Houston home development rapid, but still faces obstacles

Relaxed zoning laws allows local real estate developers to break ground at a rapid pace.In the wake of the national real estate market collapse, Houston homes escaped relatively unscathed. This allowed many residents to make the transition to homeownership by capitalizing on rock-bottom mortgage rates, while developers continued to break ground on new projects.According to a report from the Wall Street Journal, much of this success was the result of an ample amount of land ready for development throughout the greater metropolitan area. In addition, relaxed zoning laws?allowed builders to keep up with demand throughout the Houston real es​tate market with relative ease.”The reason housing was so cheap in Houston was the abundance of land,” Stephen Klineberg, co-director of Rice University's Kinder Institute for Urban Research, told the newspaper. “It's flat. We are 50 miles from any natural barrier in any direction. There are no trees. It's a developer's dream.”However, this doesn't mean there aren't a few obstacles to deal with.?For example, although there is a sizable amount of land ready for projects, many of these lots have yet to be fitted with sewers, utilities and even roads for construction vehicles to get to the work sites. Luckily, according to the Houston Association of Realtors, buyers in the city currently have a 3.3-month property supply to work with as developers work to alleviate these issues.Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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