Hurricane Beryl blew through Houston on Monday and left a mess in its wake. With 2.7 million
people out of power, flooding, and severe wind damage throughout our city, I had a flashback to
Hurricane Harvey when I had two homes and an office flood.

Thankfully, my homes and office did not experience much damage and I am grateful that power
was restored to both my home and offices within 24 hours. My heart goes out to anyone who did suffer
more damage and if you are still out of power, Energy Realty is always ready to assist during times of
need, so please do not hesitate to reach out. We have contractors and resources at our fingertips.

Now we have to get to the task of getting back to business and helping clients list and buy
homes! If your home was under contract and impacted by the storm it could delay closing because the
lenders will want to send someone to inspect the property before closing. Energy Realty has been on the
ground inspecting our listings since the storm blew over to make sure that we are protecting our client’s
interest.

The word of the day is “Generator”. There was in article in the Houston Chronicle a month ago
that said generators now add 5% value to your home, and if you lost power for more than 24 hours, you
should look into installing a generator in your home.

Back to the market update—according to the article we have provided by Greater Houston
Partnership, home sales dipped by 1.5% in May, and I suspect we will see an even greater drop in June
once the numbers come in. While inventory is up by over 48% since last year, home buyers remain
reluctant as the interest rates are still hovering around 7% for a 30 – year mortgage.

The experts are predicting that the interest rates will drop to 6.5% by the end of the 3rd quarter,
but only time will tell. In the meantime, we are heading into the heat of the summer, and we typically
see home sales slow down by mid-July as most of Houston escapes the heat and takes a vacation in July
and August.

At the close of this blog, we have 3.2 months supply of inventory in Memorial; 3.6 month’s
supply in the Energy Corridor and 2.4 month’s supply of inventory in Katy. If it is any consolation, the
influx of relocation buyers and renters are late this year and are expected to arrive after July 15. If the
interest rates drop as expected, this is a game changer for our housing market!