Grand Parkway Realty Connections

Greatwood New Listing!!

2011-11-28T15:19:00.006-06:00

Telfair Beauty

2011-11-28T14:54:00.005-06:00

Greatwood Townhouse Zoned To New George Ranch High School

2011-02-20T21:55:00.002-06:00

Repair Wood Floors and Erase Ugly Scratches

2011-02-12T21:17:00.000-06:00

Dogs chase kids, pans drop, chairs scrape, and soon you must repair wood floors and erase scratches that make a mess of your red oak or Brazilian cherry. A professional floor refinisher will charge $1 to $4 per sq. ft. to apply a new coat of finish. No worries. We’ve got inexpensive ways to remove wood scratches and repair deep gouges in a few easy steps.

Camouflage scratches

Take some artistic license to hide minor scratches in wood floors by rubbing on stain-matching crayons and Sharpie pens. Wax sticks, such as Minwax Stain Markers, are great scratch busters because they include stain and urethane, which protects the floor’s finish.

Don’t be afraid to mix a couple of colors together to get a good match. And don’t sweat if the color is a little off. Real hardwoods mix several hues and tones. So long as you cover the contrasting “white” scratches, color imperfections will match perfectly.

Homemade polish

Mix equal parts olive oil and vinegar, which work together to remove dirt, moisturize, and shine wood. Pour a little directly onto the scratch. Let the polish soak in for 24 hours, then wipe off. Repeat until the scratch disappears.

Spot-sand deep scratches

It takes time to repair wood gouges: Sand, fill, sand again, stain, and seal. Here are some tips to make the job go faster.

* Sand with fine-gauge steel wool or lightweight sandpaper.
* Always sand with the grain.
* Use wood filler, which takes stain better than wood putty.
* Use a plastic putty knife to avoid more scratches.
* Seal the area with polyurethane, or whatever product was used on the floor originally.
* Apply the polyurethane coat with a lambs wool applicator, which avoids air bubbles in the finish.

Fix gaps in floor

Old floorboards can separate over time. Fill the gaps with colored wood putty. Or, if you have some leftover planks, rip a narrow band and glue it into the gap.

New Texas Appliance Rebate Program Begins Today!

2010-12-20T10:13:00.000-06:00

Starting Dec. 20, 2010, Texans can purchase appliances and participate in the new Texas Appliance Mail-In Rebate Program.

The new $18.5 million Texas Appliance Mail-in Rebate Program is a traditional mail-in rebate program, and Texas consumers do not reserve funding for an appliance rebate. Rebates are available on a first-come, first-served basis until all funds are distributed. All funds are part of the federal stimulus program.

Who Can Participate

Texas residents with a valid Texas residential address qualify for a rebate if they follow all program rules. You can apply for two appliance rebates and two recycling bonus rebates per household between the April 2010 program and this program. You can only qualify for one rebate per appliance category from the eligible appliance list (for instance, you may not apply for two refrigerator rebates).

How to Apply

Follow this link for the official Texas Rebate Form.

Wimberley Homesite

2010-10-21T20:48:00.000-05:00

Greatwood Open House

2010-10-14T21:55:00.003-05:00

No Mothers-In-Law Allowed!

2010-10-07T22:19:00.000-05:00

The 7 Craziest Local Laws and HOA rules

It’s important to know the laws of your land and your neighborhood. Both governments and homeowners associations, or condo associations if you are a condo-dweller, can levy powerful—and sometimes incredibly strange—restrictions and requirements. Some can be pretty costly, as Pennsylvania residents recently found out with the potential new requirement for sprinkler systems in single-family homes.

1. Can’t park your car in your own driveway
In Odessa, Fla., a resident was fined by his board for parking his pickup truck in his own driveway because it wouldn’t fit in his garage. Not our problem, the HOA basically told him before slapping him with a lawsuit. After a protracted legal battle, he has since won the right to park his car, but only after two years and $200,000 in legal fees.

2.Don't plant too many roses
While foreclosure is an increasingly real threat to homeowners, few expect to lose their house based on gardening infractions. But that’s exactly what happened to a Rancho Santa Fe, Calif., resident who planted too many roses on his property. After $70,000 in fees, he lost his legal battle against the HOA and ultimately lost his home to the flower debacle.

3. Indoor drying only
As seen in a Colbert Report expose, a Bend, Oregon, resident was shocked by her HOA’s rejection of her outdoor clothesline. Her natural drying method was dubbed a hazard, and they began levying fines that totaled nearly $1,000. She eventually took down the offending line, even after the Right 2 Dry movement got behind her.

4. No mothers-in-laws allowed
If you’re a married man in Iowa, the government grants you a special privilege: you’re allowed to bar your mother-in-law from your home. While certainly useful to men trying to ditch their spouse’s mom, this law does not extend to women.

5. Only use sanctioned paint
What appears to be an inoffensive pale blue house has caused a stir recently in one Georgia neighborhood. Unaware of his HOA’s rules, a homeowner painted his house before having the color officially approved by his board. And with a $25 per day fee levied every day his house bares the offending hue, he’s already racked up $6,800 in fines on top of legal fees.

6. No service dog for the hearing impaired
Despite the Americans with Disabilities Act, a Fort Collins, Colo., HOA fined a hearing-impaired resident for keeping Pookee, her Pomeranian service dog. The HOA even threatened to put a lien on the property.

7. Don’t use ‘inconsistent’ shingles
As if it wasn’t tragedy enough when a plane fell out of the sky destroying a Sanford, Fla., man’s home, his HOA then challenged his rebuilding efforts. It threatened litigation because the shingles and elevation in his new house’s plans didn’t match his neighbors’.

Bending the rules
If you fight the law, you may lose. But there are ways to work with the restrictions of a HOA and still get your way. The first line of defense is to make sure you understand the HOA or condo association rules before you purchase the property.

Five Surprising Reasons to Buy a Home Now

2010-08-09T09:54:00.000-05:00

Low mortgage rates serve as an equity shock absorber.
When buyers borrow at today's record-low rates, they start building equity as soon as they close. That means they can absorb a few ups and downs as the still-recovering housing market gains traction.
Houses are in move-in condition.
Home owners have continued to spend on maintenance and repair, according to the Harvard Joint Center on Housing. As these houses enter the market, they are in marked contrast to tattered foreclosures.
Terrific houses are coming on the market.
Foreclosures are finally starting to clear the system, and they are being replaced by some very attractive properties.
Appraisal regulations are finally aligned with market realities.
Fannie Mae has adjusted its appraisal guidelines, giving appraisers more flexibility to set values that reflect the current market.
Plenty of programs.
Many programs that encourage middle-class families to buy homes continue to exist, despite market downturns. Buyers who qualify can get a big boost by combining one of these programs with today's low mortgage rates.

Record Lows Continue for Mortgage Rates

2010-07-31T09:44:00.000-05:00

The 30-year fixed mortgage rate fell to a new low of 4.54 percent this week from 4.56 percent last week and an average of 5.25 percent a year ago.

The 15-year fixed loan rate also hit a record low of 4 percent, down from 4.03 percent a week ago and 4.69 percent last year. The five-year adjustable-rate mortgage averaged 3.76 percent, compared to 3.79 percent last week and 4.75 percent a year earlier; and one-year ARMs averaged 3.64 percent, down from 3.7 percent and 4.80 percent, respectively.

Source: The Wall Street Journal, Nathan Becker (07/30/10)

Mortgage Rates Drop to Record Low

2010-06-28T11:18:00.002-05:00

30 year fixed mortgage rates dropped to their lowest levels in 39 years according to a new survey released by Freddie Mac, the second largest mortgage finance company.

Interest rates on 15 year fixed rates and hybrid adjustable rate mortgage rates reached fresh lows as well. While record low rates and high housing affordability helped the housing market gain ground over the last year, the sector is struggling since the popular home buyer tax credit expired on April 30th.

According to a Freddie Mac survey, the average 30 year fixed rate for conventional (non-FHA and VA) mortgages averaged 4.69 percent for the week ended June 24th and is the lowest since Freddie Mac started the survey in April 1971. Still, Freddie Mac's data is at least a week old before they publish it and it has been another week since then. Rates do vary depending on credit, debt ratios, down payment, area of the country, property type, points paid and many more factors.

Greatwood Stonebridge New Listing

2010-06-04T22:14:00.002-05:00

Create a Home Emergency Preparedness Kit

2010-06-04T21:40:00.000-05:00

Hurricane season is upon us once again and having a home emergency preparedness kit could be the key to your family’s safety if disaster strikes.

Preparing a home emergency preparedness kit you hope never to use may seem like a waste of time and money. But when disasters happen that are beyond your control, you can take charge of how you respond. “What became clear in Hurricane Katrina is that in big events, the government isn’t going to come to your aid right away. You have to be prepared to take care of yourself,” says Rick Bissell, PhD, a professor of emergency health services at the University of Maryland, Baltimore. According to a 2008 FEMA survey, more than half of all U.S. households have some sort of disaster preparation in place. If yours isn’t one of them, here’s what you need to do.
First, make sure important papers are in order
If a flood destroys your home, you could spend weeks or even months just trying to re-create the essential documents you’ll need to get back on track. That’s why it’s critical to have backups of important papers, including the deed to your house, proof of insurance, medical records, passports, social security cards, and a list of personal contacts. Keep one copy at home in a portable case and another offsite in a safe place. And while you’re at it, use the opportunity to check whether your insurance is up to date. “People often don’t know what their homeowners’ insurance policy covers, and most don’t cover flooding,” points out Bissell. Find out what hazards your area faces, and make sure you’re protected against them.
Tailor a preparedness kit to your personal needs
Humanitarian organizations and government aid agencies offer guidelines for creating an emergency preparedness kit. But along with the basics like food and water, it’s important to have what you need for your particular situation.

Think about what you need for the safety of your house, too. Knowing where to find the main electrical and water shutoffs—and having the right wrench to turn them—can make the difference between a house that weathers the storm and one that experiences catastrophic flooding or fire.

A basic emergency preparedness kit
FEMA recommends you keep a “grab and go” bag with these items in case you need to evacuate:

Water: One gallon per person per day for at least three days, for drinking and sanitation; double if you live in a very hot climate, have young kids, or are nursing. Bottled water is best, but you can also store tap water in food-grade containers or two-liter soda bottles that have been sanitized. Factor in your pet’s water needs, too.

Food: At least a three-day supply of nonperishables and a can opener. Pack protein, fruit, and vegetables, but make sure they’re in a form you actually like—it’s bad enough not to have access to fresh food without also having to subsist on nothing but canned tuna. Include treats like cereal bars, trail mix, and Tootsie Rolls. Store food in pest-proof plastic or metal tubs and keep it in a cool, dry place.

Flashlights and extra batteries: “Candles are not recommended because there are many house fires caused by candles left unattended,” says David Riedman, a public affairs officer with FEMA.

First-aid supplies: Two pairs of sterile gloves, adhesive bandages and sterile dressings, soap or other cleanser, antibiotic towelettes and ointment, burn ointment, eye wash, thermometer, scissors, tweezers, petroleum jelly, aspirin or non-aspirin pain reliever, and stomach analgesics such as Tums, Pepto-Bismol, and a laxative.
Sanitation and hygiene supplies: Moist towelettes, paper towels, toilet paper, garbage bags, and plastic ties. You might also want travel-size shampoo, toothpaste/toothbrush, and deodorant.

Radio: Keep a portable, battery powered radio and extra batteries to remain connected in case the power goes out, as well as an extra cell phone charger. You can buy a good emergency radio online from the Red Cross.

Plastic sheeting, duct tape, and dust masks: In case you need to seal your home or shelter from airborne contaminants.

Extra items: A whistle to signal for help, a favorite toy or other comfort items for kids.

Extra cash and full tank of gas in your automobile.

Update your kit as your needs change, and replace food and water approaching its expiration date.

Greatwood Lakecrest Must See!

2010-05-20T09:46:00.000-05:00

Tricks to stage your home like the pros

2010-05-19T18:41:00.000-05:00

Even if the homebuyer tax credit has come to an end, it's still a buyers market out there, with prices back at affordable levels and mortgage interest rates near historic lows.

So for all of you sellers out there who haven't yet nabbed a buyer in the spring sales rush, it's still too early to believe that your chance has passed. But you'd better not be slacking off, either.

We've written plenty about the importance of staging your property, especially the outdoors and other areas of the home that need to make a good first impression, such as the front entry or even the front door.

You could take the spendy approach to the advice, which includes tips such as buying a bigger bed to make a room look bigger, or stage on the cheap with tricks such as using at least two sets of pillows in contrasting patterns, colors and textures, shown above, to add a little more appeal to a room.

While you're at it, don't be afraid of color, such as gold accents or simply adding a lush, green plant to a lonely corner. And contrary to popular belief, House Beautiful also says that dark walls actually can make small rooms look bigger, and that wallpaper is easy to use. But don't feel like color is a must, because white always works, too, the article says.

There are plenty of other ways to have fun with your decor. To start with, you might want to forget some of the unwritten rules about what matches, such as dining room chairs. Why not throw in a bench to mix it up a bit?
Similarly, there's no rule that you need a sofa in a living room when cozy chairs would just as easily suffice, and there's no rule that defines a coffee table. Instead of a traditional table, the article suggests you simply use an ottoman topped with a tray.

Think lighting, too. Play with a room's ambience by using four rather than two lamps, and don't forget to make sure your closet is not only adequately lighted, but also full of inspiration with photos or whatever else will help kick-start your day.

Do you have any decorating secrets that you think are key to adding appeal to a room?

HOUSTON SINGLE-FAMILY HOME SALES AND PRICES CLIMB IN MARCH

2010-04-20T12:56:00.000-05:00

Strongest sales volume continues among homes priced from $250K and above

HOUSTON — (April 20, 2010) — The rapidly approaching April 30 federal homebuyer tax credit apparently inspired Houston-area consumers to house shop, as sales of single-family homes throughout the Houston market rose in March with the strongest sales volume continuing in the upper housing segments. Prices of single-family homes also continued their months-long appreciation.

Overall March sales of single-family homes across greater Houston climbed 10.8 percent compared to March 2009, according to the latest monthly data compiled by the Houston Association of Realtors® (HAR). All single-family home pricing segments except the under-$80,000 market experienced gains, with the sharpest increases in homes priced from $250,000 and above. Sales of all property types rose 14.5 percent in March on a year-over-year basis.

Source: Houston Association of Realtors

Exceptional Home in Greatwood Glen

2010-04-08T12:41:00.000-05:00

Texas Tradeup Appliance Program. Gone in 7 hours!

2010-04-08T11:20:00.000-05:00

Wow! The state of Texas received more than $23 million in federal stimulus funds from the U.S. Department of Energy to establish and administer an Energy Efficient Appliance Rebate Program — the first of its kind in Texas. The Texas Trade Up Appliance Rebate Program encourages consumers to replace old appliances with new, energy efficient qualified models to stimulate the Texas economy and increasing energy conservation efforts in Texas.
The state started taking reservations for the rebates at 7:00am yesterday and ran out of funds by 2:30pm.
But just announced on Memorial Day Weekend (May 29-31)the State has plans to do a Tax Free Weekend for Energy Efficient Products. A/c units, diswashers, washing machines, cfl light bulbs, thermostats and a few other products are included.

Waterski in Katy, Texas

2010-04-08T11:04:00.000-05:00

Vacation-Home Sales Increased in 2009

2010-04-07T11:00:00.000-05:00

Vacation-home sales recovered in 2009 while investment sales fell sharply, according to the National Association of REALTORS®. Half of vacation homes purchased last year were in the South.

Vacation-Home Buyers
· Only one in four vacation-home buyers plan to rent their properties to others.
· 26 percent of vacation-home buyers intend to use the property as a primary residence in the future.
· The vacation-home market share rose a percentage point to 10 percent.
· The median transaction price of a vacation home was $169,000 in 2009, compared with $150,000 in 2008.
· Three out of 10 vacation-home buyers in 2009 paid cash for their properties
· The typical vacation-home buyer in 2009 was 46 years old, had a median household income of $87,500, and purchased a property that was a median distance of 348 miles from their primary residence.

Greatwood Woodhaven!!

2010-03-25T12:50:00.000-05:00

Greatwood New Listing!!

2010-03-15T13:39:00.000-05:00

SW Houston Great For First Time Homebuyers!

2010-03-15T13:34:00.001-05:00

Mortgage rates at 2010 low -- but not for long

2010-02-19T16:10:00.000-06:00

If you've been shopping for a home, now may be the time to buy. Mortgage rates are expected to rise sharply within the next few weeks.
Mortgage rates are close to a record low and probably won't stay there much longer. Experts say it's time to get a loan now, or you'll end up with a higher rate later.

For those who are willing and able to refinance, it is time to act. Homebuyers tend to be more influenced by home prices than by mortgage rates, but they should keep in mind that mortgage rates could be a full percentage point higher a year from now.

Mortgage rates are expected to rise because the Federal Reserve plans to stop buying mortgage-backed securities by the end of March. For the past year, the Fed has been buying more than four-fifths of newly issued mortgage bonds. When the central bank stops buying them, private investors will have to step in.

Not Ready Yet!

2010-02-18T13:32:00.000-06:00

Wash Where You Flush

Toilets are one of the biggest water hogs in the home. Seattle-based ecohaus has addressed this environmental challenge by promoting the Caroma Profile, a bathroom fixture that is part sink and part toilet. Users wash their hands in the toilet tank (cleaner than you might think). That water is then repurposed for future flushes. Its dual flush component reduces water consumption by an additional 40 percent to 70 percent. The toilet and sink combo is a great space saver in smaller bathrooms. Cost: $499.99. www.ecohaus.com

Are Interest Rates About to Rise?

2010-02-17T19:03:00.001-06:00

Federal Reserve Bank of New York President William Dudley says the central bank will scale back its purchases of mortgage-backed securities late next month. While interest rates likely will climb when the program ceases, the extent of the rise remains to be seen.

Dudley says the Fed will act if rates spike too much. Still, analysts worry that the end of the MBA purchase program and expiration of the home-buyer tax credit, along with higher premiums and tighter underwriting of FHA mortgages, will work together to stifle home sales and price stabilization in the coming months.

Source: Inman News (02/08/10)

Fort Bend County tops Forbes growth list

2010-02-03T08:14:00.000-06:00

Fort Bend County is the No. 1 county in the United States to “get ahead,” according to Forbes magazine.

The county, a suburb located southwest of Houston, topped the publication’s list of counties that experienced the most income and job growth over the past few years.

The average median household income in Fort Bend County climbed 10 percent to $84,782 in 2008 from $77,082 in 2007, said Forbes. The county has also added 5,913 new jobs since the second quarter of 2007, an increase of 5 percent.

Like the rest of Texas, Fort Bend gets a healthy chunk of its revenue from the energy sector, but it also benefits from a diversity of industries - including education and hospitality -that has fueled several decades of rapid population growth.

Fort Bend County also ranked sixth on a list of the nation’s counties that experienced the most job growth in a CNN/Money Magazine poll last fall.

Fort Bend officials predict that the region’s job growth will continue. In 2009, Kansas City Southern and CenterPoint Properties’ announced an 880-acre intermodal facility and logistics park just west of Rosenberg, which is expected to create more than 750 jobs.

And, Lufkin Automation recently purchased 6.2 acres in Missouri City with plans to move their headquarters to Fort Bend County.

Source: Houston Business Journal

For Sale: 5BR/3+1BA Single Family House in Sugar Land, TX, $329,900

2010-01-30T18:14:00.000-06:00

For Sale: 5BR/3+1BA Single Family House in Sugar Land, TX, $329,900

For Sale: 5BR/4BA Single Family House in Sugar Land, TX, $414,900

2010-01-12T12:13:00.000-06:00

For Sale: 5BR/4BA Single Family House in Sugar Land, TX, $414,900

10 Big-Impact, Low-Cost Remodeling Projects

2010-01-12T10:43:00.000-06:00

Working with sellers who have some—but not unlimited—cash for upgrades? Here are budget-minded enhancements you can suggest to make their home stand out.

1. Tidy up kitchen cabinets.

"Potential buyers do open kitchen cabinets and look inside," says Morrissey. "Home owners can add rollout organizing trays so when buyers peek in, they feel like there’s lots of room for their stuff."

2. Add or replace tile.

"By retiling very inexpensively, you make a room look way cleaner that it was," says Javier Zuluaga, owner of Home Repairs and Remodeling LLC in Tempe, Ariz. "Every city has stores that offer $1 to $2 tile, so home owners have to pay only for the low-cost tile and labor to replace a dated backsplash or add a new one. We also use inexpensive tile to upgrade bathrooms."

3. Add a breakfast bar.

When a wall separates a kitchen from a family room, suggest cutting out an opening to create a breakfast bar. "In one home, there was a cutout in the wall between the kitchen and living room," explains Matthew Quinn, a sales associate at Quinn’s Realty & Estate Services in Falls Church, Va., who handles estate and real estate sales for family members whose loved ones have passed away. "We left the structure of the cutout, added an oversized granite breakfast bar, and put chairs in front of it. That cost about $600."

4. Install granite tile instead of a slab.

"Everybody is hot for granite kitchen countertops, but that can be a $5,000 upgrade," says John Wilder, a general contractor and owner of Fence and Deck Doctor in New Castle, Ind. "Instead, home owners can put in 12-inch granite tiles for about $300 in materials and get very high impact for little money."

For Sale: 3BR/2BA Single Family House in Rosenberg, TX, $169,900

2010-01-04T20:49:00.000-06:00

For Sale: 3BR/2BA Single Family House in Rosenberg, TX, $169,900

5 Tips For Going Green

2009-12-22T11:33:00.000-06:00

Get started on the road to going "green" with these five tips.

1. Change Your Light Bulbs
By replacing just five incandescent light bulbs with compact fluorescent (CFL) bulbs, you can save $100 per year on electric bills while using up to 75 percent less energy and removing greenhouse gases from the environment.

2. Buy ENERGY STAR® Appliances
ENERGY STAR-qualified appliances, such as refrigerators, washers and air conditioners, meet a higher level of energy efficiency set by the Environmental Protection Agency and U.S. Department of Energy than standard models. According to ENERGY STAR, if just one in 10 homes used ENERGY STAR-qualified appliances, the impact could be compared to planting 1.7 million new acres of trees. And, switching to these appliances is not only good for the environment, but easy on your pocketbook. Although these appliances may costs more, you can reduce your energy bill by $80 per year.

3. Seal Up
Cracks and air leaks represent cash seeping from your doors and windows. Get rid of air leaks in doors, windows and other areas by caulking gaps and cracks. This will help decrease your heating and air conditioning bill. But make sure you use silicone sealants. Acrylic caulk tends to shrink, while silicone sealants are waterproof and won’t shrink or crack, creating less waste.

4. Use Less Water
Did you know as much as 60% of your homes water consumption takes place in the bathroom. The largest culprit is the toilet, which accounts for 27% of your homes annual supply every year. By installing low-flow toilets, showerheads and faucets, you can save thousands of gallons of water each year. That slow dripping faucet can waste as much as 2400 gallons of water per year.

5. Adjust the Thermostat
When adjusting your home's thermostat, the rule of thumb should be: turn up the dial in the summer and down in the winter. Lowering the temperature by just one degree will reduce your home's energy costs. And if you have a programmable thermostat, you can program your air conditioning and heating systems to reduce output while you are away or at night while you are at sleep. Ceiling fans are also helpful to cirulate air to keep the room cool in the summer and warm in the winter.

By making a few small changes within your home, you can decrease energy consumption and help make the world a "greener" place.

Small Projects, Big Bang

2009-12-22T10:53:00.000-06:00

Uncertainty and restraint are the order of the day in this economy, and that sense of caution is reflected in home owners’ return on their investment in remodeling projects, according to REALTORS® in 80 metropolitan markets surveyed by Remodeling magazine for this year’s Cost vs. Value Report.

The majority of the 10 remodeling projects with the best return on investment nationally are a testament to pragmatism. Six of the 10 projects—siding and window replacement using a variety of materials—involve home maintenance that costs less than $14,000.
Two more—adding an attic bedroom or a wood deck—reinforce the notion that boosting the amount of livable space in and around your home will attract buyers who are increasingly looking for more room for their buck. In past years, converting an attic into a bedroom was a project that landed squarely in the middle of the rankings, but this year it leapfrogged over other categories into third place. It’s an admittedly pricey project, with an average national cost of nearly $50,000, but it generates an average national return of 83.1 percent and a better-than-100 percent return on investment, according to REALTORS® in 14 of the 80 cities surveyed. Adding a wood deck is much more economical, with an average national cost of slightly more than $10,000. Its average national return is 80.6 percent, but in six cities, its return is estimated at 100 percent or greater.

The six siding and window home maintenance projects in the top 10, combined with the project with the biggest return on investment—a mid-range entry door replacement—prove something that every sales associate tells sellers throughout the country: First impressions count. A mid-range entry door replacement, a project new to the survey this year, is the only home remodeling project that REALTORS® expect to generate a full return for the money nationally. It’s the least expensive of the 33 projects included in the analysis, yet it brings a whopping average national return on investment of 128.9 percent. It generates a better-than-100 percent return in 48 of the 80 cities, according to REALTORS® surveyed, and in several cities, its return is estimated at more than double its cost.

Additional data prove the value of restraint. Upgrading kitchens and baths is still a smart bet. However, home owners will recoup the greatest share of their costs by foregoing super-deluxe projects in favor of mid-range kitchen and bath remodels. A mid-range kitchen remodel brings an average 72.1 percent return on investment, while an upscale kitchen re-do returns only an average of 63.2 percent of the money invested. A mid-range bathroom project has an average 71 percent cost recovery, but the average recovery on an upscale bathroom project is nearly 10 points lower, at 61.6 percent.

Congress expands homebuyer tax credit

2009-11-05T10:48:00.000-06:00

WASHINGTON — Buying a home is about to get cheaper for a whole new crop of homebuyers — $6,500 cheaper.

First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, Congress voted to extend and expand the tax credit to include many buyers who already own homes.

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30

"This is probably the last extension," said Sen. Johnny Isakson, R-Ga., a former real estate executive who championed the credits.

The homebuyers tax credit is one of two tax breaks totaling more than $21 billion that the Senate included in a bill extending unemployment benefits for those without a job for more than a year. The other would let companies now losing money recoup taxes they paid on profits earned in the previous five years.

The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.

The credit would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days.

Mortgages under 5% are back

2009-10-30T08:26:00.000-05:00

The possibility of securing a mortgage rate at or below 5% has greatly improved in recent weeks, in a positive sign for would-be home buyers.Home mortgage rates fell for the sixth straight week, according to two key measures.

Mortgage tracker Bankrate.com said the average 30-year fixed loan slipped to 5.22% from 5.25% the previous week. The 15-year fixed rate also fell, Bankrate said, to 4.6% from 4.64% the week before.

The 30-year rate is influenced by the benchmark 10-year note's yield, which moves in the opposite direction of its price. Treasury prices have risen over the past week as $78 billion worth of auctions received above-average demand.

"Another disappointing employment report had investors questioning the strength and sustainability of the economic rebound," the Bankrate report said. "The resulting uncertainty drove investors into the safety of government and mortgage-backed bonds."

Rates are returning to levels not seen since the spring when, in an effort to cap mortgage rates, the Federal Reserve began a campaign to buy back $300 billion in Treasurys. The Fed hoped that it would spark demand and keep yields -- and therefore, mortgage rates -- in check.

Mortgage rates fell as refinancings abounded. But those benefits seemed to wear off, as rates started on a tear in the summer. By June, the benchmark 10-year bond's yield had increased steadily to hover around 4%.

Now the central bank has less than $15 billion left to spend on its buyback program, which led some investors to worry that yields would soar again. So far, that's not the case.On Wednesday, reports said Democratic congressional leaders were working to extend a $8,000 tax credit for first-time home buyers past the Nov. 30 expiration date and could even make it available to current homeowners who buy a new house.

Homeowners have received a boost from both the tax credit and the lower rates -- last year, the average 30-year fixed mortgage rate was 6.2%, according to Bankrate.

To translate the difference in mortgage rate into dollars, consider a $200,000 loan. At last year's rate of 6.2%, the monthly payment would be $1,224.94, or $124 higher than the monthly payment at the current rate.

Proposal for extending first time home buyer tax credit!

2009-10-30T08:11:00.000-05:00

First time buyer tax credit extended! A new Senate proposal will offer a first time home buyer tax credit extension to homes under contract by April 30, 2010. The former deadline was November 30, 2009. The home buyer tax credit will also be offered to people who have lived in the same home for five years, according to the proposal, which at time of writing hasn’t passed yet, but has bipartisan support.

First time homebuyers, the income level to qualify is $75,000/150,000 (couple).
For step up buyers the income level to qualify is $125,000/250,000 (couple).
For first time buyers the credit remains $8,000.
For step up buyers, they must have been residing in their primary residence for 5 years.
For Step up buyers the credit is 10% of the sales price, with a maximum of $6,500.
The credit runs from Dec. 1, 2009 to April 30, 2010.
For legitimate sales contracts as of April 30, 2010 you have 60 days to close.
There is a waiver for military.
An agreement reached yesterday by the Democrats would let homeowners who buy a new home qualify for a $6,500 credit if they have lived in their prior residence for five years, according to Regan Lachapelle, an aide to Senate Majority Leader Harry Reid.

“The compromise we have now would expand the credit beyond first-time homebuyers,” Lachapelle said. Lawmakers expect to consider the measure as part of a bill to extend unemployment benefits, she said. That measure has been held up by a disagreement with Republicans over other proposed amendments.

Lawmakers have said they want to keep home sales from slipping as the economy struggles to recover from the worst drop in home prices since the Great Depression. The plan would extend the homebuyers credit, due to expire Nov. 30, to home purchases under contract by April 30, 2010, with borrowers allowed another 60 days to close the sale, according to a person familiar with the details of the agreement.

The credit would be available to individuals earning up to $125,000, or $250,000 for couples, up from $75,000 for individuals and $150,000 for couples under the current law.

Half of States Avoid Big Housing Drop

2009-10-23T14:19:00.000-05:00

Parts of the U.S. with plenty of open space and moderate prices have mostly escaped the housing meltdown.

Over the past three years, home prices have risen in most of the metro areas of 23 states, according to analytics firm Fiserv. States mostly likely to escape the housing meltdown were in the South, the Plains states, and most of the non-coastal West.

The state that is the best example of this phenomenon is Texas, where home prices rose in all 26 metro areas over the last three years.

The 16 states hardest hit by the decline were in New England and the Northeast, plus California, Florida, Nevada, and Arizona.

The seven cities that are the best bets for a quick recovery are San Francisco, Seattle, Pittsburgh, Rochester, N.Y., Memphis, Tenn., Oakland, Calif., and Birmingham, Ala.

Source: CNNMoney.com, Les Christie (10/21/2009)

Important Issues for Texas Homeowners

2009-10-06T11:28:00.000-05:00

By GABRIEL LOPEZ
On Nov. 3, 2009, the voters of Texas will once again have an opportunity to take a stand against the burdensome and uneven taxation of residential property. There are four amendments that will directly affect all property owners in the state, and the Texas Association of REALTORS® is imploring all homeowners to vote and be heard on these issues.

So what exactly are you voting for in this election cycle? If you’re like me, you have on more than one occasion glanced at a proposed amendment, scratched your head, and had a bewildered look on your face. The language is so full of legislative jargon, and without background information, it is difficult at times to figure out the intent.

I’m sure that anyone who has ever seen an episode of Star Trek has probably wondered, “How is it that aliens from all across the galaxy can speak and understand English?” The television show explained this phenomenon through the use of an accepted convention in science fiction called a “universal translator.” No matter what kind of gibberish was spoken, it would always come out as plain English. I have no doubt that anyone who has ever consulted with an attorney on a legal issue probably could’ve used something like this.

Yes, I am a lawyer. It is a much-maligned profession (and admittedly sometimes deserved). But in this case, I must rise to our defense. Believe it or not, there is a reason why the language of statutes and proposed amendments is so seemingly convoluted. Every word has to be carefully considered and painstakingly analyzed to make sure it meets constitutional requirements, is not overly ambiguous, and will not be misconstrued.

That being said, legalese is definitely not the best way to convey information to voters. So that is why I, your friendly neighborhood association legal counsel, will act as your universal translator for the upcoming election on the proposed constitutional amendments. I’m only going to translate those propositions on the Nov. 3 statewide ballot that directly affect homeowners. By the way, just to be clear, I urge you to join Texas REALTORS® in voting for all of these. Here we go …

Proposition 2
Legalese: The constitutional amendment authorizing the legislature to provide for the ad valorem taxation of a residence homestead solely on the basis of the property’s value as a residence homestead.

Translation: If you’re a homeowner in Texas, you are well aware of the astronomical increases in the appraised values throughout the state, especially if the property is not covered by zoning regulations. The central appraisers are using a practice called “highest and best use,” which is a method that allows a property to be valued on potential use rather than the current use. So if your residence homestead happens to be near a new commercial development, you could have a Spock-like, eyebrow-raising experience the next time you get your appraisal. Proposition 2 will fix this problem, mandating that a residence be appraised only as a residence, regardless of what the highest and best use of the property may be.

Proposition 3
Legalese: The constitutional amendment providing for uniform standards and procedures for the appraisal of property for ad valorem purposes.

Translation: There is currently a hodgepodge of rules and standards for appraisals throughout the 254 counties of Texas. Passing this amendment would allow the state to have direct enforcement and oversight over every appraisal district. This would ensure that there is uniformity of the appraisal processes across the state; and if there were inconsistent appraisal methods among the counties, the state would have the power to establish uniformity. If this amendment were to pass, property owners in counties throughout the state could be assured that they were being evaluated in a similar manner. This is important because state funding for public schools is based on the taxable property in each school district.

Proposition 5
Legalese: The constitutional amendment authorizing the legislature to establish a single board of equalization for two or more adjoining appraisal entities that elect to provide for consolidated equalizations.

Translation: The main responsibility of the board of equalization is to hear appeals of the appraised value to taxable property and to resolve disputes between taxpayers and the appraisal districts. Appraisal districts have had a difficult time appointing boards in rural counties. By allowing appraisal district to pool together their qualified applicants, it would enable those counties to ensure that the appraisal process is handled professionally and in a timely manner.

Proposition 11
Legalese: The constitutional amendment to prohibit the taking, damaging, or destroying of private property for public use unless the action is for the ownership, use, and enjoyment of the property by the state, a political subdivision of the state, the public at large, or entities granted the power of eminent domain under law or for the elimination of urban blight on a particular parcel of property, but not for certain economic development or enhancement of tax revenue purposes, and to limit the legislature’s authority to grant the power of eminent domain to an entity.

Translation: Surprisingly, this one is actually pretty self-explanatory. Both the U.S. and the Texas Constitution authorize the power of eminent domain. This power allows a governmental entity to take private property as long as it is for a “public use” and the owner is adequately compensated. This amendment would narrow the scope under which private property could be taken by eminent domain. It essentially would eliminate the taking of private property for either private economic development (e.g., a shopping mall) or to boost tax revenues. Lastly, as of Jan. 1, 2010, the power of eminent domain could be granted only by a two-thirds vote of the Texas Legislature.

Now that you’re armed with your very own universal translator, you can take the steps to live long and prosper. I’d start by voting for propositions 2, 3, 5, and 11 on the Nov. 3 ballot!

No fun being number 1

2009-10-06T11:22:00.000-05:00

Texas ranks 14th in the amount residents pay in property taxes. Our state is also first in how much we pay in property taxes. How can that be? It doesn’t seem possible, but both statements are true.

There are 13 states where the median property-tax bill is higher than the $2,232 figure in Texas. However, if you look at the median amount of property tax paid as a percentage of the home value, we unfortunately land at the top of the heap. All this according to the Tax Foundation, a nonpartisan educational organization that researches various tax topics.

Those who know a lot about state taxes will point out that Texas relies more on property taxes than many other states because we have no state income tax. Interesting, then, that the other six states without state income taxes don’t crack the top 10 in property tax paid as a percentage of home value.

How can that be? I wish I knew. I also wish I had the power to move us down that list a considerable bit.

You probably know about the option to protest your appraisal each year. That can be a successful way to keep your taxes in check, though the argument that your taxes just keep going up stands little chance of success.

Collectively, Texas REALTORS® have been working for years to make our state’s property-tax system more equitable and less burdensome to property owners. In fact, there are several proposed constitutional amendments that will help, if approved by voters November 3. Make sure you get to the polls this election. With your help, and with continued hard work by Texas REALTORS® and property owners, maybe one day we’ll find some other state atop that undesirable list.

By MARTY KRAMER, Consumer columnist

Want to get rid of that kitchen clunker?

2009-09-01T10:39:00.000-05:00

A new rebate program could soon be sending you up to $200 for buying a new, high-efficiency appliance.
If you're one of the increasing number of homeowners embarking on a kitchen remodel, you might want to wait a couple of months to buy that new refrigerator or dishwasher.

Riding on the coattails of the popular Cash for Clunkers program is a similar $300 million program that hopes to encourage homeowners to upgrade to high-efficiency household appliances. Buy an appliance with the Energy Star seal, and you could get $50 to $200 back from the government. And this time, your old appliance is yours to keep (or recycle!).

Appliances consume a huge amount of our electricity, so there’s enormous potential to both save energy and save families money every month," said Steven Chu, secretary of the Department of Energy. "These rebates will help families make the transition to more efficient appliances, making purchases that will directly stimulate the economy and create jobs."

I realize it isn't quite as alluring as $4,500 for a new car, especially with department stores and other appliance retailers slashing prices left and right. But, apparently, that's part of the problem. Many of those retailers can't actually afford to slash prices; they just have no other choice.

Each state must outline its specific plan for the rebate program by Oct. 15, which means it will likely differ from state to state. The Energy Dept expects most of the funding to be doled out by Nov. 30 -- just in time to keep you busy with projects all winter long!

26th Annual National Night Out Set for Oct. 6

2009-08-18T09:20:00.000-05:00

Sugar Land Neighborhoods will join forces with thousands of communities nationwide for the annual National Night Out (NNO) crime and drug prevention event on Oct. 6, from 6-9 p.m.
“Our City’s most important crime prevention tool is citizen involvement,” said Officer Harris Johnston, of the Crime Prevention Unit. “The Crime Prevention Program partners with residents to increase safety within the community through programs like NNO. In this spirit of cooperation, these partnerships positively influence the quality of life in Sugar Land.”
Neighborhoods, blocks or streets in Sugar Land are able to register their parties each year, and police officers, firefighters, the mayor, City Council members and other City officials visit as many parties as possible.
Register online at http://www.sugarlandtx.gov/ or call Officer Harris Johnston at (281) 275-2580

Preparing for a Storm

2009-08-11T13:08:00.000-05:00

Have a Family Plan
It's important to plan now to protect your families, business, and property. Discuss evacuation plans with your family, friends and relatives BEFORE hurricane season begins, and review your plans from time to time. Here are some planning tips:
Start putting an emergency supply kit together and double check to ensure supplies are fresh.
Make a checklist of what you must do before you leave and review it.
Make sure you and your family members know how to get in touch with each other. Remember that phone service could be disrupted, so have a back-up plan such as an assigned meeting place, use of pagers, e-mail or other technology that does not depend on phone lines. In case telephones and cell towers are not operational, you may want to make a list of contact information on paper that you normally store in electronic devices.
If you plan to stay in a hotel or motel, make reservations and confirm your reservations before you leave.
Learn evacuation routes from your area before storm season. Plan for delays and longer drive-times than normal.
Call 2-1-1 to find out if you live in an evacuation area or you need transportation during a disaster
Prepare Your Home
Steps you can take NOW
Here are some steps you can take to protect your property before a storm hits:
Find out the elevation of your property and check floodplain maps.
Check your insurance coverage. Most homeowner insurance policies do not cover flood damage. Learn about the National Flood Insurance Program.
Find out if your home meets current building code requirements for high winds. Structures that meet current high-wind provisions have a better chance of surviving violent windstorms.
Install commercial shutters or prepare 5/8 inch plywood panels for your windows.
Garage doors are frequently the first feature in a home to fail. Reinforce garage doors so that they are able to withstand high winds.
If you do not live in an evacuation zone or a mobile home, designate an interior room with no windows or external doors as a "safe room."
Assess your property to ensure that landscaping and trees do not become a wind hazard. Trim all dead wood, and weak branches or overhanging branches from all trees. Certain trees and bushes are vulnerable to high winds and any dead tree near a home is a hazard.
Consider landscaping materials other than gravel or rocks.

Click here for the 2009 Emergency Preparedness Guide from the City of Sugar Land