Newsflash: Is inner-loop Houston a good buy right now?

I currently live inside the loop and am looking at trading up to a larger townhome in the 275-350k range (Montrose/Midtown).In the last 3+ years Houston prices have rapidly appreciated despite oil prices being under $60/bbl, unemployment above the national average for the first time in years, and the known overstock of office space. Is it reasonable to think there’s a retraction of the market coming soon? Housing prices going up simply doesn’t seem to match the other economic signs.In some cases it’s $200/mo cheaper to rent an identical unit than the mortgage on the neighboring unit would be.Would it make sense to hold out of the market for a year or two while renting to hedge against the market’s rapid rise? I need to get a bigger space, but I don’t want to find myself underwater?



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