About Hitchcock's Bayou Vista

“BEST TIME TO SELL IS MARCH THRU AUGUST”

HOLDS TRUE IN ANY MARKET !!

“BEST TIME TO SELL IS MARCH THRU AUGUST” IS A STATEMENT THAT HOLDS TRUE IN ANY MARKET, WHETHER BOOM OR BUST. Recently I was researching property statistics for the last few years looking for anything that could be considered “good news”, and this same time frame repeated itself year after year. The graphs begin moving upward in March, peaking in June, and then working its way back down by September. Of course, this is not earth shattering information; however, it struck me as something that needed to be re-emphasized – IF YOU ARE PLANNING ON SELLING IN 2011, YOUR BEST CHANCE FOR SUCCESS IS NOW!

If your property is already on the market, re-evaluate the current competition. Update those wintery pictures! We’ve had some gorgeous days full of sunshine recently to freshen up your home’s online presence.

If you are planning a move by summer – get busy (and call me!!!) now by sprucing up your property to get it ready to show - minor repairs, fresh paint, clean up the clutter, clean out the flower beds, etc.

On the waterfront, we see a pick up in customer traffic around MARDI GRAS time, which always brings in thousands of visitors to the area each year; this year it is February 25 – March 8, 2011 and will be celebrating it’s 100^th anniversary!

Go to www.MARDIGRASGALVESTON.COM

For official information

If you have a vacant home you want to sell, contact me for help with staging the property, even if it’s with just a few items of well-placed paintings, towels, plants, and furnishings. Show off the deck or downstairs entertaining area with outdoor furniture, plants, etc. Or better yet, I can give you some names of professional stagers to really give your property a leg up on the competition.

Don’t get left behind, homes WILL be sold over the next 6 months! Call me today to put your property “front and center” of this Spring 2011 selling season!

BAYOU VISTA REAL ESTATE MARKET UPDATE. Although we sold 50 homes within our small community in 2010, the current MLS listings of 57 properties translates into well over a year's worth of inventory. As you can see from the graph (2008-2010) above from HAR's MLS statistics, sales prices were continuing to drop through out 2010. Most of the homes that sold were in the lower price ranges. The higher priced homes just are not quite moving yet. We have however, seen new construction starting to move again, and averaging $178 per square foot, which is well above what resale homes are getting.

As an average, a 2 or 3 bedroom home with less than 1500 sf is selling at $120 per sf. While a 2 bedroom home with more than 1500 sf is only getting $82 per sf, and a 3 bedroom home with more than 1500 sf is coming in around $90 per sf. Now keep in mind, there are homes that sold for more (and some for less) per square foot due to particular amenities such as boathouse, updates, or location. And unfortunately, we still have many homes that are overpriced and have been on the market for well over a year.

Overpricing your property is never a good idea in any market but especially not in the current one. For instance, a home was originally listed at $498,000 in August 2007. Once the asking price was reduced by almost $100,000, it still took 9 months to get an accepted offer. A rule of thumb that I was taught is that the current real estate market changes every 3 months. Reevaluating a listing after it's been on the market for 1 or 3 or 6 months is imperative; however, it is often very difficult to get the seller to "listen" to any recommendations I make which might very well be contrary to what I told him/her 3 months before. But in order to stay competitive, it is a must. I have heard from many sellers through the years that "well I don't have to sell...." or "I'm not just going to give it away". Maybe so, however, you need to decide and commit up front whether you "want" to sell. If you are not sure, then I would recommend not selling until you are. REALTORS do not control the market, we just report it. And it is a waste of your time and money, as well as mine.

On the other hand - it is still a thriving "Buyer's Market and with interest rates still very low, this could be the perfect time for you to purchase that waterfront home you've always wanted!

BAYOU VISTA TRICK OR TRUNK - GREAT TIME FOR KIDS. Celebrating Halloween, Bayou Vista residents will again dress up the trunks of the cars, trucks, golf carts or tables at the city parking lot on October 31st and fill them with candy to hand out to the kids. All are welcome for the trick or treating, games, and even a pet costume contest. 6:30 p.m. to 9:00 p.m.

October is bringing in not only the great weather, but some great events to get out and enjoy!

RED RIVER RIVALRY MATCHUP - Moody Gardens Hotel - www.galveston.com - hosting the "hottest game day party" on the Island. Oct 2nd 2:00-7:00. Complimentary buffet and happy hour drinks.

HISTORIC DOWNTOWN LOFTS TOUR - Sat, Oct 2nd, 10:00 - 5:00 - located downtown Galveston Island.

TEXAS RENAISSANCE FESTIVAL - Sat & Sun's Oct 9th through Nov 28th, 9:00 a.m. - Dusk, www.texrenfest.com

GALVESTON REDFISH IV FISHING TOURNAMENT - Oct 16th - www.specktourney.com

GALVESTON ISLAND'S 13TH ANNUAL FINE ARTS FESTIVAL - Sat Oct 16th - 10:00-6:00 and Sun Oct 17th 10:00-5:00, www.artoberfest.com

29TH ANNUAL ISLAND OKTOBERFEST - Oct 22nd and 23rd, hosted by First Evangelical Lutheran Church and co-sponsored by del Papa Distributing, www.FirstLutheranGalveston.com

BAYOU VISTA REAL ESTATE MARKET TRENDS UPWARD IN 2010. According to statistics in Houston MLS, comparing homes sales from January 1 to September 23 last year to this year, 2010 has seen a 25% increase in the volume of homes sold, as well as an increase in average price per square foot; $105/sf in 2009 and $111/sf in 2010. Keep in mind, these are averages - some properties sold for more, some sold for less.

This is great news for the waterfront area that has seen an overall reduction in value of 25% over the last 3 years. The increases are despite the large number of overpriced homes still on the market well over a year. And despite the larger than usual number of foreclosures in the subdivision.

However, looks like the average "days on the market" for properties that have sold in 2010 has increased to 134. 2009 had an average of 101 "days on the market".