Local Real Estate Market Conditions for The Woodlands texas

What’s the real estate market like in The Woodlands, Texas – October 24th, 2008

by Ken Brand, Sales Manager - Prudential Gary Greene, Realtors / The Woodlands TX / Cell: 832-797-1779 on October 25, 2008

I’m asked this question five or six times a day. “How’s the real estate market in The Woodlands, Texas?”

Here’s what I think and know.

Buyer activity has slowed to tortotise pace.  Suppressed activity is due primarily to phycological and seasonal factors.  It appears that the people are not fearful of losing their jobs, but the spectacular Wall Street meltdown, Water-Boarding media coverage and the very real Retirement Account Haircut has people pissed angry panicked sad frozen fearfully cautious.  When people are fearful, they slow way down, plus real estate activity always ebbs during the Holiday Season.  As a result, buyer activity in The Woodlands has cooled but it hasn’t frozen. Sales prices aren’t plunging, but sales units dwindle. 

I believe that as Wall Street settles bottoms, the elections conclude and retirement accounts stop hemorrhaging, people will feel safer and pent up demand will reheat real estate activity.

Another frequently asked question, “What about foreclosures in The Woodlands?”  Here’s the deal.  There aren’t many foreclosures in The Woodlands.  The Woodlands real estate market has been bull strong for years.  As you can see from the first picture below (Blue Headline), there have been only 64 Foreclosures Sold in The Woodlands Year To Date.  These 64 Closings represent less than 3.5% of the total number of sold properties.  Here’s the rest of the story, while rare, the average price per square foot is $36 less than the total average, and they sell fast.  If you find one and you like it, don’t screw around, take action or it’s gone.

Sold Foreclosures - 64 Properties Found – The Woodlands, TX – 1/1/08 to 10/24/08

 

SqFt

LP/SqFt

List Price

SP/SqFt

Sale Price

SP/LP %

DOM

Year Built

Min

1028

45.5

74900

44.532

68000

75 %

3

1969

Avg

3211.641

92.532

297181

83.12

266950.078

89.8 %

57.25

1992

Max

24586

254.859

3500000

228.199

2650000

146 %

261

2006

Median

2376.5

71.819

153900

70.419

149750

96

37

1991

 

The picture below includes statistical data for all Houston Multiple Listing Service – Single Family closed properties in The Woodlands, Year to Date.

 Interesting tidbits – Average Sold Price = $355,031.  

Days on Market for Sold Properties is 65…the average number of Day On Market for Active Listings is just under 100.  If you’re a seller and your home has been on the market for over 100 days, you’ll want to adjust something – the marketing, the merchandising/staging and or the price.  Also, you can compare these statical number to most any real estate market in America, the real estate market in The Woodlands has been rock solid and positive.  The future shouldn’t me much different.

Sold Single Family/All – 1791 Properties Found – The Woodlands, TX – 1/1/08 to 10/24/08

 

SqFt

LP/SqFt

List Price

SP/SqFt

Sale Price

SP/LP %

DOM

Year Built

Min

0

45.5

68900

44.532

68000

75 %

0

1965

Avg

2960.697

124.746

369334

119.915

355031.526

96.1 %

64.77

1996

Max

24586

406.746

5900000

381.944

5000000

146 %

1010

2008

Median

2658

103.074

257690

99.309

250202

97

41

1999

Keep in mind that real estate markets are hyper-local. This data represents the big Woodlands picture, specific trends and conditions for your specific neighborhood can be determined by consulting with a savvy, feet on the street Realtor Icon.

If you have any questions about real estate in general or I can help you with anything, give me a call: Ken Brand @ 832-797-1779. Or you can ask a question in the comment section and I’ll get back to you.

If you’re a Realtor Icon and you’d like some tips on how to track the market – Click Here

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The Good and Not So Good, Myths and Realities of the Freddie Mac, Fannie Mae Take Over and the Housing and Economic Recovery Act of 2008

by Ken Brand, Sales Manager - Prudential Gary Greene, Realtors / The Woodlands TX / Cell: 832-797-1779 on September 9, 2008

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good-bad-ugly-17th-surf_272
Originally uploaded by mikebaird

Lot’s of crashing waves, froth, myth, fear mongering and fantasy about what’s going on in the real estate market.

Look before you leap, sleep or snooze and lose.  Understand that real estate markets are hyper local.  That means what’s happening in your exact neighborhood could be different than what is happening in your community, city, village, state, etc.  You’ll want to seek the guidance and candid savvy from a trusted real estate icon.  Someone who can research, interpret and relate. Is now the time to buy?  Could be things will rebound sooner rather than later.

Real estate markets are hyper local, the Housing and Economic Recovery Act is National.

A few key points – Housing and Economic Recovery Act:  

• GSE Reform – including a strong independent regulator, and permanent conforming loan limits up to the greater of $417,000 or 115% local area median home price, capped at $625,500. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).

• FHA Reform – including permanent FHA loan limits at the greater of $271,050 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program. The downpayment requirement on FHA loans will go up to 3.5% (from 3%). The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).

• Homebuyer Tax Credit – a $7,500 tax credit that would be would be available for any qualified purchase between April 9, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).

• Additional Property Tax Deduction – HERA provides a one-year benefit that will be available to all homeowners. Under current law, property taxes are deductible only if an individual itemizes his/her deductions on Schedule A of their tax return. The new provision will permit a deduction of up to $500 ($1,000 on a joint return) for all individuals who utilize the standard deduction and do not itemize. Instructions will be provided on the 2008 tax return when it is distributed at year-end

Want to READ MORE – CLICK HERE

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It’s been a couple of days now.  Yesterday we saw mortgage interest rates fall like bunge jumpers.  Overall consensus - it is a powerful positive.

Here’s an interesting article on how it unfolded.

Mounting Woes Left Officials 
With Little Room to Maneuver

By DEBORAH SOLOMON, SUDEEP REDDY and SUSANNE CRAIG
September 8, 2008; Page A1

WASHINGTON — In the end, Fannie Mae and Freddie Mac had no choice.

Summoned to separate meetings on Friday with Treasury Secretary Henry Paulson and other top officials, the two mortgage giants were told they could either agree to a government takeover or one would be foisted upon them.

“We have the grounds to do this on an involuntary basis, and we will go that course if needed,” Mr. Paulson told senior executives at the two companies, who had little idea such a move was coming, according to three people familiar with the meetings.

There was no dramatic trigger, nor was there fear of imminent collapse. Instead, the sweeping government intervention stemmed from a growing realization by Treasury and Federal Reserve officials that the two companies couldn’t survive in their present forms, and that any collapse would be devastating to the economy.

THE REST OF THE STORY

Winners and Losers Score Card – Read IT HERE

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