Aaron Layman's Katy Texas Real Estate Forum

Seven Meadows Sales Figures Show Little Change For July 2009

I happened across an interesting post this week, published by another local agent, speaking to the strength of the sales in Seven Meadows this July.  When I saw the numbers posted, they struck me as a bit inflated so I decided to do some checking.  After all, I live in the neighborhood so I'm pretty familiar with what's going on.  After doing a little fact-checking, it would appear the claims of such strong sales are indeed a bit overdone.  There was a sale of over $700,000 just a block from my house, and that sale was an anomaly in which the listing agent was also the selling agent.  (conflict of interest anyone?)  How do I know the sale was an anomaly?  There is a home across the street from me by the same builder on the same size lot, and virtually the same square footage.  That house is currently listed at $469K and has been on the market for some 4 months.  Sales of other larger homes in the neighborhood have been rather soft this year.

When you take that one anomaly out of the figures, there were 12 sales each in July 08 and July 09, with virtually no change in average price per square foot.  Sales figures in Seven Meadows have been healthy this summer, but I wouldn't call them strong.  Sometimes it pays to get all the facts and look beyond the sales hype.

For honest, objective information about Seven Meadows home sales, provided by a resident expert, just give me a call at  281-994-5190.

Cinco Ranch Triathlon Now Katy Triathlon At Firethorne

Katy's annual triathlon will bear a new name and location in 2009.  Now named the Katy Triathlon at Firethorne, this year's event will be held October 25th with a start time of 7:30 AM.  The event includes a 500 meter swim, 15 mile bike, and a 3 mile run.  Age divisions range from 10 & under to 70 plus.  The Katy Triathlon is a USAT sanctioned event, so membership is required.  To register for the Katy Triathlon at Firethorne visit the official website for the Katy Triathlon

Foreclosure Prevention Efforts Fall Short In Katy, Houston Texas

Around the country, foreclosure prevention efforts continue to fall short of intended targets.  As lenders and servicers work to streamline their processes to expedite mortgage modifications or short-sale approvals, millions of homeowners will likely fall victim to the foreclosure process.  In Katy and the surrounding Houston area the story is no different.  Banks drag their feet and potential sales fall through the cracks.

Mortgage modification efforts have reached only a small percentage of intended borrowers.  Of those that have received modifications, a large percentage will end up defaulting anyway due to debt-to-income ratios that are simply unsustainable.

For sellers hoping to resolve their issue through a short-sale, the process continues to be difficult at best.  This recent USA Today piece http://www.usatoday.com/money/economy/housing/2009-08-04-short-sales-mortgages_N.htm outlines some of the problems, namely long waits and poor communication from lenders and servicers.  A recent survey from Inside Mortgage Finance noted that average response times from lenders for a short-sale offer stood at roughly 9. 5 weeks.  With that kind of response time, it's no wonder so many homes have gone into foreclosure.  Industry data suggest the the problem is far from over, and it will take several more years to uncover all the toxic loans that were issued.

Re/Max International is coordinating with other groups to improve the process, working to train agents and pushing for changes in the way lenders and servicers deal with borrowers.  New Treasury initiatives will hopefully lead to streamlined processes and documentation for the short-sale process.  Financial incentives for sellers and second-lien holders are also being offered to eligible borrowers through 2012.  If you are strapped with a mortgage you can't pay, the worst thing you can do is nothing.  Contact me today for a free, objective assessment of your situation.

Katy Texas & West Houston Real Estate Market - July 2009

Strong sales continued in the Katy are during the month of July.  Area 36 saw 295 closed transactions, nearly identical to last year's number.  Area 25 saw 124 closed sales for the month of July, a roughly 12% increase from last year's numbers.  Government efforts to stimulate the economy and the housing market have provided a noticeable boost to the market particularly in the lower price ranges.

One of the more challenging areas of the market has been luxury homes.  Available supply for homes priced at $500,000 or more has been creeping higher during the year.  The luxury home market currently has more than 9 months of supply on hand.  Average prices of high-end homes in Katy have actually been higher this summer compared to last year, but it has taken nearly twice as long to sell them.  While prices have held up so far, we'll need to see pick up in demand and/or a reduction in supply to prevent softening prices.

The economic situation has been improving, and recent government data suggest the recession may actually be over.  The real question will be how the market reacts once the government stimulus money runs out.  Katy area real estate prices should hold up pretty well, but we'll need to see an improvement in the jobs picture to say the recession is truly behind us.