MORE BUYERS OF LUXURY HOMES ARE RESORTING TO CASH PURCHASES
Limited availability and high interest rates in the jumbo loan market are adversely affecting the rest of the housing market. This is just one of the insights from recent National Association of Realtors® research on the Impact of the Jumbo Mortgage Credit Crunch, released today at the Realtors® Midyear Legislative Meetings & Trade Expo.Read all of MORE BUYERS OF LUXURY HOMES ARE RESORTING TO CASH PURCHASES
30-year mortgages see interest rate jump
Home mortgage rates jumped in the most recent week, pulled higher by rising Treasury yields, according to a report released Thursday. The average 30-year fixed mortgage rate rose to 5.45% in the week ended Wednesday, up from 5.24% last week, according to a weekly national survey from Bankrate.com. Even as mortgage rates continue to rise, they still remain much lower than last year, when the average 30-year fixed mortgage rate was 6.20%, according to Bankrate.com.Read all of 30-year mortgages see interest rate jump
Houston prices still up, while sales are down
Average and median home prices for the greater Houston area reached the highest levels since September 2008 in April, and sales volume was the second highest for 2009, reflecting a continuation of the traditional spring uptick in real estate activity. Compared to one year earlier, however, overall April property sales fell 24.3 percent and sales of single-family homes dropped 22.5 percent, according to new monthly data released late May by the Houston Association of Realtors (HAR).Read all of Houston prices still up, while sales are down
Houston real estate gaining momentum into buying season
Declines in the sales and pricing of homes around the Houston area eased in March, according to new monthly data released late April by the Houston Association of Realtors.Read all of Houston real estate gaining momentum into buying season
Jumbo Mortgage Market is Holding Recovery Back, Realtors® Report
WASHINGTON, May 13, 2009 Limited availability and high interest rates in the jumbo loan market are affecting the rest of the housing market. This is just one of the insights from recent National Association of Realtors® research on the Impact of the Jumbo Mortgage Credit Crunch, released today at the Realtors® Midyear Legislative Meetings & Trade Expo. The ongoing credit crunch in the jumbo mortgage market has stalled home sales of high-priced homes, despite some recovery taking place in some mid to low-priced home markets. The national share of home sales above $750,000 has fallen from 4.4 percent in 2007 to approximately 2.3 percent in 2009, and the months’ supply of inventory has risen from 18.7 months to 41.1 months during that same period.Read all of Jumbo Mortgage Market is Holding Recovery Back, Realtors® Report
Single-Family Homes Update
At $194,222, the average sales price for single-family homes dropped 5.8 percent from April 2008, when it was $206,239.Read all of Single-Family Homes Update
Houston Home Prices are at a Seven-Month High in April
Average and median home prices for the Houston area reached the highest levels since September 2008 in April, and sales volume was the second highest for 2009, reflecting a continuation of the traditional spring uptick in real estate activity. Compared to one year earlier, however, overall April property sales fell 24.3 percent and sales of single-family homes dropped 22.5 percent, according to new monthly data prepared by the Houston Association of REALTORS® (HAR).Read all of Houston Home Prices are at a Seven-Month High in April
Information on How to Lower Your Property Taxes In Houston Texas
Lowering your property taxes Why are property taxes so high? Very simply, Texas does not have an income tax from which to derive funding for local services – fiscal support for things like public schools, police service, fire protection, and road repairs must come from other sources. Property tax is the largest of these sources. In mid-2007, the Texas Association of Realtors conducted a survey of Texas homeowners. Austin-based Baselice & Associates interviewed homeowners throughout Texas to find out what issues worry them. The results of the survey indicate over half of all Texas homeowners rate the issue of property tax and appraisals as a major concern. In Texas, there are three main players in the property-tax game – the appraisal district, local taxing bodies, and an appraisal review board (ARB).Read all of Information on How to Lower Your Property Taxes In Houston Texas
Houston Real Estate Market Update - April 2009 - This market is making a big come back!
Declines in the sales and pricing of homes throughout the greater Houston area eased in March, according to new monthly data released late April by the Houston Association of Realtors. Overall March property sales fell 18.9 percent and sales of single-family homes dropped 16.1 percent versus March 2008. From February to March of this year, however, overall property sales volume increased 26.1 percent while sales of single-family home rose 27.8 percent as the spring began, a period that traditionally produces higher sales volume than the fall and winter months. At $145,000, the March single-family home median price – the figure at which half of the homes sold for more and half sold for less – fell 4.4 percent year-over-year, but still attained its highest level of 2009. When foreclosures are removed from the analysis, the median price of traditional single-family homes was flat at $168,000. The average price of a single-family home in Houston dropped 6.0 percent last month to $193,880 compared to March 2008. The median and average price declines mark the smallest drop since levels first turned negative last October.Read all of Houston Real Estate Market Update - April 2009 - This market is making a big come back!
Don't Believe The Hype - Houston Market is strong!
I just wanted to set the record straight. You are likely reading and listening to the sensational headlines regarding the down real estate market in Houston - in fact - sales have delcined by 25 % vs. last year. What the news stories are failing to point out however is that 2006- 2008 - were all record breaking years for our fine city - and the sales volumes hit new historical highs each of those years. Although a 25% decline may seem big - some markets across the country have experienced 75-80% declines.Read all of Don't Believe The Hype - Houston Market is strong!
Understanding Closing Costs - For Buyers
Everyone knows that in most cases you'll need at least a small down payment to purchase a home -- but that's not all. You'll also need to come to the transaction with money for closing costs, which can be significant. What you may not realize is that both Buyers and Sellers have closing costs. Typically - the Sellers cost are much higher because the Seller pays the realtor commissions.Read all of Understanding Closing Costs - For Buyers
Houston real estate still recovering from Ike
The Houston housing market continued to feel the effects of the troubled national economy in October and residual business interruptions caused by Hurricane Ike. Monthly data released mid-month by the Houston Association of Realtors (HAR) reflects improvement from market performance in September, when Ike derailed thousands of real estate transactions. However, the number of property sales across the greater Houston area declined last month when compared to October 2007, with sales of single-family homes down 20.1 percent.Read all of Houston real estate still recovering from Ike
Houston Tx - Oct. 24, 2008 Houston Real Estate Market Shows Mixed results for September 2008
Houston - Property sales for September 2008 were down from the same month in 2007 by close to 30%. This is due largely to the impact of Hurricane Ike and the resulting stopages of business and normal every day activity. Many purchase and sales transactions were put on hold in order to assess damage and discuss repair plans with the other party. Furthermore- many title offices were closed and without power. Real Estate agents and lenders were without office facilities, some for weeks. On a positive note . . . the average sales price for a single family home was up 4.4% versus September 2007. This despite the continued average aprice declines reported on a national basis.Be Ready to Buy
Be ready to buy If you find what you're looking for in a home, you should be prepared to make an offer quickly. Even if homes are staying on the market a little longer in your neck of the woods, it only takes one other interested buyer to snatch the home or create a bidding war. You can help the offer process by being ready. In addition to being pre-approved for a loan before you begin looking at properties, it's wise to be honest with yourself. You know exactly what you want in a home and how much you can actually afford. Make sure to take into account utilities and other monthly expenses associated with homeownership. Be advised, though, that a quick offer doesn't necessarily mean a quick end to the transaction. There are myriad potential postponements in a real estate transaction. There may be contingencies, repairs, lender delays, or any number of other issues.On the market? Keep your house pristine
On the market? Keep your house pristine Aside from the necessary intrusions, the most inconvenient aspect of having your house on the market may well be keeping the house in showing condition. Making a good impression on buyers is very important. It's not a huge leap for a potential buyer to equate a cluttered or dirty house with poor maintenance of the overall structure, systems, and appliances. Whether accurate or not, this can or result in a lower offer than the home might otherwise bring … or worse, discourage an offer altogether.Read all of On the market? Keep your house pristine
Selling in a Down Market
Selling in a down market Based on statistics released by all major metro markets in Texas in mid and late September, the national downturn in real estate and the slowing of sales is now affecting Texas, also. For months on end, the strength of Texas' job markets, and its history of slow, sustained growth had insulated Texas homeowners from the effects felt elsewhere in the United States. While values are holding strong, real estate markets are cooling to some degree. Damages and slow-downs caused by hurricane Ike may impact this trend further. This does not mean that property owners with . . .Read all of Selling in a Down Market
5 Things to do before listing your home for sale
1. Have a pre-sale home inspection. Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you'll be able to make repairs before open houses begin. 2. Organize and clean. Pare down clutter . . .Read all of 5 Things to do before listing your home for sale
Average Home Price Strong in Houston
Declining property sales tempered by strong single-family home average and median pricing prevailed across the greater Houston area for the eleventh consecutive month in July, according to statistics released mid-August by the Houston Association of Realtors. Sales of single-family homes slid 12.0 percent on a year over year basis – a smaller decline than the market has experienced in the past two months.Read all of Average Home Price Strong in Houston
Most Expensive Home on The Market in Houston is $16,500,000!
Russian billionaire’s purchase of French villa sets new world record for most expensive home -- $750 million! Most expensive home on the market in Houston, Texas -- $16,500,000.00 August 11, 2008 -- The market for the average priced U.S. residence may be soft, but the über rich (especially the Russians) continue to drive prices up at the very top of the world’s luxury market. Case in point -- Villa Léopolda, one of the most historic estates on the French Côte d'Azur, is now under contract by an anonymous Russian billionaire for $750 million (€500m). This three-quarters-of-a-billion dollar sales price sets a new record for the most expensive home sale in the world. The previous record was set earlier this year by Indian billionaire Lakshmi Mittal, with the reported purchase of a London home for his son for an estimated $236 million. “While the French Villa is a fabulous property, this sale does put into perspective the value U.S. properties represent,” said Mark Fuller, a luxury home expert with Keller Williams Realty in the Houston Memorial area. “The most expensive residence on the market locally is listed for just $ 16,500,000. This European inspired mansion has over 21,000 square feet of living area and is situated on a very secluded acre sized lot in Piney Point Village.Read all of Most Expensive Home on The Market in Houston is $16,500,000!
