Windfern Market Falling Due to Foreclosures

I had the pleasure to meet with a prospective client looking to sell their home in the Windfern subdivision, located in Northwest Houston at Beltway 8 and Highway 249.  The research derived from this meeting has lead me to believe that many homeowners in the Windfern subdivision are going to have a hard time moving out of the area for at least another 5 years.

Foreclosures Run Amok

In the past year, there have been six foreclosures with an average price per square foot of $65 that have either sold, expired, or currently active on the market.  The most popular foreclosure street in the area is a street named "Heron Nest", showing 3 foreclosures in the past year.

Foreclosures are bad for for sellers at the end of the day.  These homes are normally priced dramatically lower than a seller might be able to afford, and with the construction of the homes in Windfern being only three years old, homeowners are in a tight position for a stagnant growth in home equity.

Builders Still in the Area

Nearby in the Windfern Trace subdivision, Royce continues to advance construction of new homes in a lower price range.  Incoming buyers are looking at Windfern, with it's recent increase of foreclosures, and moving on to nearby developments.

Nearby, the master planned community Heron Lakes is continuing to offer more features and amenities to buyers in the $200,000 - $300,000 market.  Owners in Heron Lakes enjoy a gated community and a local golf course, which usually tends to assist steady appreciation for the area.

Tough Time For At Least 5 Years

Homeowners in Windfern have a tough outlook if they are looking to move out of the area for at least the next five years.  If they do decide to put their home on the market, their pricing will be the most important factor among all others.

In order for a home to sell in this market, owners will have to pay careful attention to the pricing strategy they choose to take and take into account the nearby competition that foreclosures will bring.  I am coaching all sellers in the Windfern subdivision to expect longer days on the market for this reason alone.

• Windfern Homes For Sale
• Houston MLS
• How To Buy A Foreclosure

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