Market Update for Pearland, Texas

Well, by now, I'm sure everyone has heard something about the mortgage crisis.  But is it really a whole industry crisis.....or just a regional problem?  Hmmmm.  It depends on who you ask.  It IS true that the majority of the foreclosures today are subprime loans.  As of 10-5-07, there were 60 listings in Pearland that were described as "foreclosures".  This may or may not include any "short sales".  A short sale can take place with the lender's approval and the owner does not have enough equity in the home or the financial capability to cover the expenses of selling.  In other words, the mortgage company "takes the loss".

This does not mean that it is gloom and doom.........not at all.  We are still selling houses.  However, it does affect the length of time homes stay on the market and the sales price.  We have been telling our clients for quite awhile now that everything is price sensitive.  Fortunately for our area, we have not experienced the bubble we see in areas like California and Florida.  Our home prices have remained stable with possible decline in some areas.  In some cases, people have paid too much for the home to try and sell it in 2-3 years and come out ahead.  It just isn't that kind of market here.  In fact, when did our homes become something other than shelter?  We should probably have known that when Hollywood started making shows about flipping houses that people would get the "bug" to do just that.  While there are some properties that have been potential "flippers", most homes don't qualify.  Don't forget too that mortgage companies are very skeptical when it comes to a home that has a short "chain of title"....in some instances, they are requesting receipts from the investor and won't make the loan if the investor has made more than a certain percentage profit.  This sounds absurd......but every loan is being looked at through a magnifying glass now!

All that said, the same applies today as it has for the last few years.......prepare your house if you're going to sell.  Keep these things in mind.....always:

Price it right.  Now is not the time to speculate on the market to "see what we can get".

Curb appeal - always has been important....look at the yard and the landscaping objectively.  Trim the bushes down and trim the lower limbs of your trees.  Pay special attention to landscaping in front of windows...

Clear the clutter - I know that pretty red mixer cost a fortune....no appliances on the counters.

Everything off the refrigerator - even little Johnny's artwork.

Smoke, pet, cooking odors - these need to be neutralized.....not covered up.

Paint - neutral colors please.  Purple doesn't look good in pictures.

Pictures - what can I say?  All you have to do is look at some of the pictures of homes on the internet to know what I'm talking about.  More than 85% of today's buyers will start their home search with the internet.  And they spend about a nano second looking at a house if the pictures are bad.  (That's why my team and I have made the extra effort to take advanced classes on internet photography....along with staging techniques!) 

Online presence - Again.....the research shows that we must, must, must have a dominant internet presence in order to maximize exposure for our listings.  Make sure you do!

As always, we are available to help when it comes time to sell your home.  Our marketing program is simple, but effective.  Internet, pictures, exposure, negotiations........we do our homework.....so you can make it home!

Kathye Warfield
www.PearlandHomes.com
281-485-1946