Housing Starts in U.S. Drop to Lowest Level in Three Months

Housing starts dropped 3.8 percent to a 1.1 million annualized rate, the weakest in three months, from a 1.14 million pace the prior month, a Commerce Department report showed Wednesday in Washington. The median forecast of 76 economists surveyed by Bloomberg was 1.17 million. Permits, a proxy for future construction, were little changed.
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Refinancing: The Right Move?

The federal reserve recently raised interest rates, and if you have an Adjustable Rate Mortgage (ARM), it may be a good time to consider refinancing your home. There’s no one-size-fits-all answer to whether your should refinance, so here are a few of the main considerations.

How long does your introductory rate last? Most ARMs have a fixed rate for the beginning of the mortgage. This is an introductory period (usually 3-10 years) when your rate will remain constant before it can be adjusted. If you have several years left in your introductory period, you can monitor interest rates for a while before making a decision. But if the intro rate is ending soon, it’s a great time to explore refinancing at a fixed rate.

How long are you staying? If you plan to sell your home soon—especially if you’re still on a fixed introductory rate—there’s not much motivation to refinance. But if you’ll be at your home indefinitely, you should consider your refinancing options. You could eliminate the stress of not knowing what your future mortgage rate and payments will be.

What’s your loan balance? The change in your mortgage payment will of course be determined in part by your remaining balance. If you owe $100,000-$200,000, a new interest rate may not greatly affect your monthly payment. On the other hand, if you owe $500,000, a change in interest rate could lead to a much higher payment.

Other factors The previous items are just a few of the factors that should go into a decision about refinancing. Changes in income and your current credit score should also be considered, so be sure to weigh your options and make an educated decision.


Deborah Bevers, Realtor, ASP

Walzel Properties, LLC

9595 Six Pines #8210

The Woodlands, TX 77380

DeborahMBevers@gmail.com

Serving Montgomery County and North Harris County, TX

To view current homes on the market click here.

To receive a FREE market analysis of your home, click here.

THE HOUSTON REAL ESTATE MARKET ENDS 2015 WITH THE SECOND-HIGHEST SALES VOLUME OF ALL TIME

Slumping oil prices and limited inventory slow home buying for a third straight month in December

HOUSTON — (January  2016) — Houston real estate faced a stiff challenge in 2015. It followed the best year on record for home sales. Add plunging oil prices and the resulting layoffs into the mix along with persistently low levels of housing inventory, and the result was the drop in sales that economists had forecast. While there were single-digit declines in sales volume at different times throughout the year, more substantial ones struck during the fourth quarter, including December. Nonetheless, the total number of 2015 single-family home sales as well as sales of all property types achieved the second-highest levels of all time, behind 2014.

December single-family home sales slid 9.7 percent versus December 2014 while total property sales dropped 9.9 percent. The latest monthly report prepared by the Houston Association of Realtors (HAR) shows a total of 5,879 single-family home sales compared to 6,507 a year earlier. The sales slowdown did allow inventory to grow from a 2.5-months supply, the lowest level of all time, to 3.2 months. Homes priced between $150,000 and $500,000 saw flat year-over-year sales, while homes below $150,000 and above $500,000 experienced declines.

"With oil dropping to levels around $30 a barrel, I think it’s fair to say that the Houston housing market is going to remain cooler for at least a little while,” said HAR Chairman Mario Arriaga with First Group. “The good news is the local economy is vastly more diversified than it was during the oil bust of the 80s and other industries are continuing to hire, so it really is going to come down to consumer confidence."

A year ago, Houstonians were hailing a surge in employment that drew home buyers and renters from across the U.S. and around the world. By contrast, the latest Texas Workforce Commission report states that the Houston metro area added just 4,800 jobs in November, making it the third weakest November in 25 years, according to the Greater Houston Partnership, which notes that the region typically adds 10,000 to 12,000 jobs in the month.

In December, the single-family home average price dipped a fractional 0.6 percent year-over-year to $280,201 while the median price—the figure at which half of the homes sold for more and half sold for less—rose 2.9 percent to $216,000. The median figure represents an all-time high for a December in Houston.

Deborah Bevers, Realtor, ASP

Walzel Properties, LLC

9595 Six Pines #8210

The Woodlands, TX 77380

DeborahMBevers@gmail.com

Serving Montgomery County and North Harris County, TX

To view current homes on the market click here.

To receive a FREE market analysis of your home, click here.

Houston Association of REALTORS® www.har.com

Tips For First Time Home Buyers

The Ten Commandments When Applying for a Home Loan

1. Thou shall not change jobs, become self-employed or quit your job.
2. Thou shall not buy any vehicle.
3. Thou shall not use charge cards excessively or let your accounts fall      behind.
4. Thou shall not spend money you have set aside for closing.
5. Thou shall not omit debts or liabilities from your loan application.
6. Thou shall not buy furniture or appliances.
7. Thou shall not originate any inquiries into your credit.
8. Thou shall not make large deposits without first checking with you loan officer.
9. Thou shall not change bank accounts.
10. Thou shall not co-sign a loan for anyone!

Deborah Bevers, Realtor, ASP

Walzel Properties, LLC

9595 Six Pines #8210

The Woodlands, TX 77380

DeborahMBevers@gmail.com

Serving Montgomery County and North Harris County, TX

To view current homes on the market click here.

To receive a FREE market analysis of your home, click here.

Four Beneftis to Being An Off-Season Homebuyer: 

Winter months typically bring a lull in real estate sales, but this can be an ideal time for homebuyers. In fact, there are several reasons to keep up your house hunt at year's end.

Less competition. Even hot markets see a decline in buyers during the winter. This can mean fewer multiple-offer situations and more time to present your strongest offer.

Motivated sellers. Sellers who list during winter months are often highly driven to sell. And fewer buyers means fewer offers, so sellers may be willing to make extra concessions to close the deal.

Potentially faster closings. Mortgage brokers, inspectors, and other professionals involved in the deal may help you get to the closing table sooner since they’ll be dealing with fewer transactions this time of year.  

A chance to see how the home performs. Systems such as the heater, insulation, and plumbing are put to the test when the temperature drops, and you’ll be able to witness how they handle winter stress.  

If you’re thinking about starting or continuing your house hunt during the winter, ask your Texas REALTOR® about the benefits of purchasing a home at the end of the year, including tax write-offs for homeowners. You may decide it’s worth donning those mittens after all.

Deborah Bevers, Realtor, ASP

Walzel Properties, LLC

9595 Six Pines #8210

The Woodlands, TX 77380

DeborahMBevers@gmail.com

Serving Montgomery County and North Harris County, TX

To view current homes on the market click home for sale

To receive a FREE market analysis of your home, click here

https://www.texasrealestate.com/advice-for-consumers/article/4-benefits-to-being-an-off-season-homebuyer#sthash.aAywNvn0.dpuf

Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general. Click here.

Deborah Bevers, Realtor, ASP

Walzel Properties, LLC

9595 Six Pines #8210

The Woodlands, TX 77380

DeborahMBevers@gmail.com

Serving Montgomery County and North Harris County, TX

To view current homes on the market click home for sale

To receive a FREE market analysis of your home, click here