Apex Properties Blog and News:

The Summer Selling Season is here!

The average rate for a 30 year fixed mortgage is now up to 5.38%
If you locked in a mortgage in the last year or two at 3% or less you're feeling pretty good right now eh?

We are beginning to see 5-6% interest rates posted on the preapproval letters coming with the offers on our listings, but it hasn't appeared to hamper the ability to sell a house in the first weekend, above asking price.

How long will this window remain open?

My thinking is if rates stay in the 6ish range we will still see people buying homes in Houston at or above the asking price over the remainder of this summer. There are too many people in other states looking to get out and with our non existent state income tax and (comparatively) affordable housing, Texas is one of the primary candidates people choose.

So, expect to see a strong market for the rest of the summer.

We'll see how this opinion ages :)

I'd love to hear your thoughts on where you think the market is headed in the next year or two.

If you ever want to talk Real Estate, or if you're thinking about moving, call our team any time. We look forward to serving you.

> Link to today's mortgage rates <

Want to know more about how our team works?
Click HERE for our seller info package.
Click HERE to see our current listings.

You do not rise to the level of your goals.
You fall to the level of your systems.

-James Clear

The FULL March Houston Stats

The full numbers for March have been published and the Houston market stats continue to amaze me.

We managed to close more than 500 additional sales across the city in the month of March this year vs last year. A massive effort of new construction builds increasing the total number of homes is definitely helping making this number go higher each year.

Sale prices are up 11.4% year over year and we have 400 more sales pending than the same month last year so April is shaping up to continue this trend.

Pain versus pleasure is a great way to describe what is going on. Most people are motivated to avoid pain so now that rates have doubled, buyers are more motivated than ever before to purchase before rates go up anymore. You'd think that everyone would have bought when rates were low but way more people are motivated to avoid pain versus taking advantage of pleasure.

The summer selling season is about to kick off in full force so if you know anyone that needs to move and maximize their sale price, please have them reach out to our team anytime

>> Link to today's prevailing rates <<

Want to know more about how our team works?
Click HERE for our seller info package.
Click HERE to see our current listings.

Listening to uninformed people
is worse than having no answers at all.

-Ray Dalio

Where is the market about to go?

The 30 year fixed interest rate has moved above 5% for the first time in more than 3 years. Borrowing money now costs almost double what it did 6 months ago.

What will this do to our local Real Estate market?

Will it cause the market to eventually correct? Will we see a massive downturn?

I think not in the near future.

Three things to keep in mind:

1.) We were insanely spoiled with interest rates under 3% for almost a year. I advised everyone I knew that had a 4% or higher rate to consider refinancing if they were planning on staying long term. I was fortunate enough to lock in a 2.75 rate on my own house.

2.) 5-6% mortgage rates feel high right now, but historically these are still fantastic rates, and most people can still handle the monthly payments. Look at the chart above.....even at 5% we're still historically unbelievably low. And the trend for the last 20 years has been a downward one....

3.) I have noticed a huge amount of our transactions have had buyers either paying all cash, or putting massive down payments on the order of 50-60% of the purchase price. These lower loan amounts obviously limit the interest damage to the borrower. The payments are still affordable...or non existent.

Demand for Texas Real Estate appears to remain pretty high. Until we see inventory levels rise and stop seeing homes sell the first weekend with 5-10 offers, it appears its going to stay that way for the near future.

I'd love to hear your thoughts on where you think the market is headed.
Feel free to hit reply. I'd love to hear from you!

If you or anyone you know needs an agent with the highest standards of listing quality and presentation to help you maximize your sale price, please reach out to me anytime.

We're always ready to go!

>> Link to today's prevailing rates <<

We are here to serve you if you have a Real Estate need. Please call us anytime if you'd like to have any kind of Real Estate conversation.

Want to know more about how our team works?
Click HERE for our seller info package.
Click HERE to see our current listings.

Many good opportunities are ruined for the dream of slightly better ones.
Would you have a more successful career if you had taken that other job or moved cities? Possibly. But your actual career will definitely suffer if you don't commit to doing it to the best of your ability.

Would you be 10% happier in a different relationship? Maybe. Maybe not. But you'll definitely be unhappy in the one you have if you
spend all day thinking about what else is out there.

The surefire way to end up worse off is to agonize over unchosen options and fail to make the most of the one you selected.

Every minute spent yearning for your unlived lives is a moment
you can't invest in the one you actually have.

Choices matter, but so does your level of commitment.

-James Clear

The Houston March Numbers are IN

The Houston Association of Realtors just released the numbers for March. The trends of drastically increasing prices with more inventory coming onto the market yet decreasing active listings continues on for another month.

Buyers are purchasing at such a frantic pace that active listings are at an all time low. There's still simply not enough inventory!

I just sold a house in Cinco for a record setting amount per foot. The house had no pool yet sold for $170 per foot and we received 13 offers to purchase it. To make matters even more difficult, interest rates are now skyrocketing! You might think this would slow down buying but it has seemingly done the opposite.

Buyers are now trying to get their 2022 purchases completed before interest rates go up anymore so there's currently a summer rush going on even before summer starts.

It's a very interesting time in the Houston Real Estate market.

Our team is here to serve you if you have a Real Estate need. Please call us anytime if you'd like to have any kind of Real Estate conversation.

Want to know more about how our team works?
Click HERE for our seller info package.
Click HERE to see our current listings.

If you are willing to do only what is easy, life will be hard.
But if you are willing to do what is hard, life will be easy.

-T. Harv Eker

Getting a house ready for sale?

Here's what to do!

Remember a few weeks back when I told the story of the seller
that was spending thousands of dollars to repaint his house
with a dark beige color that kept the house looking 10-15 years old?

This week I want to show you the example of what a seller SHOULD do to get the home ready for today's market. Here is a 16 year old house that has been updated to look much more appealing in the current selling environment.

Click the photo below. It's a link to the video walk through.

Watch the video. Look at the paint color. Look at the new carpet.

This listing went live yesterday and I already have more than 20 showings booked. I anticipate it will sell this weekend well over the listing price.

This is how you get a home ready to sell for top dollar.

Then bring me in to shoot the video :)

If you or anyone you know needs a great agent to help them get sold in this market, please reach out to me to talk about doing a pre listing walkthrough.

We are here to serve you if you have a Real Estate need. Please call our team anytime if you'd like to have any kind of Real Estate conversation.

Want to know more about how our team works?
Click HERE for our seller info package.
Click HERE to see our current listings.

Effective people are not problem-minded;
they're opportunity-minded.
They feed opportunities and starve problems.

-Stephen Covey

Houston's Post Pandemic Population Boom

Texas has been an attractive place to move for the past decade thanks to its pro-business environment, relatively affordable housing, and friendly charm.

In 2018 a wave of Californians came to Texas, shortly after the Tax Cut and Jobs Act of 2017. Most recently, the onset of COVID in 2020 brought another wave of newcomers. The people who are moving to Texas are mostly property owners versus renters.

The number of newcomers from California has been especially high over the past few years! New York and New Jersey are next in line for largest number of people moving to Texas. LA and New York account for the highest numbers. Almost 10% of our team's transactions last year, was from people relocating from CA or NJ/NY TO Texas.

Texas's migration levels have been significantly higher than the national average, but it's uncertain whether 2022 levels will be like those of the past two years. However, because of Texas' strong job potential and relatively affordable housing, the number of those moving here will likely remain high.

Although the total number of interstate homeowner moves has increased, the share of those moves compared with local moves has not. Since the pandemic, local homeowners have been moving to nearby suburbs at a higher rate!

Taking all this into account, the market will probably not cool off anytime soon!

Check out the below graph with information from the US Census Bureau explaining what brings people to move:

Want to know more about how our team works?
Click HERE for our seller info package.
Click HERE to see our current listings.

Make those who are near happy...
and those who are far will come.
– Proverb on the wall at Panda Express
(Probably alluding to Texas Circa 2000-2030)

Should you prep a home for sale?

Answer: Yes you should.

The increased sale price will nearly always justify the investment.
As a Realtor that is looking out for the best interests of everyone I know, I want to help people make good Real Estate decisions.

Sometimes I don't get there in time.

I met with a potential seller last week.

The seller confirmed they were getting ready to list the
house and they were having the whole house interior
painted as we spoke.

I asked what color.
It was a beige/tan color.

I was disappointed for them when I arrived at the house.

It's not terrible, but the colors in demand right now are in the agreeable gray family. For whatever reason, this color makes the house look newer, larger, and cleaner. I can't tell you how different the whole house begins to look when you choose the right color.

This seller was spending several thousand dollars, and not getting a proper return on the investment. All this money spent, and the house is still going to look like it was painted 10 years ago.
This seller just didn't know....and as GI Joe has taught us, knowing is half the battle.

I can't prove it without a time machine or 2 alternate realities,
but I believe this one paint color decision will cost him AT LEAST $5,000-10,000.

It sounds almost nonsensical, but they would benefit
from having the house painted.....again.

I have lost count of the number of properties I've shown to buyers where we're walking through some form of renovation/remodel and it is clear the seller spent significant money....and it was useless because the outcome is a piece of property that everyone still wants to change. Ugly kitchens, terrible tile jobs, poor paint color choices....all avoidable, if they had consulted someone with a sense of the market.

Before you do anything major with a property, whether its to stay there forever, or prepare it to sell, please reach out to a professional realtor or designer for at least one piece of input.

We look at homes every day and we know what is in demand, and what is not. Now if you love beige more than anything while
you live there, of course have at it.

But if you're going to spend $5,000-7,000 to paint a house
in order to sell it....talk to a professional
before you choose that color.

If you have any questions about the market,
or specific questions about your house,
please reach out to our team anytime.

Want to know more about how our team works?
Click HERE for our seller info package.
Click HERE to see our current listings.

What starts as an excuse can easily become a habit.
Don't let a bad day become a lifestyle.
-James Clear

The HAR February numbers are in!

Here are the year over year stats from last month.

New Listings Are Up 16.3%

Active Listings Are Down 15.1%

Average Prices Are Up 10.6%

The market is so tight we have clients offering anywhere from $25,000 to $70,000 over list price on some homes in high demand areas and still not getting homes under contract right away. The inventory shortage is causing home prices to go up even more in the past month.

Lately we have seen more buyers waiving Option Periods (inspection periods) and nearly everyone is waiving appraisals in order to get properties under contract.

Buyers are wanting to nail down houses before interest rates go up anymore so the summer rush has started in February!
It's a very interesting market right now!

If you have a plan to sell your home or buy a new one (or both!) this spring or summer please give us a call today so we can help you plan and prepare.

Want to know more about how our team works?

Click HERE for our seller info package.

Click HERE to see our current listings.

It's about execution, not just information.

"If information was the answer....

we would all be billionaires with six pack abs."

-Derek Sivers

Look at what has happened to the average 30 year interest rate in the last 2 months. It has moved from right around 3% to just a little above 4%. You can click the picture above for an interactive chart.

This amounts to an additional $300-400 per month on a typical mortgage loan payment in west Houston! This will cause some buyers to rethink their target price range and adjust it down a little to compensate.

> Read The Article Here <<

I never want to sound like an alarmist, but it's important to look at all the events happening in the world and be realistic.
If you are thinking about moving in the next 30-90 days, the window to achieve the highest possible price in the near term, may indeed be closing. If it is an option for you, you might benefit from selling your property sooner than later. Thank you and have a great week.

Our team is here to serve you if you have a Real Estate need. Please call us anytime if you'd like to have any kind of Real Estate conversation.

Want to know more about how our team works?

Click HERE for our seller info package.

Click HERE to see our current listings.

Some of us deserve more.
Some of us deserve less.
Don't lose heart, the universe
will eventually settle up with us.

The Full January numbers have been published by HAR!

Year over year, the average sales price in Houston is up over $52,000.

As crazy as the start of last year was.... the supply of homes this January was even tighter!

Across much of West Houston, we are down to a 1.4 month supply of homes where the typical "normal market" inventory is a 4 month supply. We only have about 1/3 of the listing inventory we should have.

Interest rates have been slowly rising over the last 60 days so time will tell if this will cause us to exit the crazy selling hysteria and see the inventory grow.

Our team is here to serve you if you have a Real Estate need. Please call us anytime if you'd like to have any kind of Real Estate conversation.

Want to know more about how our team works?
Click HERE for our seller info package.
Click HERE to see our current listings.

Ambition is the path to success.
Persistence is the vehicle you arrive in.
-Bill Bradley