Real Estate Market News for August – Leslie Lerner Properties – Houston Realtor

[wpcol_2third id=”” class=”” style=””]AUGUST NEWS YOU CAN USE
Housing Stats ∙ Importance of Flood Insurance

HOUSTON HOME SALES AND PRICES REMAIN HOT IN JULY

July marked the second straight month that Houston’s home sales and prices surpassed last year’s record-breaking pace, while inventory showed further improvement. The sale of homes priced below $150,000 declined, while those above $500,000 showed strong sales volume.

The Houston housing market had across-the-board gains in July 2015 versus a year earlier, with single family home sales, total property sales and total dollar volume all up, and prices reaching record highs for a July.

Houston housing inventory increased in July, reaching a 3.4-months supply versus the 3.0-months supply a year earlier.

According to the latest monthly report prepared by the Houston Association of REALTORS® (HAR):

  • Single-family home sales rose 6.7 percent versus July 2014;
  • Single-family home sales broken out by price range:
    • $1 – $79,999: decreased 30.1 percent
    • $80,000 – $149,999: decreased 16.7 percent
    • $150,000 – $249,999: increased 11.9 percent
    • $250,000 – $499,999: increased 12.6 percent
    • $500,000 and above: increased 18.3 percent
  • Total property sales were up 6.0 percent year-over-year to a record 9,653 units;
  • Total dollar volume increased 11.9 percent to $2.7 billion;
  • Single-family homes months of inventory climbed to a 3.4-months supply, matching a level not seen since July 2013;
  • Days on Market for single-family homes was 45 in July, matching last year’s number of days;
  • Single family home leases were up 11.8 percent while townhome/condominium leases rose 8.0 percent with average rents up year-over-year;
  • Townhouse/condominium sales rose 7.3 percent.

>>>Read the entire release.

IMPORTANCE OF FLOOD INSURANCE

Did you know that the Insurance Council of Texas reported that less than half of the homeowners affected in the Memorial Day flooding had flood insurance? Many don’t realize that the average flood insurance policy premium costs much less than the average residential claim for flood damage.  Moreover, your homeowners’ insurance does not cover flood damage.

In the past five years, all fifty states have experienced floods or flash floods. Flash floods often bring walls of water 10 to 15 feet high. Many of the homes that flooded in the Texas, Memorial Day floods had never flooded and are not located in a defined flood zone.

If you live in a flood zone, your federally regulated or insured mortgage company requires you to have flood insurance, but all homeowners and renters are eligible and strongly advised to purchase flood insurance as long as the community participates in the National Flood Insurance Program.

FLOOD INSURANCE FACTS:

  • Flood insurance can only be purchased through an insurance agent; you cannot buy it directly from the federal government.
  • Know what your policy does and does not cover.
  • Deductibles apply separately to building and contents with different amounts to choose from. Like other insurance plans, a higher deductible will lower the premium you pay but will also reduce your claim payment.
  • Homes and businesses with mortgages from federally regulated or insured lenders in high-risk flood areas are required to have flood insurance. While flood insurance is not federally required if you live in a moderate-to-low risk flood area, it is still available and strongly recommended.
  • The NFIP, a federal program, offers flood insurance, which can be purchased through most leading insurance companies. Rates are set and do not differ from company to company or agent to agent. These rates depend on several factors, including the date and type of construction of your home, along with your area’s level of risk. Most premiums include a Federal Policy Fee and ICC Premium. If your community participates in the Community Rating System (CRS), you may qualify for an insurance premium discount in some communities of up to 45% if you live in a high-risk area and up to 10% in moderate-to-low risk areas.
  • A Preferred Risk Policy provides both building and contents coverage for properties in moderate to low risk areas for a low price.
  • Typically, there’s a 30-day waiting period from date of purchase before your policy goes into effect. Here are the only exceptions:
    • If flood insurance is being purchased in connection with the making, increasing, extending or renewing of your loan.
    • If a building has been newly designated in the SFHA and flood insurance is being purchased within the 13-month period following a map revision.
    • If flood insurance is required as a result of a lender determining that a loan that does not have flood insurance coverage should be protected by flood insurance.
    • If an additional amount of insurance is selected as an option on the renewal bill.
    • If a property is affected by flooding on burned Federal land that is a result of, or is exacerbated by, post-wildfire conditions when the policy is purchased within 60 days of the fire containment date.
  • Payment must be made for the full year’s premium. The National Flood Insurance Program accepts check and credit card.

    • For more information, please see FloodSmart.gov.

    [/wpcol_2third][wpcol_1third_end id=”” class=”” style=””]All of the service, for less money!

    LESLIE LERNER PROPERTIES WILL:

    • List Homes $300,000 – $799,999 for $4,500
    • List Homes $800,000  and up for $12,000
    • $200,000 – $299,999 for $1.5%
      >>Read More
    • We will rebate 1.5% of the Buyer’s Agent’s Commission if we show you 1 – 3 homes.
    • We will rebate 1% if we show you 4 – 6 homes.
      >>Read More

    >>>SEE WHAT PEOPLE ARE SAYING ABOUT LESLIE LERNER PROPERTIES

    If you think it is time to buy or sell a home, remember to call Leslie Lerner Properties at 713.489.9900.  Leslie Lerner Properties is the Home of Flat Fee Listings and Rebated Commissions.  A great amount of information can be found at www.LeslieLernerProperties.com.  Leslie Lerner Properties offers all of the service for less money, when buying or selling a home.

    **BROWSE OUR CURRENT LISTINGS**

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