Real Estate Market News for September 2019

Leslie Lerner Properties
September News You Can Use
Housing Stats • Flood Maps • Seller’s Disclosure Notice

Houston Home Sales Wilt in August

Houston home sales waned in August, but were better than the previous year.  Homes in all price ranges, except those priced under $100,000, showed a decline in sales last month. Total property sales and active listings decreased, as days on the market increased to 52 and inventory nudged down an incremental amount to 4.2-months. Total property sales, active listings and inventory are up from August 2018.

Month-to-Month Comparison:

CategoryJan. 2019Feb. 2019Mar. 2019Apr. 2019May 2019June 2019July 2019Aug. 2019Sept. 2019Oct. 2019
Total Property Sales5,0116,3888,4759,0639,9489,46110,47810,3758,4308,579
Total Active Listings38,87239,30441,12742,08643,62445,26245,49845,06244,17243,468
Single-Family Home Sales4,1005,2807,0727,5868,3468,0978,9538,6797,0357,231
Townhome/Condominium Sales329429542586661587687638531501
Single-Family Months of Inventory3.73.73.94.04.24.44.34.24.14.0
Single-Family Pending Sales6,5287,3108,7409,4679,1698,7969,2078,5477,2857,682
Days on Market65686457534950525559

Single-Family Sales by Price Range (Harris, Fort Bend, Brazoria & Montgomery Counties)

Price RangeJan. 2019Feb. 2019Mar. 2019Apr. 2019May 2019June 2019July 2019Aug. 2019Sept. 2019Oct. 2019
$1 - $99,999155153188135171132141147134129
$100,000 - $149,999340392461438445377490423371414
$150,000 - $249,9991,4961,9052,4282,6532,9822,7943,1003,0192,4972,632
$250,000 - $499,9991,1641,6472,2752,5433,0092,8463,0892,9912,3152,311
$500,000 - $749,999169239345400517497541465381347
$750,000 and above107142238284372334315296210224

HAR MONTHLY PRESS RELEASE WITH YEAR-TO-YEAR STATISTICS

NEW TEXAS FLOOD MAPS

Per the Federal Emergency Management Agency, FEMA, new flood maps become effective on November 15, 2019, for Harris County. Residents are encouraged to examine the maps to determine if they are in a low to moderate, or high-risk flood zone.  The Harris County Flood Education Mapping Tool can be found here.

New technologically-advanced Harris County flood maps will be published in 2021. Until that time, The Harris County Flood Control District has launched a website to help residents keep up with the progress of the Modeling, Assessment and Awareness Project (MAAPnext). MAAPnext will develop the next generation of flood mapping along with new Flood Insurance Rate Maps (FIRMs). The Flood Control District expects many changes to be reflected in the resulting flood risk maps that will impact how future projects, new development, and their associated mitigation strategies are implemented.

In addition to Harris County, residents in Fulshear, Simonton, Weston Lakes and the incorporated areas of Fort Bend County  are encouraged to review the revised preliminary Flood Insurance Rate Maps (FIRMs). The Fort Bend County Floodplain Mapping Tool can be found here.

Galveston County had new maps go into effect last month. This is the first time in 20 years that FEMA redrew flood insurance rate maps.  Nearly 300% more homes in League City are now required to have flood insurance.

When purchasing a home, you should obtain a recent survey and flood certificate to inform you if the home is in a flood zone or not. Even if a home is not mapped within the 100-year floodplain, there is still a chance of flooding.  According to the Harris County Flood Control District, “On a national basis, one-third of the flood loss claims are from property located outside of the mapped 1% (100-year) floodplain. This does not mean the FIRMs are wrong. It simply means that not all flooding sources are calculated when determining risk.”

Most homeowner’s insurance policies do not cover flood.  All homeowner’s living in a flood zone or not are always advised to get flood insurance.  This small investment can save you a lot of money in the future. Please keep in mind that it can take 30-days for a flood insurance policy to take effect once it is purchased.

View flood risk maps:

Harris County

Fort Bend County

Brazoria County

Montgomery County

Galveston County

NEW SELLER’S DISCLOSURE

Texas Property Code § 5.008 requires sellers of a single-unit residential property to provide a Seller’s Disclosure Notice to a buyer. The notice details what the sellers know about the property at the time they complete and sign the notice. As of September 1, 2019, the required notice includes questions regarding flooding, such as whether the seller’s property is located wholly or partly in a 500-year floodplain or whether the seller has ever filed a claim for flood damage. The Seller’s Disclosure Notice should be provided to a buyer prior to executing a contract.  The Texas Real Estate Commission’s promulgated One to Four Family Residential Contract allows a buyer to terminate the contract if a Seller’s Disclosure Notice is not received.  Furthermore, a Buyer can terminate for any reason within 7 days after the buyer receives the notice or prior to the closing, whichever first occurs.

>>>Review the new Seller’s Disclosure Notice that is required for all Texas sales contracts executed after September 1, 2019.

 

About the author

Leslie Lerner Properties understands that buyers and sellers are tired of having to account for high commission rates when budgeting for their home sale and/or purchase. That is why we have put our clients first by implementing flat fee listings and rebated real estate commissions. Our innovative approach to real estate commissions maximizes your return on investment. Why reduce the equity in your home with high commission rates? Leslie Lerner Properties is The Home of Flat-Fee Listings and Rebated Commissions.

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