Mike Gray - Houston, TX Realtor

Tuesday, July 1, 2014

Houston Real Estate Market Update for Summer 2014

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We are halfway through the year in Houston, so we thought today would be a good time to send a market update out. This will cover the Houston real estate market, as well as the nationwide real estate market as a whole. There are a lot of things to report, so let's get started with what's going on right here in Houston.

Market levels are up 2.6% from last year
Sales for homes under $500,000 are down because there are just not enough properties out there for the demand, while homes listed over $500,000 have seen an increase in sales.
There is a strong demand for properties in Houston, and the building is just starting to catch up with the demand.
Appreciation for single-family homes is huge, with about a 10% appreciation rate

Now, here are some statistics on the nationwide housing market as a whole.

Inventory levels around the country have risen 12% this year after decreasing in each of the last 2 years.
New home sales are up 18%, a much larger number than was expected. Builder confidence is high and more and more builders are confident in people looking for new homes.

If you have any questions about either our Houston market or the nationwide market, please don't hesitate to call. We would love to help you sort things out.

Tuesday, June 17, 2014

How to Keep Your Home Safe While on Vacation

Summer time is here in Houston. With the kids on summer vacation and the weather heating up, you or somebody you know may be heading out on vacation soon. While you are relaxing on vacation, the last thing you want to do is worry about what is going on at your home. I want to share with you some helpful tips that will keep your home safe and make your vacation that much more enjoyable. Here are 5 great tips for keeping your home safe.

Stop The Social Media Updates

As social media sites have become more popular, a rising trend we have seen is people posting on these sites where they are going, who they are with, and how long they will be gone. While sharing memories with all of your family and friends online is a great thing, advertising that you are going to be vacant from your home is not. You may want to hold off on this until you get home.

Hold Your Mail
- Nothing advertises that nobody is home better than stacked up mail or newspapers on your front porch or in your mailbox. A simple call to the post office or newspaper to put a hold on your mail is a simple fix for an obvious sign.
Call Police Authorities
- If you live in a small town, a smart move would be to notify the police that you will be out of town so that they can keep an eye out for your home on their patrol. This can really scare home intruders away and make them think twice.
Notify Your Neighbors
- Let your neighbors know that you will be out of town. They are around your house every day and will be the first line of defense against home break-ins or vandalism.
Install a Float Switch

There have been clients in the past who have had their air conditioning drain back up, which results in them returning to an absolute mess. Installing a float switch on the drain pan in your air conditioner is a simple, cheap fix that can save you a lot of headaches.

Both the weather and market are heating up, and I will be back in a few weeks with another market update. I hope you have a great start to your summer and as always, please give me a call if you have any questions at all.

Thursday, May 15, 2014

Major Changes to Flood Insurance Could Affect Your Home

Important Changes to Flood Insurance

Today I wanted to update all my clients in Houston about Flood Insurance. It's not the most glamorous subject, but here in Houston this is a big issue because you might find yourself in a flood zone.

I was just talking with some home owners, and their flood premium was about $1,500 dollars per year. When these people sold their home, the new occupants were paying $4,000 per year in flood insurance premiums. That is a substantial increase!

Flood insurance has been a hot potato in the real estate industry in the last few years, and the situation doesn't appear to be getting any better.

However, the Grimm Waters Act appears to be providing some help to consumers. One thing that will happen is that full actuarial cost for flood insurance phased in over a five year period. This will mean that if you have flood insurance, your premiums will go way up.

If you live in a flood area you will probably want to speak with your insurance agent and find out what this means to you because there has been a lot of change recently.

Keep in mind that the changes to this policy only affect primary residences. If you have a beach home or something, then you need to check with your insurance agent. You could be in for a surprise if you do not double check.
Hopefully you have found this information to be useful. If you have any further questions, feel free to contact me.

As always, if you're looking to buy or sell real estate in Houston, do not hesitate to contact me. We have a very strong market here and there are lots of great opportunities.