Sales data from the Houston Assn of Realtors shows that sales of single-family homes dropped to a total of around 2,800 for January 2009 and the average price also dropped to around $164,000. The highest total for single-family sales in the month of January was in 2007 when the total was 4,017. That was up from the 3,648 total in January of ‘06 and then it went down again in January 2008 to 3,620 sales. The average price of a single-family home in January of 2008 was around $190,000. The continued influx of foreclosures are the primary reason for the price decline.
The good news is that the inventory of current mls listings remains lower than average and should help out the balance of buyers vs. number of homes for sale. In some parts of town, there appears to be a shortage of listings.
Filed under: Buying, Home Sales, Investing, Selling by Dwight's Real Estate Update
No Comments »
According to the Real Estate Center at Texas A&M, Texas gained 154,600 jobs from December 2007 to December 2008, while the U. S. economy lost more than 2.8 million jobs over the same period. Also during the same period, the state’s unemployment rate rose from 4.2% to 6%, and the U.S. rate went up to 7.2%.
All texas metros experienced positive employment growth rates from December 2007 to December 2008.
As usual, the oil and gas industry ranked first among texas industries in employment growth rate. It appears however, that recent decreases in oil prices has slowed the pace of new jobs in the oil and gas field.
Filed under: Investing, Relocation by Dwight's Real Estate Update
No Comments »
According to an article in US News & World Report by Matthew Bandyk, Texas is one of the top or best states for starting up a business. One important reason is that Texas companies are able to do a large amount of business in a global way. Texas has the most globe-focused manufacturing sector in the country. Export sales coming out of Texas averages $69,268 per worker, the highest of any state. Another incentive for business cited is the cost of labor. Texas has the lowest workers’ compensation costs of any state. Texas also lacks an income tax for individuals.
Texas came in 4th on the list behind Washington, Virginia and Colorado. Following Texas was Nevada, Utah nd Florida.
Filed under: Investing, Relocation by Dwight's Real Estate Update
No Comments »
2008 will be remembered as the year that…. OK, lets hope that 2008 is not remembered at all. Well at least not the last 3-4 months. The year actually started off with some steam still in the Houston housing market. Although the number of sales declined each month from the same time in the previous year, the average home price continued to rise for 7 ½ months, with only a slight decline in August and September. The decline in the number of sales was more prevalent in August thru November running 20% to 32% off from the same month in 2007. The average sales price dropped from a high of $226,072 to $187,866 in November. December numbers are not complete yet, but appear to have recovered a little.
Several things have caused the decline. The slide in the national economy has gradually worked its effects into the Texas market. Many buyers have set on the sidelines waiting and watching to see when the market will improve. Waiting the results of the national elections also put a stall in the motion of the economy. Locally, the Houston area took a hit when a little thing call Hurricane Ike blew through.
While the press likes to report on negative stories, I am keeping a positive attitude. The current inventory of home listings in the Houston area is at an all time low. I believe there is pent-up demand from buyers. Interest rates are low. I think things will turn around soon and therefore, I am expecting 2009 to be a good year.
Filed under: Uncategorized by Dwight's Real Estate Update
No Comments »
I’m sure you have seen one of the TV commercials where the couple says we have paid for our home and now it’s time for our home to pay us. Well a “reverse mortgage” does just that. It’s similar to the regular home equity loan where you borrow against your equity, but you don’t make any monthly payments. In fact you don’t make any payments at all. You actually receive payments. You can set it up to receive a monthly payment or set up a line of credit to tap into whenever you want.
As usual, there are requirements. To begin with, reverse mortgages are only for people 62 years of age and older. It’s designed to help seniors in their retirement years. It’s really a good possibility for those who are strapped for cash and would otherwise have to sell their home to raise money. With the reverse mortgage, you can borrow the money and still live in your house without making any payments on the loan. The loan does have to be repaid at the time or your death or if you sold the home. So instead of leaving your house to your kids, leave them the mortgage to pay back.
I don’t have the time to go into the pros and cons of getting a reverse mortgage, but there are several sources online to get good information. The largest source of reverse mortgages are from the Dept of HUD (www.hud.gov) or you can go to the website for the AARP (www.aarp.org) and search reverse mortgages. Or just Google reverse mortgages.
Filed under: Mortgage and Lending by Dwight's Real Estate Update
No Comments »
According to the recent press release from the Houston Assn of Realtors, property sales in the Houston area declined further in September, due largely to the widespred devastation caused by Hurricane Ike and the resulting interruption to many real estate transactions.
As in previous months, the average price of a single-family home held its ground. In fact the average price actuall rose 4.4 percent (over Sept. 2007 figures) to $211,660, the highest level ever for a September in Houston. The median price rose 5% to $157,500 , also an all-time September high.
Sales of all property types in September totaled 4,189 which was 29.5% down from September sales in 2007.
Filed under: Buying, Home Sales, Selling by Dwight's Real Estate Update
No Comments »
A little bit of good news. New home sales across the country increased 2.7% in september. It’s too early to say if this is a trend, but it is good to see positive news. Overall new home sales had been down 33% for the year. Builders have been making some progress in moving out the excess in inventories. Builders here in Houston have been sending out emails offering incentives to Realtors to show the new homes to their buyers as an attempt to clear out inventories.
The National Assn of Home Builders is still encouraging our governmental leaders to provide another economic stimulus package to further spur home buying and reduce any further decline in the housing market. They beleive that the steep decline in new home sales should improve in early 2009. That would be good news for the resale market as well. When new home prices go up, the value of the nearby resale market also goes up.
Filed under: Buying, Home Sales, Selling by Dwight's Real Estate Update
No Comments »
Just a quick note here to remind you that it’s a great buyer’s market in many places and now may be the best chance to buy low and sell high later on.
Filed under: Buying, Home Sales, Investing, Selling by Dwight's Real Estate Update
No Comments »
With another decline in total sales, it appears that many home buyers are sitting on the sideline waiting to see what happens in the economy, mortgage rates and maybe even the election in November.
The results for August 2008 from the Houston Assn of Realtors show the month’s total sales as 6,641 of all property types. That’s a 20.8 percent drop from August 2007. The total dollar volume was $1.4 billion, a drop of 16.9% from the $1.7 billion of August 2007.
Once again, prices hold up. The average sales price of a single-family home in August was $223,933, the 3rd highest ever and the median price was $160,000, tying the 3rd highest on record.
Homes in the $80,000 plus price range are still on the increase. There are more foreclosures in this price range and still attracts a number of buyers and investors.
The market for townhomes and condos also saw a decline, but with prices holding strong as well. Sales were down 23.5% from a year ago, while the average price increased to $169,045 and the median price increased to $136,000.
Filed under: Buying, Home Sales, Investing, Selling by Dwight's Real Estate Update
No Comments »
I’m sure you all are aware that Mr. Ed McMahon has recently suffered some financial trouble and was about to lose his 6 bedroom home to foreclosure. Well Ed has apparently escaped foreclosure and has found a buyer for the property.
It was reported that Donald Trump would help out the McMahons by either buying the home or assuming the mortgage balance, but it appears that the buyer is not Mr. Trump. The full details of the sale are unknown at this time.
I’m sure Ed was feeling some relief, but it was only short lived. He has just been sued by a company previously owned by the late Merv Griffin for a sum of $100,000 for defaulting on another loan.
Source: usmagazine.com
Filed under: Uncategorized by Dwight's Real Estate Update
No Comments »