The Houston real estate market staged an encore of its post-tax credit performance in October with a decline in sales volume but continued stability in pricing. Despite the fourth month of down sales, the market enjoyed another boost in the average price and a nudge in the median price of single-family homes.
According to the latest monthly data compiled by the Houston Association of REALTORS® (HAR), October sales of single-family homes throughout the Houston market fell 23.3 percent compared to October 2009. However, on a year-to-date basis, single-family home sales are off 4.0 percent from 2009 levels. Declines were recorded in all but the lowest pricing segment.
The average price of a single-family home rose 5.6 percent from October 2009 to $208,459 while the October single-family home median price—the figure at which half of the homes sold for more and half sold for less—edged up 0.7 percent from one year earlier to $150,000. Both average and median pricing achieved the highest levels for an October in Houston.
Foreclosure property sales reported in the Multiple Listing Service (MLS) declined 13.4 percent in October compared to one year earlier. Foreclosures comprised 21.9 percent of all property sales in October—unchanged from the month before and generally consistent with the levels they have maintained for much of the year. The median price of October foreclosures dropped 8.5 percent to $80,550 on a year-over-year basis.
September brought the Houston housing market its third straight month of declining sales volume following the expiration of the homebuyer tax credit. However, despite the drop, pricing continued to demonstrate strength with a boost in the average price and a slight uptick in the median price of single-family homes.
According to the latest monthly data compiled by the Houston Association of REALTORS® (HAR), September sales of single-family homes throughout the Houston market fell 18.6 percent compared to September 2009. Declines were recorded in three of the five pricing segments.
The average price of a single-family home rose 5.0 percent from September 2009 to $215,250, primarily due to continued strength in the upper end of the market. The September single-family home median price—the figure at which half of the homes sold for more and half sold for less—edged up 0.2 percent from one year earlier to $156,250. Both average and median pricing achieved the highest levels for a September in Houston.
Foreclosure property sales reported in the Multiple Listing Service (MLS) declined 6.9 percent in September compared to one year earlier. The median price of September foreclosure sales slid 5.2 percent to Read the rest of this entry »
Thousands of first-time and move-up buyers who hoped to make a foreclosed property their new home now face uncertainty, anxiety and possibly remorse as they worry that closing on their desired property could be in jeopardy.
For many, the dream of homeownership could turn into agony if their home purchase is indefinitely delayed by a moratorium on foreclosures declared by some banks, the National Association of Realtors® said today. The moratoriums are needed, banks say, to review all of the foreclosures in their portfolios to make sure they’re in compliance with the law and that titles are clear.
NAR warned that a prolonged review process would have a damaging impact on many communities and hinder the nation’s economic recovery.
“As the leading advocate for homeownership issues, we understand that many lenders need a time-out to review their actions to ensure that homeowners are not improperly foreclosed on and that the lenders are following regulations and state laws. After that, the foreclosure process must resume quickly to return stability to families, the housing market and the economy,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates, Tucson, Ariz.
Over the past few months NAR has met with officials of top banks to discuss market issues. NAR urged banking leaders to seek resolution quickly through loan modifications and the short-sale process rather than through foreclosure. “We stand ready to help lenders develop better short-sale Read the rest of this entry »
Houston property sales decline for a second consecutive month following expiration of the homebuyer tax credit. The average price of a single-family home continues to appreciate, reaching its second highest level for an August in Houston
A post-homebuyer tax credit calm prevailed across the greater Houston area for the second straight month in August, with property sales volume down, though not as dramatically as it was in July. Despite the decline, the average price of a single-family home continued to climb.
According to the latest monthly data compiled by the Houston Association of Realtors® (HAR), August sales of single-family homes throughout the Houston market fell 16.7 percent compared to August 2009. Declines were recorded in all pricing segments.
The average price of a single-family home rose 2.2 percent from August 2009 to $216,522. The August single-family home median price—the figure at which half of the homes sold for more and half sold for less—dipped 0.6 percent from one year earlier to $159,000.
Foreclosure property sales reported in the Multiple Listing Service (MLS) dipped 2.4 percent in August compared to one year earlier. The median price of August foreclosure sales slid 1.1 percent to $85,000 on a year-over-year basis.
Sales of all property types in Houston for August totaled 4,977, down 15.3 percent compared to Read the rest of this entry »
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 »
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.
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.
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 »
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 »
Closings of properties purchased through the federal homebuyer tax credit combined with the seasonal spring-summer uptick in consumer activity kept Houston-area single-family home sales in positive territory for a fourth straight month in June. However, expiration of the homebuyer tax credit slowed the brisk pace of sales volume that the market enjoyed in recent months.
Congress extended the time necessary to close on homes purchased with the tax credit by three months to September 30, provided the property was under contract by April 30. The May and June decline in pending sales—property listings that are expected to close within the next 30 to 60 days—was expected, as homebuyers rushed to take advantage of the tax credit and is considered an indicator that sales volume will slow in July.
According to the latest monthly data compiled by the Houston Association of Realtors® (HAR), June sales of single-family homes throughout the Houston market rose 2.9 percent compared to June 2009. That follows increases of 11.3 percent in March, 27.8 percent in April and 18.2 percent in May. Sales volume showed gains in all single-family home pricing segments except the $150,000 to $250,000 market. The largest increase took place among homes priced from $500,000 and above. Sales of all property types combined climbed 4.1 percent in June on a year-over-year basis.
The average price of a single-family home edged up 0.9 percent from June 2009 to $222,767, Read the rest of this entry »
After finding a buyer, all you have to do to make it to closing is to avoid these five traps.
Finding a buyer for your home is just the first step on the home selling path. Tread carefully in the weeks ahead because if you make one of these common seller mistakes, your deal may not close.
Mistake #1: Ignore contingencies
If your contract requires you to do something before the sale, do it. If the buyers make the sale contingent on certain repairs, don’t do cheap patch-jobs and expect the buyers not to notice the fixes weren’t done properly.
Mistake #2: Don’t bother to fix things that break
The last thing any seller needs is for the buyers to notice on the pre-closing walk-through that the home isn’t in the same condition as when they made their offer. When things fall apart in a home about to be purchased, sellers must make the repairs. If the furnace fails, get a professional to fix it, and inform the buyers that the work was done. When you fail to maintain Read the rest of this entry »
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