How Has the Nationwide Real Estate Slowdown Hurt Katy Texas?
Every new client we work with...especially those from out of town ask us...what is the market like in Katy. They may be moving here from Chicago, Canada, the Middle East, or maybe just a local move, and they are trying to gage what they will need to pay...and how much they will be able to negotiate. Here is a report on conditions.
1. Market Strength: The Katy market (especially the market south of I-10 and in Old Katy) has slowed some as compared to 2006 and 2007 however it is still one of the strongest markets in the Country.
2. Selling Price (bargains): A good rule of thumb in this market is the selling price to list price ratio is between 97% and 98%. This means you should (on a properly priced home) expect to pay between 97 and 98 percent of the list price.
3. Are you better off buying re-sale or new construction homes in Katy: Really we have no definitive answer to this question, it depends on what you like and need. New homes tend to have all the new gadgets and of course since you are the first family ever to live in the home you will not need to fight another families personal taste. On the other hand, re-sale homes tend to have much more mature landscape, quieter neighborhoods (read-no construction going on), more stable schools (you are less likely to see your kids re-zoned), and you are usually a little closer to work. The market conditions for both are about equal.
4. Foreclosure Opportunities: In the Katy area south of I-10 and in Old Katy I do not have good news here. You will not have a lot of options for bank owned properties. The values are still rising in these areas so you can still sell and get out if you can not afford your mortgage. In the Katy area north of I-10 you will have plenty of choices. Lots of foreclosures...but also less opportunity to see future appreciation.
5. Have the schools been affected by the Nationwide slowdown: I can so no evidence of a change in any school throughtout the Katy (KISD) School District...in fact the acedemic and sports teams seem to do better every year. Katy High School just won its second straight State football title and Seven Lakes High School may be the most technologically advanced schools in the U.S.
6. Has commercial real estate slowed: If it has...I can not see it! Three new hospitals are getting ready to open, the malls area booming, and if you have not seen new commercial construction going on in your neighborhood for a while...come to Katy...you cant miss it!