The YTD closed home sales through June 2008 for Area 13 which the majority of is considered Spring Texas were 1,361. A decrease of 15.6% compared to the 2007 YTD number. The quantity of active listings are 1,683 which is a measly 1.9% less than a year ago.
The decrease in closed sales is greater than the decrease in active listings which has resulted in an increase in inventory over the prior year. The months of inventory (absorption rate) for the Spring Texas real estate market is 6.8 months which is considered a buyers market. Read More »
Before sitting down with my buyers and writing an offer on their Spring Texas dream home, I will contact our in-house insurance agent and find out if the home is located in the 100 year flood zone. If a home is located in the 100 year flood zone it means that in any given year there is a 1% chance that a major flood will occur. I want my buyers to know going into the negotiations if the home is located in the 100 year flood zone because it impacts resale value, their home ownership costs, and in some instances their ability to sleep soundly at night.
Some buyers I have represented did not want to proceed any further with an offer after discovering the home was located in the 100 year flood zone. And if you are the type of individual that every time we have a heavy rain you would be worried that your house would flood, then DO NOT purchase a home in the 100 year flood zone. The home is not worth the mental anguish it would cause you. No matter if it is your dream home.
Before you purchase that Spring Texas home located in the 100 year flood zone, consider the following: Read More »
I know you Spring Texas home buyers must think that Realtors are just nosey people. Because you, potential buyers, are thinking why does it matter if you have been preapproved for a loan. You just want to view the home. You may not even like it and won’t want to buy it. So why do Realtors ask you if you have been preapproved for a loan?
1. The most important reason is we don’t want to have your dreams shattered. Let’s say we have been out looking at Spring Texas homes for the past several months and we have just found “the ONE” house for you. Now its time to get preapproved for the loan. You talk to your lender and he tells you because of a recent car loan you can not qualify to borrow the amount needed to purchase the house.
2. Saves you time. If we do not know the loan amount the lender will approve, we may be looking in the wrong price range of homes. Why waste months of your time viewing homes in a $200,000 - $225,000 price range only to find out later that according to the lender you need to be considering homes priced from $130,000 to $160,000. Read More »
Quite frequently I get asked “Is now a good time to buy a home in Spring Texas?” Its a good question. We all work hard and want to make the best financial decisions possible. Nobody wants to buy a home today for $200,000 and find out tomorrow or next year that its only worth $140,000.
We have been lucky because the Spring Texas real estate market has not experienced the volality that has been felt in the California and Florida markets. Yes, our sales activity is down over previous years but the bottom line is how are prices holding up and is now a better time to buy than it may be in the future.
In my opinion, now is a great time to buy and I say that not just because I am a Realtor. But because I see some very compelling reasons to do so.
3 Reasons why now is a good time to buy aSpring Texas home:
1. BUY before home prices increase - Home prices are poised to increase especially new home prices. One reason is the cost of transportation. As reported in the Houston Chronicle, the increased cost to transport goods to the job site coupled with the higher prices of concrete, steel, and plastic pipe have local builders feeling the pinch. Its just a matter of time before the new home builders have no choice but to raise prices. Read More »
WARNING …. WARNING …. Overpricing your Spring Texas homes is a bad strategy. I use the word overpricing but home sellers use the phrase “Testing the Market”. No matter what you call “it” the end result for you sellers is less money for your home.
Why? ………..
What’s wrong with “Testing the Market“? …… Testing the Market will bring you
Less Showings: Buyers are beginning their shopping and we should say comparison shopping for homes online. They are comparing the value of your home to others based upon the photos and price. All of this even before they step inside. Bottom line if buyers think your home is overpriced they are not even going to make an appointment to view it. Read More »
The real estate industry like other industries has its fair share of abbreviations. And I would have to say that I am just as guilty as the next Spring Texas Realtor in using real estate abbreviations in my correspondence. I throw them around assuming that everyone knows exactly what they mean.
So what does MLS, CMA, LP, SP, DOM, A, OP, P, PS mean?
MLS - Multiple Listing Service: A database that contains information on property listings. In the listing agreement it will identify whether the broker will or will NOT file the listing with a MLS. The local MLS for an area typically has the most comprehensive database of listings.
CMA - Comparative Market Analysis: An impartial evaluation of market activity and is used to estimate the potential selling price of a Spring Texas home.
LP - List Price: The dollar figure at which the property is listed for sale. Read More »
The Houston Association of Realtors (HAR) has released the MLS statistics for the month of May 2008 for Area 13 which the majority of Area 13 would be considered Spring Texas.
The closed sales for May 2008 were 283 which was 10.4% less than a year ago. The quantity of active listings for Area 13 are 1,703 which is 8.6% less than a year ago. The average days on market (DOM) has experienced a significant increase of 27 days from the prior year to 95 days.
The decrease in closed sales is greater than the decrease in active listings which has resulted in an increase in inventory over the prior year. The months of inventory (absorption rate) for the Spring Texas real estate market is 7.0 months.
The purpose of this article is NOT to tell you how to prepare for a hurricane because a weather site would offer far better advice than I could. But the purpose is to tell you how hurricane season can delay the closing of your Spring Texas real estate transaction.
Did you know that insurance carriers will not write homeowners / hazard insurance policies on Spring Texas homes when a named storm is in the Gulf? Why? Because insurance carriers do not want to take the risk that they insure your home on Tuesday and on Wednesday you submit a claim.
If a Spring Texas home buyer can not secure hazard insurance due to a named storm, the closing of the home will be delayed until the potential for damage has passed.
In the Spring Texas real estate market, buyers and sellers alike are often confused about the differences between market value, appraised value, and tax appraised value.
So let’s first start by tackling market value. The market value of a home is how much a ready, willing, and able buyer is willing to pay for the home.
The appraised value of a home is the value determined by an appraiser. If you are a buyer financing the purchase of a Spring Texas home, your lender may require the property to be appraised by an appraiser. The appraiser works for the lender and his job is to determine if the value of the home is equal to or greater than the amount that you are financing.
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