As with most of the country, real estate transaction volume in the McAllen Texas area has dropped. During the 4th quarter of 2008, sales decreased to 535 homes sold. Some of the factors contributing to the slowdown include the seasonality of real estate, the tightning of credit and buyer hesitation caused by media hype. Many files that were in process of closing were also delayed due to underwriters "overanalyzing" files.
During the 1st quarter of 2009, sales had a slight increase to 544 homes. But volume is down 15% compared to the same period last year.
In 2008, Foreclosures continue to gain market share as a significant component of the local real estate market. During the first quarter, REO / Foreclosure properties accounted for 47% of all closings. They only represent 11% of the inventory (233 of the 2,146 active residential listings) The turnover rate of REO listings is less than 3 months.
Banks are becoming more aggressive to move these foreclosures, which has dropped the average price of sold homes in this market. The banks are pricing their foreclosures so competitively that multiple offers will be presented, especially if the house meets FHA guidelines. The average sold price dropped 14% compared to the 4th qaurter of 2008 to $110,035.
On a positive note, the lending process is improving. As we enter the traditional selling season, many potential buyers are coming off the sidelines and are ready to take advatage of the bargains and claim an IRS tax credit for 1st time buyers.
Interested in building your dream home in the Sharyland School Zone of Mission, Texas? Lot #1 of Dublin Estates is currently available. This neighborhood is only two blocks north of Shary Elementary on Glasscock Road. With dimensions of approximately 108 feet by 201 feet, there is plenty of room to build your luxury home on this half acre lot. It is perfect for a single story residence with a pool.
The neighborhood is a single culdesac street to minimize traffic and the west side of the lot has the block community fence along Glasscock Road.
If you are interested in viewing this lot and subdivision, please contact me to coordinate an appointment.
Bentsen Lakes is a prestigious community located in Southwest McAllen. The neighborhood has controlled access (gated) and includes a private park. The community park has a beautiful pool, tennis court, play equipment, basketball and soccer. Though in the city of McAllen, this subdivision is zoned for the Sharyland School District. The elementary school is only blocks away and is named after Lloyd M. Bentsen Sr. (father of former US Senator) and his wife Dolly.
The neighborhood is convenient to many new commercial developments along Highway 83, connecting McAllen to Mission. It is only minutes away from the Club at Cimarron, a premier private country club.
For more information about buying or selling a luxury home in Bentsen Lakes, please contact me. Click below to view the homes currently offered.
A family-owned and operated business in South Texas is for sale. This independent gas station and convenience store is located in Cameron County in the Lower Rio Grande Valley. The Sellers are interested in retiring soon and have placed this property for sale in the commercial real estate market.
The business has high visibility from one of San Benito's major roads (S. Sam Houston Boulevard) and occupies a corner lot. The property includes two structures, gas pumps and inventory. The second building can be used as a warehouse, office or leased to a third party.
For more information regarding this opportunity, please contact Rene Galvan at RGV Realty.
Contrary to all the "gloom and doom" presented about the national real estate market, our local market of McAllen, Texas has demonstrated a strong performance in 2008. On a YTD comparison of September 2008 versus September 2007, the McAllen market has dipped only 6.9% for the number of houses sold in the MLS. As of September 30, 2008, the YTD sales for McAllen equals 1956 homes. During the same period last year, 2101 houses were sold.
In addition to sold data, the Greater McAllen Association of REALTORS (GMAR) is also tracking the number of houses under contract. At the end of September, there were 432 sales pending. These contracts should close during the last quarter of 2008. Last year, we had 358 sales pending on 9/30 and sold 612 houses during the fourth quarter. As lenders increase their review time (underwriting) to give final approval on loans, the transaction period is taking longer.
It is taking approximately two months to move transactions from "pending" to "sold". At our current rate, we are on track for Total Sales in 2008 to be within 10% of Total Sales for 2007.
REALTOR® & CPA that represents buyers, sellers and investors in McAllen, Texas and surrounding areas including Edinburg, Mission and Sharyland.
Visit RGV Realty. We offer superior real estate representation based on our values and philosophies. We are committed to our clients and provide an unrivaled level of customer service. We will guide you in the Rio Grande Valley real estate market and supply you with helpful information. We are proud to offer you access to search real estate listings in the McAllen area. Whether you are looking to find a luxury home in a golf course community, a larger home for your growing family, land to build your custom home or investment property, let us assist you in your search. Our site also arranges homes for sale by neighborhood or exemplary elementary school. Feel free to contact us with any questions.
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Rene Galvan is licensed by the State of Texas as a Real Estate Broker (394746) and as a Certified Public Accountant (67460). Rene is a "Valley Native" and graduated from the University of Texas at Austin with a Bachelor of Science degree in Architectural Studies and a Bachelor of Business Administration in Accounting. He has over 15 years professional experience with international corporations, including over 5 years experience in the homebuilding business in Texas and throughout Mexico. Rene has the unique ability to use his varied business experiences to help you achieve your real estate goals!
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