The number one question people ask me is, “Tim, you powerful and mighty predictor of the future (okay, I added that part), how will the real estate market perform next year and into the …
The number one question people ask me is, “Tim, you powerful and mighty predictor of the future (okay, I added that part), how will the real estate market perform next year and into the foreseeable future?”
Quick Answer: Awesome.
Most financial indicators point to the mathematical improbability of Katy’s real estate decline. For your education purposes, and because I must turn in an article every month, let’s review these indicators here.
The millennials consciously or unconsciously stepped up to home ownership slower than previous generations. However, the single largest surviving generation; over 72 million strong, are between 25 and 40 years of age. Prime home buying years. As younger millennials stretch for their first home, older millennials trade-up for more space.
In the time of COVID, people found themselves trapped in their homes. Homeowners traded up, upgraded, or simply placed more value on their homes. People watched more movies at home, vacationed in place and dined in their own kitchens.
Also, as employees transitioned from office to home office, prices of homes soared. Most estimated put home price increases in Houston between 10% and 15% and some sought-after neighborhoods increased even more.
Because of the coronavirus, some condominium and apartment dwellers opted for more separation from their neighbors, and transitioned to single family homes. Few communities benefitted more from this situation than Katy.
According to an Oct. 20, 2021, article by Sofia Gonzalez in Houstonia Magazine, 690,000 Californians moved to Texas in the last decade. New Yorkers also find the Houston area, and the opportunity to own a home, appealing. Texas now boasts the second-largest population of any state. Also, Texas ranks as the fifth fastest growing state.
The Katy Independent School District remains an amazing school district, boasting two of the top five high schools in the area according to a recent Houston Business Journal article. Katy’s parent participation, a key indicator to a school districts success also remains strong. Katy’s marketing logo KA+Y stands as the strongest one-word marketing campaign in the city.
No city benefits more from recent mobility expansion than Katy. Grand Parkway intersects I-10 and the Westpark Tollway in Katy. Traffic expansion and population growth patterns predict the Houston metroplexes’ continued push west into Katy.
Can the market still tank? Sure, I guess, if a hurricane hit (for the record Hurricane Harvey devastated Houston, and hurt many people, however prices increased). A national crisis could precipitate a drop. However, Katy real estate is primed to continue to make a strong run.
Timothy Sojka acts as the leader of the See TIM Sell Team, at Keller William Premier Realty. His team has sold over 2,000 homes. Tim is a frequent guest writer and speaker, radio and TV analyst, and the author of Amazon’s #1 Political Thriller Payback Jack.
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