February Single-Family Homes Sales UP 5%

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Houston single-family home sales in February closed 5% ahead of February 2017.  The increase in sales brought year-to-date sales to 7%.  Houston single-family home sales YTD are giving validity to many economists’ predictions that 2018 would be the best year yet in Houston residential sales.  Stayed tuned and we’ll keep you posted!

Here’s a glance at the trends for the month and year:

*Pending sales are homes that are under contract and have not closed and indicate current buyer demand.

What we’re seeing in the first two months of the year is an increase in buyer demand in both closed sales and pending contracts.  There is also a cooling of average sales price and a flattening of inventory.  For housing affordability sake, a cooling of average sales price is a good thing yet, it can’t stay flat for long if listings don’t increase.

 

Houston Home Sales by Price Class for 2018

What price ranges had the most amount of increased sales in Houston in February? The following price classes experienced the largest increase in sales over February 2016:

  1. $750,000-$999,999     up 24%
  2. $500,000-$749,999     up 17%
  3. $70,000-$99,999         up 14%
  4. $200,000 – $249,999   up 14%
  5. $300,000 – $399,999   up 11%

Keep in mind that homes priced below $500,000 are in a sellers’ market with at least less than 5.6 months of inventory.  Example:  Homes priced below $100,000 have less than 2 months of inventory.  Homes priced above $500,000 are in a buyers’ market with 6.8 months of inventory or more.  Months of Inventory is a statistic used to express how long it will take to deplete the inventory if no new homes come on the market.

The Houston overall market is so large; it rarely reflects the same trends as a submarket area located within its boundaries.  Some areas are exceeding Houston’s overall growth in sales while others are lagging behind.  For a breakdown of activity by area with a map, CLICK HERE.

To see the hottest selling geographical areas for the month in Houston, CLICK HERE.

To search for homes by price range and map, go to www.GaryGreene.com.

Data provided by the Houston Association of Realtors® Information Services™, and The Real Estate Center for Texas A&M and written by Toni Nelson, Director of Strategic Initiatives for Better Homes and Gardens Real Estate

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Better Homes and Gardens Real Estate Gary Greene Expands Presence in Texas Gulf Coast with Plans to Open League City Office

HOUSTON, Feb. 26, 2018 /PRNewswire/ — Better Homes and Gardens® Real Estate Gary Greene (“Gary Greene” or the “Company”), Houston’s longest-standing real estate firm, today announced plans to open a new office in League City during the second quarter of 2018.  The new office will be located at the Marketplace at Ninety-Six.

Gary Greene’s new League City office will focus on the growing residential properties being developed in and around the area.  Together with Gary Greene’s Galveston and Bay Area offices, the new League City office will close the loop from the bay to the Gulf Coast when it opens in late May and will serve the needs of buyers and sellers in this vast residential real estate market.

“We’re also looking to add new and experienced agents in this market along with our other markets,” Marilyn Eiland, Co-Managing Partner of Gary Greene said. “There are nearly 200 agents in the area currently and more than 1,100 agents companywide.”

With the opening of the new League City office, the Company plans to consolidate agents from its Tiki Island office to either the office in Galveston Island or League City.

Gary Greene has been serving Texas Gulf Coast clients since 1980.  Tiki Island is an important part of the Gary Greene family and agents who live and work on the island will continue to serve their clients seamlessly from the Galveston Island office.

“Our plans to open an office in League City have been part of our long-term growth strategy and with our Bay Area and Galveston Island offices we can cover the entire market from inland to the bay ending at the coast,” said Mark Woodroof, Co-Managing Partner of Gary Greene. “One of the most fascinating things is all of the neighborhoods that have emerged over the last few years. It’s really consistent with where we see urbanization going and mixed-use environments with access to employment, great schools and lifestyle.”

About Better Homes and Gardens Real Estate Gary Greene
Better Homes and Gardens Real Estate Gary Greene has represented buyers and sellers of residential properties since 1963.  Today, with 21 offices, and over 1,100 agents covering 10 counties across the Houston metropolitan area, Gary Greene lists and sells more homes and generates higher sales volumes than any other Houstonbroker. To learn more about the company visit www.GaryGreene.com.

The company also specializes in the relocation of buyers and sellers nationally and internationally as a principal broker in the Cartus Network, the industry leader in global mobility. Gary Greene offers the convenience of an in-house residential mortgage loan originator, insurance and title services, preferred electricity rates with Reliant Energy and home warranty protection plans.

For More Information Contact:
Better Homes and Garden Real Estate Gary Greene
Shari L. Mattern, Director of Marketing and Communications
Tel: 1.832.295.4172  l  Email: shari.mattern@garygreene.com

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House Hunting is Like Playing Detective

The joys of house hunting makes you feel like shopping right! Except in buying a home you want to know everything about it, all the secrets, what’s in the closet or behind the door? When you find the house you really start digging and it can be really strange. To start with forget about feeling weird, it’s smart to do your investigation upfront to avoid hidden issues on the backend.

Here are somethings you really must do:

Poke Around the Closets

You need to make sure there is enough room for all of your belongings. So opening all closets and storage areas to make sure there is enough space for all of your items.

Bathe in Bathroom

Spend more than a minute in the bathroom. Make sure all of the plumbing works and turn on the faucets to check the water pressure. Low pressure can indicate problems with the plumbing.

Stick Your Head in the Attic

Give the attic a thorough investigation and come prepared with a flashlight. You will want to look for molding wood. Your hope is the attic generally clean.

Meet the Neighbors

The best way to get to know the neighborhood directly is by talking to the actual neighbors. You will hopefully get valuable information about the area and learn more about your “potential” next door neighbor.

Investigator and Inspector

Whatever you discover during your sleuthing, you should follow up on whatever makes you suspicious. Public records often make this job easy.

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Don’t Let Closing Costs Take You By Surprise!


When you start your home search it is like the start of a race and you don’t cross the finish line until you have “closed.” Seems easy right, you show up, sign some papers and they hand you the keys to your new home. You need to keep in mind that in addition to the down payment, moving cost, inspections and other items that come up before the closing you need to have a bit of money set aside for any cost that might come up at closing.

CLOSING FEES
This includes all the “paperwork fees” required to close the loan—like title services, title insurance, credit reports, and processing fees.

APPRAISAL
Your mortgage lender will probably ask you to pay for an appraisal to make sure that the house is worth what you paid for it.

PROPERTY TAXES
You will be required to pay taxes each year on your home. Many lenders roll into your monthly mortgage payment or you can pay separately.

PRIVATE MORTGAGE INSURANCE (PMI)
Required if your initial down payment is less than 20% of the home’s price, you will be required to carry private mortgage insurance (PMI) to protect the lender.

INSURANCE
You will also be required to have a homeowner’s insurance policy to cover your house (and personal belongings).

ESCROW
Escrow accounts also known as “prepaids” will usually include pro-rated amount to cover payments for property taxes, assessments, homeowners insurance and, if applicable, mortgage insurance.

HOA DUES
Buying a townhome, condo or highrise will mean becoming a member of a homeowners association (HOA). HOA’s require you to pay their monthly (or yearly) dues for services they provide. Fees can be as low as $10.00 a month to $1,000 or higher depending on where you live.

REPAIRS
Most homeowners end up making at least a few repairs to their new home (even if it’s brand new). Budget a few hundred dollars to cover any move-in emergencies that pop up.

UTILITY DEPOSITS
Finally, don’t forget that you’ll need to transfer utilities—or start services with a new company, which may require a deposit.

For advice or assistance ask a Gary Greene agent.

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Houston: January Single-Family Home Sales Increase 9% over 2017

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Anyone concerned about the volatility of the stock market should consider investing in residential real estate in Houston, Texas!  The first month of the year started out with a 9% increase in sales and a 7% increase in dollar volume sold. The average sales price was down 2% from last year however median price is up 4%.

All metrics for residential real estate indicate a healthy start for 2018 as can be seen in the graph below.  Most economists with a pulse on Houston real estate believe that 2018 will be one of the best residential real estate years we’ve ever seen.

Here’s a glance at the trends for the month and year:

*Pending sales are homes that are under contract and have not closed and indicate current buyer demand.

Houston Home Sales by Price Cohort for 2018 

What price ranges have the largest increase in January home sales in Houston in comparison to last year? The following price cohorts experienced the largest increase compared to 2017:

Based on the entire spectrum of Houston price cohorts in the table above, homes priced $499,999 and below are in a sellers’ market.  Homes priced $500,000 and above are in a buyers’ market. You can see the difference in time on the market under “Months’ of Inventory”.  Months’ of Inventory is a figure indicating [at the current rate of sale and with no new homes coming on the market] – how long it would take a home to sell in a specific price range.  Generally, 6 months is a balanced market [neither buyer  nor seller has the market advantage], a sellers’ market is below 6 months and a buyers’ market is above 6 months.

The Houston overall market is so large; it rarely reflects the same trends as a submarket area located within its boundaries.  Some areas are exceeding Houston’s overall growth in sales while others are lagging behind.  For a breakdown of activity by area with a map, CLICK HERE.

To see the hottest selling geographical areas for the month in Houston, CLICK HERE.

To search for homes by price range and map, go to www.GaryGreene.com.

Data provided by the Houston Association of Realtors® Information Services™, and The Real Estate Center for Texas A&M and written by Toni Nelson, Director of Strategic Initiatives for Better Homes and Gardens Real Estate Gary Greene

 

 

 

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