Latest news with #HoustonAssociationofRealtors
Yahoo
04-06-2025
- Business
- Yahoo
Sellers forced to slash prices as homes sit for months — why the tides have turned on this Texas beach town
Located just an hour from Houston, coastal getaway Galveston Island is going through a housing slump. Once a dream destination for vacation homes and investment properties, the island city has become a buyer's market. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how 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) 'We've never seen this amount of inventory sitting for this amount of time,' Galveston Realtor Shelby Forbert told KHOU News. 'Homes are sitting six, seven, eight, nine months on the market.' During the pandemic-era housing rush, buyers were snapping up seaside properties amid record-low interest rates. But now, prices are falling, listings are piling up, and owners are getting squeezed by rising costs. Forbert showed off one of her listings in Jamaica Beach, a fully renovated four-bedroom home that includes brand-new furnishings. It's been on the market for six months, and the price has taken a nosedive. 'I just brought this home down. It was listed at $625,000, and now it's at $499,000. So, we're just waiting it out,' she said. The median sold price in April 2025 for Galveston single family homes was $390,750, down from $449,250 last year and $539,750 in April 2023. Citing the Houston Association of Realtors, KHOU said the slowdown comes from a perfect storm of plunging vacation rental profits, steep maintenance costs, and soaring property taxes. For investment owners, the crowded short-term rental market is cutting into profits. During the pandemic, buyers rushed to snag beach homes, turning them into lucrative Airbnb rentals. But that short-term rental gold rush has fizzled. Galveston is now flush with vacation homes, meaning oversaturation and competition. 'Airbnb landlords are suffering because there are so many homes to choose from, and they're being put up for Airbnb all at once,' Forbert said. 'Before, there were very few, and now it's every other home probably.' Then there's the skyrocketing home insurance. Galveston, which is extremely vulnerable to hurricanes, has the highest home insurance rates in Texas, averaging nearly $12,000 a year, according to LendingTree. The market has changed, and what used to be a seller's dream is now a waiting game. 'At the end of the day, the market will tell you what the house is worth,' Forbert said. 'All you can do is keep reducing the price until it moves, and that's what the value is.' Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it Texas now ranks as one of the most expensive states in the country for homeowners insurance, with average annual cost at $5,180, nearly double the national average of $2,801, according to LendingTree. And in communities like Galveston, that number can climb much higher. What's behind the price surge? In Texas, extreme weather is taking a serious toll. The state leads in the country for the most number of billion-dollar weather and climate disasters since 1980, according to The National Oceanic and Atmospheric Administration (NOAA), and is the second-leading state after Florida in total costs ($436 billion). That kind of risk has insurers on edge, and it's driving premiums higher. To add to that, rebuilding a home isn't cheap these days since construction costs have surged. For the right buyer, that beachside dream could be a deal, as long as they budget for the full cost of keeping it above water. For those willing to weather the storm, the Gulf breeze and beachside views may come with a discount. But for sellers? The tide has turned. Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-06-2025
- Business
- Yahoo
Sellers forced to slash prices as homes sit for months — why the tides have turned on this Texas beach town
Located just an hour from Houston, coastal getaway Galveston Island is going through a housing slump. Once a dream destination for vacation homes and investment properties, the island city has become a buyer's market. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how 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) 'We've never seen this amount of inventory sitting for this amount of time,' Galveston Realtor Shelby Forbert told KHOU News. 'Homes are sitting six, seven, eight, nine months on the market.' During the pandemic-era housing rush, buyers were snapping up seaside properties amid record-low interest rates. But now, prices are falling, listings are piling up, and owners are getting squeezed by rising costs. Forbert showed off one of her listings in Jamaica Beach, a fully renovated four-bedroom home that includes brand-new furnishings. It's been on the market for six months, and the price has taken a nosedive. 'I just brought this home down. It was listed at $625,000, and now it's at $499,000. So, we're just waiting it out,' she said. The median sold price in April 2025 for Galveston single family homes was $390,750, down from $449,250 last year and $539,750 in April 2023. Citing the Houston Association of Realtors, KHOU said the slowdown comes from a perfect storm of plunging vacation rental profits, steep maintenance costs, and soaring property taxes. For investment owners, the crowded short-term rental market is cutting into profits. During the pandemic, buyers rushed to snag beach homes, turning them into lucrative Airbnb rentals. But that short-term rental gold rush has fizzled. Galveston is now flush with vacation homes, meaning oversaturation and competition. 'Airbnb landlords are suffering because there are so many homes to choose from, and they're being put up for Airbnb all at once,' Forbert said. 'Before, there were very few, and now it's every other home probably.' Then there's the skyrocketing home insurance. Galveston, which is extremely vulnerable to hurricanes, has the highest home insurance rates in Texas, averaging nearly $12,000 a year, according to LendingTree. The market has changed, and what used to be a seller's dream is now a waiting game. 'At the end of the day, the market will tell you what the house is worth,' Forbert said. 'All you can do is keep reducing the price until it moves, and that's what the value is.' Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it Texas now ranks as one of the most expensive states in the country for homeowners insurance, with average annual cost at $5,180, nearly double the national average of $2,801, according to LendingTree. And in communities like Galveston, that number can climb much higher. What's behind the price surge? In Texas, extreme weather is taking a serious toll. The state leads in the country for the most number of billion-dollar weather and climate disasters since 1980, according to The National Oceanic and Atmospheric Administration (NOAA), and is the second-leading state after Florida in total costs ($436 billion). That kind of risk has insurers on edge, and it's driving premiums higher. To add to that, rebuilding a home isn't cheap these days since construction costs have surged. For the right buyer, that beachside dream could be a deal, as long as they budget for the full cost of keeping it above water. For those willing to weather the storm, the Gulf breeze and beachside views may come with a discount. But for sellers? The tide has turned. Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Journals
16-05-2025
- Business
- Business Journals
2025 Residential Real Estate Awards: Small Teams
Editor's note: Houston Business Journal gathered surveys from Houston-area Realtors and used their gross sales numbers to rank them on these Lists. Results were reviewed by the Houston Association of Realtors using transaction reports from the brokerages. In addition, a designated official from each brokerage had to sign off on the submitted documentation. Houston Business Journal cannot independently verify the information included in this List. Includes teams with 10 members or less. Houston Business Journal obtained information from company representatives. Some companies did not respond to inquiries. In case of ties, total transaction sides is the secondary ranking.
Yahoo
13-04-2025
- Business
- Yahoo
Eviction battle leaves this Texas landlord barred from rental home — and headed towards bankruptcy
What happens when your tenants are driving you to financial ruin, but you can't kick them out during an ongoing eviction battle? That's the problem faced by property owner Akosua Danquah in Iowa Colony, Texas. Her tenants have stopped paying rent and call the police when she tries to check on her home. Though she's trying to get them evicted, the process is time-consuming — and it's driving her toward bankruptcy. 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) 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 'I can't even come to my home,' Danquah told KHOU-11 News. 'This is the most disheartening thing you can imagine.' Danquah decided to rent out her home after accepting a job out of state. In January, her tenants stopped paying rent — and haven't paid since — so she gave them a notice of eviction. But after going to her local justice of the peace court to file the eviction, she was told she'd have to wait 30 days. Now, her tenants have stopped all communication with her, and when she tries to check on her home, they call the police. In the meantime, Danquah has had to stay with family and friends since she can't afford to pay both her mortgage and her rent out of state without the rental income from her tenants. She now wishes she had done a background check on the tenants. 'Whenever you take shortcuts when leasing a property, you're taking chances,' Troy Cothran, treasurer for the Houston Association of Realtors, told KHOU-11 News. 'My recommendation is don't take any shortcuts when leasing because it's a business decision that you're doing.' In the meantime, Danquah has an eviction hearing this month. Read more: The US stock market's 'fear gauge' has exploded — but this 1 'shockproof' asset is up 14% and helping American retirees stay calm. Here's how to own it ASAP If you're looking to rent out your property, start by screening potential tenants. That could include a credit check, background check and/or income verification. You can also ask for references from their employer and previous landlord. If they refuse to do so, that may be a red flag. Make sure you have a lease agreement that clearly outlines the amount due each month and what will happen if tenants don't pay their rent on time (including grace periods and late fees). You may want to consult with a real estate lawyer to help you navigate landlord-tenant laws in your state. You can also ask for a security deposit (due when the tenant signs the lease), which is typically equal to one or two month's rent. Most states allow landlords to use the security deposit (or a portion of it) to cover unpaid rent, but the rules differ from state to state. This should be outlined in the lease. If the tenant is late with their rent, reach out with a late rent notice. States have different rules around grace periods. In Texas, for example, landlords aren't required to provide tenants with a grace period (unless they agree to do so in the lease). If the tenant still doesn't pay, you could follow up with a pay-or-quit notice in which you outline a specific time to pay the overdue rent — or move out. (Make sure you understand local and state laws around eviction procedures.) If the tenant still fails to comply, you can file for eviction with your local court. If the eviction is successful, you may be able to sue for outstanding rent and associated costs. While landlord insurance isn't mandatory, it can help to cover financial losses if your tenant doesn't pay their rent. However, if you have a mortgage on the property, you may be required by your lender to take out a landlord insurance policy. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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
