Statistics tracked by the Houston Association of Realtors rose almost across the board in January 2011, as signs of the recovery's continued health continued to appear, the group said in a statement.
The city saw its first monthly increase in property sales since June 2010, according to HAR's report, and the average price of a single-family home hit its highest January level on record, driven primarily by strong numbers in the luxury housing market. However, the group also noted that surges in volume were seen among all home price levels, from a 26.3 percent rise for homes below $80,000, smaller but still notable gains for those between $80,000 and $500,000, and a 17.6 percent spike for those in the $500,000-and-up range.
HAR chairman Carlos Bujosa said the study should give Realtors in the area reason for cautious optimism, since it appears that the market may be continuing to move back toward where it was before the housing crash.
"Houston's residential real estate market has definitely gotten the new year off to a healthy start. Housing inventory appears to be balancing out, but the economy as a whole remains somewhat fragile, so I believe we need to see how home sales perform in the next month or two before being able to accurately predict what 2011 has in store for us," he said.
Year-over-year, the statistics were also strong, HAR said, as single-family home sales were 7.5 percent higher in January 2011 than in the same month of 2010. The mean average home price also rose over the course of 2010, according to HAR, up 2.2 percent to $196,879.
The increase in home purchase volumes seen in January 2011, the group notes, is the first that cannot be directly attributed to the effects of the federal government's tax breaks for homebuyers, instituted in the hopes of stimulating the troubled housing market. Those ended at the same time as the last monthly gain.
The median cost of a single-family home in Houston was $139,000, well below the national median of $169,300. This indicates that costs of living in the area are lower than average and that homebuyers in Houston may be able to get more bang for their buck than in other places, HAR said.
New Year brings good news for Houston real estate
Adjusting to our Changing Economy during a recession
Have you felt the strain from the direction our Economy is heading? Your not alone, many Americans are tightening spending habits and preparing for the Recession our Country is looks to be in or heading into. According to Economist-Americans have been in a recession since Spring, and I am in agreeance. So what is the time frame to move out of this recession? Most Economist are anticipating that it will take until this time next year before Americans will stop feeling the stress of our Economy. But with this recession reaching Globally it may take a little longer for America and other Countries to recover.
Let me know your insight on how you feel people can adjust to our Changing Economy.
Take Care
Patti@pattimace.com (Patti null@null pattimace NULL.com)
Should you get Flood Insurance?
I was reading an article in a real estate magazine “Texas Realtor” regarding flood insurance and wanted to touch briefly on it with you all. Flood Insurance like earthquake insurance is considered ‘single peril’ insurance and is sold seperately by the Insurance company. For most people this is an extra expense that they feel is unnecessary until the unforeseen happens and their home floods.
Most of the time you will find that a home will be located in a 100 year flood zone, but what does that mean? Well, it means that there is a 1% chance that a major flood will occur in any given year, not once in a 100 years as the name implies.
Can a home that has flooded before be covered under flood insurance.. the answer depends on if the home is in an area that participates in the National Flood Insurance Program. Areas that flooded two consecutive years are considered to be in a flood plain also know as Special Flood Hazard Area (SFHA). These homes are at a high risk for a major flood event - a 26%+ chance over the life of a 30 year mortgage. If a home lies within an SFHA the lender will require flood insurance.
Should you get Flood insurance? Statistics show that 25% of the homes that flood come from areas considered to be low to moderate risk. FEMA works hard to redraw the imaginery lines for flood zones. So it is up to you as a homeowner to decide whether or not to purchase flood insurance just keep in mind that it doesn’t take a major Hurricane like Katrina to flood an area. A slow-moving system can do just as much damage.
If you still are unsure please visit www.floodSmart.gov (http://www NULL.floodSmart NULL.gov) for more information on flood insurance, risk of flood and tips for homeowners.
Talk to you again soon,
Patti
p.s. “People will forget what you said. People will forget what you did.”
“But people will never forget how you made them feel.”
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