HAR MLS Market Report: Houston and Katy Real Estate

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Today, August 24, the National Association of Realtors issued the following  statement, “Existing home sales drop 27% in July; effects of expired homebuyer tax credit add turbulence to the market.”

Following the national trend, an anticipated property sales slowdown set into the Houston/Katy real estate market in July following the expiration of the federal homebuyer tax credit. The credit had propelled local home sales for four straight months beginning in March, however home sales suffered a double-digit decline in July. Despite the drop, the average price of a single-family home still managed to climb to a two-year high.

The southside of  I-10 had a 26% drop in sales for July compared to 2009 levels. The northside  of I-10 experienced a 42% drop in July closings.  As many first time homebuyers purchased on the northside, this is reflected in the slowing sales. Despite the downturn, average prices rose slightly on both sides of I-10.

According to the latest monthly data compiled by the Houston Association of REALTORS® (HAR), July sales of single-family homes throughout the Houston market fell 25.1 percent compared to July 2009. Sales volume faltered in all single-family home pricing segments Read the rest of this entry »

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LaCenterra Phase II Wants to Hear From You!

lacenterra katy tx

I received the following letter from LaCenterra in Cinco Ranch:

“We’re currently working on an in-depth market research project that will help us answer the question, “What is best for LaCenterra’s Phase II?” More importantly, it will help us determine what residents want and what the greater Katy area needs.

Please let us know what you think by taking our survey. Your input will help guide us in the pursuit of additional retail, restaurant and entertainment components for Phase II. It will also give us hard data to present to national retailers to let them know that Katy is ready to support an entrance into the market.”

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Cinco Ranch’s Greenway Village: Open Houses August 21 and 22

Beloved Greenway Village in Cinco Ranch is one of the most popular sections of Katy’s grand master-planned community. This weekend, August 21 and 22, I will be hosting two open houses in Greenway Village. Please come by and tour these remarkable homes; if you can’t make it, just contact me for a private showing.

Saturday, August 21, 2 to 4 p.m. at 23211 Fallmist Court: Fantastic location in beloved Greenway Village. Lowest priced 4/3.5/3 in Cinco Ranch! Greenbelt culdesac location! Open back gate to 10 acres of contiguous play area including school playground, gazebo park, greenbelt! Walk to school, pool, park out front door OR back! Recent roof, double pane windows, covered back patio, garden deck area, wood laminate floors, study w/French doors & private access to master! All Cinco amenities, low tax rate, highly acclaimed exemplary Fielder El/Cinco HS! $244,000.

23211 Fallmist in Cinco's Greenway Village

Sunday, August 22, 12:30 to 3:30 at 23203 Winding Knoll Drive: Charming traditional in tranquil parklike setting on quiet culdesac street in beloved Greenway Village Cinco Ranch. Walk to school/pool/park, nature trails, lakes! 2nd BR down option w/full bath, 20 inch porcelain tile floors all wet areas! H2O htr, roof, upstairs HVAC all replaced! New fence 06/10! Stunning 2 story brick FP & 18 ft ceiling in gorgeous den, usable 3-car detached gar! Peaceful private backyard w/small pond, flagstone, garden. Low tax rate & zoned to triple exemplary school track! $219,000.

Winding Knoll  Greenway Village Cinco Ranch

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18th Annual Katy Triathlon Set for Sunday, Oct 24th

Katy TX Triathlon 2010, Firethorne Katy TX, Fulshear TX

The 18th Annual Katy Triathlon at Firethorne, the third largest co-ed triathlon in Texas, will be held Sunday, October 24, 7:30 a.m. – 11 a.m., in and around the 1,400-acre Firethorne residential community.  The USA Triathlon-sanctioned race, sponsored by the Rotary Club of Katy, encompasses a 16-mile bike race, a three-mile run and a 500-meter swim in Lake Firethorne.

“Firethorne is a great partner on this event and we’re thrilled to be back,” said Rotary Club of Katy Treasurer Vicki Rao.  “We really enjoy the residents — they’re phenomenal people.  Their response was so incredible last year, especially those who live near Race Central (the Visitor Center).”

The 2010 race hopes to draw 1,000 participants — 900+ individual athletes, plus those on relay teams.

The cycling route will include sections of FM 1463 and US Hwy. 90, within the Katy city limits. Read the rest of this entry »

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Katy Homebuyers: It’s Time to Move! Part Two

Katy Homebuyers--It's a Great Time to Buy!Unique tax benefits apply only to homeownership; mortgage interest and property taxes are deductible. Moreover, for married couples, profits of up to $500,000 on the sale of a principal residence are exempt from capital gains taxes. For single taxpayers, $250,000 is excluded from tax on capital gains.

When buyers purchase a home, they receive the full benefit of homeownership via a cash down payment that is only a fraction of the total purchase price.  This is called “leveraging”. It makes the rate of return on a home purchase greater than on other purchases with the same value, such as stocks, where the buyer must put up the entire money.

For most Americans, their home is a primary source of net worth; this is an important step in accumulating personal financial assets over the long term. Home equity represents the largest Read the rest of this entry »

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Why this is a Great Time for Katy Homebuyers, Part One

time to buy Katy real estate

Home ownership is an important and defining part of the Katy lifestyle. Now that the tax credits for first-time and repeat homebuyers have expired, many people are wondering if this is a good time to buy a Katy home. The answer is yes!

Even without the tax credits, there are many opportunitites in today’s Katy housing market including affordable prices and low mortgage rates. Market conditions may change and these opportunities may not be around for long, so homebuyers shouldn’t wait.

Plentiful Katy real estate inventory provides a great choice of homes in all prices, styles, locations and ages, including new construction. Many existing home owners who postponed trading up, downsizing or relocating due to market conditions are now ready to sell. Houses in Katy, both south and north of I-10, go on the market daily with many of these being more affordable than they were in the recent past. Foreclosures still exist, too.

Like Katy inventory and pricing, mortgage rates are at very favorable levels; some weeks Read the rest of this entry »

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