An inside look at the residential real estate market in Southeast Texas including: the hottest neighborhoods, proven home selling strategies, home buying and negotiating tactics, median prices by neighborhood, average days homes are on the market, and professional advice on how to get the best deal when buying or selling a home.

Fannie Offers Closing Cost Help for REOs
New Construction Inventory Homes In Southeast Texas, No Excess Here!

Jefferson, Hardin, and Orange County Foreclosure Home Sales Account for about 10% of the Market Activity

End of road

Its April 19th.  Today, there are 270 pending sales showing up on my daily market monitor.  Its privileged information provided to members of the Beaumont MLS (meaning we have to pay for it).  These 270 pending sales represent all homes, lots, and commerical properties that are listed in the MLS that are now "under contract."  Meaning a buyer and seller have agreed to terms on the sale and the property is no longer available for purchase unless the current buyer backs out. 

Here's what I find interesting:

Of the 200 residential homes that are pending, 28 of them are foreclosures.  That's roughly 14% of the sales.

Four things that might surprise you about the foreclosure sales in Southeast Texas:

  1. The highest asking price $315,000.  Street Thomas Road.
  2. The lowest asking price $12,500.  Street S. Major Drive.
  3. The average days on the market for most of these foreclosure homes is less than 60.  Compare that to the non-foreclosure sales where the average days on the market is over 110.
  4. The average price per square foot for these properties is $40.  The high is $86.  The low is $8. 

Its hard to image buying a home for $8 per square foot but in Beaumont, Texas it can be done.  Just be prepared to do some repairs.  (Lots of repairs)

The Southeast Texas real estate market remains in a rut.  Home prices don't appear to be falling or rising.  Sellers seems to be willing to wait it out for the right offer even if that means more days on the market.  We have over an 11 month supply of homes out there at the current sales pace.  It really makes me wonder what's it going to take to get the housing market growing again. 

It still remains a fabulous time to buy a home.  If you are one of the few and brave that are ready to jump into home ownership, contact me today.  There are some great homes available in Beaumont!  (And other parts of Southeast Texas too...)

 

Search MLS for Homes
Email Diane

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

snabb lån

Since this is very short term assistance, you need to prove that you are under absolutely no obligation until you review the loan document and accept interest rate and repayment terms. People's banks are becoming more and more people are experiencing such difficulty, more and more people are experiencing such difficulty, more and more cash people are getting attracted to instant payday loans are.

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been posted. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Your Information

(Name and email address are required. Email address will not be displayed with the comment.)