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PLP-115 What is the pulse of your local market?

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OK, let’s get down to the brass tacks, right to the heart of today’s topic: the pulse of your local real estate market. 

2020 has been just a little crazy, no?

I personally know people who were optionally unemployed – WTF?

Eviction moratoriums

Foreclosure moratoriums

A new spike in Covid cases and restrictions

Wall St is thriving

Main street is dying

REITs took it on the chin and haven’t returned to pre-covid prices

Nationwide housing market are showing bulls and bears

I suggest we all pause for a few seconds and stop what we’re doing to look around us. To observe the current market trends and signs. What does your local market look like? 

Perhaps you live near a major city and are experiencing urban flight.

Maybe you’re more coastal and have seen a staggering amount of vacation home construction and development. We certainly have in the Gulf Coast.

The city of Lake Charles – hit with 2 hurricanes (first Laura then Delta). I’ve had conversations with locals who work in the petro-chem plants and are looking to have their homes repaired or rebuilt and the prices are through the roof. Admittedly this is anecdotal hearsay at best, but when you hear enough strangers say the same thing in a matter of hours, I tend to put some credence to their words.

My neighbor down the street is currently on contract number 5 to sell his house. We’ll see if it actually closes before the end of 2020.

Saw an article in WSJ stating home sales set a 14 year high (2006)

What am I looking at to get the pulse on the Houston market?

HAR.com (local MLS)

           Monthly press releases that show month over month statistics. 

Total Sales

Average SFR sales price

Median SFR sales price

Number of listings

Pending sales

Months of inventory

November 2020

·        $1 – $99,999: decreased 23.1 percent

·        $100,000 – $149,999: decreased 22.3 percent

·        $150,000 – $249,999: increased 18.2 percent

·        $250,000 – $499,999: increased 46.7 percent

·        $500,000 – $749,999: increased 58.1 percent

·        $750,000 and above: increased 81.5 percent

Here’s what I know:

Interest rates are the lowest ever since Freddie and Fannie began tracking them in 1971.

Stimulus plan and moratoriums running out, is another round coming?

Lockdowns?

This bull market is long in the tooth

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It doesn’t take that long and it’s a small price for the value I try to provide. 

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That’s gonna do it for Episode 115 and just a few final thoughts:

1 – please join the PLP Facebook group to connect, learn, inspiration and discussion

2 – Remember, the easy button to lending in the Houston, TX market can be found at PLP.com/INK.

So, as I sign off I’d like to say besides self-awareness, I wish you safe and prosperous Private Lending.

About the author, Keith Baker

My ultimate goal is to create an economy for Real Estate (and other) Investors where banks are no longer needed. An economy where every day people look to each other for leverage and support. During the day I am an insurance adjuster for the oil field, where I handle millions of dollars of other people's money (OPM), and by night I invest in Real Estate and host this podcast. I hope you have an excellent experience and find real value within this website and the Private Lender Podcast. Please leave comments or submit your questions on the Contact Page.

I wish you prosperous, safe and happy lending and investing!

Thanks for listening

-k

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