In your opinion, how is the drop in prices going to affect real estate prices in your area. I am in Houston and prices are stable, one would assume that we'd see a huge drop as less money will be coming into the local economy. I bought my house in 2013, I felt I overpaid a bit but was hoping that the prices will go up, this may turn out to be a false hope. What are your thoughts?
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i think you so do your job and be grateful you still have a job. the value of you house won't matter when you can't pay the bill.
Agree with Anonymous60704 completely, Houston will carry the brunt of the cuts, especially because the prices appreciated the most over there.
Affect will vary on the area and town.
In Houston likely the west half (including NW) of the city will be hit harder than the east half of the city simply because of where the energy company employees are more concentrated.
It will also likely take some time for the bottom in real estate to hit, several months maybe 1-2 years, depending on the bounce of the bottom for oil. Could well be another round of cuts 2nd/3rd quarter if oil stays below about $60/bbl.
This post is related to layoffs.
Real estate will come down at least 15% for oil-related cities. The effect will be less for bigger cities, but for small town the downturn can be brutal for housing market.
Put that question on the Water Cooler if you want BHI input. It doesn't belong here.
this post has nothing to do with bh layoffs