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        <title>West End Realty - Houston Real Estate Blog</title>
        <link>http://www.westendrealtors.com/blog/</link>
        <description>Information about Houston real estate and Houston neighborhoods including Garden Oaks, Oak Forest, Houston Heights, Inner Loop Houston</description>
        <item>
            <guid>http://www.westendrealtors.com/blog/houston-real-estate-sales-and-leasing-report-december-2011.html</guid>
            <link>http://www.westendrealtors.com/blog/houston-real-estate-sales-and-leasing-report-december-2011.html</link>
            <author>james@westendrealtors.com (James Amaro)</author>
            <title>Houston Real Estate Sales and Leasing Report - December 2011</title>
            <description> <![CDATA[ 
2011 ENDS ON A HEALTHY NOTE FOR THE HOUSTON REAL ESTATE MARKET 





December marks the seventh consecutive month of increased home sales; 2011 bests 2010 in sales volume and pricing 







HOUSTON — (January 17, 2012) — After several months in which home sales figures were skewed by the effects of the 2010 homebuyer tax credit, the Houston real estate market concluded 2011 solidly in the black. December marked the seventh straight month of increased home sales and the month contained a host of indicators suggesting a healthy start to the new year. Prices of single-family homes across Greater Houston for full-year 2011 were up slightly from 2010. The median price reached an all-time high for a December in Houston and months inventory hit its lowest level in two years.


According to the latest monthly data compiled by the Houston Association of REALTORS® (HAR), December sales of single-family homes throughout the Houston market climbed 7.2 percent when compared to December 2010. Positive sales activity was recorded in every segment of the housing market except the luxury segment—those homes priced from $500,000 and above—which was unchanged year-over-year.


The average price of a single-family home was statistically flat at $219,791 compared to December 2010 while the December single-family home median price—the figure at which half of the homes sold for more and half sold for less—rose 1.9 percent from one year earlier to $160,000.


Foreclosure property sales reported in the Multiple Listing Service (MLS) increased 6.1 percent in December compared to December 2010. Foreclosures comprised 20.5 percent of all property sales, remaining consistent with the levels they maintained for much of 2011. December's median price of foreclosures held steady on a year-over-year basis at $82,550.


December sales of all property types in Houston totaled 5,460, up 6.6 percent compared to December 2010. Total dollar volume for properties sold during the month increased 7.5 percent year-over-year to $1.16 billion. On an annualized basis, sales of all property types were up 4.3 percent compared to 2010 levels while total dollar volume rose 5.2 percent to $13 billion.


"2011 ended on a very promising note," said Wayne A. Stroman, HAR chairman and President/CEO of Stroman Realty.""We spent a good part of the year struggling to accurately gauge the market because we were comparing to accelerated sales in 2010 that resulted from the homebuyer tax credit. Once we distanced ourselves from that period, we saw clear indications of a healthy market with a balanced supply of housing inventory and strong pricing—conditions that put Houston in an enviable position compared to many housing markets around the country. The key to sustaining that positive momentum in 2012 will be continued improvement in Houston's employment numbers."




2011 Annual Market Comparison




The Houston housing market concluded calendar year 2011 with noteworthy gains in sales volume along with strong pricing. Single-family home sales rose 4.0 percent for the year while sales of all property types increased 4.3 percent. On a year-to-date basis, the average price rose 0.9 percent to $213,723 while the median price ticked up 0.7 percent to $155,000. Total dollar volume for full-year 2011 climbed 5.2 percent to $13 billion compared to full-year 2010.










CATEGORIES


FULL-YEAR 2010


FULL-YEAR 2011


PERCENT CHANGE




Single-Family Home Sales


51,556


53,606


4.0%




Total Property Sales


61,005


63,610


4.3%




Total Dollar Volume


$12,364,327,660


$13,012,903,352


5.2%




Single-Family Average Sales Price


$211,765


$213,723


0.9%




Single-Family Median Sales Price


$153,990


$155,000


0.7%









December Monthly Market Comparison




The month of December brought Houston's overall housing market positive results when all listing categories are compared to December 2010. Sales of single-family homes as well as all property types rose along with total dollar volume. The median single-family price increased to its highest level for a December in Houston while the average price remained unchanged.


Month-end pending sales for December totaled 2,907, up 3.0 percent from last year and a signal that a further increase in demand is likely when the January figures are tallied. The number of available properties, or active listings, at the end of December fell 14.1 percent compared to December 2010. This absorption of housing inventory accounted for a 20.2 percent decline in months inventory to the lowest level since December 2009—5.8 months versus 7.2 months in December 2010. That means it would take 5.8 months to sell all the single-family homes on the market based on sales activity over the past year. The figure is significantly better than the national inventory of single-family homes of 7.0 months reported by the National Association of REALTORS® (NAR). These indicators all continue to reflect a well-balanced real estate marketplace for Houston. 











CATEGORIES


DECEMBER 2010 


DECEMBER 2011


PERCENT CHANGE 




Total property sales 


5,122


5,460


6.6%




Total dollar volume 


$1,079,022,599


$1,159,956,192


7.5%




Total active listings 


49,005


42,083


-14.1%




Total pending sales 


2,821


2,907


3.0%




Single-family home sales


4,295


4,604


7.2%




Single-family average sales price 


$220,479


$219,791


-0.3%




Single-family median sales price 


$157,000


$160,000


1.9%




Months inventory* 


7.2


5.8


-20.2%








* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.



Single-Family Homes Update


December sales of single-family homes in Houston totaled 4,604, up 7.2 percent from December 2010. This marked the seventh consecutive increase of 2011. Broken out by segment, December sales of homes priced below $80,000 rose 10.2 percent; sales of homes in the $80,000-$150,000 range were up 3.1 percent; sales of homes between $150,000 and $250,000 climbed 7.3 percent; sales of homes ranging from $250,000-$500,000 advanced 12.8 percent; and sales of homes that make up the luxury market—priced from $500,000 and up—were unchanged. 





At $219,791, the average price of single-family homes was statistically flat compared to last December. At $160,000, the median sales price for single-family homes reached a December high for Houston, rising 1.9 percent year-over-year. That compares to the national single-family median price of $164,100 reported by NAR. 






HAR also breaks out the sales performance of existing single-family homes throughout the Houston market. In December 2011, existing home sales totaled 3,755, a 7.7 percent increase from December 2010. The average sales price edged up 0.9 percent from last year to $203,253 and the median sales price was flat at $145,000. 



Townhouse/Condominium Update


December sales of townhouses and condominiums rose 3.2 percent compared to one year earlier. In the greater Houston area, 388 units were sold last month versus 376 properties in December 2010.


The average price climbed 2.5 percent to $173,675 from December 2010 to December 2011. The median price of a townhouse/condominium declined 4.9 percent to $131,750. 






Lease Property Update


The demand for Houston lease properties that prevailed throughout 2011 continued in December, though at a slower pace. Single-family home rentals rose 12.3 percent compared to one year earlier and year-over-year townhouse/condominium rentals ticked up 0.7 percent.


As HAR reported throughout year, this demand was largely perceived as the result of hiring gains that have drawn consumers to Houston from around the U.S. These consumers may not be prepared or capable of purchasing a home for various reasons, among them tighter mortgage lending criteria. According to the Greater Houston Partnership, as of November 2011, the Houston metropolitan area gained 170,700 net new jobs, recovering 112 percent of the 152,800 jobs lost during the recession. 



Houston Real Estate Milestones in December




Volume of single-family home sales rose for a seventh consecutive month;


At $160,000, the median sales price for single-family homes reached the highest level for a December in Houston;


Single-family home rentals rose 12.3 percent;


Townhouse/condominium rentals increased 0.7 percent;


5.8 months inventory of single-family homes is the lowest level since December 2009 and compares favorably to the national average of 7.0 months.







The computerized Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by REALTORS® throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. Residential home sales statistics as well as listing information for more than 50,000 properties may be found on the Internet at http://www.har.com.


The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants.


The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 includes a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.)


Founded in 1918, the Houston Association of REALTORS® (HAR) is a member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual dues-paying membership trade association in Houston as well as the second largest local association/board of REALTORS® in the United States.


 ]]> </description>
            <pubDate>Tue, 17 Jan 2012 18:12:59 -0600</pubDate>
                    </item>
        <item>
            <guid>http://www.westendrealtors.com/blog/november-2011-houston-real-estate-report.html</guid>
            <link>http://www.westendrealtors.com/blog/november-2011-houston-real-estate-report.html</link>
            <author>james@westendrealtors.com (James Amaro)</author>
            <title>November 2011 Houston Real Estate Report</title>
            <description> <![CDATA[ 
HOUSTON HOME SALES REMAIN IN POSITIVE TERRITORY FOR A SIXTH STRAIGHT MONTH 


November prices are mixed as indicators reflect a healthy year-end market 


HOUSTON — (December 20, 2011) — Consumers kept the Houston real estate market humming in November, accounting for the sixth consecutive month of positive home sales this year. The year-over-year increase in single-family homes sales, along with another rise in pending sales and further decline in months inventory, reflects a market that continues to benefit from a healthy absorption of housing inventory as 2011 winds down.


November sales of single-family homes rose 11.4 percent versus one year earlier, according to the latest monthly data prepared by the Houston Association of REALTORS® (HAR). On a year-to-date basis, sales were up 4.1 percent. All segments of the housing market experienced growth except for the luxury segment—those homes priced from $500,000 and above—whose decline pulled down the overall average price. The median price saw its biggest increase since February of this year.


"The November report contains a lot of positive data that suggests the Houston real estate market is wrapping up 2011 on solid footing," said Carlos P. Bujosa, HAR chairman and VP at Transwestern. "The Greater Houston Partnership has forecast that our region will add more than 84,000 jobs next year, and as long as that's the case, we would hope to see further strengthening of the local economy, including real estate."


The single-family home median price—the figure at which half of the homes sold for more and half sold for less—reached the highest level for a November in Houston, climbing 2.6 percent to $154,950. The average price declined 4.8 percent from November 2010 to $206,969, but still managed to achieve the second highest level for a November in Houston.


Foreclosure property sales reported in the Multiple Listing Service (MLS) increased 9.2 percent year-over-year in November. Foreclosures comprised 20.2 percent of all property sales, which is consistent with the levels they have maintained since May of this year. The median price of foreclosures in October ticked up 0.8 percent to $80,000.


November sales of all property types in Houston totaled 4,676, up 10.6 percent compared to November 2010. Total dollar volume for properties sold during the month rose 4.4 percent to $942 million versus $903 million one year earlier. 


November Monthly Market Comparison


The month of November brought Houston's overall housing market positive results when all sales categories are compared to November of 2010. Total property sales and total dollar volume rose on a year-over-year basis. The median price climbed to an historic high for a November in Houston. Although the average price declined, it recorded its second highest level for a November in Houston.


Month-end pending sales for November totaled 3,013. That is up 16.6 percent from last year and suggests another positive month of sales when the December figures are tallied. The number of available properties, or active listings, at the end of November declined 13.0 percent from November 2010 to 45,113. The inventory of single-family homes dropped to its lowest level since January 2010—6.2 months, compared to 7.6 months one year earlier. That means it would take 6.2 months to sell all the single-family homes on the market based on sales activity over the past year. The figure is significantly better than the national inventory of single-family homes of 8.0 months reported by the National Association of REALTORS® (NAR). These indicators all continue to reflect a balanced real estate marketplace for Houston. 








CATEGORIES 






NOVEMBER 2010 






NOVEMBER 2011






PERCENT CHANGE 








Total property sales 






4,229






4,676






10.6%








Total dollar volume 






$902,512,984






$942,179,593






4.4%








Total active listings 






51,875






45,113






-13.0%








Total pending sales 






2,583






3,013






16.6%








Single-family home sales






3,568






3,973






11.4%








Single-family average sales price 






$217,421






$206,969






-4.8%








Single-family median sales price 






$151,000






$154,950






2.6%








Months inventory* 






7.6






6.2






-17.7%








* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.


Single-Family Homes Update


November sales of single-family homes in Houston totaled 3,973, up 11.4 percent from November 2010. This marks the sixth consecutive increase of the year. On a year-to-date basis, sales are ahead 4.1 percent.


Broken out by segment, November sales of homes priced below $80,000 rose 10.9 percent; sales of homes in the $80,000-$150,000 range climbed 11.3 percent; sales of homes between $150,000 and $250,000 were up 17.7 percent; sales of homes ranging from $250,000-$500,000 advanced 13.0 percent; and sales of homes that make up the luxury market—priced from $500,000 and up—dropped 5.7 percent. 


At $206,969, the average price of single-family homes declined 4.8 percent compared to last November. It nonetheless achieved the second highest pricing level for a November in Houston. The depreciation resulted from the lower volume of luxury home sales. At $154,950, the median sales price for single-family homes reached a November high, rising 2.6 percent year-over-year, its biggest increase since February 2011. The national single-family median price reported by NAR is $161,600, illustrating the continued higher value and lower cost of living available to consumers in Houston. 


HAR also breaks out the sales performance of existing single-family homes throughout the Houston market. In November 2011, existing home sales totaled 3,224, a 12.8 percent increase from November 2010. The average sales price declined 6.3 percent from last year to $194,008 and the median sales price edged up 1.5 percent to $139,000. 


Townhouse/Condominium Update


The number of townhouses and condominiums that sold in November rose 1.6 percent compared to one year earlier, marking the fifth straight monthly sales increase. In the greater Houston area, 322 units were sold last month versus 317 properties in November 2010. The average price climbed 8.4 percent to $172,658 from November 2010 to November 2011.


The median price of a townhouse/condominium rose 10.2 percent to $135,000. Both average and median prices were the highest ever for a November in Houston. 


Lease Property Update


Heightened demand for Houston lease properties persisted in November. Single-family home rentals rose 13.5 percent compared to one year earlier and year-over-year townhouse/condominium rentals climbed 4.1 percent. HAR has reported throughout much of 2011 that this demand has been largely driven by hiring gains that have drawn consumers to Houston from around the country. These consumers may not be ready or able to purchase a home for various reasons, among them more stringent mortgage lending requirements. 


Houston Real Estate Milestones in November




Volume of single-family home sales rose for a sixth consecutive month; 


Volume of townhouse/condominium sales increased for the fifth straight month; 


At $154,950, the median sales price for single-family homes reached the highest level for a November in Houston and marked its biggest increase since February 2011; 


Single-family home rentals rose 13.5 percent; 


Townhouse/condominium rentals increased 4.1 percent; 


6.2 months inventory of single-family homes is the lowest level since January 2010 and compares favorably to the national average of 8.0 months. 




The computerized Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by REALTORS® throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. Residential home sales statistics as well as listing information for more than 50,000 properties may be found on the Internet at http://www.har.com.


The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants.


The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 includes a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.)


Founded in 1918, the Houston Association of REALTORS® (HAR) is a member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual dues-paying membership trade association in Houston as well as the second largest local association/board of REALTORS® in the United States.


 
 ]]> </description>
            <pubDate>Mon, 02 Jan 2012 19:10:01 -0600</pubDate>
                    </item>
        <item>
            <guid>http://www.westendrealtors.com/blog/houston-october-2011-home-sales.html</guid>
            <link>http://www.westendrealtors.com/blog/houston-october-2011-home-sales.html</link>
            <author>james@westendrealtors.com (James Amaro)</author>
            <title>Houston October 2011 Home Sales</title>
            <description> <![CDATA[ 
OCTOBER MARKS THE HOUSTON AREA'S FIFTH CONSECUTIVE MONTH OF POSITIVE HOME SALES


Average price hits an October high as increased pending sales and declining months inventory signal ongoing market stability


HOUSTON — (November 16, 2011) — The Houston real estate market has added reason to be grateful this Thanksgiving season after logging a fifth straight month of positive home sales in October. The year-over-year increase in single-family homes sales, coupled with a rise in pending sales and continued decline in months inventory, signals a market that is benefitting from a healthy absorption of housing inventory. Adding to the positive report is an average price that achieved an all-time high for an October in Houston.


According to the latest monthly data prepared by the Houston Association of REALTORS® (HAR), October sales of single-family homes rose 9.1 percent versus one year earlier. All segments of the housing market, from the sub-$80,000 to the $500,000 and above, experienced growth. On a year-to-date basis, sales were up 3.4 percent.


"The further we distance ourselves from last year's tax credit as we analyze the local housing data, the clearer an indication we get of market performance, and the latest numbers show a healthy sales climate for an autumn in Houston," said Carlos P. Bujosa, HAR chairman and VP at Transwestern. "As long as the Houston economy continues to strengthen with additional job growth, we can be cautiously optimistic about the state of the housing market going into the new year."


The average price of a single-family home rose 1.1 percent from October 2010 to $208,506, the highest level for an October in Houston. The October single-family home median price—the figure at which half of the homes sold for more and half sold for less—was unchanged from the October high of $150,000 it reached in 2010.


Foreclosure property sales reported in the Multiple Listing Service (MLS) increased 6.0 percent year-over-year in October. Foreclosures comprised 22.0 percent of all property sales, up slightly from the 19 to 20 percent range they have maintained since May of this year. The median price of foreclosures in October was flat at $80,600.


October sales of all property types in Houston totaled 4,815, up 8.9 percent compared to October 2010. Total dollar volume for properties sold during the month rose 10.9 percent to $962 million versus $867 million one year earlier. 


October Monthly Market Comparison


The month of October brought Houston's overall housing market positive results when all sales categories are compared to October of 2010. Increases in the volume of closed and pending sales reflected more normal, seasonal trending after several months in which the data was distorted by the 2010 tax credit that led to a sharp decline in home sales after it expired. Total property sales and total dollar volume rose on a year-over-year basis while the average price climbed to an historic high for an October in Houston.


Month-end pending sales for October totaled 3,092. That is up 9.6 percent from last year and portends another positive month when the November sales figures are tallied. The number of available properties, or active listings, at the end of October declined 12.0 percent from October 2010 to 46,674. The inventory of single-family homes dropped to its lowest level since April 2010—6.6 months, compared to 7.7 months one year earlier. That means it would take 6.6 months to sell all the single-family homes on the market based on sales activity over the past year. The figure is significantly better than the national inventory of single-family homes of 8.5 months reported by the National Association of REALTORS® (NAR). These indicators all reflect a balanced real estate marketplace for Houston. 








CATEGORIES 






OCTOBER 2010 






OCTOBER 2011






PERCENT CHANGE 








Total property sales 






4,420






4,815






8.9%








Total dollar volume 






$867,182,719






$961,640,986






10.9%








Total active listings 






53,039






46,674






-12.0%








Total pending sales 






2,821






3,092






9.6%








Single-family home sales






3,741






4,080






9.1%








Single-family average sales price 






$206,165






$208,506






1.1%








Single-family median sales price 






$150,000






$150,000






0.0%








Months inventory* 






7.7






6.6






-14.1%








* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.





Single-Family Homes Update


October sales of single-family homes in Houston totaled 4,080, up 9.1 percent from October 2010. This marks the fifth consecutive increase of the year following a 1.4 percent rise in June, 15.3 jump in July and increases of 28.8 percent and 15.2 percent in August and September, respectively. On a year-to-date basis, sales are ahead 3.4 percent.


Broken out by segment, October sales of homes priced below $80,000 rose 4.8 percent; sales of homes in the $80,000-$150,000 range climbed 11.5 percent; sales of homes between $150,000 and $250,000 were up 11.8 percent; sales of homes ranging from $250,000-$500,000 advanced 8.0 percent; and sales of homes that make up the luxury market—priced from $500,000 and up—ticked up 0.8 percent. 


The average price achieved the highest level ever for an October in Houston. At $208,506, the average price of single-family homes rose 1.1 percent compared to last October. At $150,000, the median sales price for single-family homes matched its all-time October high set in 2010. The national single-family median price reported by NAR is $165,600, illustrating the continued higher value and lower cost of living available to consumers in Houston.


HAR also breaks out the sales performance of existing single-family homes throughout the Houston market. In October 2011, existing home sales totaled 3,434, a 10.3 percent increase from October 2010. The average sales price was unchanged from last year at $194,997 and the median sales price was also flat at $139,500.


Townhouse/Condominium Update


The number of townhouses and condominiums that sold in October jumped 16.9 percent compared to one year earlier, marking the fourth straight monthly sales increase. The first was a 25.3 percent rise in July, followed by a 20.5 percent increase in August and 14.6 percent gain in September. In the greater Houston area, 352 units were sold last month versus 301 properties in October 2010.


The average price jumped 13.0 percent to $163,221 from October 2010 to October 2011. The median price of a townhouse/condominium rocketed 22.7 percent to $132,500. Both average and median prices were the highest ever for an October in Houston.


Lease Property Update


The trend in soaring demand for lease properties throughout the Houston market continued in October. Single-family home rentals rose 24.8 percent compared to one year earlier and year-over-year townhouse/condominium rentals climbed 18.5 percent. HAR has reported throughout much of 2011 that this demand has been largely driven by steady improvement in the local employment landscape, with REALTORS® observing a surge in consumers relocating to Houston from around the U.S. According to the Texas Workforce Commission's latest report, the Houston-Sugar Land-Baytown Metropolitan Statistical Area gained 66,300 jobs in the 12 months ending September 2011. That represents an increase of 2.6 percent.


Houston Real Estate Milestones in October




Volume of single-family home sales rose for a fifth consecutive month; 


Volume of townhouse/condominium sales rose for the fourth straight month; 


At $208,506, the average price of a single-family home reached the highest level for an October in Houston; 


At $150,000, the median sales price for single-family homes matched its all-time October high set in 2010; 


Single-family home rentals rose 24.8 percent; 


Townhouse/condominium rentals increased 18.5 percent; 


6.6 months inventory of single-family homes is the lowest level since April 2010 and compares favorably to the national average of 8.5 months.




The computerized Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by REALTORS® throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. Residential home sales statistics as well as listing information for more than 50,000 properties may be found on the Internet at http://www.har.com.


The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants.


The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 includes a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.)


Founded in 1918, the Houston Association of REALTORS® (HAR) is a member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual dues-paying membership trade association in Houston as well as the second largest local association/board of REALTORS® in the United States


 
 ]]> </description>
            <pubDate>Mon, 02 Jan 2012 19:06:19 -0600</pubDate>
                    </item>
        <item>
            <guid>http://www.westendrealtors.com/blog/document-rental-property-condition-when-you-move-in-apartments.html</guid>
            <link>http://www.westendrealtors.com/blog/document-rental-property-condition-when-you-move-in-apartments.html</link>
            <author>james@westendrealtors.com (James Amaro)</author>
            <title>Document Rental Property Condition When You Move-In Apartments</title>
            <description> <![CDATA[ 
If you have ever been involved in a “he said, she said” dispute with a landlord or tenant about the condition of a rental property, then you know how costly and frustrating it can become if there is a dispute about the return of the deposit.  One of the best ways to ensure the return of your security deposit in case there is a dispute at the time of move-out is to document everything when you move-in in writing and by photographs.  Some states have forms called move-in condition forms which the tenant and landlord fill out at the beginning of the lease to document the condition of the property.  Both the landlord and tenant must sign it. 


In March 2009, Jax Kneppers founded Imfuna which has developed a great solution to the landlord/tenant issue.  This solution is called Rent Pro which allows users to quickly capture information on the condition of any property using a mobile app.  When that data is collected it is then time-stamped and stored in the cloud so the user can access and share the details of the inspection report.


Kneppers and another founding member, Alan Corkhill, are forensic engineers who know firsthand how important it is to document conditions of any nature in an easy systematic and organized way.  Kneppers and Corkhill are often called to testify as expert witnesses in trials as part of their investigation of construction problems.


In Texas, the Texas Attorney General’s website has compiled a useful website explain tenants rights in Texas.  Security deposits cover any repairs needed when you move out or to cover your failure to pay the last month's rent.  By law, landlords cannot refuse to return the deposit without a valid reason.


Under Texas law, the tenant must give the landlord a forwarding address to contact the tenant after move-out and the landlord must return the deposit to that address within 30 days, less any amount deducted for damages.  If the landlord withholds any or all of your security deposit, he or she must give you an itemized list of deductions with a description of the damages within 30 days.  The landlord may not charge a tenant for normal wear and tear on the premises and may only charge for actual damages.  


 



 ]]> </description>
            <pubDate>Mon, 02 Jan 2012 18:58:48 -0600</pubDate>
                    </item>
        <item>
            <guid>http://www.westendrealtors.com/blog/did-you-check-the-homes-permit-history-before-buying.html</guid>
            <link>http://www.westendrealtors.com/blog/did-you-check-the-homes-permit-history-before-buying.html</link>
            <author>james@westendrealtors.com (James Amaro)</author>
            <title>Did You Check the Home’s Permit History Before Buying?</title>
            <description> <![CDATA[ 
When you buy a home these days, it is more important to protect yourself from those pesky unexpected surprises.  When you put an offer on the table for a home you should include an inspection contingency, the wording should be broad enough to allow for you to inspect whatever you think may be necessary so that you are confident in the home’s condition that you are buying.  If you do find issues with the home that can’t be corrected or ones for which the seller refuses to find a solution, you should have the option to withdraw your offer and have the escrow funds returned.  Ask your realtor how you have this option in your contract. 


Generally, a home buyer should have the home inspected by a pest control inspector (for termite damage) as well as an inspector for structural problems, such as roof, foundation, and drainage issues.  Ideally, you will want to know the severity of any issues as well as how much it will cost to repair any problems.  It is always a good idea to ask for a report and estimates in writing, these reports can be very effective during negotiations with the sellers over issues discovered in the inspection.  Make sure your option period gives you enough time to conduct this due diligence. 


If you do not intend to negotiate with the seller for an inspection option period, these inspections are still a good idea to have to help you consider completing any repairs that may need to be done.  It will also serve as a good tool for future buyers about the condition of the property when you bought it.


HOUSE HUNTING TIP: Permit history on the house is generally overlooked during buyers’ inspections. It can be a hassle to deal with the city and their bureaucracy but it is well with it.  Ignoring this detail could result in problems.  Specifically request your home inspector to pull the permit history. 


THE CLOSING: While you are in the process of checking the permits on the home, it is always a good idea to ask if there are any fees owed.


Questions about buying a new home?  Search properties here and contact us when you're ready to tour!


http://www.inman.com/buyers-sellers/columnists/dianhymer/check-homes-permit-history-buying
 ]]> </description>
            <pubDate>Mon, 02 Jan 2012 18:34:21 -0600</pubDate>
                    </item>
        <item>
            <guid>http://www.westendrealtors.com/blog/houston-area-home-sales-rise-for-a-fourth-straight-month.html</guid>
            <link>http://www.westendrealtors.com/blog/houston-area-home-sales-rise-for-a-fourth-straight-month.html</link>
            <author>jacky@westendrealtors.com (Blog Admin)</author>
            <title>HOUSTON-AREA HOME SALES RISE FOR A FOURTH STRAIGHT MONTH </title>
            <description> <![CDATA[ 
HOUSTON-AREA HOME SALES RISE FOR A FOURTH STRAIGHT MONTH 




Average and median prices reach September highs; market on "strong footing" 






HOUSTON — (October 18, 2011) — Houston temperatures finally cooled a bit in September, but home sales remained hot. Sales of single-family homes climbed nearly 17 percent when compared to one year earlier and accounted for the fourth consecutive month of increased sales volume. The prices of those homes achieved all-time highs for a September in Houston. In addition, months inventory fell to the lowest level since May 2010 while pending sales rose and active listings declined. All are considered signs of a healthy and balanced housing market as the fall season gets underway.


According to the latest monthly data prepared by the Houston Association of REALTORS® (HAR), September sales of single-family homes rose 16.9 percent versus one year earlier. This increase followed home sales gains recorded in January, June, July and August of this year. All segments of the housing market, from the sub-$80,000 to the $500,000 and above, experienced positive sales in September. On a year-to-date basis, sales were up 3.2 percent.


"The combination of increased closed and pending sales, fewer active listings and strong pricing suggests that we are entering the fall home buying season on strong footing," said Carlos P. Bujosa, HAR chairman and VP at Transwestern. "HAR's September report shows rebalanced supply and demand throughout the Houston housing market with diminishing traces of the distortions caused by last year's federal home buyer tax credit." 


The average price of a single-family home ticked up 0.4 percent from September 2010 to $213,334, the highest level for a September in Houston. The September single-family home median price—the figure at which half of the homes sold for more and half sold for less—also reached a September high for the market, rising 1.6 percent to $157,500. 


Foreclosure property sales reported in the Multiple Listing Service (MLS) increased 2.4 percent year-over-year in September. Foreclosures comprised 19.4 percent of all property sales, which is consistent with the levels it has maintained each month since May when it was more than 22 percent. The median price of foreclosures in September was flat at $81,900.


September sales of all property types in Houston totaled 5,469, up 15.9 percent compared to September 2010. Total dollar volume for properties sold during the month jumped 16.0 percent to $1.1 billion versus $962 million one year earlier.




September Monthly Market Comparison




The month of September brought Houston's overall housing market positive results when all sales categories are compared to September of 2010. Sales volume gains showed more normal, seasonal trending after several months in which the data was skewed by the 2010 tax credit that caused a dramatic drop in home sales following its expiration. Total property sales and total dollar volume rose on a year-over-year basis. Both average and median prices climbed to historic levels for a September in Houston.


Month-end pending sales for September totaled 3,120. That is up 3.2 percent from last year and suggests the likelihood of another positive month of sales when the October figures are tallied. The number of available properties, or active listings, at the end of September declined 11.5 percent from September 2010 to 47,812. The inventory of single-family homes was reduced to 6.8 months, its lowest level since May 2010, compared to 7.7 months one year earlier. That means it would take 6.8 months to sell all the single-family homes on the market based on sales activity over the past year. The figure is significantly better than the national inventory of single-family homes of 8.5 months reported by the National Association of REALTORS® (NAR). These indicators all reflect a balanced real estate marketplace for Houston.


The number of available properties, or active listings, at the end of August declined 11.5 percent from August 2010 to 48,752. The inventory of single-family homes was reduced to 7.1 months compared to 7.8 months one year earlier. That means it would take 7.1 months to sell all the single-family homes on the market based on sales activity over the past year. The figure is significantly better than the national inventory of single-family homes of 9.4 months reported by the National Association of REALTORS® (NAR).










CATEGORIES


SEPTEMBER 2010 


SEPTEMBER 2011


PERCENT CHANGE 




Total property sales 


4,720


5,469


15.9%




Total dollar volume 


$962,851,241


$1,117,023,816


16.0%




Total active listings 


54,027


47,812


-11.5%




Total pending sales 


3,023


3,120


3.2%




Single-family home sales


3,965


4,635


16.9%




Single-family average sales price 


$212,581


$213,334


0.4%




Single-family median sales price 


$155,000


$157,500


1.6%




Months inventory* 


7.7


6.8


-11.0%








* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.



Single-Family Homes Update


September sales of single-family homes in Houston totaled 4,635, up 16.9 percent from September 2010. This marks the fifth increase of the year following an 8.5 percent gain in January, 1.3 percent rise in June, and 15.2 and 28.3 percent increases in July and August, respectively. On a year-to-date basis, sales are ahead 3.2 percent.


Broken out by segment, September sales of homes priced below $80,000 rose 11.4 percent; sales of homes in the $80,000-$150,000 range climbed 21.8 percent; sales of homes between $150,000 and $250,000 were up 18.7 percent; sales of homes ranging from $250,000-$500,000 jumped 26.8 percent; and sales of homes that make up the luxury market—priced from $500,000 and up—advanced 2.3 percent. 





Both average and median price achieved the highest levels ever for a September in Houston. At $213,334, the average price of single-family homes rose 0.4 percent compared to last September. At $157,500, the median sales price for single-family homes edged up 1.6 percent versus September 2010. The national single-family median price reported by NAR is $168,300, illustrating the continued higher value and lower cost of living available to consumers in Houston. 





HAR also breaks out the sales performance of existing single-family homes throughout the Houston market. In September 2011, existing home sales totaled 3,880, a 20.0 percent hike from September 2010. The average sales price ticked up 0.4 percent to $201,836 compared to last year and the median sales price of $145,000 reflects an increase of 2.1 percent. 


Townhouse/Condominium Update


The number of townhouses and condominiums that sold in September jumped 14.0 percent compared to one year earlier, marking the fourth monthly sales increase of the year. The first was a 14.7 percent rise in January, followed by a 25.3 percent increase in June and 19.2 percent gain in August. In the greater Houston area, 383 units were sold last month versus 336 properties in September 2010.


The average price slid 0.9 percent to $152,275 from September 2010 to September 2011. The median price of a townhouse/condominium edged up 0.9 percent to $115,000. 






Lease Property Update


September saw continued elevated demand for lease properties throughout the Houston market. Single-family home rentals rose 17.4 percent compared to one year earlier and year-over-year townhouse/condominium rentals jumped 30.0 percent. HAR has reported for several months that this demand has been largely fueled by steady improvement in local employment numbers, with REALTORS® observing a surge in consumers relocating to Houston from around the U.S. The Texas Workforce Commission recently reported that the Greater Houston area gained 65,000 jobs from August 2010 to August 2011, a 2.6 percent increase.


Houston Real Estate Milestones in September




Volume of single-family home sales rose for the fifth time in 2011, following increases in January, June, July and August;


Volume of townhouse/condominium sales rose for the fourth time in 2011;


At $213,334, the average price of a single-family home reached the highest level for a September in Houston;


At 157,500, the median price of a single-family home reached the highest level for a September in Houston;


Single-family home rentals rose 17.4 percent;


Townhouse/condominium rentals increased 30.0 percent;


6.8 months inventory of single-family homes is the lowest level since May 2010 and compares favorably to the national average of 8.5 months. 







The computerized Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by REALTORS® throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. Residential home sales statistics as well as listing information for more than 50,000 properties may be found on the Internet at http://www.har.com.


The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants.


The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 includes a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.)


Founded in 1918, the Houston Association of REALTORS® (HAR) is a member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual dues-paying membership trade association in Houston as well as the second largest local association/board of REALTORS® in the United States.


 ]]> </description>
            <pubDate>Tue, 18 Oct 2011 12:52:58 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.westendrealtors.com/blog/new-sellers-disclosure-required-as-of-september-1.html</guid>
            <link>http://www.westendrealtors.com/blog/new-sellers-disclosure-required-as-of-september-1.html</link>
            <author>jacky@westendrealtors.com (Blog Admin)</author>
            <title>New Seller's Disclosure Required as of September 1</title>
            <description> <![CDATA[ 


According to Houston Association
of Realtors (HAR,) there is a revised version of the Seller’s Disclosure Notice
(form 1406) that will be mandatory to use as of September 1, 2011.  This new version has added entries for “a
single blockable main drain in pool/hot tub/spa” as well as the definition of
this condition, “any rainwater harvesting system connected to the property’s
public water supply”, and a place to designate whether any liquid propane gas
is “on property” or if it is “community (captive)”.


 ]]> </description>
            <pubDate>Thu, 08 Sep 2011 15:20:39 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.westendrealtors.com/blog/new-homestead-exemption-rules-effective-september-1.html</guid>
            <link>http://www.westendrealtors.com/blog/new-homestead-exemption-rules-effective-september-1.html</link>
            <author>jacky@westendrealtors.com (Blog Admin)</author>
            <title>New Homestead Exemption Rules Effective September 1</title>
            <description> <![CDATA[ 


According to a report by the
Houston Association of Realtors (HAR) in September 2011, the homestead
exemption application process in Texas will become a little bit more complex.  As of September 1, 2011 the new rules that the
Texas Legislature approved in regards to mandatory disclosure of homestead
exemptions will go into effect.




Homestead exemption applicants
before September 1 had to simply fill out an application but now the new rules
require them to provide a copy of their Texas driver’s license or Texas issues
identification card as well as a copy of their vehicle registration receipt. 




According to the Harris County
Appraisal District the addresses shown on all of the newly required documents
must also be the same address in which the homestead exemption is being sought
out.  For those who do not own a vehicle
they will be required to submit a notarized affidavit stating that fact and
must provide a copy of a current utility bill for the address of the homestead.




The new requirements will be
applied to all of the ways property owners can qualify for a residential
property homestead.  These include:
general residential exemption, over-65 exemption, 100% disabled veterans
exemption, extension of exemption for surviving spouse, and exemption for
manufactured (mobile) homes.




Each of these programs will have
additional requirements to qualify for in addition to just needing your Texas
driver’s license, Texas identification card, motor vehicle registration and/or
utility bill receipt. 




The Harris County Appraisal
District will have the modified exemption form and referenced affidavits as
well as more detailed information on their website beginning September 1 at www.hcad.org




Anything that was dated or
submitted by August 31, 2011 will be processed under the guidelines prior to
the September 1 changes. 


 ]]> </description>
            <pubDate>Thu, 08 Sep 2011 15:13:31 -0500</pubDate>
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        <item>
            <guid>http://www.westendrealtors.com/blog/june-existing-home-sales-slip-on-contract-cancellations-but-prices-stabilize.html</guid>
            <link>http://www.westendrealtors.com/blog/june-existing-home-sales-slip-on-contract-cancellations-but-prices-stabilize.html</link>
            <author>james@westendrealtors.com (James Amaro)</author>
            <title>June Existing-Home Sales Slip on Contract Cancellations, but Prices Stabilize</title>
            <description> <![CDATA[ 

Washington, DC, July 20, 2011


Existing-home sales eased in June as contract cancellations spiked unexpectedly, although prices were up slightly, according to the National Association of Realtors®.


Sales gains in the Midwest and South were offset by declines in the Northeast and West. Single-family home sales were stable while the condo sector weakened.


Total existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, declined 0.8 percent to a seasonally adjusted annual rate of 4.77 million in June from 4.81 million in May, and remain 8.8 percent below the 5.23 million unit level in June 2010, which was the scheduled closing deadline for the home buyer tax credit.


Lawrence Yun, NAR chief economist, said this is an uneven recovery. “Home sales had been trending up without a tax stimulus, but a variety of issues are weighing on the market including an unusual spike in contract cancellations in the past month,” he said. “The underlying reason for elevated cancellations is unclear, but with problems including tight credit and low appraisals, 16 percent of NAR members report a sales contract was cancelled in June, up from 4 percent in May, which stands out in contrast with the pattern over the past year.”


Yun cited other factors in the sales performance. “Pending home sales were down in April but up in May, so we may be seeing some of that mix in closed sales for June. However, economic uncertainty and the federal budget debacle may be causing hesitation among some consumers or lenders.”


The national median existing-home price2 for all housing types was $184,300 in June, up 0.8 percent from June 2010. Distressed homes3 – foreclosures and short sales generally sold at deep discounts – accounted for 30 percent of sales in June, compared with 31 percent in May and 32 percent in June 2010.


According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 4.51 percent in June, down from 4.64 percent in May; the rate was 4.74 percent in June 2010.


NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said home sales should be higher. “With record high housing affordability conditions thus far in 2011, we’d normally expect to see stronger home sales,” he said. “Even with job creation below expectations, excessively tight loan standards are keeping many buyers from completing deals. Although proposals being considered in Washington could effectively put more restrictions on lending, some banking executives have hinted that credit may return to more normal, safe standards in the not-too-distant future, but the tardiness of this process is holding back the recovery.”


Phipps added that lower mortgage loan limits, due to go into effect on October 1, already are having an impact. “Some lenders are placing lower loan limits on current contracts in anticipation they may not close before the end of September. As a result, some contracts may be getting cancelled because certain buyers are unwilling or unable to obtain a more costly jumbo mortgage,” he said.


Total housing inventory at the end of June rose 3.3 percent to 3.77 million existing homes available for sale, which represents a 9.5-month supply4 at the current sales pace, up from a 9.1-month supply in May.


All-cash transactions accounted for 29 percent of sales in June; they were 30 percent in May and 24 percent in June 2010; investors account for the bulk of cash purchases.


First-time buyers purchased 31 percent of homes in June, down from 36 percent in May; they were 43 percent in June 2010 when the tax credit was in place. Investors accounted for 19 percent of purchase activity in June, unchanged from May; they were 13 percent in June 2010.


The balance of sales was to repeat buyers, which were a 50 percent market share in June, up from 45 percent in May, which appears to be a normal seasonal gain.


Single-family home sales were unchanged at a seasonally adjusted annual rate of 4.24 million in June, but are 7.4 percent below a 4.58 million pace in June 2010. The median existing single-family home price was $184,600 in June, up 0.6 percent from a year ago.


Existing condominium and co-op sales fell 7.0 percent to a seasonally adjusted annual rate of 530,000 in June from 570,000 in May, and are 18.0 percent below the 646,000-unit level a year ago. The median existing condo price5 was $182,300 in June, up 1.8 percent from June 2010.


Regionally, existing-home sales in the Northeast fell 5.2 percent to an annual pace of 730,000 in June and are 17.0 percent below June 2010. The median price in the Northeast was $261,000, up 3.1 percent from a year ago.


Existing-home sales in the Midwest rose 1.0 percent in June to a pace of 1.04 million but are 14.0 percent below a year ago. The median price in the Midwest was $147,700, down 5.3 percent from June 2010.


In the South, existing-home sales increased 0.5 percent to an annual level of 1.86 million in June but are 5.6 percent below June 2010. The median price in the South was $159,100, down 0.1 percent from a year ago.


Existing-home sales in the West declined 1.7 percent to an annual pace of 1.14 million in June and are 2.6 percent below a year ago. The median price in the West was $240,400, up 9.5 percent from June 2010.


The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.


# # #


NOTE: NAR also tracks monthly comparisons of existing single-family home sales and median prices for select metropolitan statistical areas, which is posted with other tables at: www.realtor.org/research/research/ehsdata. For information on areas not included in the report, please contact the local association of Realtors®.


1Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 to 90 percent of total home sales, are based on a much larger sample – more than 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.


The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.


Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.


Update on Benchmark Revisions: All major statistical data series go through periodic reviews and revisions to ensure that sampling and methodology keep up with changes in the market, such as population changes in sampled areas, to ensure accuracy. NAR began its normal process for benchmarking sales at the beginning of this year in consultation with government agencies, outside housing economists and academic experts; there will be no change to median prices. Although there will be a downward revision to sales volumes, there will be no notable change to previous characterizations of the market in terms of sales trends, monthly percentage changes, etc.


In the past NAR has benchmarked to the decennial Census, most recently to the 2000 Census, because it included home sales data. However, the data are no longer included in the Census, so we’ve had to develop a new approach with an independent source to improve methodology and to permit more frequent revisions.


Preliminary data based on the new benchmark is expected to be available for review in August. This process is expected to take some time before finalized revisions can be published to address any issues that may surface in the review process and to update monthly seasonal adjustment factors; NAR is committed to providing accurate, reliable data. Publication of the revisions is not likely before this fall, but we expect to provide a notice one month in advance of the publication date.


2The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if more data is received than was originally reported.


3Distressed sales, first-time buyers, investors, contract cancellations and all-cash transactions are from a monthly survey for the Realtors® Confidence Index, posted at Realtor.org.


4Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, condos were measured quarterly while single-family sales accounted for more than 90 percent of transactions).


5Because there is a concentration of condos in high-cost metro areas, the national median condo price often is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes.

 ]]> </description>
            <pubDate>Thu, 21 Jul 2011 13:56:23 -0500</pubDate>
                    </item>
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