Wake Up Money: Houston's Housing Market

HOUSTON - Pending home sales have posted their biggest monthly jump in eight years, offering a possible sign the struggling housing market may be on the road to recovery.

John Daugherty from Daugherty Realtors says the news is good for all of the country, but Houston has always been ahead of the curve.

"We're in a very special city and have been for a long time. We're in a diversified business climate," says Daugherty. "Houston didn't go through the crazy appreciation that the rest of the country did in the last four to five years."

Because of this, Houston's housing has always been among the most affordable.

"More and more people are realizing that real estate is a local market and not a national market. Our business climate is very healthy and very stable."

A lot of first time buyers are taking advantages of incentives to get them to buy.

"HUD made an announcement Tuesday. Instead of giving first time buyers a credit, they can now apply that directly to their down payment."

Daugherty says not much has changed as far as people's desires.

"The trend is -- everyone seems to want a new house or a relatively new home."

Experts say the key to selling a house is to listen to what the sellers want.

"Sellers have to be realistic," says Daugherty. "If you do not give the buyers what they want, your house is still sitting there."