The real estate market here is cautious. We aren't hurting like some of the other areas in the country, but the most important thing for sellers to remember is to price it right, make it accessible, and give the best presentation to buyers.
The real estate market in Northwest Houston is doing well. We have experienced a little bit of a slow down with most of it occuring in the $80,000 - $150,000 which is the area most heavily impacted by the subprime mortgage problems. We are still selling homes but as you would expect the ones that are marketed the hardest, priced the best, and look the best go under contract first.
I agree with Keith. The market has slowed but there are still Buyers looking. My business has been slower compared to last year but things are still going strong and stready. Due to the mortgage industry upset price ranges from $80k-$150k I think are being hit hardest. Above that the Buyers are being cautious and picky. We are having to counsel our sellers on the market conditions and let them know to pay particular attention to all offers, especially those with strong financing. I don't know the price range of your friends home or where exactly in northwest Houston it is located. I live in northwest Houston but nearer the Beltway and 290. If you can provide a subdivision i'm sure myself and others on here will be able to provide a more in depth answer.
The buzz is that we will probably see the worst of this on our market by the end of Sept-October and start to see a correction of mortgagese by spring time. Tell your friend to stay in close contact with their REALTOR and request updates on sales in the neighborhood, properties that become active, withdrawn, terminated, expired and that have price reductions. This way you can stay in tune with your community. You may already be doing this...
There are a lot of hot areas. Are u a Realtor in Texas?
If not I am and I work for a brokerage that has many clients from Cali and other states buying homes in Houston. If you could define the area.
Areas Katy, Cypress, Spring are doing well. Theres alot of projected and developing developments in the Northwest Area.