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Miami Herald
12-05-2025
- Business
- Miami Herald
Texas Housing Market Sours After Homeowners Are Given Bad Advice
The Texas housing market is facing growing challenges after a wave of former Airbnb properties flooded the market, making it harder for sellers to compete. According to Galveston real estate agent Tom Schwenk, many investors who tried to capitalize on the opportunities the short-term rental market were mistakenly advised and purchased houses in less popular tourist destinations. These homeowners, he said, are now struggling to sell their properties. 'Galveston is a lovely place,' Schwenk told the Houston Chronicle, 'but we're not the Hamptons.' Surging inventory across the Texas housing market signals a steep decline in competition. While the shift may give buyers an edge with potential price drops, it poses new challenges for homeowners and investors trying to sell or lease their properties. The number of new home listings in Galveston has risen to 828 in the first quarter of 2025 from just over 500 last quarter, according to the Chronicle's analysis of data from the Houston Association of Realtors (HAR). In its most recent housing market update, HAR described the supply of homes in the Greater Houston market as 'great news for prospective buyers,' with nearly 33,000 available on the market, the highest point since June 2011. The trend continues across the state, with the number of listings surging to 123,237 in April from 95,156 last year. However, the oversupply has created challenges for sellers and those seeking to rent out homes purchased during a COVID-19 pandemic-era buying frenzy, Tom Schwenk, the owner/broker of Coldwell Banker TGRE, told the Chronicle. According to real estate brokerage Redfin, homes in Galveston are on the market for an average of 105 days before purchase, up from 83 days last year. But the oversupply has not yet translated into a sharp drop in median home prices across Texas, which would signal the market entering 'correction territory.' Shae Cottar, regional director for brokerage platform LPT Realty,wrote in early April: 'Lower mortgage rates are giving Houston homebuyers a sense of optimism, but many are still proceeding with caution. It's important to acknowledge that current economic headwinds, including the impact of new tariffs, are putting downward pressure on interest rates. These lower rates, coupled with growing inventory and moderating home prices, create an opportunity for both buyers and sellers.' Jef Conn, chairman of Texas REALTORS, told Ramsey Solutions in January: 'We have seen listings taking longer to sell, so homes need to be market-ready and priced well in order to attract an offer. Buyers generally have more choices and a little more time to make decisions than a few years ago.' Marco Santarelli, founder of Norada Real Estate Investments, wrote on Sunday: 'The dramatic increase in inventory, coupled with clear signs of prices dropping and underlying overvaluation, strongly indicates that the Texas housing market is undergoing a significant correction. It's a necessary adjustment after a period of unsustainable growth. While the exact magnitude and duration of the downturn remain to be seen and could be influenced by broader economic factors like the energy sector, the direction is clear: the Texas housing market is cooling down, and prices are finding a new level.' House prices could soon react to the surge in inventory, according to real estate expert Nick Gerli, whose analysis suggests that homes are overvalued by about 17.7 percent across Texas, and he predicted home prices to drop by 4.0 percent over the next 12 months. Related Articles Greg Abbott Says All Construction Halted for Muslim 'EPIC City'Alisa Petrov: Police Expand Search for 'Endangered' Girl to TexasTexas Secures Historic $1.38 Billion Settlement With Google: What to KnowTexas Child Marriages Could End This Year 2025 NEWSWEEK DIGITAL LLC.
Newsweek
12-05-2025
- Business
- Newsweek
Texas Housing Market Sours After Homeowners Are Given Bad Advice
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The Texas housing market is facing growing challenges after a wave of former Airbnb properties flooded the market, making it harder for sellers to compete. According to Galveston real estate agent Tom Schwenk, many investors who tried to capitalize on the opportunities the short-term rental market were mistakenly advised and purchased houses in less popular tourist destinations. These homeowners, he said, are now struggling to sell their properties. "Galveston is a lovely place," Schwenk told the Houston Chronicle, "but we're not the Hamptons." Why It Matters Surging inventory across the Texas housing market signals a steep decline in competition. While the shift may give buyers an edge with potential price drops, it poses new challenges for homeowners and investors trying to sell or lease their properties. A for sale sign is displayed near a home on April 24, 2025, in Austin, Texas. A for sale sign is displayed near a home on April 24, 2025, in Austin, To Know The number of new home listings in Galveston has risen to 828 in the first quarter of 2025 from just over 500 last quarter, according to the Chronicle's analysis of data from the Houston Association of Realtors (HAR). In its most recent housing market update, HAR described the supply of homes in the Greater Houston market as "great news for prospective buyers," with nearly 33,000 available on the market, the highest point since June 2011. The trend continues across the state, with the number of listings surging to 123,237 in April from 95,156 last year. However, the oversupply has created challenges for sellers and those seeking to rent out homes purchased during a COVID-19 pandemic-era buying frenzy, Tom Schwenk, the owner/broker of Coldwell Banker TGRE, told the Chronicle. According to real estate brokerage Redfin, homes in Galveston are on the market for an average of 105 days before purchase, up from 83 days last year. But the oversupply has not yet translated into a sharp drop in median home prices across Texas, which would signal the market entering "correction territory." What People Are Saying Shae Cottar, regional director for brokerage platform LPT Realty, wrote in early April: "Lower mortgage rates are giving Houston homebuyers a sense of optimism, but many are still proceeding with caution. It's important to acknowledge that current economic headwinds, including the impact of new tariffs, are putting downward pressure on interest rates. These lower rates, coupled with growing inventory and moderating home prices, create an opportunity for both buyers and sellers." Jef Conn, chairman of Texas REALTORS, told Ramsey Solutions in January: "We have seen listings taking longer to sell, so homes need to be market-ready and priced well in order to attract an offer. Buyers generally have more choices and a little more time to make decisions than a few years ago." Marco Santarelli, founder of Norada Real Estate Investments, wrote on Sunday: "The dramatic increase in inventory, coupled with clear signs of prices dropping and underlying overvaluation, strongly indicates that the Texas housing market is undergoing a significant correction. It's a necessary adjustment after a period of unsustainable growth. While the exact magnitude and duration of the downturn remain to be seen and could be influenced by broader economic factors like the energy sector, the direction is clear: the Texas housing market is cooling down, and prices are finding a new level." What Happens Next House prices could soon react to the surge in inventory, according to real estate expert Nick Gerli, whose analysis suggests that homes are overvalued by about 17.7 percent across Texas, and he predicted home prices to drop by 4.0 percent over the next 12 months.
Yahoo
05-04-2025
- Business
- Yahoo
Houston housing market cools after years of seller dominance — how to make the most of it
In a housing market that's been pro-seller for a while, many Houston buyers have been scared off, choosing to rent instead. However, as things shift into buyer territory, Houstonians may soon see the scales tip in their favor, with more opportunities for discounts or other perks. For instance, the Woolcoxes recently found their dream home. Despite expecting land and house prices to go up as they'd been seeing, the retired Houston couple decided to make an offer on a house they eventually got. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Here are 3 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Wondering if they were "absolutely out of [their] minds," their kids advised against the purchase. Even as they were being told they should be downsizing, not upsizing, the Woolcoxes decided to put in on the house anyway. In an interview with KHOU 11, the couple shared, "If it's really what you want and it feels right, just do it." And there is indication their decision will pay off. Kat Robinson, vice chair of the Houston Association of Realtors (HAR), told KHOU 11 that fear and — at times — frustration for potential buyers caused by the strong sellers' market led many to give up, tipping the favour towards buyers. "That negotiation fatigue is real," she said, and is something that led to an influx of housing inventory and the potential buyer's market shift. Although technically, Houston is currently in a balanced market, "Right now we're sitting on 4.5 months of inventory, which puts us leaning more towards that buyer's market." HAR confirms this tip when comparing property sales from February 2024 and February 2025, noting sales dropped 4.7%. According to Robinson, this means more opportunity for buyers, "To get a discount or more repairs done by the sellers or credits for those repairs." Even if you're not in Houston yourself, a buyer's market is the perfect time to purchase a home because supply exceeds demand — just as Houston is experiencing. This gives you more power in negotiations, including the ability to be pickier, take your time and strategize on price. Read more: Trump warns his tariffs will spark a 'disturbance' in America — use this 1 dead-simple move to help shockproof your retirement plans ASAP If you feel the time might be right, maximize your opportunity with these tips: Sellers in a buyers' market may struggle to get offers, making them more open to price reductions. Take time to research comparable properties sold recently in your choice areas to determine a fair offer, and don't be afraid to submit a bid below asking. If the home has been on the market for an extended period, you may have even more room to negotiate. In a competitive market, buyers often cover many closing costs, but in a buyers' market, you can ask the seller to help with expenses, which could save you thousands. These may include loan or appraisal fees, title insurance or even a home warranty. Why not put that money towards new furniture, or even in your nest egg, emergency fund or other investments? Even relatively small savings can make a meaningful difference, so ask for them. Sellers eager to close a deal may be willing to make needed repairs, or even extra upgrades. When issues are identified after the home inspection, negotiate to have major concerns fixed before closing, or request a credit to cover the cost of repairs you oversee later. In addition, consider taking advantage of these strategies: With more buyers competing for deals, getting pre-approved for a mortgage shows sellers you're serious and financially prepared, which can make your offer more attractive. A knowledgeable real estate agent can help you identify motivated sellers, hidden deals and properties that have been on the market too long, giving you an edge in negotiations. Agents also provide insight into fair pricing and trends in your area of interest. Lenders may offer better mortgage interest rates and terms when fewer buyers are in the market. You could potentially secure a lower mortgage rate, reducing your monthly payments and overall loan cost. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Cost-of-living in America is still out of control — and prices could keep climbing. Use these 3 'real assets' to protect your wealth today, no matter what Trump does This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Sign in to access your portfolio
Associated Press
05-03-2025
- Business
- Associated Press
Corcoran Genesis Welcomes Accomplished Real Estate Leader Michelle Posey as Brokerage Leader
'I am thrilled to join Corcoran Genesis and be part of a brokerage that values excellence, integrity, and agent growth. ' — Michelle Posey, Brokerage Leader, Corcoran Genesis HOUSTON, TX, UNITED STATES, March 5, 2025 / / -- Corcoran Genesis, a premier real estate brokerage serving the Houston suburbs, proudly announces the addition of veteran realtor and esteemed brokerage leader Michelle Posey to its distinguished brokerage. With over 30 years of sales experience, Michelle brings a proven track record in residential real estate, spanning transactions from $100,000 homes to multimillion-dollar estates. As a dedicated brokerage leader, she will focus on recruiting top talent and developing existing agents, leveraging her expertise to mentor, coach, and elevate real estate professionals to new heights. A respected force in the industry, Michelle has successfully led and managed an office of over 80 producing agents and staff, overseeing hiring, training, contract management, and agent development. She has a passion for teaching and mentoring, using her deep understanding of real estate marketing to help agents grow their businesses and refine their strategies. With a strong background in leadership and management training, she is eager to share the multifaceted nature of the industry and equip professionals with the tools they need to exceed their goals year after year. Beyond her leadership in brokerage operations, Michelle is currently serving her third term as a Board of Director for the Houston Association of Realtors (HAR) and is actively involved in the MLS Advisory Board and the Management Central Committee. Her influence in the industry extends beyond brokerage leadership, as she continues to contribute to shaping policies and advancing best practices within HAR and the real estate community. 'We are beyond excited to welcome Michelle Posey to Corcoran Genesis,' said Nicole Freer, Owner of Corcoran Genesis. 'Her extensive knowledge, leadership experience, and dedication to mentoring agents align seamlessly with our brokerage's mission. Michelle's ability to connect, lead, and elevate others will undoubtedly make a significant impact on our brokerage and clients alike.' Michelle Posey shared her enthusiasm for joining Corcoran Genesis, stating: 'I am thrilled to join Corcoran Genesis and be part of a brokerage that values excellence, integrity, and agent growth. My passion has always been helping real estate professionals reach their full potential, and I look forward to fostering a culture of collaboration, mentorship, and success. Together, we will continue to elevate the real estate experience for both our agents and clients.' Michelle has earned numerous professional accolades throughout her career, including recognition as a consistent multi-million-dollar top producer and a 20 Under 40 honoree. She is a Graduate of the Realtor Institute (GRI), a Certified Negotiation Expert (CNE), a Certified Home Marketing Specialist (CHMS), a Certified Residential Specialist (CRS), a Luxury Home Specialist, a Relocation Home Specialist, and a graduate of the Texas Realtors Leadership Program (TRLP). Outside of her professional achievements, Michelle is deeply committed to philanthropy and giving back to the community. She actively supports numerous charitable organizations, including The Sunshine Kids, Triumph Over Kids Cancer, Heroes & Handbags, Candlelighters, Rebuild Houston, and March of Dimes. She has also served as a past board member for The Arthritis Foundation, reinforcing her passion for making a difference. Corcoran Genesis, located at 2721 FM 1463 Suite 900 in Katy, Texas, continues to uphold its commitment to excellence, integrity, and innovative real estate solutions. As an affiliate of The Corcoran Group, the brokerage offers comprehensive services designed to provide unparalleled client support in today's dynamic market. Corcoran Genesis 2721 FM 1463 Suite 900 Katy, Texas 77494 Office: (832) 437-1822 Corcoran Genesis is an affiliate of The Corcoran Group, a leading residential real estate brand with a strong presence in key urban, suburban, and resort markets worldwide. Bianca Bucaram THE BUCARAM PUBLIC RELATIONS Group + +1 713-898-6552 email us here X LinkedIn Legal Disclaimer:
