As investors, we have seen the price in real estate skyrocket in not only Houston, but all over Texas. Keeping in the know of job growth in your markets is key to see what may be coming down the pipe on not only home value, but home inventory.
An article from the Dallas Business Journal on June 27th reports that "Oil and gas giant Chevron Corp. said it's selling its Bay Area headquarters and moving. its employees to Houston as it pares down its office space".
What does this mean for us? Speculation of what our lack of inventory and high appreciation market is going to do. Reports state that this move will most likely happen in late 2023. A report from "The Wall Street Journal "Chevron will cover moving costs for employees who opt-in" to move to Houston.
This adds onto the January 2022 news that ExxonMobil moved their headquarters from North Texas to Houston which will also be completed mid-year 2023.
With interest rates climbing, home inventory shrinking, and values rising, it may be a perfect storm for investors in the good way and in the bad way depending on your business strategies.
Only time will tell but, investors.... ready up.... this is not a time to wait. Nothings going to be getting cheaper anytime soon.