In May 2009, a new law, The Home Valuation Code of Conduct, or HVCC, became law. One of the main rules prohibits mortgage brokers from ordering appraisals directly from, or having any contact with, a licensed real estate appraiser.
Also, a lender cannot approach a an appraiser with relevant information, such as comparable sales. Lenders are forced to use third-party appraisal management companies who oversee all aspects of the appraisal process.
Valuation may come in low due to an out-of-area appraiser who is totally…to read the rest of my article, see OnlyKaty.com.
Spoken by Julie Q. Fuelling |
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 |
Okay, we will have to suffer the nightmare of more construction on I-10 to enjoy the results.
I have a personal interest in the following story as the commute to my office, Keller Williams Realty Katy in the Villagio center, entails exiting I-10 West to enter the Grand Parkway S, SH 99. It’s a hassle on a non-congested day, always the most time consuming section of my journey. Lots of my Katy neighbors share my frustration as evidenced by the inevitable delay.
Andy Meyers, Fort Bend County Commissioner Precinct 3, announced that the Texas Department of Transportation (TxDOT) will begin construction of ramps on and off I-10 at the intersection of the Grand Parkway. This should bring considerable relief to Katy commuters.
TxDOT received funding for two direct connectors (ramps) one going from SH 99 E onto I-10 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 |
A few? None? Way too many? How many blind dates have you gone on? Since my parents, happily married for their lifetimes, met on a blind date my heart always erred toward hope.
One of my blind dates actually peeled shrimp and put the shells directly on a linen table cloth. Another brought his brother who “just got in from out-of-town”! Still another, took me to the most depressing movie I have ever seen and I go to a lot of movies. I couldn’t make these things up.
When I list a house, I always tell my sellers that the first impression their house makes is identical to a blind date. Open the door. Take a long look and one of two things comes into your mind:
- What was my girlfriend thinking? How long must I give this before it’s rude to bail?
- This could have potential!
A potential buyer sizes up a house from the porch into the foyer. Dirty porch, Read the rest of this entry »
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 |
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 |
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 |
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 |
Almost 500 homes listed for sale via Houston MLS “expired” over the New Year’s holiday. (City-wide statistics.) In non-Realtor talk, this means they didn’t sell. For a variety of reasons. None of which made the seller happy.
For a seller, nothing is more discouraging than keeping their house on the market just to see it not prove viable in the current market. Odds are, if you experienced this disappointment, you are not happy! Probably mad at your agent. Maybe even, real mad at your agent!
There were quite a few unhappy Katy sellers, 72 south of I-10 to be exact. Not in the mood for champagne but, rather, choosing to eat cabbage with the hope money is coming their way. For dessert, the market-rejected seller might fire their Katy Realtor, sometimes for good reason but often out of confused frustration.
Thank goodness none of my Katy listings expired, although I have certainly been there! In this buyer’s market, it can be just as unnerving for the Katy Realtor as the thwarted Katy home seller.
You can probably use a good laugh and some real advice. Enjoy this video and give me a call! Together, with my 41 pt. Marketing Plan, we will get your house sold!
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 |
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