Houston Market Update 2013

I get asked at least once a week about what’s happening in the Houston market. Our market is hot right now with the energy industry creating new jobs and a demand for homes. I expect us to be in a sellers market at least for the next 6-12 months.

The rate of sales has also increased by 14 percent from August of last year. Condo sales are up 30 percent. The average sold price is up 11 percent from last year.

We have seen a surge in buyer activity since the increase in interest rates. Buyers are trying to lock in the lowest rate.

Now is the time to buy and sell. If you wait the cost of building materials will increase, as well as interest rates. The average days on market is 100 days, so if you need to move in three months, make your move now!

Top 10 Reasons Your Home Isn’t Selling

I get asked all the time ‘why isn’t my home selling?’ I have 10 common mistakes sellers make when it comes time to sell their home.

1. Overpricing -  Sellers will tell me how much they think their home should sell for, but it’s important to have an agent who can run comparables. This way you can choose a reasonable price that reflects the current market. 
2. Showings - Most showings occur in the first 10 days. If there aren’t any showings, it means your price is too high. Price should be dropped after two weeks.
3. Dark and dirty rooms - When you show your home, make sure it’s spotless. Open the blinds and replace all your light fixtures. A bright clean home sells.
4. Pet odors - If your home smells, it won’t sell. Put air fresheners in your home and clean out the litter box.
5. Clutter - When a buyer looks at your home they want to imagine their furniture in it. That can be difficult if the space is overcrowded. 
6. Personal photos - Remove personal photos from your home. Again, the buyer wants to imagine living in the home, not seeing pictures of your grandkids or vacation.
7. Rescheduling appointments - You’d be surprised at how many times a buying agent has to reschedule an appointment because the timing inconveniences the seller. Buyers will move on.
8. Showing by appointment only - Again, buyers will move on. Don’t make it so difficult to see your home! 
9. Full price required - Whether you are on the buying or selling side you want to get a good deal.
10. Deferred maintenance - Keep up the repairs! 

These are 10 common mistakes sellers make that can prevent their home from selling. If you have any questions, please give me a call!

Thanks for watching!

Houston Home Sales Increasing

Welcome everyone to “What’s Happening in Houston Real Estate.”  The Houston market is on fire with record sales and tight inventory. The number of sales in May of 2013 rose 28% from May of 2012. Over 7,500 contracts closed and the average home price increased by 9%.  May marked the 24th consecutive months that home sale price has increased!

The monthly inventory dropped to just 3.3 months; the ‘normal’ inventory is six months! We continue to see multiple offers on homes, many of which are over list price. We are even seeing lots of cash offers.

Everyone asks, ‘are we in a bubble?’ The answer is no, we really are experiencing a huge lack of supply.  It will take about 18-24 months to even out.  That’s how long it takes to develop land and attractive lots.

The Houston economy experienced an increase of more than 105,000 jobs last year and the Houston population is expected to increase by 100,000 this year! We are seeing builders scrambling to build homes to meet the new demand in the suburbs.

We hope this information was helpful to you!  Thanks so much for watching and I hope  you watch next time!