Realtor Kristi Kolmetz said area homes are still selling.
They’re just not selling as fast as they did this summer in her focus neighborhoods: Garden Oaks, the Greater Heights, Oak Forest, Shepherd Park Plaza and Timbergrove Manor.
“In June (houses were selling) at or above asking (price),” Kolmetz said. “Now they’re still moving but not as many multiple offers. (Homes for sale) spend 30-45 days on the market before receiving an offer.”
How fast a house sells depends on a lot of things, including location and price. Another important, less quantifiable factor is a buyer’s unique wish list. Are they single? A couple? A growing family? A match is made when “what they want” meets “what they are willing or able to spend.”
Kolmetz said that in Shepherd Park Plaza, if a buyer is willing to renovate a house in the neighborhood, there is availability in the $440,000-$450,000 range. Those who want renovated or new homes are looking at $650,000 and up. For the first time, a Shepherd Park Plaza house recently sold for $1 million.
Amanda Cruser with Bernstein Realty broke down the upper and lower end ranges in zip codes served by The Leader as well as what buyers can expect in each market.
The 77018 zip code covers about 7 square miles. Cruser said prices range from less than $100,000 for a lot on the boundaries of the zip code to about $400,000 for a lot zoned to Oak Forest Elementary.
“Home prices range from about $250,000-$1.7 million,” Cruser said. “Very generally, $250,000-$600,000 will get you an original home with updates or a newer build in a planned community with smaller lots, like townhomes, and patio homes. Over $600,000 can get you a newer build or larger home on a larger lot.
“There is a fairly dramatic difference in pricing depending upon the zoned school. New builds zoned to (Oak Forest Elementary) at about 3,000 square feet and up with a full-size lot go for over $800,000.”
The 77092 zip code encompasses about 8 square miles. The area tops out at $775,000 as far as current listings, with condos below $50,000 on the bottom end.
“The upper $100,000 to upper $200,000 range will get you an original home that could benefit from updates,” Cruser said. “Approximately $300,000 and up will get you renovated original homes and some new builds including townhomes and patio homes.”
Zip code 77091 is about 7 square miles, with the most expensive home currently on the market listed at $408,500. Listings that come in above $500,000 are all larger pieces of land.
“There are a number of new construction homes on smaller lots in the $200,000 to upper $300,000 range,” Cruser said. “(There are) also a smattering of original homes ready for renovation or smaller homes already renovated. Some condos and lots fall under $50,000.”
Zip code 77008 delineates the Heights proper, which is about 7 square miles.
“Current listings top out at $2.7 million,” Cruser said. “There are a handful of condos and townhomes under $200,000. (It) would be very difficult to find anything with a full-sized lot for under $500,000.”
Priorities for buyers concern schools and potential flooding.
“Most of my clients are looking for detailed information regarding flood zones and the flooding history of homes they are interested in,” Cruser said. “Some clients are open to homes that have taken on water and some will absolutely not consider them.”
Other clients get attached to original homes in neighborhoods where teardowns have become commonplace.
“Some families I work with are looking for a small house with the idea they will grow the house as they grow their family,” Realtor Ginny Ledwell said. “I hear that a lot. (But) buyers are competing with builders because they are the ones with cash.”