Shannon Register Real Estate Team » Realtor

Texas Leads Economic Recovery

Shannon Register, Realtor — Sun, 25 Jul 2010 03:52:20 +0000

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.

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.

Planning your next move?

Shannon Register, Realtor — Mon, 19 Jul 2010 19:48:26 +0000

Moving to the Houston area? I would like to be the first to welcome you and assist you with all of your real estate needs whether you are moving to Houston, The Woodlands, or Spring, Texas. As a relocation specialist, I can help you sell your current property anywhere in the world and find a new one in this area. As a RE/MAX agent, I help relocate families all over the globe. Please call me today and I will be happy to send you a copy of the Houston Newcomer Guide. It will help you narrow your search area and give you a lot of helpful information about the communities in the surrounding area. I would like to help you with all of your relocation needs and my website offers a wealth of information. You can search the entire Houston MLS database on my website and see my featured listings, too. You can read my award winning blog and catch up on all the latest housing news. Please call me today so we can get started. When you talk to your human resources coordinator, please ask for me by name! Shannon Register 832.628.SELL

"Planning your next move?" was originally posted as a blog post at Shannon Register Real Estate Team on July 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.

Habitat for Humanity’s Resale Store

Shannon Register, Realtor — Tue, 13 Jul 2010 20:15:20 +0000

When you moved into your home did your builder leave you a pallet of bricks? Do you have left over building materials from a remodeling project? Please do not throw away good, unused items you are replacing; consider donating them to the Habitat for Humanity Resale Store. It is located at 13572 C State Highway 249, Houston, 77086, at the intersection of Bammel N. Houston and SHW 249. The hours of operation are from 9-6 Monday through Saturday, except holidays. Donations can be dropped off at the store Tuesday through Saturday between 9 and 3pm. If you have a lot of heavy items, they will come to your house and pick up the building materials for you, just call 832.327.1120 to make arrangements.

Habitat NWHC’s ReStore is a resale outlet for new or gently used building materials and appliances which are sold to the public at a discount. This provides more funds for building homes, recycles building materials, and makes building materials available to the public at reduced prices for home improvement. It’s a great way to dispose of surplus building materials, fixtures, appliances and tools.

"Habitat for Humanity’s Resale Store" was originally posted as a blog post at Shannon Register Real Estate Team on July 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.

How Much Does That Home Really Cost?

Shannon Register, Realtor — Sat, 10 Jul 2010 03:06:46 +0000

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.

"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.

10 Things to Take the Trauma Out of Home Buying

Shannon Register, Realtor — Fri, 09 Jul 2010 19:18:43 +0000

1. Find a real estate professional who will fit your needs. Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the practitioner you choose is both skilled and a good fit with your personality.
2. Remember, there’s no “right” time to buy, any more than there is a right time to sell. If you find a home now, don’t try to second-guess the interest rates or the housing market by waiting. Changes don’t usually occur fast enough to make that much difference in price and a good home won’t stay on the market long.
3. Don’t ask for too many options. It’s natural to want reassurance for such a big decision, but too many ideas will make it much harder to make a decision.
4. Accept that no house is ever perfect. Focus in on the things that are most important to you and let the minor ones go.
5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, by trying to “win” by getting an extra-low price may lose you the home you love.
6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself-room size, kitchen-that you forget such issues as amenities, noise level, etc., that have a big impact on what it’s like to live in your new home.
7. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate insurance availability, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.
8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be some costs. Don’t leave yourself short and let your home deteriorate.
9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big commitment, but it also yields big benefits.
10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4% annually from 1998 to 2002, a home’s most important rose is as a comfortable, safe place to live.

"10 Things to Take the Trauma Out of Home Buying" 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.

Appraisal Update; Part I of Understanding the Home Valuation Code of Conduct (HVCC)

Shannon Register, Realtor — Wed, 07 Jul 2010 03:16:50 +0000

The ABR offers it’s members a Buyer’s Rep publication that provides members with industry news and updates each month. In the February 2010 edition there’s an article written by Melanie McLane, who is both a broker and a residential appraiser. Her insight is very informative, so I want to share it with my readers. I have summarized her article below.
The work of appraisers has been turned upside-down over the last year due to changes in the industry forced on them by the mortgage crisis taking place nationwide. Most of the changes in policies, procedures, and regulations over the past year have been detrimental for the appraisal industry. This also causes problems for real estate agents and their buyers.
How did this happen? First, in 2007 New York Attorney General Andrew Cuomo filed a lawsuit against First American Mortgage charging they allowed WaMu (Washington Mutual) to improperly pressure appraisers who would appraise at the value needed. In March 2008 Fannie Mae and Freddie Mac agreed to adopt new loan appraisal policies. May 1, 2009 The Home Valuation Code of Conduct (HVCC) became effective for all single-family mortgages (except government-insured loans) delivered to Fannie Mae and Freddie Mac. Feb 15, 2010 was the effective date for HUD’s version of HVCC. November 1, 2010 the original HVCC agreement is set to sunset on this date.
HVCC was designed to improve the integrity of the appraisal process, but several unintended negative consequences have occurred. Appraisal Management Companies take about 40% of the fee from appraisers and expect the appraisals to be completed quickly. This is leaving many appraisers disgruntled. The AMC’s send out bulk requests and the job goes to whoever applies first, which might not be the best appraiser for that particular area. AMC’s, for the most part, remain unregulated in most of the country. To make matters worse, most AMC’s are owned by banks! So are they really a firewall between the lenders and the appraisers?
So how does all of this affect you, the consumer? The quality of appraisals is down, so some buyers may overpay for houses. On the other hand, some appraisals are off in the other direction, causing sellers to lose money. Having an outside party AMC is actually slowing down the appraisal process and causing appraisals to take longer and closings to take longer.
You can learn more about HVCC at http://www.realtor.org/hvcc . I encourage my buyers to use lenders I recommend because I know those lenders because using a lender you don’t know anything about, could cost you your next home. Do not use internet lenders for a something as important as a mortgage! You can ask your lender, when looking for the best loan option, whether they use AMC or do they have an independent appraisal department. Also, how is the lender going to ensure an appraiser with geographic competency. Have local appraisers refused to work for your AMC and if so, why? These are all things you, the borrower, can ask your lender before they order an appraisal.
As a courtesy to my sellers, I include a list of upgrades for the appraiser. I also have the appraiser contact me to schedule the appraisal visit, so that I can talk to him and get his email address and send him a copy of the contract so he knows the purchase price. I also want to know if that appraiser is familiar with the area and has done appraisals in that area before. I want to be able to contact him directly if the house does not appraise in case he overlooked something.
The National Association of Realtors and others have been working to implement a moratorium on HVCC, but right now it is still set to go into full effect on November 1, 2010.

"Appraisal Update; Part I of Understanding the Home Valuation Code of Conduct (HVCC)" was originally posted as a blog post at Shannon Register Real Estate Team on July 6, 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.

How High Tech Is Your Home?

Shannon Register, Realtor — Sat, 03 Jul 2010 02:50:43 +0000

If the latest technology and entertainment options are important in your new home, add the following questions to your buyer’s checklist. This is interesting information I got from the REALTOR Magazine Online and reprinted with permission of the National Association of REALTORS. Visit the Consumer Electronics Association ( http://www.ce.org/techhomerating ) for a complete Tech Home Rating Checklist.

1. Are there enough jacks in every room for cable TV and high-speed Internet hookups? Does it include U-Verse if that’s important to your family?

2. Are there enough telephone extensions or jacks? Most people use their cell phones these days, but some still want a phone in every room, including the bathrooms.

3. Is the home prewired for a home theater or multi-room audio and video?

4. Does the home have a local area network for linking computers?

5. Does the home already have wiring for DSL or other high-speed Internet connection?

6. Does the home have multi-room lighting controls, window-covering controls, or other home automation features?

7. Does the home have multi-room lighting controls, window-covering controls, or other home automation features?

8. Is the home wired with multi-purpose in-wall wiring that allows for reconfigurations to update services as technology changes?

"How High Tech Is Your Home?" was originally posted as a blog post at Shannon Register Real Estate Team on July 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.

7 Homeowner Insurance Tips for Texans

Shannon Register, Realtor — Fri, 02 Jul 2010 02:51:48 +0000

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.

"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.

What Will You Net at Closing?

Shannon Register, Realtor — Mon, 28 Jun 2010 19:13:07 +0000

As a seller, what you want to know is what you will net at the closing table when you sell your home. To find out how much money you’ll net from your house, add up your closing costs and subtract them from the sale price of the house.
Possible Closing Costs for Sellers:

• Mortgage Payoff & Outstanding Interest
• Prorations for Real Estate Taxes
• Prorations for Utility Bills, Condo Dues, & other items paid in arrears
• Closing Fees Charged by Closing Specialist
• Home Inspections
• Attorney’s Fees
• Title Policy Fees
• Survey Charge
• Transfer Tax or other Government Registration Fees
• Brokerage Commission (Realtor Fees)
• Home Warranty for the Buyers

"What Will You Net at Closing?" was originally posted as a blog post at Shannon Register Real Estate Team on June 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.

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.

Is Now a Good Time to Buy a House in Texas?

Shannon Register, Realtor — Fri, 18 Jun 2010 02:36:26 +0000

As a Texas Realtor, I can assist you with this important decision.
Buying a house is a big step. The right time to take this leap depends on your financial and personal situation as well as your goals. If you are considering buying a house now, here are some strong reasons why the timing could be right:

• Housing prices in Texas have been steadily rising at a moderate pace for many years, even while other states have experienced wild price fluxuations.
• The tax credit still applies to some, inquire to find out more.
• Other Texas-specific programs can lower your interest rate or provide additional tax-credit incentives.
• Interest rates are at or near record lows. Even small reductions in the interest rate can significantly boost the purchase price you can afford whn buying a home.
• Texas has one of the most affordable housing markets compared to household income, according to the Real Estate Center at Texas A&M University.
• Our state’s economy is strong and diverse, and the population is expected to continue growing steadily. These factors all point to continued health in the housing market.

As a Texas Realtor, I can show you how our current housing-market conditions factor in to your goal of buying a home. You can count on me to put your interests first while I assist you during this exciting process. I can show you any house on the market!

This information and more can be found on the TexasRealEstate.com website.

"Is Now a Good Time to Buy a House in Texas?" 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.

Senior Living Cranks Up

Shannon Register, Realtor — Thu, 17 Jun 2010 18:29:16 +0000

HOUSTON (Houston Business Journal) – Multiple new senior-living projects are in the works in the Houston area. Among them:
• Wallace Bajjali and Outer Marker Properties LLC expect construction on Hampton Pointe Manor, a 78-unit assisted-living facility with 20 memory care units, to begin within 30 days. It will be at 3505 Murphy Rd.
• LaSalle Group Inc. of Dallas is developing a 46-bed facility, slated to be completed within a year, at 20313 South University Blvd. in the Riverstone master-planned community.
• LaSalle also acquired 2.8 acres in Spring for another 46-bed development known as Autumn Leaves of Cypresswood, which will break ground within a few weeks.
• San Antonio-based Galaxy Builders Ltd. and VDC Greenhouse Ltd. expect construction to begin this month on Greenhouse Place, a 160-unit apartment complex with rents ranging from $236 to $609 for one-bedroom units and $314 to $727 for two-bedroom units. An additional 110-unit complex in Alvin on 7.3 acres is also in the works.
• LDG Development LLC broke ground last month on the $16 million Melbourne Senior at 3075 Mustang Rd.
• Del Webb announced earlier this month that it will resume developing the 1,500-home project on hold in Fort Bend County. The neighborhood is planned for 500 acres at SH 59 and Thompsons Rd.

"Senior Living Cranks Up" 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.

Credit Reports & Misconseptions

Shannon Register, Realtor — Thu, 17 Jun 2010 03:20:28 +0000

By periodically checking your credit report, you can keep tabs on the factors that influence your credit score. Make sure you know where to get a copy of your reports and how to interpret them. You are entitled to one free credit report per year from all three credit reporting agencies – Equifax, TransUnion, and Experian. For free reports, use the AnnualCreditReport.com site. It will not give you the FICO score, but you will be able to view your credit report. Your credit report will show your creditors and the status of each account, public records like judgements, the requests that have been made to view your credit history, and personal data like your name, address, and social security number. Any negative information, like a missed mortgage payment, will stay on your credit for about four years. If you find a mistake on your credit report, you should file a dispute in writing with the agency that provided the report. If you have old charges that need to be paid off and they have been on your credit for many years, do not pay them if you are trying to get a mortgage. When you pay them it shows activity on the account and will actually lower your credit score. If the mortgage company requires them to be paid in order to give you the loan, usually you can pay them at closing. If you suspect that someone is requesting credit under your name you should file a 90-day fraud alert on your credit file.

"Credit Reports & Misconseptions" was originally posted as a blog post at Shannon Register Real Estate Team on June 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.

Is there a move in your future?

Shannon Register, Realtor — Mon, 14 Jun 2010 19:45:34 +0000

"Is there a move in your future?" was originally posted as a blog post at Shannon Register Real Estate Team on June 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.

Top 10 List of Things Your Lender Will Need

Shannon Register, Realtor — Mon, 14 Jun 2010 03:08:33 +0000

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.

TAX CREDIT EXTENDED!!

Shannon Register, Realtor — Mon, 14 Jun 2010 02:29:04 +0000

For Active Duty Military personnel living overseas during any part of the $8,000 First Time Home Buyer Tax Credit or the $6,500 Move Up Tax Credit – you are still eligible to take advantage of the tax credits until April 30, 2011.
The $8,000 First Time Home Buyer Tax Credit will be ending soon. You must be under contract by the end of April to qualify for the tax credit and must close on your home by the end of June. To qualify, the purchaser(s) may not have owned a primary residence in the last three years. It does not have to be a resale home, you may purchase from a builder. You should use a Realtor even when you purchase from a builder. It’s free for buyer’s to use Realtors and your Realtor will be representing you and looking out for your best interest. You can receive the maximum $8,000 tax credit if you are single with an income up to $125,000 or married with an income up to $225,000. The amount of the tax credit decreases as home buyers income approaches the maximum limit. Homebuyers earning more than the maximum qualifying income are not eligible for the credit.

There is an existing home buyer tax credit currently in place for $6,500. To use this tax credit you must sell your current primary residence that you have lived in for atleast five consecutive years and purchase another primary residence. If you don’t want to sell your current home, but have lived there for five years and now want to move to a new primary residence, you can still qualify for the tax credit. There are some income requirements, so check with your accountant to be sure you qualify.

Neither of these credits have to be repaid as long as you live in the new primary residence for at least three years.

"TAX CREDIT EXTENDED!!" 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.

Galveston Hit Hardest By New State Farm Rates

Shannon Register, Realtor — Fri, 11 Jun 2010 22:17:52 +0000

GALVESTON (Galveston County Daily News) – After increasing rates by 24.7 percent last October, State Farm has added 11.8 percent to the price of a policy for Galveston homeowners.
A policy formerly costing Galveston residents $2,292 now costs $3,196, up 39.4 percent since this time last year.
The increase took effect June 1 for existing customers while new customers have been paying the rate since May 1.
State Farm’s new rate resulted in an average statewide increase of 4.5 percent. Galveston’s increase is the highest in the state, with Brownsville, Brownwood, Fort Worth, Orange and Port Lavaca following close behind.
Kevin Davis of State Farm said most customers pay less than the stated rates because of discounts and “in fact, the net effect of our October rate change was a decrease or no change for more than 300,000 of our 1.2 million customers.”

>From 2003 to 2008, State Farm had no changes to its policy base rates.

"Galveston Hit Hardest By New State Farm Rates" was originally posted as a blog post at Shannon Register Real Estate Team on June 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.

Bank of America Settles Federal Charges

Shannon Register, Realtor — Thu, 10 Jun 2010 22:16:45 +0000

WASHINGTON, D.C. (Yahoo News) – Bank of America will pay $108 million to settle charges against Countrywide Financial Corp., which Bank of America purchased in July 2008.
The Securities and Exchange Commission charged three top executives, including CEO Angelo Mozilo, with civil fraud and insider trading last year.
Federal Trade Commission Chairman Job Leibowitz accused Countrywide of “callous conduct, which took advantage of consumers already at the end of their financial rope.”
Settlement agreements include refunding money to approximately 200,000 borrowers and notifying bankrupt borrowers monthly about what they owe, including fees.
The bank did not deny or admit to charges; however, they agreed to pay the settlement “to avoid the expense and distraction associated with litigating the case.”

"Bank of America Settles Federal Charges" was originally posted as a blog post at Shannon Register Real Estate Team on June 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.

Understanding Capital Gains in Real Estate

Shannon Register, Realtor — Mon, 24 May 2010 18:58:18 +0000

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.

"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.

Moving to Houston?

Shannon Register, Realtor — Fri, 21 May 2010 19:43:26 +0000

"Moving to Houston?" 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.

Upcoming HAR Article

Shannon Register, Realtor — Sat, 15 May 2010 22:56:17 +0000

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.

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.

The Pros & Cons of Condos

Shannon Register, Realtor — Tue, 04 May 2010 18:24:16 +0000

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.

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.

3 Open Houses This Weekend!

Shannon Register, Realtor — Fri, 23 Apr 2010 20:12:19 +0000

This weekend I will be holding open three of my listings. I hope you’ll stop by to see them!

Saturday from 1-3pm 25819 Sarah Springs, Spring, 77373, Spring Lakes Subdivision

Saturday from 3-5pm 25714 Serene Springs, Spring, 77373, Spring Lakes Subdivision

Sunday from 2-4pm 25535 Mill Pond, Spring, 77373, Lexington Woods Subdivision

"3 Open Houses This Weekend!" was originally posted as a blog post at Shannon Register Real Estate Team on April 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.

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.

Hidden Defects to Look for When Purchasing a Home

Shannon Register, Realtor — Fri, 16 Apr 2010 17:47:32 +0000

When you are purchasing a home, there are hidden defects that you will want to look for. Your seller will give you a disclosure statement to read over that will indicate any past problems that they are aware of in the house. However, if it’s a foreclosure, the bank has never lived in the house and does not have to supply you with a disclosure statement. I always encourage my buyers to get an inspection because the inspector is licensed and knows what to look for in the property. You also want to be on the lookout for water leaks, foundation issues, drainage problems, termites, roof issues, potential wiring problems, and plumbing issues. Stains on ceilings and near baseboards can be indicative of water leaks. Large cracks in the homes foundation and horizontal cracks in walls and ceilings can indicate shifting in the foundation. Look for standing water, either around the foundation of the home or in the yard. You will want to have an exterminator check for termites. Your inspector will be looking for broken or missing copings and buckled shingles. They will also check to make sure the property does not have an antiquated fuse box and outlets without a place to plug in the grounding prong. Make sure you check water pressure in showers, faucets and outside water pressure. Also listen for banging in pipes. These are all things you want to be watching out for when you are purchasing a home. In addition to a home inspector checking out the property, you might want to have a certified HVAC dealer check out the heating and air conditioning systems in the home.

"Hidden Defects to Look for When Purchasing a Home" was originally posted as a blog post at Shannon Register Real Estate Team on April 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.

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