Shannon Register Real Estate Team » Best Real Estate Blog in Texas

10 Ways to Lower Your Homeowners Insurance Costs

Shannon Register, Realtor — Fri, 23 Jul 2010 19:29:00 +0000

1. Raise your deductible – if you can afford to pay more toward a loss that occurs, your premiums will be lower.
2. Buy your homeowners and auto policies from the same company – you’ll usually qualify for a discount. But make sure that the savings really yields the lowest price.
3. Make your home less susceptible to damage – keep roofs and drains in good repair. Retrofir your house to prtect against natural disasters common to your area.
4. Keep your home safer – install smoke detectors, burglar alarms, and dead-bolt locks. All of these will usually qualify for a discount.
5. Be sure you insure your house for the correct amount – remember, you’re covering replacement, not market value.
6. Ask about other discounts – for example, retirees who are home more than working people may qualify for a discount on theft insurance.
7. Stay with the same insurer – especially in today’s tight insurance market, your current vendor is more likely to give you a good price.
8. See if you belong to any groups – associations, alumni groups – that offer lower insurance rates.
9. Review your policy limits and the value of your home and possessions annually – some items depreciate and may not need as much coverage.
10. See if there’s a government-backed insurance plan – in some high-risk areas, such as the coasts, federal or state governments may back plans to lower rates. Ask your agent.

"10 Ways to Lower Your Homeowners Insurance Costs" was originally posted as a blog post at Shannon Register Real Estate Team on July 23, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Why Hasn’t My House SOLD?

Shannon Register, Realtor — Mon, 19 Jul 2010 03:14:34 +0000

Here are a few reasons and remedies…

1. House is overpriced…you need a new market analysis to see how much to lower the price
2. Price reductions too little, too late…you need a new market analysis & significantly lower the price below the next price break or two
3. New competition since property listed…you need a new market analysis and lower the price and offer incentives
4. Builder competition…new market analysis, offer upgrades competitive with the builder
5. Difficult to show, not readily accessible…use lockbox and readjust showing hours if necessary
6. Glutted or slow market…adjust pricing and offer incentives
7. Property has become shopworn…add new photos, offer incentive, inform area Realtors
8. Many showings, but no offers…reduce price
9. Offers forthcoming but not consummated…re-examine counter offers and adjust to offers
10. Condition (maintenance problems)…freshen up and review ways to improve
11. Condition (major problems)…rehab as necessary with new carpet, paint, etc.
12. Cosmetic allowances have not enticed offer…rehab as necessary and remove allowance
13. Location not desirable…compensate with price adjustment
14. Property showcased poorly…hire staging professional or ask Realtor for suggestions
15. Property not being shown…make property more accessible with lockbox
16. Pets (odors, soil, intimidation)…deodorize carpet, cage pets when not home, kennel pets or put with a friend or relative until home sells
17. Neighbors or neighborhood undesirable…counsel with neighbors regarding interference and condition of their properties
18. External influence (new highways, etc.)…adjust price, gather accurate data, and prepare fact sheets for people interested in the home

This information is also available on TexasRealEstate.com website where it was first published for Realtor use.

"Why Hasn’t My House SOLD?" was originally posted as a blog post at Shannon Register Real Estate Team on July 18, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

My Hope for Our Great Nation

Shannon Register, Realtor — Mon, 05 Jul 2010 03:00:59 +0000

I will be spending the 4th of July weekend with my family and taking some much needed R&R! I hope you and your family have a safe and fun celebration of our country’s independence. Over the past year we have seen a lot of changes taking place in our great nation. It is my sincere hope that we will find our way back to a comfortable economy with safe borders and full employment. If you would like to inquire about retaining my services feel free to contact me via email or text message and I will respond to you as soon as possible. Happy July 4th!!!

"My Hope for Our Great Nation" was originally posted as a blog post at Shannon Register Real Estate Team on July 4, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Below Are 17 Things That Will Make Your Home More Marketable & Easier to SELL!

Shannon Register, Realtor — Thu, 24 Jun 2010 02:45:42 +0000

1. Make sure your entranceway says “Hey, look at me!”
2. Prune dead limbs from trees
3. Paint (or touch up) exterior, and repair screens and windows
4. Clean your windows
5. Check A/C and heating systems
6. Fix leaky faucets, toilets, and faulty lights
7. Vacuum drapes and carpets
8. Repair wall cracks, re-caulk bathrooms and kitchen
9. Clear out closets
10. Remove excess furniture
11. Keep cats and dogs out of visitors’ way
12. Mow lawn, edge driveway and walkways
13. Ensure windows, doors, and locks work smoothly
14. Weed flower beds and trim shrubs
15. Throw out junk from garage and storage areas
16. Clean lawn furniture
17. If you have a pool, make it crystal clear!

"Below Are 17 Things That Will Make Your Home More Marketable & Easier to SELL!" was originally posted as a blog post at Shannon Register Real Estate Team on June 23, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Top 5 Reasons to Use a RE/MAX Sales Associate

Shannon Register, Realtor — Thu, 24 Jun 2010 02:41:58 +0000

1. An Agent You can Count On
Your home may be your biggest personal investment. One of the most important decisions you’ll make when selling your home is who you will trust to assist you. You should put the sale of your home in the hands of an experienced agent who’ll produce results for you. RE/MAX Sales Associates will put their experience to work for you to improve your odds of getting your home sold for the best price in the shortest time. This requires specialized skills and knowledge:
Knowing the market
Pricing your home correctly
Staging your home, inside and out, for maximum impact
Marketing to deliver maximum exposure of your home
Negotiating the offer to deliver the best deal
Navigating inspections, appraisals and the details
Successfully closing the deals

2. An Expert at Your Side
RE/MAX Sales Associates are professionals who are committed to you and possess the knowledge and experience to help you navigate today’s complex real estate market.
RE/MAX Sales Associates lead the industry in professional designations, which means they have expertise in specialized areas, including foreclosures, short sales, the luxury real estate market, working with Seniors and many others. With access to online, on-demand training in every facet of real estate, they are up to date on emerging trends and issues.

3. Marketing for Maximum Exposure
Looking for more potential buyers to find your property? A RE/MAX Sales Associate can help your home stand out in a very competitive marketplace through trust-generating yard signs, local and national advertising, and Internet and compelling marketing materials.

4. It’s All in the Details
Pricing, staging, and marketing are the first steps in successfully selling your home, but closing the deal requires in-depth knowledge and experience. Once you’ve accepted an offer, a lot of details remain before you get to the closing table. A RE/MAX Sales Associate will help you understand the process, navigate the details and keep the transaction on track.

5. Involved Community Citizens
RE/MAX Sales Associates are well-known locally and nationally for their involvement in many community programs. When you use a RE/MAX Sales Associate to sell your home, you contribute to the well-being of your community. RE/MAX is a national sponsor of Children’s Miracle Network, which aids sick children, and Susan G. Komen Race for the Cure, dedicated to finding a cure for breast cancer. Concerned about the environment? So is RE/MAX. Together, you and your agent can take steps to ensure a better environment for future generations.

"Top 5 Reasons to Use a RE/MAX Sales Associate" was originally posted as a blog post at Shannon Register Real Estate Team on June 23, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Check Out My Facebook Fan Page

Shannon Register, Realtor — Wed, 23 Jun 2010 18:30:09 +0000

Please join the Shannon Register Real Estate Team Facebook Fan Page. It’s a great way to keep up with my weekly blog posts. You can see all the latest market news, listings available, and get blog updates on your facebook page. It’s the easiest way to keep up with the real estate market in our area!

http://www.facebook.com/#!/pages/Spring-TX/Shannon-Register-Real-Estate-Team/106660729363481?ref=ts

"Check Out My Facebook Fan Page" was originally posted as a blog post at Shannon Register Real Estate Team on June 23, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

22 Indicted in ‘Flipping’ Scheme

Shannon Register, Realtor — Sun, 20 Jun 2010 19:15:25 +0000

SAN ANTONIO (San Antonio Express-News) – A federal grand jury in San Antonio has indicted 22 people on charges that they engaged in a “flipping” scheme intended to bilk lenders out of $50 million.
According to the indictment, between May 17, 2005, and Feb. 21, 2008, Robert Brooks of Dallas bought properties at or around market value and then offered people $10,000 to $25,000 to act as straw buyers who would purchase the homes at inflated prices.
With the help of appraisers, title officers, escrow officers, mortgage processors and others, Brooks then allegedly obtained mortgage loans for those buyers using falsified documents. A year later, he let those mortgages go into default, according to the indictment.
The defendants will serve up to 30 years in prison if convicted of the charges.

Many of the homes listed in the case are condominiums in the Dallas area.
The case is part of a nationwide sweep called Operation Stolen Dreams.

"22 Indicted in ‘Flipping’ Scheme" was originally posted as a blog post at Shannon Register Real Estate Team on June 20, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Selling Your Home? Less is more…

Shannon Register, Realtor — Fri, 18 Jun 2010 03:22:42 +0000

Below are a few helpful tips for selling your home and how to make it more attractive to a potential buyer;
Reduce Clutter
• Clean out closets, pick up clutter, and pare down what’s inside. That does for those treasured family phtos and mementos, too. The reason? Besides adding a spacious feel to the home, pared-down surroundings can help potential buyers better envision themselves and their family photos in the house.
• Pack away items and special collections usually displayed in cabinets and hutches, and move a few peives of furniture out of the house. This will help buyers to better see where their furniture might go in the house.
• Don’t forget to keep the house clean every minute it’s on the market. This takes great effort, but the buyer may need to see it in the next five minutes, and you’ll need to be prepared.
Tone down your creativity
• So, you like your house to “say something” about your personality. Well, it’s time to tone it down. Go buy some plain-vanilla paint to cover those red-and-purple walls in your boudoir-it’ll make a difference when you’re trying to sell your home. Many uyers can’t see your Picasso genius (and just can’t get past the splatter-paint wall in the living room) to visualize colors they’re more comfortable with.
• If you’ve got an Italian fresco on a living room wall that stops people in their tracks, they may lose sight of the rest of the home’s wonderful features. If you’re resistant to do anything about it, ask someone you trust to give you an independent view of your home. Better uet, ask your Realtor or an appraiser if the house looks cluttered or if any colors are too bright. Some may see bright colors as gaudy. Listen to their answers and take their advice.
By “paring down,” organizing, and carefully sorting your possessions, you’re ensuring that your home will appeal to the greatest number of potential buyers. Remember to remove about half of the items stored in closets and cabinets and toss or give away things you odn’t use. Not only will de-cluttering and cleaning help you sell your house quickly, you’ll be ahead of the game when it comes to packing up and moving to your new location.

"Selling Your Home? Less is more…" was originally posted as a blog post at Shannon Register Real Estate Team on June 17, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Houston’s Commercial Property Sales Drop 50 Percent

Shannon Register, Realtor — Wed, 26 May 2010 03:57:59 +0000

HOUSTON (Houston Business Journal) – The Bayou City’s commercial property sales dropped 50 percent in the last 12 months, according to research firm LoopNet Inc.

Last year’s cycle, ending in March 2009, had sales totaling $4.7 billion while this year’s reached $2.36 billion. However, the price per sf of industrial property improved to $65 compared with $45 last year.

The price per sf of Houston’s office and retail markets this year dropped from $172 to $110 and $143 to $69, respectively.

The city’s multifamily market showed a $3 million difference in deals closed between the two cycles and an increase of purchase price from $42.2 million to $56.3 million.

"Houston’s Commercial Property Sales Drop 50 Percent" was originally posted as a blog post at Shannon Register Real Estate Team on May 25, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

10 Steps to Prepare for Homeownership

Shannon Register, Realtor — Sat, 22 May 2010 20:04:55 +0000

1. Decide how much home you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.

2. Develope a wish list of what you’d like your home to have. Then prioritize the features on your list.

3. Select three or four neighborhoods you’d like to live in. Consider items such as schools, recreational facilities, area expansion plans, and safety.

4. Determine if you have enough saved to cover your down payment and closing costs. Closing costs, including taxes, attorney’s fee, and transfer fees average between 2% and 7% of the home price.

5. Get your credit in order. Obtain a copy of your credit report.

6. Determine how large a mortgage you can qualify for. Also explore different loan options and decide what’s best for you.

7. Organize all the documentation a lender will need to pre approve you for a loan.

8. Do research to determine if you qualify for any special mortgage or down payment-assistance programs.

9. Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.

10. Find an experienced REALTOR who can help you through the process.

"10 Steps to Prepare for Homeownership" was originally posted as a blog post at Shannon Register Real Estate Team on May 22, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

12 Tips for Hiring a Remodeling Contractor

Shannon Register, Realtor — Wed, 19 May 2010 18:55:55 +0000

1. Get at least three written estimates.
2. Get references and call to check on the work. If possible, go by and visit earlier jobs.
3. Check with the local Chamber of Commerce or Better Business Bureau for complaints.
4. Be sure that the contract states exactly what is to be done and how change orders will be handled.
5. Make as small a down payment as possible so you won’t lose a lot of the contractor fails to complete the job.
6. Be sure that the contractor has the necessary permits, licenses, and insurance.
7. Be sure that the contract states when the work will be completed and what recourse you have if it isn’t . Also remember that in many instances you can cancel a contract within three business days of signing it.
8. Ask if the contractor’s workers will do the entire job or whether subcontractors will do parts.
9. Get the contractor to indemnify you if work does not meet local building codes or regulations.
10. Be sure that the contract specifies the contractor will clean up after the job and be responsible for any damage.
11. Guarantee the materials used meet your specifications.
12. Don’t make the final payment until you’re satisfied with the work.

Reprinted from REALTOR Magazine Online by permission of the National Association of Realtors, Copyriht 2005, All rights reserve.

"12 Tips for Hiring a Remodeling Contractor" was originally posted as a blog post at Shannon Register Real Estate Team on May 19, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Fannie Mae Seeks Federal Aid…Again

Shannon Register, Realtor — Tue, 11 May 2010 19:48:21 +0000

WASHINGTON, D.C. (Reuters) – After suffering $13.1 billion in losses in first quarter 2010, Fannie Mae has asked the government for an additional $8.4 billion in aid.

With this request, Fannie Mae, the nation’s largest residential mortgage finance company, will have received more than $84.6 billion in federal aid.

Less than a week ago, Freddie Mac said it would need $10.6 billion in government funds after losing $8 billion in the first quarter.

"Fannie Mae Seeks Federal Aid…Again" was originally posted as a blog post at Shannon Register Real Estate Team on May 11, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

5 Reasons You Need a REALTOR

Shannon Register, Realtor — Sun, 09 May 2010 19:10:36 +0000

1. A real estate transaction is complicated. In most cases, buying or selling a home requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page government-mandated settlement statements. A knowledgeable guide through this complexity can help you avoid delays or costly mistakes.

2. Selling or buying a home is time consuming. Even in a strong market, homes in our area stay on the market for an average of 180 days. And it usually takes another 60 days or so for the transaction to close after an offer is accepted.

3. Real estate has its own language. If you don’t know a CMA from a PUD, you can understand why it’s important to work with someone who speaks that language.

4. REALTORS have done it before. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. And even if you’ve done it before, laws and regulations change. That’s why having an expert on your side is critical.

5. REALTORS provide objectivity. Since a home often symbolizes family, rest, and security, not just four walls and roof, home selling or buying is often a very emotional undertaking. And for most people, a home is the biggest purchase they’ll ever make. Having a concerned, byt objective, third party helps you keep focused on both the business and emotional issues most important to you.

6. REALTORS are members of the National Association of REALTORS, a trade organization of more than 1 million members nationwide. REALTORS subscribe to a stringent code of ethics that helps guarantee the highest level of service and integrity.

"5 Reasons You Need a REALTOR" was originally posted as a blog post at Shannon Register Real Estate Team on May 9, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Foreclosures Increase Across Texas

Shannon Register, Realtor — Thu, 06 May 2010 04:14:35 +0000

SAN FRANCISCO (RealtyTrac) – The four major Texas metros had increases in residential foreclosures in the first quarter of this year, according to RealtyTrac statistics released yesterday.

Austin–Round Rock fared best, although foreclosure filings increased to 2,908 properties and 0.44 percent of the area’s total housing units. Filings increased 20.51 percent from fourth quarter 2009 and 27.26 percent from first quarter 2009.

In Dallas–Fort Worth–Arlington, foreclosures were filed for 13,637 properties, 0.57 percent of the area’s housing units. This was a 28.3 percent increase in filings from the previous quarter and a 56.95 percent increase from first quarter 2009.

Foreclosure filings in Houston–Sugar Land–Baytown totaled 11,223 last quarter, which represents 0.5 percent of its housing units. Filings were up 27.01 percent from fourth quarter 2009 and 63.2 percent from first quarter 2009.

San Antonio foreclosure filings hit 3,569 for the first three months of 2010, representing 0.46 percent of the city’s housing units. The number of filings was 21.89 percent more than in fourth quarter 2009 and 25.23 percent more than in first quarter 2009.

"Foreclosures Increase Across Texas" was originally posted as a blog post at Shannon Register Real Estate Team on May 5, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Understanding Agency in Texas

Shannon Register, Realtor — Sun, 02 May 2010 18:25:28 +0000

It’s important to understand what legal responsibilities your real estate salesperson has to you and to other parties in the transactions. Ask your salesperson to explain what type of agency relationship you have with him or her and with the brokerage company. Discussed below are all forms of agency relationships, but in Texas we do not practice all of these types of relationships.

1. Seller’s Representation (also known as a listing agent or seller’s agent) – A seller’s agent is hired by and represents the seller. All fiduciary duties are owed to the seller. (Buyers who call the agent to see the home need to understand they have no representation.) The agency relationship usually is created by a listing contract.
2. Subagent – In Texas, we usually do not practice subagency. A subagent owes the same fiduciary duties to the agent’s principal as the agent does. Subagency usually arises when a cooperating sales associate from another brokerage, who is not representing the buyer as a buyer’s representative or operating in a nonagency relationship, shows property to a buyer. In such a case, the subagent works with the buyer as a customer but owes fiduciary duties to the listing broker and the seller. Although a subagent cannot assist the buyer in any way that would be detrimental to the seller, a buyer-customer can expect to be treated honestly by the subagent. It is important that subagents fully explain their duties to buyers.
3. Buyer’s representative (also known as a buyer’s agent) – A real estate licensee who is hired by prospective buyers to represent them in a real estate transaction. The buyer’s rep works in the buyer’s best interest throughout the transaction and owes fiduciary duties to the buyer. The buyer can pay the licensee directly through a negotiated fee, or the buyer’s rep may be paid by the seller or by a commission split with the listing broker.
4. Disclosed dual agent – There is no dual agency in Texas. We have Intermediary in Texas. Dual Agency is a relationship in which the brokerage firm represents both the buyer and the seller in the same real estate transaction. Dual agency relationships do not carry with them all tof the traditional fiduciary duties to the clients. Instead, dual agents owe limited fiduciary duties. Because of the potential for conflicts of interest in a dual-agency relationship, it’s vital that all parties give their informed consent. In many states, this consent must be in writing. Intermediary in Texas must be in writing. Disclosed dual agency, in which both the buyer and the seller are told that the agent is representing both of them, is legal in most states. Because of differing Errors and Emissions Insurance, some brokerage firms refrain from Intermediary Services. The Shannon Register Real Estate Team members can all perform Intermediary.
5. Designated agent (also called, among other things, appointed agency) – This is a brokerage practice that allows the managing broker to designate which licensees in the brokerage will act as an agent of the seller and which will act as an agent of the buyer. Designated agency avoids the problem of creating a dual-agency relationship for licensees at the brokerage. The designated agents give their clients full representation, with all of the attendant fiduciary duties. The broker still has the responsibility of supervising both groups of licensees.
6. Nonagency relationship (called, among other things, a transaction broker or facilitator) – Some states permit a real estate licensee to have a type of nonagency relationship with a consumer. These relationships vary considerably from state to state, both as to the duties owed to the consumer and the name used to describe them. Very generally, the duties owed to the consumer in a nonagency relationship are less than the complete, traditional fiduciary duties of agency relationship. We do not practice this in Texas. A Realtor in Texas either represents the buyer, the seller, or is in an Intermediary Relationship.

"Understanding Agency in Texas" was originally posted as a blog post at Shannon Register Real Estate Team on May 2, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Risk of Major Home Price Decline Low in Texas

Shannon Register, Realtor — Tue, 27 Apr 2010 19:21:01 +0000

By David S. Jones, senior editor, Real Estate Center

Release No. 19-0410

COLLEGE STATION, Tex. (Real Estate Center) — A new study from the Real Estate Center at Texas A&M University explains why Texas’ housing market fared far better than other states during the current downturn. It also suggests why the state’s economy is expected to continue to do better than the rest of the nation in the coming months.

“Texas’ lower-than-national-average housing cost is one reason for the state’s higher-than-national-average growth rate,” said Dr. Ali Anari, a Center research economist and one of the study’s authors. “When Texans are able to spend more on nonhousing goods and services, the state’s economy is strengthened and more people attracted.

“These results illustrate one of the key reasons the Texas economy outperforms the United States in terms of job growth almost every year,” said Center Chief Economist Dr. Mark Dotzour. “The fact that Texans pay less of their income for housing means they have more to spend on other things that add to the overall quality of life. Texas offers a lower cost of living than many places in the United States.

his allows Texas employers to be able to attract workers at a reasonable wage rate that allows them to compete successfully in the global economy,” said Dotzour.

Since 1987, the average annual expenditure for shelter per consumer increased in every major American metropolitan market.

Texas data for the study came from the Dallas-Fort Worth and Houston-Galveston-Brazoria metro areas because they are among the major metropolitan areas for which consumer expenditure data are available. These two metros accounted for 60.3 percent of Texas labor force last year and 64 percent of Texas GDP the previous year.

“Houston and Dallas consumers spent the smallest shares of their incomes on shelter in 2008 (18.6 percent),” said Anari.

The two Texas metros in the study had virtually no increase in their shelter expenditure shares from 1987 to 2008. Houston’s share rose 1 percent while Dallas’ share increased 2.2 percent.

According to the National Association of Realtors, Houston was the only metro in the study to post a home price appreciation, albeit a small one. Dallas had the nation’s smallest home price decline (-3.8 percent).

“It is not surprising that the two Texas regions are experiencing normal home price fluctuations,” said Anari. “The risk of a home price decline in Texas is low.

“The study found that the larger the share of housing expenditures in the consumer’s budget, the more home prices in their region have fallen since 2007,” said Anari, who conducted the study along with Center Chief Economist Dr. Mark Dotzour.

“Consumers allocate their income among various goods and services,” said Anari. “By doing so, they determine the quantities produced and prices of consumer goods and services.

“Regardless of income level, the most important items in a consumer’s budget are food, shelter and clothing. However, no matter how important an item, its share of a consumer’s total expenditures cannot continually increase for a long time.”

When expenditures in a particular category in the consumer’s budget take larger and larger shares of total expenses, consumers look for less expensive substitutes, which can lower demand for more expensive goods and services, leading to lower prices for those goods and services. “For example,” said Anari, “if the price of beef gets too high, people eat more chicken.”

Consumers have two basic shelter choices: buy or rent. Shelter expenses run the gamut from rent to mortgage interest, to property taxes, to insurance, to repairs, to security and other expenses.

“Even when on vacation, consumers have shelter expenses,” said Anari, “from costs on vacation homes to hotels and motels. Family members in college must be housed, and that’s another shelter expense.”

Anari points out that home price changes affect expenditures and wealth. Lower housing costs allow consumers to spend more on other goods and services, leading to higher regional economic growth, increased growth rates, a larger labor force and more demand for goods and services.

“At the same time,” he said, “lower costs and prices of real estate properties can significantly increase economic productivity, lead to more investments and increase economic growth rates.”

Where were shelter shares of income highest? California. San Diego-Carlsbad-San Marcos led the nation with 30.8 percent of income going to shelter.

Spending by U.S. consumers accounts for about 70 percent of the nation’s gross domestic product (GDP). Consumer expenditures are critical to the nation’s economy, and since 1980, the U.S. Census Bureau has conducted the Survey of Consumer Expenditures for the U.S. Bureau of Labor Statistics.

The survey collects data and information on the buying habits of American consumers. These data are available for the United States, four geographic regions of the country (Northeast, Midwest, South and West), and for major metropolitan areas.

Major Metropolitan Areas by Shelter Expenditure Share of Total Income, 2007–08

Percent of Income Spent for Shelter Median Home

1987–2008 Price Change

2008 1987 Change 2007–09

Region

Houston-Galveston-Brazoria, Tex.* 18.6 17.6 1.0 0.4

Dallas-Fort Worth, Tex. ** 18.6 16.4 2.2 –3.8

Cleveland-Elyria-Mentor, Ohio 20.1 14.3 5.8 –17.8

Minneapolis-St. Paul, Minn.-Bloomington, Wis. 20.1 18.8 1.3 –19.5

Seattle-Tacoma-Bellevue, Wash. 21.9 17.5 4.4 –20.9

Chicago-Naperville-Joliet, Ill. 22.5 17.1 5.4 –28.0

Philadelphia, Pa.-Camden, N.J.-Wilmington, Del. 22.7 16.8 5.9 –8.1

Boston-Cambridge, Mass.-Quincy, N.H. 23.3 22.7 0.6 –15.8

Atlanta-Sandy Springs-Marietta, Ga. 23.4 19.2 4.2 –28.3

Washington, D.C.-Arlington-Alexandria, Va. 24.3 20.7 3.6 –28.3

Baltimore-Towson, Md .24.6 17.8 6.8 –12.2

Miami-Fort Lauderdale-Miami Beach, Fla. 25.7 19.0 6.7 –42.2

New York, N.Y.-Northern New Jersey, N.J.-Long Island, N.Y. 26.1 20.1 6.0 –18.6

Los Angeles-Long Beach-Santa Ana, Calif. 26.3 22.1 4.2 –43.8

San Francisco-Oakland-Fremont, Calif. 27.3 24.6 2.7 –38.7

San Diego-Carlsbad-San Marcos, Calif. 30.8 21.7 9.1 –38.9

*Collin, Dallas, Delta, Denton, Ellis, Henderson, Hood, Hunt, Johnson, Kaufman, Parker, Rockwall, Tarrant and Wise counties

** Austin, Brazoria, Chambers, Fort Bend, Galveston, Harris, Liberty, Montgomery, San Jacinto and Waller counties

Sources: Bureau of Labor Statistics, National Association of Realtors and Real Estate Center at Texas A&M University

"Risk of Major Home Price Decline Low in Texas" was originally posted as a blog post at Shannon Register Real Estate Team on April 27, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Tips for Packing Like a Pro

Shannon Register, Realtor — Tue, 27 Apr 2010 18:22:25 +0000

1. Develop a master “to do” list so you won’t forget something critical.
2. Sort and get rid of things you no longer want or need. Have a garage sale, donate to a charity, or recycle.
3. Don’t throw out everything. If your inclination is to just toss it, ask yourself how frequently you use an item and how you’d feel if you no longer had it.
4. Pack like items together. Put toys with toys, kitchen utensils with kitchen utencils, etc.
5. Decide what if anything you plan to move yourself. Precious items, such as family photos, valuable breakables, or must-haves during the move, should probably stay with you.
6. Use the right box for the item. Loose items encourage breakage.
7. Put heavy items in small boxes so they’re easier to lift. Keep weight under 50lbs. if possible.
8. Don’t over-pack boxes and increase the chances they will break.
9. Wrap every fragile item separately and pad bottom and sides of boxes.
10. Label every box on all sides. You never know how they’ll be stacked and you don’t want to have to move other boxes aside to find out what’s there.
11. Use color-coded labels to indicate which room each item should go in. Color-code a floor plan for your new house to help movers.
12. Keep your moving documents together, including phone numbers, driver’s name, and van numbers. Also keep your address book handy.
13. Back up your computer files before moving your computer.
14. Inspect each box and all furniture for damage as soon as it arrives.
15. Remember, most movers won’t take plants.

"Tips for Packing Like a Pro" was originally posted as a blog post at Shannon Register Real Estate Team on April 27, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

What Documents Should You Keep After Closing?

Shannon Register, Realtor — Sun, 18 Apr 2010 17:12:09 +0000

You will walk away from the closing table with a packet full of documents and some of them are very important to keep. Hopefully the following guidelines will help you know what to put in the safety deposit box and what you can toss.

• The HUD-1 Statement, usually printed on legal size paper, is the Real Estate Settlement Procedures Act (RESPA) Statement. This statement itemizes all the costs associated with the closing. You’ll need this for income tax purposes and when you sell the home.
• The Truth in Lending Statement summarizes the terms of your mortgage loan.
• The mortgage and the note (two pieces of paper) spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.
• The deed transfers ownership of the property to you.
• Affidavits swearing to various statements by either party. For example, the sellers will often sign an affidavit stating that they have not incurred any liens on the property.
• Riders are amendments to the sales contract that affect your rights. For example, if you buy a condominium, you may have a rider outline the condo association’s rules and restrictions.
• Insurance policies provide a record and proof of your coverage.

"What Documents Should You Keep After Closing?" was originally posted as a blog post at Shannon Register Real Estate Team on April 18, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

What Should You Look for in a Final Walk Through?

Shannon Register, Realtor — Wed, 07 Apr 2010 17:08:40 +0000

1. Any repairs you’ve requested should be completed. You’ll need to obtain copies of paid bills and warranties at closing.
2. Make sure all items remain in the home – drapes, blinds, light fixtures, etc.
3. Make sure screens and storm windows are intact.
4. Intercom, doorbell, and alarm are operational.
5. Hot water is working and water pressure is good.
6. No plants or shrubs have been removed from the yard.
7. Make sure you have garage door openers, gate openers, and mail box keys.
8. Manuals for appliances should be in the home.
9. All personal belongings from the seller should be removed.
10. If the home was to be professionally cleaned before closing it should appear to be clean.

"What Should You Look for in a Final Walk Through?" was originally posted as a blog post at Shannon Register Real Estate Team on April 7, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

What Should A Home Inspection Cover?

Shannon Register, Realtor — Sun, 28 Mar 2010 04:13:44 +0000

I have written blog posts in the past that address what to look for in an inspection report. However, I have questions about this arise with every buyer. Therefore, I am writing about it again. It’s useful information that buyer’s need to have!

• Siding – look for dents or buckling
• Foundations – look for cracks or water seepage
• Exterior Brick – look for cracked bricks or mortar pulling away from bricks
• Insulation – look for condition, adequate rating for climate
• Doors and windows – look for loose or tight fits, condition of locks, condition of weather stripping
• Roof – look for age, conditions of flashing, pooling water, buckled shingles, or loose gutters and downspouts
• Ceilings, walls, and moldings – look for loose pieces, drywall that is pulling away
• Porch/Deck – loose railings or step, rot
• Electrical – look for condition of fuse box/circuit breakers, number of outlets in each room
• Plumbing – look for poor water pressure, banging pipes, rust spots or corrosion that indicate leaks, sufficient insulation
• Water heater – look for age, size adequate for house, speed of recovery, energy rating
• Furnace/Air Conditioning – look for age, energy rating; Furnaces are rated by annual fuel utilization efficiency; the higher the rating, the lower your fuel costs. However, other factors such as payback period and other operating costs, such as electricity to operated motors.
• Garage – look for exterior in good repair; condition of floor-cracks, stains, etc.; condition of door mechanism
• Basement – look for water leakage, musty smell
• Attic – look for adequate ventilation, water leaks from roof
• Septic Tanks (if applicable) – adequate absorption field capacity for the percolation rate in your area and the size of your family
• Driveways/Sidewalks – look for cracks, heaving pavement, crumbling near edges, stains

"What Should A Home Inspection Cover?" was originally posted as a blog post at Shannon Register Real Estate Team on March 27, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Mortgage Rates Remain Flat

Shannon Register, Realtor — Fri, 26 Mar 2010 04:18:42 +0000

Current 30-Year Fixed Rate is 4.80%, According to Zillow® Mortgage Rate Ticker
SEATTLE, March 23 /PRNewswire/ — The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.80 percent, up two basis points from 4.78 percent compared to this same time last week. The 30-year fixed mortgage rate rose over the weekend, with a Sunday spike at 4.88 percent, before coming down on Monday.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060503/ZILLOWLOGO)
Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers through the site, and reflect the most recent changes in the market. These are not marketing rates, or a weekly survey.
The rate for 15-year fixed home loans is currently 4.19 percent, while the rate for 5-1 adjustable-rate mortgages (ARM) is 3.66 percent.
The total volume of mortgage requests in the past week was down 4.4 percent from the prior week. Of last week’s requests, 31 percent were for refinance loans, 67 percent were for purchase loans and 2 percent were for home equity loans. The prior week, 32.2 percent of requests were for refinance loans, 65.8 percent were for purchase loans and 2 percent were for home equity loans.
Below are current rates for 30-year fixed mortgages by state. Additional states’ rates are available at: www.zillow.com/Mortgage_Rates.

State Current 30-Year Fixed Rate (3/23/10) Last week’s 30-Year Fixed Rate (3/16/10) Change in Basis Points
California Mortgage Rates
4.76% 4.71% +5
Colorado Mortgage Rates
4.82% 4.81% +1
Florida Mortgage Rates
4.72% 4.80% -8
Illinois Mortgage Rates
4.76% 4.82% -6
Massachusetts Mortgage Rates
4.96% 4.85% +11
New Jersey Mortgage Rates
4.75% 4.79% -4
New York Mortgage Rates
4.85% 4.80% +5
Pennsylvania Mortgage Rates
4.85% 4.86% -1
Texas Mortgage Rates
4.88% 5.02% -14
Washington Mortgage Rates
4.75% 4.81% -6

About Zillow Mortgage Marketplace
Zillow Mortgage Marketplace is a free, open, and transparent lending marketplace, where borrowers connect with lenders to find loans and get the best mortgage rates. Borrowers anonymously submit loan requests and receive an unlimited number of custom mortgage quotes with real rates directly from thousands of competing lenders. Zillow Mortgage Marketplace also provides mortgage calculators, mortgage advice, mortgage widgets, and lender directories.
Zillow is a registered trademark of Zillow, Inc.

"Mortgage Rates Remain Flat" was originally posted as a blog post at Shannon Register Real Estate Team on March 25, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Dotzour’s Headlines From the Front Lines

Shannon Register, Realtor — Wed, 17 Mar 2010 01:21:38 +0000

COLLEGE STATION (Real Estate Center) – Chief Economist Dr. Mark Dotzour is crisscrossing the nation delivering his economic message and collecting valuable data for the Real Estate Center at Texas A&M University.
Among the comments he heard this week at meetings of the National Association of Business Economics in Washington, D.C., were:
• “Clearly there is virtually no threat of inflation in the next two years.”
• “There’s virtually no chance of the Fed increasing interest rates (maybe a symbolic small move aside).”
• “The last recession, the Fed waited until unemployment was 5.5 percent before tightening.”
• “We won’t get to that level for several years.”
• “The threat is for deflation across the globe, with the exception of China.”
• “China’s money supply is up 30 percent from last year. Our M3 (the Fed’s measure of the money supply) is virtually unchanged from a year ago, and available credit is less than last year.”
“The Congressional Budget Office said the United States is going to be unable to pay for the social contract with America,” said Dotzour. “It’s only a matter of when and how the adjustments for failed promises have to take place. Medicare, Medicaid and Social Security cannot be funded at current levels of spending.”

"Dotzour’s Headlines From the Front Lines" was originally posted as a blog post at Shannon Register Real Estate Team on March 16, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Top 10 Ways to Sell Your Home Fast

Shannon Register, Realtor — Mon, 15 Mar 2010 03:32:50 +0000

1. Get rid of clutter. Throw out or file stacks of newspapers and magazines. Pack away most of your small decorative items. Store out-of-season clothing to make closets seem roomier. Clean out the garage.

2. Wash your windows and screens to let more light into the interior.

3. Keep everything extra clean. Wash fingerprints from light switch plates. Mop and wax floors. Clean the stove and refrigerator. A clean house makes a better first impression and convinces buyers that the home has been well cared for.

4. Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Open the windows.

5. Put higher wattage bulbs in light sockets to make rooms seem brighter, especially basements and other dark rooms. Replace any burnt-out bulbs.

6. Make minor repairs that can create a bad impression. Small problems, such as sticky doors, torn screens, cracked caulking, or a dripping faucet, may seem trivial, but they’ll give buyers the impression that the house isn’t well maintained.

7. Tidy your yard. Cut the grass, rake the leaves, trim the bushes, and edge the walks. Put a pot or two of bright flowers near the entryway.

8. Patch holes in your driveway and reapply sealant, if applicable.

9. Clean your gutters.

10. Polish your front doorknob and door numbers.

"Top 10 Ways to Sell Your Home Fast" was originally posted as a blog post at Shannon Register Real Estate Team on March 14, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Happy Birthday Ebby!

Shannon Register, Realtor — Thu, 11 Mar 2010 03:30:21 +0000

EBBY STILL PARTYING AT 99!

DALLAS (Dallas Morning News) – The buzz around town is not about the Mavericks or the Cowboys this week, but about local real estate legend Ebby Halliday and her 99th birthday.
Although her birthday is today, the celebration began Friday and will continue until tomorrow.
The founder of Ebby Halliday Realtors, which began in 1945 and is now a $4 billion business, wanted a low-key birthday, but Dallas did not think that was suitable.
The festivities began Friday night at the Dallas Mavericks game, where her favorite player, Dirk Nowitzki, presented her with an autographed team ball, and have continued on party buses, in church, at the Winspear Opera House and with lunch with T. Boone Pickens.
“If I live to be a hundred, and the celebration is any faster or more furious, I won’t be able to stand it,” Halliday said.

"Happy Birthday Ebby!" was originally posted as a blog post at Shannon Register Real Estate Team on March 10, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Delinquencies Down, Optimism Up

Shannon Register, Realtor — Wed, 10 Mar 2010 03:39:31 +0000

DALLAS (Dallas Business Journal) – By the end of 2009, 10.3 percent of Texas home loans were delinquent — up 0.5 percent from the third quarter — but the number of loans 30-60 days delinquent fell 11 basis points to 4.43 percent, according to the Mortgage Bankers Association.
A loan is considered delinquent if one or more payments are past due.
Nationally, the delinquency rate declined 17 basis points to 9.47 percent, and the rate for loans 30-60 days delinquent fell 46 basis points to 3.36 percent.
“This shows a significantly improved housing market, even from 90 days ago,” said Scott Norman, vice president of the Texas Mortgage Bankers Association.
The year concluded with 2 percent of Texas home loans in foreclosure, compared with 4.58 percent nationwide.

"Delinquencies Down, Optimism Up" was originally posted as a blog post at Shannon Register Real Estate Team on March 9, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Seven Tips for Buying in a Tight Market

Shannon Register, Realtor — Tue, 02 Mar 2010 03:45:42 +0000

Increase your chances of getting your dream house instead of losing it to another buyer, with these easy steps.

1. Get prequalified for a mortgage. You’ll be able to make a firm commitment to buy and make your offer more desirable to the seller.

2. Stay in close touch with your real estate sales associate to find out first about new listings that come on the market. And be ready to go see a house as soon as it goes on the market.

3. Scout out new listings yourself. Look at Internet sites, newspaper ads, and drive by the neighborhood frequently. Maybe you’ll see a brand-new “for sale” sign before anyone else.

4. Be ready to make a decision. Spend lots of time in advance deciding what you must have so you won’t be unsure when you have the chance to make an offer.

5. Bid competitively. You may not want to start out offering the absolute highest price you can afford, but don’t try to go too low to get a deal. In a tight market, you’ll lose out.

6. Keep contingencies to a minimum. Restrcitions such as needing to sell your home before you move or wanting to delay the closing until a certain date can make your offer unappealing. In a tight market, you’ll probably be able to sell your house rapidly. Or talk to your lender about getting a bridge loan to cover both mortgages for a short period.

7. Don’t get caught in a buying frenzy. Just because there’s competition doesn’t mean you should just buy anything. And even though you want to make your offer attractive, don’t neglect inspections that help ensure that your house is sound.

"Seven Tips for Buying in a Tight Market" was originally posted as a blog post at Shannon Register Real Estate Team on March 1, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Funding Approved for Island’s Damaged Public Housing

Shannon Register, Realtor — Mon, 01 Mar 2010 16:43:06 +0000

GALVESTON (Galveston County Daily News) – City council members yesterday released $25 million in federal disaster recover funding to begin the plan to rebuild 569 units of hurricane-damaged public housing.
The Galveston Housing Authority will use the money not only to rebuild the units, but also to leverage support for federal Hope VI grants to revitalize entire neighborhoods on the island.
The housing authority must rebuild 569 rental units of public housing, not homeownership units, according to an agreement with advocacy group Lone Star Legal Aid.
The first round of federal funding must be spent by September 2011, two years after the council approved the plan for spending the money.
Council members also approved conceptual plans for rebuilding three of the four public housing developments. These include Oleander Homes, Cedar Terrace and Magnolia Homes.
The housing authority will begin searching for architects for these developments as it draws up plans, which will then be sent to the planning commission to make a recommendation to the council for final approval.

"Funding Approved for Island’s Damaged Public Housing" was originally posted as a blog post at Shannon Register Real Estate Team on March 1, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Mortgage

Shannon Register, Realtor — Wed, 24 Feb 2010 18:16:36 +0000

WASHINGTON (Associated Press) – After one year of activity, the government’s mortgage relief plan has helped about 12 percent of borrowers who signed up for the program.

According to the Treasury Department, about 116,000 homeowners had completed the application process as of last month and are making permanently reduced loan payments, compared with over one million homeowners who began the process.

Over 61,000 homeowners have dropped out of the program either because they failed to make payments or did not return the necessary paperwork.

There have been calls recently for a major overhaul of the program, particularly for the government to further encourage banks to cut borrowers’ principle balances on their primary loans. Nearly one in three homeowners with a mortgage owes more to the bank than their property is worth, according to Moody’s Economy.com.

"Mortgage" was originally posted as a blog post at Shannon Register Real Estate Team on February 24, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Landlord-Tenant Laws Changed January 1

Shannon Register, Realtor — Sun, 21 Feb 2010 03:07:51 +0000

New Lease on Apartment Life

COLLEGE STATION (Real Estate Center) — Many new Texas laws were effective with the New Year. Among them were new guidelines aimed at keeping Texas landlords and tenants at arm’s length.

Judon Fambrough, the Real Estate Center’s attorney and author of the recently updated Landlords and Tenants Guide, provided some examples of how rules for the traditional antagonists have changed. Here are some examples.

Parents sign as guarantors for their daughter’s apartment. The parents guarantee rent payments for their daughter as well as her two roommates. When the daughter renews the lease for the second year, do the parents continue as guarantors even though the daughter has different roommates?

“The answer is no,” says Fambrough. “Texas law provides for parents to be bound as guarantors for the renewal, but the renewal must involve the same parties.”

What if the parents agree to be bound as guarantors for subsequent renewals by their daughter? Assuming the daughter has the same roommates, do the parents continue as guarantors even though there is a rent increase?

“Again, the answer is ‘no.’ New Texas law provides that there can be no change in the guarantors’ financial obligation,” Fambrough explained. “A rent increase changed the parents’ obligation and, therefore, they are no longer bound as guarantors.”

What if the daughter is hearing impaired? If this fact is disclosed to the landlord prior to signing the lease, must the landlord install smoke detectors for her before she moves in?

“No,” says Fambrough. “Landlords must install smoke detectors that are capable of alerting the hearing impaired in the bedrooms they use — if requested by the tenant or as required by law. The daughter must request the installation. Otherwise, the landlord has no obligation to install smoke detectors for the hearing impaired.”

Fambrough’s 2010 update includes the latest on many landlord-tenant subjects. When may landlords interrupt a tenant’s utility service? What is required to terminate a lease when family violence is involved? What rights do members of the military have? What conditions must be met before a landlord can legally charge a late fee?

To learn about these and other landlord-tenant laws, take the Landlord-Tenant Law Quiz on the Center’s website at http://recenter.tamu.edu/quiz/quiz201002.html#. For a free copy of the Center’s Landlords and Tenants Guide, go to http://recenter.tamu.edu/pdf/866.pdf.

"Landlord-Tenant Laws Changed January 1" was originally posted as a blog post at Shannon Register Real Estate Team on February 20, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

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Landlord-Tenant Laws Changed January 1