Houston's Real Estate

View Housing Trends
832.741.0985

Client Experience Rating    4.98/5.0       Based on 55 Surveys out of 58 Transactions   View Rating Detail
LONE STAR REALTY
        EMAIL ME        12288 Westheimer Rd, #390, Houston, TX 77077     Phone: (832) 379-8400     Fax: (713) 634-5244
Thank you for visiting my blog. I've been practicing real estate for 7 years absolutely love what I do. If you are looking for an agent who's committed to YOU and not the commission... please contact me.
JAN
12
 Winter is the season we spend the most time indoors and at home. Take care of your biggest investment, your family and your wallet this winter by following these quick tips on home maintenance and safety.

Take Care of Your Heating System
Your heating system runs constantly throughout the cold winter months so it is important to keep it well-maintained to prevent needed repairs and also keep your system running efficiently.

  • Remember to change out your HVAC filter each month. Replacing HVAC filters is crucial to keeping your air clean. Filters clean out pollutants such as molds, skin cells and allergens.
  • Check the gas connections, gas pressure, burner combustion and heat exchanger to ensure safety and efficiency. Improper connections are a fire hazard and a dirty burner or cracked heat exchanger causes poor burner operation.

Conserve Precious Heat
Proper insulation of your home is critical to ensure proper heating and conservation of heat to make the most of your heating costs this winter.

  • Inspect the insulation in your attic and crawlspaces. Warm air rises and leaves the house through the roof, so focus your insulation efforts on your ceilings and attics. Areas around recessed lights, the attic hatch and plumbing vents should be sealed as they commonly are the main issue in allowing warm air to escape your home.
  • Storm windows help heat stay in and cold stay out. If you're on a tight budget and do not already have storm windows, pick up an inexpensive plastic film sheet kit from your local hardware store. These only last one season, but help with insulation efforts. Weather-strip all doors that lead to cold or outside areas.
  • Close curtains or shades at night and keep them open during the day, especially in rooms that receive a lot of light and sun. Re-arranging your furniture like couches, chairs, tables and beds away from any exterior walls makes your home seem warmer by putting some distance between you and the cold air. This also leaves room for the air to move around better, making it warmer.

Be Safe
The cold and snow of winter can create hazardous conditions. Take a moment to plan ahead and prepare your home and family for the worst of what winter can bring.

  • Stock up on sidewalk salt and sand (for better traction) and apply generously to all walkways and driveways at the first sign of slick conditions.
  • Check your snow shovels for cracks or other damage. Have a backup shovel just in case. When shoveling, push the snow in front of you, if possible. If you need to lift a shovel-full of snow, pick up small amounts and lift with your legs, not your back. Do not toss snow over your shoulder or off to the side.

Outdoor Maintenance
Outdoor home care does not end when winter comes. Even in the cold weather months, your yard still needs maintenance to keep your home safe.

  • Make sure tree and shrub branches are well away from the house and windows. Ice can cause branches to break and damage your home.
  • Walk around the outside of your house and do a scan. Check the foundation for small cracks or openings where mice or other pests can sneak in. Seal up any possible entrances to keep these critters out. While outside, clear any snow accumulation off gas meters and away from basement windows and your dryer exhaust vents.
NOV
7
So you found the perfect house and the description states it's a SHORTSALE. Before you get all excited over the prospect of buying that short sale house, contact your real estate agent. Ask your agent to research that short sale listing first.

In the general real estate market, about 25% of short sales transactions close. Just because that home is listed as a short sale doesn't mean it's really for sale (because it's subject both the seller and lender approval), nor does it mean it will sell at the advertised price. Here are 6 things you need to know before trying to buy that short sale

Why is it priced so low?

Many of not most short sales are priced below comparable sales, yet sometimes priced in line with pending sales. Why? Because short sales take anywhere from 2 to 6 months, on average, to close, and pending sales will become the comparable sales at closing.

Some short sales are priced ridiculously low. So low that the sellers' bank will never accept them. These types of listings receive multiple offers. But all is not lost. To get your offer accepted, it will need to be priced near market value. If you're not prepared to pay above a superficial price on a lowball short-sale listing, then pass on it.

Mortgage Amounts, Number of Loans and Lenders

Ask your agent to do research on how much is owed against the home and find out the number of loans that are recorded. Some has second and third mortgages. 

Also, some lenders, deserving or not, get a reputation for being difficult to work with. This is why it's very crucial that your agent is an experienced short sale agent, he or she will know who these lenders are and can prepare you for the difficulty you may encounter.

Look at the Short Sale Listing Agent's Track Record

Ask your agent to research the listing agent who is advertising a short sale.  Some  has never closed a short sale or has very little experience with working short sales. This is not only a waste of time but also place you in a risky proposition. That's because it's up to the listing agent to submit the short sale package to the lender and negotiate. Your buyer's agent can't talk to the bank.

Some listing agents hire outside companies to do their job, and the results of those negotiations are sketchy at best. Ask yourself, do you want to risk rejection of your short sale purchase because the listing agent has no experience?

Short Sale Seller Qualifications

Find out if the listing agent has received a completed short sale package from the seller, and ask about the contents of that package. A complete short sale package consists, at minimum, of the following:

  • Sellers' hardship letter
  • Tax returns
  • W-2s
  • Payroll stubs
  • Financial statement
  • Bank statements
  • Comparable Market Analysis

Some sellers are slow to return these documents and may further prolong the process. Others have never been told by their agent that these documents are mandatory. You don't want your short sale purchase delayed because the listing agent doesn't have the required documents.

Number of Offers Received

Homes listed under market value will receive multiple offers. An agent is not required to disclose the terms of those offers, but you do want to know find out the number of offers you are up against.

Here's how it generally works:

  • When a short sale home first comes on the market, the first offer will most likely be a tad below list price.
  • The second, at list price.
  • The third offer will be slightly higher, maybe by a $1,000 or $2,000.
  • The fourth offer will be significantly more.

You want to make an offer that will beat the competition yet still be below market, or don't waste your time.

Time and Patience

Before getting involved in purchasing a short sale, understand that most short sales do not close within a 30 days period like a conventional sale. If you have a strict deadline or timeline for your move-in date, short sales may not be a good option.  There are many parties involved in approving a short sale that can prolong the process.
This is why it's so crucial to work with experienced agents on both sides of the sale in a Short Sale transaction.



NOV
7
There are numerous reasons why some listings don't sell. I've compiled a list that may help answer this question.

1.The property is priced incorrectly, usually, much higher than market value.
2.The "value" to a potential buyer is NOT present
3.There are more sellers than there are buyers... in a market with more than 6 months inventory can be considered as a "Buyers' Market"
4.Insufficient or lack of quality photos of the listing. I can't tell you the numerous times I see photos of the toilet seat up in the bathroom...
5.The yard looks like a dump
6.Sellers' not willing to allow showings
7.The listing agent is difficult to work with
8.The listing isn't staged or in showing condition... The key to best present the home to potential buyers is to DE-PERSONALIZE. Remove personal pictures, photos etc to allow buyers to imagine THEMSELVES living in the space.
9.The "For Sale" sign is inadequate or is not present
10.The property isn't marketed well by the listing company
 
ARCHIVE
Zip code
Location


TOOLS
View subdivision price trends for the past 13 years, and create comparative subdivision analysis reports online.
View a list of my sold listings.
Search for information on Houston and Texas schools based on the county, district, campus and/or zip code.
Golf Course Finder allows you to search for Houston golf courses and to view properties on or near a golf course.
Search for Houston area highrises and see their comprehensive list of features and amenities.
Includes residential home sales statistics for residential properties and new homes listed by REALTORS®
Online resource center for affordable housing information
Information source for mortgage info, lenders, refinancing and more!
Providing links to valuable Real Estate news and Information.
Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®
Copyright© 2012, HOUSTON REALTORS® INFORMATION SERVICE, INC. All Rights Reserved.