Aug. 30, 2007 - Sales Rebound in Houston

In spite of national reports of turbulence in the mortgage industry, the greater Houston real estate market held up remarkably well last month. Sales actually rebounded from the previous two months of declining sales.

While the inventory growth of available homes for sale slowed from its recent torrid pace, prices were mixed. The only price segment that continues to show signs of moderate weakness is the $80,000 to $150,000 range, the primary market to be affected by fallout in the sub-prime mortgage market.

Total property sales for the month registered 8,114, which was a 1.1 percent increase versus July 2006. Properties sold during the month reached a total of nearly $1.7 billion, a 5.3 percent increase compared to last year’s nearly $1.6 billion in July sales. Additionally, the median home price for a single-family home reached $155,100 for July, and the average single-family home price came in at $209,339, a decline of 0.5 percent and an increase of 1.8 percent, respectively.

“Everyone has heard the saying that real estate is local, but unfortunately, the mortgage industry is national. While the Houston housing market has held up much better than the rest of the nation, the mortgage finance problems that have been widely reported have resulted in some volatility in our market in the lower price ranges. In these more uncertain times in the housing market, it is even more important to make sure to seek the counsel of a real estate professional,” said Rob Cook, HAR Chairman. “The good news for Houston is that energy prices remain strong, job growth continues and the local economy shows resilience. If any market in the country can withstand the impact of the lending woes it will be this region.”

Source: Houston Association of Realtors

Aug. 15, 2007 - New Texas law requiring disclosure of fire dection & safety devices!

I was reading the Texas Realtor magazine and came across information about a bill that affects all of us that live in the state of Texas.  It has to do with fire safety requirements and affects owners, sellers, and landlords of residential property; I would say that is just about everyone.  The new law takes effect on September 1 and is enacted as Texas House Bill 2118.

As a seller the new law requires that seller’s disclose information regarding the presence of fire detection and safety devices.  You must disclose smoke detectors, hearing impaired smoke detectors, carbon monoxide detectors and emergency escape ladders.  Seller’s may mark yes, no or unknown.  The Texas Association of Realtors has already changed their seller’s disclosure (TAR 1406).  Any homes that are not under contract before September 1st will be required to use the new form.  TAR is recommending that the forms start being used immediately to avoid having to update the notice.

There are also new fire safety requirements for sellers of one and two family dwellings.  Under the new law a purchaser may require the seller to install hearing impaired smoke detectors.  There are certain requirements that must be met and the law authorizes the seller and buyer to agree as to which party will pay for them to be installed.

The new law also requires all owners of one and two family dwellings to have working smoke detectors installed in accordance with the requirements of the building code in effect in the area where the dwelling is located. 

Along with the fire detection and safety devices that have been changed in the seller’s disclosure there is also an additional page that has been added with additional notices to buyers.  The notices include such things as the website where the buyer can check for sex offenders, the open beaches act, square footage measurements and each buyer is encouraged to have their own home inspection. One of the items that I like is a section for the seller to write out who currently provide service to the property such as electric, water, sewer, trash, cable, natural gas, local phone and propane.  I like this information being provided up front especially since we have so many different water districts in our area.

This makes for a very comprehensive seller’s disclosure.  It adds another page to the disclosure but I personally like the changes.