Houston Realtors Helping Tornado Victims in Alabama!

May 3, 2011

The Houston Real Estate Community is coming together to help the Alabama Victims of the recent Tornado. We will have an 18-wheeler and driver deliver all donations to the storm victims in Tuscaloosa, Alabama. Please help us help them!

The following items are needed order of priority:

  • Bottled Water
  • Snacks
  • Toiletries
  • Hand Sanitizer & wipes
  • Paper plates, utensils and napkins
  • Tarps
  • Canned food (including baby food)
  • New underwear (men’s, women’s, teen’s and children)
  • Diapers (both for infants and adults)
  • Batteries
  • Flashlights
  • Folding Chairs
  • Coolers
  • Clothing & Shoes
  • Bedding, towels, wash cloths

DROP OFF LOCATION:

  1. Century 21 Hardee-Team Realty, 30310 Tomball Parkway Tomball TX 77375
  2. *Prudential Gary Greene – 23922 Cinco Village Center, Suite 123, Katy TX
  3. RE/MAX Hometown 7214 FM 1488, Suite 105, Magnolia, TX 77354
  4. Prudential Gary Greene 18477 W. Lake Houston Parkway, Suite 50, Humble, TX 77346
  5. Princeton Classic Homes 18018 Darling Point Drive, Cypress, TX 774…29
  6. Keller Williams Pearland – 2734 Sunrise Blvd., Suit 208, Pearland TX 77584
  7. Realty World First Choice 18121 FM 306 Canyon Lake, TX. 78133 
  8. RE/MAX Integrity – RE/MAX Integrity.19510 Kuykendahl , Spring TX 
  9. Keller Williams Professionals 8101 Cypresswood Drive, Spring TX
  10. Great American Title (Galleria), 1535 West Loop South #115, Houston, Texas 77027
  11. Texas American Title – 4610 Sweetwater Blvd. #100, Sugarland, TX 77479
  12. Texas American Title – 2000 Bering 10th floor, Houston, TX 77057
  13. Startex Title Hwy 6 N. 8711 Hwy 6 N.,Houston, Texas 77095
  14. Register Real Estate /advisors – 1614 Louetta Rd. – Spring, TX 77388
  15. Prudential Gary Greene – 1939 W Gray St # 100, Houston, TX 77019
 *For those of you near Katy, TX, our drop off location is: Prudential Gary Greene – 23922 Cinco Village Center, Suite 123, Katy Monday – Saturday (10:00 a.m. to 5:00 p.m.) Sunday (12:00 a.m. to 5:00 p.m.).

Call me if you need directions – 832-372-7470. We thank you so much for your donations… it will make a difference in the lives of those affected by the recent storms.

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Low Home Appraisal? What Do You Do Now?

July 20, 2010

by christiborden

So everything seemed to be going well in the home selling process…

  • Listed with your favorite Realtor – Check
  • Home Staged to attract buyers – Check
  • Good showing traffic and feedback – Check
  • Ready, Willing and Able Buyer presents an offer, which is negotiated and accepted – Check
  • Inspections are performed and repair items negotiated – Check
  • Appraisal is performed – Check
  • Appraisal comes in lower than acceptance price… WHAT? Back up a minute. How can that be? Shouldn’t a home be worth what a ready, willing and able buyer is willing to pay for it?

Not according to the buyer’s lender. In fact, the home needs to appraise not only at what the buyer is financing but the entire sales price as well. Why? Fraudulent loans and appraisals have caused such a backlash that lenders are very cautious and need to make sure their collateral (the property itself) is at lease worth the indebtedness so that they are covered should the buyer walk away without benefit of paying off the loan.

So, now what do we do?

Appraisals are really just the opinion of that one person and they are only human… mistakes are made. If the appraiser is unwilling to reconsider or revise, then you (the seller) can do one of three things.

  1. Accept the appraisal value and lower your sales price to match.
  2. Negotiate with buyer to pay either the original sales price regardless of appraisal or to meet somewhere in between (may mean buyer has to bring more cash to the table depending on his loan).
  3. Let buyer terminate (could be with a return of earnest money depending on the contract terms) and go back on the market hoping for a better appraisal with your next buyer. One item to note, if the buyer had an FHA loan, this appraisal stays with the address for any future FHA loans within 6 months).

How can we insure a good appraisal?

In today’s lending environment and with the HVCC  (Home Valuation Code of Conduct) rules in place, the lender has no control over who handles the appraisal. But there are things you can do to increase the chances of the property appraising if it is indeed selling for or below market value:

  1. Make sure property is in good working order on day of appraisal.
  2. Leave behind a list of any and all upgrades to the home that you wish the appraiser to consider.
  3. If there were multiple offers on the home which may have driven the sales price over list price, leave data supporting this such as copies of other offers to show a demand for this property over and above the competition.
  4. Provide comparable properties for the appraiser to view in the event he or she is not familiar with the community. While the appraiser may not use these exact comps, he or she may find it helpful. I find it is always better to offer the assistance up front prior to the appraisal rather than afterward so that there is no hint of impropriety or influence.

In our market, the majority of appraisals turn out as they should. However, as every Boy Scout knows… Be Prepared!


Update on Katy, Texas Mobility Issues and Improvements

January 6, 2010

This is a reply from Andy Meyers – County Commissioner Pct. 3 – when an inquiry was sent in about the traffic build up on Fry Road at 99 in front of the HEB. This was his reply to that inquiry. I have quoted this reply so that this important information could be shared with my readers. Post any questions about this directly with the County Commisioner’s office as they are the best source for this information. I am merely the messenger….

Interstate 10 is a federal highway and SH 99 (Grand Parkway) is a
state road, both are controlled by the Texas Department of
Transportation (TxDOT) not Fort Bend County.

“The traffic signal at SH 99 and Fry Road is controlled by TxDOT, the
traffic signal in front of HEB on Fry Road was installed by HEB, and
the traffic signal at Fry Road and Seven Meadows Blvd. was installed
by the county.  We conducted a year-long traffic study on Fry Road to
find a solution to one of the worst traffic problems we have in the
county.  We closed one of the left-turns off of Fry Road into HEB and
HEB installed a traffic signal at the second left-turn in order to
keep it open.  The county is working with TxDOT to synchronize the
three traffic signals.  TxDOT needs equipment to accomplish this.
TxDOT, at our request, recently made the center east-bound lane of Fry
Road an optional left turn going north onto SH 99 or straight ahead on
Fry.  Also, at our request, TxDOT made the center south-bound SH 99
feeder lane a right-turn lane onto Fry to alleviate the back up of
traffic on SH 99, which was causing a significant safety issue.  That
puts more traffic onto Fry at a quicker pace.  Most of the Fry Road
east-bound traffic coming out of HEB and Home Depot turns north on SH
99.  We are asking the HEB Shopping Center owner to re-configure the
center’s parking lot so traffic coming off Fry Road into HEB parking
lot does not stack up in the parking lot.  This will allow for more
vehicles in the parking lot lanes instead of the vehicles being backed
up on Fry Road.  The turn-lane and parking lot modifications and
coordinated traffic signal timing should move traffic quicker and more
smoothly.  TxDOT will not allow exits/entrances from/to either the HEB
or Home Depot Shopping Centers as their studies show this would create
safety problems.

The major problem with the severe traffic congestion at Fry & SH 99 is
the HEB store is very popular, one of HEB’s highest grossing stores,
and this creates additional traffic volume.  We initially closed both
left-turns off Fry into the HEB center, but that created bigger
problems at Seven Meadows Blvd. with many drivers making a U-Turn at
the signal to get back to HEB.

TxDOT received funding for two (2) direct connectors (ramps), one
going from SH 99 east onto I 10 and the other going from I 10 south
onto SH 99.  Construction is scheduled to begin mid 2010 and will take
18 months.  Traffic signals at that intersection will be re-timed to
accommodate the direct connectors.

The Fort Bend County/Harris County line is essentially at Kingsland
Blvd. and SH 99.

Fort Bend County has begun construction on Katy Gaston from FM 1093 to
Cinco Ranch Blvd. with a traffic signal at Fry and Katy Gaston.  It
will take about 1 year to complete.

The county has also begun construction of the intersection of
Greenbusch and Katy Flewellen, which will have a traffic signal and
which should be completed within the next 90 days.

The county will begin widening Katy Flewellen to 4 lanes from
Greenbusch/Pin Oak to Katy Gaston in February or March 2010.
Construction will take 12 to 18 months to complete.  The Katy
Flewellen/Katy Gaston intersection is now an “All Way” Stop.

The county should begin widening of Greenbusch (Westheimer Parkway) to
4-lanes from Katy Flewellen to Falcon Ranch Blvd. sometime this
summer.  Work will take 12 – 18 months.  We have to wait until the
pipeline company moves its existing pipeline.

We are identifying intersections in the Katy area for traffic signals.
 One under consideration is Fry Road and Spring Green Road.
Installation of traffic control devices (signals, stop signs, yield
signs, speed limits) are dictated by state law.  We are required to
have an independent Traffic Study conducted and that Study has to
conclude that certain conditions are met before the county can install
a traffic control device.


Houston Real Estate Market on the Upswing?

November 10, 2009

The table below shows the difference between the market experienced in February, June and October YTD 2009.   As you can see, as 2009 progresses, the single-family housing market is slowly marching toward a healthier market.

 

Houston Market Improvement Comparison 2009 of Single-Family Homes

Market Indicator

February ‘09

June ‘09

Oct. ‘09

% Change from

June ‘09

# units sold

-24%

-20%

-11%

+81%

Dollar volume sold

-33%

-24%

-14%

+71%

Average Sales Price

-12%

-6%

-4%

+50%

Median Sales Price

-8%

-2%

-1%

+50%

# of Pending Sales

-23%

-21%

-14%

+50%

Active Listings

-20%

-22%

-21%

-.46%

A summary of October YTD market statistics compared to last year:

 

  • Sales are down from October YTD 2008 by 11% with 45,391 single-family homes.
  • Dollar volume sold is down from October YTD 2008 by 14% with $9,202,482,156.
  • Average sales price is currently $202,738, down by 4%.
  • Median sales price is $153,000, down by 1% [half of the homes sold above and half below this midpoint range.
  • # of contracts written [pending] are 31,101 and that represents 14% fewer than found last year.
  • Active listings, a metric that is good if on a decline, are currently 27,758 or 21% less than last year.  This is also a metric that in Houston is the exact opposite heard frequently in the national news.

For more detailed information, go to Prudential Gary Greene Blog


Prudential Gary Greene, Realtors out-performs them all!

August 7, 2009
2009 May YTD Company Market Share Rankings in Houston MLS

 

 

Houston MLS Company Ranking Report of Listings- 2009  
Category: Single Family, Townhouse/Condo, Lots, Multi-Family, Country Homes/Acreage, Mid/Hi-Rise Condo
Current Active Listings by Company – All Areas – May 2009  
   
Rank Company Name # of Listings Listing Volume Average List Price % Total 
1 Prudential Gary Greene, Realtors® 2282 $745,821,743.00 $326,828.00 4.95
2 Coldwell Banker United, Realtors® 1683 $563,228,998.00 $334,657.00 3.65
3 Realty Associates 1424 $269,923,120.00 $189,552.00 3.09
4 Martha Turner Properties 753 $735,339,938.00 $976,547.00 1.63
5 Keller Williams Realty Conroe 752 $162,433,127.00 $216,001.00 1.63
6 Heritage Texas Properties 641 $286,029,554.00 $446,223.00 1.39
7 Realm Real Estate Professional 630 $174,377,582.00 $276,789.00 1.37
8 Keller Williams Realty – Woodlands 606 $198,660,051.00 $327,821.00 1.31
9 Keller Williams Realty – Metro 518 $240,267,249.00 $463,836.00 1.12
10 RE/MAX Northwest, REALTORS 467 $100,833,861.00 $215,918.00 1.01

 

Houston MLS Total Listings Sold Ranking Report  
Category: Single Family, Townhouse/Condo, Lots, Multi-Family, Country Homes/Acreage, Mid/Hi-Rise Condo
Total Listings Sold Homes YTD through May 2009 by Company – Ranked by Dollar Volume Sold    
Closed Date Range: 1/1/2009 to 5/31/2009 – ALL AREAS    
           
Rank Company Name Total Listings Sold YTD Total Dollar Volume Sold Average % Total 
1 Prudential Gary Greene, Realtors® 1098 $228,578,370.00 $208,177.00 4.89
2 Coldwell Banker United, Realtors® 928 $204,913,146.00 $220,811.00 4.13
3 Realty Associates 592 $80,386,209.00 $135,787.00 2.64
4 RE/MAX Fry Road 468 $83,636,496.00 $178,710.00 2.08
5 Heritage Texas Properties 373 $101,938,393.00 $273,293.00 1.66
6 Martha Turner Properties 312 $170,738,492.00 $547,238.00 1.39
7 Perry Development Management 307 $83,215,830.00 $271,061.00 1.37
8 Keller Williams Realty 306 $60,728,769.00 $198,460.00 1.36
9 RE/MAX Cinco Ranch 302 $50,711,485.00 $167,918.00 1.34
10 Realm Real Estate Professional 299 $51,137,744.00 $171,029.00 1.33
           

 

Houston Multiple Listing Ranking Report May YTD 2009  
Total Sales and Volume Sold by Company YTD  
Category: Single Family, Townhouse/Condo, Lots, Multi-Family, Country Homes/Acreage, Mid/Hi-Rise Condo
Closed Date Range: 1/1/2009 to 5/31/2009 – ALL AREAS    
           
Rank Company Name Total # Sales YTD Volume Average % Total 
1 Prudential Gary Greene, Realtors® 2210 $467,562,459.00 $211,545.00 5.6
2 Coldwell Banker United, Realtors® 1939 $425,500,777.00 $219,499.00 5.1
3 Martha Turner Properties 564 $294,346,949.00 $518,873.00 3.53
4 Greenwood King Properties 379 $227,546,757.00 $600,398.00 2.73
5 Realty Associates 1575 $223,552,109.00 $140,714.00 2.68
6 Heritage Texas Properties 709 $202,398,412.00 $286,140.00 2.43
7 John Daugherty, Realtors 304 $182,600,583.00 $588,862.00 2.19
8 Keller Williams Realty 827 $160,884,126.00 $195,348.00 1.93
9 Keller Williams Realty 517 $130,078,485.00 $252,200.00 1.56
10 Realm Real Estate Professional 721 $121,347,937.00 $168,701.00 1.45