Norhill Realty

Norhill’s quarterly market report is complete and we have some interesting data for your review. As expected, the market favors the buyer’s side in most neighborhoods. The total number of sales from 4th quarter 2009 to 4th quarter 2010 in the neighborhoods that Norhill tracks are down 16%. As for prices, single family homes in 46% of the neighborhoods in the report rose. Townhouse prices fared a little better with 50% of the neighborhoods showing increased prices.

Despite the slowing market, the most sought after neighborhoods are holding steady. The West End for instance (which includes, Rice Military, Sawyer Heights, and Cottage Grove) is fairing very well. A hot spot for young professionals, the West End sees a lot of townhouse sales. Although, the overall number of sales have dropped from 4th quarter 2009 to 4th quarter 2010, prices have improved, rising 7% during that period. Furthermore, Timbergrove/Lazybrook and Oak Forest/Garden Oaks have seen stable or increasing prices for single family homes, as well as Montrose/Neartown, University Place, and Upper Kirby.

Although, the real estate market saw some slowdown in 2010, Houston has remained resilient. The vast majority of neighborhoods have inventory levels below 12 months. Home prices in the inner loop have remained stable, despite a slow down in the number of sales. Norhill is excited about 2011 and still happy to be in the great city of Houston.

For a full copy of the report, click here: Houston Market Report

The Houston Real Estate Market has already shown that it has stabilized as evidenced in the most recent HAR market report for Oct. The condo projects that have had the most problems with foreclosure and auction are the ones that have been completed recently. The builder has not been able to sell enough units at a price to meet their loan obligations. In the downtown condo market, you should be fine when considering units in established, well managed buildings.

For those buyers looking to upgrade to a modern single family home from a townhome, check out this home in Oak Forest. This home offers all the comforts of suburbia, right in the heart of the city. Large yard and zoned to acclaimed Oak Forest Elementary. Why move to the suburbs?

http://search.har.com/engine/1352-Woodcrest-Houston-TX-77018_HAR37552105.htm

Norhill Realty presents our 2nd Quarter Market Report for the Greater Houston area. Norhill's Market Report tracks several key neighborhoods within Greater Houston's Inner Belt, and breaks down the number of sales, median days on market, average sales price, and the months of inventory. We then compare the 1st Quarter figures with those of the same quarter from the previous year.

The Houston real estate market has definitely improved in the past 12 months. The 2nd Quarter of 2010 has performed much better than the 2nd Quarter of 2009. In 22 of the 32 neighborhoods, the number of single family home sales have increased. Over half of those neighborhoods have seen an increase in average home prices for single family homes. Furthermore, 15 of the 32 neighborhoods have seen a decline in inventory levels with should continue to prop up prices.

On the Townhome/Condominium front, the improvement was even more pronounced. In 22 of the 30 neighborhoods, townhome sales increased. In 20 of those neighborhoods, the number of sales increased by double digits. Despite the increase in sales, this has not helped support prices. With many homebuilders slashing prices to clear inventory, a majority of neighborhoods have seen a decline in average Townhome/Condominium prices. This price slashing may be working since 19 of the 30 neighborhoods Norhill tracks saw a decline in inventory levels from 2nd Quarter of 2009.

Much of the performance in 2nd Quarter will be attributed in the Homebuyer Tax credit that expired in April and continued low interest rates. Although the Tax credits have expired, we still see some continued good performance through the end of year, as interest rates remain very low.

We have a relationship with a lender that does lot loans with a 5 year balloon and we work with buyers in this particular niche. If you would like more info, email me at mbrawley@norhill.net.

Norhill Realty presents our 1^st Quarter MarketReport for the Greater Houston area. This report tracks several key neighborhoods within Greater Houston’sInner Belt and breaks down the number of sales, median days on market, averagesales price, and the months of inventory. We then compare the 1^st Quarter figures with those of thesame Quarter from the previous year.

In this report, it is evident that the number of home saleshas improved from this time last year. The rebounding economy, home-buyer tax credits, and low mortgage rateshave encouraged buyers to enter the housing market. As the economy continues to show signs ofstability and improvement, we expect this trend to continue in 2010. As demand for housing returns, this shouldhelp property values rebound and encourage more home owners to sell and upgradeto larger homes.

I Realtor should be able to pull a listing history on MLS for the neighborhood and street to see how many properties were listed as a rental in the past year or two. This will give you a good idea.

Is he going to finance this property? If it is going to be a primary residence, he should be able to only put down 3.5% with a FHA loan program.

I would recommend looking at some fixer-uppers in the East End.

Simbha,

As a Museum District broker, I know the area very well. You must be looking at either the Phonecian townhomes or the Catco Development. Both are located on Wheeler. We really don't have a lot of data to look at in Houston as far as the price impact on surrounding real estate in close proximity to the rail line.

Personally, I think that in the long run this will have a positive impact as more lines are completed and as traffic continues to be an issue around the city.

Since both developments have access from a side street, there shouldn't be a huge issue during construction.

I appreciate the feedback. We are planning to make that change on our 1st Q 2010 report.

Norhill Realty presents our 4th Quarter Market Report forthe Greater Houston area. This report tracks several key neighborhoodswithin Greater Houston's Inner Belt, and breaks down the number ofsales, median days on market, average sales price, and the months ofinventory. We then compare the 4th Quarter figures with thoseof the previous Quarter.

In this month's report, the thing that pops out at us themost is the decline in inventory levels. Lack of significant New Constructioninventories and apprehension among prospective sellers appear to be drivingthis phenomenon. These lower inventory levels are helping to prop upprices. Although some neighborhoods performed better than others, overallthe average sales prices for Single Family Homes and Townhomes/Condos were upfrom the 3^rd quarterto the 4^th quarter. This maypresent opportunities for home builders in the coming months for NewConstruction, as well as for potential home sellers who are looking for theright time to sell and upgrade to a different community or larger home. Thelonger prices remain stable, the more confidence will build among marketparticipants.

My clients have had good experiences with Lee Fasbinder at Clear View Inspections. His number is 713-409-4631.

You can certainly try using Criagslist, but HAR is definately the way to go. On Craigslist, your listing will get burried down at the bottome of the page the minute you list it. HAR will give your property much more visibility.

In the Museum District, check out 1826 C Wichita. Terramark also has some nice units but they are a bit more expensive.

New Construction Townhomes in the Museum District start in the low 300s and go up to $500-600k.

I would be happy to email some listings to you.

I have shown the townhomes on Bellefontaine to a client recently, and the quality is very good. The location is great with easy access to retail on Holcombe/Bellaire and access to the Village. The only downside is the size. These are pretty small units for the price. You may want to consider the Museum District as well. You can get the same quality for about the same price, and get over 2000SF.

As you may have heard, the tax credit for First-time homebuyers was set to expire at the end of this month. This deadline has caused a lot of prospective homebuyers to rush to find a new home in the past few weeks and many will not make it. Also, there has been a lot of concern that the expiration of the First-time Homebuyer credit might put a halt to the recovery currently going on in the new residential construction market. The Senate, in their benevolent wisdom, has passed a bill that will extend and expand the tax credit. In its current form, the bill will extend the $8000 tax credit through April 30th of next year. Also, it will increase the qualifying income levels for couples up to $225,000/year, an almost $55,000 increase. Furthermore, the credit will be expanded to include existing homeowners that have owned their current primary residence for 5 of the previous 8 years. These individuals will be eligible for a tax credit up to $6,500. The bill still needs to work its way through the House of Representatives, and some of the details might change. However, this action is a good step in the right direction for prospective homebuyers. For more information about the Senate Bill, go here.

Yes, activity is generally slower in the 4th Q, but we are expecting a bit of an uptick in activity this year with first time home buyers looking to close prior to the Nov 30 deadline for the tax credit.

Click the link below to access Norhill Realty's 3rd Q Market Report. Take a look and give us some feedback. Feel free to contact me if you would like any specific info about your neighborhood.

http://www.norhillrealty.com/reports.php

Thanks for posting. I will add this to my Google Reader.

You may want to consider Eastwood as well. There have been some good deals popping up over the past couple of months. I've got some clients that have lived in the area for several years and have been very happy. You can find some excellent bungalows with a lot of character. The proximity to town is great as well.

Typically homes that sell within 60-90 days are priced very closed to market value and do not require a lot of negotiating on sales price. Negotiations can be more complicated on repairs and seller contributions.

Buyers need to look at sold comps from the last 6 months and roughly within a 1/2 mile radius to determine the value. This is the basic criteria that an appraiser will use.

I have always had great experiences with Debbie Steinle at First American Title on Post Oak and Lee Fasbinder with Clear View Inspections.

I'll take Which Wich over Subway every day of the week and twice on Sunday.

This looks like a cool event. I would have liked to attend, unfortunately I cannot. Please report back on any interesting tidbits.