SE Texas Real Estate Talk

Beaumont's Luxury Homes Begin To Move in May

Its home buying season in Beaumont.  May through September tend to be the most active months for our real estate market.  Its not just a Southeast Texas home buying trend.  The summer months are the most active for home sales all over the country. 

One trend we are seeing this May is the sales of expensive, high-end, executive homes are starting to pick up steam.  So far this month there have been fourteen sales over $300,000.  Anything above $300,000 is pretty much considered executive in our market.  Be glad you don't live in California where the $300's are entry level, starter homes.  Lucky for us we don't.  So be happy. 

Here's a quick glance at some of the executive sales:

• The most expensive sold for $575,000.  It was in Montclaire.  It sold for 92% of the asking price and was only on the market 2.5 months. 

• There were two other homes that sold for over $500,000.  One in Brownstone.  One in the Oaklane Addition of Beaumont. 

• Ten of the homes sold at more than $100 per square foot of living space.  You might expect that in an executive level home.  All that granite and crown molding isn't cheap.

• The home that sold in the least amount of time sold in less than thirty days.  The seller got 94%of their asking price which was $349,900.

• The home that was on the market the longest was on the market over a year.  The seller originally asked $650,000 and the home finally sold for $450,000.  It was in Calder Place.

Want to know more about Southeast Texas' executive homes and what's selling.  I'm just a phone call away.  Ask me any real estate question and if I don't know the answer I will find it out for you.  This just might be the best time to put your home on the market because in May the Luxury homes are moving.

Beaumont Homes Prices Trend Up in First Quarter

Here we are half way through the second quarter of 2009.  In another six weeks we will be thinking about how the second quarter of the year compared to the second quarter of last year. 

For a moment let's reflect on how our home sales and prices held up in the first quarter.  You can see from the graphic that home sales in the first quarter of 2009 were almost identical to the number of home sales in 2008.  You can also see that the median price of homes sold increased this year.  In the first quarter of 2008 the median sales price was $125,333 while in 2009 the median price is $132,067. 

You can check out Beaumont's home sales statistics for yourself at The Real Estate Center Website.  Texas A&M keeps track of all Texas metro areas.   

 

The April numbers are in and we were off the sales pace of 2008 by just a little.  It will be interesting to see what happens in May and June.  There has been a lot of stimulus thrown at the housing market on a national level.  Most experts seem to think we have reached the bottom of the housing market and nationally there will be signs of stabalization in the second half of this year. 

What's going to happen in Southeast Texas' housing market?  We were lucky to avoid the home price depreciation faced by so many markets.  Our median home sales prices have remained on an upward climb.  One thing that is starting to rein back the home appreciation in our area is the new appriasal guidelines set forth by the FHA.  When homes don't appraise for the sales price that can cause a sale to fall through.  The potential home buyer can't get their financing approved.  Some sellers insist on the contract price not the appraised value.  That's a hard sell if you are a home buyer not wanting to over pay for a home.  The appriasal topic deserves a whole post on its own so I'll save that for another day. 

Today's post is a happy one. Southeast Texas homes continue to go up in value.

Southeast Texas Homes Averaging 99 Days on the Market

Another sign that the Southeast Texas housing market is picking up pace with the spring buying season is our average days on the market is declining.  We had been up to 120 days at one point earlier this winter.  The latest data released by the Beaumont MLS shows the average number of days a home was on the market in April was ninety-nine.

"What else happened in April?"  Well, here's a few noteworthy home sales statistics for you.

• Of the 176 closings, about 1/3 of them were on the market over 120 days.
• About 1/10 were on the market less than thirty days.
• There were 59 conventional loans used to purchase homes.  At this time two years ago almost everyone would have been using conventional financing.  Not so today.
• There were 57 buyers who paid cash. 
• There were 48 buyers who went through the FHA to get their loan.
• Three buyers used the Texas Veterans Program to get their loan.  If you are a Texas Veteran check this program out.
• 1,376 is the current number of homes for sale in Southeast Texas.  But if one sells today, this number will change.    

May is more than half way over.  Where does the time go?  As of the most recent data we already have more pendings this month than we had closings in April.  Don't you just love spring? 

Southeast Texas Home Sales in April Total 176

Spring is here.  Homes sales are picking up.  With 176 homes closing in April we've just ended the busiest month of 2009. 

Here's a few little facts about what closed in April that a curious home buyer or seller might want to know:

1. The most expensive closing went for $658,000.  It was a 5 bedroom home with over 5,000 square feet of living space in Willow Creek County Club.
2. Twenty-two homes sold in less than thirty days.  That's more than 10% of the homes on the market sold in less than a month. 
3. The least expensive closing was on Miller in Beaumont.  It was a 2 bedroom with 760 square feet of living area.  It closed for $10,000.  At $13.89 a square foot, it probably needed a little TLC.
4. The entry level home is selling better than the executive level.  Sixty homes closed for less than $100,000.
5. Six homes closed above $300,000.  Two were in Fannett.  The others were in Beaumont's west-end.  Neighborhoods: Delaware Place, Windsor Place, Barrington Heights, and Willow Creek.
6. Of the executive homes selling for over $300,000, five of the six closed at over $104/square foot of living space. Luxury costs more.
7. Four of the homes that closed in April had been on the market over 300 days.  I bet those sellers were glad to finally close.
8. The median sales price of all the homes that closed during the month was $135,950.

May brings more than just flowers in Southeast Texas.  It is usually one of our busiest months for residential sales activity.  If April is any indication of what May holds things will be hopping.  The best priced homes can seIl in less than thirty days. If you are thinking of buying or selling and need some help fill out the contact form here on the blog (Right there in the upper left corner).  Let me show you what is selling in your neighborhood. 

Ten Things To Know About the Home Buyer Tax Credit, Before Buying a Home In Southeast Texas.

Have you heard about the $8,000 tax credit for home buyers? Its been getting a lot of press lately. 

Before you rush out to buy a home, here's ten things you should know about getting the tax credit.

1. To qualify you have to be a "first-time home buyer".  Now what does that mean exactly?  According to the rules it means you can not have owned a home in the past three years.

2. You have to close on the home before November 30, 2009.  You have got about six months left to be eligible for $8,000.  Its time to start looking at homes.

3. If you buy a home that costs less than $80,000, you'll get a tax credit of 10% of the purchase price.  Math 101- Buy a home for $70,000, you are eligible for a $7,000 credit.

4. Here's a catch.  You have to live in the home as your primary residence for three years or you will have to pay the credit back if you sell the home and make a profit.

5. Here's two exceptions: If you get divorced or die you don't have to pay the money back.  Try not to do either of those things.

6. Here's another catch.  If you are a single individual and you earn more than $90,000 annually, you aren't eligible.  If you are married and your combined income is more than $170,000 annually you don't qualify.

7. All homes that are used as a primary residence qualify.  If you buy a Boat house as your primary residence it qualifies.

8. You can use the $8,000 to help with your closing costs.  *This is a new rule that is just now being implemented. Federal Housing Tax Credit Website  has all the details. 

9. Its $8,000!  When was the last time someone gave you $8,000?

10. What are you waiting for?  Its $8,000.  Call me and I'll help you find your dream home.

Video Tour of Lumberton, Texas

The big news in real estate this week is the launch of Coldwell Banker's YouTube channel.  I've been learning how it works.  Over the next few weeks, watch for new video posts of Southeast Texas.  If there's a town you want to see on video let me know.  Have video camera, will travel.  This is my first "on location" video.  Its about two minutes long.  Hope you like it.

Coldwell Banker Launches YouTube Channel

Coldwell Banker continues to be ahead of the competition and advance the technology envelope when it comes to all things real estate.  We now have our own YouTube channel. 

As the weeks goes by stay tuned for Southeast Texas real estate video.  Is there something you'd like to see a video of related to the Southeast Texas housing market?  Would you like to see your home featured on the new YouTube channel? 

Give me a call.  My video camera is ready and waiting.