We are going big in Texas! Offerpad will officially be open for business and providing purchase offers for you to sell your home in Houston on January 15! We’re excited to take our smooth services to the Houston metropolitan area in order to help homeowners there sell without the hassle, and buyers from there and other places purchase a home in and around beautiful Space City.
We first launched our streamlined real estate solutions in Texas a couple months ago in the Dallas-Fort Worth area and before that, we announced our plans to open in San Antonio in the first few months of the year.
Houston home sales conditions remain stable
Houston is a great place to live and work. Conditions for home sales are solid, the Port of Houston is bustling and local economy and jobs that are tied to it are steady, higher education in the area is booming, and employment is on the rise. These are a few of the things that could make living in the Houston area advantageous and enjoyable for both long-time residents and those considering a move into an exciting, growing area.
The housing market’s home prices have accelerated due to higher oil prices and rebounding employment which are strengthening the demand for homes in the area. In October, optimistic real estate builders pulled more permits but others noticed rising inventory levels. Known as the Energy Capital of the World, Houston’s economy – including employment and the housing scene – largely depends on the vitality of the energy industries, such as oil and gas, of which Houston is unrivaled in the U.S. There tends to be a boost in the Houston real estate market when local energy industries are doing well.
The Port of Houston
In addition to being a world leader in energy and related technologies, Houston is currently recognized as the nation’s top exporting city. The energy industry and geography make shipping plastics and petroleum products to and from the U.S. via the Panama Canal expansion more feasible than West Coast ports. And in 2017, Houston passed New York City to become the top exporting metro in the country. As the Port of Houston’s volume increases, more and more employment opportunities may arise helping to stimulate the local economy and housing market.
Houston’s higher education
Major, growing presences in the city are education institutions, University of Houston and Rice University as well as several other state universities that have noteworthy health care education programs. Five institutions are collaborating to open TM3, a $1.5B biomedical research hub on 30 acres within the Texas Medical Center; it will generate an estimated 30,000 new job opportunities for local and entering residents. In addition, the University plans to open a new medical school in 2020. The Texas Medical Center employs over 106,000 people, and $3 billion in construction projects are underway. At 1,345 acres and contributing $25B to GDP, the medical center is the 8th largest business district in the country. The presence of medical centers tends to attract homeowners and in-town universities often bolster employment, as we’re seeing currently in Houston.
Rising employment in Houston
Good for residents and the local economy, employment growth in Houston is on the rise and the unemployment rate is decreasing. In August, year-over-year job growth reached 110,200, an increase of 3.7% YOY.* Meanwhile, unemployment in the same month was at a rate of 4.3%. That’s lower than the month prior and nearly 1% below the same time in 2017. Industries that are leading YOY job growth in Houston include building construction (29.1%), administrative and support services (9.8%), real estate services (8.3%) and specialty trade contractors (7.8%). Average annual wages increased by 1.3% YOY. In addition, career positions in professional and technical services rose 1.6% and with average annual wages over $103,000, the industry’s job expansion is strengthening the Houston metro’s economy.
With so much positivity in Space City, it’s obvious why we’re so excited to get to work in Houston and its neighboring cities. The real estate scene in the area is promising, job opportunities are bright, and quality of life in Houston should continue to soar. As people move around the metro area and into it from other places, as well as out of Houston for other opportunities, Offerpad will be happy to provide our proven solutions to home sellers and buyers. We’re known for providing excellent services to homeowners as they make some of the biggest decisions of their lives – in fact, we earned a 94% satisfaction rating from our selling customers. We’re proud to offer solutions that make these moves more enjoyable and less abrasive to our customers’ routines and timelines.
Offerpad is happy to further its impact in Texas and serve the two largest metropolitan areas in the state – we can even help families moving between Houston and Dallas buy and sell homes simultaneously for the most convenient real estate experience available today. Learn more about all the locations Offerpad operates in by clicking the link.
*According to an August analytical report from John Burns Real Estate Consulting