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

[wpcol_2third id=”” class=”” style=””]OCTOBER NEWS YOU CAN USE
Housing Stats ∙ Proposition 1 ∙ New Lending Laws

HOUSTON HOME SALES BACK UP IN SEPTEMBER

Houston homes sales were better in September after a slow August. The Houston housing market saw across-the-board gains in September 2015 vs 2014, while prices reached record highs for a September. Just as in August, homes priced between $150,000 and $500,000 saw moderate gains, while the low and high ends of the market declined.

September single-family home sales had an increase of 3.5 percent. It took 49 days for the average home to sell versus 48 days in 2014.

Houston housing inventory grew from a 2.9-months supply last September to a 3.5-months supply. Inventory has held at a 3.5-months supply for the past three months, but is still below the current national housing supply of 5.2 months

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

  • Single-family home sales rose 3.5 percent compared to September 2014;
  • Single-family home sales broken out by price range:
    • $1 – $79,999: decreased 23.0 percent
    • $80,000 – $149,999: decreased 16.5 percent
    • $150,000 – $249,999: increased 15.6 percent
    • $250,000 – $499,999: increased 16.0 percent
    • $500,000 and above: decreased 10.4 percent
  • Total property sales were up 2.2 percent (8,024 units);
  • Total dollar volume increased 3.8 percent to $2.1 billion;
  • Single-family homes months of inventory climbed to a 3.5-months supply versus 2.9 months a year earlier;
  • Days on Market for single-family homes was 49 in September versus 48 days a year earlier;
  • Demand for single-family lease homes and townhomes/condominiums were flat in September;
  • Townhouse/condominium sales fell 4.5 percent in September.

>>>Read the entire release.

REMEMBER TO VOTE FOR PROPOSITION 1 ON THE NOVEMBER 3RD BALLOT

Benefits:
1. Lowers property taxes by increasing the state-mandated homestead exemption.

2. Provides more tax relief to seniors and disabled Texans by extending the full benefit of the new homestead exemption.

3. Prevents a local government from undoing the property tax relief the state is offering.


4. Prevents state and local governments from ever collecting a sales tax on real estate transactions.

>>>Learn more from this one minute video.


NEW LENDING LAWS IMPLEMENTED OCTOBER 3RD

October 3, 2015 was a big day in the mortgage and home buying industry.  That is the day the new mortgage disclosure rule, “Know Before You Owe,” took effect.

“Know Before You Owe” mortgage disclosure rules require new forms that make the home buying process more transparent for buyers.  The new loan estimate and closing disclosure forms buyers get in the initial phases of the loan process, will outline how much they will pay in closing costs, loan fees, mortgage payments, interest and taxes for their new home.

The downside of this is that these new federal regulations require that homebuyers have three business days to review the forms before signing off on the loans.  These three days will likely slow the closing process for all of us.  In the past, once the lender issued the clear to close, which many times was at the last minute, once the title company had all necessary documents, we could close.  Now, once the clear to close is issued, there will be a three-day waiting period.  We are being told that we need to prepare for a minimum of 45 days to close from the time the buyer submits the application and their executed contract.  This new law will also make it difficult to sell a home and purchase a new home on the same day.

Here are the details:

  • Four overlapping disclosure forms will be streamlined into two forms, the Loan Estimate and the Closing Disclosure.
  • You’ll have more time to review your closing documents. Currently, lenders must give you your HUD-1 Settlement Statement disclosure 24 hours in advance, if you request it; after October 3, you’ll receive your Closing Disclosure three business days before you sign the forms and accept the terms of your mortgage, no request needed.

Here’s how these changes will improve the mortgage process:

  • The new forms will make it easier to understand complicated mortgage terms.
  • The Loan Estimate makes it easier to shop around and compare loan offers from multiple lenders. Consider applying for loans from at least three lenders before choosing a mortgage so you can find the best deal for you.
  • The three days required between getting your Closing Disclosure and signing on the dotted line allow you to make sure there aren’t major changes from the deal you were offered on your Loan Estimate. It also gives you time to ask your lender all the questions you might have about the terms of your mortgage and consult with a lawyer or housing counselor.

[/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.

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