Nationally, the median home prices increased from $232,000 in 2006 to $236,000 in 2016.  While home prices have returned to the boom levels of a decade ago, there is no signs of a real estate “bubble” bursting, says Realtor.com Chief Economist Danielle Hale.  Backed by tighter lending standards like the Dodd-Frank Act & Consumer Protection Act, current price appreciation is now driven by strong supply-and-demand.

In 2016  prices climbed more than 8.6%.  The 1,781 sales eclipsed first quarter 2016’s total of 1,576 sales.  At 3,748 per acre, prices continue their strong recovery from 2011 lows.  An uptick in oil and gas activity in the Haynesville Shale as well as robust recreational demand contributed to this strong performance.  All this from Tierra Grande magazine from the Texas A&M Real Estate Center.

(1)  Prices are typically lower as reflected in homes that did not sell in the summer.  Usually about 2.6% below fair market price, according to Realty Trac.  (2)  Less competition as most folks buy in the spring and summer.  Often easier to negotiate.  (3)  There is still inventory & owners anxious to sell.  Again if really wanting to buy visit with your lender ASAP.

Equivalent of about 186 football fields.  More than 600 TxDOT employees working weekly rotations have been brought in from around the state to assist local  employees in the hardest-hit areas from Corpus Christi to Beaumont.  All roads are now open, except one in Bastrop County.  Of the 4,300 bridges inspected following the storm, only 13 required repairs.

The Panama Canal has been widened to handle larger cruise ships, tankers & barges, so the locally based Contanda Terminals had acquired 339 acres with deep-water access for a shipping terminal.  Will be build in phases.  It will provide access to onsite processing, multiple ship and barge docks, and tank truck and rail car accessibility.  This will help to accommodate the larger vessels coming to Houston.

(1)  Make one extra payment each year.  Shaves off about 4 years of a loan.  (2)  Add a little extra to each monthly payment.  Probably better to simply make an extra payment when you can (less confusion).  (3)  Refinance to a shorter-term loan.  Often to do this, much have 20% cash into the loan already.  Be SURE YOUR LENDER DOES THIS CORRECTLY.  (4)  Create your own amortization schedule.  Like refinancing minus the fees & paperwork.  JUST CHECK WITH YOUR LENDER BEFORE YOU DO ANY OF THIS!

(4)  Repairing a flooded home will cost you.  Drying up a 2,000 sf house in normal conditions may cost over $2,500.  (5)  Homeowner insurance doesn’t cover all floods.  Make sure you know what the insurance covers.  Most do NOT cover rising water, but will if comes thru the roof.  Have to ask for it specifically.  Many in the Houston, Beaumont & other areas have a lot to learn about this.

(1)  A flooded home can be fixed.  Removing the moisture is the key.  Get in there and clean up quickly.  Closer to the 3 to 5 day mark, then becomes questionable.  (2)  You’d be amazed what can be saved.  Use truck-mounted vacuums with 2,000 horsepower and dehumidifiers.  Maybe even sheetrock & TVs and laptops.  (3)  Mold, not water is the real problem, particularly in the Houston hot weather.  Treat with anti-mold agents.  MORE TO COME

Home sales declined 25% in August as Hurricane Harvey knocked out hundreds of deals at the end of the month.  Insurance companies restrict the initiation of new policies for homeowners & this delays many closings.  Then homes have to be re-inspected for flood damage & may not close till the damage is repaired.  Houston is still ahead of closing more than 2016 by 1.8%.

Downtown has become a major draw for millennials as a place to work, play and live.   The downtown area contains one of the highest population concentrations.  Housing outside the downtown area is robust.  ZIP code 75703, south of downtown is the 2nd most active with over 600 homes sold each of the past two years.  AGAIN QUITE A TYLER RENAISSANCE.  CALL THE BAINS at BAIN REAL ESTATE, 903-571-2101.