A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner.
Recently, I earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.
REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.
“As leading advocates for homeownership, REALTORS® believe that any family that loses its Read the rest of this entry »
Spoken by Julie Q. Fuelling |
It’s no secret that the northside of Katy Freeway has taken a beating in the real estate market over the last two years. Dominated by foreclosures and short sales, a pre-foreclosure property, prices have plummeted while inventory has soared. Thankfully, statistics are starting to show movement towards some level of recovery.
Let’s look at the last six months of statistics. Below, see pricing. While, it does not show a truly positive change, it is moving upward from its recent low. Today, the average price is approximately $122,000.
Another dominant factor is days on the market, see below. How long does it take a home to sell? What is the average? As plotted below, the average days on the market in 77449 is 155. This is a decline from July’s high of 160. Some of these quicker sales represent foreclosures and short sales that do not remain on the market for long but conventional sales are doing better, too.
What’s the current status of inventory? Increasing or decreasing? Decreasing is far better for sellers. Guess what! The number of houses on the market in 77449 is going down. For a more detailed explanation of how inventory affects the market, read my earlier article on absorption rates. See the details of the inventory decline below.
To obtain detailed data on Zip Code 77450, see OnlyKaty.com.
For information about Katy area homes, you can search the entire Houston MLS from this blog. For questions or to tour any area homes, contact me directly at 713-818-2404. I have specialized in Katy real estate for over 20 years. Experience does count!
Spoken by Julie Q. Fuelling |
Zip Code 77450 is a very tough one to analyze. There is an extremely wide-range of home values; houses are appraised below $100,000 all the way to over a million. Unlike other Katy Zip Codes, when looking at 77450 statistics, I must reject “average” pricing. Due to the huge variance, the data is skewed.
77450 Days on Market June Market Report
However, Days on the Market is relevant if we keep in mind that the highest priced homes are fewer in number and usually slower to sell. Less people can afford to purchase in the highest-end price range.
High-end home sellers find that competition is tough. This buyer has a real choice, due to other extremely prestigious areas of Houston such as the Memorial Villages. While Katy schools are the greatest motivator for home purchases in our area, those who can afford million-dollar-plus homes can also afford private schools. Many chose to live closer to downtown Houston.
Still, if marketed correctly, the highest end listings will sell. Statistics prove this and sales are consistent.
The above graph represents the last six month’s data for Days on the Market. While at first glance, it appears to represent a negative shift, if you look closely you will see that the time from listing-to-contract is stabilizing. The extreme upward spike has leveled out. The great influx of spring and summer homes contribute to a longer sales period.
As far as how long a house takes to sell, an extreme contrast exists between houses that are priced aggressively and over-priced property. Houses priced at market value sell relatively quickly. At this time of year, many sellers try to-push-the-envelope with respect to pricing.
Another factor is how the home shows. A clean, neat and uncluttered home sells far more quickly. To accomplish this important edge in selling, professional staging has grown in importance. In almost all cases, it easily pays for itself.
Six months ago there was a glut of property on the market as represented by the above chart, Inventory for 77450. By mid-March, a significant number of houses were off the market. Some sold and others were taken off. Numbers rose again with the traditional influx of spring and summer houses. Inventory has stabilized in the last 45 days. There are approximately 357 homes on the market.
For information about Katy area homes, you can search the entire Houston MLS from this blog. For questions or to tour any area homes, contact me directly at 713-818-2404. I offer financial incentives to my sellers/buyers. I have specialized in Katy real estate for over 20 years. Experience does count!
Spoken by Julie Q. Fuelling |
About today’s real estate market:
Courtesy of federalhousingtaxcredit.com
It seems like every time we turn on the evening news or read a newspaper headline, the bad news deepens our fear and concerns about the economy. With the news media in full throttle, using terms like “meltdown” and “crises”, it’s easy to see why you might lack confidence in buying and selling a home.
We have to remind ourselves that the media reports negative news, not positive. Their key objective is to pull in an audience and advertisers, not to make you feel good about yourself. They announce the unemployment rate rising despite the fact that millions of people are still working, making money, eating at restaurants and even buying and selling homes.
Are we really spinning out of control? Let’s look at the facts remembering that Katy is far ahead in financial recovery than other parts of the nation. The following data in based on national averages:
- The U.S. Gross Domestic Product is greater than Japan’s, Germany’s and China’s combined.
- Approximately 30% of American homes are owned free and clear and Read the rest of this entry »
Spoken by Julie Q. Fuelling |
I’m very excited to be adding a special, ongoing feature entitled “Market Reports” to FuellingKaty.com. I will be bringing my readers the most up-to-date scientific data pertaining to real estate in our area; the reports will be posted each week and analyze zip codes 77450 and 77494 in-depth. (See samples below.)
You will find this data on my new “live” page, How’s the Market?. For far more detailed data, you can subscribe to my free weekly market report. The subscription link is found on the How’s the Market page.
For information about Katy area homes, you can search the entire Houston MLS from this blog. For questions or to tour any area homes, contact me directly at 713-818-2404.I have specialized in Katy real estate for over 20 years. Experience does count!
Spoken by Julie Q. Fuelling |
Need a good laugh? For fun, I am sharing rotten Katy MLS photos I found on line. Wonder why these houses didn’t sell? Enjoy!
For more information about Katy area homes, you can search the entire Houston MLS from this blog. For questions about Katy real estate or to tour any area homes, contact me directly at 713-818-2404. I have financial incentives for my buyers and sellers. I have specialized in Katy real estate for over 19 years. Experience does count!.
Spoken by Julie Q. Fuelling |
All Kelliwood subdivisions are named to celebrate Kelli, (see photo), the daughter of award-winning builder and developer Vincent Kickerillo. Kickerillo is the developer of all the Kelliwood sections and the primary builder. In some areas, he is the only builder.
Developed in the 1980’s and continuing even today, the large collection of subdivisions that make up Katy’s Kelliwood range in price from the $200,000’s to over $1 million. Having been under development for such a long time, the older sections have very established and stately landscaping such as the Kelliwood Section of Nottingham Country.
Kelliwood is south of I-10 and predominately feeds off of Fry Rd. It is made up of 13 different subdivisions. There are several very exclusive gated sections, including Lakes of Buckingham-Kelliwood, pictured above. Read the rest of this entry »
Spoken by Julie Q. Fuelling |
By Janine Godwin, CPO®, Guest Author
You signed the contract with your Realtor, the ‘For Sale’ sign is in the yard and it’s been weeks since you’ve had any action on selling your home. Could it be due to excessive clutter? If you have taken a look around your home, and the answer is ‘yes’, it’s time to get serious about making an investment in making your home more appealing. This investment could be the time that you put into cleaning it up yourself, or financial by hiring a professional to assist you. In either case, if clutter exists in your home and you want to sell it, that For Sale sign may sit in your yard longer than necessary.
Buyers consider many things when looking for a home – location, neighborhood, amenities, etc, but they are also looking at how a home is presented. Think about it. No one wants to walk in to a home that is messy. People are attracted to cleanliness and order. For example, when buyers walk into a new model home, they are wowed not only by the decorative scheme that the model presents, but they don’t see clutter. It’s attractive. It’s welcoming and they can see all the details the builder wants to showcase. Granted, it may be a bit sterile, but it still looks inviting. Buyers can easily Read the rest of this entry »
Spoken by Julie Q. Fuelling |
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Houston Association of Realtors January 2009 Sales Statistics
Rarely do I report on the overall statistics of Houston real estate—those provided by the Houston Association of Realtors and released monthly to the press as they were this week.
These facts and figures don’t reflect our Katy real estate market. Recently, HAR reports have cast a dark and dire shadow over home sales in general. I don’t doubt that HAR uses accurate averages but Katy real estate is not in an “average” part of town. There is nothing “average” about the place we call home!
Each Katy neighborhood is different and produces its own statistics. This is why I strongly encourage my readers to contact me personally to receive accurate data for their individual residences or other Katy real estate. Whether or not Read the rest of this entry »
Spoken by Julie Q. Fuelling |
For the second year in a row, Realtor Magazine reports that exterior remodeling projects, i.e., maintenance that enhances the value of your property not things like a sunroom, return the most money, as a percentage of cost. This is detailed in the annual Remodeling Cost vs. Value Report-2008. Texas was a region that consistently returned a higher percentage of remodeling costs upon resale.
“Because today’s buyers have much more to choose from in the way of inventory, any home for sale must make a positive first impression,” said National Association of Realtors President Charles McMillan. He continued, Read the rest of this entry »
Spoken by Julie Q. Fuelling |
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