Greystone Provides $32 Million in Fannie Mae DUS(R) Financing for

The MarketWatch News Department was not involved in the creation of this content.

NEW YORK, May 10, May 10, 2023 (GLOBE NEWSWIRE via COMTEX) — NEW YORK, May 10, 2023 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, has provided a $32,173,000 Fannie Mae Delegated Underwriting & Servicing (DUS(R)) loan for a 412-unit multifamily property in Humble, Texas. The financing was originated by Anthony Cristi, Managing Director at Greystone, with Gregory Vassilakos of Cosmos Capital Group acting as correspondent.

Constructed in 2004, The Villas at Foxbrick in Harris County is a 24-building garden-style apartment community that offers one- and two-bedroom units. The $32,173,000 non-recourse, fixed-rate financing carries a seven-year term and 30-year amortization. In addition to refinancing, loan proceeds enable the borrower to monetize a portion of their equity in the property.

“Greystone’s extensive multifamily lending platform, coupled with our deep industry expertise, enables us to address our clients’ capital needs through every phase of a property’s lifecycle,” said Mr. Cristi. “For every client, our goal is to deliver thoughtful and sophisticated financing solutions flawlessly executed through seamless transaction experiences.”

About Greystone
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.

PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com

COMTEX_432278804/2471/2023-05-10T10:08:28

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The MarketWatch News Department was not involved in the creation of this content.

Hold Onto Your Hats, it’s Assessment Season in Texas

Property tax assessments have arrived in Dallas-Fort Worth, adding to the list of challenges nationwide in commercial real estate.

Commercial valuations in Dallas County are up nearly 30 percent from last year, the Dallas Morning News reported, citing a study by Houston-based tax consultant O’Connor & Associates.

Hotels were hit with the biggest spike in values, up an average of 53 percent, followed by a 35 percent increase for apartments. Office buildings nationwide are undergoing a repricing due to scarce debt availability and other economic factors, but office valuations also jumped 19 percent in Dallas County.

“My desk is stacked,” said Candace Rubin, a Dallas-based investment adviser and broker who provides tax assessment and protest services for her clients. Most of her clients’ commercial properties have seen appraisal increases of just over 20 percent, she said.

The rise in property appraisals could compound other problems that have hampered the office market in recent months. Hiked interest rates, banking fallouts, lingering remote-work trends and fears of a possible recession are causing record high vacancies, slowed sales activity and lowered property values in many cities throughout the U.S.

Office transactions plummeted in DFW last quarter, with $227 million worth of sales. That’s down 80 percent year-over-year from $1.1 billion. 

The new assessments are out of touch with the broader scope of the market, Dallas broker Mike Turner said.

“The tremendous increases in taxable values are a result of the robust markets we have experienced in the past,” Turner told the outlet. “The assessed values are to be as of January 1st of the tax year, so the trends at the latter part of 2022 should be taken into account when looking at 2023.”

—Quinn Donoghue 

Read more

Homebuilders rip up contracts, then re-list homes for thousands more

Houston Better Business Bureau President Dan Parsons recommends hiring an attorney to look over the contract to spot any red flags.

HOUSTON — The dream to own a new home is getting shattered for some would-be homebuyers in Houston’s hot real estate market.

KHOU 11 Investigates reviewed consumer complaints with the Better Business Bureau detailing how builders canceled their contracts, sometimes just before closing, then relisted the home for a much higher price.

For Valerie Mukoro, it would have been her first home, a newly-build three-bedroom on Houston’s southeast side.

“I was very, very excited,” she said.

She put down earnest money and signed the dotted line, but shortly afterward came delays. Colina Homes emailed her realtor about construction delays, material delays, and bad weather delays.

RELATED: Y’all-itics: If you were ever going to fight your property taxes, this is the year to do it

Mukoro felt like she was hit with a two-by-four by what came next.

“They wanted to add $9,000 to the cost of the home,” she said. “The contract I had already signed.”

Mukoro said Colina gave her a week to decide, but before that clock ran out, she received an email from the home builder.

“That the deal was off and canceled,” Mukoro said.

Real estate records show Colina put the home back on the market for $17,000 more than the original contract price.

Across town in Katy, Julie and Simon Nockels complained to the BBB that it happened to them by the same builder, Colina Homes.

The pattern was similar, first with delays.

“Excuse after excuse after excuse of why they didn’t start,” Simon Nockels said.

And then they were dealt a blindsided blow.

“They said we had to pay $20,000 dollars more, otherwise they’re going to cancel the contract,” he said. “They’re just trying to make money out of us.”

RELATED: As Texas home values skyrocket, state officials wrestle with how to slow property tax increases

Nockels said that call came on a Thursday. On Friday, Colina canceled the contract, and Saturday the company relisted the home.

Records show the new price wasn’t the $20,000 increase Colina was seeking from the Nockels, but rather $43,000 more than their original contract.

“It was devastating,” Julie Nockels said.

“They just held us hostage basically not knowing what to do next,” she said. “And then our dreams of our new house were shattered.”

It’s not just Colina Homes on the receiving end of consumer complaints. The Better Business Bureau has received similar complaints against several other builders. They share a common question— how can builders simply tear up contracts at the last minute and get away with it?

The answer often lies in the fine print.

“They’re going to write that contract, with the way times are right now, to benefit themselves and to cover themselves,” said Dan Parsons, president of the Houston BBB.

“You as a lay consumer, you’re out-gunned going in,” he said.

Colina Homes’ contracts have a clause stating the “seller may terminate” if there are “material shortages”, “price increases” or “any other circumstances out of seller’s control. The company’s attorney told KHOU 11 Investigates the construction industry has confronted “unforeseen and unprecedented” issues, including “meteoric increases” in construction costs and “historic interruptions” in the labor market.

Attorney Anthony Laporte said 90% of Colina customers face a price adjustment and ultimately continue to purchase the home.

“The completion of these contracts is prima facie evidence that the buyer believes they are receiving good value in the purchase and Colina is not terminating the contract simply to sell the home to some new, third party stranger at an artificially increased price,” Laporte said in an email statement.

But some buyers who lost out on their dream don’t see it that way.

“The builder is holding all the cards and there’s nothing we can do about that,” Simon Nockels said.

“Surely it should go better than this,” Valerie Mukoro said.

Houston Better Business Bureau President Parsons recommends hiring an attorney to look over the contract to spot any red flags. Even if it a builder isn’t willing to remove a clause, there may be room to fine-tune language, like capping any last-minute price spikes.

Houston home sales tumbled at the end of 2022

When former Texas residents Barbara and Frank Israel wanted a place to retire last year, they knew they no longer could afford to live on San Juan Island, a picturesque enclave near Seattle.

So they decided to move to Houston and began looking for a home in January 2022, expecting a market like they experienced when they bought a home in Houston in the mid-1990s. What they found was radically different.

The competition in their price range — under $300,000 — was fierce in early 2022, with some homes disappearing off the market within hours of being listed. Sixteen failed offers and four months later, they wrote a personal letter appealing to the sellers of an older Conroe home. The effort worked, but they paid about $17,000 above asking price to close on the home in May, even though it needed significant renovations.

“Interest rates were already going up and we had to pull money out of savings to fix up the home,” said Barbara Israel, 64. They don’t think they could have afforded the same house if they had to pay today’s standard 6 to 7 percent mortgage rate now. “We would have to buy much less house or look in a different neighborhood,” said Frank, 72.

The Israels consider themselves lucky to just barely missed being caught in the crosshairs of a shifting market in 2022, The first half of the year saw the continuation of the sales boom unleashed by historically low mortgage rates earlier in the pandemic. But in the spring, the frenzied for-sale market started fizzling out as mortgage rates climbed in the wake of the Federal Reserves’ efforts to rein in inflation by raising its benchmark interest rates. Rising mortgage rates added hundreds of dollars to monthly payments, pricing out many buyers in Houston and forcing others to downgrade their purchases to smaller, older houses.

RENTING:The topsy turvy real estate market as more would-be homebuyers saying ‘no thanks, for now’

By the end of the year in Houston, total sales volume slipped almost 11 percent compared with 2021’s record sales volume — marking the first annual decline in home sales in Houston since 2015, according to a new report from Houston Association of Realtors. But despite the slowdown in sales, limited inventory has kept home prices stubbornly high by Houston standards. The average home price hit $409,777 and the median price hovered at $330,000 in December, up 5.1 percent and 3.8 percent, respectively, compared with the same time last year.

What happens in Houston’s real estate market in 2023 will largely depend on the fate of the economy as the nation lumbers toward a recession. Mortgage rates are expected to fall slightly, but not to the historically low levels seen in the pandemic. Coupled with persistently high home prices in Houston and fears of a possible recession, sales aren’t expected to rebound to levels of recent years. Instead, the market is returning to activity levels seen in the years leading up to the pandemic.

“I want to be positive, but we also have to be realistic, that there are concerns like interest rates and a recession that are weighing heavy on us,” said Cathy Trevino, chair of Houston Association of Realtors and a real estate broker with Side Inc. But that doesn’t necessarily mean a drastic real estate downturn is in store. “I believe we’ll see the market come down, but more gradually. And we’re fortunate to be in Houston, which has a very strong economy.”

Retirees Frank and Barbara Israel found an unexpectedly competitive real estate market when they moved back to Houston in early 2022, just barely missing the steepest mortgage rates hikes in the middle of the year.

Retirees Frank and Barbara Israel found an unexpectedly competitive real estate market when they moved back to Houston in early 2022, just barely missing the steepest mortgage rates hikes in the middle of the year.

Courtesy Barbara Israel

2022 roller coaster 

Home sales started sliding in Houston in April 2022 and have fallen every month since then. In December home sales tanked by nearly 33 percent compared with December 2021, according to the HAR report.

The slowdown in sales is happening even as prices remain elevated. Limited inventory and strong demand pushed average prices to a record high of $438,301 in May, while median home prices hit a record $353,995 in June. While median prices drifted down to $330,000 by October, and have remained there since then, median home prices are still about 31 percent higher than they were in December 2019, according to HAR data.

Although median home prices are up nearly 13 percent in 2022, sales volume contracted by nearly 11 percent, according to Houston Association of Realtors.

Although median home prices are up nearly 13 percent in 2022, sales volume contracted by nearly 11 percent, according to Houston Association of Realtors.

Monte Bach/Staff graphic

Even some real estate agents had to compromise on their dream homes last year, as mortgage rates climbed. Aaron Dailey, a Realtor with Houston Properties Team, who also represented the Israels in their transaction, got the itch to buy a house with his husband in summer 2022. Despite Dailey’s background in real estate and slowing sales activity in the second half of the year, they found competition in their price range around $600,000 in north suburban Spring to be stronger than expected.

“If we wanted a house that has everything in it, we were really going to be spending at that upper tier of our budget, and as things were shifting, and we were hearing noise in the market about interest rates continuing to rise and inflation, we just didn’t feel comfortable with that,” said Dailey, 29. 

They were outbid on three homes before focusing on properties that had been on the market longer. And they let go of several wish-list items. Eventually, they paid $70,000 under asking price for a home that had been on the market for 60 days. Though the design was outdated and the interior needed new paint, Dailey said they were happy with the home’s location near family in the City Place development.

NEW HOMES: Prices are flattening for new home construction as inventory builds

The Daileys’ story is one example of how certain suburbs like Spring, The Woodlands and Katy are still seeing relatively strong sales despite a broader slowdown in the market, Realtors say. For buyers to find something within their budget amid higher mortgage rates, Dailey encourages his clients to find listings that have been on the market for a while or older homes that need a little more TLC.

Sellers also need to realign their expectations. The price their neighbor got for a house in 2021 likely wouldn’t be the same today, Realtors say.

“The past two years were a gift of the real estate Gods,” Dailey said. “It was an anomaly.”

Johnny Dailey, left, and Aaron Dailey, right, talk about painting the kitchen cabinets and other changes they have made in their home shown Tuesday, Jan. 10, 2023, in Spring.Johnny Dailey, left, and Aaron Dailey, right, talk about painting the kitchen cabinets and other changes they have made in their home shown Tuesday, Jan. 10, 2023, in Spring.Melissa Phillip/Staff Photographer

What to expect 

Many economists say they expect a mild recession to unfold over the first half of the year, which could weaken homebuying activity. A lot, however, will depend on the job market. People won’t buy houses if they believe they are in danger of losing their jobs.

So far, Houston has been somewhat insulated from recent sizable layoffs by technology firms, and major oil and gas companies are turning out record profits. The Greater Houston Partnership said it anticipates Houston adding a net total of 60,800 jobs in 2023 — within a normal range when compared with pre-pandemic levels for the region. Although local December job numbers haven’t been released, a national report showed job growth exceeded analysts’ expectations.

Strong job growth coupled with inflation means the Federal Reserve likely isn’t done raising interest rates. While mortgage rates as a result may rise in the short term, economists at the Mortgage Bankers Association and Bankrate say they expect the average rate for a 30-year fixed loan to fall to about 5.2 to 5.25 percent by the end of 2023.

If mortgage rates do fall below 6 percent this year, that could revive home sales, particularly in areas where home prices are leveling off but wage growth and employment remain strong, said Rick Sharga, executive vice president at real estate data firm ATTOM.

“If we have a combination of softening prices for homes, slightly lower mortgage rates and rising wages, we should start to see the sales market for homes pick up a little again,” Sharga said. “Will we go back to 2021 levels? Probably not.”

INVENTORY RISING: Prices for new homes in Houston are flattening 

The National Association of Realtors predicts that existing home sales will slow by 6.8 percent this year, with median prices remaining nearly flat. But the Mortgage Bankers Association said it foresees a decline of almost 13 percent for existing home sales, along with a 4 percent decline for new-home sales.

Locally, Houston Properties Team with Keller Williams, which produces an annual forecast with about 72 percent accuracy, is forecasting Houston home sales to stumble to levels seen in 2016 to 2017. That could mean sales volume falling by 10 to 18 percent in Houston this year compared with last year’s numbers, according to the Houston Properties Team. But the firm forecasts that Houston’s median home price to tick up by about 3 percent compared with 2022.  That would be a much slower pace of price growth than earlier in the pandemic, but still a modest increase.

Silver lining

The good news for buyers is that they will face far less competition and find more selection than they did in 2021. Houston has about 2.7 months of inventory — meaning it would take that long to sell through all the homes on the market if sales continued at their current pace. That’s a noticeable gain from the 1.4 months of supply in December 2021, although still far below the 6 months’ worth of inventory that would characterize the market as balanced.  

A typical home in Houston is now sitting on the market for 57 days, compared with 38 days at the same time last year and 26 days at the height of the pandemic real estate boom in July 2021.

“I think sellers are coming to terms now that homes are sitting on the market a little bit longer,” Trevino said. “We have the opportunity now to where buyers can actually come in and ask for things, you know, ask for lower price, ask for seller concessions, ask for a home warranty or repairs. Buyers have a little more power.”

marissa.luck@chron.com

NuStar Energy sells North Side HQ for $103 million but

NuStar Energy has sold its North Side headquarters to Truist Financial Corp. for $103 million, but the oil pipeline and terminal operator is not moving.

The company will rent the real estate from an affiliate of Charlotte, N.C.,-based Truist in a transaction known as a sale-leaseback and use the proceeds to pay off outstanding debt.

“The proceeds from this transaction will strengthen our balance sheet and go toward our continued efforts to improve our financial strength and flexibility,” NuStar said in a statement. It will provide opportunities for future borrowing to repurchase its units or for other purposes.

NuStar will pay an average annual rent of $8.2 million during its initial 20-year lease, with two options to extend the term for 10 years each, according to a filing last month with the Securities and Exchange Commission.

RECORD HIGHS: San Antonio’s NuStar Energy posts best fourth quarter in its history

The company moved into its 319,000-square-foot headquarters off Interstate 10 north of The Rim shopping in 2012. It acquired about 37 acres there in 2010.

NuStar had a profit of $92 million in the three months through December — $75 million after adjustments for one-time items — and its Permian pipeline system handled record volumes of 584,000 barrels per day. Nustar said it expects full-year profits of $202 million to $240 million, compared with $222 million for all of 2022. It closed the year with debt of $3.3 billion.

It has been working to reduce debt and the lease-buyback enables it to make money from a non-earning asset, it said.

“In this climate of high interest rates and with some capital markets still not accessible to (master limited partnerships), this provides us with a less costly method of generating capital compared to other financing techniques and demonstrates our commitment to being good stewards of our resources,” NuStar said.

madison.iszler@express-news.net

HomeLight

The best window to contact an agent to sell your home is anywhere from three to six months in advance of your list date. When you start the search for an agent several months before hitting the market, there’s plenty of time to find the best agent, make key renovations, and market your home effectively, all of which are essential steps in selling your home for a great price. You can also hire an agent based on the best time to sell to take advantage of seasonal and cyclical trends in the market. The right time to hire a real estate agent depends on the temperature of the housing market. For example, the best time to sell is in May. And since it takes around 3 months to close on a home, you should list in February. We recommend that you hire a real estate agent as soon as you’re thinking of selling your home. Generally speaking, that’s anywhere from 3 to 6 months prior to your desired move date.

Is Legal Marijuana Giving Local Housing Markets in 2023 a

Not exactly. As more states have legalized weed, it’s not giving real estate values the same sort of high they received a decade ago when homebuyers were moving to states like Colorado eager to start cannabis businesses and legally toke up. But it doesn’t appear to be hurting home values either, according to a recent report from the National Association of Realtors®.

And as more states are legalizing marijuana for recreational and medical use, landlords appear to be loosening up restrictions, allowing more renters to grow—and in some cases, smoke—it in their apartments.

The report is based on a survey of about 3,300 real estate agents that was sent out in March. There were 21 states and Washington, DC, where marijuana is legal for both medical and recreational use in March. Sixteen states have legalized marijuana solely for medical use.

About 27% of Realtors in states where both medical and recreational marijuana have been legal for more than five years have seen lease addendums restricting growing cannabis. That’s down from 44% in 2021, the last time the survey was conducted.

However, in the same states, many property managers are buzzkills. About two-thirds have seen lease addendums restricting smoking on properties, although that’s down from 76% two years ago. For states that legalized marijuana within the past five years, 56% saw smoking addendums, down slightly from 59% in 2021.

Yet when asked if they perceived an increase in crime near marijuana dispensaries, 69% of respondents either were unaware of any such increase or said there was no change. While 28% said they did perceive an increase in crime, actual crime increased only 18%.

That might suggest a lingering stigma over the use of marijuana, says Matt Christopherson, NAR senior research survey analyst.

“There is not a perceived or actual change in states where only medical marijuana is allowed,” he says. “In states where it’s allowed for recreation, there’s a higher perception of crime.”

In states where marijuana has been legal the longest, just 13% of real estate professionals saw a decrease in residential property values near dispensaries. However, 5% reported an increase.

A previous Realtor.com® analysis found that legal weed got home prices high in places like Colorado. Colorado tied with Washington to become the first states in the nation to legalize recreational use in 2012. That gave real estate prices a boost.

And far more respondents said they’d had no trouble selling a property that had been used as a grow house—ranging from 69% to 75%, depending on the state—compared with those who said it had been difficult to do so.

Those responses ring true for Amy Cesario, a Denver-based real estate agent with Compass.

“If legal marijuana has an impact on the housing market, it’s hard to see that in Denver,” she says. “We have a strong economy, and housing has been in demand here for years. Of course, homeowners and tenants who grow and use marijuana need to be careful of its impact on the property, just as they would with tobacco and other substances, but that’s rarely an issue.”

In fact, the smell is one of the biggest downsides of growing or using marijuana, says Christopherson, adding that it’s “completely fair” for owners and landlords to enact restrictions to protect their properties.

But it also makes it crucial for would-be buyers or tenants to know what will be allowed and what won’t before signing a contract or a lease.

The post Is Legal Marijuana Giving Local Housing Markets in 2023 a Buzz? appeared first on Real Estate News & Insights | realtor.com®.

Bidding wars to continue for entry-level homebuyers this spring

Home sales in the Houston area may have slowed but that doesn’t mean entry-level buyers here have an easier or cheaper road to homeownership.

There are more homes available for sale than a year ago, but mostly in the upper price ranges, according to a new report by real estate marketplace Zillow. Locally, the supply of entry-level homes in Houston — those valued between from $137,000 to $255,000 according to Zillow — is up by 12 percent over the year. While that provides some relief for buyers competing for those homes, it’s well below the 28 percent increase in the supply of top-tier homes — those priced from $360,00 to $788,000. The inventory of Houston-area mid-tier homes — priced from $255,000 to $360,000 — is 41 percent higher year over year.

Nationally, the supply of homes for sale in the bottom price tier rose by 1 percent over the year, compared with gains of 8 percent for the middle tier and 13 percent for the top tier.

“Buyers shopping for the least-expensive homes this spring aren’t noticing much difference from the pandemic-era market heat,” Skylar Olsen, Zillow’s chief economist, said in the report. “Competition is fierce, but there aren’t many homes for sale, so buyers should be patient but prepared to move quickly and anticipate a bidding war once they find a home they love.”

Also, the value of Houston-area starter homes has grown more than that of middle or top-tier homes, according to Zillow, rising by 41 percent since February 2020, just before the start of the pandemic. The most expensive homes, meanwhile, gained 33 percent during the period. That compares with a gain in values of 48 percent for entry-level homes and 33 percent for the top-tier of homes nationally during the pandemic, according to Zillow.

Zillow’s estimation of a home’s value in a specific region, however, doesn’t always equate with a home’s list or sale price. 

RELATED: Texas near top of the nation for foreclosure starts, but solid property values means foreclosure rates remain relatively low

In the past year, U.S. home values, as determined by Zillow, rose by 8 percent for the least-expensive tier of houses, while that of the most-expensive homes fell by 1 percent, their first decline since 2012. Entry-level homes in Houston gained 4 percent in value, twice the rate of the middle and top-tier homes in the past year.

Meanwhile, rising mortgage rates have boosted competition for lower-priced homes. When rates were around 3 percent, more expensive homes were attainable for more buyers. Once those rates soared beyond 7 percent during the past year, more shoppers were forced to compete for lower-priced homes, according Zillow.

Making matters worse for would-be buyers of entry-level homes, in Houston, 12 percent of those homes are still selling above list price. That’s a drop from the 18 percent pre-pandemic but now also on par with homes in the middle and top tiers, Zillow said. 

Woodson’s Reserve opens new section

Three years after announcing a major expansion, Woodson’s Reserve in Spring is preparing to open a new section planned for about 800 homes. 

The 1,630-acre community, south of the Grand Parkway at Woodson’s Reserve Parkway, will open eight model homes by Toll Brothers and Tri Pointe Homes this spring. The community is about 5 miles east of Interstate 45 in southern Montgomery County.

Woodson’s Reserve has an amenity center, pool with lazy river, fitness center, tennis courts, nature reserve with lakes, a dog park and on-site Conroe ISD schools. 

Toll Brothers and Tri Pointe Homes are opening eight model homes in Woodson’s Reserve. 

Toll Brothers and Tri Pointe Homes are opening eight model homes in Woodson’s Reserve. 

Woodson’s Reserve

The new homes at Woodson’s Reserve will be built on lots ranging from 50 to 80 feet wide. Prices will start in the $400,000s. The model homes are expected to open in May and June.

The community opened in 2015 to accommodate growth in north Houston spurred Exxon Mobil’s new campus in Spring that consolidated thousands of employees to the region.

Lakeside homes planned in Conroe

Grand Central Park, a Johnson Development Community planned for 1,600 homes in Conroe, has broken ground on an exclusive neighborhood planned for 16 homes along the 12-acre Deer Lake.

Located in the community’s new South Village, Deer Lake Estates will offer custom homes by J. Patrick Homes and Jamestown Estate Homes on 75-foot and 80-foot wide lots. The enclave will be within within walking distance to Deer Lake Park, which is adding a kayak launch, pavilion, fishing dock, hammock grove and outdoor table games.

Prices will start at about $750,000 and homes will start at 3,400 square feet. Located off Grand Central Parkway and Interstate 45, Grand Central Park is about 40 miles north of downtown Houston. About 1,000 of the community’s planned 1,600 homes have been built.

katherine.feser@houstonchronicle.com

 

Christopher Hurley on LinkedIn: #realestate #housingmarket #houstonrealestate #luxury #houston

Luxury housing in Houston, Texas for June 3rd, 2020. Homes in Houston above 800K are typically the luxury market locally. These are homes in some of the most prestigious inner loop areas like West University, Bellaire, River Oaks and Memorial. They are also found in the some of the nationally recognized best places to live in America; Sugar Land, The Woodlands and Katy. Todays trend mirrors previous days with growing new inventory, tripling the number sold and growing off market homes. Some of these home owners are directly affected by the oil shift yet others are by the economic changes caused by COVID. Neither are quick turn arounds and both will curtail the appetite for this market of homes. We are seeing the Jumbo loan category tighten as concern rises about their investment in homes and the likelihood of the house turning into REO. Do you know someone who is frustrated with the ineffectiveness of their current situtation? Keller Williams Agents closed $70.2 billion in sales volume, up 10.6% over Q1 ’19. While Q2 certainly reflects the pandemic restrictions our preliminary numbers continue to outpace the industry as a whole. Who do you know who needs results and straight talk about real estate? #realestate #housingmarket #houstonrealestate #Luxury #Houston

Marco Santarelli Wealth Creator on LinkedIn: #marcogsantarelli #noradarealestate #passiverealestateinvesting…

Houston Real Estate Market: Prices, Forecast, News 2023 blog post link: https://lnkd.in/gsrQs3bP You can also go to www.noradarealestate.com Houston has been one of the hottest real estate markets in the country for years. It is also one of the hottest real estate markets for investing in rental properties. The Houston metro area offers great opportunities for investors who are looking for a stable market that offers both cash flow and equity growth at a price that is STILL well below their replacement value. According to many experts, Houston has been in seller mode for several years now and there’s no reason to think that will change drastically in 2023. #marcogsantarelli #noradarealestate #passiverealestateinvesting #marketreview #realestate #Houston #Texas