LISTING PRICE: $879,000
This outstanding renovation & expansion of 1920s home on tree-lined street in the Historic Houston Heights by Period Construction has 4 bedrooms and 3 and a half baths with spacious floor plan & luxurious amenities (please refer to floor plan and amenities list). The open floor plan includes 3,600+ sq. feet*, formal living and dining rooms, chef’s kitchen overlooking huge den with fireplace, mud room & 2nd floor master suite. There is an attached garage with alley access & unfinished garage apt. All info per Builder. Call Caroline with any questions or would like to take a tour.
As a Realtor, I receive weekly updates on interest rates. I was shocked to see just how much the interest rates have gone down. Last week, I received a weekly update and my mortgage broker contact was quoting the following rates (includes 1% origination point):
Conforming Loans (up to $417,000)
30-year fixed – 3.875%
15-year fixed – 3.5%
Jumbo Loans (over $417,000)
15-year – 4.375%
Considering that last year a good rate for loans under $417,000 was 5.5% and for jumbo loans was 7%, these interest rates are absolutely astonishing! If you have been considering a move to a new home, now is a great time to buy. With these interest rates, it allows your money to go so much further. You may be able to buy a better home or that home that you have been eyeing is now inherently less expensive.
As a Seller, it may be hard to make the decision to sell when your list price may be less than you would like. However if you are staying in Houston, most sellers are buying in a similar market. When considering selling in the current market, you need to look at your overall real estate position including the purchase price of your new home and the great interest rates today. With these advantages, you might find that your overall savings might make it a good time to buy a new home.
If you plan to stay in your home for a few more years, maybe it makes sense to refinance your current loan for a significant monthly savings. I recommend that you get in touch with a reputable mortgage professional to perform an analysis on whether or not the savings will outweigh the cost of a refinance.
Please feel free to contact me if you are considering a move or possibly refinancing. My clients receive in-depth market analyses to assist with their home search and/or home listing and connections with reputable mortgage professionals who can assist with a mortgage analysis. Interest rates have been low for a long time, but simply cannot remain at these levels forever. Now is the time to take advantage of significant savings.
Ted C. Jones, Chief Economist for Stewart Title, gives a brief, but effective explanation of why homes in the current market are not selling.
Doing your homework to price your home appropriately for the current market is critical. In most neighborhoods in Houston, the real estate market in 2010 has not followed the traditional trends as in years past. Also, the tax credit that expired at the end of April skewed the activity almost creating two distinct markets during 2010 (pre-tax credit and post-tax credit). Staying ahead of market changes is the key to success when selling a home.
In advance of launching on the market, it is equally as important to spend some money and time on your home to make sure it is in showing condition. Remember the way you live in your home and the way it should be when it is on the market are usually completely different. Feel free to visit my website (under the Sellers section) for a list of recommendations on getting your home ready to go on the market.
Every home is unique, so contact Caroline Schlemmer to get advice on pricing and staging your home. My clients benefit from in-depth market analyses and continuous market and activity reporting to ensure that they are up-to-date on market trends and how that affects their home. Additionally, I offer a free consultation with an interior designer to discuss staging techniques for all of my listings. We work directly with the designer to ensure that your furnishings are positioned in a way to make your home the most appealing to buyers. This has proven to ensure that my clients maximize their profits while minimizing their time on market. In this competitive market, it could be the difference between selling or not!
Since 2009, the real estate market has continued to change and shift. Keeping up with the changes has been challenging and predicting the future has been difficult. The home buyer tax credit expired at the end of April and thus ushered in a new change in the market. Although the market activity was increasing at the beginning of 2010, we have seen a marked slow down since the expiration of the home buyer tax credit. The interesting and somewhat perplexing change is that even in neigborhoods where the tax credit would not have an effect (home prices exceeded the $800,000 cap or buyer’s income levels exceeded the limits) activity seems to be slowing down.
With this in mind, Sellers should take note of the buyer mindset in order to solicit an offer and to prepare for negotiations throughout the contract. Although every neighborhood in Houston is different, this article recently published in the New York Times provides an excellent summary of the current buyer’s mindset.
For a consultation on your real estate needs, please contact me. I have the experience and knowledge to assist you through these market changes. I work closely with my clients to create a customized strategy to meet their unique situation.
As a real estate agent, I’m always being asked by prospective buyers “Is this a good school?” Here is some information for you from the Houston Chronicle on recent state rankings of all Texas schools. The first link is the article in the Houston Chronicle. The second is the database of schools so you can search for the rankings of individual schools.
Here is a great article that the Houston Chronicle published recently regarding price trends for different neighborhoods in Houston. It is interesting to look at the different neighborhoods to see the changes in the market. Because the inner loop legal subdivisions are sometimes different than the neighborhood name, make sure to look for your legal subdivision versus your neighborhood name. (Example: “The Heights” has many different legal subdivisions including Stude, Norhill, Houston Heights, Houston Heights Annex, Sunset Heights, Hermosa Court, etc)
If are thinking about selling your home or buying a home and you would like more detailed information, please contact me for an in depth market analysis. Many times there are different trends inside a neighborhood depending on price range, new construction versus older home, etc. I have the experience and knowledge to assist you to make the best decision for your unique situation.
Unique architectural features & character abound in this 1920s church conversion, including brick walls, high ceilings, & exposed beams. Spacious and open loft feel includes 1 bedroom w/ a large walk-in closet, living room, kitchen/dining combination featuring granite counters & stainless appliances, walk-in utility room & tile floors. The fenced front yard with a dedicated exterior entry is a great bonus! This unit has one assigned space in the detached parking garage. Easy access to downtown!
We have been very fortunate to live in Houston, especially during the past year or two. When the rest of the country saw significant drops in real estate prices, Houston faired much better. However, we have not been completely insulated from the rest of the country and 2009 certainly was reflective of the economic effects. 2010 is starting off to show signs of strenghtening in Houston neighborhoods.
Although inventory levels are still high in the upper end neighborhoods like River Oaks, Boulevard Oaks, and close-in Memorial, overall we have seen inventory levels even out to more healthy levels. We have seen increased activity over the past few months, which should help lower the inventory and help bouy the upper-end markets that have seen the most significant slow down in 2009. For areas of town where first-time home buyers or first-time move-up buyers are common, those neighborhoods have seen the most activity over 2009 to today. Tax credits up to $8,000 for first-time home buyers and up to $6,500 for long-time home owners continue to spur along activity. For the detailed analysis of the current Houston real estate market, please visit our February 2010 Houston Market Report.
For more information about your home and how it relates to your Houston neighborhood, please contact me. My clients benefit from my expertise and in depth analysis to assist them with making the best decisions for their unique situation.
With all the mixed messages in the media about the current real estate market and the uncertainty with the economy, I’ve had a lot of clients contacting me about when is the best time to buy or sell a home. The answer for most of my clients is now!
Low Interest Rates
The current extremely low interest rates for both conventional, FHA and jumbo loans make your money go further and provide unprecedented opportunities in real estate. As the economy recovers, interest rates are predicted to rise quickly. If your timeline is to purchase a home in the next few years, it could be to your advantage to buy now rather than wait to see the same home cost more because of a higher interest rate.
Expanded Tax Credits for First-Time Home Buyers up to $8,000
The new version of the first-time home buyer tax credit extends the deadline to purchase a home and increases the maximum income limits to qualify.
First-time home buyers have an opportunity to get up to an $8,000 tax credit for home sales with signed contractsthrough April 30, 2010, closing on or before June 30, 2010.
For single taxpayers, the new income limit for the full tax credit is $125,000; for married couples, it is $225,000. The credit phases out for single taxpayers with a modified adjusted gross income between $125,000 to $145,000, and $225,000 to $245,000 for married taxpayers.
Important points to remember include:
A first-time home buyer is defined as an individual who has not owned a primary residence for three years prior to buying a home, or a married couple where neither spouse has owned a primary residence for three years
Any type of home with a purchase price less than or equal to $800,000 qualifies for the tax credit, including resale, new construction, single-family detached homes, townhomes, condominiums or even building a home on a lot already owned
The tax credit is 10 percent of a home’s purchase price, up to $8,000
The home buyer(s) must live in the home as a primary residence for three years to avoid paying back the credit
The tax credit can be claimed prior to filing 2009 or 2010 tax returns by amending the previous year’s tax return.
New Tax Credit for Long-Time Homeowners Up to $6,500
The recent expansion of the tax credit included a new group of home buyers – those current or long-time homeowners buying a new primary residence. In order to qualify for this tax credit of up to $6,500, homeowners are required to have lived in their homes for any consecutive five-year period during the eight years prior to the new purchase date. All other requirements for the first-time home buyer tax credit apply.
For more detailed questions relating to your unique situation, you should consult your tax advisor.
Seller Opportunities
If you are a current homeowner interested in selling your home and the tax credit does not apply to you, you may live in a market that is targeted by first-time or move-up home buyers. This could be an opportune time to take advantage of increased buyer activity. For all Houston neighborhoods, most experts are predicting that the first two quarters of 2010 are going to see increases in real estate activity, compared to 2009. There seems to be built-up demand from financially stable buyers who have delayed their home purchase until now due to uncertainty in the market.
Now is the time to act upon these great opportunities!
If you are considering buying and/or selling a home, please contact me to discuss your specific real estate needs. My clients benefit from a consultative approach customized to fit their unique situation. Please let me know how I can assist you.
Gorgeous Heights new construction home by SSH Homes, Inc. features great floor plan, many energy-efficiencies & beautiful details, including arched doorways & reclaimed wood floors throughout. Kitchen features breakfast area, stainless appliances & granite counters. Spacious 2nd floor master suite has sitting area & double-sided gas fireplace. Covered back patio & surround sound are perfect for entertaining! Finished garage apt w/kitchen, full bath & large walk-in closet is a great bonus! All info per Builder.
Click on link below for more detailed information about the development. www.w26thstreet.com
