With all the national media attention devoted to gas prices, the falling dollar, and the credit crunch, I'm thankful they seem to have moved past the real estate market for awhile. However, many of us have in the back of our mind doubts about the local market. Houston is doing well with regard to real estate. Our economy is solid due to its overall diversity and strength based in energy. We have the ship chanel, NASA, a growing creative community, strong bio-tech presence in the Woodlands and other places, and much more to offer.
That still doesn't answer the question, "Is it a good time to sell my house?" Well, just a couple of years ago, people were asking, "Is it a good time to buy a house?" You see, back then, we had what was known as a 'seller's' market. Then, prices were higher and you could just about get what you wanted for a house within reason. Now, the pendulum has swung the other way and it is a 'buyer's' market. That's the problem with the media--very few of the media types know a thing about supply and demand or simple economics in my view. Here's the supply and demand truth: real estate markets are not a zero-sum game. NO part of our economy is. Many people look at it that way, but it just doesn't work in reality to say that, "Houses are not selling as high as they used to, so it must be a bad time to sell my home."
Think about it for a second...if you are selling a house at a bit of a discount, and SO IS EVERYONE ELSE, then you will be able to realize a profit when buying your next home, right? Don't most people that sell a single family dwelling need to purchase a new one to move in to? Therefore, if you sell a bit lower, then you will also be able to buy a bit lower and probably on the same percentage of discount/savings. Economics doesn't support the zero-sum or total loss theory.
Either way, here are the stats for the month of May regarding overall sales in Houston:
| ALL CATEGORIES | May 2007 | May 2008 | PERCENT CHANGE |
| Total property sales | 8,574 | 7,110 | -17.8% |
| Total dollar volume | $1,746,802,462 | $1,487,163,376 | -14.9% |
| Average single-family sales price | $213,430 | $214,732 | +0.6% |
| Median single-family sales price | $155,000 | $155,000 | 0.0% |
| Total active listings | 51,676 | 53,305 | +3.2% |
| Total pending sales | 5,722 | 4,828 | -15.6% |
| Months inventory* | 6.0 | 6.6 | +9.6% |
In MLS Area 10 (where Coles Crossing is located) for the month of June, there were 216 properties sold at an average price per square foot of $74.05 and 64 days on the market. HOWEVER, in Coles Crossing for the month of June, homes sold at an average of $90.76 per square foot and only 47 days on the market. Shows where some of the best value in Cypress is doesn't it?
Knowing this, it does make sense to utilize a professional when selling or buying a home, doesn't it? In a market like this, are you willing to employ a discount broker to market and sell your largest asset? I didn't think so. Give me a call 713 259 9848.