Real Estate Update from Kayelin Wright in The Woodlands, TX

The Woodlands, TX continues to perform above average with a slow-down in the lower quartile price range and a much needed improvement in the upper-tier market, particularly homes price $900,000+.  For example, in the month of May the $200,000 – $300,000 price range had 4.6 months of inventory and September it bumped up to 6.1 months; counterbalance that with the $900,000 – $1.00 Million price range with 14 months and in September it’s down to 7.7 months.  As you can see the federal tax credits made their impact in Q1 and now we are back to business on our own. Here are the highlights:

• Active Listings on the market for sale up 5% to 1023 units
• Pending Sales (properties under contract) 0% change at 204 units
• Closed Sales (Closed Escrow and Funded) during month of September down 5% to 155 units
• Months of Inventory down 3% to 6.4 months 

What keeps the market moving?

I’ve enclosed excerpts from the National Association of Realtors (NAR) economic outlook report from September, 2010 WASHINGTON:

Who is buying a home today?:  “Qualitative REALTOR ® member survey data about homebuyers suggest that investors, all-cash buyers and buyers of expensive homes”. I would add that new jobs and changes in employment status are keeping are also keeping us moving.  I’ve also observed a modest number of move-up buyers and others that have decided to “right” size (downsizing from a large property into one that fits their space and financial needs).

“Lawrence Yun, NAR chief economist, forecasts “fewer people in the pipeline to buy a home in the immediate months” and two key reasons are “lack of jobs and lack of consumer confidence”.  Need a little boost in your confidence?  Yun also comments that now may be an ideal time to buy a home because “Housing affordability could possibly reach and all-time high of near 200 (index) in the second half of this year. That is, a household making the median income would have twice the income necessary to buy a median priced home in America. He goes on to say “the principal reason….is the rock bottom mortgage rates of 4.4% on a 30 year fixed rate.” (Note:  all-time high was 184 in early 2009 and all-time low during the bubble.)

National Median Income = $50,221

National Median Home Price = $216,700

(2009 US Census Bureau, www.cencus.gov)

As we enter Q4 and a time of year when the air cools down and we gather with friends and and family to celebrate the holidays I give thanks for the opportunity to give back and share my skills and service with you.  I remain committed to my clients, either a buyer or seller, to work very hard – gather key facts – negotiate the best price and terms for my client and stay VERY close to the details of the transaction all the way to the end.  Just the smallest detail can save or kill a deal and I work hard not to let small details slip through the cracks.

If you know someone that needs the help of a professional, personable and success-driven agent….Just Call Kayelin!