Based on statistics released by all major metro markets in Texas in mid and late September, the national downturn in real estate and the slowing of sales is now affecting Texas, also. For months on end, the strength of Texas' job markets, and its history of slow, sustained growth had insulated Texas homeowners from the effects felt elsewhere in the United States. While values are holding strong, real estate markets are cooling to some degree. Damages and slow-downs caused by hurricane Ike may impact this trend further.

This does not mean that property owners with an interest in selling should refrain from doing so at this time. In fact, Forbes has just named four Texas cities among the best places to buy property, right now. If you have been considering an upgrade to a larger, newer, or more desirable home, now might be the ideal time to make such a move. Builders are offering significant incentives on new homes; there is an ample supply of highly desirable, previously-owned homes from which to choose; and interest rates are still relatively low.

The most critical decision, when listing a property for sale in a down market, is choosing the right real estate professional to list your home for sale. The right Realtor will give you a solid sense of realistic market expectations and will use every marketing tool available, from the latest advances in web-based marketing to tried-and-true methods like open houses and staging a property optimally for best visual appeal. When competition for buyers is at its peak, now is the time to use the agent with the most know-how and who will work the hardest for an expedient, optimal, low-stress sale.

Back to the top

If you find what you're looking for in a home, you should be prepared to make an offer quickly. Even if homes are staying on the market a little longer in your neck of the woods, it only takes one other interested buyer to snatch the home or create a bidding war.

You can help the offer process by being ready. In addition to being pre-approved for a loan before you begin looking at properties, it's wise to be honest with yourself. You know exactly what you want in a home and how much you can actually afford. Make sure to take into account utilities and other monthly expenses associated with homeownership.

Be advised, though, that a quick offer doesn't necessarily mean a quick end to the transaction. There are myriad potential postponements in a real estate transaction. There may be contingencies, repairs, lender delays, or any number of other issues.

Purchasing real estate can be a tricky and detailed business, but a Texas Realtor can help prepare you for the process. He knows the value of properties in your local market and how to navigate the entire process to a smooth conclusion. He'll use this information to help you submit an excellent offer.

When you have the information you need to make a good decision, your chances of making a successful offer on a property improve. Use your Realtor's knowledge to increase your advantage.

Source: Texas Association of Realtors

Aside from the necessary intrusions, the most inconvenient aspect of having your house on the market may well be keeping the house in showing condition.

Making a good impression on buyers is very important. It's not a huge leap for a potential buyer to equate a cluttered or dirty house with poor maintenance of the overall structure, systems, and appliances. Whether accurate or not, this can or result in a lower offer than the home might otherwise bring … or worse, discourage an offer altogether.

Getting rid of clutter and keeping up with the constant cleaning can be a full-time job, so it helps to get help from everyone in the family. Even if you are neat and organized and keep a clean home, showing condition is another level. Keeping the house at such a level can be overwhelming. It may even benefit you to hire a short-term professional service to help ease your burden.

Some buyers may call for last-minute appointments to see your home. If it has gotten too messy, you may find that you simply can't spend the time to get it ready for a showing.

If you do find out you've only got a few minutes and it looks like a West Texas wind storm just swept through your house, pick up what you can and stow it somewhere—the trunk of your car, the washer and dryer, maybe even the dishwasher. Sure, they may take a peek inside your appliances, especially if they're conveying with the sale, but there's also a good chance they won't and your secret will remain safe.

You may even rent a storage space for your old furniture and other large or off-season items.

Keeping your house in prime condition when it's on the market is tough, but many hands make light work. Don't neglect this important part of selling your home—it may make a huge difference and considerably shorten the process.

Source: Texas Association of Realtors

Back to the top

Property sales across the greater Houston area suffered the biggest year-to-year decline ever in August, according to statistics released mid-September by the Houston Association of Realtors (HAR). August, which marked the twelfth consecutive monthly drop, saw sales of single-family homes slide 20.1 percent on a year- over-year basis.

However, home values remained the bright spot in the HAR monthly report. The average price of a single-family home rose by 4.3 percent in August to $223,933, the third highest level on record. The median price of a single-family home rose 0.6 percent last month to $160,000, tying the third highest level originally established in June 2007. The median price is where half of the homes sold for more and half sold for less.

Sales of all property types for August 2008 totaled 6,641, reflecting a 20.8 percent drop compared to August 2007. Total dollar volume for properties sold during the month was $1.4 billion versus $1.7 billion one year earlier, a 16.9 percent decline.

"The disappointing sales numbers for August indicate that consumers are taking a conservative approach to the real estate market and may continue to do so until after the presidential election," said Michael Levitin, HAR chairman. "The federal government’s bailout plan for the financial markets, beginning earlier this month with mortgage giants Fannie Mae and Freddie Mac, should help boost consumer confidence. However, the devastating effects of Hurricane Ike have left many throughout the greater Houston area struggling to rebuild their homes and lives, which may well mean a further sales slowdown."

Source: Houston Association of Realtors

Back to the top