So you bought a home is Texas... Now let me tell you how to put more BREAD in your wallet!! You might have heard of something called filing a homestead exemption. Some rules have changed as of September 1st, 2011. I'm about to tell you (in the next 226 words) what that means and how to do it!
Wikipedia defines the homestead exemption as "a legal regime designed to protect the value of the homes of residents from property taxes, creditors, and circumstances arising from the death of the homeowner spouse."
This definition is true...but money brings the LOUDEST bark! Basically, Homestead exemptions exempt part of your home's value from taxation; therefore, they lower your taxes. Texas only allows you to file a homestead exemption for one property - sorry if you own more than one home :(
So, how do you do it? First, you can only file for exemption between January 1st and April 30th. ALSO, you have to own your home as of January 1st of the year you're filing. Next, pay attention to these new rules (courtesy of the Harris County Appraisal District):
Effective September 1, 2011, in order to qualify for a residential homestead exemption you must provide HCAD with a copy of either your Texas driver's license or Texas ID Card.
The address on your driver's license or state ID card must match the physical address of the residence for which you are applying.
This address must also be the same as the address on your vehicle registration. Attach a copy of your vehicle registration receipt to your homestead application.
All three addresses must match (home, vehicle registration, and driver's license)!!!!
Feel free to email me at Randall@AgentRandall.com if you need help finding the correct Homestead application for your county. I'm all about helping you get more BREAD from your HOMESTEAD :)
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I was watching Clark Howard on CNN this Saturday morning (which is one of my favorite money shows) and he made an interesting point. "When you go to sell, you typically make less than $1 on every dollar that you spend improving your home." He noted that improvements are for YOUR enjoyment while YOU live in the home.
Now, improvements may help your marketability, but don't go overboard if you're thinking about selling! Focus on items that are expected to be maintained such as: carpet/flooring, paint, damaged areas, cleanliness, etc. Don't spend $30,000 on a kitchen upgrade and expect the home to sell for $30,000 above market value...that is basically shooting a bullet into your own foot! This especially holds true if you buy property with the intention of leasing it out for income.
Moral of the Story: If you plan on hunkering down and staying in your home for years to come, then splurge a little! If you are in the market to sell, keep it simple!
www.facebook.com/AgentRandall
...I was watching Clark Howard when I wrote this...
Now, improvements may help your marketability, but don't go overboard if you're thinking about selling! Focus on items that are expected to be maintained such as: carpet/flooring, paint, damaged areas, cleanliness, etc. Don't spend $30,000 on a kitchen upgrade and expect the home to sell for $30,000 above market value...that is basically shooting a bullet into your own foot! This especially holds true if you buy property with the intention of leasing it out for income.
Moral of the Story: If you plan on hunkering down and staying in your home for years to come, then splurge a little! If you are in the market to sell, keep it simple!
www.facebook.com/AgentRandall
...I was watching Clark Howard when I wrote this...
Comments (1)
Well, the tax credit is over, so I feel like I have time to start blogging again! During April, I felt like the Beatles working 8 days a week!
I came across a situation this past week involving home searching on HAR. When looking at homes, you will notice each is categorized by its status. Below is an explanation of what you will see while combing through the masses of available homes!
Active (A): is obvious....it means that it is open for showings and offers.
Option Period (OP): this means that the owners have accepted an offer and the buyer is in the inspection period. We normally do not make showing appointments for homes in the Option Period. This is the period where the awarded buyers are free to have any inspections they choose. Also, the buyer has a chance to back out of the contract if something scary pops up! This will be an important time period for YOU, as a buyer, when we get under a contract.
Pending (P): The sellers have accepted an offer AND the inspection period is over. Homes in Pending are not available as they should be heading towards a closing soon.
Pending Continue to Show (PS): This status is tricky and could mean a few different things. Agents will put their listing in PS if the awarded buyer is having trouble with his/her financing. It usually means that they have an accepted offer, but will be willing to look at "back-up" offers. However, in today's financing market, some agents will put their listings in PS status "just in case" something does happen with the current buyer. On homes in PS, I always call to check on the status before trying to make any appointments.
I hope this gives a little insight to the different situations you will see on HAR. Remember, the tax credit deadline is over...but that doesn't mean the market is dead! Like the people working at Chick-Fil-A always say, "It's a great day at Chick-Fil-A!" Well, I'll change it a little to say, "It's a great day to BUY or SELL!"
We all know the long-time-favorite game show The Price is Right. The whole show was based on...pricing. If you don't guess the correct price, you simply do not win! I was driving today and I thought about how this gameshow is like the real estate market.
Let me back up.
I had a listing in Friendswood that we actually closed on today. I remember driving through the neighborhood on my way to put the sign out in the yard (this was last month when I took the listing). On the way to the home, I passed several other homes for sale. I took note of the other companies/agents I would be up against (like I normally do) and I thought, "How am I going to stand out from these other homes and real estate companies?"
Since I was going to be up against several other listings in the same neighborhood, I figured The Price HAS to be Right!
Well, I suppose the price was right since we closed on it today! Being honest and taking the time to run good neighborhood statistics paid off. The best part of this story is next...
When I drove out to pick up my sign from the yard, the same homes that were originally for sale...were still for sale!
Moral of the Story: Over-priced homes typically DO NOT sell. Also, homes don't always sell for 10% under the list price! If a home is priced right, then it deserves to sell for what it's worth (and in a timely manner). The buyer gets a good home, the seller gets market value, and everyone is happy :) This is how real estate should be.
If you want to know how I would price your home, contact me at Randall@AgentRandall.com. I'm always happy to help!
Let me back up.
I had a listing in Friendswood that we actually closed on today. I remember driving through the neighborhood on my way to put the sign out in the yard (this was last month when I took the listing). On the way to the home, I passed several other homes for sale. I took note of the other companies/agents I would be up against (like I normally do) and I thought, "How am I going to stand out from these other homes and real estate companies?"
Since I was going to be up against several other listings in the same neighborhood, I figured The Price HAS to be Right!
Well, I suppose the price was right since we closed on it today! Being honest and taking the time to run good neighborhood statistics paid off. The best part of this story is next...
When I drove out to pick up my sign from the yard, the same homes that were originally for sale...were still for sale!
Moral of the Story: Over-priced homes typically DO NOT sell. Also, homes don't always sell for 10% under the list price! If a home is priced right, then it deserves to sell for what it's worth (and in a timely manner). The buyer gets a good home, the seller gets market value, and everyone is happy :) This is how real estate should be.
If you want to know how I would price your home, contact me at Randall@AgentRandall.com. I'm always happy to help!
So you've decided to buy a house, but you're not sure how much you can afford.
How much will my monthly payments be???
Maybe you saw a commercial on TV talking about a company offering a $120,000 home loan for $650 per month!!! YEAH!!!
But wait! This is only HALF of the truth...
There's a good rule of thumb to follow in the Houston area...most of the time your TOTAL monthly payment will be around 1% of the sales price of the home.
OK. Let me explain. When you want to figure up your monthly payment for a home, remember PITI.
P - Principal
I - Interest
T - Taxes
I - Insurance
These are the four factors that will determine your total monthly payment for a home. Principal and Interest are part of the loan itself. For Taxes, take the total estimated tax figure for the year and divide it by 12 to get the cost per month. For Insurance, get a quote from a local agent and divide that yearly number by 12. Once you get these 4 numbers, add them together to get a good estimate of what your TOTAL monthly payment will be. More than likely, your $120,000 house will cost you somewhere around $1,200 per month.
Don't be confused going into the buying process. Know what you are prepared to spend before you make any rash decisions. Consult a REALTOR, like myself, for help and guidance with your home purchase. Remember...
"Knowing is half the battle." -G.I. Joe
How much will my monthly payments be???
Maybe you saw a commercial on TV talking about a company offering a $120,000 home loan for $650 per month!!! YEAH!!!
But wait! This is only HALF of the truth...
There's a good rule of thumb to follow in the Houston area...most of the time your TOTAL monthly payment will be around 1% of the sales price of the home.
OK. Let me explain. When you want to figure up your monthly payment for a home, remember PITI.
P - Principal
I - Interest
T - Taxes
I - Insurance
These are the four factors that will determine your total monthly payment for a home. Principal and Interest are part of the loan itself. For Taxes, take the total estimated tax figure for the year and divide it by 12 to get the cost per month. For Insurance, get a quote from a local agent and divide that yearly number by 12. Once you get these 4 numbers, add them together to get a good estimate of what your TOTAL monthly payment will be. More than likely, your $120,000 house will cost you somewhere around $1,200 per month.
Don't be confused going into the buying process. Know what you are prepared to spend before you make any rash decisions. Consult a REALTOR, like myself, for help and guidance with your home purchase. Remember...
"Knowing is half the battle." -G.I. Joe
"The Sellers Will Be Sleeping Over for a few days"...
Sounds weird doesn't it??? Let me give you a scenario...
Say you and your REALTOR (by now you are using a REALTOR, right?) make an offer to purchase a home. Your REALTOR calls you up and says "Congrats!! The sellers have accepted your offer...........under one condition..."
Wait a minute!! What is the one condition????? Your REALTOR says, "The sellers need to lease-back the home for a few days after closing."
I know your initial response..."I just bought this home and I want to move in immediately after closing." Of course, who wouldn't? Let's pause for a moment and I'll break it down in Layman's terms [deep breath] The sellers need to sell their current home before they can close on their next home. Sometimes loans do not "fund" the same day everyone signs paperwork. A lease-back for a day (or two or three days) gives the sellers time to close on their next home AND have their furniture moved into it. phew!
What if you and the sellers closed on your home, had the movers delivering your furniture the same day, and came to realize that the sellers were not able to close on their NEXT home until tomorrow? You're going to be mad and the movers are going to be asking for more money! A seller lease-back is often the best answer. It is an easy way to make sure things go smoothly for everyone.
The home is yours, but you are simply allowing the sellers to remain for a specified period of time after closing. You, as a buyer AND the new landlord, are protected in many ways. I'd love to go into further detail, but for sake of time (and short attention spans!!) I'll cut it off here. Please message me for more info!
www.AgentRandall.com
...I was listening to an Aerosmith documentary when I wrote this...
Comments (1)
Great short video explaining the $8,000 homebuyer credit!! Time is running out in order to obtain this money. Check it out. Also, I want to thank everyone for such a great birthday yesterday!!
http://www.youtube.com/watch?v=q-YfGQg7F8I
So you're feeling and looking good and ready to sell your home! Question is: Does your HOME look as good as you do??
A study showed that within 15 seconds a buyer has developed an opinion of your property!
That's not a lot of time...so what what can you do to make a good first impression?
Focus on the Model Home Effect. The best way to make a buyer feel comfortable is to create an environment that makes them want to STAY in your home. This is similar to what people will find when touring a model home. Now I'm not saying to get rid of everything you own and start from scratch, but do focus on some of the following key points.
1. Make the environment neutral. Take down personal photos or "attention grabbing" items.
2. Let the colors and interior decorating accent the home's features. You may need to re-paint that "orange" wall or take down some old wallpaper in the bathrooms. Replace these items with a warm neutral color. It is cheap to do and will make a big difference.
3. Your home should smell CLEAN and NEW. Have you ever gotten in someone's car that smelled like smoke or a wet dog....need I say more!
4. Your home should be quiet or enhanced by soft background music. Create the MOOD.
5. Make sure all details are looked after, from keeping the yard manicured to a floral arrangement in the entry.
Don't be too sexy for your home. Take a few steps and make your home ATTRACTIVE for the next potential owner!
A study showed that within 15 seconds a buyer has developed an opinion of your property!
That's not a lot of time...so what what can you do to make a good first impression?
Focus on the Model Home Effect. The best way to make a buyer feel comfortable is to create an environment that makes them want to STAY in your home. This is similar to what people will find when touring a model home. Now I'm not saying to get rid of everything you own and start from scratch, but do focus on some of the following key points.
1. Make the environment neutral. Take down personal photos or "attention grabbing" items.
2. Let the colors and interior decorating accent the home's features. You may need to re-paint that "orange" wall or take down some old wallpaper in the bathrooms. Replace these items with a warm neutral color. It is cheap to do and will make a big difference.
3. Your home should smell CLEAN and NEW. Have you ever gotten in someone's car that smelled like smoke or a wet dog....need I say more!
4. Your home should be quiet or enhanced by soft background music. Create the MOOD.
5. Make sure all details are looked after, from keeping the yard manicured to a floral arrangement in the entry.
Don't be too sexy for your home. Take a few steps and make your home ATTRACTIVE for the next potential owner!
Pearland is a beautiful, growing city located just minutes south of downtown Houston in the Texas 288 Corridor. Pearland was named an "All-America City" finalist in recognition of its quality of life. The city offers parks, shopping, churches of all denominations, recreational facilities, and more...Awesome!
If you drive around town, you will see growth and projects everywhere! There are numerous restaurants, major retailers such as H-E-B, Target, Wal-Mart, Home Depot, Lowe's, and mall shopping at the Pearland Town Center.
Pearland offers home selections within a wide variety of price ranges targeting everyone from first-time buyers all the way to those seeking luxury living! My office is located on Broadway (FM 518) in the middle of all of the action (what a good place to be!).
If you're thinking of moving or have any questions about the city of Pearland, please let me know! I'm here and happy to help.
If you drive around town, you will see growth and projects everywhere! There are numerous restaurants, major retailers such as H-E-B, Target, Wal-Mart, Home Depot, Lowe's, and mall shopping at the Pearland Town Center.
Pearland offers home selections within a wide variety of price ranges targeting everyone from first-time buyers all the way to those seeking luxury living! My office is located on Broadway (FM 518) in the middle of all of the action (what a good place to be!).
If you're thinking of moving or have any questions about the city of Pearland, please let me know! I'm here and happy to help.
Everyone seems to be afraid of the BIG......BAD......MUD Tax. But what is it really?
MUD stands for Municipal Utility District. Basically, when developers decide to expand new subdivisions in areas further away from the main city, they have to run water lines, drainage, etc. Otherwise, all new subdivisions would have wells and septic tanks! This process costs money. Thus, a MUD tax is imposed on the area.
Sure, some MUDs cause you to pay higher rates. However, some districts' rates are actually lower than city tax rates! Being in a MUD can actually benefit you as a homeowner.
Check out the easy-to-read flyer I've attached for you. Hopefully, it will help clear the "MUD" out of your eyes!
www.AgentRandall.com
...I was listening to silence when I wrote this...
MUD stands for Municipal Utility District. Basically, when developers decide to expand new subdivisions in areas further away from the main city, they have to run water lines, drainage, etc. Otherwise, all new subdivisions would have wells and septic tanks! This process costs money. Thus, a MUD tax is imposed on the area.
Sure, some MUDs cause you to pay higher rates. However, some districts' rates are actually lower than city tax rates! Being in a MUD can actually benefit you as a homeowner.
Check out the easy-to-read flyer I've attached for you. Hopefully, it will help clear the "MUD" out of your eyes!
www.AgentRandall.com
...I was listening to silence when I wrote this...
A short sale can be easily defined as the process of selling your property for less than the amount of debt you owe. If you are falling behind on mortgage payments, this might become an option to help avoid foreclosure. The process can be lengthy and includes two separate negotiations in order to complete.
The first part of this transaction is similar to a traditional sale. It involves finding a buyer interested in purchasing your property at a particular price and agreed circumstances. I would suggest hiring a licensed REALTOR, like myself, to list your home immediately to help jump-start this part of the process.
Once we receive a reasonable offer that we BELIEVE we can accept, it can be sent in for part two of the process - THE BANK ACCEPTANCE...
This is where things really SLOW down! Banks are overloaded with paperwork from the mass amounts of foreclosures, RE-FIs, other short sale requests, etc. Basically, it's a "take a number and have a seat" situation. A bank negotiator will be assigned to the file and if the numbers work, the bank will accept the price offered.
This process does not happen quickly. If you're a "short" seller, have your paperwork ready (financial records, bank statements, tax returns, pay stubs, hardship letters, etc).
If you're a buyer submitting an offer on a short sale property, be prepared to WAIT...WAIT...WAIT. It takes time to even get an initial response from the banks. However, it may be worth the wait. You stand a good chance of purchasing the property under value!
So don't be scared, be prepared! Let me help.
www.AgentRandall.com
...I was listening to the Beatles when I wrote this...
It's funny to think about how people "meet" each other. Do you really think we come across each other by accident? Our best friends were once total strangers. Sit back, look at your life, and look at the people who surround you. I don't believe in coincidence...I think we bring our lives upon ourselves...as well as our friends.
Think about a very close friend. When did you meet? How did you meet? Who initiated contact? What actions caused things to grow? It's funny because you probably never realized you were taking steps to create a "future" best friend. I'm thankful for the people in my life...
So next time you meet a stranger...remember...you might be meeting someone that will have great influence in your life!
Apply this however you want...in your job or your personal life...it works the same!
www.AgentRandall.com
...I was watching CNN when I wrote this...
I'm proud to say that I'm in the process of rescuing a dog from the Houston Humane Society! I will be adopting "Gucci" - a female Terrier mix. She should be coming home this Thursday (hopefully) and I'm so excited! (She's the one with the RED collar in the picture)
Over Labor Day weekend, I decided to do some searching on the Houston Humane Society website. When I saw Gucci's picture, I knew she had to come home with me! I waited all holiday-weekend long until they re-opened today. Thankfully she was still there!! She was very scared when I first got to go into a room with her. I wasn't sure what to think...
I stepped out of the room for a moment to make a phone call. While on the phone, I walked back over to the glass and looked in. She was sitting there patiently and when she saw me, she started wagging her tail! That answered my questions...she was coming home for sure!!
Thank you to everyone who reads my blog and please know that AgentRandall doesn't just sell crazy amounts of real estate... I rescue dogs too!!
www.AgentRandall.com
Over Labor Day weekend, I decided to do some searching on the Houston Humane Society website. When I saw Gucci's picture, I knew she had to come home with me! I waited all holiday-weekend long until they re-opened today. Thankfully she was still there!! She was very scared when I first got to go into a room with her. I wasn't sure what to think...
I stepped out of the room for a moment to make a phone call. While on the phone, I walked back over to the glass and looked in. She was sitting there patiently and when she saw me, she started wagging her tail! That answered my questions...she was coming home for sure!!
Thank you to everyone who reads my blog and please know that AgentRandall doesn't just sell crazy amounts of real estate... I rescue dogs too!!
www.AgentRandall.com
I'm usually not a believer in long postings on blogs. After reading the post from the link below, I felt like I should share it here for everyone to read. It's a post from another blog, but it has a great "buyer" perspective! Take 3 minutes and read it!
http://www.brokeragentsocial.com/article.php?article_id=474
http://www.brokeragentsocial.com/article.php?article_id=474
So, you've decided that you want to buy a house....now what?
Where do we begin?
Who do we call?
How much will we have to pay?
How do we make an offer?
These are all great questions that many people ask when it comes time to buy! I've taken the time to put together a little "road map" to the buying process. I work to keep my buyers on track and TOGETHER, we follow the steps in this picture to arrive at SUCCESS!
It's been a busy work week and now it's time for the weekend! I hope everyone has fun and please....be safe out there!!
"I want this offer to be contingent upon a good inspection report."
This is a statement I hear from a lot of buyers when we get ready to make an offer to purchase a home. "What if the home has something wrong with it that we want to avoid?" This is a legitimate concern for anyone.
Well...the truth is...there is no such thing as a "good" or "bad" inspection report. Don't freak out yet!!! Let me explain...
Inspectors are objective and their reports state only facts about the condition of a home. What SOME people may interpret as GOOD, others may perceive as BAD. So, how are YOU protected from making a BAD purchase??? The option period.
The option period gives YOU, the buyer, the unrestricted right to terminate the contract within a negotiated time. What makes this more attractive is that YOU, the buyer, will get your earnest money back as well. There are some details that go into this Option Period. Do you want to know more???
Leave me a comment and I'll be happy to go into more detail as to how YOU, as a buyer, can be protected when you make an offer!
This is a statement I hear from a lot of buyers when we get ready to make an offer to purchase a home. "What if the home has something wrong with it that we want to avoid?" This is a legitimate concern for anyone.
Well...the truth is...there is no such thing as a "good" or "bad" inspection report. Don't freak out yet!!! Let me explain...
Inspectors are objective and their reports state only facts about the condition of a home. What SOME people may interpret as GOOD, others may perceive as BAD. So, how are YOU protected from making a BAD purchase??? The option period.
The option period gives YOU, the buyer, the unrestricted right to terminate the contract within a negotiated time. What makes this more attractive is that YOU, the buyer, will get your earnest money back as well. There are some details that go into this Option Period. Do you want to know more???
Leave me a comment and I'll be happy to go into more detail as to how YOU, as a buyer, can be protected when you make an offer!
Searching for your first, or next, home can be a fun and exciting process! Like buying a car, you want to test drive what's out there and make sure it won't turn out to be a lemon!!
If you're reading this, then you've probably logged on to HAR.com once or twice to look at available homes. All I want to say is don't make the process TOO hard. If you do, then the search will lose it's "fun" appeal. Let me show you how to use Coldwell Banker's Personal Retriever feature to break the monotony!
The Personal Retriever application will search for a home even when you don't have time to. By alerting you to new properties on the market that meet your needs, your personal retriever will always keep you informed.
It's so easy...even a caveman can do it!! I'd be happy to help you set it up.
If you're reading this, then you've probably logged on to HAR.com once or twice to look at available homes. All I want to say is don't make the process TOO hard. If you do, then the search will lose it's "fun" appeal. Let me show you how to use Coldwell Banker's Personal Retriever feature to break the monotony!
The Personal Retriever application will search for a home even when you don't have time to. By alerting you to new properties on the market that meet your needs, your personal retriever will always keep you informed.
It's so easy...even a caveman can do it!! I'd be happy to help you set it up.
There is a difference between getting "Pre-Approved" and getting "Pre-Qualified" for a home loan.
PRE-APPROVAL uses basic information as well as electronic credit reporting to determine whether a lender will loan you money. In this scenario, the lender has given you a commitment to support your new purchase.
PRE-QUALIFICATION is NOT a mortgage approval, but simply an estimate of what you can afford... At this point there is no guarantee that the lender will support your financial needs.
People who are pre-approved for a mortgage are more attractive candidates to the seller and have a better chance of getting the property when they make an offer! Please comment if you have any questions regarding getting pre-approved for a loan.
PRE-APPROVAL uses basic information as well as electronic credit reporting to determine whether a lender will loan you money. In this scenario, the lender has given you a commitment to support your new purchase.
PRE-QUALIFICATION is NOT a mortgage approval, but simply an estimate of what you can afford... At this point there is no guarantee that the lender will support your financial needs.
People who are pre-approved for a mortgage are more attractive candidates to the seller and have a better chance of getting the property when they make an offer! Please comment if you have any questions regarding getting pre-approved for a loan.
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