It’s no secret that oil prices are down – in fact, it’s all a lot of people can talk about! Houston is the energy capital of the world, but remember – it’s NOT the only thing we have going for us!
The energy industry is VERY cyclical. Sure, we’re in a down period now – but it WILL rebound! People are worried about reduced projects and the potential reduction in staff, which could negatively impact the housing market in our area. Will there be a slowdown in the market if prices remain low? Yes. Will it be drastic or “recession-like?” Absolutely NOT!!
The truth is, the energy industry had VERY AGGRESSIVE growth goals for 2015. The decline in oil prices simply means they’re going to scale back plans for new projects. It is BY NO MEANS the crash of the 1980’s!
Let’s all take a step back and BREATHE. Companies and people are still flocking to the Houston area in droves. We have one of, if not THE, strongest and most diverse economies in the country. If anything, now is the time to BUY! Just as they say in the stock market – buy low and sell high. If you can, NOW is the time to buy! Your investment WILL pay off, especially as oil prices rebound.