Real Estate Market Information
The temperatures may be cooling off in Houston, but the real estate market continues to be HOT!! Prices are climbing and inventory is low, so those rock bottom deals you've been waiting for....they're gone. There's been a lot of uncertainty and confusion about the market. Some people think we're in a seller's market and other's will argue it is a buyers market. In reality, both are correct.
I’ve got some bad news for you. Home values in Houston were down slightly in March 2011, falling .2% from February 2011. That’s the bad news, and that’s all I can give you that will keep the “glass half empty” persuasion satisfied. Now…how about some good news?
Changes in the Annual Mortgage Insurance Premiums are set to take affect on April 18th. While it isn't exactly earth shattering in terms of planning for potential home buyers, it does change a borrower's bottom line and, as you can imagine, it will cost you a little bit more.
January brought cold temperatures to the Houston area, but that didn’t stop the Houston housing market from heating up. January saw increases in both sales volume and average prices, with the average price of single-family homes reaching the highest level ever for a January in Houston.
Home ownership, it’s the American dream. But lately we’ve heard so much negative that a lot of people are thinking that this dream is more like a nightmare. Turn on the news, pick up a paper (they still have those things…right?), or glance at your IPhone or IPad and you’ll see plenty of reasons to believe that the dream was just a fairy tale.
September brought more mixed signals, with home sales declining and inventory rising. One would think that this would indicate that values would also be declining; however that was not the case. The average sales price for single family homes rose to $215,250, a 5% increase over September 2009.
Much of the decline in sales volume can be attributed to the end of the home buyer tax credit. Many buyers that would have normally purchased later in the year made their purchases early in order to qualify for the credit, leaving fewer active buyers in later quarters of the year.
October 6, 2010
The Texas Attorney General Greg Abbott has sent a demand letter to 30 banks asking that these institutions immediately “suspend all foreclosures, all sales of properties previously foreclosed upon, and all evictions of persons residing in previously foreclosed upon properties” until these institutions have reviewed files and taken appropriate steps to rectify possible past errors in documentation. This is in response to certain employees engaging in “robosigning” of documents.
September 21, 2010
We find ourselves once again waiting on our elected officials to make a decision to extend the National Flood Insurance Program. The current status of the program is still up in the air, however, passage of an extension may come before the September 30 deadline. This is an issue that has plagued us all year with a lapses in coverage lasting from a few days to several weeks. We can only hope that our officials in Congress are watching the weather as closely as we are.
August 24, 2010
July figures are in and, as expected, the market cooled off considerably. Home sales in the Houston area suffered a double digit decline in July, with sales of single family homes falling 25.1 percent. Sales of all property types combined fell 24.4 percent on a year-over-year basis.
August 12, 2010
The Federal Reserve on Tuesday agreed to keep the federal funds rate near zero. This move was in an effort to keep long term interest rates from rising, thus easing investor’s fears that the economy is headed for another dip into recession. Economists suggest that while this move is not earth shattering news, it does send a message that the fed is willing to take steps to keep the economic recovery from stalling.
All information in this site is deemed reliable but is not guaranteed and is subject to change.
The information herein is furnished by the owner to the best of his knowledge, but is subject to verification by the purchaser, and agent assumes no responsibility for correctness thereof. The offering is made subject to errors, omissions, change of price, prior sale or withdrawal without notice. In accordance with the law, this property is offered without regard to race, creed, national origin, disability or gender.