Real estate is LOCAL and its fairing better in some cities than in others. The Long Beach CA real estate market is different than the Hoboken NJ real estate market which is different than the Houston TX market which is different than the Katy TX market which is different than the Spring TX real estate market.
Anyway you get the picture. Real estate is LOCAL.
The only real estate market that I am going to discuss is the Spring Texas real estate market because that’s the one I know.
The interruption caused by Hurricane IKE skews our September numbers. Thus comparing September 2008 to September 2007 does not provide an accurate picture.
Instead I am comparing September 2008 YTD to September 2007 YTD which in my opinion is a better representation of what is going on in the Spring Texas real estate market.
Yes, we have seen fewer sales of Spring Texas homes in 2008 vs 2007. But the quantity of sales is NOT as CRITICAL as what is happening with our home prices. Home prices are holding steady with only a small decrease. Since home prices are holding steady, sellers are not feeling pressure to accept LOW BALL offers as represented in the sales price to list price ratio of 97%.
If you are looking to buy a home now is the time. With 6.8 months of inventory, buyers have the upper hand in negotiations causing sellers to be more reasonable on purchase terms. Money is still available and lenders are looking to lend. Interest rates are still reasonable with FHA rates hovering around 5.5% – 6.0%. Since home prices are holding steady, buyers do not have to be overly concerned with purchasing a home today that is worth considerably less tomorrow.
If you are thinking about selling your Spring Texas home, contact Jill Wente at 281.804.8626. If you are considering purchasing Spring TX real estate, please contact Jill Wente & Company and we will guide you through the entire home buying process.
The data represented is from the Houston Association of Realtors MLS for Area 13. Area 13 covers the geographic boundaries of East – I45 to West – Hwy 249 to South – Beltway 8 to North – Spring Cypress.
Jill was phenomenal during every step of selling my father's home. This process was extremely difficult for me, as... read moreJill was phenomenal during every step of selling my father's home. This process was extremely difficult for me, as my father passed away last year. Jill listened to EVERY story I had, and there were a lot of them! She allowed me to share the memories of the house, which helped me prepare to let it go.She is very knowledgeable in what to and what not to do in regards to getting the home ready to sell, what to tackle during the negotiation process and she made the closing extremely convenient. She was thoughtful enough to place the "sold" sign on the property a week in advance, to allow me time to process it all. Paying constant attention to what is happening around your listing is one of JIll's many strengths. Her goal is to get you the most money for your property, and she has different strategies to that end result. I not only gained a new realtor, but in JIll, I also gained a friend! I will be forever grateful for her through this tough process and I know my Dad would have loved her! "Thanks," will never be enough! read less