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.

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September 2017

October 2017

292 Homes Closed in Southeast Texas in September

You might think Hurricane Harvey would have affected the number of home closing in September in Southeast Texas.  With a total of 292 closings, that doesn't appear to be the case.  There is no way to know how many more would have closed in September that didn't due to flood damage.  292 closings is still a high number of closings for the month of September.  

This chart will show you 4 other noteworthy home sales statistics.

Sept Stats

The bulk of the homes sales occurred in the $100,000-$150,000 price range but that is usually the case for the Southeast Texas residential housing market.  

  • 43% of the closings were homes priced from $90,000-$199,999.
  • 31% of the closings were homes priced from $200,000-$399,900
  • 3% of the closings were homes priced over $400,000

We continue to be in a sellers market with a low level of inventory in all but the upper price ranges.  Until homes damaged by Hurricane Harvey are repaired and start coming on the market the inventory shortage is likely to continue.  

If you are planing to buy or sell a home in Southeast Texas contact me.  When we work together I become your advocate.  I'll work hard to get you the best deal possible and exceed your service expectations.  

Sincerely,

Diane

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More Flooded & Gutted Homes Under Contract. Values Still All Over.

Flooded and gutted 10_12

About 6 weeks post Hurricane Harvey the number of flooded and gutted homes coming on the real estate market in Southeast Texas continues to grow.   We are also seeing the first of these flooded and gutted homes start to be sold - go under contract.  There are currently 12 homes under contract according to the SETX MLS.  

What is the value of a "flooded and gutted" home? 

  • Prices are still all over the place.  
  • Of the 12 that have gone under contract $54.95 was the highest price/SF (asking price) 
  • $179,900 is the highest priced home to go under contract.  Located in Hillbrook Estates in Orange.  (This is the asking price not sales price.)
  • The median price of the homes that are pending is $50,000.  
  • The lowest price/SF of these pending homes is $15.52

The market is still trying to establish a value of what these flooded and gutted homes will sell for.  Many of these sales are cash purchases.  Lenders are starting to bring construction loans into the market but they are still hard to get.  If you are thinking about selling or buying a flooded and gutted home contact me for a more detailed analysis of any home in Southeast Texas.  

Sincerely,

Diane

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What is the Value of a Flooded and Gutted Home in Southeast Texas?

  • Flooded gutted chart 45The number of flooded and gutted homes to go under contract is now up to 4.
  • The number of flooded and gutted homes listed in the MLS is now up to 45.

The chart above shows the average price per square foot of the flooded and gutted homes that are listed and the 4 that are pending (under contract).

The real estate market is just beginning to show what investor buyers are willing to pay for a flooded and gutted home.   From everyone I've talked to the opinion is there will be a lot more flooded homes for sale than there are buyers for them.  So for sellers my advice would be put your home on the market as soon as you can.   Price it aggressively to attract the investors that are buying.  Or take your time and fix it up.  The market analysis' that I've been doing for people show most are much better off fixing the home and selling it fixed rather than "as is".

If you would like a market analysis "as is" and "rebuilt" to help you decide what is best for you contact me.  You can reach me on the blog or call, text my cell.  

Sincerely,

Diane

 

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Home Remodeling Projects that Payback When You Sell

Remodeling-impact_2017 final

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kitchen renovations and upgrades are among the top remodeling projects most likely to add value to a home at resale and most likely to appeal to home shoppers, according to the 2017 Remodeling Impact Report, conducted by the National Association of REALTORS®. The report takes a look at the cost of the most common exterior and interior remodeling and replacement projects and gauges how much appeal they have to buyers at resale.

If you are rebuilding your home after flooding from Harvey, spending money on upgrading your kitchen and installing new wood flooring are at the top of the list in terms of what appeals to buyers and where you get the most money back on sales price.  

Good to know as my husband and I start to rebuild our Wexford Park home that got 3 1/2 feet of water thanks to Harvey and the Dam B water release.

If you need help determining the value of your Southeast Texas home contact me here on the blog, call or text me.  I'm happy to give you a market analysis.   There is no cost.  #409Strong  #409Sold

Sincerely,

Diane

 

 

 

 

 

 

 

 

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