This Week In Houston Real Estate: 10/16/08
Market analysis reports for Houston real estate cannot present a great picture at the current time when you take in the fact that on top of the current financial crisis and Hurricane Ike have taken their toll on us. HAR had released a statement to the press that the number of homes destroyed or damaged by the hurricane will have effects on the real estate market for some time to come. Looking at some market analysis reports from some sites this week will show you that maybe some areas are not that bad (or at least there are ways to deal with the current market).
What is happening with home sales in South Katy? Robert Gilbert discusses the “Hotness” rating, and how it shows that this area is doing well. He defines the rating by the following statement:
This specific "Hotness" rating refers to the number of pending sales ( buyer demand) that occurred during a given month in relation to its active inventory ( homes currently on the market for sale).
Jill Wente deals with the effects of the hurricane in her market analysis of Spring Texas. The statement which struck home to me was about sellers not accepting low ball offers. Having been involved in some transactions on the sellers side recently, I saw buyers demand $20,000 off when the original offering price was already $20,000 off of asking. They were honestly surprised when the sellers had refused. Another buyer came back with a lower offer claiming it a better deal for the seller, when the seller had informed them that they would not go lower than a certain amount. These buyers were also shocked that they did not succeed. I think their Realtors should have better informed them through the negotiation process.
Jeremy Williams demonstrates how his firm uses the number of months it will take to deplete inventory of homes to develop a sales price for a home in his north east area of Houston. He goes through some typical home prices for this part of town.
Here is a quick report referencing an article in Bizjournals from Houston Real Estate Daily on the fact that Freddie Mac is holding off on foreclosure sales due to Hurricane Ike.
Paloma Contreras gives us the scoop on an issue related to Houston real estate: the new GPA calculations for our area schools. Real estate professionals frequently watch what is happening in area schools (as well as participating in area schools), because we know that this is an important factor to many buyers. I have known people to move from one part of town to another just so their children will attend certain schools. This post focuses on KatyISD.
Well, there are a few of the best posts dealing directly with Houston Real Estate for this past week. Now I need to go and check how much money I lost in stocks to see if I can afford that new investment property still :).
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