January homes sales gave Houston area residents something to smile about. Single-family home sales experienced the second increase in two years. Sales climbed 9.0 percent on a year-to-year basis, although they were down 22.0 percent compared to December 2023.
Active listings have slightly increased, while single-family months of inventory remained at 3.3. Last year, the Houston area had 2.7-months of inventory. Days on market grew to 58 days.
Per HAR/MLS:
| Category | Jan. 2024 | Feb. 2024 | Mar. 2024 | Apr. 2024 | May 2024 | June 2024 | July 2024 |
|---|---|---|---|---|---|---|---|
| Total Property Sales | 6,098 | 7,541 | 8,939 | 9,611 | 10,175 | 9,133 | 8,969 |
| Total Active Listings | 38,410 | 39,757 | 41,070 | 43,044 | 45,692 | 47,563 | 47,348 |
| Single-Family Home Sales | 5,009 | 6,221 | 7,334 | 7,926 | 8,538 | 7,718 | 7,635 |
| Townhome/Condominium Sales | 361 | 440 | 541 | 584 | 601 | 541 | 501 |
| Single-Family Months of Inventory | 3.3 | 3.4 | 3.5 | 3.7 | 4.0 | 4.3 | 4.3 |
| Single-Family Pending Sales | 6,934 | 7,763 | 8,741 | 9,110 | 8,484 | 8,478 | 7,180 |
| Days on Market | 58 | 57 | 55 | 49 | 45 | 46 | 44 |
| Price Range | Jan. 2024 | Feb. 2024 | Mar. 2024 | Apr. 2024 | May 2024 | June 2024 | July 2024 |
|---|---|---|---|---|---|---|---|
| $1 - $99,999 | 32 | 35 | 35 | 32 | 34 | 30 | 26 |
| $100,000 - $149,999 | 70 | 99 | 94 | 115 | 93 | 100 | 81 |
| $150,000 - $249,999 | 757 | 880 | 992 | 1,005 | 1,058 | 958 | 864 |
| $250,000 - $499,999 | 2,475 | 3,066 | 3,530 | 3,703 | 4,036 | 3,615 | 3,617 |
| $500,000 - $749,999 | 491 | 681 | 740 | 978 | 1,053 | 942 | 987 |
| $750,000 and above | 269 | 364 | 473 | 634 | 697 | 591 | 634 |
Canvas Rebel Magazine spoke to Leslie Lerner about taking risks.
“Taking a risk is always scary, but we can’t reach our goals and dreams if we don’t take chances.
In 2013, I got out of my comfort zone and went against the grain. It was one of the best decisions of my life. The courage and confidence I gained by taking that risk continues to open many doors for me that I never dreamed would open. It also continues to tell me reach for the stars. You never know what you can accomplish. The one thing I know for sure, I am not done reaching….”
-Leslie
Finding the right home is one of the biggest challenges for potential buyers today. Right now, the supply of homes for sale is still low. But there is a bright spot. Newly built homes make up a larger percent of the total homes available for sale than normal. That’s why, if you’re craving more options, it makes sense to see if a newly built home is right for you.
But it’s important to remember the process of working with a builder is different than buying from a homeowner. And, while builders typically have sales agents on-site, having your own agent helps make sure you have proper representation throughout your homebuying journey. As Realtor.com says:
“Keep in mind that the on-site agent you meet at a new-construction office works for the builder. So, as the homebuyer, it’s a smart idea to bring in your own agent, as well, to help you negotiate and stay protected in the transaction.”
Here’s how having your own agent is key when you build or buy a new construction home.
Agents Know the Local Area and Market
It’s important to consider how the neighborhood and surrounding area may evolve before making your home purchase. Your agent is well-versed in the upcoming communities and developments that could influence your decision. One way a real estate agent can help is by reviewing the builder’s site plan. For example, you’ll want to know if there are any plans to construct a highway or add a drainage ditch behind your prospective backyard.
Knowledge of Construction Quality and Builder Reputation
An agent also has expertise in the construction quality and reputation of different builders. They can give you insights into each one’s track record, customer satisfaction, and construction practices. Armed with this information, you can choose a builder known for consistently delivering top-notch homes.
Assistance with Customization and Upgrades
The most obvious benefit of opting for new home construction is the opportunity to customize your home. Your agent will guide you through that process and share advice on the upgrades that are most likely to add long-term value to your home. Their expertise helps make sure you focus your budget on areas that will give you the greatest return on your investment later.
Understanding Builder Negotiations and Contracts
When it comes to working with builders, having a skilled negotiator on your side can make all the difference. Builder contracts can be complex. Your agent can help you navigate these contracts to make sure you fully understand the terms and conditions. Plus, agents are skilled negotiators who can advocate for you, potentially securing better deals, upgrades, or incentives throughout the process. As Realtor.com says:
“A good buyer’s agent will be able to review any contracts before you sign on the dotted line, ensuring you aren’t unwittingly agreeing to terms that only benefit the builder.”
Bottom Line
If you are interested in buying or building a new construction home, having a trusted agent by your side can make a big difference.
If you’d like to start that conversation, talk to Leslie Lerner Properties. We can help you navigate the contract, warranties, inspections and all the details required to purchase new construction.
Adapted from Keeping Current Matters.
