As with most of the country, real estate transaction volume in the McAllen Texas area has dropped. During the 4th quarter of 2008, sales decreased to 535 homes sold. Some of the factors contributing to the slowdown include the seasonality of real estate, the tightning of credit and buyer hesitation caused by media hype. Many files that were in process of closing were also delayed due to underwriters "overanalyzing" files.
During the 1st quarter of 2009, sales had a slight increase to 544 homes. But volume is down 15% compared to the same period last year.
In 2008, Foreclosures continue to gain market share as a significant component of the local real estate market. During the first quarter, REO / Foreclosure properties accounted for 47% of all closings. They only represent 11% of the inventory (233 of the 2,146 active residential listings) The turnover rate of REO listings is less than 3 months.
Banks are becoming more aggressive to move these foreclosures, which has dropped the average price of sold homes in this market. The banks are pricing their foreclosures so competitively that multiple offers will be presented, especially if the house meets FHA guidelines. The average sold price dropped 14% compared to the 4th qaurter of 2008 to $110,035.
On a positive note, the lending process is improving. As we enter the traditional selling season, many potential buyers are coming off the sidelines and are ready to take advatage of the bargains and claim an IRS tax credit for 1st time buyers.
Interested in building your dream home in the Sharyland School Zone of Mission, Texas? Lot #1 of Dublin Estates is currently available. This neighborhood is only two blocks north of Shary Elementary on Glasscock Road. With dimensions of approximately 108 feet by 201 feet, there is plenty of room to build your luxury home on this half acre lot. It is perfect for a single story residence with a pool.
The neighborhood is a single culdesac street to minimize traffic and the west side of the lot has the block community fence along Glasscock Road.
If you are interested in viewing this lot and subdivision, please contact me to coordinate an appointment.
Bentsen Lakes is a prestigious community located in Southwest McAllen. The neighborhood has controlled access (gated) and includes a private park. The community park has a beautiful pool, tennis court, play equipment, basketball and soccer. Though in the city of McAllen, this subdivision is zoned for the Sharyland School District. The elementary school is only blocks away and is named after Lloyd M. Bentsen Sr. (father of former US Senator) and his wife Dolly.
The neighborhood is convenient to many new commercial developments along Highway 83, connecting McAllen to Mission. It is only minutes away from the Club at Cimarron, a premier private country club.
For more information about buying or selling a luxury home in Bentsen Lakes, please contact me. Click below to view the homes currently offered.
A family-owned and operated business in South Texas is for sale. This independent gas station and convenience store is located in Cameron County in the Lower Rio Grande Valley. The Sellers are interested in retiring soon and have placed this property for sale in the commercial real estate market.
The business has high visibility from one of San Benito's major roads (S. Sam Houston Boulevard) and occupies a corner lot. The property includes two structures, gas pumps and inventory. The second building can be used as a warehouse, office or leased to a third party.
For more information regarding this opportunity, please contact Rene Galvan at RGV Realty.
Contrary to all the "gloom and doom" presented about the national real estate market, our local market of McAllen, Texas has demonstrated a strong performance in 2008. On a YTD comparison of September 2008 versus September 2007, the McAllen market has dipped only 6.9% for the number of houses sold in the MLS. As of September 30, 2008, the YTD sales for McAllen equals 1956 homes. During the same period last year, 2101 houses were sold.
In addition to sold data, the Greater McAllen Association of REALTORS (GMAR) is also tracking the number of houses under contract. At the end of September, there were 432 sales pending. These contracts should close during the last quarter of 2008. Last year, we had 358 sales pending on 9/30 and sold 612 houses during the fourth quarter. As lenders increase their review time (underwriting) to give final approval on loans, the transaction period is taking longer.
It is taking approximately two months to move transactions from "pending" to "sold". At our current rate, we are on track for Total Sales in 2008 to be within 10% of Total Sales for 2007.
The Island has been a popular destination for local residents since the original Queen Isabella Causeway connected Port Isabel with South Padre Island. The new causeway was completed in 1974 and is the longest bridge in Texas. Another bridge is expected to be approved soon to connect South Padre with Laguna Vista.
Today, the island is the perfect place for a vacation. Outdoor activities include deep sea fishing, windsurfing, snorkeling, horseback riding, golf and tennis. Eco-Tourism & Birding also attract visitors from all over the country. The island is popular destination for families from Mexico during "Semana Santa", holy week before Easter, and college students during Spring Break. Many valley residents also own a condo on the island for their weekend getaways, but "the secret is out" and we have visitors from all over the world.
Brownsville is located on the Texas – Mexico border only twenty minutes from the Gulf of Mexico. The city has played an important part of our history since the mid 1800’s. The first battle of the Mexican-American War was fought nearby. The city was established in 1849 by Charles Stillman. The Confederacy won the last battle of the Civil War nearby five weeks after General Robert E. Lee surrendered in Virginia.
Today, international trade with Mexico contributes to Brownsville’s rapid growth. The area’s retailers draw consumers from the Lower Valley and from Northern Mexico. The city has three international bridges with Matamoros and the cultures of these twin cities are intertwined.
In today's competitive market, it is critical that your home is priced correctly and shows well. Inventories are at record levels and qualified buyers have many choices available to them. A good realtor will help you price your home based on current market conditions and should help you identify deficiencies on your property's curb appeal.
My clients and I viewed a home this morning which was not ready to be shown and has been crossed off our list. Listing Agents should work closely with Sellers to ensure that homes are clean and ready to move-in. Though this house was priced at almost $300,000 (twice the median for our market), the carpets were stained, bathrooms were dirty and the shower door was removed.
Fresh paint, clean carpets and bathrooms are a must if you plan on selling your home.
Buying a home is a HUGE decision. You'll need the RIGHT person to represent you.
Real estate transactions can be complex with many details to be handled. Depending on your arrangement with a licensed real estate agent, that agent may actually be negotiating for the seller, not you the buyer. After much consumer confusion of "who represented who" in real estate transactions, agency laws were changed to provide for buyer agency in Texas. This ensures that the buyer has representation on their side and the agent has no fiduciary duties to the seller.
The best part about buyer representation is that it is FREE to the buyer.
Commissions are paid through the listing agent by the seller on their agreed upon percentage or fee. Members of the local board of REALTORS® have co-op agreements allowing the listing agent to offer compensation to agents that bring a buyer to the specific property listed. If you choose to buy a new home, the builder pays for your representation, not you. This doesn't increase the price of the home.
To be certain that an agent is working in your best interests, sign a buyer representation agreement with your agent. The Broker/Agent ONLY becomes the Buyer's Agent by entering into an written agreement to represent the buyer. Even if you don't chose RGV-Realty.com to represent you on your next home purchase, get professional buyer representation.
What is a Buyer Representative?
A real estate agent that represents only the buyer in a real estate transaction. A buyer's representative will:
Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications.
Assist the buyer in determining the amount that they can afford (pre-qualify), and show properties in that price range and area.
Assist in viewing properties, accompany the buyer on the showings, or preview the properties on behalf of the buyer to ensure that the identified specifications are met.
Research the selected properties to identify any problems or issues to help the buyer make an informed decision prior to making an offer to purchase the property.
Advise the buyer on structuring an appropriate offer to purchase the selected property.
Present the offer to the seller's agent and the seller on the buyer's behalf.
Negotiate on behalf of the buyer to help obtain the identified property -- keeping the buyer's best interests in mind.
Assist in securing appropriate financing for the selected property.
Provide a list of potential qualified vendors (e.g. movers, attorneys, carpenters, etc.) if these services are needed.
Most importantly, fully-represent the buyer throughout the real estate transaction.
Enjoy easy access to one of the premier golf communities in the McAllen / Mission area. Many homes have wonderful views of the fairways and ponds. The community is located near the intersection of Hwy 83 & Shary Road. Many new retail and entertainment centers are opening in the area to enhance the lifestyle. The neighborhood is in the Sharyland School District. For listings of available homes, please click:
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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