The Humble area, like the rest of Houston, has seen significant changes since coming out of the pandemic. The median sale price in the Houston Metropolitan area was $255,000 in July 2019. As of July 2024, it is listed at $350,000, a 37% increase in home prices in just five years, but down from $360k in June of 2022. With higher insurance costs, inflation, and rising interest rates, many home buyers are finding it difficult to find an affordable home.   Sellers may notice this decrease in traffic when their property is listed on the market for sale, leading to more and more price reductions. Let's take a look at the Humble real estate market and see the different changes in each Humble zip code.     Zip Codes:     77346 77396 77338 Additional Info 7 Easy Tips To Sell Your House Fast       Zip Code: 77346 Active Number of Listing The number of properties actively on the market for sale in a given month is shown below. More sellers entering the Humble real estate market increases competition, which can cause downward pressure on home prices. While the data shows that the area is not yet back to pre-pandemic levels, there has been an increase of over 400% in listing activity since February 2021.    Number of Home Sales Since the peak in July 2020, when 146 homes were sold, the area has seen a significant decline in property sales. The increase in listing inventory, lower home buyer demand, and record price drops indicate a shift in real estate prices.   Close Price to List Price Ratio MLS data shows that while sellers are no longer getting way above their asking price, contracts are still being signed relative to a property's list price. Last month, homes typically sold for 97% of what sellers were asking for. The trajectory shows this set of data is on a downward trend, which is caused by multiple factors in the economy.       Zip Code: 77396 Active Number of Listings For home sellers in this zip code, inventory has remained lower than pre-pandemic levels, similar to the data shown for 77346. However, May's level of inventory has not been seen since April of 2020. Compared to August of last year, there are more sellers competing for the limited buyers shopping the Humble real estate market. The increase in competition can affect property values if buyer demand is lower than the supply of homes available for sale.     Number of Sales Since October of 2021, sales have been on the decline year after year. The median home price in this area for the month of July was $283,000. Compared to the area listed above, this zip code's home prices are more affordable and spikes in interest rates may have a larger effect on first time home buyers. Fall Creek, which typically has higher priced properties, saw a consistent number of sales(15 home sales) for August of 2022, 2023, and July 2024. Overall, there appears to be a pattern of decline that hits it's lowest in the winter months.     Close Price to List Price Ratio Home sellers in 77396 have been selling for at least 96% of their asking price since April of 2023. The average days on market that it takes to sell a property was 67 for the month of July, up 52% from June. Longer time on the market creates more opportunities for home buyers to offer less than asking price, which is reflected in the chart below.     Zip Code: 77338 Active Number of Listings Octoober of 2022 saw the highest level of homes available for sale since September of 2016. This area has reached and surpassed pre-pandemic levels by 41%. With many rental options in the area, some home buyers may opt to wait for the market to continue to cool off. Competitive pricing is critical for sellers to quickly find buyers who are still shopping, as more real estate listings in Humble are expected to come onto the market.      Number of Home Sales June of 2024 had a record low number of home sales. The current spike in the available homes for sale, listed above, is creating a competitive environment for home sellers looking to make the most of the shifting market. Market trends in this area are behaving like a buyer's market, with sellers offering price reductions or concessions to a buyer's closing costs.     Closing Price to List Price Ratio In June 2024, home owners sold for 94% of their advertised listing price, which had not been seen in at least ten years. The amount of days it takes a property to sell is slightly higher than normal, coming in at 60 days. Properties with a proper pricing plan typically remain below these levels.     Additional Info The City of Humble has a variety of price ranges and types of properties that can alter the data. Zooming into a specific subdivision is the best way to see how a local market behaves. Listing inventory in Humble can be considered back to normal depending on the neighborhood. Home sellers should research and review multiple variables when deciding the right time to sell. Homeowners in Humble are still in a great position to get higher-than-average sales prices, but it could take a little longer and probably won't be at 2022 values.   New construction adds more competition to a home seller putting their home onto the market. National home builders are able to buy down interest rates, cover closing costs, and provide a buyer the opportunity to design a home from the ground up. Taking a look at the data for new construction communities is a crucial part of the home-selling process.     Here To Help If you are a home seller in Humble, be sure to check out 7 Easy Tips To Sell Your House Fast and research the activity and market trands in your neighborhood.     Criteria used for data research: Time frame is from January 2014 to July 2024 City/Location: 'Humble' MLS: 'Houston Association of Realtors' Property Type: 'Single-Family' Bedrooms: 2+ Baths Full: 1+ Building SqFt: 5,000 square feet or less Lot Size: 23,000 square feet or less New Construction: No Resale Homes: Yes

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The United States Census Bureau estimates that 61% of homeowners still owe on their current mortgage. According to the National Association of Realtors, the average homeowner lives in their home for ten years before moving. This indicates that most home sellers still owe a debt to a mortgage lender when putting a property up for sale. In this article, we will dive into some considerations for those looking to purchase a new house and how to use the proceeds from a home sale effectively.   Review Existing Mortgage Payoff Statement Check The Local Real Estate Market Personal Circumstances Understanding Market Conditions Plan For Your Next Move Real Estate Fees Tax Implications     Review Existing Mortgage Payoff Statement Knowing how much money is needed to pay off your remaining mortgage balance is a crucial first step in assessing your financial situation. Your payoff quote differs from your current balance shown on some mortgage statements, which might not reflect how much you have to pay to satisfy the loan completely. Your payoff amount also includes the payment of any interest you owe through the day you intend to pay off your loan.    Knowing the amount of money it would take to fully repay any outstanding balance accumulated over the years is a good idea. Depending on the type of mortgage you currently have, this can include home equity loans, liens, or prepayment penalties. If a prepayment penalty is included in your mortgage terms, it can negatively affect your net proceeds after the sale of your home. If a property has enough equity, the sale proceeds can cover most of the remaining balance owed. The mortgage payoff amount is typically displayed on your online mortgage portal.     Check The Local Real Estate Market Get an idea of your home’s current market value and get a feel for the overall housing market and property values. A comparative market analysis from an experienced Realtor in your area can reveal how much potential buyers are willing to pay for comparable homes. Be sure to look at how current home prices fluctuate and how long they are on the market before selling. Sign up for property alerts in the neighborhood to stay up-to-date with any new developments in the area. The value of your home depends on various factors, and asking the right questions before starting the selling process is crucial to ensuring you have enough money for the next move.    Economic indicators are another factor to consider when determining a home’s potential selling price. Interest rates, employment levels, and local economic health can all impact the behavior of potential buyers. Lower interest rates often encourage more buyers to enter the market, while higher rates can reduce affordability. For sellers, staying informed is vital. Regularly check local market reports and trends. Partnering with a knowledgeable real estate agent can provide you with the insights needed to navigate the complexities of the market successfully. By being proactive and well-prepared, you can make the most out of your selling opportunity, regardless of market conditions.     Personal Circumstances Your personal circumstances can significantly influence your decision on when, where, and how to move. Here are some key factors to consider:   Job Changes: Many people sell their homes when they relocate for a new job. If your new job offers a higher salary or better career prospects, selling your current property and moving closer to your new workplace could be beneficial. As of late July 2024, the official unemployment rate increased to 4.3%, causing some homeowners to struggle to make payments on their mortgage loan. Depending on the home’s equity, these homeowners may be in an excellent position to succeed despite the employment challenges.   Family Needs: As families grow or change, so do their housing needs. Whether it’s up-sizing to a bigger home to accommodate a growing family or downsizing after children leave the nest, your family’s needs will play a crucial role in the timing of your move. Researching and accurately calculating a home’s value will show you how much equity is needed to pay off any outstanding mortgage balance.   Financial Stability: Evaluating your financial status is crucial. Take into account your current mortgage balance, the equity you have built, and the costs associated with selling and buying a new home. If you have paid off a significant portion of your mortgage and your property has appreciated in value, now might be an opportune time to sell and capitalize on that equity. If a property has negative equity, meaning that the market value is less than the remaining loan balance, a short sale or foreclosure may be the best option. While this is a last resort, many resources are available for homeowners suffering from financial hardship.     Understanding Market Conditions Making the right decision about when to move is crucial for maximizing your real estate investment and ensuring an efficient real estate transaction. This is especially true for sellers, who must carefully consider market conditions, personal circumstances, and strategic timing. Deciding when to sell your property can be an intimidating task, but with the right factors in mind, you can make an informed choice that benefits your long-term financial well-being. One of the most critical aspects in deciding the timing of your move is understanding the current real estate market conditions. The market can be broadly categorized into four types: a buyer’s market, a seller’s market, a balanced market, and your market.   Seller’s Market In a seller’s market, there is more demand for homes than there are homes available for sale. This usually leads to increases in home value and faster sales, making it a great time for sellers to list their properties. If you see similar homes in your area selling quickly and for high prices, it might be a good time to put your property on the market.   Buyer’s Market A buyer’s market occurs when there are more homes available than buyers. This leads to stagnant or dropping prices, and homes take longer to sell. Even though it might not seem like the right time to sell, some sellers have successfully negotiated more favorable terms by being flexible or offering incentives, such as contribution towards a buyer’s closing costs.   Balanced Market A balanced market lies somewhere in between, with supply and demand relatively equal. While it might not offer the advantages of a hot seller’s market, a balanced market may still provide sellers with a reasonable home sale price and timeline. A good agent can offer expert advice on navigating and capitalizing on great opportunities in any type of market.   Your Market Some neighborhoods in the same metropolitan area can behave differently than yours. It's important to recognize the listing and sale activity nearest to you. While one neighborhood can be considered a seller's market, another could be showing signs of a slowdown. The good news is that there are numerous market reports and property alerts that can be customized to focus on a specific subdivision. This enables potential home sellers to stay informed with the latest available information.     Plan For Your Next Move Selling your current home and moving into a new one can be thrilling and stressful. It’s an important event that requires careful planning and informed decision-making. As you prepare for this transition, it’s crucial to establish a comprehensive budget to manage your finances effectively. Here are key considerations from the perspective of a seller who is also in the process of purchasing their next home.   Mortgage Payments Maintain on-time monthly payments with your mortgage company to avoid negatively impacting your credit score and losing the ability to acquire a new mortgage for your next purchase. You should also maintain any creditors recorded on your credit report. One late payment can drop your credit ratings significantly and disqualify you from a pre-approval.   Contingency Clauses When you’re buying and selling at the same time, it’s wise to include contingency clauses in your contracts. A sale contingency allows you to purchase a new property only if you can sell your current one. Be sure to review the terms related to any earnest money deposits, as they might be at risk if not negotiated properly.   Temporary Housing In situations where aligning the closing date on your current house is a challenge, having a plan for temporary housing can make the transition a little easier. This could involve short-term rentals or staying with family and friends. While not ideal, it is usually better for a home seller to finalize a home sale rather than risk losing a contract with potential buyers.   Temporary Lease-Back At times, home sellers who have a contract on their current house and a new property simultaneously may need extra time to coordinate all the dates in a real estate transaction. A seller's leaseback can be included in the contract, allowing the seller to stay in their old home until the new sale is completed. The new owner may be subject to pro-rated charges or deposits, but this option can save a significant amount of money compared to moving twice.   Professional Coordination Effective communication among real estate agents, loan officers, and attorneys is essential for synchronizing closing dates and ensuring a seamless home transition.   Get Pre-Approved Early Obtaining pre-approval offers a clear picture of what you can afford. To be on the safe side when determining a budget, underestimate the sales proceeds from your current home. Talk with a trusted lender and review the different options, such as the amount of your next down payment or buying down points for a lower interest rate. Account for any necessary repairs on the next property and save any remaining money as an emergency fund.     Real Estate Fees If you plan on working with a real estate professional, choose someone you trust to sell your old home and help you into your new one. A reliable Realtor will work with you to estimate a home’s sale price and how to effectively use the remaining funds for any outstanding mortgage debt, title company fees, property taxes, and real estate commissions.   Real estate agent commissions are entirely negotiable. Home sellers are under no obligation to work with a broker who does not suit their financial situation. It is recommended to interview multiple real estate agents, ask the right questions, and determine who is the best fit for the job. A few more things to discuss would be:   The cost of a buyer's agent, if applicable. Seller concessions Length of a listing contract   While some real estate settlement fees are regulated by the state, many are not and should be discussed thoroughly with anyone hired to work for you. The National Association of Realtors has a vast amount of resources and data pertaining to compensation for both buyers and home sellers.     Tax Implications Capital gains tax is calculated based on a home's sale price. You might be eligible to exclude up to $250,000 of the proceeds from your income tax returns. If the profit from the sale exceeds these amounts, the remaining funds may be subject to capital gains. Avoiding taxes on your home-selling profits comes with some requirements:   Own and live in the property for two out of the five years before the sale. If married and filing jointly, the tax-free amount increases to $500,000. The home must be used as your primary residence.   The tax implications listed above do not apply to a second home or investment property. Consult with a tax professional before making any major decisions regarding the sale of any property.     Here To Help If you are looking for more answers about how to make the home selling process as efficient as possible, fill out the contact form below and schedule a call to discuss the right time and best option for your financial situation. Whether your property is paid in full or you currently have a home loan, there are ways to increase the value of your home, maximize the sale proceeds, and have a straightforward real estate transaction.      

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  Blog post is shared from Clover Credit Solutions.      Navigating the complex world of medical debt can be daunting, especially when it impacts your credit score. Unpaid medical bills can lead to collections accounts that negatively affect your credit history, making it essential to understand your rights and the mechanisms available for removing these collections from your credit reports. In this post, we will delve into the intricacies of medical debt, collection agencies, and how to effectively deal with unpaid medical bills to restore your credit standing.   Understanding Medical Debt and Its Impact In the United States, medical expenses can be a significant burden on consumers. According to recent studies, millions of Americans struggle with unpaid medical bills. These bills often arise from medical services provided by healthcare providers, such as hospitals, doctors, and specialists, and can quickly escalate into unpaid medical collections if not managed promptly.   When you fail to pay your medical bills, healthcare providers may turn your account over to a collections agency. This is where the complications begin. Medical debt collections can lead to negative information on your consumer reports, which may significantly lower your credit rating. According to the Fair Credit Reporting Act (FCRA), collections accounts can remain on your credit report for up to seven years, making it essential to address them as soon as possible.     The Role of Collection Agencies When your unpaid medical bills are handed over to a collections agency, it can feel overwhelming. Debt collection agencies are third-party entities tasked with recovering debts on behalf of healthcare providers or other creditors. They have the right to contact you via phone calls and letters to pursue payment, often leading to stress and anxiety for those dealing with financial hardship.   However, it’s crucial to understand that you have rights when it comes to dealing with debt collectors. The Consumer Financial Protection Bureau (CFPB) oversees debt collection practices, ensuring that consumers are treated fairly and that collections agencies adhere to federal laws.     Your Rights Under Federal and State Law Both federal and state laws protect consumers from unfair debt collection practices. For instance, the CFPB has established regulations to ensure that debt collectors do not engage in harassment or deceptive practices. Additionally, the Health Insurance Portability and Accountability Act (HIPAA) provides privacy protections for your personal health information. It is essential to know how these laws work together to protect your rights when dealing with unpaid medical collections.     HIPAA Regulations and Medical Debt HIPAA governs the privacy of personal health information, outlining how healthcare providers and businesses associated with them can use and disclose your medical information. Under HIPAA, your medical conditions and treatment details cannot be shared without your consent. However, it does not completely prevent medical debt from appearing on your credit report.   If a collections agency is reporting your medical debt, they must adhere to both HIPAA regulations and the FCRA. This includes reporting accurate information and not sharing your health information without your consent. If you believe your medical debt information has been reported incorrectly, you can dispute it with the credit bureaus.     New Medical Laws In 2023, the CFPB proposed new rules aimed at addressing medical debt collections and improving consumer protections. One of the key initiatives was the proposed rule to limit the reporting of medical debts on credit reports. This rule seeks to eliminate the negative impact of unpaid medical collections on consumer credit scores, particularly for debts that are less than 180 days old. This grace period allows consumers time to resolve billing disputes with healthcare providers and insurance companies before the debt impacts their credit standing.   Additionally, the new rules aim to require debt collectors to provide consumers with more detailed information about their rights, the debt itself, and any potential legal actions that may arise from unpaid medical bills. This increased transparency is designed to empower consumers and help them make more informed decisions regarding their medical expenses and the management of unpaid medical debts.     Steps to Remove Medical Collections from Your Credit Report Review Your Credit Report The first step in addressing medical debt is to obtain a copy of your credit report. You are entitled to one free credit report per year from each of the major credit bureaus: Equifax, Experian, and TransUnion. Review your credit report for any entries related to unpaid medical collections, ensuring that the information is accurate.   2.  Validate the Debt If you find a medical collection account on your credit report, the next step is to validate the debt. Under the FCRA, you have the right to request detailed information about the debt, including:   The account number The name of the medical provider The valid correct amount due The date of service   Requesting this information can help you confirm whether the debt is legitimate. If the collection agency cannot provide the necessary documentation, you may have grounds to dispute the collection account.   3. Dispute Any Inaccuracies Disputing inaccuracies on your credit report is a critical step in managing your medical debt. If you identify any discrepancies, such as a debt that is not yours, incorrect amounts, or outdated information, you have the right to challenge it. Here’s how to effectively dispute inaccuracies on your credit report:   Gather Evidence: Start by collecting all relevant documentation that supports your claim. This may include billing statements, insurance correspondence, and any payment records you have. Having comprehensive evidence will strengthen your case.   File a Dispute with Credit Bureaus: You can file a dispute with each of the major credit bureaus—Equifax, Experian, and TransUnion—through their websites or by mail. Include your personal information, a description of the dispute, and attach copies of your supporting documents. Be sure to keep copies of everything you send.   Wait for the Investigation: Once you submit your dispute, the credit bureaus are required to investigate within 30 days. They will reach out to the collections agency to verify the accuracy of the information. If the collection agency fails to provide valid evidence that the debt is yours, the credit bureau must remove the negative information from your report.   Follow Up: After the investigation, you will receive a written report from the credit bureau detailing the results of your dispute. If your dispute is successful, the bureau will notify the collections agency to update your credit report accordingly. If the dispute is not resolved in your favor, you have the right to request a statement of your dispute be included in your credit file.   Consider Other Actions: If your dispute is denied, you may want to consider contacting the collections agency directly. Sometimes, a direct conversation can lead to clarification or resolution. If you believe that your rights have been violated, you can file a complaint with the CFPB, which may investigate the agency's practices.     4. Develop a Payment Plan If the medical debt is valid and you cannot pay it in full, consider negotiating a payment plan with the collections agency. Many agencies are willing to work with consumers to create a manageable payment schedule. Here are some key points to consider when developing a payment plan:   Communicate Openly: Contact the collections agency and express your willingness to pay but explain your financial situation. Be honest about what you can afford to pay monthly.   Get Everything in Writing If the collections agency agrees to a payment plan, make sure to get the agreement in writing. This should include the total amount owed, the payment schedule, and any agreements regarding how this will affect your credit report.   Stick to the Plan: Once you have established a payment plan, it is crucial to stick to it. Making timely payments will not only help resolve your debt but also demonstrate your commitment to fulfilling your obligations.   5. Request a Goodwill Adjustment After you have successfully paid off the medical debt or settled it through a payment plan, you can request a goodwill adjustment from the collections agency. This is an informal request asking them to remove the negative mark from your credit report as a gesture of goodwill, especially if you have demonstrated a consistent payment history. Here’s how to approach this:   Craft a Goodwill Letter: Write a letter to the collections agency explaining your situation. Be polite and professional, providing details about your account, the circumstances that led to the debt, and your efforts to resolve it. Mention any positive changes in your financial situation, such as steady employment or improved credit management. Highlight Your Payment History: If you have made timely payments or have paid off the debt, emphasize this in your letter. A strong payment history can be a compelling reason for the agency to consider your request. Be Patient and Follow Up: After sending your goodwill letter, be prepared to wait for a response. If you do not hear back within a few weeks, consider following up with a phone call or another letter. Persistence can sometimes pay off. Understand Their Policies: Keep in mind that not all collections agencies will agree to remove a collection account, even if you have paid it in full. However, it doesn’t hurt to ask, and many consumers have successfully had negative marks removed this way.      The Importance of Financial Education and Assistance Understanding your rights and options regarding medical debt is crucial for maintaining good financial health. If you find yourself overwhelmed by medical bills, consider seeking financial assistance. There are various resources available, including: Financial Assistance Programs: Many healthcare providers offer financial assistance programs to help patients manage their medical expenses. These programs can reduce the amount owed or set up payment plans based on income.   Credit Counseling Services: Reputable (like Clover Credit Solutions) credit counseling organizations can help you create a budget, manage your debts, and provide advice on improving your credit score. They can also assist in negotiating with creditors and collections agencies.   Legal Assistance: If you believe that your rights have been violated or if you are facing legal action from a collections agency, consider consulting with a legal professional who specializes in consumer law or debt collection practices. They can provide guidance on your rights, help you navigate disputes, and represent you in any legal matters if necessary.       Staying Informed About Medical Debt and Credit Reporting Given the evolving landscape of medical debt laws and credit reporting, it’s essential to stay informed about any changes that may affect your rights. In addition to the new regulations proposed by the CFPB in 2022, other developments may continue to shape how medical debt is handled and reported. Here are some tips to stay updated:   Follow Consumer Advocacy Groups: Organizations such as the National Consumer Law Center (NCLC) and the Consumer Federation of America (CFA) regularly publish updates on consumer rights, including medical debt and credit reporting. Subscribing to their newsletters can keep you informed about new laws, important cases, and best practices. Monitor Your Credit Regularly: Regularly checking your credit report can help you catch any inaccuracies or new entries related to medical debt before they impact your score. Many credit monitoring services offer alerts for changes in your report, allowing you to respond quickly to any potential issues. Educate Yourself on Financial Literacy: Understanding how credit works, the implications of debt, and strategies for managing finances can empower you to make informed decisions. There are numerous resources available online, including courses, articles, and webinars that can enhance your financial literacy. Engage with Community Resources: Many local organizations, including community centers and nonprofits, offer workshops and seminars on managing debt and understanding credit. Participating in these events can provide valuable knowledge and connect you with resources that may be beneficial.   Dealing with medical debt can be stressful and overwhelming, but understanding your rights and options can empower you to take control of your financial situation. By reviewing your credit report, disputing inaccuracies, negotiating reasonable payment plans, and seeking goodwill adjustments when applicable, you can work towards removing negative medical collections from your credit history.   Additionally, staying informed about changes in laws and regulations, such as those introduced by the CFPB in 2023, can help you navigate the complexities of medical debt with greater confidence. Remember, you are not alone in this process, and there are resources available to assist you in achieving financial stability.   As you embark on your journey to managing medical debt, consider reaching out to financial advisors, credit counselors, or legal professionals if needed. By taking proactive steps and leveraging available resources, you can work towards a healthier financial future and protect your credit standing from the impacts of medical debt.   Give us a call to 281-631-5461 or click here to request your free credit analysis! 

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