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

[wpcol_2third id=”” class=”” style=””]SEPTEMBER NEWS YOU CAN USE
Housing Stats ∙ Do’s and Do Not’s After Being Preapproved for a Mortgage

POSITIVE HOUSTON HOME SALES WITH PRICES UP AND SUPPLY SLIGHTLY GROWING

Houston area home sales showed gains in both sales volume and prices in August. Housing inventory remained steady month-over-month, but it still slightly below year-ago levels. Prices were the highest for an August, but were lower than June’s record highs.

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

  • Single-family home sales rose 1.1 percent versus August 2013;
  • Single-family home sales broken out by price range:
    • $1 – $79,999: decreased 30.7 percent
    • $80,000 – $149,999: decreased 12.8 percent
    • $150,000 – $249,999: increased 2.8 percent
    • $250,000 – $499,999: increased 13.4 percent
    • $500,000 – $1 million and above: increased 15.7 percent
  • Total property sales were up 1.7 percent year-over year;
  • Total dollar volume climbed 6.8 percent, increasing from $2.2 billion to $2.3 billion on a year-over-year basis;
  • Days on Market for single-family homes was 46, the second lowest level of all time;
  • The local supply of homes is holding steady with inventory flat at a 3.0-months supply month-over-month. That compares to a 3.3-months supply locally last August and the current national average of 5.5 months, as reported by the National Association of Realtors;
  • Rentals of single-family homes rose 8.8 percent year-over-year and the cost of renting those homes increased 4.8 percent to $1,830.
  • Townhouse/condominium rentals edged up 1.7 percent, with rents rising 5.2 percent to $1,584.

>>>Read the entire release.

DO’S AND DO NOT’S AFTER BEING PREAPPROVED FOR A MORTGAGE

You have found the house of your dreams, the contract has been negotiated and you are on your way to closing. You imagine your home with the colors, furniture and accessories you want, and you are patiently waiting until you can make your visions reality.

We all can’t wait to move in to a new home and make our dreams come true, but if you are getting a home loan, you need to think twice about what you can and cannot do while your loan is being processed.

Can “do’s”:

  • Promptly respond to your loan officers’ requests for documentation.
  • Make decisions as soon as quickly as possible.
  • Ask questions and discuss concerns as they develop.
  • Continue to make all rent or mortgage payments on time.
  • Stay current on all other existing accounts.
  • Continue to work your normal work schedule with no unplanned time off. Do not change jobs during the process.
  • Continue to use your credit as normal.
  • Be prepared to explain any large deposits in your bank accounts.
  • Be ready for last minute requests to avoid delays.

Once you are preapproved for your mortgage stay away from doing the following:

  • Do not make any major purchases (car, boat, jewelry, furniture, appliances, etc.).
  • Do not apply for any new credit, even if it is a “great” deal.
  • Do not pay off charges or collections unless requested by your loan officer.
  • Do not make any changes to your credit profile.
  • Do not change bank accounts.
  • Do not make unusual deposits into your bank accounts or move money around from one account to another.

Once your loan is processed and you have closed on your home, you can resume your normal banking and spending habits. It may be hard for some to restrain themselves during the short period of time between contract and close, but it will be well worth the wait.

[/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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