TEXAS (Real Estate Center) – Just over 21,717 existing single-family homes were sold in Texas last month, roughly the same as a year ago, according to MLS data compiled by the Real Estate Center at Texas A&M University.
The median price was down 1 percent to $153,300 during the same period, and the state finished the month with a 7.8-month inventory of existing homes.
Here is how select Texas cities fared in March (data current as of July 26, 2010):
Sales Change from
Last Year Median
Price Change from
Last Year Months’
Inventory
Austin 2,216 down 2% $202,800 up 4% 7.2
Brownsville 50 down 14% $96,000 up 11% na
Dallas 4,554 down 3% $170,100 up 2% 6.8
El Paso 736 up 53% $132,600 down 1% 6.8
Fort Worth 833 up 5% $111,800 down 6% 6.9
Houston 6,175 up 3% $158,100 down 3% 7.5
Kerrville 30 down 35% $151,400 down 13% 22.8
Lufkin 56 up 2% $120,000 up 9% na
Odessa 131 up 87% $125,300 down 6% 7.9
San Antonio 1,924 down 1% $151,700 down 3% 8.2
Texas 21,717 0% $153,300 down 1% 7.8
Additional home sales data for these and other major Texas cities are available on the Center’s website.

"Existing Home Sales Unchanged From Last Year" was originally posted as a blog post at Shannon Register Real Estate Team on July 28, 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.

© 2008-2010 | Shannon Register Real Estate Team

Starting August 1st I will begin a new video blog series. The Houston Association of Realtors created 61 short videos for consumers that are excellent. They are very informative and I am so excited that I can share all of them with you on my blog. I will share two videos per week. We hope you’ll love them as much as we do and share them with you facebook friends!

"New Video Series" was originally posted as a blog post at Shannon Register Real Estate Team on July 28, 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.

© 2008-2010 | Shannon Register Real Estate Team

COLLEGE STATION (Real Estate Center) – Texas is leading the United States in the current U-shaped economic recovery. The state’s economy experienced its second month of positive annual employment growth after 16 months of job losses.

 Texas’ annual employment growth rate was 0.9 percent from June 2009 to June 2010 compared with a negative rate of 0.1 percent for the nation. After 17 months of job losses, the state’s private sector posted a positive annual employment growth rate of 0.4 percent.

 The state’s seasonally adjusted unemployment rate rose from 7.8 percent in June 2009 to 8.2 percent in June 2010, while the U.S. rate in June was 9.5 percent, the same as in June 2009.

 Six Texas industries — education and health services; mining and logging; professional and business services; leisure and hospitality; manufacturing; and transportation, warehousing, utilities — and the government sector had more jobs in June 2010 than in June 2009. Five other industries experienced net job losses over the same period.

Sixteen Texas metro areas experienced positive employment growth rates from June 2009 to June 2010, up from 13 for the period from May 2009 to May 2010. College Station-Bryan ranked first in job creation followed by San Angelo, McAllen-Edinburg-Mission, Killeen-Temple-Fort Hood and Waco.

 The state’s actual unemployment rate in June 2010 was 8.5 percent. Midland had the lowest unemployment rate followed by Amarillo, Lubbock, San Angelo, Abilene and College Station-Bryan.

 The Real Estate Center’s complete economic review is available on the Center’s website.

"Texas Leads Economic Recovery" was originally posted as a blog post at Shannon Register Real Estate Team on July 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.

© 2008-2010 | Shannon Register Real Estate Team

1.  How will you keep me informed and how often will you update me?  If a selling agent, updates on the marketing and online views of my home.  If buying agent, new properties for sale. 

2.  How long have you been selling real estate and is it your full time job? 

3.  If selling, what are the absorption rates for my neighborhood?  How long will it take to sell my home?

4.  What is your marketing plan?  Are you taking advantage of social media, all the REALTOR Association resources, what kind of resources does your brokerage offer? 

5.  What sets you apart from other agents?

6.  Will you represent me exclusively or do intermediary and represent the buyer or seller in the transaction?  A good REALTOR will explain agency relationships.

7.  How close were the asking prices and the sales prices of homes selling in my neighborhood over the past three to six months.

8.  What designations do you hold?  Designations are additional real estate training the REALTOR has been through.  This is considered specialized training that is only help by one quarter of real estate agents.

"Top 8 Questions to Ask When Choosing a REALTOR" was originally posted as a blog post at Shannon Register Real Estate Team on July 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.

© 2008-2010 | Shannon Register Real Estate Team

A $200,000 home costs more than a $185,000 home, right? Well, yes and no. Assuming the same type of financing for both homes, the $200,000 home does cost more initially. But many factors contribute to the overall long-term cost of a house. Here are some things to keep in mind when trying to determine the true cost of purchasing a particular home:

• Does it have a pool or hot tub that requires maintenance?
• How much yard maintenance is required and who will perform it?
• Are there trees that should be removed?
• What are the utility costs? Although your usage won’t be exactly the same as the current owners, you may be able to get their utility bills for the past year from them or directly from the utility company.
• How soon will the roof need to be replaced?
• Does the house need repainting?
• Does the electrical system need upgrading to handle the load for your appliances and electronics?
• Does the home have aluminum wiring, lead-based paint, or other safety or health hazards you will want to address?
• Does the house need new carpeting or flooring?
• What remodeling projects do you see as a must?
• Will appliances need replacing?
• What are the estimated property taxes for the property?

Also, be sure to get a professional inspection to identify other potentially costly problem areas.

2004 by the Texas Association of Realtors, All rights reserved.

"How Much Does That Home Really Cost?" was originally posted as a blog post at Shannon Register Real Estate Team on July 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.

© 2008-2010 | Shannon Register Real Estate Team

This week Governor Rick Perry appointed two new public members to the Texas
Appraiser Licensing & Certification Board (TALCB); Mr. Malachi O. Boyuls of
Dallas and Ms. Sheryl Swift of Galveston. Mr. Robert D. Davis, Jr., currently a
public member on the Board, has been reappointed with a new term expiration of
January 31, 2012.
Mr. Boyuls is an associate in the Dallas office of Gibson, Dunn & Crutcher LLP,
where he currently practices in the firm’s Litigation Department. Mr. Boyuls
received his law degree from New York University in 2006 and his undergraduate
degree in Religion and Philosophy from the University of Mary Hardin Baylor in
2002, where he was a member of the Crusader football team. Mr. Boyuls’ term
expires January 31, 2012 and he replaces Bill Schneider of Austin.
Ms. Swift is a Registered Texas Assessor Collector and is the Chief Deputy of
Operations with the Galveston County Tax Office, where she supervises all fund
related operations within the main and branch offices. In addition, Ms. Swift is
responsible for training all management staff on the Operations team. She has been
with Galveston County since December 2000. Ms. Swift’s term expires January 31,
2011, and she replaces Danny Perkins of Houston.
“I am very happy to welcome Mr. Boyuls and Ms. Swift to the Board and look
forward to working with them on the many challenges facing the appraiser
profession in Texas,” commented TALCB Chairman, James “Jaime” Ratliff. “At
the same time, while we are sorry that Mr. Schneider and Mr. Perkins are leaving,
we sincerely thank them for their many years of dedication and service.”
Also new to the agency is Mr. Steven Leipsner of Lakeway who has been appointed
as the sole public member to the statutory TREC Broker-Lawyer Committee. His
term ends in 2015.
The agency welcomes these new appointees!

"Two New TALCB Board Members" was originally posted as a blog post at Shannon Register Real Estate Team on July 8, 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.

© 2008-2010 | Shannon Register Real Estate Team

It has been my experience that home buyers follow their hearts. They should, of course, because they are making a huge purchase for their family. It’s an important decision and not one you make every day. However, sometimes it is important to set aside emotions and make a clear thinking decision and make sure your dream home is not a money pit.
Always hire a professional inspector to inspect the home you choose before you complete the sale, even if it’s a foreclosure or short sale. There are five key areas to determine if the home has serious problems; roof, foundation, piping, flooding, and unapproved work.

1. Roof – A new roof can cost between $5,000-$15,000 depending on the type.
• A quick method to determine if the roof is leaking is to look in the attic. Warning – don’t climb into the attic yourself, unless you know how to simply open the attic access panel and look inside.
• With a flashlight check the rafters. They should not show water stains, which indicate leaking.
• With the flashlight off, look up at the roof
• Any pintpoints of light shining through indicate a worn roof.

2. Foundation – A cracked foundation is a serious matter. It can cost tens of thousands of dollars to fix it, and, in severe cases, may not be fixable. Keep an eye out for these potential warning signs:
• V-shaped cracks (larger at the top than at the bottom) around the perimeter of the house.
• Cracks in interior walls near corners of doors or windows. Look at all the corners of windows and doors, and at joints where walls meet walls, ceilings, or doors for signs that they are pulling away from each other.
• Doors that stick and squeak.
• Leaks and cracks in and around the fireplace.
• Obvious cracks in the brick and mortar.

3. Piping – Copper piping rarely corrodes and is the plumbing of choice these days, but many older homes have galvanized steel plumbing. After 30 years or so it tends to rust out and leak. Replacing it can cost $5,000 or more, so it’s something you’ll want to watch out for. Call a plumber if you have specific questions.

4. Flooding – If a house is poorly situated on its lot, flooding can occur under the house, which can seriously damage the home. In the basement, check for water stains on the foundation indicating flooding during rainly periods. If you find these, call in a soils engineer to confirm the problem and suggest solutions.

5. Unapproved work – All improvements to the property should have been done with permits from the local building department. Work done without permit may be substandard and , if discovered later, may beed to be ripped out. Go down to your local building department and request copies of permits for all work that was done at the property address. Compare these with any additions or replacements done by the seller. If work was not done by permit, you may ask the seller to obtain permits for the work and bring it up to building-code standards before you purchase.

Copyright 2004 by the Texas Association of Realtors, all rights reserved.

"When Checking Out a House, Leave Your Emotions at Home" was originally posted as a blog post at Shannon Register Real Estate Team on July 3, 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.

© 2008-2010 | Shannon Register Real Estate Team

Here are seven ways to cut the cost of your home insurance from http://helpinsure.com , a Texas customer-friendly Internet site. These are tips to help you save on your homeowners insurance.
1. Shop around – and do it early! Check with several different home insurance companies to get rate quotes. (An independent insurance agent can provide rate quotes from a variety of companies.) And definitely do it well before your policy expires, just in case you run into any snags along the way.
2. Raise your deductible. The deductible is the amount of money you have to pay toward a loss before your insurance kicks in. Home insurance deductibles usually start around $250. However, if you increase your deductible to:
$500, you’ll save up to 12% on your premiums
$1,000 ? Save up to 24%
$2,500 ? Save up to 30%
$5,000 ? Save up to 37%
3. Buy your home and auto policies from the same company. Many companies will give what’s called a “multi-line” discount if you buy both home insurance and auto coverage from them.
4. Don’t skimp when buying a home. If you’re looking at buying a home, think about the cost of insuring the home. A newer home’s electrical, heating, and plumbing systems and overall structure are likely to be in better condition than those of an older home – and can lead to a discount on your premiums.
5. Insure your home, not the land. While your home and its contents are at risk from fire, theft, windstorms, and other perils, the land your home sits on is not. Don’t include the value of the land in deciding how much home insurance you need to buy.
6. Improve security and safety. Items such as dead-bolt locks, burglar alarms, and smoke detectors can usually bring discounts of 5% each. Your insurance company may also offer a significant discount of 15% or sometimes even 20% if you install a sophisticated home-security system.
7. Check your policy annually. Your policy should reflect the value of your home and belongings. If you review your policy every year, you can easily make the necessary adjustments. If, for example, you just sold a valuable painting, you won’t need the same amount of personal property coverage. But if you’ve added a garage or other addition, you’ll need to increase your dwelling coverage.

2004 Copyright Texas Association of Realtors. All rights reserved.

"7 Homeowner Insurance Tips for Texans" was originally posted as a blog post at Shannon Register Real Estate Team on July 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.

© 2008-2010 | Shannon Register Real Estate Team

The right landscape design can make all the difference to a prospective buyer, especially when it’s beautifully and carefully executed. In fact, Realtors and landscape professionals estimate that a well-landscaped yard can add 5% to 15% to the selling value of a house. Houses that look good from the road carry higher price tags – a fact that turns landscape investments into money in the bank when selling a house. Here are a few ideas on how to improve your landscape:

TREES
• One of the best investments you can make is a glorious stand of healthy trees as part of a well-landscaped yard. Realtors across Texas and the rest of the country know that healthy trees can increase the property value of a home, as well as provide years of aesthetic benefits to owners. Trees also cut down on energy costs. When Kiplinger published the 25 best ways to invest $1,000, buying a big tree was at the top of the list. If your selling timetable doesn’t allow for planting and nurturing a tree to maturity, remember this advice for your next home.
• Since a tree is a long-term investment, it’s important to start with a high-quality plant. In the case of trees, money definitely buyer quality. Trees that are 8-10 feet tall-either balled or wrapped in burlap or established and growing in containers-are usually the best buy. Homeowners can expect to pay anywhere from $200 to $1,000 for a quality tree.

PLANTS
• Add a few plants around the foundation of the house and in “curb appeal” areas such as near the front door. Or, consider using more permanent bushes, especially those that flower in the summer and have colorful buds in the winter.
• Gardeners on a budget can buy a few plants, then, add more as your budget allows.
• For an especially inexpensive jolt for your yard, flowers are a homeowner’s best friend. Bright splashes of color add visual appea. Though they’re usually temporary. For this reason, they’re great if you suddenly need to put your house on the market and need a quick landscaping fix. At that point, it’s best to stick to the basics, leaving more costly and permanent landscaping to the new owners.

Copyright 2004 Texas Association of Realtors. All rights reserved.

"Landscaping Touches that Help SELL Homes" was originally posted as a blog post at Shannon Register Real Estate Team on June 26, 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.

© 2008-2010 | Shannon Register Real Estate Team

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!

Copyright 2004 by the Texas Association of Realtors. All Rights Reserved.

"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.

© 2008-2010 | Shannon Register Real Estate Team

1. Homes are bought by comparison. I have a large inventory at my disposal through MLS while you have an inventory of one.
2. I am very familiar with competitive houses so I can help you position your home well.
3. It is hard negotiating for yourself. I have ltos of experience in writien contracts and can negotiate agressicely on your behalf.
4. Buyers are not always forthright about their financial situation. I insist on pre-qualifying before I even bring you an offer.
5. My lender contacts and mortgage experience help buyers get the financing they need.
6. Most buyers don’t want to tell the seller why they don’t make an offer. I can probe the buyer or his agent for that information.
7. Any follow up you do with a buyer can be seen as desperation I follow up as part of my job so that you are not perceived in a compromising light.
8. I can showcase your improvements better so that you don’t apprea like you are “selling.”
9. Most sellers who spend their time as a For Sale By Owner end up by listing in the end. A recent NAR survey found that only 11% of sellers nationally ended up selling by owner. Why spend your time and money if in the end you will hire a Realtor?
10. Unqualified buyers can tie up your home. I make sure that doesn’t happen.
11. Personality conflicts with a buyer can get in the way. I comne between the buyer and the seller so that personalities don’t enter it.
12. Most buyers use a Realtor, which increases the number of buyers who will see your home.
13. I can mobilize my company agents and other area Realtors on your behalf.
14. An NAR survey of recent closed sellers found that Relator-assisted sales brought in 20% more sales price than For Sale By Owner sales.
15. A FSBO sign makes you vulnerable for any curious seeker or unsavory character. When you list, only buyers accompanied by a Realtor will get into your home.
16. Being accessible to show your home limits your personal time and cuts down the available showing time. When you list, your property will be available during normal showing hours and the prostpect will always be accompanied by me or another Realtor.
17. Additional exposure through MLS and the Internet brings you a higher price.
18. I orchestrate the contract-to-closing process, including the appraisal, buyer-loan process, title, inspections, pest control, survey, etc., by taking this burden off of you.
19. I make sure that you are compliant with all laws relating to the sale of your home.
20. I only get paid when I get the job done.

I have access to this information and much more because I am a Realtor and I have obtained the GRI (Graduate Realtor Institute) Designation. This information is from the Texas Association of Realtors Website.

"20 Reasons to Hire a Texas REALTOR" was originally posted as a blog post at Shannon Register Real Estate Team on June 21, 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.

© 2008-2010 | Shannon Register Real Estate Team

When buying a home, how do you know what you’re getting? Most people probably only think of one or two questions to ask a home inspector: “How much is your fee?” and “When can you be there?” But these only scratch the surface.

Below is a list of suggested questions you might want to ask:

• What types of licenses do you hold
• What kind of training do you have
• Do you belong to a professional inspectors’ association
• How long have you been licenses in Texas
• Are you a full-time home inspector
• How much do you charge
• Do you also perform repairs? (If the answer is yes, that may indicate a conflict in interest)
• What will the inspection include? (Get specifics. It should include the electrical, heating, and central air-conditioning systems; interior plumbing; visible insulation; roof; walls; ceilings; floors; windows; doors; foundation; basement; and the visible structure of the house.)
• Do you inspect gas lines, swimming pools, spas, septic systems, and wells? Do you charge extra for these?
• Do you charge extra based on the size of the home? Multiple A/C units? Other items?
• How much would you charge if I ask for a reinspection after repairs are completed?
• Will you supply a written report? (Should!)
• Can I attend the inspection? (If the answer is no, find another inspector. This is the opportunity for you to learn about your new home.)
• Do you go up on the roof to inspect
• How long does a typical inspection take? (Should take atleast two hours.)
• Can I call you with questions that come up later?
• Can you give me names and phone numbers of three people for whom you’ve inspected homes recently

The inspector might not inspect swimming pools, wells, septic tanks, and other systems and items, and many inspectors will not conduct environmental tests or wood-destroying insect inspections. You will likely need to arrange for these inspections separately.

You can find a blank copy of the standard inspector report form at www.trec.state.tx.us to give you an idea of what may or may not be covered in the inspection.

"A Home Inspection is Well Worth the Cost?" 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.

© 2008-2010 | Shannon Register Real Estate Team

When you start looking for a home, you first need a pre-approval for a mortgage.  Below is a list of things your lender is going to need to process your loan.  They may ask for additional items, but this is a list to get you started.  Make sure you get these items to your lender in a timely manner your home purchase moving along.  This way, you will be able to close when you have planned to close on your new home.

10.  Previous addresses where you have lived over the past 5-7 years.

9.  Payments you are currently making; a list of current lenders and revolving creditors with account numbers.

8.  Credit card numbers with amounts you owe on each credit card.

7.  Verification of all income, including child support and part time jobs.

6.  Documentation on all retirement accounts, like a 401K.

5.  Asset list.  Things on this list would include boats, cars, collectibles, RV, etc.  Also include brokerage account statements for stocks and bonds.

4.  Two to three years of tax returns.

3.  Checking and savings account statements for banks and credit unions.

2.  Current pay stubs.

1.  W-2′s.

"Top 10 List of Things Your Lender Will Need" was originally posted as a blog post at Shannon Register Real Estate Team on June 13, 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.

© 2008-2010 | Shannon Register Real Estate Team

Check your home warranty policy to see which of the following items are covered. Also check to see if the policy covers the full replacement cost of an item.

• Plumbing
• Electrical Systems
• Water Heater
• Furnace
• Heating Ducts
• Water Pump
• Dishwasher
• Stove/Cooktop/Ovens
• Microwave
• Refrigerator
• Washer/Dryer
• Swimming Pool (optional)

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

"How Comprehensive Is Your Home Warranty?" was originally posted as a blog post at Shannon Register Real Estate Team on June 12, 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.

© 2008-2010 | Shannon Register Real Estate Team

Hold a yard sale to reduce the clutter in your home and get rid of items you don’t want to move.

1. Check with your city government to see if you need a permit or license.
2. See if neighbors want to participate and have a “block” sale to attract more visitors.
3. Advertise. Put an ad in free classified papers, and put up signs and balloons at major intersections and in stores near your home.
4. Price items ahead and attach prices with removable stickers. Remember, yard sales are supposed to be bargains, so don’t try to sell anything of significant value this way.
5. Check items before the sale to be sure you aren’t including something you want by mistake.
6. Keep pets away from the sale.
7. Display everything neatly and individually so customers don’t have to dig through boxes.
8. Have an electrical outlet so buyers can test appliances.
9. Have plenty of bags and newspaper for wrapping fragile items.
10. Get enough change, and keep a close eye on your cash.

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

"Tips for Holding a Yard Sale" was originally posted as a blog post at Shannon Register Real Estate Team on June 3, 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.

© 2008-2010 | Shannon Register Real Estate Team

June 1 is the beginning of the Hurricane Season.  Make sure you and your family are prepared!  Below is a link that will help with Hurricane Readiness for your family.

http://www.nhc.noaa.gov/HAW2/english/disaster_prevention.shtml

"Hurricane Season Begins Today!" was originally posted as a blog post at Shannon Register Real Estate Team on June 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.

© 2008-2010 | Shannon Register Real Estate Team

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.

© 2008-2010 | Shannon Register Real Estate Team

HOUSTON (Houston Business Journal) – Sales on existing single-family homes in the Houston area totaled 5,321 last month — a 26.7 percent increase over the 4,199 homes sold in April 2009.

 The largest sales jump appeared in properties priced above $500,000.

 The average price of a single-family home appreciated to $206,414, up 6.8 percent from April 2009.

 This is the second month in a row for a rise in sales and the seventh consecutive month for an increase in home prices for the Houston area.

"Houston Home Sales Take Off in April" was originally posted as a blog post at Shannon Register Real Estate Team on May 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.

© 2008-2010 | Shannon Register Real Estate Team

When you sell a stock, you owe taxes on your gain – the difference between what you paid for the stock and what you sold it for. The same is true with selling a home (or a second home), but there are some special considerations.
How to Calculate Gain:

In real estate, capital gains are based not on what you paid for the home, but on its adjusted cost basis. To calculate this:

1. Take the purchase price of the home: This is the sale price, not the amount of money you actually contributed at closing.
2. Add adjustments:
a. Cost of the purchase – including transfer fees, attorney fees, inspections, but not points you paid on your mortgage.
b. Cost of sale – including inspections, attorney’s fee, real estate commission, and money you spent to fix up your home just prior to sale.
c. Cost of improvements – including room additions, desk, etc. Note here that improvements do not include repairing or replacing something already there, such as putting on a new roof or buying a new furnace.
3. The total of this is the adjusted cost basis of your home.
4. Subtract this adjusted cost basis from the amount you sell your home for. This is your capital gain.

A Special Real Estate Exemption for Capital Gains

Since 1997, up to $250,000 in capital gains ($500,000 for a married couple) on the sale of a home is exempt from taxation if you meet the following criteria:

• You have lived in the home as your principle residence for two out of the last five years.
• You have not sold or exchanged another home during the two years preceding the sale.

Also note that as of 2003, you also may qualify for this exemption if you meet what the IRS calls “unforeseen circumstances,” such as job loss, divorse, or family medical emergency.

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

"Understanding Capital Gains in Real Estate" was originally posted as a blog post at Shannon Register Real Estate Team on May 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.

© 2008-2010 | Shannon Register Real Estate Team

McLEAN, Va. (The Wall Street Journal) – Home mortgage rates reached their lowest level of the year, according to Freddie Mac’s weekly survey of mortgage rates.

 The 30-year fixed-rate mortgage averaged 4.93 percent, down from 5 percent a week ago.

 The 15-year fixed-rate mortgage fell from 4.36 percent to 4.3 percent while the five-year Treasury-indexed hybrid adjustable-rate mortgage showed to be 3.95 percent.

 One-year Treasury-indexed ARMs averaged 4.02 percent.

"May Brings 2010′s Lowest Mortgage Rates" was originally posted as a blog post at Shannon Register Real Estate Team on May 21, 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.

© 2008-2010 | Shannon Register Real Estate Team

TEMPLE (USDA) – The USDA Natural Resources Conservation Service (NRCS) has announced an additional $14.3 million in conservation financial assistance for working lands through the Grassland Reserve Program (GRP).

 GRP helps landowners and operators protect working grasslands, including hay land, pastureland, native grasslands and certain other lands through rental contracts or conservation easements.

 NRCS and USDA’s Farm Service Agency jointly administer the program.

For more information visit NRCS online.

"Grassland Protection Funds Available" was originally posted as a blog post at Shannon Register Real Estate Team on May 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.

© 2008-2010 | Shannon Register Real Estate Team

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.

© 2008-2010 | Shannon Register Real Estate Team

Look for my article in the June 2010 Houston Realtor Magazine published by HAR.com.  The article addresses blogging and how it has been a benefit to my business.  People often ask me how blogging has helped with my success.  I hope you enjoy the article that addresses not only blogging, but all types of social media.

"Upcoming HAR Article" was originally posted as a blog post at Shannon Register Real Estate Team on May 15, 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.

© 2008-2010 | Shannon Register Real Estate Team

1. Hire a cleaning service. A spotlessly clean home is essential; dirt will turn off a prospect faster than anything.
2. Mow your lawn, and be sure toys and yard equipment are put away.
3. Serve cookies, coffee, and soft drinks. It creates a welcoming touch. But be sure the kitchen has been cleaned up; use disposable cups so the sink doesn’t fill up.
4. Lock up valuables like money, jewelry, etc. Although the real estate salesperson will be on site during the open house, it’s impossible to watch everyone all the time.
5. Turn on all the lights. Even in the daytime, incandescent lights add sparkle.
6. Send your pets to a neighbor or take them outside. If that’s not possible, crate them or confine them to one room (a basement or bath), and let the salesperson know where to find them.
7. Leave. It’s awkward for prospective buyers to look in your closets and express their opinions of your home with you there.

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

"Top 7 Ways to Prepare for Your Open House" was originally posted as a blog post at Shannon Register Real Estate Team on May 8, 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.

© 2008-2010 | Shannon Register Real Estate Team

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.

© 2008-2010 | Shannon Register Real Estate Team

The following information is reprinted from REALTOR Magazine Online by permission of the National Association of REALTORS – copyright 2005 – all rights reserved.

Condominiums and townhouses offer an affordable option to single-family homes in most areas, but consider these facts before you buy.

1.  Storage.  Some condos have storage lockers, but usually there are no attics or basements to store belongings.

2.  Outdoor space.  Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain outdoors, this may not be a good fit.  However, if you hate yard work, this may be the perfect option for you.

3.  Amenities.  Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home. 

4.  Maintenance.  Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let in owrkers when you’re not home.

5.  Security.  Many condos have keyed entries and or even door attendants.  Plus, you’ll be closer to other people in case of an emergency.

6.  Reserve funds and association fees.  Although fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees agreed to by the condo board, whether or not you’re interested in the amenity or not.

7.  Resale.  The ease of selling your unit is more dependent on what else is for sale in your building, since units are usually fairly similar.  Single-family homes usually are more individual.

8.  Freedom.  Although you have a vote, the rules of the condo association can affect your ability to use your property.  For example, some condos prohibit home-based businesses.  Others prohibit pets.  Read the covenants, restrictions, and bylaws of the condo carefully before you make an offer.

9.  Proximity.  You’re much closer to your neighbors, in a condo or town home.  If possible, try to meet your closest prospective neighbors before making a decision.

"The Pros & Cons of Condos" was originally posted as a blog post at Shannon Register Real Estate Team on May 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.

© 2008-2010 | Shannon Register Real Estate Team

FORT WORTH (Fort Worth Star-Telegram) – For the second year in a row, Texas cities took half of the top ten spots in Newgeography.com’s annual ranking of the best cities in the nation in which to find a job.

 Austin–Round Rock–San Marcos ranked first, San Antonio–New Braunfels second, Houston–Sugar Land–Baytown third, Dallas-Plano-Irving fifth and Fort Worth–Arlington seventh.

 Among the medium-sized cities that Newgeography.com ranked, El Paso was fifth, McAllen-Mission-Edinburg was sixth and Corpus Christi was seventh.

 College Station–Bryan was the third best smallest city in which to find a job. Killeen–Temple–Fort Hood was fourth.

 The rankings are based on three-month rolling averages of monthly employment data from the Bureau of Labor Statistics from November 1999 to January 2010.

"Texas Cities Best Places for Jobs" was originally posted as a blog post at Shannon Register Real Estate Team on May 3, 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.

© 2008-2010 | Shannon Register Real Estate Team

TEXAS (Real Estate Center) – A total of 19,330 existing single-family homes were sold in Texas last month, up 16 percent from March 2009, according to MLS data compiled by the Real Estate Center at Texas A&M University.

The median price was up 4 percent to $144,600 during the same period, and the state finished the month with a 7.1-month inventory of existing homes.

Here is how select Texas cities fared in March (data current as of April 27, 2010):

Additional home sales data for these and other major Texas cities are available on the Center’s website.

"Texas Existing Home Sales, Prices Up in March" was originally posted as a blog post at Shannon Register Real Estate Team on May 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.

© 2008-2010 | Shannon Register Real Estate Team

HOUSTON (Houston Business Journal) – New home sales surged 26.9 percent from February to March, according to the Department of Commerce.

 The nationwide increase, which was the largest one-month gain in five decades, was accompanied by a 23.8 percent increase in new home sales year over year.

 There were 228,000 new homes on the market at the end of March, a 6.7-month inventory at the current sales rate.

 Last month’s sales increase was credited partially to fairer weather and buyers hurrying to beat the expiration of the government’s homebuyer tax credit.

"US New Home Sales Surge" was originally posted as a blog post at Shannon Register Real Estate Team on April 28, 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.

© 2008-2010 | Shannon Register Real Estate Team

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.

© 2008-2010 | Shannon Register Real Estate Team