As reported in a recent article appearing in the Houston Chronicle, statistics show Houston home prices fall for the first time in 14 years. As well all know from the media coverage, home prices have been falling and collapsing in some markets nationally.

Looking at the data Houston is still one of the most stable markets in the country. Our prices and values have not collapsed like other cities. How much of a collapse did we experience? 2%, yes a whole 2% price drop since last year. Where were we last year on our median home prices? Up 1.5%!

The magic number put out by the Houston Chronicle is $72.71 as the median price per square foot in the area. However I would consult with your local Realtor to get the details about your specific neighborhood rather than a general average that encompasses an entire region.

The main factor affecting the median home price falling is the sale of foreclosures in the area. 1 in 4 homes sold in the Houston area was a foreclosure. Some are great investor bargains, others will take a while to appreciate.

How does this apply to you?

Well if you are a buyer as many of my clients are, this means the affordability of a home is at the best rate is has been in years. Combine that with historic low interest rates and the $8,000 tax credit for first time buyers, and potential builder incentives, you could be getting a great deal.

If you are an investor, stop watching those late night informercials and calling me. There are good deals out there and if you want one, you better have your checkbook ready when I call or you just missed it. Great deals pop up and are snapped up in hours. I'll post a few blog articles on investing and a recent deal I just did.

If you are a seller, do not be afraid to put your home on the market because you are afraid of a loss. Lets sit down and take a look at how your home has appreciated over the years and the current market trend in your neighborhood. Would you still sell your home for 2% less this year than you could in 2008?

Lets get real. The real estate market is slow for those who are afraid and scared. There are some of us out there making deals happen and taking advantage of this market. Dont believe the national media or some news anchor who lives in a 1,000 sf closet in New York to tell you about your home in Sugar Land. Call your local Realtor and specialist to find out your true home value and market news 713-935-5800.