Mark Twain once famously wrote the “…report of my death was an exaggeration.” Much the same could be said about the real estate market in recent years. The Mark Twain statement was occasioned by the serious illness and subsequent recovery of a cousin who was mistaken by many to have been Mark Twain himself. To be sure the parallel with the real estate market in the U.S. is equally true. It has been most definitely been ill, although it would not seem to have been a fatal illness. Here is some information you may find interesting.
Nationally existing home sales declined over 4.8% last year compared to 2009. This is a gain of 4.9% in homes sold nationally in 2009 versus 2008. Houston experienced a similar situation in 2010 with a 5.7% decline in the number of single family homes sold in 2010 versus 2009. To be sure, the numbers show that the number of existing home sales is still declining across the U.S. However when you look at the prices homeowners received for the sale of their homes in 2010, there is good news. Nationally the average home sales price rose 1.9% to $220,000 while in the Houston area the average price rose 4.0% over 2009 to $211,765, nearly twice the national average. This disparity was particularly apparent in December 2010 when the average Houston home sales prices increased over December 2009 by 2.2%.
At the same time the month’s inventory number increased by 25.9% in December 2010 to 7.5 months as compared to December 2009’s number of 5.2 months. Month’s inventory is the number of months it would take to deplete the housing inventory based on the previous 12 month’s sales activity. Normally a high month’s inventory number will put downward pressure on prices as it represents increased supply. Nationally the month’s inventory number is 9.4.
So what does all of this mean, particularly to those of us here in Houston? While it’s far from conclusive, it appears that the national market is converging on the Houston market. Over the last few years the national market has taken a major beating. At the same time the Houston market has fared much better than the national market. As the national market improves it is beginning to resemble the historically better Houston market. In other words, the two markets seem to be converging on each other. This would be good news for the national market since Houston as a whole didn’t experience the depths of the decline in real estate many areas of the country did. At the same time, since Houston, and Texas in general, were among the last areas of the country to slide into the recession they should be among the first to climb out. In fact this is happening as we speak. A major sign that an economy is growing is job creation. Houston’s job creation engine is running far ahead of the national engine, thanks in large part to the oil and gas industry. So when you are tempted to really complain about the high cost of gasoline, remember the oil and gas industry may be the reason you have a job.
The South Katy area (south of IH-10) continued to be a bright spot in the Houston area, primarily due to demand in Cinco Ranch and surrounding subdivisions. Sales prices in this area increased 3.5% despite a decline of 3.2% in the number of homes sold. One significant reason for this is a relatively low inventory of available homes. By the end of 2008 there was only 4.1 months of inventory available. This is only slightly above 2009 levels, although inventory numbers are beginning to creep up. This also represents levels typically associated with a Seller’s market. Unfortunately the market is not behaving like a Seller’s market. We believe that this is because buyers believe it is a Buyer’s market and in this case perception is reality.
As we look forward to 2010, what can we expect? At the beginning of 2009 many economists predicted a rebound in the second half of the year. Obviously this did not occur. Of course this is no surprise as economists are usually wrong to one degree or another. As the economy rebounds the national real estate market should continue to increase. I for one am not willing to forecast the turnaround of the national economy. Still mortgage rates are at record lows, which has positively affected the affordability for home buyers. Coupled with relatively low inventory levels it would not take a huge uptick in demand to see the market strengthen considerably.
Posted by: David Rozier
Broker Associate-Keller Williams Realty
22762 Westheimer Pkwy, Ste 430
Katy TX 77450
281-395-0680
http://www.rozierteam.com/
Wednesday, March 9, 2011
Monday, March 7, 2011
Katy ISD - Katy Folk Life Festival 2011
I love all things local so I like to stay in tune with the local events going on in Katy. I am not a native of Katy, but I have lived here most of my life so I am fairly well acquainted with activities and events going on throughout the year. While I have attended events like the Katy Rodeo and the Rice Harvest Festival and I have not attended the Katy Folk Life Festival. I think this year I am going to take the time to do that.
Katy ISD does a great job of hosting events, and being a large school district they generally get a high attendance. The Katy Folk Life Festival is put on by KISD and educates Katy residents on the history of Texas settlers. Homing pigeon demonstrations, pottery, bee keeping and ragdoll making are just a few of the activities kids can participate in. The most interesting one is the Cowboy camp with roping demonstrations kids can learn exactly how Cowboys lived when settling Texas.
This year the Katy Folk Life Festival will be in the Outdoor Learning Center by the KISD Administration Buildings, 6301 South Stadium Lane, Katy, TX. 77494; Saturday April 2 from 9-5; Admission is $1 so it is more than affordable.
I look forward to seeing you all there!
Posted by, Elizabeth Rozier, Buyer Specialist for The RozierTeam. – 281-395-0680
22762 Westheimer Parkway, Ste 430; Katy, TX 77450
Wednesday, March 2, 2011
What is the SAFE Act?
As 2011 enters the final month of the first quarter, most people have some knowledge about many of the various changes to lending processes. Often, this news is provided from your Realtor, such as the RozierTeam with Keller Williams Premier Realty in Katy. There is no doubt the news can be grim at times. But while the last two-plus years have indeed been unique, the good news is that lending is still very possible. In fact, loans close every single business day... imagine that!!
The focus this month is on The SAFE Act (or the "Secure and Fair Enforcement for Mortgage Licensing" Act) a Federal Law that passed in 2008. The SAFE Act is designed to enhance consumer protection and reduce fraud by setting minimum standards for licensing and registration of state-licensed Mortgage Loan Officers (MLOs). The SAFE Act requires MLOs to pass a written qualified test, complete pre-licensure education courses, and take annual continuing education courses. The SAFE Act also requires all MLOs to submit fingerprints to the Nationwide Mortgage Licensing System (NMLS) for submission to the FBI for a criminal background check and to provide authorization for NMLS to obtain an independent credit report.
This law is enforced among all lender "types" from big banks, to mortgage-specific lenders, to bankers, brokers, and credit unions. The final date for compliance as of this writing is December 31, 2011. The launch of the NMLS means consumer confidence and protection should be elevated as now every MLO must be licensed. But, alas, anyone can pass a test at some point in their lives, right? So is NMLS the answer and protection that the MLO you have chosen can do the job? I say no. One cannot rely solely on the law. Choosing a Loan Officer is still best done the way it has always best been done, through recommendations by your family, friends, co-workers, or best of all, your REALTOR®.
The SAFE Act is a good law; licensing and accountability are now in place which is good for the housing industry and consumers. Stay tuned for more news about mortgages and the lending industry. If you have any questions I can be reached at mmcdermott@mhlcu.com or 713-503-6086.
The focus this month is on The SAFE Act (or the "Secure and Fair Enforcement for Mortgage Licensing" Act) a Federal Law that passed in 2008. The SAFE Act is designed to enhance consumer protection and reduce fraud by setting minimum standards for licensing and registration of state-licensed Mortgage Loan Officers (MLOs). The SAFE Act requires MLOs to pass a written qualified test, complete pre-licensure education courses, and take annual continuing education courses. The SAFE Act also requires all MLOs to submit fingerprints to the Nationwide Mortgage Licensing System (NMLS) for submission to the FBI for a criminal background check and to provide authorization for NMLS to obtain an independent credit report.
This law is enforced among all lender "types" from big banks, to mortgage-specific lenders, to bankers, brokers, and credit unions. The final date for compliance as of this writing is December 31, 2011. The launch of the NMLS means consumer confidence and protection should be elevated as now every MLO must be licensed. But, alas, anyone can pass a test at some point in their lives, right? So is NMLS the answer and protection that the MLO you have chosen can do the job? I say no. One cannot rely solely on the law. Choosing a Loan Officer is still best done the way it has always best been done, through recommendations by your family, friends, co-workers, or best of all, your REALTOR®.
The SAFE Act is a good law; licensing and accountability are now in place which is good for the housing industry and consumers. Stay tuned for more news about mortgages and the lending industry. If you have any questions I can be reached at mmcdermott@mhlcu.com or 713-503-6086.
Posted by Guest Contributor, Mike McDermott
mmcdermott@mhlcu.com 713-503-6086
Sunday, February 27, 2011
Keller Williams Annual Golf Classic April 18, 2011
Keller Williams Golf Classic, benefiting Cinco Charities, is held every year in April. It is part of Keller Williams Premier’s way of answering Mo Anderson’s call to leave a legacy. Cinco Charities purpose is to provide temporary housing to families traveling to Katy, Texas for treatment of life threatening illnesses. On average this tournament raises around $15,000- $20,000 and all the proceeds go to Cinco Charities. In addition to that, the putting contest (where you will find 2/3 of the Rozier Team) raises money that is donated to KW Cares.
“Established in 2003, KW Cares is a 501(c)(3) public charity that raises money through Keller Williams offices across North America, in order to provide emergency financial assistance to any member of the KW family in need and other charities aligned with the mission and values of Keller Williams Realty and KW Cares.” (taken from KW Cares Website).
So, on April 18, 2001 I will be taking a break from selling houses and volunteering at River Ridge Golf Club in Sealy, Texas! Will you consider coming and 1) golfing; 2) donating a door prize or 3) being a sponsor? You can find out more about the charities we support or register your team by contacting me here, calling me at 281-395-0680, or emailing me Elizabeth@RozierTeam.com.
I look forward to hearing from you!
“Established in 2003, KW Cares is a 501(c)(3) public charity that raises money through Keller Williams offices across North America, in order to provide emergency financial assistance to any member of the KW family in need and other charities aligned with the mission and values of Keller Williams Realty and KW Cares.” (taken from KW Cares Website).
So, on April 18, 2001 I will be taking a break from selling houses and volunteering at River Ridge Golf Club in Sealy, Texas! Will you consider coming and 1) golfing; 2) donating a door prize or 3) being a sponsor? You can find out more about the charities we support or register your team by contacting me here, calling me at 281-395-0680, or emailing me Elizabeth@RozierTeam.com.
I look forward to hearing from you!
Posted by, Elizabeth Rozier, Buyer Specialist for The RozierTeam. – 281-395-0680
22762 Westheimer Parkway, Ste 430; Katy, TX 77450
Saturday, February 26, 2011
Katy Rodeo & Livestock Show 2011!
This is my favorite time of the year to be a Texan, rodeo season! I almost always go to the over commercialized Houston Livestock Show & Rodeo, but it seems to be put on mostly for the rhinestone cowboys. Being somewhat of a rhinestone cowgirl myself I realize the contradiction in liking the local Katy Rodeo. There is no “concert” portion and you actually get to enjoy seeing local cowboys & cowgirls compete. My nephew will be competing in the stick horse race tonight! The tickets are very reasonable as well. This year, adults are $8 or $18 for a 3 day pass; kids are $4 ages 6-12 or $8 for a 3 day pass. Children under 5 are free!
There is also a professional section of the rodeo for those who feel it isn’t a rodeo if a bone isn’t broken. All the events last just a little longer and you may actually see some events at the Katy Rodeo that you won’t see at the Houston Livestock Show & Rodeo. It’s definitely more of a small town feel, cold, hard metal bleachers and all!
This morning we enjoyed the Katy Rodeo Parade through old town Katy and we now have a 2 lbs bag of candy as a result! It would have been three but we ate a good portion for lunch, ugh.
There is also a professional section of the rodeo for those who feel it isn’t a rodeo if a bone isn’t broken. All the events last just a little longer and you may actually see some events at the Katy Rodeo that you won’t see at the Houston Livestock Show & Rodeo. It’s definitely more of a small town feel, cold, hard metal bleachers and all!
This morning we enjoyed the Katy Rodeo Parade through old town Katy and we now have a 2 lbs bag of candy as a result! It would have been three but we ate a good portion for lunch, ugh.
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| “Three of these things belong together. Three of these things are kind of the same. One of these things doesn’t belong here…” |
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| Our friend Carrie Waltman! |
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| Mom always said candy would rot your teeth out! |
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| Hey, we don't judge. |
Posted by, Elizabeth Rozier - Buyer Specialist for The RozierTeam – 281-395-0680
22762 Westheimer Parkway, Ste 430 Katy, TX 77450
Friday, February 25, 2011
Searching For A Good Nail Salon in South Katy?
Yesterday was my birthday and as a present to myself I decided it was time for a mani/pedi. There are three categories that I look for when shopping for the best salon for my footsies. 1) Do they have a steady hand, 2) do they give a thorough scrubbing (albeit disgusting, it is important to get that nasty excess skin from your heel) and finally 3) do they give a good foot massage? While everyone ranks these necessities in different order my priorities are 2 then 3. Since these are more important to me I generally have a difficult time finding the right salon and then the right technician to work on my barking dogs.
As nail salons are as abundant in Katy as mosquitoes are in July, I asked my Facebook friends yesterday for a list of their favorites in south Katy, I thought I would share theirs before sharing mine. They are not listed in any order of preference and are not an endorsement, just a list of my friends favorites.
Of course I must share my two favorites with a caveat, I am indifferent as to the painting and shaping of the nails and prefer a good massage & scrubbing.
1. Miracle Nail – Katy Mills Mall Suite Space #525. (close to Burlington) – 281-644-4033. I prefer Julie & Rose as they are both extremely thorough and spend a good deal of time on both my feet & hands, so don’t go if you are pressed for time.
2. Queen Nail - 1830 S Mason Rd, Katy, TX 77450 – 281-392-1005. I don’t have a favorite person here. I did have one technician really screw up my solar nails one time, but for a basic mani/pedi I think everyone I have had is good.
Yesterday, I ended up with what I knew best, Miracle Nail and I have a great manicure and pedicure by Rose. I hope this helps any of you searching for a good salon in south Katy.
As nail salons are as abundant in Katy as mosquitoes are in July, I asked my Facebook friends yesterday for a list of their favorites in south Katy, I thought I would share theirs before sharing mine. They are not listed in any order of preference and are not an endorsement, just a list of my friends favorites.
1. Lotus Nails - 23930 Westheimer Pkwy, Ste 109, Katy, TX 77494 – 281-693-5898
2. Golden Nails & Facial - 1634 South Mason Road, Katy, TX – 281-392-7003
3. Blue Bonnet Nails - 22167 Westheimer Pkwy # 135, Katy, TX – 281-398-7424
4. PL Nails off Pin Oak Rd in the HEB shopping center (I couldn’t find a listing for it)
5. Mimosa - 402 West Grand Parkway South #105 Katy, TX 77494 – 281-391-8798
Of course I must share my two favorites with a caveat, I am indifferent as to the painting and shaping of the nails and prefer a good massage & scrubbing.
1. Miracle Nail – Katy Mills Mall Suite Space #525. (close to Burlington) – 281-644-4033. I prefer Julie & Rose as they are both extremely thorough and spend a good deal of time on both my feet & hands, so don’t go if you are pressed for time.
2. Queen Nail - 1830 S Mason Rd, Katy, TX 77450 – 281-392-1005. I don’t have a favorite person here. I did have one technician really screw up my solar nails one time, but for a basic mani/pedi I think everyone I have had is good.
Yesterday, I ended up with what I knew best, Miracle Nail and I have a great manicure and pedicure by Rose. I hope this helps any of you searching for a good salon in south Katy.
Posted by, Elizabeth Rozier - Buyer Specialist for The RozierTeam – 281-395-0680
22762 Westheimer Parkway, Ste 430 Katy, TX 77450 - http://www.rozierteam.com/
Sunday, January 30, 2011
High Anxiety - Real Estate Taxes in Texas
A recent acticle from the Real Estate Center at Texas A&M (WHOOP) found that the overall tax burden in Texas is one of the lowest in the nation. "Texas property taxes are high compared with many other states. But when the overall tax burden for a family of three is considered, Texas taxes are among the lowest in the nation." It's a short read, but worth the look... http://recenter.tamu.edu/pdf/1956.pdf
Saturday, January 22, 2011
Kitchen "to die for"
Thursday, December 23, 2010
Beauty in Cinco Ranch SW
Friday, December 10, 2010
Ready to move in
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