Sugar Land Real Estate Market

Sugar Land Real Estate Market

The Sugar Land real estate market is constantly changing. The way we determine the type of real estate market we’re in (Buyer’s Market vs. Seller’s Market) is based on the amount of inventory (homes available for sale) currently available. Six months of inventory is considered “equilibrium”–neither a Seller’s or Buyer’s Market. A Buyer’s Market is considered to be 7 months or more of inventory. This is where the demand for homes is somewhat less than the supply of homes…and where Buyers may have more “say” over house prices than Sellers. A Seller’s Market is considered to be 5 months or less of inventory.  This is where the demand for homes is somewhat greater than the supply of homes…and where Sellers may have more “say” over house prices than Buyers.

Sugar Land is located in Fort Bend County which generally stays in a Seller’s market:

The Sugar Land TX area is large and so it is divided into two parts…

NOTE: Actually it has four parts but there is currently only data for two of them, as shown below.


South Sugar Land TX

The area south of I59 and West of Hwy 6 is what we refer to as South Sugar Land. Currently (March 2018) the average price home is approximately $470,000 and there is 5.6 months of inventory available (equal/balanced market). The majority of homes sold is in the $400-500K price range.

 

 

 

 

 

Source: https://www.recenter.tamu.edu/data/housing-activity/#!/activity/Local_Market_Area_(LMA)/Houston.Sugar_Land_South_(Houston_AoR)

 



West Sugar Land TX

The area north of I59 and West of Hwy 6 is what we refer to as West Sugar Land. Currently (March 2018) the average price home is approximately $345,000 and there is only 4.0 months of inventory available (Seller’s market). The majority of homes sold is in the $300-400K price range.

 

 

 

Source: https://www.recenter.tamu.edu/data/housing-activity/#!/activity/Local_Market_Area_(LMA)/Houston.Sugar_Land_West_(Houston_AoR)

 


Pre-Approval Recommended

If you are planning to buy a home in Sugar Land right now, you should get PRE-APPROVED (not just pre-qualified) through a reputable local lender (not a big, national bank) and be ready to show Proof of Funds (as in, copies of bank statements showing the balance).

NOTE
A pre-approved buyer has already submitted W-2s, tax statements, bank statements, etc. to the lender and the lender has actually verified employment, assets, etc. The lender will provide a letter stating this fact.

When a Seller has to choose between multiple offers, the seller will often choose the buyer who has already obtained pre-approval. And often times, that seller will prefer a local lender who can Close faster (within six weeks) over a large, national lender who may take eight weeks or longer to Close.

 


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Sheila Cox, Sugar Land Realtor RatingAgent: Sheila Cox, Realtor

Broker: Keller Williams Southwest
1650 Highway 6, #350 (Map)
Sugar Land , TX 77478
Phone: (832) 779-2890

PRIVACY POLICY: It’s simple…I will not sell or share your info with third-parties. I don’t want to bug you…I’m here to help. I may email you useful Sugar Land-specific emails from time-to-time to help you, but you can easily unsubscribe from these emails at any time. I am a real estate agent and I may contact you ONLY IF you have requested me to do so via a Sugar Land Custom Home Search, a What’s My Sugar Land Home Worth, or one of my other free, no obligation services. If I am unavailable to meet your needs in a timely manner, I may ask you if I can have a respected colleague contact you instead.

 


Sugar Land Apartments

Office hours usually 10-5 (M-S) and 1-5 on Sunday. Call to check.

Name

Phone

Short-term

Pets*

Furnished
Mth-to-Mth

Schools

Enclave at Woodbridge
15015 W Airport Blvd
Sugar Land, TX 77498
877-549-3514 3 mths Y Brooks
832-590-8005

Rita Drabeck Elem
Sugar Land MS
Kempner HS

Foundations at Austin Colony
1800 Austin Pky
Sugar Land, TX 77479
281-980-6725 3 mths Y N

Colony Bend Elem
First Colony MS
Clements HS

Imperial Lofts
2 Stadium Dr
Sugar Land, TX 77498
844-685-4280 9 mths Y N

Lakeview Elem
Sugar Land MS
Kempner HS

Landmark at Sugar Land
14231 FM 1464 Rd
Sugar Land, TX 77498
281-494-7575  7 mth  Y  N

Lakeview Elem
Garcia MS
Austin HS

Pebble Creek Ranch
15270 Voss Rd
Sugar Land, TX 77498
281-668-7641 3 mths Y

Nino Properties
713-964-4747

Oakwood
713-995-5111

Oyster Creek Elem
Garcia MS
Austin HS

Retreat at Riverstone
18545 University Blvd
Sugar Land, TX 77479
832-900-2369 9 mths Y Executive Living
281-494-4945

Settlers Way Elem
First Colony MS
Elkins HS

Telfair Lofts
7500 Branford Pl
Sugar Land, TX 77479
281-509-9213 9 mths Y Executive Living
281-494-4945

Walker Station Elem
Sartartia MS
Austin HS

The Fairmont First Colony
2323 Long Reach Dr
Sugar Land, TX 77478
832-500-3865 6 mths Y Aplus
281-416-2700

Highlands Elem
Dulles MS
Dulles HS

 

These have bad online reviews:

Arcadian Sugar Land
12100 S Highway 6Sugar Land, TX 77498
888-294-2351 3 mths Y N

Lakeview Elem
Garcia MS
Austin HS

Broadstone New Territory
5555 New Territory BlvdSugarland, TX 77479
855-902-9661      

Brazos Bend Elem
Sartartia MS
Travis HS

Regency at First Colony
225 Fluor Daniel Dr
Sugar Land, TX 77479

866-608-5866 3 mths Y

Murphy
713-780-7230

Brooks
832-590-8005

Colony Meadows Elem
First Settlement MS
Clements HS

*Breed and size restrictions may exist. Check with the apartment management.

 

NOTE: Get school ratings at http://www.sugarlandtxhome.com/sugar_land_schools.

 

 

What to Expect When You Buy a New Construction Home

What to Expect When You Buy a New Construction Home

So you have put a contract on a new home with a builder and you can’t wait to move in. Buying a home is exciting, especially if you are a first-time home buyer, but buying a brand new home that has never been lived in doesn’t mean the house will be perfect and you won’t have any issues. In fact, the first owner of a home generally has to work out the “kinks” of a new home…kind of like breaking in a new car.

>> See Buying New vs. Resale Home and Buying A Newly Built Home – A New Home Buyers Guide

happy young couple and homeOne of the most important things you need to know: Get the home inspected by a licensed house inspector! Again…”new” doesn’t equal “perfect” and you need an expert to find all the things the builder missed (and give the inspection to the builder to fix what needs fixing). In fact, I have seen inspection reports on “brand new” never-lived-in homes that are longer (with more items to fix) than an older resale homes! And if you are building a home “from dirt” then you may want to hire an inspector who will inspect the home in various stages of completion: foundation, framing, wiring and plumbing, and then final.

>> See List of Licensed Home Inspectors

Another thing you need to know: Read the Builder’s Home Warranty! You need to know what the builder will and will not cover in their warranty since every builder is different. Plus, you don’t want to do anything to the home that may negate the warranty. For example, if you improperly plant bushes or trees, or regrade the yard and level it out so that it cannot drain properly, then you may negatively impact the foundation and your “performance” may negate the warranty on the foundation. In fact, you may want to wait a year or so before doing any major landscaping and work out drainage issues first.

>> Read  Buyer’s Guide to Slab-On-Ground Foundations by R. Michael Gray, P.E. and Matthew T. Gray, EIT.

Make sure you keep your home warranty in a safe place with your other important house documents (deed, note, inspections, survey, etc.). You may receive a warranty sticker at Closing or afterwards in the mail. Make sure you put that with you important documents as well! 

Always do a final walk-through before Closing to make sure the house is completed and in good working order. Usually the builder’s Building Supervisor (aka “super” or “superintendent” or “constructions manager”) will walk the home with you. If you see items that need attention, add them to the “punch list” of items they need to fix. And you should never Close on the house until everything is fixed. A builder may promise to fix something after the fact, but I have heard many “horror stories” from people who regretted Closing on a home with unresolved issues because the builder never did fix those issues as promised..once the house was Closed.

Before you move in you may want to know the types of things you may need for your new home:

  • Appliances (refrigerator, washer, dryer)
  • Furniture
  • Window blinds
  • Window treatments (curtains, valences, etc.)
  • Garage door opener
  • Grass sod for back yard
  • Rain gutters 
  • New locks for doors (learn more)
  • Yard tools (mower, weeder, edger, etc.)
  • Garage storage shelves
  • Baby proofing

Once you move into the new home, then what? 

  1. Take care of your foundation! Make sure you read Buyer’s Guide to Slab-On-Ground Foundations so you understand how to take care of your foundation. Consider installing a sprinkler system (call Leopold Sprinkler Systems). 
  2. Plant some trees and bushes in the backyard for future privacy (in accordance with your home warranty).  By the time you want to sell in seven years, they will be nice and tall. Red tip photinias are a popular shrub to create a hedge.
  3. Conduct regular, annual maintenance on your air conditioner and furnace to keep them in top shape and prevent problems (like a leaky drip pan).
  4. Secure your doors properly by changing the 1″ screws in your strike plates to 3″ wood screws. You may want to secure your windows with security film as well. Learn more
  5. Keep a binder with all your home improvement and repair receipts so that you have a record for when you end up selling this home.

One final note: If you ever sell this home, make sure the new owner’s transfer the builder’s warranty into their name…it doesn’t (usually) transfer automatically.

Negotiating Advice for Home Buyers

Negotiating Advice for Home Buyers

Here are some helpful tips for Buyers when negotiating a sales offer on a home:

  • Find out the number of days the house has been “on the market” (also referred to as DOM: Days on Market) as well as the pricing history of the home. In Texas, only members of the MLS will have access to this data…it is not publicly available.

NOTE
You cannot use Trulia or Zillow or public tax information to find this information because Texas is a “non-disclose” state on real estate sales figures. Tax records are not accurate sources of real estate sales figure either…the appraised value of a home for tax purposes is usually not related to the actual value or price of the home.

  • Architect presenting home projectAsk the Seller’s agent why the home owner is selling the home. That agent does not have to answer the questions (due to client confidentiality) but typically will. This helps you understand the Seller’s motivation behind the sale.
  • Make sure your Realtor does a Buyer’s CMA (comparative market analysis) to determine the current, probable value of the home. This will prevent you from over-paying for the home and will also prevent you from wasting your time. For example, lender appraisals these days in our area tend to the conservative side. If a Seller is demanding a price that is $50,000 over the current market value of the home, the lender will not loan the money to you to buy it, even if you are willing to pay it. You will either have to come up with the cash to pay the difference, or walk-away from the deal. Better to know earlier rather than later.
  • Do not belittle the Seller or the property to the Seller who has strong emotional ties to the home. As much as possible, minimize emotional responses on both sides.
  • Always make offers or changes to offers in terms in writing…Texas requires written contracts in regards to real estate.
  • If you view a home when a Seller is present, be as friendly and positive as possible. Sellers like to sell to people they like.
  • Do not start mentally decorating the house or arranging furniture in too much detail until you have a deal in writing…be ready to walk away. This is the biggest financial investment you may ever make…stay as rational as possible.
  • Don’t get hung up on a few hundred or even thousands of dollars and lose a deal.  You don’t want to lose a good deal on a $500,000 home over a $300 survey (for example).

What Is a Real Estate “Closing”?

What Is a Real Estate “Closing”?

ContractA real estate “Closing” is where you and I meet with some or all of the following individuals: the Seller, the Seller’s agent, a representative from the lending institution and a representative from the title company, in order to transfer the property title to you. The purchase agreement or contract you signed describes the property, states the purchase price and terms, sets forth the method of payment, and usually names the date and place where the closing or actual transfer of the property title and keys will occur. 

If financing the property, your lender will require you to sign a document, usually a promissory note, as evidence that you are personally responsible for repaying the loan. You will also sign a mortgage or deed of trust on the property as security to the lender for the loan. The mortgage or deed of trust gives the lender the right to sell the property if you fail to make the payments. Before you exchange these papers, the property may be surveyed, appraised, or inspected, and the ownership of title will be checked in county and court records.

About a week in advance, I will schedule the real estate Closing with you and the title company. We will meet at the title company on the day of closing, sit in a conference room with an escrow officer (who is also a notary), and you will sign the legal documents to purchase the home.

You will need to bring your driver’s license with you to the real estate Closing. At closing, you will be required to pay all fees and closing costs in the form of “guaranteed funds” such as a cashier’s check.  Your agent or escrow officer will notify you of the exact amount at the day before Closing.

 homebuyingcosts

 

Buyers: What To Bring to Your Closing Appointment

Here’s the minimum of what to bring to your “Closing”:

  • Photo ID
  • “Good funds” for your down payment and other costs: typically
    a cashier’s check—never cash