Rick Martinez Weekly Real Estate Report 10/15/10

According to reports by HAR (Houston Association of Realtors) sales have declined again. The summer market proved to be very slow although the average sales price did go up mainly because properties that sold for over $500K brought the average up.

Single family homes per our last report by HAR were down by 16.7%.  Also the last report by HAR did show that active listings rose by 19.7%.  This means that we have more properties to compete with, but as I last reported and as you might have seen in the Houston Chronicle and in the news media,  large banks like Bank of America, GMAC, and J.P. Morgan have temporarily put a halt on foreclosures until all procedures are reviewed.  It was reported on the Today show that 1 in 7 homes is on the brink or in foreclosure.  This may be a plus for us as we may have fewer foreclosures to compete with.  Note, not all banks are doing this but several are following.

This is a critical time because it is also the slowest period of time during the year.  We continue to monitor and communicate with various agents where our listings are located and, as before, they report little to no activity.  Those priced more aggressively have indicated some activity but it is still slower than average during this time of year.

Keep in mind that the buyers that are looking now still have very attractive financing. Anyone who is looking now is very serious about buying.  Don’t lose faith and always keep your home looking great.  Remember what I keep saying, “It only takes that one buyer, so never drop your guard.”

Have a wonderful weekend and start enjoying this weather while we can!

Regards,

Rick M.