The U.S. housing market may still be trying to stabilize, but the Southeast Texas housing market remains robust.
Here's what Southeast Texas home sellers are selling their homes for on average:
- China 93%
- Fannett 96%
- Groves 97%
- Kountze 98%
- Lumberton 98%
- Nederland 94%
- Orange County 92%
- Port Arthur 92%
- Port Neches 93%
- Silsbee 91%
- Beaumont all areas 90% and higher
There's really no signs of housing distress in the area. The picture across the U.S. is even getting a little better. There's been some encouraging signs recently.
A mere four years ago, we were a nation of spenders. The personal savings rate, as tracked by the U.S. Department of Commerce, shows that in mid-2005 most of us were spending more than we earn. In 2008, all that changed. Consumers started worrying and stopped spending.
The last five years of consumer spending habits can be seen on the chart. In 2008 the economy officially went into a recession and all of us starting saving our pennies. The current savings rate is above four percent. The highest rate in years.
When people are afraid to spend, big ticket purchases - like buying a new home- get delayed. At least, everywhere except Southeast Texas it seems.
More good news on the national housing front, last week Existing Home Sales and New Home Sales Data both came in stronger than expected.
Interest rates are lower than they have been in the past forty years. Compare Interest Rates and see what you would pay to buy a home today. With rates this low its a great time to buy. Affordability has not been this attractive for a long time. First-time home buyers have an $8,000 tax credit that makes it a great time for the first-time buyers to buy.
Here in Southeast Texas our housing market has had a mind of its own the past few years. While everyone else was seeing their home lose value, Southeast home sellers continue to watch their homes appreciate. There have been very few signs of any housing distress at the local level. Home buyers seem to have heard all about the problems with the National housing market. They are looking for desperate sellers and below market prices. Home sellers seem to be listening to different news. Here in Southeast Texas most home sellers are still averaging ninety-four percent of their asking price for single-family homes sold since January 2009. There's no sign the trend is going to change and home sellers are going to have to start accepting below market values on their homes.
So what's the point to all this. In short, its a great time to buy a home! You may never see rates this low again. However, if you are buying in Southeast Texas you probably won't be able to get the sellers to move off their asking price a whole lot. Its more important than ever to have a knowledgeable REALTOR help advise you on the comparable sales in a given neighborhood so you can make an educated offer.
One free tip to all of you prospective home buyers out there, since January there have been more than 400 residential sales, and the home sellers averaged 94% of their asking price.
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