In the past two days we have seen proof that the market here is NOT healthy. The media has indicated that housing problems in Houston have ended and things are returning to wonderful. Really?
A house in our neighborhood had sold a couple of months ago with owner finance. Over the weekend we saw a moving van in the driveway and then came a fsbo sign offering owner finance. Same song second verse? Have they not heard that if you continue to do what you have done, you will get the same results? Only difference is that they used an agent last time.
The second harbinger was today when we got a call that one of the lease homes owned by a family member is vacant. The tenant moved out in the night
We were asked to get it back on the market both for sale and lease. When we studied the market we found that during the six months the house was leased, the market value has depreciated by about ten grand.
No one wants to hear that!
To make things less appealing, when we went by to see what condition it was in, we found piles of junk left in addition to piles of smelly garbage.
It will be a major cleaning project before it can be shown. Market time lost in addition to value?
These are both market indicators that we thought we were seeing but had no proof of.
The good news is that this part of North West Houston is a small part of the overall area we serve.
The bad news is that it is the neighborhood we call home!