Houston Real Estate Home Sales Rise Again
Posted by 2M Realty on Monday, November 30th, 2009 at 8:47am.For the second straight month, Houston home sales increased on a year-over-year basis. So if you are looking to invest in Houston real estate, opportunity is knocking.
According to a recent Houston Chronicle article*, Houston-area October home sales rose 13.8 percent compared to a year ago. The author attributed the jump to the first-time homebuyer federal tax credit, and to the avoidance of any natural obstacles such as Hurricane Ike in 2008.
Should two consecutive months of positive sales – September single-family home sales soared an unbelievable 31 percent after the impact of last year’s hurricane – be considered a trend? The jury is still out. However, segments of the market are actually seeing prices improve.
Bearing in mind that the first-time homebuyer tax credit of up to $8000 was extended through April 30, Houston real estate is set to move. Many factors, not the least of which is the growing unemployment rate, will determine how quickly Texas can climb out of the real estate slump. But indicators are beginning to suggest a promising future.
Nationally, home sales climbed to their highest level in more than 2-1/2 years, according to Reuters news service*. Sales improved 10.1 percent month-over-month in October, as reported by the National Association of Realtors (NAR).
Though it would be unrealistic to draw conclusions about the Houston real estate market based on national statistics, the country is clearly taking very small steps toward digging out of the housing crisis. The numbers do point to reduction of inventory, which would logically result in price increases over the long term.
Few would argue that it is the right time to consider Houston real estate.
Whether you are looking for a comfortable suburban retreat, or a condo close to all the action, Houston has many affordable alternatives. Per Kiplinger’s Personal Finance, which named Houston the top U.S. city in which to live and work for 2008, $350,000 will buy a 4-bedroom, 2-bathroom home in suburban Sugar Land.
Houston was also recently ranked the ninth-most expensive American city by Forbes, meaning residents get major-city benefits at a cheaper price.
The housing crisis is far from over, and no one can predict with certainty how the extension or eventual termination of the first-time homebuyer tax credit will impact the Houston real estate market. For the time being, though, homes appear to be moving.
*-Sarnoff, N. (2009, November 19). Home sales up for second straight month. The Houston Chronicle.
*-Mutikani, L. (2009, November 23). Homes sales at 2-1/2 year high. Reuters.
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Mark W. Martin is President of 2M Realty. He is active in real estate sales and develops land in the Houston real estate market. Areas of current development include the Conroe real estate, New Caney real estate and Porter real estate markets.
2M Realty has simple goals in mind: Simplify the real estate process, reduce stress for Buyers and Sellers, earn client trust, and keep client trust. These simple but lofty goals are backed by over 20-years experience as a Texas real estate broker and Houston Realtor.
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