Houston home sales rose for the second time this year in June, with the average price reaching an all-time high and the median price achieving the highest level in nearly two years. The sales increase reflects the slowdown in home purchases that set in a year ago following expiration of the home buyer tax credit. The credit triggered a surge in home buying during the spring of 2010 that resulted in slower sales volume during the remainder of that year.
According to the latest monthly data compiled by the Houston Association of REALTORS® (HAR), June sales of single-family homes edged up 0.6 percent versus one year earlier. That represents the first increase since January when sales volume rose 8.4 percent. The under-$80,000 segment of the market as well as homes priced from $250,000 and above experienced increased sales while the popular middle range, consisting of homes priced between $80,000 and $250,000, saw declines. Compared to June of 2009, a year with no unusual market factors such as Hurricane Ike in 2008 and the 2010 tax credit, single-family home sales were up 2.7 percent.
“We see the effects of the 2010 tax credit in the June Houston real estate market report in the form of a drop-off in sales that took place a year ago once the credit expired,” said Carlos P. Bujosa, HAR chairman and VP at Transwestern. “We expect these credit-skewed readings to taper soon, providing us with a more accurate gauge of market Read the rest of this entry »
Spoken by Julie Q. Fuelling |
According to a NATIONAL ASSOCIATION OF REALTORS® survey of 3,793 adults conducted by Harris Interactive, home owners and renters agree that home ownership benefits individuals and families, strengthens our communities, and is integral to our nation’s economy.
Among the findings of NAR’s “American Attitudes About Homeownership” survey:
- The vast majority of both home owners and renters say that owning a home is a smart decision over the long term. Even in today’s challenging economy, 95% of owners and 72% of renters believe that over a period of several years, it makes more sense to own a home.
- Home owners are much more likely to be satisfied with the quality of their family and community life than renters. While more than half of owners (56%) are “very” or “extremely” satisfied with the overall quality of their familylife, only about one-third (36%) of renters report the same levels of satisfaction. Also, 43% of home owners are “very” or “extremely” satisfied with their community life, compared with 30% of renters.
- An overwhelming majority of home owners are happy with their decision to own a home. A full 93% of owners surveyed would buy again. Read the rest of this entry »
Spoken by Julie Q. Fuelling |
HOUSTON — (June 21, 2011) — The 2010 home buyer tax credit continues to obscure an accurate gauge of how the Houston real estate market is performing. The 2010 federal incentive triggered a short-term surge in local home sales last spring that has skewed the year-over-year analysis most of this year.
When compared to the tax credit incentivized closed sales of May 2010, there were fewer home sales recorded in May 2011, according to the Multiple Listing Service (MLS) report prepared by the Houston Association of REALTORS® (HAR). At the same time, the number of listings that went under contract this May and expected to close in the next 30 to 60 days was up more than 35 percent when compared to May 2010—yet another comparison that is skewed by the tax credit that required buyers to enter purchase contracts by the April 30, 2010 deadline.
“Getting an accurate read on the Houston real estate market remains challenging because the 2010 tax credit prompted a surge in home sales during the first half of last year that otherwise would have occurred throughout the summer,” said Carlos P. Bujosa, HAR chairman and VP at Transwestern.
The average price of a single-family home jumped 6.5 percent from May 2010 to $220,210. Read the rest of this entry »
Spoken by Julie Q. Fuelling |
">
/0.jpg" alt="YouTube Preview Image" />
In what reads like a carbon copy of the February housing report, local home sales fell slightly in March while the average price of those homes rose.
In what reads like a carbon copy of the February housing report, local home sales fell slightly in March while the average price of those homes rose. The lower sales volume compares to sales activity in March 2010 that was driven, in part, by the federal government’s first-time home buyer tax credit incentive.
According to the latest monthly data compiled by the Houston Association of REALTORS® (HAR), March sales of single-family homes fell 4.4 percent versus one year earlier. As in February, the popular middle segments of the Houston housing market, consisting of homes priced between $80,000 and $250,000, experienced declining sales while the low and high ends saw an increase in number of sales. Compared to March of 2009, a year without unusual market factors such as Hurricane Ike in 2008 and the 2010 tax credit, single-family home sales were up 6.6 percent.
Luxury home sales boosted the average price of a single-family home for a third straight month. The average price rose 3.3 percent from March 2010 Read the rest of this entry »
Spoken by Julie Q. Fuelling |
Beazer Homes, an Atlanta based builder, recently closed on 209 acres on FM 1463 for a development to be called Churchhill Farms. According to The Houston Chronicle, ”Named after the founder of Fulshear, Churchill Fulshear, Churchill Farms will have 550 lots, more than 40 acres of open space, a 10-acre lake and a community pool and clubhouse.” The first model homes are scheduled to open in January 2012.
The Cardiff family, one of Katy’s oldest families, retained this last tract of the old family homestead. The land was purchased by the Cardiff family in 1924 and recently sold to Beazer.
The Chronicle went on to say, “Homes will range from $150,000 to $250,000, depending on the lot sizes. The smaller lots are targeting single professionals working in the Energy Corridor in west Houston or medical professionals working in the hospitals along I-10. The larger lots will likely house move-ups.”
Beazer has announced that preliminary plans include 16 acres of retail and commercial development.
To tour Katy or Fulshear homes and work with a Realtor who can assist you in negotiations, call me at 713-818-2404. I have sold Katy real estate for over 21 years. Experience does count!
Spoken by Julie Q. Fuelling |
Foreclosed and foreclosing properties dominate many of today’s U.S. real estate markets–more than four years after the sharpest observers saw the market shift coming, and more than two years after the reality hit home for millions of American home owners.
While Katy is not suffering like other areas of the country, the number of foreclosures in our hometown has grown substantially. (Pictured above are two foreclosures currently on the market.)
First-time home buyers make up almost half of all buyers of bank-owned foreclosures and soon-to-be foreclosed short sale properties. They’re followed closely by investors seeking rental properties, and a third important group—homeowners who find they can move up to a bigger or better home they previously could not afford.
The truth is: These markets demand most of the same things an ordinary Read the rest of this entry »
Spoken by Julie Q. Fuelling |
The Community Services Department Downpayment Assistance Program (DAP) can financially help you purchase your dream house in Harris County if you are income eligible and a first-time homebuyer. This money is available on a first-come, first-served basis. Contact me at 713-818-2404 for a referral to a lender who can tell you if the program has current funding.
Guidelines:
- $14,200 for new construction, $9,500 for resale properties, built within the current ten years. You must live in the house for five years, which is the affordability period.
- Maximum purchase price of homes not to exceed FHA 203(b) limits in Harris County.
- The home you buy must be in an unincorporated area of Harris County which includes these zip codes and service area and cannot be located with Houston, Baytown or Pasadena since these cities have their own programs. Contact me for a list of approved lenders who can tell you if funds are currently available.
- To begin the DAP process, all homeowners must take a homebuyer certificate program from a HUD approved homebuyer education course provider.
- To participate in this program, you must live in the new house or the pre-owned house for a minimum of five years, depending on the amount of the award.
- Buyers must have at least $350 or 1/2 of the lenders downpayment as required toward the purchase price to invest in the house.
- Buyer cannot have more than $10,000 in liquid assets such as stocks, cash or bonds.
- Buyer must have a least one credit score of 620.
- Buyers debt to income ratio (DTI) cannot exceed 42%.
- Buyer must be credit and program approved through one of the listed mortgage lenders and Harris County to receive downpayment assistance. (To work with an approved lender, contact me for a referral.)
- In order to qualify for downpayment assistance, you must be a first-time homebuyer or not have owned a house for three years prior to applying for assistance. You must be income qualified per the figured below.
- Every member of the household must be a U.S. citizen or Permanent Resident Alien.
As of May 2010, the total family gross income cannot exceed the following:
Number of Family Members = Gross Family Income
1 = $36,500
2 = $41,700
3 = $46,900
4 = $52,100
5 = $56,300
6 = $60,450
7 = $64,650
8 = $68,800
Spoken by Julie Q. Fuelling |
Katy real estate is greatly affected by the oil and gas business particularly since petroleum tends to be a mobile industry. Compared to to other fields of employment, there are an inordinate amount of oil employees transferred in and out of our area at any time. This is the primary reason why there are always a lot of homes on the market in Katy, particularly on the south-side of I-10.
According to Ron Hanlen of Network Funding, there is another factor currently driving Katy real estate inventory levels: Mortgage interest rates. Despite dire predictions about the impending rise of mortgage interest rates, rates have held onto historic lows, in the 4’s.
Ron said, “Once the tax credit expired, everyone expected that listings would go down. But they haven’t…they have gone up. With all of the negative media attention on housing it would be easy to consider that it is because the sellers are distressed in some way. Maybe they lost their job or they are trying to sell the home before it goes into foreclosure.
But here is the real reason why listings are up: Interest rates are at an all-time low. Despite the constant bombardment of negative media coverage, the vast majority of existing Read the rest of this entry »
Spoken by Julie Q. Fuelling |
According to CNN News, the homebuyers tax credit has been extended; the bill now goes to President Obama for signature:
“The legislation would extend the $8,000 homebuyer tax credit to contracts signed by April 30, 2010 and closed by June 30, 2010. The controversial credit, which many say has boosted home sales in recent months, was set to expire after Nov. 30.
The bill also creates a $6,500 credit for those who buy a home after living in their current house at least five years. That measure would apply to contracts signed by April 30 and closed by June 30. The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.
The credit would be available only for the purchase of principal residences priced at $800,000 or less.
The bill would raise the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.”
I am a Katy Specialist having sold many houses in Katy over the last 20 years, both new construction and resale. This includes both working as a listing and selling agent. Call me for more information and for outstanding professional representation.
Spoken by Julie Q. Fuelling |
Copyright © 2007 The Katy Texas Blog That Never Runs Dry 
