Houston Area Real Estate Trend- Good News!

According to a HAR.com press release, when it comes to the Houston area's real estate, January was a good month this year compared to last. Single family homes for sale and for lease are included in this upward trend. Great news!

First of all, the demand to lease single family homes rose 27% compared to last January. The demand for townhomes and condos increased by 24% when comparing the same two periods. The preceding facts dictate an increase in what to expect to pay for rent per square foot compared to last year. Good news for landlords, not so great for tenants.

Now onto sales. Total property sales for the month increased almost 10% compared to January 2010. Total dollars brought in from real estate in Houston increased about 12% when compared to January 2010.  The average sales price of a home increased from $192,617 to $196,879 or about 2.2%.  Hopefully this trend continues.

There is some bad news to go along with the good news, though.  The amount of inventory on the market increased from roughly 6 months to 7 months.  This is the amount of time that it is predicted it will take to sell all the homes on the market for periods ending January 2010 and January 2011 respectively.  The single family median sales price decreased about 2.2% or from $143,560 in January 2010 to $139,000 last month.  This is not a huge decrease, so that is not horrible news.

Let's keep up the spirit of recovery Houston!

Chicago, IL Real Estate Sales

Let's discuss the overview of home sales in Chicago, IL. The big picture for those wanting to sell their homes does not look good in Chicago, unless you are looking to buy in an area you once could not afford.  The following describes the period of November 2010 to mid-January 2011 as compared to the same period in 2009-2010.  The amount of homes sold has decreased by about 39%.  The median home sales price decreased from $240,000 to $200,000. That is about 17%.
If you are looking to buy, this is good news. Homes are much more affordable.  It is also no myth that buying in "off season" is a good idea.  What am I talking about?  I'm talking about not buying a home in the months of May, June, July, or August.  You might have less to choose from, but you will most likely get a better deal. When looking for homes in Chicago, you must be aware that there are several areas that the home could be in and that will dictate the value of the home. According to Trulia.com, the most desirable neighborhoods are Near North Side, Lincoln Park, DePaul, Wicker Park, and Bucktown. Townhomes, condos and single family homes do not come cheap in these areas, though. The average list price of residential property in these highly desirable neighborhoods is at least $500,000.  Trulia.com is a great source if you are looking to move to Chicago.  This website and others can help newcomers get the big picture of real estate in Chicago first. It is always good for a buyer to do a little of their own research so they have realistic expectations. Doing your homework is also good because you know when you are being shown homes that are overpriced, in a bad area, or perhaps a great deal.

Welcome to Real Estate: Lease and Sell!

Welcome to Real Estate Lease and Sell!  This blog is all about real estate.  It will cover various areas of the United States as well as various other countries occasionally.  It will also cover things like what you should look for in a real estate professional and how to make your home the most attractive to buyers or tenants.  The entries will be topics that have been researched.  Special care will be put into each post.  Enjoy!