Posted on Mon, Mar 08, 2010
RISMedia reports:
"For the second month in a row, home buyers across much of the country negotiated bigger discounts off the last listing price of homes than they had the prior month, according to new data from real estate website Zillow.com.
When asked about Houston home values, 36% of investors believe values have already hit a bottom and will be flat or up in 2010. Fifty percent believe home values will hit a bottom sometime in 2010, and 13% believe home values will decline beyond 2010.
Fifty-six percent of investors surveyed indicated an overall optimistic outlook for the year, with 5% of investors rating themselves as highly optimistic. In comparison, 2% feel highly pessimistic, with an overall 20% indicating a negative view on the market. Twenty-five percent of investors surveyed had a neutral outlook for 2010."
Read the full article at RISMedia.
Posted on Thu, Feb 04, 2010
This past November Congress extended the benefits for first time buyers, all you have to do is buy your house before April 30th and you could be eligible for up to $8,000 back from the government.
If you're a current homeowner who is looking to trade up or down you could be eligible for up to $6,500 back.
Below are the monthly housing trends update that includes national and regional real estate trends.
Posted on Sun, Jan 24, 2010
RISMedia reports:
MyHouseDeals.com surveyed residential real estate investors in the Houston area about the current investing climate and outlook for the real estate market in 2010. According to the survey, Houston investors have a positive overall outlook on the market. Seventy-seven percent of the 122 investors surveyed believe now is a good time to invest in Houston real estate, while 23% of them are neutral. Only 3% of investors surveyed believe now is not a good time to invest.
When asked about Houston home values, 36% of investors believe values have already hit a bottom and will be flat or up in 2010. Fifty percent believe home values will hit a bottom sometime in 2010, and 13% believe home values will decline beyond 2010.
Fifty-six percent of investors surveyed indicated an overall optimistic outlook for the year, with 5% of investors rating themselves as highly optimistic. In comparison, 2% feel highly pessimistic, with an overall 20% indicating a negative view on the market. Twenty-five percent of investors surveyed had a neutral outlook for 2010.
Read the full article on RISMedia.com.
Posted on Thu, Jan 14, 2010
Allison Wollam at the Houston Business Journal reports:
The extension of the home-buyer tax credit and housing affordability is expected to improve the local housing market this year, but one local expert predicts that 2010 will be a holding-pattern year rather than a rebound year in the Houston market.
Mike Inselmann, president of Houston-based research firm Metrostudy, spoke at the Greater Houston Builders Association Forecast Luncheon on Monday and told the group that although credit is still tough to obtain, there are reasons to be optimistic about the housing market in 2010.
Inselmann said that publicly-held builders exhibit the most optimism as the year begins and are beginning the year aggressively.
He added that most industry observers expect the current low mortgage interest rates to rise later in the year because the Federal Reserve has stated its intent to cease buying mortgages in April.
Inselmann predicted an increase in additivity in the first half of 2010 as big builders are expected to test the market to see if it will support their strategy of putting speculative inventory into the market and betting on the continued success of the home-buyer credit.
He said Houston likely passed the low point in the housing cycle in the early months of 2009.
Builders started roughly 18,000 homes in 2009 and will close 21,000 sales and reduce inventory once again by 3,000 homes. Builder inventory of homes under construction has dropped from 18,000 to below 6,000 since mid-2006.
Read the full article here.
Posted on Sat, Jan 02, 2010
Allison Wollam from the Houston Business Journal reports:
The median sales price of single-family homes in the Houston area reached its highest level ever in June - at the same time as the local housing market recorded its 22nd consecutive monthly drop in home sales.
Sales of single-family homes in Houston in June totaled 5,422, the highest number since August 2008, according to statistics released by the Houston Association of Realtors.
At $164,500, the median sales price rose 2.8 percent compared with June 2008, when it was $160,050. The national single-family median price reported by the National Association of Realtors is $173,000.
Read the full article.
Posted on Tue, Dec 29, 2009
This week's lending rates:
30 YR FIXED 5.25%
15 YR FIXED 4.75%
FHA/VA 5.5%
Rates are on the rise and have been for the last 6 business days! See chart below.
Home Sales Rise Again:
Sales of previously owned homes in Houston (which make up 86% of all home sales) jumped last month to their highest level in nearly three years. This is just the latest sign that points to an economic recovery.
The National Association of Realtors said that existing home sales increased 7.4% to an annual rate of 6.54 million units. This is the fastest pace since February 2007. The housing market, the main trigger of the most painful U.S. recession in 70 years, is stabilizing according to many analysts.
A separate report from the U.S. Federal Housing Finance Agency showed home prices rose 0.6 percent in October from September.
What Happened to Rates Last Week?
We all got a little coal in our stocking for Christmas as agency (Fannie Mae and Freddie Mac) mortgage backed securities lost 138 basis points last week. This is important because conventional 30 year fixed rates are based upon the sale of these agency's mortgage backed securities. This caused 30 year fixed interest rates to rise dramatically last week.
What to watch out for this week:
The following are the major economic reports that will hit the market this week. They each have the ability to affect mortgage rates. I will watch these reports closely for you and let you know if there are any big surprises.
I know you are busy and it is virtually impossible for you to keep track of what is going on in the economy. I monitor the trading of Mortgage Backed Securities; the only thing conventional and government mortgage rates are based upon. So, I know if there is going to be a trend reversal in mortgage rates.
Contact the Home Coach Team Houston when you need help buying, selling, or financing a home.
Posted on Tue, Dec 08, 2009
Historically the Houston housing market responds to a major market correction with subsequent shortage of inventory and an increase in pricing. Examination of the current indicators would suggest 2010 fitting that model. Consider that major builders are publically traded companies. The executives of those comapnies must turn end of the year profits for bonuses. Liquidating inventory helps generate revenue. Even selling below costs may help get dead inventory off the books in 2009 and help 2010 be a profitable year. I have talked with few builders that plan on building any spec homes for the spring. They and their lenders are being very cautious. Banks are not loaning on speculative building. Henceforth the majority of homes available in the spring and summer will be contract to build homes that were negotiated 120 days before. Builders do not negotiate prices on contract to build homes. It is the base price plus upgrades and premiums. So it stands to reason that New Construction homes will be going up in price. The best deals are to be struck now before the end of the year and certainly before the weather changes and we have more daylight. Less inventory and higher prices on new homes will have a positive impact on the resale market, lowering days on the market and increasing prices.
Add the extension and expansion of the $8K and $6K tax credit through Spring and ending in the summer and it appears that the market will be shifting from a buyers market to a sellers.
Agents that are asleep at the wheel over The Holidays and not sharing the future in an informative educational way with their clients are neglecting their fidicuary responsibilities. Buyers deserve to know in advance of media reports (which are always 6 months late) that now is the time to act if they expect to get the best deals.
Posted on Thu, Dec 03, 2009
Our monthly housing trends update includes national and regional real estate trends.
We're seeing all-time low interest rates, and many people are sitting on the sidelines. How much house can you afford? Well, at 5% interest, for every $100,000 you borrow, you need about $33,000 in pre-tax annual income. The Home Coach Team is happy to be a trusted resource for you. Please let us know if we can help.
National Housing Indicators
Existing Home Sales (October 2009):
6.10 millions units*
Existing Home Median Price (October 2009):
$173,100
Housing Starts (October 2009):
529,000 units*
New Home Sales (October 2009):
430,000 units*
*seasonally adjusted annual rate
Source: NATIONAL ASSOCIATION OF REALTORS®.
National Economic Indicators
Homeownership Rate
| 3rd Qtr 09 | 3rd Qtr 08 |
| | |
| 67.6% | 67.9% |
Thehomeownership rate (67.6 percent) for the current quarter was notstatistically different from the third quarter 2008 rate (67.9 percent)or from last quarter's rate (67.4 percent).
New Home Sales
| Oct 09 | Sept 09 |
| | |
| | |
| +6.2% | -2.4% |
Salesof new one-family houses in October 2009 were at a seasonally adjustedannual rate of 430,000. This is 6.2% above the revised September 2009estimate of 405,000.
National Home Sales
National Sales Price of Homes
| | Homes
$173,100 | Single Family
$173,100 | Condo/Co-op
$172,900 |
| vs. last year: |  -7.1% | -6.8% | -10.4% |
Regional Home Sales
| | U.S.
6,100,000 | Northeast
1,060,000 | Midwest
1,430,000 | South
2,300,000 | West
1,310,000 |
| vs. last month: |  10.1% | 11.6% | 14.4% | 12.7% | 1.6% |
| vs. last year: | 23.5% | 27.7% | 28.8% | 25.7% | 12.0% |
Regional Sales Price of Homes
| | U.S.
$173,100 | Northeast
$235,400 | Midwest
$146,600 | South
$151,100 | West
$220,200 |
| vs. last year: | -7.1% | -2.6% | 1.1% | -6.3% | -14.7% |
| Click Here to view details |
Regional Single Family Home Sales
| | U.S.
5,330,000 | Northeast
770,000 | Midwest
1,290,000 | South
2,080,000 | West
1,190,000 |
| vs. last month: | 9.7% | 10.0% | 13.2% | 13.0% | 0.8% |
| vs. last year: | 21.4% | 24.2% | 27.7% | 23.1% | 11.2% |
|
Regional Sales Price of Single Family Homes
| | U.S.
$173,100 | Northeast
$239,500 | Midwest
$145,900 | South
$153,000 | West
$225,700 |
| vs. last year: | -6.8% | -1.2% | 3.1% | -5.2% | -15.0% |
Regional Condo/Co-Op Sales
| | U.S.
770,000 | Northeast
290,000 | Midwest
140,000 | South
220,000 | West
120,000 |
| vs. last month: | 13.2% | 16.0% | 27.3% | 10.0% | 9.1% |
| vs. last year: | 40.8% | 38.1% | 42.9% | 52.8% | 26.3% |
Regional Sales Price of Condo/Co-Ops
| | U.S.
$172,900 | Northeast
$224,400 | Midwest
$153,200 | South
$133,300 | West
$165,400 |
| vs. last year: | -10.4% | -6.3% | -16.7% | -13.3% | -11.5% |