Houston’s Real Estate Market Shows Continued Pricing Strength In April Despite A Lingering Sales Slowdown

The average single-family home sales price increases for a third straight month to the highest level ever for the month of April

HOUSTON — (May 20, 2008) — Sales of single-family homes across greater Houston slid in April, but the average price of those homes increased for a third straight month to the highest level ever for the month of April and 2008, according to statistics released by the Houston Association of REALTORS® (HAR). The average price surpassed its level in April of 2007, the second best year on record. Single-family home sales fell 11.0 percent on a year over year basis.

The average price of a single-family home rose by 0.9 percent last month to $207,270 from $205,490 in April 2007. The median price of a single-family home was stable at $150,000. Sales of all property types for April 2008 totaled 6,432, which represents a 12.8 percent drop compared to April 2007. Total dollar volume for properties sold during the month was recorded at $1.3 billion versus $1.4 billion one year earlier, a 9.9 percent decline.

“Coming off of two consecutive record years, the Houston real estate market is demonstrating relative stability while other cities continue to suffer dramatic declines in both sales and pricing,” said Michael Levitin, HAR chairman and principal of HTownRealty.com. “We avoided a bubble thanks to Houston’s history of moderate growth in home values. The healthy local job market and diverse economy have created dynamics that are conducive to a faster recovery and we anticipate conditions to improve in the second half of the year.”

Read more here

source: HAR

McDonald’s Woodlands Real Estate Mastermind Group Meeting.

Every Saturday morning at 08.30 am three top realtors from The Woodlands Keller Williams office meet at the local McDonald’s. It started out about five months ago with Lance Langenhoven (white shirt) & Bob Montes(blue shirt) meeting up to share ideas and discuss the local Woodlands real estate market. In all that time we’ve probably canceled one meeting and I think that was only because it was Easter. Yup, we’re committed! After a while we realized that getting together every Saturday morning was an extremely good brainstorming opportunity and we decided to call ourselves the “McDonald’s Real Estate Mastermind Group”. Yeah, I know… pretty original right? Bob promptly ordered a sign with our new “name” and it is now prominently displayed at each meeting. You never know when a McDonald’s client might have a real estate related question!! Hey… why miss a good opportunity?!

Aradio Zambrano(salmon shirt!) has now also joined the mastermind group so the number of ideas will flow even more!! It’s very exciting and I think this group is going to do some phenomenal business in The Woodlands. We encourage realtors from non-Keller Williams offices to come & visit us, we love to share the Keller Williams story!

If you’re in the area on a Saturday morning between 08.30 & 09.30 and you have a real estate question (or not!) feel free to pop in and join us for a cup of coffee… we’ll be there! We meet at the new McDonald’s close to the Research Forest & Gosling cross-road… where Boston Market used to be located.

A mortgage officer from Wells Fargo tells me the following: "Fannie Mae announced that all loans purchased after June 1, 2008, will be priced higher due to increased risk in the market place. "Borrowers with credit scores less than 720" can expect to pay more for their mortgages due to this increased risk pricing. The lower the credit score and the higher the LTV, the more that the prospective borrower can expect to pay for a mortgage. You can view these pricing changes here:

Since the effect of this new rule will be increased mortgage costs for borrowers on conforming loans, this will make FHA loans a more reasonable option for borrowers purchasing at $271, 050 or less and with scores in the mid sixes range. If you have any borrowers sitting on the fence at this moment, now is the time to get them off their sofas and into a new home before these increases take effect. I have enclosed the new FHA limit below to remind you of the temporary increase in the FHA limits in Harris and Montgomery counties.

FHA has raised the limits effective March 7th, 2008 to $271,050. Credit policy parameters remain the same, LTV's, debt-to-income ratios, credit requirements, remain the same, just as they are today."

Remember,

· FHA loans are fully assumable

· FHA loans allow gift funds

· FHA loans allow non-occupant co-borrowers

So, if you have a credit score that's a little iffy... going the FHA route is really something you should consider. Also, the fact that the loans are assumable is a pretty cool benefit that you might really be happy about when it comes time to sell your home. More stories on www.HoustonTexas-RealEstate.com

Since arriving in the US in 2001, I've always been surprised by how little "green" action there is here for a country that I've always thought would be at the leading edge of something so fundamentally important. Germany, for instance, is a big leader in utilizing solar panels.

New Zealand, where both my brother & sister live, has something where every home has to have a water tank to catch rainwater to help preserve natural resources.I have a feeling that the "green" movement is going to make massive strides in the next 5 to 10 years in the US. More and more fuel-efficient vehicles, more solar panels... especially here in Houston where we have so much sun!!

This story shows some of the new "green" building techniques that will help home owners save the environment.

I was having an interesting discussion the other day with a lady about property in The Woodlands. I live here in The Woodlands and, of course, I know the area well. I mean, The Woodlands is the #1 selling master-planned community in Texas for the last 18 years running (up to 2006), so, surely it would be pretty well known?

Well, no... not really! Talk about Houston Texas Real Estate and everone will immediately nod... oh, yes... sure, I know where that is. But mention The Woodlands TX Real Estate and the eyes glaze over a little.

So... I need to be more aware of the fact that not everybody knows how great The Woodlands is. In fact, the majority of people have probably never even heard of it!!!

Where to start? The Woodlands is a 28000 acre master-planned community about 30 miles North of Houston. It is home to more than 80 000 people and is one of America's fastest-growing communities (South Montgomery County Woodlands Chamber of Commerce Business Resource Guide 2007-2008).

It has grown steadily to become one of the region's most desireable places to live & work. Montgomery County (in which The Woodlands is located) is one of the leading growth markets in the US with a population increase of 61% during the last 10 years.

About 1100 businesses are located within the community of The Woodlands.

It is a blend of nature, residential, commercial, the arts and entertainment that means you hardly ever have to leave The Woodlands once you decide to live here.

I can write about it but it's best to visit, that way you can tour The Woodlands and see for yourself why people interested in Houston Texas Real Estate should really consider putting The Woodlands TX Real Estate on their short-list as well.

Interesting... number of sales in The Woodlands during 2007 are behind 2006 in every single month so far except for February & August! Strangely though, Days on Market (DOM) does not seem to have been affected too much. We're still missing July figures and we're working on getting those in but the trend is visible at least.

"The Woodlands" in this report is deemed as the area covered by zip codes 77380, 77381 & 77382.

Which home in The Woodlands would you rather go & see?

This one?                                                                   or this one?

They're actually both the same home/kitchen. However, in the left photo, a standard digital camera was used. In the photo on the right, a wide-angle lens was used. So, the whole kitchen was able to be presented in one shot. Also, more light comes through with a wide-angle lens so the whole place just looks better! The photo on the right brings in more viewers than the one on the left. This is one of the many reasons it's better to work with a professional realtor that knows the importance of online presentation. High quality servicing means your home sells faster & for more money!

If you want to see the rest of this home, click here.

I have come across a pretty incredible deal for a new investor or someone who just wants to expand his/her portfolio...

This property is in The Woodlands.
- It's leased out for more than 1% of the selling price (very unusual point # 1)
- It's been completely remodeled with high-quality finishes (unusual to have high-quality finish in a rental point # 2)
- There is absolutely no more work to be done (unusual point # 3)
- It is located at the end of a very nice little cul-de-sac (fairly unusual point # 4)
- The lease is starting tomorrow, 1st November 2007. (unusual to get in right at the start of a lease point # 5)
- It cashflows from day 1 if:
- you put down 10% in cash
- you get a 30-year loan for 7.5%
- when including county tax, home owner's association fees, home insurance & including a 10% vacancy factor!

I think what's happened is the owner spent too much money on the remodel and is now stuck with a cashflow problem. The seller's problem could be your gain!

The tenants are a young couple from Finland that have been relocated here for a 3-year work contract. They wanted to sign a longer lease than just 12 months.

He's 31, she's 30. They have a six-month old baby. They don't have pets. They don't smoke. He earns $10k per month.

Give me a call if you'd like to see this property.  

Lance 832-483 8655.

2351 Village Leaf Drive

Spring, TX  77386

Offered at $1,300 Per Month

MLS # 7522721

• Three Bedrooms and a Study, or Four Bedrooms
• Three Bathrooms
• Two Car Attached Garage
• 2,348 Square Feet
• Ceiling Fans
• Game Room
• Bay Window
• Breakfast Area
• Located in a growing community
• Near The Woodlands, with great school, great shopping, and great eating!

For more information, or if you would like to view this property in Spring, Texas, please call Lance Langenhoven at (832) 483-8655.

10776 FM 1097

Willis, TX  77318

Great cafe-type building on a spacious plot of land in Willis, TX!  Approximately 12,000 square feet in front and approximately 7,500 square feet in back.  Includes plenty of parking as well!  Cafe building includes drive-thru window, large kitchen, storage rooms, and a great deck outside!  This property is being offered at $499,000 with no equipment and $549,000 with all cafe equipment included.  Don't miss this awesome commercial property in Willis, Texas!

 For more information, or to view this property, please contact Lance Langenhoven at (832) 483-8655.