Is the Houston Market Starting to Balance Out?

The Katy real estate market has come alive! There is good news for both buyers and sellers, and I’m happy to report that we are in a balanced market.

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Real estate in the Katy area has come alive since the middle of January, and there is a lot of good news for buyers and sellers alike.

Interest rates have gone up about four or five times since the beginning of the year and are expected to continue to rise. While that’s not so great for buyers, the good news is that interest rates are still below 5%.

The number of home sellers continues to decline, and there is less pressure from other sellers in the market. We still have about three to four buyers for every seller on the market, so there is still pressure on home prices. You have to be competitive when you put your home out there on the market or it’s just not going to sell.

Some houses are getting multiple offers & selling above list price.

We are seeing some fluctuation in home prices. It’s getting to the point that whenever a seller puts a home on the market at a price point that the buyer agrees upon, we’re seeing multiple offers again. In some cases, homes are selling above list price, which is great since they were selling below list price for the last five or six months.

Ultimately, we have a balanced market right now. We are extremely excited about what’s happening in 2017, so if you have any questions about navigating our real estate market, just give me a call or send me an email. I would be happy to help you!

Do You Need a Survey When Buying a New Property?

Do you need a survey when buying a property? I’ll go over the answer today.

Looking to buy a home in the Houston area? Get full MLS access
Considering Selling your Houston area home? Get a market analysis of your home

Recently, a client of mine asked, “Do I need a survey when I’m buying a property?”

Need is a strong word, but I highly recommend getting a survey. In today’s market, you’re actually able to obtain a past survey from a seller. The seller has to sign a T-47 affidavit, which states that nothing has changed or been added since the last survey. Unfortunately, sometimes a change or addition can slip the seller’s mind, like replacing a fence. In my opinion, it’s always best to get a new survey done with every new transaction.

A survey is not required unless you’re obtaining a mortgage to purchase a property. If you pay cash, a survey is not required, but the boundaries of the property are still mentioned in the title commitment. The survey must coincide with the boundaries mentioned in the title commitment, so whether you are getting a mortgage or paying with cash, getting a survey done will make things go much smoother.

When a surveyor goes out to measure a lot, they make sure the building lot has not been encroached, the fence is on the property lines, and they make sure that any additions such as a pool or covered patio are not encroached on the easements.

Always get a new survey to make sure you don’t run into any issues down the road.

Although many agents recommend using an old survey, I’m not one of them. Always get a new survey to make sure you don’t run into any issues down the road.

If you have any questions about this topic or if you’re curious about a different real estate topic, feel free to reach out. If I choose your question to answer in a video, I’ll send you a gift card to Fleming's Steak House!

As always, if you’re looking to buy or sell a home, give me a call or send me an email. I look forward to hearing from you!

Is a Contingency Purchase Agreement a Good Idea for a Seller to Consider?

If you’re a home seller, accepting a contingency purchase means you have to take certain things into consideration you otherwise wouldn’t have with a normal offer.

Looking to buy a home in the Houston area? Get full MLS access
Considering Selling your Houston area home? Get a market analysis of your home

Today I want to cover the basics of a contingency purchase and how it differs from a regular purchase if you’re a home seller.

A contingency purchase is when a buyer for your home has a home they have to sell before they can close on your home. There are both good contingency purchases and bad contingency purchases, but I would never recommend that you accept a contingency purchase as long as your buyer’s home is not on the market. If their home is on the market, I usually investigate the buyer of the home they’re selling and their qualifications and advise my client on how to proceed from there.

After you accept a contingency purchase, you have the right to accept other offers, but that typically doesn’t happen very much. Buyers tend to shy away from homes if they’re already under some kind of contingency agreement. By accepting a contingency purchase, you’re basically taking your home off the market.

By accepting a contingency purchase, you’re taking your home off the market somewhat.

If you’re considering accepting a contingency purchase, there are many different aspects you must weigh. If you find yourself in this situation or you have any other real estate questions you’d like to see me discuss in a future video, please don’t hesitate to call me or send me an email. If I use your question, you will receive a gift card to Fleming’s Steakhouse.

I look forward to hearing from you!