Houston Housing Market Update for Mid-July 2016

It’s a Great Time to Buy a Home in Houston!

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Houston Housing Market Update for Mid-July 2016.

Sales for the first half of this summer have been surprisingly steady. All studies for this year were pointing towards a large drop-off compared to the previous two years of sales but we have been holding our own. This is partially due to great interest rates as well as the “first-time-buyers” that have entered the market this year. We are not out of the woods yet  but if the first half is any indication, we should have a great year. Usually sales fall off after mid-July, but with increasing rents and low interest rates the outlook for the rest of the year is strong.

After the oil market crash last year Houstonians feared the worse for our housing market. Houston as usual surprised everyone. Even though other areas of the Texas market have seen a dip in sales, Houston’s housing seems to be holding its own. The “Millennials” as “first-time-buyers” have entered the housing market and with the low interest rates currently offered many of them have been able to buy despite large amounts of looming student loan debt.

Listings were up 4.7% over this time last year with the 3-month total at 37,684 listings.

Pending Sales are up 4.6% over last year and Closed Sales are up 0.2%.

The total days on market also climbed to 48 days over last year’s 45 days and the Median Sales Price grew 3.2%.

There has not been a swing to a “Buyer’s Market” as some predicted early in 2016, if anything there has been a return to a normal or “Balanced Market”. All-in-all this has been a great year for both buyers and sellers. Conditions are good for a continued strong market leading into elections at the end of the year and the affordability for housing in the Houston market has stayed much higher then numbers seen back in 2012.

Chris Schmidt’s Houston Housing Market Update for Mid-July 2016

29 Critical Questions To Ask A REALTOR Before You List

Question No. 2 “How do you approach your work?”

What you should be looking for, first and foremost, is an honest knowledgeable individual, who works full-time. One who represents a solid and reputable real estate agency, and will treat your best interests as paramount.

Length of time in the business: You need to work with someone who knows the business and is confident in this business. New agents can be hungry and may work hard for you. The danger in using an un-seasoned agent is the information they “don’t” know.

Track record of success: How many homes has this agent listed and sold? Lots of agents list homes that never sell or sit on the market for ever and sell below market, good agents sell homes quickly and for top dollar.

Previous experience: Can this agent not only get you a contract but can they get you to the closing table with little or no headache? The past experience of the agent you choose can be priceless to you.

Expertise in and knowledge of the local real estate market: Does this agent know the market he/she is working in? Are they familiar with the market trends in your area?

All of these are very important factors to consider.

 

While the right agent to market your home may not be number one in every aspect, you want to make sure that the person you hire is a well-rounded individual whom you can trust and respect as a professional. Feeling comfortable with your agent and have an open dialog with them will make your sale go much easier.

29 Critical Questions To Ask A Houston Heights and Houston’s Inner Loop Area REALTOR Before You List

Question No. 1 “Could you send me some information about yourself?”

You can often get a good idea of which agents are most professional and most committed by looking at their personal marketing materials-brochures, direct mail, listing presentation book, etc.

Call each name on your list and ask them to send out any information they can before you actually meet with them for a listing presentation. When you get the personal brochure or other materials, look them over and determine your initial impression of this person.

          Are the materials they presented professional?

If not, you might ask yourself.

         “If they don’t have the wherewithal to properly market themselves, how will they market my home?”

Also, keep track of how quickly and efficiently they respond to your request for the information. Are they friendly, helpful? Or just pushy and hungry for a listing?

Does this seem like someone you would be interested in talking with? If they aren’t organized and professional enough to respond promptly to your request to find out more about them, they’ll probably handle potential buyers for your home the same way.

If you like the way they respond to you and are impressed with the information they supply, call them and invite them to make a listing presentation to you.

          It’s always a good practice to meet with more then one potential agent before making a final decision-usually three or four.

Just make sure that you don’t meet with more then one from the same company. This could cause internal strife which would be counterproductive in marketing your home.

Each additional question you ask your potential new Realtor will allow you to get to know him\her better and determine if this is going to be someone you are going to feel comfortable working with. Not every Realtor is created equal, find one that you can get along with and trust.

 

 

29 Essential Tips That Get Houston Heights and Houston’s Inner Loop Area Homes Sold Fast
(And For Top Dollar)

Tip No. 29 Don’t deviate from the contract.

Resist the temptation to diverge from the contract. For example, if the buyer requests a move-in prior to closing, just say no. Now is not the time to take any chances of the deal falling through.

If this all sounds like a lot of work, it is. But it’s to be expected when you’re selling anything of such great value. And you’ll thank yourself for all the expense and hard work when the outcome works to your satisfaction.

Please feel free to call me if you would like further explanation on any of these topics, or if you have any real estate questions at all. I simply see my mission as striving to be as helpful as I possibly can to area home owners. I hope this special report provided you with the information you need.

This is Tip 29 of a series of 29. Watch Chris Schmidt’s blog for upcoming helpful tips on how to maximize your return on investment when you do sell your Houston and Houston’s Inner Loop Area home.

Chris Schmidt proudly serves the real estate needs of residents of Shepherd Park, Shepherd Park Plaza, Shepherd Forest, Shady Acres, Cottage Grove and Woodland Heights.

29 Essential Tips That Get Houston Heights and Houston’s Inner Loop Area Homes Sold Fast
(And For Top Dollar)

Tip No. 28 Make sure the contract is complete.

The best way to avoid problems is to make sure that all terms, costs and responsibilities are spelled out in the contract of sale. A contract should include the date it was made, the names of the parties involved in the transaction, the address of the property being sold, the purchase price, where deposit monies will be held, the date for loan approval, the date and place of closing, type of deed, any contingencies that remain to be settled, and whether there’s any personal property included (or not) in the sale, among other things.

This is Tip 28 of a series of 29. Watch Chris Schmidt’s blog for upcoming helpful tips on how to maximize your return on investment when you do sell your Houston and Houston’s Inner Loop Area home.

Chris Schmidt proudly serves the real estate needs of residents of Oak Forest, Garden Oaks, Houston Heights, Greater Heights and Timber Grove.

29 Essential Tips That Get Houston Heights and Houston’s Inner Loop Area Homes Sold Fast
(And For Top Dollar)

Tip No. 27 Don’t take a lowball offer seriously.

An unacceptably low offer should not be taken personally or seriously. Rather, it should be countered, even with the slightest of reductions in your asking price. This lets a buyer know that their first offer isn’t seen as a very serious one.

This is Tip 27 of a series of 29. Watch Chris Schmidt’s blog for upcoming helpful tips on how to maximize your return on investment when you do sell your Houston and Houston’s Inner Loop Area home.

Chris Schmidt proudly serves the real estate needs of residents of Norhill, Montrose, Midtown, Memorial, Rice Military and Spring Branch.

29 Essential Tips That Get Houston Heights and Houston’s Inner Loop Area Homes Sold Fast
(And For Top Dollar)

Tip No. 26 A really low offer may mean the buyer’s not qualified.

If you feel an offer is inadequate, now would be a good time to make sure the buyer has been qualified to carry a mortgage of the size this deal would require (if you haven’t learned this already). Ask how they arrived at their figure, then suggest their agent use comparables to establish what homes are going for in your neighborhood.

This is Tip 26 of a series of 29. Watch Chris Schmidt’s blog for upcoming helpful tips on how to maximize your return on investment when you do sell your Houston and Houston’s Inner Loop Area home.

Chris Schmidt proudly serves the real estate needs of residents of Shepherd Park, Shepherd Park Plaza, Shepherd Forest, Shady Acres, Cottage Grove and Woodland Heights.

29 Essential Tips That Get Houston Heights and Houston’s Inner Loop Area Homes Sold Fast
(And For Top Dollar)

Tip No. 25 Don’t take a low offer personally.

The first offer is invariably well below what you both know the buyer will end up paying for your property. Don’t get angry or feel insulted; evaluate the offer objectively. Make sure it spells out the offering price, adequate earnest money, amount of down payment, mortgage amount, a closing date and any special requests. Now you have a point from which you can negotiate.

This is Tip 25 of a series of 29. Watch Chris Schmidt’s blog for upcoming helpful tips on how to maximize your return on investment when you do sell your Houston and Houston’s Inner Loop Area home.

Chris Schmidt proudly serves the real estate needs of residents of Oak Forest, Garden Oaks, Houston Heights, Greater Heights and Timber Grove.

29 Essential Tips That Get Houston Heights and Houston’s Inner Loop Area Homes Sold Fast
(And For Top Dollar)

Tip No. 24 Don’t give yourself a deadline.

Forcing yourself to sell by a certain date adds unnecessary pressure and puts you at a serious disadvantage in negotiations.

This is Tip 24 of a series of 29. Watch Chris Schmidt’s blog for upcoming helpful tips on how to maximize your return on investment when you do sell your Houston and Houston’s Inner Loop Area home.

Chris Schmidt proudly serves the real estate needs of residents of Norhill, Montrose, Midtown, Memorial, Rice Military and Spring Branch.

29 Essential Tips That Get Houston Heights and Houston’s Inner Loop Area Homes Sold Fast
(And For Top Dollar)

Tip No. 23 Don’t move out before you sell.

Studies have shown that it is more difficult to sell a home that is vacant—it looks forelorn, forgotten, simply not appealing. It could even cost you thousands. If you move, you’re also telling buyers that you have a new home and are probably motivated to sell.

This is Tip 23 of a series of 29. Watch Chris Schmidt’s blog for upcoming helpful tips on how to maximize your return on investment when you do sell your Houston and Houston’s Inner Loop Area home.