What’s going on with the Spring Texas Real Estate Market? The buyers were out in force in January generating a 12% increase in home Sales and a 11% increase in Pending Sales. Both the average sales price and the median sales price experienced increases. Spurred by an increase in a sales and a decrease in listings, the months of inventory dropped below 6 months.
Months of Inventory – six months of inventory is typically considered a balanced market and for the last two years the Spring Texas real estate market has been hovering above 6 months. The buyers have definitely been throwing their weight around and has forced more than one seller to take their house off the market and wait for better days.
With less than 6 months of inventory, those better days could now be here. If you are thinking about putting your house on the market this Spring, don’t wait. Do it now when the months of inventory is lower.
Quantity of Sales – Both sales and pending sales experienced a double digit increase. More than a few of these sales were fueled by the relocation of 200 Halliburton employees to the area. Halliburton relocated their technology center from their Duncan OK location to their Beltway 8 and IAH airport location. The employee moves were scheduled for February.
Mortgage Interest Rates – 30-year rates for FHA loans are hovering between 3.75% and 4%. If you are confident about your job prospects and you’re thinking about up-sizing, now is the time. Interest rates will go back up. Lock in a 30-year rate now when the rates are low. The difference in your monthly payment on a $250,000 mortgage at 5% vs 4% is $461.
What’s ahead for the Spring Texas real estate market? Check out our real estate predictions for 2012.
Our Prudential Gary Greene Champions office started the year off running. For the month of January, our office pended $28 million in real estate (increase of 55% over last January).
Real estate is local and not all subdivisions are faring the same. If you are interested in selling your Spring Texas home, give me a call at 281.804.8626 to discuss what’s going on in your subdivision.
The data represented is from the Real Estate Center at Texas A&M University and the Houston Association of Realtors MLS for single family existing homes in Area 13. Area 13 covers a large geographic area stretching from I45 to Hwy 249 to Beltway 8 to Spring Cypress.
Let me just start by saying that Jill made the daunting process of both selling my old home and finding... read moreLet me just start by saying that Jill made the daunting process of both selling my old home and finding my current one more pleasant than could have been expected. Throughout the entire process she was honest, easy to communicate with, and patient. When it came time to sell my old home, I contacted Jill and she met me at home at took the time to get to know me, why I was wanting to move, my timeframe. She showed me the comps she already prepared, and explained the entire process. We then did a walkthrough of house where Jill identified items that needed to be addressed to make the house more appealing (paint, fixtures, minor repairs). Once those issues were addressed, and the house was listed, it received multiple offers and Jill took the time to narrow down the best options and then explain what each one meant in detail with regards to the offer amount, type of financing and what it could mean down the road when it came to inspections and appraisals. Once we came to a decision on the right offer, the rest of the selling process moved along smoothly and Jill was quick with updates each step of the way.As the closing date of my old home approached, the focus shifted to finding a new home. Jill was very accommodating during this time as my fiancé and I had a very small window of time during each day where we were both available for showings. Jill was routinely able to get the showings scheduled during this time, often on short notice, and was helpful at pointing out things both positive and negative that we may not have noticed otherwise. No example better illustrated this than when we found a home that appeared to check all the boxes. During the showing, Jill pointed out the proximity to a major road, and the road noise during morning and evening traffic, and even brought up potential future expansion of road and surrounding area. Despite this warning, we were so enamored with the house that we went ahead and put in an offer. While waiting to find out if the offer would be accepted, I heeded Jill’s advice and checked into expansion projects, and decided to drive back by the house during rush hour to check on the road noise. We ended up pulling the offer and Jill seemed genuinely relieved. I appreciated the fact that she was willing to be as adamant about the issue as she was when she could have easily let us make that mistake, and made the sale. A short time later we did find the home that checked all the boxes without any road noise or any other issues, and the purchase process went as smooth as the selling process had been for my old home. Even months after closing, Jill continues to be helpful as she was able to provide quality handyman references for some small projects that I needed done. I’ve thoroughly enjoyed working with and getting to know Jill and I can’t recommend her enough. read less