Local energy companies driving forces behind real estate success

Houston is a major hub for many different energy companies, and business is currently very good.Houston is a major hub for many different energy companies, such as Exxon Mobil, BP and Halliburton, and when business is good, real estate booms.However, according to a report from the Wall Street Journal, when productivity slows, the local commercial real estate sector often experiences a shock. Both the energy industry and real estate in Houston are currently on an upswing, but based on historical boom and bust cycles in the sector, a downturn could be just around the corner.”When energy is doing well, real estate is doing very well,” real estate analyst Sanford Criner told the newspaper.During the month of July, the average price for a single-family home in the area was $231,484, which was a 3.7 percent increase from the previous month, according to a recent report from the Houston Association of Realtors.??A potential bust could be further in the future than expected, as Exxon Mobil recently announced plans to expand its campus in the east of the city. Should this come to pass, an influx of demand for both residential and commercial real estate could follow, making now a good time to invest in some local real estate.??? Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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