Area Real Estate Market Update – November 2014

New TEA Changes the Rating System for Public Schools

The State says 85% of Texas schools meeting standards. Are they meeting yours?”

The quality of schools in the area affects not only home values but also your family. It’s important to find accurate information about prospective schools, which is why I want to provide you with the resources to make the right choice for your family. Follow this link to see an article further discussing the new Public School Assessment system in Texas bit.ly/1thlSaD. Also, see my website for more school information resources at http://www.lernerrealtysolutions.com/school-info.asp

Here are the latest statistics for the area real estate market comparing –

October 2013 to October 2014

  • Average Sales Price: $224,877 to $255,467 Up 13.6%
  • Number of homes for sale: Down 18.6%
  • Number of homes under contract: Up 17.7%
  • Days on Market: 45 to 38, Down 15.3%

Home Prices

Again home prices have risen, up 13.6% from October 2013 to October 2014. But, there has been a slowdown in the number of buyers since the summer buying season. However, the number of buyers is obviously greater, shown by the homes under contract up a whopping 17.7% from a year ago.

Mortgage Rates

Rates have climbed a ¼% since last month to 4.25% on a 30 year conventional loan. Loan Office Greg White with Service First Mortgage said in his latest newsletter today,

“The Fed should not be raising interest rates, and yet they don’t want to be at zero. They’re in a conundrum, they might raise rates just to see what happens.

Oil prices could  go even lower than they already have this year. Oil markets are in the second part of the cycle where prices will drop because producers are getting squeezed after oil settled below $80.

Production will see an increase  by countries that depend on oil revenue, creating a “vicious cycle” for the commodity’s price. $70 is the line in the sand for West Texas Intermediate. Any drop below that level will lead to a significant fall in price.

With an oil price around $75, that  would suggest that the consumer price index should probably be near zero, meaning that there is no inflation in the economy.”

I think the Feds would like to see inflation and raise interest rates so they can begin paying down the national debt with cheaper dollars. But, how soon could this be done without risk to our still recovering economy? In the meantime, Houston is still on the “Boom track,” with over 120,000 jobs created in the past year. That is the highest number I have seen since watching this indicator for the past 2 years.

What this means to you if you plan to buy or sell your home:

Sellers

This is an amazing time to sell your home. Prices are up, inventor is low, not a usual market for the fall season.

Call me to get a free, no obligation price evaluation at (281) 437-5044. I can advise you on how to add value to your home without spending a lot of money. Call me first before you start a new project on your home!

Buyers and New Home Market

With interest rates still at historic lows, and anticipation that they will be raised sometime next year, this is a great time to buy. There are home owners ready to deal so they can be moved by the end of the year.

New Homes – Builders are offering incentives on prices, upgrades, etc, right now so they can get homes sold by the end of the year. Call me to find the right bargain for you or someone you know. I am here to help negotiate the best terms on the home you want!

Feel free to forward this info to others you know who are interested in the area market!

I would appreciate it very much if you would “Like” my Lerner Realty Solutions page on Facebook at https://www.facebook.com/pages/Susan-Lerner-Lerner-Realty-Solutions/101282903288791
Thanks.
Also, see my updates and shared Real Estate articles by visiting my blog at http://susanlerner.ur1agent.com/

 

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>