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Archive for August, 2016|Monthly archive page

NEW LISTING! 1002 Glacier Hill Drive, Houston, TX 77077 – MLS# 40154777

In Buying a Home, Houston Energy Corridor, Houston Real Estate Agent, Real Estate Investment, Selling your home, Terry Hershey Park on August 31, 2016 at 7:26 pm

NEW LISTING! 1002 Glacier Hill Drive, Houston, TX 77077 – MLS# 40154777

1002 Glacier HillBeautiful FULLY remodeled home. Open floor plan, light and bright with soaring ceilings. Big kitchen, family room, game room, study and library all downstairs with no carpet on the entire first floor. New roof, pex plumbing throughout, insulation, siding, interior and exterior paint, cabinet doors, carpet all in 2016. Air Conditioner downstairs and duct work in 2015. Kitchen and Bathrooms all remodeled in 2012. Composite lifetime deck in backyard with spa and pergola. Three-car garage. Compared to other fully remodeled homes in Briar Hills-price per square foot very competitive. See brochure for complete upgrades list.

HAR Link:   http://www.har.com/1002-glacier-hill-drive/sale_40154777

If you are looking for Classic Real Estate Services from concept to closing, please contact Connie Vallone by phone (713) 249-4177, email connie@knowsrealestate.com or visit my website at www.houstonenergycorridorhomes.com or www.vallonehomes.com .

 

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NEW LISTING! 1018 Enclave Square North, Houston, TX 77077 – MLS# 40457236

In Buying a Home, Home Values, Houston Energy Corridor, Houston Real Estate Agent, Real Estate Investment, Selling your home, Terry Hershey Park on August 25, 2016 at 6:03 pm

1018 Enclave Square NBeautiful updated townhome in gated Park on Enclave. Hand scraped wood laminate floors entire first floor. Living room with soaring ceilings opens to kitchen with all new Stainless Steel appliances, gas range with double oven, contemporary corian tops and tile backsplash opens to breakfast area that leads to your shady backyard retreat. Huge master retreat downstairs. Study upstairs plus 2 more bedrooms and fully remodeled bath. New water heater. Walking distance to Energy Corridor employers, shops, restaurants, Terry Hershey Park, Bush Elementary School and John Paul II.

HAR Link: http://www.har.com/1018-enclave-square-n/sale_40457236

If you are looking for Classic Real Estate Services from concept to closing, please contact Connie Vallone by phone (713) 249-4177, email connie@knowsrealestate.com or visit my website at www.houstonenergycorridorhomes.com or www.vallonehomes.com .

 

Low Supply Has Homes Selling Fast

In Buying a Home, Home Values, Houston Energy Corridor, Houston Real Estate Agent, Real Estate Investment, Selling your home on August 23, 2016 at 3:38 pm

Homes are selling an average of a week faster than they did a year ago, meaning home shoppers should be prepared to move quickly in a competitive housing market, according to the June Zillow® Real Estate Market Reports.

Tight inventory continues to be a major factor for home shoppers. The supply of homes for sale is nearly 5 percent lower than it was a year ago, and 38 percent lower than its peak level in 2011. With fewer available options, home shoppers are moving quickly to buy homes, with the average U.S. home closing after 78 days on the market.

The 78-day average includes the time it takes to close, which is usually one or two months after the home goes under contract. This means that homes are pending within about a month of being listed.

The length of time homes stay on the market before selling has been steadily decreasing since 2010, when homes took an average of five months to sell. The average time home buyers had in Pittsburgh, Philadelphia and Charlotte, N.C. dropped by at least wo weeks, the biggest change among the largest U.S. metros. 

The low inventory and quick-moving market combine to create a competitive home shopping market, especially for potential buyers looking for less expensive homes. The most expensive third of the market has experienced the smallest drop in available inventory compared to the rest of the market.

“Homes are selling faster than ever as the home shopping season hits its peak,” says Zillow Chief Economist Dr. Svenja Gudell. “If you’re looking for a home, be prepared to move quickly. Adding to this difficult buying environment is low inventory – there simply aren’t many homes to choose from. And while this looks like a good time to be a seller, potential move-up buyers may hesitate to list their homes and become buyers. Until the supply increases, it will remain a tough market to find a home.”

Tips for buyers in a competitive market

  • Meet with your lender early and get pre-approved for a loan – even before you begin seriously shopping for your new home.
  • Work with an agent who has expertise in the local market. Read reviews on local agents and find someone with a successful record in a tough market.
  • Request to pre-inspect a home before submitting an offer. You risk losing a few hundred dollars if you end up not wanting the house; but if you do, you’ll be able to submit an offer not contingent on home inspections.

The limited supply of homes is driving home values higher. The average U.S. home is worth $187,000, a 5.4 percent increase from June 2015. Home values have been increasing at 5 percent or faster on an annual basis for the past eight months.

For more information, visit www.zillow.com/research/. RISMedia Tracking Snippet *** Do Not Remove *** End RISMedia Tracking Snippet

Reprinted with permission from RISMedia. ©2016. All rights reserved.

If you are interested in buying or selling real estate in the Houston Energy Corridor, please contact Connie Vallone with First Market Realty, Inc at 713 249 4177, connie@knowsrealestate.com   or visit www.houstonenergycorridorhomes.com  or www.vallonehomes.com .

Light and Bright One Story in Briar Hills! 14202 Sandfield Drive – MLS# 46122694

In Buying a Home, Home Values, Houston Energy Corridor, Houston Parks, Houston Real Estate Agent, Parks & Recreation, Real Estate Investment, Selling your home, Terry Hershey Park on August 17, 2016 at 4:22 pm

Light and Bright One Story in Briar Hills! 14202 Sandfield Drive – MLS# 46122694

14202 Sandfield DriveOne story in BriarHills. Light and bright with tons of windows for natural light. Great floor plan with huge living and dining area that opens to nice sized yard with built in spa feature. Island kitchen with granite counter tops and gas cooktop. Spacious master retreat with his and hers closets plus two more bedrooms and study. Double paned windows, doors, lifetime concrete tile roof. Walking distance to Barbara Bush, John Paul II, Terry Hershey Park, subdivision pool, play area and tennis courts.

HAR Link: http://www.har.com/14202-sandfield-drive/sale_46122694

If you are looking for Classic Real Estate Services from concept to closing, please contact Connie Vallone by phone (713) 249-4177, email connie@knowsrealestate.com or visit my website at www.houstonenergycorridorhomes.com or www.vallonehomes.com .

LOWEST PRICE per SQUARE FOOT in BRIAR HILLS! 14311 Briarhills Parkway – MLS# 4035676

In Buying a Home, Home Values, Houston Energy Corridor, Houston Real Estate Agent, Real Estate Investment, Selling your home, Terry Hershey Park on August 15, 2016 at 3:57 pm

14311 Brairhills ParkwayLOWEST PRICE per SQUARE FOOT in BRIAR HILLS! Beautiful home in Briar Hills! Tile and slate flooring throughout – no carpet! Huge family room with soaring ceilings and surround sound, opens to study/workplace. Island kitchen with granite countertops leads to dining area with soothing waterfalls – perfect for entertaining. All bedrooms plus bonus family room downstairs plus a gameroom upstairs. Retreat to your lush oasis like backyard soothing waterfalls and disappearing fountain plus outdoor speakers. Steps from Terry Hershey, Briar Hills pools and tennis courts.

HAR Link: http://www.har.com/14311-briarhills-parkway/sale_10049052

If you are looking for Classic Real Estate Services from concept to closing, please contact Connie Vallone by phone (713) 249-4177, email connie@knowsrealestate.com or visit my website at www.houstonenergycorridorhomes.com or www.vallonehomes.com .

New Study Examines Housing Affordability Indexes

In Buying a Home, Home Upgrades, Home Values, Houston Energy Corridor, Houston Real Estate Agent, Selling your home on August 10, 2016 at 5:45 pm

The Research Institute for Housing America (RIHA) recently released a new report, The Affordability of Owner-Occupied Housing in the United States: Economic Perspectives, which looks at four major forms of affordability indexes, compares their methodology, and tests their validity in predicting current and historical features of the housing market. The study was authored by Donald R. Haurin, Professor of Economics, Emeritus, Ohio State University.

“There are many conceptualizations of how to measure housing affordability and there are many affordability indexes. All measures are based on judgments of which components of housing costs should be included and judgments about when these costs should be considered excessive,” Dr. Haurin says. “This study reviews existing theory and empirical work about the affordability of owner-occupied housing. It concludes that only a few affordability indexes are well grounded in economic theory, although all contain ad hoc assumptions.”

“Many analysts comment on the extent to which housing is affordable.  However, the precise meaning of ‘affordability’ is hard to pin down.  And existing affordability indexes do not seem to predict housing variables of interest,” says Lynn Fisher, RIHA’s Executive Director and MBA’s Vice President of Research and Economics.

“Taking a critical look at these indexes, Dr. Haurin finds that consumer expectations about future house prices are an important variable to consider.  If home prices are expected to increase, it effectively lowers the cost for a homebuyer purchasing today, because they will benefit from that capital gain.  On the other hand if house prices are expected to fall, as they were during the recession, affordability is reduced even though current prices may appear low, because homebuyers will suffer a capital loss over time.  Incorporating house price expectations improves the ability of a new index to predict homebuyer behavior.”

The study describes four major forms of affordability indexes. They include ones that: 1) measure out-of-pocket housing expenses compared to the amount of household income, 2) compare an arbitrarily chosen amount of income “needed” for non-housing expenses to a household’s income after subtracting its housing expenses, 3) compare the cost of existing housing to the cost of producing new housing, and 4) measure the partial or the full economic cost of homeownership compared to household income.

The validity of an affordability index is difficult to test, but index performance should be measured against specific criteria. This study establishes criteria that an affordability index should be able to predict current features of the housing market including sales of new and existing houses, housing starts, and the homeownership rate. The predictive ability of three indexes is compared for 2003-2014, where the indexes are the National Association of Realtors’ Housing Affordability Index, the National Association of Home Builders’ Housing Opportunity Index, and the new Dynamic Housing Affordability Index (DHAI).

The study finds that the DHAI is a better predictor of housing starts and sales of new and existing homes. However, none of these indexes correctly predicted the steady decline in the homeownership rate after 2004, even when households’ diminished access to the credit market is accounted for.

RIHA’s chief purpose is to encourage and assist–through grants to distinguished scholars and subject matter experts, educational institutions, research facilities and government organizations–establishment of a broader based knowledge of mortgage banking and real estate finance. You can find additional papers on RIHA’s website, www.housingamerica.org.

You can download a full copy of the paper here.

For more information, visit www.mba.org. RISMedia Tracking Snippet *** Do Not Remove *** End RISMedia Tracking Snippet

Reprinted with permission from RISMedia. ©2016. All rights reserved.

Do you have real estate questions?   Contact Connie Vallone at (713) 249-4177 or connie@knowsrealestate.com or visit www.houstonenergycorridorhomes.com  or www.vallonehomes.com.