Houston, Texas and its surrounding area has seen a slight decline in sales and home prices but compared to other cities across the country our great town of Houston is doing well. There are lots of places to visit such as the Space Center, The Aquarium both in downtown Houston, and Kemah. The Houston Zoo. There is also Moody Gardens in Galveston and many other spectacular eating places.
Houston is the workplace for many hospitals and medical research facilities along with the oil and gas industry and Space center facilities.
If you would like more information regarding Houston, Spring, The Woodlands, Lake Conroe please feel free to email me at patti@PattiMace.com.
The weather in 2008 was hard on people and their homes all over our great Country from hurricane Ike, to deadly tornado’s and ice/snow storms. Even if you were lucky enough notto have to endure any of these treacherous storms you most likely new someone that was dealing with it.
In trying to help a friend I learned something new today regarding remodeling projects and wanted to pass the information on just in case you had not heard or might have forgotten. Contractors are required to register interior renovations on a project that exceed a cost of $10,000.00 with the Texas Residential Construction Commission. The commission charges fees to the contractor/remodeler for the application and for follow up inspections. The TRCC will review the application and do a background check for the registered agent of the contractor/remodeler.
The contractor is also required by law on home improvements/repairs that exceed $5000.00 to deposit your payments in a construction account with a financial institution. Homeowners can ask for written verification of the existence of the construction account and how the disbursements are being done. Access to the account record should be included as a requirement in your written construction contract.
I hope this helps people become aware of these requirements and if you see or know of things you would like me to get the word out on please place it on my blog. Knowledge helps all of us.
As our new President Obama stated earlier today “What is required of us now is a new era of responsibility — a recognition, on the part of every American, that we have duties to ourselves, our nation, and the world, duties that we do not grudgingly accept but rather seize gladly,” Obama said. “This is the price and the promise of citizenship.”
I would love it if you all would please post on my website your thoughts on the economic conditions so that I and others can have your input in regards to purchasing homes while the economy is in a recession. In this real estate market there are positives and negatives regarding buying or selling a home.
On the good side first-time home buyers have the same advantage they have always had, which is that they do not have to sell their old place before buying a new one. This purchase is a positive for the economy, plus once the first-time home buyer purchases the home it leaves the door open for the seller to move on or up to a larger home which continues to help stimulate the economy.
Unfortunately for sellers home prices have dropped significantly especially with all the foreclosures and short sales on the market. Depending on where the home is located it may be a few years before home prices begin to move in an upward direction.
Post to me your thoughts! Also, keep working on your credit score and saving towards your new home.
www.pattimace.com, or patti@pattimace.com
hope to hear from you all….
With the woes of the economy it is more important now than ever before that you are controlling your debt and saving for your goals whether it be a home, a car, or your childrens college fund. With the end of the year approaching now is the time to sit down and do a review of your finances and spending habits and work on how to achieve your goals for 2009 and forward. Setting a family budget will help to make it easier to reach your savings goal.
While working on your budget look to make sure your debt to value ratio is following along the 28/36 percent rule. This is a rule that is followed by the mortgage lenders when a person is looking to purchase a home. Your MORTGAGE payment should not exceed 28 percent of your monthly income, and your total outstanding debt should not exceed 36 percent of your monthly income.
With your budget in place try not to add any new debt and stay diligent to pay off your current debt by starting with the credit card debt with the highest interest rate.
When you set up your budget and your savings goal be sure to have a seperate fund for Emergencies. Unfortunately it is those unexpected expenses that can throw the budget completely so always try to put aside funds from each check for these type of expenses..such as car breaking down, or an illness.
As you learn to manage and stay within your budget you will see how life seems to be easier to deal with when you are not stressing over your finances. Good Luck!
Talk to you Soon,
Patti
Have you felt the strain from the direction our Economy is heading? Your not alone, many Americans are tightening spending habits and preparing for the Recession our Country is looks to be in or heading into. According to Economist-Americans have been in a recession since Spring, and I am in agreeance. So what is the time frame to move out of this recession? Most Economist are anticipating that it will take until this time next year before Americans will stop feeling the stress of our Economy. But with this recession reaching Globally it may take a little longer for America and other Countries to recover.
Let me know your insight on how you feel people can adjust to our Changing Economy.
Take Care
How do you think that the USA will react over the Federal Reserve cutting the rates by 0.5 percent to its all time lowest level of 1.5 percent in over four years. This drop is an attempt to try and improve the lending that keeps the U.S. economy moving forward.
Bank of America, Wells Fargo and other banks cut their prime rate by half a point to 4.5 percent, also the lowest in more than four years, after the Fed announced its decision early Wednesday.
For millions of Americans, the Fed’s cut means borrowing money becomes less expensive. Home equity loans, credit cards and other floating-rate loans all fluctuate depending on what the Fed does.
Following in step with USA, Central banks in England, China, Canada, Sweden and Switzerland and the European Central Bank, South Korea, Hong Kong and Taiwan also cut rates.
Today, the market (Wall Street) closed at its’ lowest since 2003 even though the Fed cut rates on Wednesday. Globally people are hoping for an upward change in the markets on Friday.
The government has submitted a new program which offers $7,500 tax credit for first-time home buyers. While this is one of the most talked about measures in the upcoming new bill, it is also the most confusing. Simply, the government has created a monetary incentive, a tax credit for first-time home buyers, as a tool to stimulate the housing market. The tax credit will be 10% of the purchase price of a home, up to a maximum of $7,500. That means if the home costs more than $75,000 first-time home buyers (anyone who hasn’t owned a home in the last three (3) years) will receive the full $7,500 tax credit, this is not a new idea. Back in the 1970’s the government offered a similar program with one major difference: this new tax credit will have to be paid back over a period of 15 years, beginning two years after the credit is taken. Basically, the government is providing first time home buyers an interest-free loan up to $7,500 to help them buy a home! If the home owner happens to sell the home before the 15 years is up, the remaining credit is due upon sale from the profit of the home sale. However, and here’s the best part, if there is insufficient profit, after the sale of the home, then the remaining credit due is forgiven. You really have nothing to lose. There are, of course, income limits to qualify for this incentive. With this new tax credit and down payment assistance, you are finally in the driver’s seat in a buyer’s market with some of the best interest rates to date. Let me help you find your dream home.
Once your offer has been accepted on the home you would like to purchase one of the things that is suggested is for you to get a home inspection. What is a home inspection? Well, one of the best ways to understand the property’s condition is to hire a qualified home inspector. It is recommended you contact and interview at least two to three different home inspectors in order to find one that will meet your individual needs. Inspectors are familiar with the building codes and will help look for flaws in the home your are purchasing.
The following are some important questions to ask before making your final selection;
- How long have you been in the home inspection business?
- What are your qualifications?
- Are you a member of any inspection organization or association?
- How many resale home inspections have you completed?
- If I hired you today, when would you be available to complete my inspection?
- What will the inspection cover?
- How long is your average inspection and how long after it’s completed will I receive my report?
- How much will the inspection cost?
- May I attend my inspection? May my real estate agent also attend?
- Do you provide estimates for repairs and improvements?
- Can I contact you post-inspection for any questions?
These are just a few questions and you may have more but hopefully this will help you when it is your time to need a home inspection.
Talk to you soon, Patti
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 lots of experience in writing contracts and can negotiate aggressively 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 appear 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 come between the buyer and the seller so that personalities don’t enter in.
