The link below depicts the Real Estate market on Galveston Island over the past year. If you run your pointer over the graph it will give you the exact number.
http://www.garygreene.com/terabitzApi/graph/alert.php?id=241
As you can see the graphs indicate an upward swing in volume for February from the previous year. A majority of this is a reflection of fewer "as is" hurricane damaged homes selling for $20,000 to $50,000. This is also reflected in the increase in average sales price
The quantity sold in February 2010 was virtually the same as the quantity sold in February 2009.
The supply of available homes is on the rise which is typical for this time of year.
The most interesting graph is reflected for the foreclosures. The new foreclosures coming on the market appears to be leveling off while the number of foreclosure sales appears to be rising. The interesting item to note is not reflected in the graph. A majority of foreclosures sold close for a price greater than this list price. The attraction to foreclosed properties is phenomenal.
Remember this graph is for the entire Island. Tomorrow I will post for the West End of Galveston.
Saturday, March 20, 2010
Tuesday, March 9, 2010
14454 Spyglass Circle - Galveston, Texas
Contemporary Beachfront home in Pirates Beach West. The beachside of the home is protected by State Owned 600ft of wetlands.
Check out the pool built in the deck of this home!
See more of this gorgeous fully furnished and professionally designed home at www.14454spyglass.com
Wednesday, March 3, 2010
Think you're in a buyer's market - think again!
Are you a buyer looking for a foreclosure? Are you one of the many who believe foreclosures are the bargains of the day. Think again!
When you make an offer on a foreclosure you have just entered a seller's market; you, the buyer have no control.
But wait, you say, I will get a great "deal" if I buy a foreclosure. Really??? How great is it when you are in a bidding war with 39 other buyers. Yes, 39. One foreclosure at this time has 40 offers.
When your agent comes back to you and says "they want your highest and best offer", you are now in a bidding war and if you want the home you better be prepared to offer more than asking price - which by the way is just a base price. It is not the end of the line price.
Do your self a favor. Listen to your REALTOR and shop for your home. Look for those motivated sellers whose homes have been on the market a year or more. You'd be surprised what great "deals" you can find with the everyday seller who can pay his bills but still wants to sell his home. Don't be like the 99% of buyers going straight to the foreclosure. Save yourself some time and heart ache by looking at all possible options.
When you make an offer on a foreclosure you have just entered a seller's market; you, the buyer have no control.
But wait, you say, I will get a great "deal" if I buy a foreclosure. Really??? How great is it when you are in a bidding war with 39 other buyers. Yes, 39. One foreclosure at this time has 40 offers.
When your agent comes back to you and says "they want your highest and best offer", you are now in a bidding war and if you want the home you better be prepared to offer more than asking price - which by the way is just a base price. It is not the end of the line price.
Do your self a favor. Listen to your REALTOR and shop for your home. Look for those motivated sellers whose homes have been on the market a year or more. You'd be surprised what great "deals" you can find with the everyday seller who can pay his bills but still wants to sell his home. Don't be like the 99% of buyers going straight to the foreclosure. Save yourself some time and heart ache by looking at all possible options.
Tuesday, March 2, 2010
Buyers who wait may lose a lot
Potential home buyers who delay have a lot to lose.
First-time home buyer and move-up tax credits worth $8,000 and $6,500, respectively, expire April 30. Buyers who qualify get a dollar-for-dollar reduction in taxes or a cash payment if they don’t pay enough taxes to cover the credit.
Other factors that should spur buyers:
Low mortgage rates. If the Federal Reserve stops buying mortgage-backed securities at the end of March, 30-year rates will almost certainly rise to more than 6 percent.
Rising prices. About 30 percent of markets are already experiencing price increases. Prices are falling in 12 percent of markets, says Fiserv (but that only helps if you want to live there).
Source: Money Magazine, Beth Braverman (03/02/2010)
First-time home buyer and move-up tax credits worth $8,000 and $6,500, respectively, expire April 30. Buyers who qualify get a dollar-for-dollar reduction in taxes or a cash payment if they don’t pay enough taxes to cover the credit.
Other factors that should spur buyers:
Low mortgage rates. If the Federal Reserve stops buying mortgage-backed securities at the end of March, 30-year rates will almost certainly rise to more than 6 percent.
Rising prices. About 30 percent of markets are already experiencing price increases. Prices are falling in 12 percent of markets, says Fiserv (but that only helps if you want to live there).
Source: Money Magazine, Beth Braverman (03/02/2010)
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