Houston Real Estate update for the year 2011

December marks the seventh consecutive month of increased home sales; 2011 bests 2010 in sales volume and pricing

HOUSTON — (January 17, 2012) — After several months in which home sales figures were skewed by the effects of the 2010 homebuyer tax credit, the Houston real estate market concluded 2011 solidly in the black. December marked the seventh straight month of increased home sales and the month contained a host of indicators suggesting a healthy start to the new year. Prices of single-family homes across Greater Houston for full-year 2011 were up slightly from 2010. The median price reached an all-time high for a December in Houston and months inventory hit its lowest level in two years.

According to the latest monthly data compiled by the Houston Association of REALTORS® (HAR), December sales of single-family homes throughout the Houston market climbed 7.2 percent when compared to December 2010. Positive sales activity was recorded in every segment of the housing market except the luxury segment—those homes priced from $500,000 and above—which was unchanged year-over-year.

The average price of a single-family home was statistically flat at $219,791 compared to December 2010 while the December single-family home median price—the figure at which half of the homes sold for more and half sold for less—rose 1.9 percent from one year earlier to $160,000.

Foreclosure property sales reported in the Multiple Listing Service (MLS) increased 6.1 percent in December compared to December 2010. Foreclosures comprised 20.5 percent of all property sales, remaining consistent with the levels they maintained for much of 2011. December’s median price of foreclosures held steady on a year-over-year basis at $82,550.

December sales of all property types in Houston totaled 5,460, up 6.6 percent compared to December 2010. Total dollar volume for properties sold during the month increased 7.5 percent year-over-year to $1.16 billion. On an annualized basis, sales of all property types were up 4.3 percent compared to 2010 levels while total dollar volume rose 5.2 percent to $13 billion.

“2011 ended on a very promising note,” said Wayne A. Stroman, HAR chairman and President/CEO of Stroman Realty.”"We spent a good part of the year struggling to accurately gauge the market because we were comparing to accelerated sales in 2010 that resulted from the homebuyer tax credit. Once we distanced ourselves from that period, we saw clear indications of a healthy market with a balanced supply of housing inventory and strong pricing—conditions that put Houston in an enviable position compared to many housing markets around the country. The key to sustaining that positive momentum in 2012 will be continued improvement in Houston’s employment numbers.”

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This information was posted by the Houston Association of Realtors

Design and construct quality is what makes a house the home of your dreams. Making those choices can be daunting, but certainly does not have to be. Where do you start when picking a Builder and Architect that meets your needs, sees your vision, and can create the home of your dreams? You start with a Realtor who is an expert in both your neighborhood and in new construction.

Realtors can offer much experience in guiding you to a perfect location and can share with you their knowledge on who is building in that area. The first step in this journey is sitting down with your Realtor and discussing where you want to build and the style and size of your desired home. A Realtor who is an area expert can save you a great deal of time, money and heartache in this process. She can help you with your budgeting to know what you can realistically expect along the way. She can also point you toward the Builder who is best at building the style of house that you want and the Architect who can best design it. These two folks should not be chosen independently of one another. You will generally have the best results by working with a Builder and Architect who have worked together before. The Builder can also work with you and the Architect during the design process in order to keep the build cost within your budget. There is no sense in designing space and features that are outside of your budget and then paying the Architect to change it.

It can be tempting to try to cut corners in this process to keep costs down. The risk is that you may spend more money in the long run by having to revise plans, fix mistakes, and then there are the dreaded “change order” which can rack up considerable penalties and extra cost. Worse than missing your budget, you might not get the house you wanted.

It takes a team effort to make your vision become a reality. A Realtor who is an expert in your neighborhood and an expert with new construction is the coordinator of that team (or the Quarterback for you sports fans). Your Realtor will coordinate, Builder, Architect and Interior Designer, help you navigate negotiations and contracts. An additional critical service that your Realtor will provide is assistance in making sure that your plans are created with an eye for resale. Chances are good that no matter how much you love your home, you will want to sell it one day. You don’t want the space or the finishes to be so tailored to your preferences that it will make it difficult for someone else to call home. Architects and Builders are not as in tune with what buyers are looking for in a home, so their inclination is simply to design the home as you envision it and not with that eye for resale.

At Circa Real Estate, we have assisted many homeowners embark on this journey. We can help your vision become a reality. Contact us if you are interested in building your dream home or would just like more information on building a home. We are happy to talk with you about your desired project and give you a complimentary copy of The Greater Houston Builder’s Association Guide to Custom Building and Renovation.

Houston temperatures finally cooled a bit in September, but home sales remained hot. Sales of single-family homes climbed nearly 17 percent when compared to one year earlier and accounted for the fourth consecutive month of increased sales volume. The prices of those homes achieved all-time highs for a September in Houston. In addition, months inventory fell to the lowest level since May 2010 while pending sales rose and active listings declined. All are considered signs of a healthy and balanced housing market as the fall season gets underway.
According to the latest monthly data prepared by the Houston Association of Realtors (HAR), September sales of single-family homes rose 16.9 percent versus one year earlier. This increase followed home sales gains recorded in January, June, July and August of this year. All segments of the housing market, from the sub-$80,000 to the $500,000 and above, experienced positive sales in September. On a year-to-date basis, sales were up 3.2 percent.
“The combination of increased closed and pending sales, fewer active listings and strong pricing suggests that we are entering the fall home buying season on strong footing,” said Carlos P. Bujosa, HAR chairman and VP at Transwestern. “HAR’s September report shows rebalanced supply and demand throughout the Houston housing market with diminishing traces of the distortions caused by last year’s federal home buyer tax credit.”
The average price of a single-family home ticked up 0.4 percent from September 2010 to $213,334, the highest level for a September in Houston. The September single-family home median price—the figure at which half of the homes sold for more and half sold for less—also reached a September high for the market, rising 1.6 percent to $157,500.
Foreclosure property sales reported in the Multiple Listing Service (MLS) increased 2.4 percent year-over-year in September. Foreclosures comprised 19.4 percent of all property sales, which is consistent with the levels it has maintained each month since May when it was more than 22 percent. The median price of foreclosures in September was flat at $81,900.
September sales of all property types in Houston totaled 5,469, up 15.9 percent compared to September 2010. Total dollar volume for properties sold during the month jumped 16.0 percent to $1.1 billion versus $962 million one year earlier.

Source: Houston Association of Realtors

Make sure you stop by and check us out! We have a few new listings and some great custom homes!

This press release just came out from Houston Association of Realtors

Houston Home Sales for September

HOUSTON-AREA HOME SALES RISE FOR A FOURTH STRAIGHT MONTH
Average and median prices reach September highs; market on “strong footing”
HOUSTON — (October 18, 2011) — Houston temperatures finally cooled a bit in September, but home sales remained hot. Sales of single-family homes climbed nearly 17 percent when compared to one year earlier and accounted for the fourth consecutive month of increased sales volume. The prices of those homes achieved all-time highs for a September in Houston. In addition, months inventory fell to the lowest level since May 2010 while pending sales rose and active listings declined. All are considered signs of a healthy and balanced housing market as the fall season gets underway.
According to the latest monthly data prepared by the Houston Association of REALTORS® (HAR), September sales of single-family homes rose 16.9 percent versus one year earlier. This increase followed home sales gains recorded in January, June, July and August of this year. All segments of the housing market, from the sub-$80,000 to the $500,000 and above, experienced positive sales in September. On a year-to-date basis, sales were up 3.2 percent.
“The combination of increased closed and pending sales, fewer active listings and strong pricing suggests that we are entering the fall home buying season on strong footing,” said Carlos P. Bujosa, HAR chairman and VP at Transwestern. “HAR’s September report shows rebalanced supply and demand throughout the Houston housing market with diminishing traces of the distortions caused by last year’s federal home buyer tax credit.”
The average price of a single-family home ticked up 0.4 percent from September 2010 to $213,334, the highest level for a September in Houston. The September single-family home median price—the figure at which half of the homes sold for more and half sold for less—also reached a September high for the market, rising 1.6 percent to $157,500.
Foreclosure property sales reported in the Multiple Listing Service (MLS) increased 2.4 percent year-over-year in September. Foreclosures comprised 19.4 percent of all property sales, which is consistent with the levels it has maintained each month since May when it was more than 22 percent. The median price of foreclosures in September was flat at $81,900.
September sales of all property types in Houston totaled 5,469, up 15.9 percent compared to September 2010. Total dollar volume for properties sold during the month jumped 16.0 percent to $1.1 billion versus $962 million one year earlier.

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Molly’s Mutt House in the Heights is having their annual Mottoberfest. The Mutt House offers a fun, clean environment for your pooch to stay, play and exercise. We are different in that we focus on the complete dog. We want to educate you in all natural ways to care for your pet and ensure you make informed decisions on nutrition, vaccinations, training, obedience and day to day care of your companion.

Are you selling your home? Then you should know what — or whom — you’re dealing with, advises Michael Corbett, the author of “Find It, Fix It, Flip It!” and the new “Ready, Set, Sold!” guide to selling a home.
Most buyers fall into one of three categories, he says. You’ll find buyers searching for a dream home, buyers looking for a great home at a fair price and buyers scouring for the next bargain.
The dream-home searchers will probably pay full price if they find the place they want. The great-home shoppers aren’t going to offer full price but will be especially willing to negotiate. The bargain hunters? They thrive on finding the best price and may be looking for a fixer-upper.
If your house is priced correctly and is in good shape, you probably won’t encounter the bargain hunter. But you will find three types of buyers among dream-home and great-home shoppers that aren’t going to serve your bottom line. These are the buyers you want to avoid, warns Corbett:
The Zero-Percent Down Buyer
If your home is setting a selling-price high mark for comparable homes “a mortgage company might find it challenging to appraise your house for buyers with little or no money down,” writes Corbett. “You’ll have to put your house back on the market again when your buyer’s mortgage request falls through.”
The Bully Buyer
Nobody likes a bully and chances are you’re not going to like this type of buyer either. You will be inundated with a list of things that are wrong with the house — all while presenting an offer. The inspection process? It will be a nightmare. If you detect a bully, move on. “This bully approach is a prelude to endless negotiations, and his or her trying to obtain concessions by nitpicking on the disclosure and the inspection.”
The Sight-Unseen Buyer
You may get an offer from someone who has only seen photos of your house. But that can signal a trick up the sleeve. No one is going to buy a house without seeing it — this buyer just wants to tie up your house to take it off the market and make a decision later.
Source: Realtor.com

For more information read Mary’s Ezine for more facts and tips on selling your home

According to the most recent Texas Quarterly Housing Report, the effects of last year’s federal homebuyer tax credits continued to linger for the Texas real estate market in the second quarter of 2011. As described in the report, the volume of single family home sales was 58,795, 12 percent less than the same quarter of the prior year during which sales volumes were bolstered by expiring homebuyer tax credits.
Dwight Hale, chairman of the Texas Association of Realtors, commented on the results, “Though statewide sales volume was down compared to 2010, when the tax credits were having the biggest impact on our market, we™re right on pace with the second quarter of 2009. In addition, Texas has dominated national headlines for economic strength, which makes it clear the recovery continues in our state.” Jim Gaines, Ph.D., an economist with the Real Estate Center at Texas A&M University, also commented on the results, “Given the impact of last year’s tax credits, I’m not surprised to see fewer sales this quarter compared to last year. If anything, I’m surprised to see that sales volumes didn’t lag further behind 2010.” Real estate prices during the second quarter of 2011 indicate strength in the Texas market. The median price was $150,400, one percent higher than the same quarter of 2010. The average price in 2011-Q2 was $201,288, 4.6 percent higher than 2010-Q2. Gaines explained, “The increase in the average price of Texas homes indicates more activity among higher priced homes. Buyers of higher priced homes have been less impacted by tightened mortgage lending standards and real estate has been an attractive investment vehicle due to instability in other investments, such as securities.” He continued, “It’s also important to note that Texas’s price stability is in sharp contrast to many other parts of the country that have seen steep drop-offs in both median and average price.” Another important market indicator is the inventory of homes available for sale compared with the demand to buy homes. Measured in months, Texas had 8.1 months of inventory in the second quarter of 2011 compared to 7.2 months in Q2-2010. That’s 12.5 percent longer “ or just less than 30 days of additional inventory “ compared to the same time period last year.
As Gaines explained, several factors contribute to this change. “Based on how this figure is calculated, estimates of demand for real estate have been impacted by last year’s tax credits. In addition, additional inventory is entering some markets as banks resume foreclosure proceedings previously delayed by investigations into robo-signing. In general, our inventory is only slightly beyond what we consider to be a balanced market.” Gaines also commented on overall trends in the report, “More than in past quarters, we see a lot of variability among the 47 Texas markets included in this report. In general, markets that saw the greatest increases in sales volume when the tax credit was available are the same markets now seeing the greatest decreases after its expiration. As always, it™s important for buyers to evaluate their own local market and even their own submarket “ down to the neighborhood level, in many cases “ to make informed buying and selling decisions.” Source: Texas Association of Realtors

According to the most recent Texas Quarterly Housing Report, the effects of last year’s federal homebuyer tax credits continued to linger for the Texas real estate market in the second quarter of 2011. As described in the report, the volume of single family home sales was 58,795, 12 percent less than the same quarter of the prior year during which sales volumes were bolstered by expiring homebuyer tax credits.
Dwight Hale, chairman of the Texas Association of Realtors, commented on the results, “Though statewide sales volume was down compared to 2010, when the tax credits were having the biggest impact on our market, we™re right on pace with the second quarter of 2009. In addition, Texas has dominated national headlines for economic strength, which makes it clear the recovery continues in our state.” Jim Gaines, Ph.D., an economist with the Real Estate Center at Texas A&M University, also commented on the results, “Given the impact of last year’s tax credits, I’m not surprised to see fewer sales this quarter compared to last year. If anything, I’m surprised to see that sales volumes didn’t lag further behind 2010.” Real estate prices during the second quarter of 2011 indicate strength in the Texas market. The median price was $150,400, one percent higher than the same quarter of 2010. The average price in 2011-Q2 was $201,288, 4.6 percent higher than 2010-Q2. Gaines explained, “The increase in the average price of Texas homes indicates more activity among higher priced homes. Buyers of higher priced homes have been less impacted by tightened mortgage lending standards and real estate has been an attractive investment vehicle due to instability in other investments, such as securities.” He continued, “It’s also important to note that Texas’s price stability is in sharp contrast to many other parts of the country that have seen steep drop-offs in both median and average price.” Another important market indicator is the inventory of homes available for sale compared with the demand to buy homes. Measured in months, Texas had 8.1 months of inventory in the second quarter of 2011 compared to 7.2 months in Q2-2010. That’s 12.5 percent longer “ or just less than 30 days of additional inventory “ compared to the same time period last year.
As Gaines explained, several factors contribute to this change. “Based on how this figure is calculated, estimates of demand for real estate have been impacted by last year’s tax credits. In addition, additional inventory is entering some markets as banks resume foreclosure proceedings previously delayed by investigations into robo-signing. In general, our inventory is only slightly beyond what we consider to be a balanced market.” Gaines also commented on overall trends in the report, “More than in past quarters, we see a lot of variability among the 47 Texas markets included in this report. In general, markets that saw the greatest increases in sales volume when the tax credit was available are the same markets now seeing the greatest decreases after its expiration. As always, it™s important for buyers to evaluate their own local market and even their own submarket “ down to the neighborhood level, in many cases “ to make informed buying and selling decisions.” Source: Texas Association of Realtors

What do you get when you compare seasonal summer home buying in a single month to the same month a year earlier shortly after a home buyer tax credit expired? If it’s July 2011 in Houston, Texas, it’s a nearly 17 percent increase in home sales. Last year’s third quarter slowdown in home sales continues to make this year’s generally “typical” real estate activity appear slightly more positive than it otherwise would be considered. July marked the third time in 2011 that sales volume entered positive territory. It also saw the average price of a single-family home reach its highest level for a July in Houston.