Houston’s housing market stays strong – Real Estate News – What does it tell you?

Houston’s housing market recorded year-over-year increases in number of sales, prices, inventory and more in March, while leases skyrocketed in the rental market, according to the Houston Association of Realtors’ monthly report. However, the HAR report does note that the housing market was facing a lot of uncertainty over oil prices in March 2016, when both the number of homes sold and the average price decreased.

HAR Chair Cindy Hamann with Heritage Texas Properties – COURTESY
There were 7,013 single-family homes sold last month, up 11.7 percent from 6,278 in March 2016. Total property sales increased 10.5 percent to 8,495, and the total dollar volume from all sales was up 15.7 percent to $2.27 billion. The increases in average and median sales prices for single-family homes were less drastic. The average hit $284,279, up 4.6 percent from last year, and the medium was up 5.8 percent to $227,530. Both figures are records for a March in Houston.

All pricing segments saw increases in sales except for homes priced $149,999 and less. Homes priced between $250,000 and $499,999 saw the biggest jump in sales, up 23.1 percent year over year, and those priced at $750,000 and above came in second with a 19 percent increase.

Forward-looking indicators also saw big year-over-year increases. Total active listings were up 9.9 percent, and single-family pending sales were up 16.7 percent. Single-family inventory increased to 3.8 months in March, up from a 3.5-month supply both the previous month and a year earlier. Months of inventory estimates the number of months it would take to sell all the home listings on the market today based on the pace of sales over the past 12 months. Nationwide, inventory stands at a 3.8-month supply.

Meanwhile, rental demand skyrocketed, with a 36.6 percent increase in single-family home leases and a 37.8 percent in townhome/condominium leases. However, the average rent declined for both single-family homes, down 4.9 percent to $1,647, and townhomes/condominiums, down 5.6 percent to $1,487.

“Houston home sales blossomed in March, but we also saw tremendous activity in the rental market,” HAR Chair Cindy Hamann with Heritage Texas Properties said in HAR’s press release. “A healthy pace of new listings helped inventory levels grow, which is critical if we are to maintain the positive momentum.”

What does it convey to the Consumers?
New Home Buyer beware of the sales pitch. With the strong housing market, now developers are poise to start their marketing more fiercely and increase the price depending on the demand in the area. So don’t fall for it, you should still able to bargain since it doesn’t talk about the new home sales, it talks about SFH in general which includes resale homes. Due to less inventory, Resale home prices did go up in many Houston areas.

Investors, it’s going to be lot more competition with fight over less inventory in the market. It doesn’t mean you need to pay more which you all know. Do your numbers and stay away from pushy competitive properties. Beware of the Wholesalers who push you with high margin deals. Do your deals yourself by analyzing the market well.

I kept hearing why the market is still strong when Oil job market slumped last year because of the Houston job market is diversified compared to the past. I don’t agree to it 100%. It is better but like Dallas. We are still dependent on oil job market. Truth is last year job market fluctuation wasn’t really bad and oil prices stabilized which helped not to spread the negativity and kept the market floating.

As I always, Do your due diligence with help of realtor or mentor and buy it right…

New year, New Enthusiasm among buyers…

New year always brings new enthusiasm among many consumers in many different areas whether it’s weight management or changing job or having family or buying new home or something else.
Let’s stick with our topic of Real Estate. Many people usually decide to change where they live and might want to buy their first home this year. It might be their resolution which they been waiting to take action on for years. They might be just ready financially and mentally to jump on the bandwagon to be homeowner. I would like to welcome them and it might be good year to buy your home.

Market around Houston are somewhat stagnant and many builders are holding on their horses to see what’s going to happen with the oil Industry and Job market around town. Last year was bit slow due to the job losses and picked up later point. With Trump administration coming into office, that also brings some uncertainty among people. It’s not going to change much in the Real Estate Industry but possibly in Oil Industry which might have an impact in Job market cascade to the Real estate since its all interlinked.

Anyway, if you waited in side lines for so long. It’s not bad time to start your home vetting process. If you are new home buyer, Don’t forget to ask for Realtor Rebate!!!

What’s Realtor Rebate?
Many don’t even have a clue about the Realtor Rebate which is know secret in Texas Real Estate market. Realtors are allowed to share their commission with their clients in form of rebate or contribution towards their closing cost. It’s up to the realtor and client to work out how much rebate will be provided. It all depends.

I provide rebate to all transactions whether its New home or Resale or Selling your home to move to your new home. It all depends on the sales price and amount of work involved. You can see the list of Recent Rebates provided to my clients to get some idea.

For New home buyers, I only keep a flat amount and give back every things. That flat fee/amount is based on the sales price and help needed from my side. It starts from $1500 for house price $200,000 and less to $2500 for houses up to $500,000. Email me at houstonvijai@gmail.com or Call/Text me at 281-912-3112 to find out more for your situation. I am happy to help out with your new home purchase and make the experience easier with all my experience.

A happy but unpredictable year on its way…

That’s right folks!!

With lots of surprise happenings this year setting forward to an unpredictable new year. Especially, when a new president swearing in the office with lots of new agendas and ideas, it’s expected to be unpredictable in varies ways. Whether it’s Trade, Economics, Housing or Foreign relations, many things are on the move with different dimensions so every one is just waiting for Jan of 2017.

Whatever it is, it’s going to be brand new year with renewed hope and lots of expectations on all ends.

Happy New year to all our Buyers, Sellers and Investors…

Buyers – Do you have any clue about CLUE report?

Many insurers use CLUE — Comprehensive Loss Underwriting Exchange — to report and check the claims history of homes. Yet, only 12 percent of buyers say they ask for a CLUE report before buying their current home, according to the survey.

Eighty-six percent of Americans are unaware that insurers’ use of the claims history for the previous owners of their home can be factored into setting their premiums for a new policy, according to a new survey of more than 1,000 adults by InsuranceQuotes.

“Consumers of all ages, from millennials to seniors, are almost entirely unaware of how the CLUE database affects their insurance rates,” says Laura Adams, senior insurance analyst at InsuranceQuotes. “In most states, an inquiry about property damage can be added to your CLUE report and used against you, even if you never file a claim.”

Only the owner of a property can request a CLUE report. Homebuyers, therefore, need to ask sellers to obtain a copy on their own behalf.

“The CLUE report, which maintains data up to seven years, is a valuable tool for homebuyers because it reveals prior claims and potential risks,” Adams says. “It also helps homesellers provide full disclosure about their property’s condition.”

The CLUE report can be obtained for free once every 12 months.

Don’t forget to ask for the CLUE report which will surely give you a clue about the property claims.

Source Courtesy: InsuranceQuotes

6 Single Family property for Sale – Investors Only – Missouri City

Hello Investor,

I am currently working with an investor seller agent who has 6-8 single family houses to unload from their portfolio. They are almost all 1980 built but all tenant occupied with rents ranging from $1300-$1400. They are upgraded a bit but still might need upgrades or changes as the tenant move out. They are priced $125-$130k which is the current market rate in that area but we should be able to negotiate down if buy in bulk 3 or 6 properties.

Let me know if anyone interested, I would be happy to pursue on it for you. Here is one of the properties in the market,

Check it out and Call me 281-912-3112. I would be also happy to provide Property Management services for these properties to help you manage and get good return for your money. Check out the Flat Rate Property Management details.

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