Clear Lake Market Activity - August 6th 2007
Finally after almost two months of rain we are seeing sunshine and real estate activity. This previous month we have seen interest rates stable and record rains. There has been no real motivation for buyer to move on properties or to look. When rates are volatile buyers move in order to beat raising rates. When it rains everyday people don’t stop at open houses or drive neighborhoods unless that must move. The past two weeks we have seen a large amount of traffic at open houses and showings are improving. With people getting home from summer vacations activity will continue to increase.
Whats Hot - Waterfront property is still very hot with sellers getting contracts close to list price and selling with 2-3 months. Land is also very hot. Last year on average land appreciated by 21% according to The Real Estate Center at Texas A & M.
Whats Not - Condo’s & Townhomes - While this segment of the market isn’t bad it is softer than the housing market. With affordable housing and low interest rates condos must be priced right and in good condition to move. With that said waterfront condos/townhomes are moving very quickly.
