TOM PLANT'S HOUSTON REAL ESTATE BLOG

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Single family home sales in West University continue to improve reaching levels near those of 2007. The inventory level is near six months. Homes priced under $2 million are doing well.

Based upon information from the Houston Association of Realtors® or its MLS for the period January 1, 2009 to June 30, 2010.

 Older homes that previously would have been torn down by builders are being sold as existing residences. The result is average price per square foot is down. People who in the past would have been looking at other neighborhoods due to price are once again considering West University.

Based upon information from the Houston Association of Realtors® or its MLS for the period January 1, 2006 to June 30, 2010.

As in other neighborhoods, New Construction homes are selling but struggling to reach previous levels. Fewer New homes were sold in 2010 than in 2009. The inventory remains high.

Based upon information from the Houston Association of Realtors® or its MLS for the period January 1, 2006 to June 30, 2010.

Yes, houses will sell as long as they are priced right. In many — but not all places — that means they’re priced low.

“People who price their homes to the market are selling them in a reasonable amount of time, but people who cling to 2004 or 2005 prices aren’t,” says Richard Smith, president and CEO of Realogy, the parent company of Century 21, ERA, Coldwell Banker and Sotheby’s International Realty.

In some areas, pent-up demand has exploded. “It’s crazy,” says Brendon DeSimone, an associate with Paragon Real Estate in the Noe Valley near San Francisco. “I had one house with five offers, and it went from $1.4 million to $1.7 million. The valley has just popped. It’s not uncommon for one open house to have 200 people come through.”

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Source: USA Today, Stephanie Armour (07/28/2010)

The 30-year fixed mortgage rate fell to a new low of 4.54 percent this week from 4.56 percent last week and an average of 5.25 percent a year ago.

The 15-year fixed loan rate also hit a record low of 4 percent, down from 4.03 percent a week ago and 4.69 percent last year. The five-year adjustable-rate mortgage averaged 3.76 percent, compared to 3.79 percent last week and 4.75 percent a year earlier; and one-year ARMs averaged 3.64 percent, down from 3.7 percent and 4.80 percent, respectively.

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Source: The Wall Street Journal, Nathan Becker (07/30/10)

© Copyright 2010 Information Inc

Housing advocates and experts hosted a press conference today to launch the Coalition to Stop Wall Street Home Resale Fees and ask United States Secretary of the Treasury Timothy Geithner to ban the financial scheme.

Wall Street Home Resale Fees are a controversial new financial scheme that has already been restricted in 17 states, with Illinois Governor Pat Quinn signing legislation yesterday.

Some actors in the real estate industry, in consultation with Wall Street advisers, are attempting to add language to home purchase contracts requiring a percentage of the final sales price of a home be paid to private third parties every time the property is sold, typically for 99 years. These actors are then attempting to sell the right to collect these fees on Wall Street — lining their pockets while stealing equity from home owners.

The Coalition to Stop Wall Street Home Resale Fees brings together a wide array of organizations, including the American Land Title Association, National Association of REALTORS® , American Federation of State, County, and Municipal Employees, Vote Vets, the Institute for Liberty, the Center for Responsible Lending, and the Property Rights Alliance. The Coalition has organized to fight the financial scheme of Wall Street Home Resale Fees and to protect home owners across the country.

More information is online at www.stophomeresalefees.org.

Source: NAR

Copyright National Association of REALTORS®. Reprinted with permission.

The housing slump caused by the end of the tax credits may be over, with sales of new homes rising 24 percent in June compared to May to an annual rate of 330,000, the U.S. Commerce Department reported Tuesday.

Nevertheless, sales were at their second-lowest rate since 1963 – May’s were the lowest.

“The future is going to be dependent on job growth. There’s no demand because confidence is weak and employment is weak,” says Eric Green, chief market economist at TD Securities Inc. in New York.

Source: Bloomberg, Courtney Schlisserman (07/26/2010)

Tom Plant represented the Seller

This light and bright home was 2003 Bellaire Showcase Home*.The gourmet kitchen,warm family room,formal room,formal dining room and custom swimming pool invite both formal and informal entertaining.This beautiful and sophisticated home also is a comfortable family retreat.The generous master bedroom is complemented by three additional bedrooms nestled around a large gameroom.This home must be seen to be truly appreciated. *per seller

4611 BRAEBURN, BELLAIRE                                                                                                              JUST SOLD

LIST PRICE $1,149,000

Paying off an underwater mortgage and buying a better home could be the best tactic in this troubled market.

“If you are trading up, what better time than when interest rates are at record lows and the cost of the trade-up is much less than it used to be?” says Christopher J. Mayer, a Columbia Business School economist.

With 15-year fixed-rate mortgages at about 4.5 percent, it also makes sense to pay off the mortgage and keep the house. “At this point,” says Jay Brinkmann, chief economist of the Mortgage Bankers Association in Washington, D.C., “if they don’t have anything else that is bringing a tremendous return, then they are buying themselves an annuity by paying their house off sooner than they needed to.”

Source: The Wall Street Journal, M.P. McQueen (07/24/2010)

715 W 12th - List Price $425,000 - Greenwood King Properties

Stunning recent construction. Features include a beautiful entry with curved staircase; living room with fireplace and French doors to a wonderful covered patio/courtyard; kitchen with slab granite counters; breakfast room and breakfast bar; powder room with decorative vessel sink; and second floor loft area. Other features include master with French doors to balcony and luxurious bath; hardwoods; and plantation shutters. A Must see!

715 W 12th                                                                                                                         OPEN 3:00 TO 5:00

LIST PRICE $425,000

1817 Wroxton - List Price $1,384,000 - Greenwood King Properties

Spectacular Southampton new construction by Frankel Builders. Beautiful paneled study, spacious den off huge gourmet island kitchen and breakfast room, formal dining, 7-inch walnut floors, travertine, lots of built-ins. Backyard features large pavillion, summer kitchen, fireplace and cabana room with half bath. Large gameroom upstairs, gorgeous master suite, elevator capable*. *=Per Seller

1817 WROXTON                                                                                  OPEN 12:00 TO 2:00

LIST PRICE $1,384,000

Sales of single family homes in Bellaire were up 10% in the First Half compared to 2009. The growth was primarily in homes priced under $750,000. However, 4 homes priced over $2 million were sold, three more than in the First Half of 2009. There is only one home in Bellaire currently on the market for $2 million.

Based upon information from the Houston Association of Realtors® or its MLS for the period January 1, 2009 to June 30, 2010. Current Listings as of July 1, 2010.

The number of existing Bellaire homes sold in 2010 was up compared to 2009 but more than 11% down from the recent past. The average price of existing homes is holding up but average Days on Market have increased to more than 5 months.

Based upon information from the Houston Association of Realtors® or its MLS for the period January 1, 2006 to June 30, 2010.

Sales of Bellaire’s new construction homes during the first Half of 2010 were the lowest they have been in five years. Part of the reason can be seen the numbers. In the four years since 2006, the average sales price of a new construction home has increased by more than 40% with the average price per square foot increasing more than 15%. Builders have built much larger, more expensive homes. The good news is that builders have built additional homes recently and inventory is down to 19 homes, slightly more than 6 months inventory. The caution is the homes remaining on the market are priced on average 8% higher than the homes which recently sold and the new construction homes currently on the market have been on the market and average of 493 days.

Based upon information from the Houston Association of Realtors® or its MLS for the period January 1, 2006 to June 30, 2010.