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.

Home Sales Prices in Beaumont, Texas, October 2017

Oct Housing Report

The Southeast Texas Board of Realtors has just released the October home sales data from the MLS.   The three big indicators are all positive for home sellers.  

  1. Median sales price is up 9.6%
  2. Active listings are down 21.7% from Oct 2016
  3. Closed sales are up 31% from last year

If you are thinking of buying or selling a home pick a Realtor who is local, professional and knows the market.  When we work together I become your advocate.  I'll work hard to get you the best deal possible and exceed your service expectations.

Sincerely,

Diane

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Values of Flooded & Gutted Homes in Southeast Texas

Flooded and gutted 10_31

We now have a total of 10 flooded and gutted homes that have closed according to the Southeast Texas MLS.  Most of these homes went under contract fairly quickly as soon as they were listed in the MLS.  The average number of days on the market is 20.  

The flooded and gutted home to get the highest sales price so far is a 3522 square foot home in NW Forest.  It sold for $111,000.  Most homes are selling for about $30/SF.  Several factors contribute to the sales price such as has it flooded before, what flood zone is it in, how much water the home got.  

When I checked this morning there were 72 flooded and gutted homes listed for sale in the MLS.  If you are curious to know what the value of your home is in the current market let me know.  I'm happy to provide a professional, no obligation market analysis of your Southeast Texas home.  

Sincerely,

Diane

 

 

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Hurricane Harvey Permits. Rumor v Truth

I got a call this morning from a Tram Road resident who had questions about what is required to start rebuilding his home.  He had heard he had to have a "Dry Certificate".  

It is a RUMOR!

Neither Jefferson or Orange County are requiring a "Dry Certificate" or "Mold Inspection" to get a building permit.  This is a screen shot from the City of Beaumont, Texas Disaster and Recovery information page.

Harvey permit info

You can access the City of Beaumont Disaster and Recovery Page HERE.     You can access the Orange County Permit Page HERE.

Both Orange and Jefferson County are allowing the Homeowner to act as their own general contract for Hurricane Harvey related repairs.  Both Counties have waived the fee for permits. 

FREE ADVICE

Before you rebuild hire a local reputable company to come out and take moisture readings for you.  There are several local home inspectors who are offering this service for around $300-$400.  The moisture level in your studs should be below 15% before you put drywall back up.  

No County requires this moisture test but if and when you ever sell your home a potential buyer will want to see it.  It will be well worth the $300-$400 when it comes time to sell your home.  If you need the name of a local inspector who can do the moisture test contact me.  

Sincerely,

Diane

 

 

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Picking the Best Realtor for You.

IMG_6138

 

If you search the Beaumont Enterprise archives for my name you will find several real estate articles I have written for them over the past ten years.  

Last Sunday, in the Sound Off column I answered the question "Should you use a friend as your agent?"  

Its true I do work with a lot of friends and people in my social circle.  It is also true that frequently clients become friends.  Especially when they have young children like me.  

If you have a friend who is a professional full time realtor then you will benefit from working with them on the sale or purchase of a home.  

Whether we are friends or not, when I work with you I become your real estate advocate.  My job is to protect your interests and get you the best deal possible.  

If you are looking to buy or sell a home in Southeast Texas I'd like to talk to you.  

Sincerely,

Diane

 

 

 

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292 Homes Closed in Southeast Texas in September

You might think Hurricane Harvey would have affected the number of home closing in September in Southeast Texas.  With a total of 292 closings, that doesn't appear to be the case.  There is no way to know how many more would have closed in September that didn't due to flood damage.  292 closings is still a high number of closings for the month of September.  

This chart will show you 4 other noteworthy home sales statistics.

Sept Stats

The bulk of the homes sales occurred in the $100,000-$150,000 price range but that is usually the case for the Southeast Texas residential housing market.  

  • 43% of the closings were homes priced from $90,000-$199,999.
  • 31% of the closings were homes priced from $200,000-$399,900
  • 3% of the closings were homes priced over $400,000

We continue to be in a sellers market with a low level of inventory in all but the upper price ranges.  Until homes damaged by Hurricane Harvey are repaired and start coming on the market the inventory shortage is likely to continue.  

If you are planing to buy or sell a home in Southeast Texas contact me.  When we work together I become your advocate.  I'll work hard to get you the best deal possible and exceed your service expectations.  

Sincerely,

Diane

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More Flooded & Gutted Homes Under Contract. Values Still All Over.

Flooded and gutted 10_12

About 6 weeks post Hurricane Harvey the number of flooded and gutted homes coming on the real estate market in Southeast Texas continues to grow.   We are also seeing the first of these flooded and gutted homes start to be sold - go under contract.  There are currently 12 homes under contract according to the SETX MLS.  

What is the value of a "flooded and gutted" home? 

  • Prices are still all over the place.  
  • Of the 12 that have gone under contract $54.95 was the highest price/SF (asking price) 
  • $179,900 is the highest priced home to go under contract.  Located in Hillbrook Estates in Orange.  (This is the asking price not sales price.)
  • The median price of the homes that are pending is $50,000.  
  • The lowest price/SF of these pending homes is $15.52

The market is still trying to establish a value of what these flooded and gutted homes will sell for.  Many of these sales are cash purchases.  Lenders are starting to bring construction loans into the market but they are still hard to get.  If you are thinking about selling or buying a flooded and gutted home contact me for a more detailed analysis of any home in Southeast Texas.  

Sincerely,

Diane

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What is the Value of a Flooded and Gutted Home in Southeast Texas?

  • Flooded gutted chart 45The number of flooded and gutted homes to go under contract is now up to 4.
  • The number of flooded and gutted homes listed in the MLS is now up to 45.

The chart above shows the average price per square foot of the flooded and gutted homes that are listed and the 4 that are pending (under contract).

The real estate market is just beginning to show what investor buyers are willing to pay for a flooded and gutted home.   From everyone I've talked to the opinion is there will be a lot more flooded homes for sale than there are buyers for them.  So for sellers my advice would be put your home on the market as soon as you can.   Price it aggressively to attract the investors that are buying.  Or take your time and fix it up.  The market analysis' that I've been doing for people show most are much better off fixing the home and selling it fixed rather than "as is".

If you would like a market analysis "as is" and "rebuilt" to help you decide what is best for you contact me.  You can reach me on the blog or call, text my cell.  

Sincerely,

Diane

 

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Home Remodeling Projects that Payback When You Sell

Remodeling-impact_2017 final

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kitchen renovations and upgrades are among the top remodeling projects most likely to add value to a home at resale and most likely to appeal to home shoppers, according to the 2017 Remodeling Impact Report, conducted by the National Association of REALTORS®. The report takes a look at the cost of the most common exterior and interior remodeling and replacement projects and gauges how much appeal they have to buyers at resale.

If you are rebuilding your home after flooding from Harvey, spending money on upgrading your kitchen and installing new wood flooring are at the top of the list in terms of what appeals to buyers and where you get the most money back on sales price.  

Good to know as my husband and I start to rebuild our Wexford Park home that got 3 1/2 feet of water thanks to Harvey and the Dam B water release.

If you need help determining the value of your Southeast Texas home contact me here on the blog, call or text me.  I'm happy to give you a market analysis.   There is no cost.  #409Strong  #409Sold

Sincerely,

Diane

 

 

 

 

 

 

 

 

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Establishing the Value of Flooded and Gutted Homes Post Hurricane Harvey

I've been posting about "as is value" and how to determine the value of a flooded and gutted home lately because so many people are considering this option.  Now we have the first two homes under contract.  Not closed yet.  Just under contract but this starts to establish a market value for flooded and gutted homes.  Data from the Southeast Texas MLS

F&G under contract

 

This is information from an earlier post.  I’m sharing it again. 

I have been asked to provide a formula on how to calculate a price on selling a flood damaged home when the seller wants to sell “as is” to an investor.

Here are some parameters to consider when making a calculation.  Keep in mind, the market value for this category of home has yet to be established.  (Is only beginning to be established)
 
-Start with the value of the home prior to the flood.
-Discount that price by 10%-20% to account for stigma due to the flood.  The extent of the damage to the house/neighborhood will determine how much to discount.
-Subtract the estimated repair costs.
-Subtract 20% to account for profit.  (20% of the anticipated repaired sales price).
 
Example:
 
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
 
This information should be taken with a healthy dose of salt.  Stigma, repair costs, and investor profit expectations are all moving targets.  
 

If you would like help determining the market value of your home please contact me.  There is no cost for the analysis. 

#409Sold

Sincerely,

Diane

 

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Thanks to Hurricane Harvey. Flooded and Gutted Homes added to Southeast Texas MLS.

 

RiShown below a photo of a flooded and now gutted home in Wexford Park in Vidor. 

IMG_5939

Its not common that the MLS adds a new category of homes.  Thanks to Hurricane Harvey it has.  We now have a category called "Flooded and Gutted".

Flooded and gutted chart

 

There are 30 homes for sale in the category  "flooded and gutted".   The prices are all over the place.  Right now there are no "pending sales" in the MLS of flooded and gutted homes.  Right now the market is trying to figure how to price these homes.  Once there are some sales then we will have a better idea how to price a flooded and gutted home.  My best guess right now is that we will see these homes start to sell around $30/SF.  

 

 

 

 

 

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