An Update on the Houston Real Estate Market

It seems like time is flying here in Houston, and the market is heating up accordingly. Here's the latest on our market.

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Time is flying—I can't believe it's already May, and my older son is heading to middle school. Both the weather and the housing market are heating up. Total property sales in Houston are up 4.2% over last April and dollar volume is up by about 8.1%. Here in Houston, the biggest gains are coming in the luxury market, or homes priced more than $750,000. That market segment took the largest hit during the energy slump, but now it's up 15.8% this year compared to last year. It's a small sliver of the total home sales, though. We see that the next biggest market was for homes priced between $250,000 and $500,000, which rose more than 11% on a year over year basis.

All in all, we see a lot of very positive and strong movement.

The average number of days it takes to sell a home stayed about the same, but the average home price continues to rise up to nearly $300,000. This makes affordability difficult for many buyers in Houston. Conversely, the market for homes under $100,000 fell 35%, but it's almost a non-existent market now. For new construction homes, costs for labor and material continue to rise, so we expect the price for new builds to rise. On the leasing side of things, we know that leases jumped by 15%, but on the flipside, average prices came down by about 5%. Many really nice, class-A apartments are still offering free rent and low moving costs, which has caused a lot of competition for homes, especially in the inner-loop area.

All in all, we see a lot of very positive and strong movement. It all comes down to what the inventory levels are in your area. If you have any questions about buying or selling a house or about the market in your specific area, don't hesitate to give me a call or send me an email. I'd be happy to help you out!

The Latest Real Estate Market News

The real estate market, both locally and nationally, is in a good place right now. Homeowners who have been thinking of selling should be excited.

Selling in the Houston area? Get a market analysis report

Purchasing in the Houston area? Get full MLS access

I’ve got a quick market update to share with you today that will go over what’s happening both nationally and locally here in Houston. A recent CNBC article came out talking about how strong the national spring market is. In fact, they called it the strongest spring market ever. The article stated that prices have surpassed even what we saw at the last peak of the market. The demand for entry-level homes is absolutely crazy, and sellers are in the driver’s seat. We’re seeing similar things happen here in Houston. One of our agents is working with a client right now who is in the market for a home in the sub- $200,000 market. They put in an offer, then received a reply from the seller’s agent that they had received 25 other offers as well. Situations like this are playing out in several parts of town right now. This could have a trickle-up effect, bringing these home sellers up into higher-priced homes.

Houston has a top-five millennial population.

One factor that has certainly catalyzed this activity is the fact that millennials are now entering the buyer’s market. We’ve heard for years that millennials, the group of people born between 1981 and 1997, were going to be “the renting generation.” However, the latest studies show us that is not going to be the case. There are 66 million millennials right now who will add another 20 million households on top of the 24 million we will already have. Why is this information especially important here in Houston? We’re in the top five for millennial population. With increased demand going forward, we are going to see an upward trend in the housing market and we expect to see that throughout the rest of the year. I

If you remember last year, we saw the high-end market struggle a little bit. We expect that to continue, but the definition of high-end is area specific. We’re seeing a large drive for properties in those upper price ranges in certain areas right now. If you have any questions for us or want to know about your specific area, give me a call or send me an email. I would love to hear from you.

What's Been Happening in the March Market This Year?

What's been happening in the real estate market here in Houston? The key numbers for March are in, and I wanted to talk a little bit about our market's growth so far this year.

Selling in the Houston area? Get a market analysis report

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What's been happening the Houston market so far in March? I've got some key stats to share today.

The market has shown considerable strength this year and since we haven't really had much of a winter, I think the buying season has been pushed up a bit.

Each price segment in our market has shown an increase in February for the number of homes sold on a year over year basis. In fact, all segments above the $250,000 mark showed double-digit increases. Homes priced above $750,000 were up almost 28%.

Each price segment in our market has grown in February.

On average, prices climbed about 7% and days on market are up just a bit to about 64. Inventory, on the other hand, crept up a little bit to about 3.5 months worth of homes on the market, but we're still pretty low in some areas. Other areas have high levels of inventory. As you can see, due to Houston's size, we live like a group of smaller cities within an area, which is why you need to look at each area on an individual basis.

If we can help you with any of your real estate needs this spring, don't hesitate to give us a call or send us an email soon. We'd love to help you out!

What Does the 2017 Market Look Like So Far?

2016 was a record-setting year, and we’re already seeing a lot of activity in 2017. Does this mean you should get ready to buy or sell?

Selling in the Houston area? Get a market analysis report

Purchasing in the Houston area? Get full MLS access

We’re more than a week into the new year, so today I wanted to provide you a quick recap of the 2016 real estate market and give you a glimpse of what to expect going forward in 2017.

You may find this hard to believe, but we sold 1,000 more homes last year than we did the year before. All in all, it was a record-setting year, despite everything that happened in the oil market. Home prices were also up about 2.5% in 2016.

Right now, we’re already starting to see an increase in activity. Interest rates have also risen considerably. As of today, they’re hovering around 4.25%, which stands in contrast to the middle of last year when they were holding steady at 3.5%.

If you’re looking to buy a home, you have to act fast.

As far as they’ve already risen, interest rates are projected to rise even further in 2017. We expect to see three separate rate hikes, which should total about 0.75%. If you’re looking to buy a home, then, you’re better off doing it sooner rather than later. Despite this uptick, rates are still historically low.

Stay tuned for our comprehensive 2017 market forecast happening at the end of this month. In the meantime, if you have any questions, please feel free to give me a call or shoot me an email. I’d be happy to help!

Where Is the Houston Market Headed?

What's going on in the Houston market? I've got your monthly update, plus some tips for those who are considering selling their home over the fall or winter months.

Selling in the Houston area? Get a market analysis report

Purchasing in the Houston area? Get full MLS access

As you may have already seen, it's been a very interesting year in the Houston real estate market.

August was a huge, record-breaking month, and in September, we were down by mere fractions. We're still waiting for this October's numbers still, but we know we're up on a year over year basis. The average sales price of Houston homes is up 2% from last year, so we're still seeing positive things in the market.

We do, however, think Upstream Energy is going to continue to be a bit of a drag on the market. Oil is back down, so there could be issues to work through into next year. When it comes to inventory, we're currently at about four months, which is very low compared to the rest of the nation. To get a good idea of the market, though, you have to break it down by neighborhood. Some neighborhoods have very low inventory while others (especially in the oil sector) have very high inventory.

I also wanted to address the people who are thinking about selling their homes and considering waiting until spring to do so. This may or may not be the right thing to do. If you're considering selling over the winter, I'd advise you to look at the inventory you're competing against. How many signs are up in your neighbors' yards? Some people think that winter is a bad time to sell, but we don't have harsh winters here.

Winter could actually be the perfect time to sell.

The reality is that winter could be a great time for you to sell. Many times, December is our biggest month. That's because winter buyers are truly motivated buyers; people don't just go out and look at homes for fun between Thanksgiving and New Year's. Buyers are also more serious at this time because they want to get their homestead exemption for this year's taxes; you need to be in the home by January 1st to do that.

And on a final note, I have an interesting factoid for you: for the seventh year in a row, Houston is the number one destination for U-Haul trucks. You can look at U-Haul maps and see that there are a ton of lines coming in and not many going out, so we're still a go-to city!

If you have any questions about these topics or you're thinking about buying or selling a home in the Houston area, give me a call or send me an email today. I'd love to hear from you!

How Houston’s Market Rate Compares Nationally

There are many great Houston area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 832-428-6453 for a FREE home buying or selling consultation to answer any of your real estate questions.

There’s been a lot of news lately concerning the national real estate market increase. The market is getting stronger. What I want to tell you today is how this affects Houston’s own real estate market by comparing how its recent history has fared against national trends.

Nationally, from 2001-2005, we underwent a boom. From 2006-2010, the cycle reversed and we experienced a bust. From 2011-2015, we were in recovery mode. Projections show that, by all accounts, 2016-2020 will be another boom. This bounce back is expected to be the result of the number of homes sold and the general demand of housing rather than an increase in pricing.  

"Through the years, Houston’s market remained steady."

In some cases, Houston’s regional market worked against this national ebb and flow. But through these time periods, overall performance remained steady. No extreme highs or extreme lows. This year has been no different, thanks in large part to the resolve of the greater economy in general.

I hope this comparison gives you a more comprehensive idea of what to expect going forward. Be sure to click on the video for a more in-depth, year-by-year statistical analysis. If you have questions about your specific neighborhood or area, we’d be happy to answer them. Just shoot us an email or give us a call.

The Latest News in Houston Real Estate

There are many great Houston area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 832-428-6453 for a FREE home buying or selling consultation to answer any of your real estate questions.

This year, the numbers for the first quarter are down compared to last year. 2015 was a record year, so we anticipated these differences.

The $1 million and above price range is struggling right now. This category has seen an increase in inventory and a slowdown in sales. In fact, some areas in this price range have up to two years of inventory.

If you are trying to sell a home in that market, understand you should price according to market trends. Price according to where the market is going, not where the market has been. Otherwise, your property can sit on the market much longer than you anticipate.

On the other hand, homes priced under $500,000 are in a hot market! Homes are selling quickly. Depending on the part of town you’re in, you may be seeing a lot of multiple offer situations.

This year, we predict home sales will decrease around 10% compared to 2015. Overall, the market favors buyers. Buyers will have more time to look at properties and ultimately, have more options to choose from. We are headed toward a more balanced market. Since Houston is so large, the market varies depending on where you are.

If you’re a buyer, now is a great time to buy. If you’re a seller, home prices are still trending upward, so it’s still a great time to sell. Prices aren’t appreciating as quickly as they did last year.

If you have any other questions, give me a call or send me an email. Additionally, if you were unfortunate enough to get water damage from all the rain last week, please reach out to us. We can put you in touch with contractors to help you with that. I look forward to hearing from you!

Don’t Miss this Expert Analysis of Houston Real Estate

There are many great Houston area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 832-428-6453 for a FREE home buying or selling consultation to answer any of your real estate questions.

So far in 2016 the market has been looking quite hot. This is difficult for me to say, though, because we have just come off two white-hot years in this market.

One thing to keep in mind is that Houston functions like a group of cities, and that there are many micro-markets that will be performing differently than other parts of the city. For example, there has been a slowdown in the luxury markets, but this only seems to be happening in the oil-driven areas.

The market that I’m seeing right now is similar to the market that we saw last year with lots of growth and appreciation. More homes have come onto the market and inventory has increased. This should help to stabilize prices in the market, because for a while they were increasing at unsustainable rates. Another trend I’m seeing is that the strongest markets in Houston are the most diversified, but they also have the least amount of inventory.

My word of advice to home sellers is to price with the current market trends. Don’t look back six months ago, because even that is too long ago. Buyers are savvy and know when they are getting a good deal or not.

If you have any questions, don’t be afraid to ask me!

December Market Report for the Houston Metro

There are many great Houston area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 832-428-6453 for a FREE home buying or selling consultation to answer any of your real estate questions.

We're in a shifting market here in Houston due to the fluctuations in oil prices. Some of this is seasonal, but we're definitely starting to enter a new landscape. Let's discuss what happened this December.

Overall we're seeing a drop in year-over-year sales, and this is the first time since 2012 that this has happened. The biggest drops in sales are in the low price brackets and the highest price brackets. Home sales under $150K dropped by 25%, and homes valued higher than $500K saw a 22% decrease in sales. This is extremely significant.

Home prices fell 3.7% since last year, and this is also the first time this has happened since 2012. This shouldn't come as a surprise since our market has been so hot lately.

Inventory has increased, and we have nearly 3.5 months of supply. However, this is still well below the national average.

The Fed are meeting this month, and all the reports that we have seen are indicating an increase in interest rates. Mortgage interest rates really cannot get any lower, so if you've been thinking about buying a home, I suggest that you do so now before rates get too high. Every day that you wait, you're losing buying power.

If you have any questions about these developments, please don't hesitate to contact me. I look forward to speaking with you.

Happy Holidays!

It's Still a Seller's Market in Houston

There are many great Houston area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 832-428-6453 for a FREE home buying or selling consultation to answer any of your real estate questions.

Today I'm in Virginia but I'm going to give you a market update for the Houston real estate market. We're still in correction mode in Houston with a very slow September and an October market that picked up a little more steam.

In October our number of listings rose by 15% and the number of sales dropped by 15%, which shows a slowing market, but the number of pending homes means that the market will be set for a small rebound in the near future.

As we said at the beginning of the year, it looks like this market will be down by 10% this year, and it looks as if that's where we're trending right now. We're seeing price reductions, but homes that have their prices reduced are selling awfully quick. However, homes are still selling for full price on the first day.

Interest rates are still historically low, so that's just one more reason for buyers to get involved with this real estate market. You have the chance to save thousands of dollars over the lifetime of your loan, so don't hesitate if you've been wanting to buy a home.

Stay tuned for more great Houston real estate information!

What Does Market Uncertainty in Houston Mean for You?

There are many great Houston area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 832-428-6453 for a FREE home buying or selling consultation to answer any of your real estate questions.

The big news lately is that the Fed's September 17 meeting ended without any big news. Interest rates will remain low for the foreseeable future. This is obviously fantastic news for buyers and sellers in the Houston area.

The good news doesn't stop there: the numbers are in, and it turns out last August had the best sales ever for that month, and the eighth biggest month ever! However, despite a great August, things are starting to slow down a bit as the fall approaches. Additionally, there are some unknowns in the oil industry and global economies, which is having an effect here in Houston.

The Bauer College of Business at the University of Houston isn't feeling too confident about market conditions moving forward, especially as far as the oil economy is concerned. However, the Urban Land Institution says that despite a recent downturn in the energy industry, Houston can expect continued growth. In fact, they're projecting that in 2018 we're going to see another double-digit return in real estate. We're going to keep an eye on both of these forecasts and will keep you updated on where the market ultimately goes.

As of now, homes are sitting on the market a little longer and inventory is a bit higher than it's been recently, but we're still seeing a competitive market that favors sellers. If you have questions about conditions in your neighborhood, or if you need real estate assistance of any kind, please don't hesitate to reach out. We would love to hear from you!

How Will TILA-RESPA Changes Affect You?

There are many great Houston area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 832-428-6453 for a FREE home buying or selling consultation to answer any of your real estate questions.

Starting on October 3rd of this year, the real estate market will be seeing some big changes. Why is this?

It's because of changes coming to the TILA-RESPA Integrated Disclosure (TRID), and this will affect everyone involved in real estate, from consumers to Realtors to lenders. The Consumer Financial Protection Bureau (CFPB) issued a final rule amending regulations to the "The Truth in Lending Act" as well as "The Real Estate Settlement Procedures Act."

So, what does this mean for you? The TILA-RESPA rule consolidates four disclosures for closed and credit transactions secured by real property into two different forms.

One of these forms is a loan estimate that must be delivered or placed in the mail no later than the 3rd business day after receiving the consumer's application. A closing disclosure must be provided to the consumer at least three business days prior to consummation.

These new disclosures must be provided by a creditor or mortgage banker that receives an application from a consumer for a closed-end credit transaction. However, creditors will still be required to use the current Good Faith Estimate, HUD 1 and Truth in Lending forms for applications received prior to August 1, 2015. After that date, these forms will no longer be used.

The TILA-RESPA rule includes some new restrictions on certain activity prior to consumers receiving the loan estimate. These restrictions took effect on August 1, 2015 regardless of whether an application was received on that date. These restrictions include imposing fees on a consumer before the consumer has received the loan estimate, or requiring submission of documents verifying information related to the consumer's application before providing the loan estimate.

What does this mean to you and the entire closing process? Well, it's going to get longer. At a minimum, it will take 45 days to close. The other important thing to take away is to stay in close contact with your agent and your lender.

There's a lot of changes up ahead, and I'm sure you have some questions. Please feel free to give me a call or send me an email. I'd be happy to help you.

What Do You Need to Know About Houston Real Estate?

There are many great Houston area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 832-428-6453 for a FREE home buying or selling consultation to answer any of your real estate questions.

We've seen strong sales here in Houston with the exception of May. We're finding ourselves right where we thought we would be in August.

One notable occurrence in our market is the overall lack of inventory that we're seeing. This means that sellers have a chance to profit off of a home sale because demand is high and supply is low.

We're also heading more towards a normal market, and we expect sales to decline by nearly 10% as we head into the slower fall market. We do expect prices to increase by 4-5%, so now is a good time to buy to gain some equity.

We still expect interest rates to increase, because it's difficult to imagine them getting any lower. We think they'll probably increase by a point by next fall. Homes are extremely affordable with current rates, so please don't hesitate to purchase if you have been thinking of doing so.

If you have any further questions about the market in Houston, or if you would like an update that is geared specifically for your neighborhood, please don't hesitate to contact me.

Important Service Update

There are many great Houston area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 832-428-6453 for a FREE home buying or selling consultation to answer any of your real estate questions.

Hello, my name is Mike Gray and I'm proud to announce that I've formed an agreement with Jeffery Kuchar that will make me your primary resource for real estate.

I am taking over Jeffery's database, so if you are his friend or client, you will now be hearing from me. I am very honored to be in this position, and I wish Jeffery all the best in his retirement.

I have a full staff to help out with any and all of your needs. You can also expect bi-weekly videos from me that will be educational in nature and are meant to help you navigate through the Houston real estate market. 

I look forward to speaking with you in the future!

Where Is the Houston Market Heading?

There are many great Houston area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 832-428-6453 for a FREE home buying or selling consultation to answer any of your real estate questions.

I want to wish everyone who was hit hard by the recent storms the best of luck in your cleanup. A lot of areas around town were really hit hard, so we want to let you know you're in our thoughts!

Now, I want to give a quick overview of the housing market in the Houston area. At the beginning of the year, analysts predicted a slowdown due to rapidly falling oil prices, but we haven't quite seen that. According to Ted Jones, a chief economist at Stewart Title, there are several things to keep an eye on here in the Houston area. 

If we look at where we are this year, we've only seen a slight slowdown due to oil prices. In some areas, there hasn't been a dip at all! When looking at the year over year numbers, we've only seen one month of negative numbers so far in 2015. In fact, we've seen an appreciation rate of a little over 8%; if we forecast that into the future, we're expecting to see that trim down to closer to 5% by January of next year.

We're expecting the number of sales in Houston to decrease by about 10% from what we're seeing now. When looking at the job growth predictions, at the end of December last year we were at 3.8%, whereas the expectation this year is only 2.2%. What this means is we're expecting a more normalized, neutral market. Conditions have heavily favored sellers as of late, but it's looking like the playing field is going to be leveled here shortly. 

On another note, as the summer settles in and the market returns to a more normal state, I want to say congratulations to all the recent graduates out there! It's an exciting time to be a student and a parent, and I want to wish you all the best of luck! 

As always, if you have any questions about the Houston area, or if you need real estate assistance of any kind, don't hesitate to reach out to me. I would love to hear from you!

What Real Estate Trends Are Taking Hold in Houston?

There are many great Houston area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 832-428-6453 for a FREE home buying or selling consultation to answer any of your real estate questions.

Hey everyone, thanks again for joining us for another market update. The spring market, one of the busiest times of the year, is nearly upon us. Today we are going to go through some of the current numbers for the Houston real estate market, and let you know what the numbers mean for the state of our market.

• Single-family home sales are up about 6%, and home sales are up 2.5% overall. 
• Our dollar volume is up slightly from last year.
• The average days on market is currently at 57.
• Inventory is still low in some areas, but is steadily creeping up.
• We expect home appreciation to remain steady in 2015, at around 4-6%.

We are currently in a seller's market, but things are starting to even back out. Builders will be catching up with demand, and the disparity between buyers and sellers will probably even out sooner rather than later. There have been a lot of rumblings lately about oil prices, but as far as we can tell, they haven't had an immediate effect on the housing market. We will keep an eye on this as the year progresses.

If you have any questions for us at all about the market, we would be glad to help you out. We want to be your #1 resource for real estate news and information, and we are always just a phone call or email away!