Brad & Jennifer Corekin

Spring TX Real Estate: Market Report January 2009

2009-02-13T20:32:00Z

Spring TX Real Estate: Market Report January 2009

If you think you are seeing fewer “For Sale” signs, you are right. In comparison to a year ago, the Spring, TX Real Estate Market has seen a 30% drop in homes on the market and a 28% drop in new listings taken. Our real estate market now has the lowest level of single-family homes on the market since 2007.

Our months of inventory stands at 5.4 months which is almost a full month less than the 6.3 months of inventory in January 2008. In comparison to South Florida’s 28 months of inventory or Chicago Illinois’s 15 months of inventory, the Spring Texas real estate market has an extremely low level of inventory.

The battles currently taking place in the House and the Senate over the National Economic Stimulus Package will hopefully reduce the swelling housing inventory and depreciating home prices in cities throughout the U.S. But with only 5.4 months of inventory in Spring Texas, we do not need an economic stimulus package to reduce inventory levels.

Our real estate market will benefit from the national stimulus package because it will provide home buyers with an additional incentive beyond historically low interest rates to purchase a home. What we need now is the return of consumer confidence.

If you are thinking about selling your home, now is the time. Home buyers will be back out in force with the passing of the national economic stimulus package. Low inventory levels means less competition making it easier for your home to out shine the other homes on the market.

Five reasons to buy a home this year

2009-02-10T18:13:00Z

Affordability returns to housing, and buyers have loads of negotiating power People are afraid to buy a home in times like these, with the economy tanking and home prices continuing to fall. But if you're brave enough to stray from the herd, you might be in for the home-buying opportunity of a lifetime. Ask for price reductions, improvements, closing costs -- whatever -- and the seller, desperately trying to get a contract, is very likely to work with you, said Jay Papasan, one of the authors...(read more)

Should I List My Home Now or Wait Until Spring?

2009-02-02T17:48:00Z

Should I List My Home Now or Wait Until Spring?

I received a call yesterday from a consumer who said "Jennifer, I know it is not a great time to sell. Should I put my properties up now or wait until spring?" . What is interesting is that I have found myself answering this question frequently and I have been seeing the same question on Trulia Voices and Zillow discussions. So, I figured it made sense to write about it as it relates to the Houston real estate market.

The first part of the answer depends on a seller's personal goals. If a seller has no place to go or plans on purchasing in the future or there are other external factors that pushes their timeline out it might make sense to wait until those answers are figured out and there is less uncertainty. This is the case for any seller at any time of the year. For the seller that called me yesterday, she has several properties to sell, one of which is her primary occupancy, two that are investment properties. She already plans on renting a place temporarily if her property sells before she relocates to Florida. So what should she do? List now or wait until spring?

Well, to me the answer is obvious. List now !!! There are six main advantages for a seller to list now in February instead of waiting until spring:

1. Inventory - In the spring, how many other sellers will have ended up doing the same strategy? They may have been waiting a year or so until the market got better or perhaps just figured it was the best time to list their property. So come March, April and May, there will be that much more competition to potentially compete with! By listing now, you avoid all that potential competition.

2. Motivated Buyers- Often many buyers will just wait until spring to start their search as well. They will just be beginning the procoess. Believe me the buyers that are out house hunting during the first quarter of the year are serious and motivated. By listing now, you will potentially get one of these buyers to write a deal on your property!

3. Mortgage Rates - The mortgage rates right now are at 3 year lows ! The average 30 year mortgage is in the mid 5s ! This is actually causing an uptick in buyer traffic and activity. If you list now, you will catch this wave of increased buyers shopping for houses since mortgage rates are so low.

4. Buyers confidence - Further, buyer confidence is starting to shift which is also increasing buyer traffic. Another cause for increase traffic is for a buyer to take advantage of the $7,500 first time homebuyer tax credit which expires in the middle of 2009. A buyer has to settle on their property before that timeframe. By listing now, you are taking advantage of this trend of increased buyer traffic.

5. Accomplish your goals now - When it is all said and done, wouldn't you rather have your house sold by March and April and moving on with your life than potentially just listing your house at that point in time. I love it when we accomplish our goals ahead of schedule - it is a great feeling. By listing now, you are positioning yourself to accomplish your goals sooner than later.

6. Reverse Fear - Lastly, not to buy into the media's doom and gloom, but there is always risk that the housing markets could deteriorate more instead of picking up by the middle of 2009. In addition, the reality of the market getting that much better in a short period of time is remote. I doubt that just by waiting until spring, a sales price could be higher by 10 percent. In fact, it could even be a little worse if you think the economy is going to deteriorate as the unemployment rate continues to skyrocket. By listing now, you avoid that extra layer of uncertainty.

What is your opinion ?

As a consumer, will you list now or wait until spring? As an agent, what will your answer be when asked this question? Also what additional benefits are there to list now versus waiting until spring?