Is real estate in West University Place a "foreclosure market"? Nope! Please don’t mistake the green dots on this map for trees – they are foreclosures. The Center for Public Policy at U of H has released the map above from a study on Inner Loop homes. It is hard to see, so you might want to look at the original at http://www.uh.edu/cpp/Houston_Area_Foreclosures_Map.pdf. It is worth noting how very, very few green dots (i.e. foreclosures) there are in the City of West University Place (red outline, mine).
The lesson learned is that quality residential real estate may cost you more to acquire in the first place – but it appreciates more in a good market, declines less in a downturn, and recovers more quickly after a market shock Thus, you are less likely to find yourself under water with respect to your mortgage, and more likely to have good options when the time comes to sell, if that is what you want or need.
This principle is what experienced real estate agents are referring to when they say a property does (or does not) have good resale value. Listen to them! In the long run, a modestly-priced quality property is usually a better investment than the bargain-basement, price-is-my-only-consideration “deal”.
Traditionally, West U has tended to rise strongly, followed by a plateau. That is exactly what we are seeing now. Our prices are flat or up a couple of percent relative to last year.
So, flat – it’s the new up! And that sounds pretty good to me, at least by comparison to real estate prices some of the national forclosure markets.