Okay…here are the numbers for the first two weeks in Montgomery County Texas. With the holidays approaching the real estate market is doing what it normally does, which is decline the last 2 months of the year. However, this year, pending and solds are down an average of 25% from last year. Take a look

10/1-10/15/2008 – 163 Sold, 216 Pending Contracts

11/1-11/15/2008 – 131 Sold, 201 Pending Contracts

10/1-10/15/2007 – 216 Sold, 259 Pending Contracts

11/1-11/15/2007 – 220 Sold, 246 Pending Contracts

For more market updates, subscribe to my blog and check back every couple of weeks.

These numbers are only for Montgomery County

Previous Year – Sold 6,171 Average Price $244,653

This Year – Active 3,485 Average Price $338,799

We currently have 6.8 months of inventory

• Months of Inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity

If you have been in the market for a home in the last few months waiting for the bottom…you are here.  Unfortunately for the average home buyer, they are paying too much attention to the media and the stock market and have put off buying a home until things turn around…and home prices rise. Home sales have declined slightly this month from September by 18%. HOWEVER, home pending status has jumped by 357% from 121 pending contracts in September to a whopping 553 pending contracts in October!  Buyers are taking advantage of the good deals out there right now while we are in this financial crisis. This is great news for future home sellers in Montgomery County areas like Conroe, Montgomery, The Woodlands and Willis that are thinking of selling in the Spring. Interest rates are low, buyers are buying and by early next year, we should see a turnaround in the market, and HIGHER home prices.

I am filling my days over the next month showing serious buyers wanting serious deals. Please contact me today to start your home search.

Ike has come and gone, now it’s time to sit and wait. I am very concerned with our neighbors south of us in Galveston, Clear Lake and Houston. I hope they all stay safe and dry. Although, some of us have experienced damage to our homes in one way or another, thankfully, we do not feel the drastic affects here in The Woodlands, Lake Conroe and North Houston areas as our neighbors do. The city of Conroe has been very helpful in cleaning up our streets. Branches and trees were picked up off the streets by the city early Saturday and everyone has been quick to respond to our needs in our area. Power is not up yet, but thankfully we are not powered by Houston’s large, Centerpoint Energy. Our power company is Entergy, and is located here in Conroe. They power only 350,000 residents in and around The Woodlands, Magnolia, Montgomery and Conroe, so power is expected to be on much sooner than others. Although the 20,000 acre Lake Conroe is in our backyard, we are on higher ground than other parts of the Houston area and are fortunately not seeing flooding or standing water. Magnolia TX is a little lower to sea level and may experience some standing water, however, no boats are needed here to get to their homes. I will keep you updated on what is happening here in the Montgomery County for those of you outside the area.

Be safe…my prayers are with you all!

BuisnessWeek named Houston, TX as one of the most robust zip codes in today’s market. Saying that Texas economy is booming due to high energy prices. Not to mention all the jobs available in the Houston area. It’s no wonder homes are selling faster than other parts of the country. For months now, the media has put a negative impact on the real estate market across the country, driving it down…WHY? TO SELL MORE NEWSPAPERS, MAGAZINES, etc.! More news sells when it is negative. Yes the market is down here due to foreclosures driving prices down, but homes are selling because of the Texas economy. Unfortunately the bad markets are those with declining prices and a bad economy, hand in hand means bad real estate markets. The home sellers and home buyers not listening to the media are doing very well here in Texas. Prices here are slightly down from last year with a number of foreclosures and investors are getting great property, dirt cheap and move up buyers are selling for a bit less than they would last year, but are getting great deals on a larger or more expensive home that they couldn’t otherwise afford before now.

Investors do not want the public to know about the market here in the North Houston areas. They just hope that the majority will continue to listen to the negative media so they can take advantage of the good deals without the competition. I have notified my buyer prospects/investors to buy in the Houston area RIGHT NOW, primarily Lake Conroe and The Woodlands areas north of Houston Metroplotian. Some will take advantage and others won’t react at all because they think prices will drop even further…or worse, they feel it is too risky because of what they hear on TV rather than basing a decision on the facts. The ones that won’t react will be the ones who “Miss the Boat”, because usually those folks are the ones that wait and wait for the bottom of the market, just to find that it was missed. You just won’t ever know when you are at the bottom of the market…you just pull the trigger and “buy up” when it’s down and there’s some money to be made!

If you are thinking of buying a home but will more than likely need down payment assistance…you need to move quickly.  FHA has announced that they will be doing away the down payment assistance loan approvals as of 12/31/2008. They will not approve anyone needing down payment assistance after 9/31/2008. This means, you must have a contract on a home and all documents in for final approval by at least 9/15/2008 to get approved with down payment assistance. Also, the minimum down payment of 3% currently required, will be upped to 3.5% after 12/31/2008. You are almost 30 days from the deadline, so hire an agent and get to “HOUSE HUNTING”.

Texas REALTORS® establish connections with real estate professionals in Mexico
Texas is no exception to the trend noted in this article (Foreign Buyers Flock to U.S. Housing Market by Aleksandra Todorova – Wall Street Journal – June 9, 2008) of increased interest from international buyers in U.S. real estate.  In fact, some Texas REALTORS® are working with trade groups from Mexico to learn more about one another’s markets to make cross-border investments more accessible for those in the U.S. and Mexico. As part of this effort, 100 Texas REALTORS® will be traveling to Guadalajara Mexico in September to meet with their Mexican counterparts in the real estate industry.

Exerpt from TexasRealEstate.com

No, it is not going down. The median sales price for existing homes statewide was actually up 1.3% in May 2008 compared to May 2007, according to the Real Estate Center at Texas A&M University.

Check back in a couple of days and I should have the local market information posted for the Lake Conroe, Magnolia and Montgomery, Texas areas.

This is not a new program, but if you are in the market to purchase a foreclosure, you can do it with only $100 down. If you qualify for FHA financing and if you purchase a HUD home, you can put down $100 rather than the 3% that FHA normally requires. This goes for regular FHA financing and even rehab FHA financing. Remember, you must purchase a HUD home through a HUD registered broker, so call me if you are interested in viewing or getting more information on purchasing HUD homes or any foreclosures for that matter in Conroe, Montgomery, The Woodlands or Magnolia TX.  This is one of my specialties. Happy house hunting!!

For the week, interest rates on government and conventional loans fell by about 3/8 of a discount point. The Fed meeting this week will be the most important event. The risks associated with floating ahead of this week’s Fed meeting are high.

Don’t float…you may sink. Call your mortgage loan officer and lock in that rate!!