Looking to Buy, Sell or Lease Houses in Houston, Sugar Land, Katy, Cypress, Spring, Pearland & more, and all the valuable resources as neighborhood finder, school finder, free home valuation & more.
Thursday, July 5, 2012
Thursday, June 28, 2012
Are Houses Selling in Houston?
Are Houses Selling in Houston?
With the uncertainty in today's economy, home sellers are wondering if the houses are selling in the Houston area.
I would like to tell you that the Houston Market is strong and not like the east and west coasts. Home prices might have dropped in some areas because of foreclosures and short sales but we are talking about 10-15% of the whole real estate market in Houston.
Here are the homes sold sorted by price range in the Houston Area in 2011 compared to the home sales in 2010
| Price Range | 2010 | 2011 |
|
| Up to $100,000 | 12,073 | 13,462 | 12% |
| $100k to $200k | 21,333 | 20,774 | -3% |
| $200k to $300k | 8,920 | 9,300 | 4% |
| $300k to $400k | 4,015 | 4,415 | 10% |
| $400k to $500k | 2,070 | 2,185 | 6% |
| $500k to $600k | 1,024 | 1,099 | 7% |
| $600k to $700k | 674 | 705 | 5% |
| $700k to $800k | 377 | 433 | 15% |
| $800k to $900k | 274 | 321 | 17% |
| $900 to $1M | 199 | 224 | 13% |
| $1M to 1.5M | 437 | 463 | 6% |
| $1.5M to 2M | 161 | 154 | -4% |
| $2M + | 127 | 143 | 13% |
| Total Homes Sold | 51,684 | 53,678 | 4% |
Currently, the market has a shortage supply which are the houses for sale and good houses can be sold in 10 days.
Would you like to know if houses are selling in your area, please feel free to contact me
What are the benefits of owner financing to buyers and sellers?
BuyersWith the economic conditions in the last couple of years in the country, many people went through some hard times and resulted in loss of credit points. In the same time, banks have been adding more and more requirements and restrictions regarding credit score. People still want to live in a house but don't want to rent and don't have the credit to qualify for a mortgage. So here comes the owner financing as an option. Owner financing or seller financing is a process by which the seller offers to be your mortgage provider. Here are some of the benefits to buyers who are interested in owner financing homes in the Houston area. QualificationThe buyer may have poor credit due to any reason like job loss for a while that made the buyer default on bills, student loans, bankruptcy, divorce, transferred to a new job after a period of unemployment or self-employed who is not reporting the income and cannot meet mortgage requirements. Seller's requirements are less restricted than regular lenders. Improving Your CreditWith the assistance of some escrow agencies, they can report to credit bureaus that the buyer is making payment on the current owner financing loan which should help the buyer improve the credit score in a reasonable period of time. Loan CostsAn additional benefit for the owner financing transaction, the buyer doesn't have to pay all the fees charged by lenders to get a loan. Terms Owner financing terms vary from one house to the other as each house is individually owned and each owner might have different requirements. In general, most of sellers require at least 10% down payment, interest rate can be 7-9% and a balloon payment in 3-5 years. Balloon means that the buyer will need to refinance with regular mortgage in 3-5 years. ClosingGoing through a mortgage company, it can easily take 40 days to close on a house. With owner financing, the whole process can be done in a week. SellersFor Home sellers, they are also been affected by the restrictions imposed by lenders and waiting for 2-3 weeks hoping that the underwriter will approve the loan but unfortunately when the loan process goes south, the seller has to restart the whole process again with a new buyer. That being said, so sellers have to consider some creative ways like owner financing to sell their house. PriceWith owner financing, the seller is offering a lot easier qualifications than a lender which gives the seller the privilege of asking for the full market price for the house. DownpaymentSeller may ask for a downpayment that covers the broker fees, the closing costs, and some extra cash in hand. Also, with the use of the escrow agency company, they can service the loan for the seller with some small fees (usually charged to the buyer) they will collect the monthly installment from the buyer and pay the original mortgage of the seller which provides peace of mind for both the buyer and seller. ClosingAs discussed under the buyers section, closing can be done in a matter of one week. | ||
| For more information, contact Jimmy
|
Market Analysis for Coles Crossing neighborhood in cypress, tx
| CYPRESS MARKET ANALYSIS | ||||
| This is the market activity in Coles Crossing Subdivision and Cypress TX in 2012 as of 6/13/2012 | ||||
| Coles Crossing | Cypress, TX | |||
| Homes for Sale | 38 | 1003 | ||
| List Price | $169,900 - $440,000 | $54,900 - 1,437,000 | ||
| Foreclosures or Short Sales | 7 | 90 | ||
| % of Foreclosure of Homes for Sale | 18% | 8.97% | ||
| Houses SOLD | 46 | 243 | ||
| Sale Price | $152,000 - $875,000 | $39,000 - $870,000 | ||
| Average Days on Market | 53 days | 59 days | ||
| Average Price per Sq. Ft. | $85.56 | $54..67 | ||
| This information is about the Homes in Coles Crossing and Cypress TX, the analysis can vary from one neighborhood to another. For more information about the market analysis in your neighborhood, please feel free to contact me any time for FREE consultation. | ||||
| For more information, contact Jimmy
| ||||
Monday, December 5, 2011
What Can I do to sell quickly in Today’s market?
First, I would like to mention that the market in Houston was not affected as the rest of the country like Florida & California where you hear that the home prices dropped 50-60% and that foreclosures are more than 50% of the houses for sale in the market
In Houston, foreclosures are less than 10% of all the houses for sale. The distribution of foreclosures can vary by neighborhood. Some have had many foreclosures and some didn’t have any. Also, the demand within a specific price range can also affect the price.
To sell your house, first your house has to be priced right. Over-priced homes will stay, stay and stay in the market. If you list your house for $200,000 while it really worth $170,000, don’t blame the market or the agent.
If you drop the price over a 6 months period to $175,000 that doesn’t really mean that you gave up $25,000 and that the market is bad. You should have started with the $175,000 in the first place.
To get the highest price in the market, that means that the house has to be in the best condition. Prepare your home to be ready for potential buyers and keep nice, clean and organized to leave a good impression on potential buyers.
There are always ways to sell your home, please feel free to send me your questions, request a free market analysis for your house, or test the market for 45 days.
Check out home sellers guarantees.
Thanks,
Jimmy Farag, Realtor
Hotline (832) 303-5000
Thursday, December 1, 2011
Why My House Didn’t Sell? Is the market that bad?
If you are asking this question that means that your house was either listed with a realtor or listed as For Sale By Owner (FSBO) didn’t sell. Getting phone calls from realtors the day the listing of your house expired telling you “we know why your house didn’t sell”? Others calling telling you “A house like this can be sold for $20,000 more”? OR Your asking price is way too high?
Honestly, I can’t tell you why your house didn’t sell without seeing it. There are many conditions that can be the reason for not selling. It can be the location, the condition of the house, the age, the upgrades, the floor plan, size of the yard, even a pole in the backyard can affect the price.
Location: Most of the buyers prefer houses that are in a cul-de-sac or a quiet neighborhood that is safe for the kids. If you are on a busy street or a busy street passing behind your house, that a negative point that has to be considered in the price.
Condition: When we are talking about condition, we are talking about the outside and the inside. Most homeowners maintain the inside and forget about the outside. The outside appearance is the first impression about the house. Many buyers drive around to see the area and how it looks from the outside before calling their agent for showing. Do you do regular treatment for termites and insects? Do you check the condition of the roof and foundation?
Upgrades: There is a difference between upgrades and maintenance. If your water heater is old and you change it, that a maintenance and is not a reason for a higher house price. Let’s think about it the other way, if you don’t replace the water heater, you will have to drop the price or give the buyer credit for it, but if you replace it, that will keep your house at the market price. Upgrade is changing the carpet with hardwood floors or laminate countertops with granite.
Foreclosures: Is there any foreclosed homes for sale or sold in the last 6 months in your neighborhood? Sold foreclosures can affect the market value of your house even if your house is in a better condition. Current foreclosures are your competitors in the market because banks price them to sell fast and noticed that many of them now drop their price every month, it can be an aggressive drop, $10,000 for couple of month and then starting dropping it by $5000.
These are just some reasons, it can be different from one house to another. So before you ask yourself why your house didn’t sell, check the competition, the condition, the location and if the price is matching accordingly. The price has to be the market price not just the price you want to get.
I hope that this blog is an eye opener for you and has some AHAs for you.
Thanks,
Jimmy Farag, REALTOR
Realm Real Estate Professionals
Phone: (832) 303-5000
Cell: (832) 744-7424
Fax: (281) 598-5402
Homes for Sale in Sugarland TX
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