What Did It Take To Sell A House In 2011?

Sale to List Discount

Here’s another way of asking the same question: How much did sellers have to come off their original list price to get the home under contract? The chart to the left says the general trend is POSITIVE, going from 9.2% discount to 8.0% in 2011. Notably, areas 16 (River Oaks, Montrose, etc…) and 23 (Memorial from 610 to Hwy 6) have come back strong. The trend in area 36 (South Katy) is neutral meaning that it has not changed much. However, sales are strong and the discount remains under 6.0%, significantly less than other areas. (Here’s a PDF if you can’t read the image at right: Discount)

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If you would like to discuss buying or selling a home in Houston, feel free to call me at 281-582-3925. You can also email me at slandreth@heritagetexas.com.

Based on information from the Houston Realtors® Information Service or its MLS for the period 1/1/2007 through 12/31/2011. © 2012 Scott Landreth

Take the Kiplinger Buyer Quizz

How smart a buyer are you? Take the Kiplinger Buyer Quiz to see how much you really know about the ins and outs of buying a house. I always say that a well informed buyer (or seller for that matter) will have a smoother and happier transaction with good results for everyone.

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If you would like to discuss buying or selling a home in Houston, feel free to call me at 281-716-5045. You can also email me at slandreth@heritagetexas.com.

2011 Roundup – Homes Under $250K – Still in Stress

Homes Sold Under $250K

Homes below $250,000 are the hardest hit segment with prices still edging down another 2.8% from 2010. Volume is leveling off up 4.6% from 2010, but down some 1,907 units or 30% from 2007. Confidence, or the lack thereof, has certainly contributed. What has hurt the most is the pendulum swing from ridiculously easy money in 2007 to excessively tight lending standards today. Overcompensation for the lax standards of the past has hurt. The numbers show it. But then, maybe we are where we need to be so that we don’t go through another crisis.

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If you would like to discuss buying or selling a home in Houston, feel free to call me at 281-582-3925. You can also email me at slandreth@heritagetexas.com.

Based on information from the Houston Realtors® Information Service or its MLS for the period 1/1/2007 through 12/31/2011. © 2012 Scott Landreth.

2011 Roundup – Homes Between $250K and $1 Million – Back To Old Levels

Homes Sales Between $250K and $1MM

Homes between $250,000 and $1 million are the sweet spot in the Houston real estate market. Although the chart shows a dramatic comeback from the 2009 trench, reality is that prices have remained relatively stable varying only a few dollars per square foot from 2007 to 2011. Units sold did hiccup between 2007 and 2009, but they are back almost to old levels increasing 7.6% from 2010. What accounts for this? Houston has a lot of high paying jobs driven by the oil and medical sectors, neither of which suffered greatly during the financial crisis. What did suffer was confidence which seems to be on the mend. This segment is strong and should stay that way.

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If you would like to discuss buying or selling a home in Houston, feel free to call me at 281-582-3925. You can also email me at slandreth@heritagetexas.com.

Based on information from the Houston Realtors® Information Service or its MLS for the period 1/1/2007 through 12/31/2011. © 2012 Scott Landreth.

2011 Roundup – Million Dollar Homes – Coming Back

Homes Over $1MM

Homes Over a Million: These properties have started to fly off the market probably due to a pent-up demand that is being released by a more confident economy. Prices have gone up 5.4% while unit volume has increased 17.9% from 2010. Buyers and sellers in this market usually have options, financial and otherwise, meaning they do not have to sell into a bad market. Since I believe the corner has been turned evidenced by an overall upturn, 2012 should be a great year for the upper end of the housing market in Houston.

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If you would like to discuss buying or selling a home in Houston, feel free to call me at 281-582-3925. You can also email me at slandreth@heritagetexas.com.

Based on information from the Houston Realtors® Information Service or its MLS for the period 1/1/2007 through 12/31/2011. © 2012 Scott Landreth.

2011 Roundup — Mild Recovery

Total Closed Sales and $/SF

8,859 homes changed hands in 2011 in the coverage area, up from 8,314 in 2010. This represents a 6.6% increase year on year. The corner has been turned after a three year steady decline. Prices have gone up as well, though not as much at 1.6%. All this is good, but how does it break out by price point and area? I’ll take a look at that in the next post.

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If you would like to discuss buying or selling a home in Houston, feel free to call me at 281-582-3925. You can also email me at slandreth@heritagetexas.com.

Based on information from the Houston Realtors® Information Service or its MLS for the period 1/1/2007 through 12/31/2011. © 2012 Scott Landreth.

Crass Commercialism At Work

All my friends say I should do this – blow my own horn, that is. So here it is, my name emblazoned on our sign at the Memorial office. Things are looking good in the market. Open houses are getting lots of traffic and houses are not lasting long. If you have been contemplating selling for a while, now is the time to do it. Not kidding here.

One of the closings contributing to my February was a listing in Briargrove Park which sold in less than a day for a significant amount over the list price. Did we underprice it? Not a chance given that it was not updated. It was just a good house at a fair price. The Sunday open house attracted over seventy people. I couldn’t keep track of them all. I had two contracts by the end of the day and a third one the next morning.

This is happening all over town. The pent-up demand is palpable. I will be getting new stats very shortly. Stay tuned.

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If you would like to talk about your situation, buying or selling, please don’t hesitate to call me at 281-582-3925. I will get back to you as quickly as I can if I am not there. You can also email me at slandreth@heritagetexas.com

© 2012 Scott Landreth