An inside look at the residential real estate market in Southeast Texas including: the hottest neighborhoods, proven home selling strategies, home buying and negotiating tactics, median prices by neighborhood, average days homes are on the market, and professional advice on how to get the best deal when buying or selling a home.

"As Is" Value of Flooded Homes in Southeast Texas

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I ran this post earlier this week.  I'm running it again because a lot of people are asking the question "What is my home worth if I sell it "as is" with flood damage but gutted.  

Here's the chart that I posted earlier this week. 

As Is Value

I've spent the past week driving around showing flooded homes to investors and talking to people who are thinking about selling their home "as is".   My advice is if you have any way (any way at all) to fix your home then you will come out better in the long run selling once it is fixed up.  

The sheer number of flooded homes is going to far surpass the number of buyers who can buy homes in "as is" condition.  

Here's is an example of a homes "as is" value

Pre Flood Value –            $200,0000
*15% Stigma Discount –     $30,000
After repair value –         $170,000
 
*Repair Costs –                     $60,000
20% Investor Profit –         $34,000
 
“As Is” Value -                 $76,000
 
*estimate
 
Now, the next factor to consider is how much inventory there will be of flood damaged homes.  If there are a lot for investors to choose from, this will have a downward effect on the prices.  And vice versa. 
 
Hope this helps.   These numbers are potential starting points for negotiation.  We are using our best guess since we don’t have any recent history to draw from.  Ultimately, the market will determine the sales prices.  
 
If you are considering sell your home and would like a professional market analysis, contact me.  There is no cost for the analysis.  This is a very difficult time for all of us.  Gather as much information as you can before you make any decision regarding your home.
 
Sincerely,
 
Diane
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"As Is" Value of Flooded Homes in Southeast Texas

As Is Value

 

For Example:  

Pre- flood Value –                $150,000
15% Stigma Discount –        $22,500*
After repair value –             $127,500
 
Repair Costs –                         $40,000
20% Investor Profit –            $25,500
 
“As Is” Value -                         $62,000
 
Now, the next factor to consider is how much inventory there will be of flood damaged homes.  If there are a lot of homes for investors to choose from, this will have a downward effect on the prices.  
 
These numbers are potential starting points for negotiation.  We are using our best guess since we don’t have any recent history to draw from.  Ultimately, the market will determine the sales prices.  
 
*This information was provided by Andy Hemmings, Sales Manager with Coldwell Banker Southern Homes.  I've put it in a chart and shared it with the readers of my blog.  
 
If you would like a post-flood market analysis to help determine the value of your home, please contact me for a no cost analysis.  
 
Sincerely,
 
Diane
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Hurricane Harvey Aerial View of Homes in Southeast Texas

Wexford Flooding

If you have wondered why there haven't been posts for the past several days, two words, Hurricane Harvey.   So many areas had flooding that is hard to comprehend.  My home was an island for about five days.  We couldn't leave because there were flooded roads keeping us from going anywhere.  

One thing I found fascinating during the storm was looking at the aerial images taken by NOAA.  This link will show you any address you want to see that was affected by Hurricane Harvey.

Aerial Images of Hurricane Harvey Flooding Homes

So many areas were flooded but some of the worst:

  1. Orange County - Wexford Park, 1131 and Four Oaks Ranch areas
  2. Jefferson  County - Northwest Forest, Pinewood and Bevil Oaks

Look at these addresses.  12755 Tanoak Ln,  427 W Pineshadows,  1865 Wexford Dr

This will give you an idea of how much of Southeast Texas flooded.   The residential real estate market was low on inventory before Hurricane Harvey hit.  It is going to extremely low now and for the next several months while people recover and rebuild. 

If you are looking to buy or sell a home in Southeast Texas, I can help.  

Sincerely,

Diane

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July Home Sales in Southeast Texas. Home Sales by Price Range.

July Sales by price range

July Sales by price range table

 

 

 

 

 

 

 

 

 

 

 

 

The busiest price ranges for the month of July were:

  • 38 Sales $200,000-$249,999 
  • 35 Sales    $120,000-$139,999

Other Interesting Statistics:

  • There were a total of 286 homes sold and closed in the month of July in Southeast Texas. 
  • 95 Days on the market was the average time it took for these homes to sell. 
  • $174,467 was the average sales price.

 

If you have any questions about the Southeast Texas Residential Real Estate Market ask me.

Sincerely,

Diane

 

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Southeast Texas Home Sales. 89% of Buyers Looked on the Internet for a Home.

Pie chart where buyers find homes

The National Association of Realtors did a study to see what information home buyers used before they bought a home.  What this study tells us is if you are selling a home you want in on all the major internet websites and you want to work with a Real Estate Agent.  

Making sure your home gets the maximum amount of exposure to the buyers that are in the market is key to getting the best offer.  Working with a Realtor who is a member of the local MLS will get your home the right exposure to all the other real estate agents in the market.  

Want to know what else I can do to help you sell your home?  Just call, text, contact me here on the blog.  

Sincerely,

Diane

 

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5 Things to Know about Home Sales in Little Cypress CISD

Sales Little Cypress

 

 

 

If you are thinking about buying or selling a home in the Little Cypress CISD, here's the top five things to know about home sales during the past three months. 

  1.  Home sellers of single family homes managed to get 97% of their asking price on average.  
  2.  76 days was the median number of days it took to a sell home.
  3. $169,351 was the average sales price of a home in Little Cypress this summer.
  4. 14 homes sold for less than $100,000 while 6 sold for over $250,000.
  5. The price per square foot ranged from $24.67 up to $124.29 with a median of $84.20

How do you know what the current market value of a home in Little Cypress is?  Call me.  As a local professional Realtor, I have access to all the sales.  Determining which home sales are the most similar to your home is critical in setting the right price.  

Sincerely,

Diane

 

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Beaumont Homes Sales, Median Price in June is $137,000

June is usually one of the busiest months for home sales in Southeast Texas.  June 2017 is no different.  According to the Southeast Texas MLS, 350 homes closed in the month of June.   This is the highest number of sales in a given month this year. 

June Beaumont Report

 

 

The photo above shows the percentage of homes that sold in each price range for the month.  By far the largest percentage of sales were in the $100,000-$199,999 price range.  

  • Approximately 75% of the homes sales in Beaumont, TX for the month of June were homes priced under $200,000.
  • In the entire Southeast Texas market covered by the Southeast Texas MLS only 10.8% of home sales were homes priced over $300,000.  (37 of 350 sales).

What we are seeing  in the market is a high demand in the under $200,000 priced homes and a shortage of homes.  It is the opposite in the upper price ranges.  There has been less demand in the higher priced homes over $300,000 and fewer buyers in this price point.  

The takeaway - while it is a sellers market in the lower price points, it is a buyers market in the higher prices.  

Its a tricky market and its important to work with a professional realtor who has access to the critical home sales data.  If you are looking to buy or sell a home in Southeast Texas, let me help.

Sincerely,

Diane

 

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Homes Sales in Southeast Texas. Maximize Your Sales Price.

If you are thinking about selling your home in Southeast Texas and want to maximize the sales price without doing a full overhaul then focus on these three things:  Storage, Windows, and Accessories.                                                                 

De-clutter

Replace broken blinds

Add fun neutral accessories

Sold Sign Rider

Clutter makes a house feel small and not well maintained.  Dusty, broken outdated window treatments give the impression the home is older than it is and not well cared for.  You want your home to look fresh and cozy.  New towels, new pillows and throws can help give your home a fresh look without costing a lot of money. 

One of the services I offer my sellers is a professional staging consultation.  The Stager will spend up to two hours with you rearranging furniture, adding accessories, and making your home look its best to appeal to the maximum number of buyers.  

If you are thinking about selling your home in Beaumont, Lumberton, Orange or any part of Southeast Texas, I'd like to show you other tips and strategies that we can put in place to get you the highest sales price possible.  Call me or email me for your home market analysis.  No cost or obligation to list for the appointment.  

Sincerely,

Diane

 

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Home Sales in Southeast Texas, 3 Year Graph

This is a graph you can find on the Housing Activity Page of the Real Estate Center at Texas A&M's website.

T A&M chart

This chart is for the Beaumont - Port Arthur area.  If you haven't looked the the Real Estate Center website before you should take a look.  They track home sales activity around the state of Texas.  Its always good to know what trends are taking place before you buy or sell a home.  Its also a good idea to work with a local professional Realtor who stays on top of the changes in the residential real estate market. 

If you are thinking about buying or selling a home in Southeast Texas- email me.  Its easy.  The link is right below this post.

Sincerely,

Diane 

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