Company wide, sales and leases are still going strong. Shantel put another home under contract last week in Friendswood, Nan has two big homes in Katy under contract, and Mariko put a townhome in Sagemont under contract. Susan helped a new Japanese dentist choose his apartment in the Medical Center, and she helped a new Japanese expat with Kansai Denryoku choose his amazing highrise. In other action, Susan closed on a townhome near downtown for a friend of a friend of a friend of a friend (wow, that’s a miracle referral!) who is moving to Houston from Austin, and the team of Susan and Mariko put a package of 6 condos under contract as well. Coming up in the next few weeks, the challenge continues for finding nice rentals in Clear Lake, and several expats will go back to Japan this month so we will be busy to get their homes made ready to put back on the market. We are gearing up for a busy summer season and with interest rates rising and the shortage of homes continuing, we are on our toes to jump out and show when clients find homes they are interested in.
Inquiring minds want to know, “Is the summer a good time to sell my home?” We don’t want to leave you in suspense, so here’s the long and the short of it: Summer is actually one of the worst times to sell your home, according to many realtors (and depending on your particular market). That is because most people are vacationing during the summer while their kids are out of school. When they’re not vacationing, they’re still seizing the opportunity to lounge around by the pool, and probably not taking the time to house hunt. Then again, some people feel like the summer is an ideal time to move since moving during this time doesn’t disrupt their kids’ school schedule. An average of 50% of homes are sold during the summertime. So, what we’re trying to say is that selling your house in the summer is kind of a gamble. If that’s the case, when is the best time to sell your home? There’s a sweet spot. When the school year is winding down but before the summer vacation officially commences, many homes get sold. Zillow.com researchers discovered in a recent study that homes listed on the market between the 1st and 15th of May sold nearly 19 days faster than homes listed at other times during the year. Homes listed during early May were also sold for more money than homes listed during alternative times. Early May is a great time to entice prospective buyers because the nice weather lures residents from their homes. The nicer the weather, the more chances you’ll have to show your home, and the more chances you’ll have to sell it. However, before putting your home on the market, you should check to see how many other homes are for sale. The best time to sell your home may not be early May if a considerable amount of people are also selling their homes during that time. That’s because high supply usually translates to low demand, which translates to lowball offers from prospective buyers. When selling your home, it’s not only important to consider the time of year, but also the state of the economy. You might be ready to sell your home, but other people may not be in a place, financially speaking, to buy it. The economy ebbs and flows, so keep an eye on the stock market. Deciding when to sell your home can be complicated. It is difficult to determine the perfect time, the right price and the right prospective buyer. That’s why we’re here. Call us today for assistance!
Home For Sale Real Estate Sign and Beautiful New House.
The lack of homes for sale and lease is a challenge for us. We have more buyers and renters than we have houses! This month, we were finally able to get one more person out of his hotel and committed to a house. Susan’s personal rental in League City was remodeled and placed on the market with a +$250/month price. We had dozens of showings and applications within 48 hours. We welcomed a new Kaneka client and Koh helped him find his home. Susan is still working with a client from NAI and monitors the market everyday for new inventory. On the sales front, Susan will close a townhome in downtown for a client moving here from Austin. Mariko structured a seller financing deal for a buyer in Hitchcock. Shantel has a remodeled home in Friendswood that just hit the market, and in even more exciting news, Shantel has a 17,000 sf fully leased warehouse in 6 acres under contract for just under $3M (YAY!!!). Everyone has been super busy but we absolutely love our jobs. If you or anyone you know needs real estate help, reach out and let us know! We are always ready to help!
When affordability is DOWN, it means that less people can afford homes. What is happening and why is that? Prices are so high now and keep climbing, and combined with rising interest rates, these factors are making homes less affordable for people to buy. This data is tracked by The HAR Housing Affordability Index. Some key takeaways for Houston and the surrounding counties are:See the chart for the minimum qualifying household income if you want to buy a home, how it compares in different cities, and how much your income had to have increased in order to qualify for a loan. Here in Houston’s Harris County, Memorial Villages, River Oaks, and West University Place are the least affordable. Purchasing a median price home in River Oaks requires the highest minimum income of $585,200. Only 2 percent of households in Harris County can afford this. The Greater Houston Partnership says implications for this low affordability may result in people staying in rental homes and apartments (keep renting) or may result in people having to accept less house than they originally wanted to buy.
It’s only been 2 weeks since our last newsletter but we have been BUSY! First of all, Mariko closed on the biggest sale of her career so far! It was a lease client she helped last year find a house to rent. After their lease ended, they called Mariko and asked her to help them find a house to buy! Coming from California, they were used to much higher prices so they picked a modern SFH in the popular 77019 zip code. Meanwhile, Fayth Lovejoy closed on a townhome near Washington Avenue. Her buyer was a friend and a first time homebuyer. Nan Feng was busy closing both leases and sales. She bought a house and added it to her growing personal portfolio so congratulations to her and her husband! Susan and Mariko helped a Japanese seller FINALLY sell his condo, who for two years had a non paying tenant hiding under the shield of COVID. With jury courts FINALLY open, Pius Dawson was successfully able to evict her. We had a buyer standing by ready to purchase the unit the second the tenant was out. Team Annoura welcomed a couple more doctors to luxury apartments in the medical center, with several more on their way. And finally, Susan closed on two purchases: one was a Clear Lake home for a NY investor that was purchased specifically for a Japanese expat family new to Clear Lake, and one was a Clear Lake condo for a Louisiana investor who will either lease it out or let her daughter live there if she ends up coming to UHCL for school. We thank all of our clients, past and present, for your business and for your referrals. We strive to do our best for everyone who contacts us! If you know anyone coming to Houston or wants to sell or lease their home, please share our contact information and website!
