Land Advisors Organization has brokered 47 land deals worth $119 million in the Houston area so far this year despite concerns that low oil prices could stifle Houston’s home building market.
“In relation to the news that you hear in the national media, Houston’s not as bad,” said Kirk Laguarta, designated broker with Land Advisors Houston. “We knew there was going to be pent-up demand for housing, and it has continued to be stronger than we thought. We’re pleasantly surprised.”
Houston has long been the nation’s top home building market, and remains in second place behind Dallas, which overtook it this year. The city is expected to end the year with 25,809 new home starts, and has not started less than 18,000 homes yearly for 20 years. In addition, the city’s GDP was $503.3 billion in 2015, the tenth-highest in the world.
With these figures in mind, Laguarta insists that buying up land, as Land Advisors has, is the best way to plan ahead for the long-term future of the market. “The time to buy is when no one else is buying,” Laguarta said.