving here.”

Improvements in transportation, such as opening of segments in the Grand Parkway, have been key for the region, she said.

“Grand Parkway has made a huge impact,” Lippincott said. “And it’s brought a lot of commercial stuff with it — and that brings lots of jobs to the area.”

Lippincott said people still want to invest in property instead of renting homes and that new homes in Cypress Creek Lakes and Bridgeland are moving quickly.

“Shiny and new is always appealing to people,” she said.

Jim Mulholland, broker and owner of Cy-Fair Real Estate, is following the trend himself, having moved to Bridgeland last year.

“Master-planned communities are where people want to be,” he said. “They’re doing better, because they have all the amenities.”

He said that Bridgeland was up 40 percent in new home sales last quarter. He added that each masterplanned community seeks to offer unique features.

“Having all these neighborhoods in one area is a big deal,” he said.

Mulholland said the slump in the oil business may have translated to lower home prices but only in comparison to the higher cost for houses last year.

“Pricing has kind of leveled,” he said. “But it hasn’t dropped a lot, which is amazing. With oil prices being low, people think they’re going to get all these great deals, but there still has not been that big of an effect.”

Mulholland said that homes are also staying on the market longer than they were a year ago.

“But I’m not seeing an uptick in foreclosures or short sales, which I think shows that the market is still pretty healthy,” he said.

He credits quality schools and increased transportation as bolstering Cy-Fair’s continued popularity.

“People want here,” he said.

He still cautions his clients to be prepared to make an offer on a house they like or risk losing it to another homebuyer, especially to be for properties priced under $200,000.

“Those are going fast,” he said. “I have some clients who have learned that the hard way.”

Lippincott recommends that all of her clients get pre-qualified before they start shopping around for a new home.

“They need to know that a loan will come through,” she said.

And she said that the market is still strong enough that sellers are not budging on asking prices.

“People need to place competitive offers,” she said. “It’s not like before when you could come in $20,000 under asking price.”

For homeowners who are looking to sell, Lippincott recommends staging homes.

“Be patient,” she said. “Everyone got used to selling houses in four or five days. It’s a time for people to be a little more realistic.”

Mulholland said that getting the home in good condition before it goes on the market is a must.

“Pricing right is also important,” he said. “There aren’t as many multiple offers or people coming in over price.”

He cautions homeowners against placing a high price on properties.

“People think they need negotiating room,” he said. “The problem is you end up getting less showings. The house stays on the market and then people start thinking there’s something wrong with it.

“Ultimately, you end up selling the house for less than if you had just priced it right in the beginning.”