September 3rd, 2008
DOM or Days on Market - what does it really mean? The simplest definition of Days on Market (DOM) is …. its the quantity of days a property has had an Active status in our multiple listing service. DOM is a statistic that is open to interpretation as to what it really means.
The average days on market for Spring Texas homes is approximately 90. So what does that say about a home that has been on the Spring Texas real estate market for more than 90 days? Ahhh … that’s where the interpretation of the statistic comes in.
If the home has been on longer than the average DOM does it mean -
A) something’s wrong with the home? NO. Although this could be a reason, there are numerous other reasons why the home is still sitting on the market.
OR
B) the seller will accept a low ball offer? Again NO. Countless buyers believe that the longer a home has been on the market the more willing a seller should be to accept a low ball offer. If the seller is in a dire financial situation this may be true. But there are many reasons beyond financial ones that create a need for a homeowner to want to sell his home including downsizing, upsizing, or job change.
There are probably as many reasons as why homes sit on the Spring Texas real estate market longer than the average as there are colors in a box of Crayola crayons. And I am not talking about the small little box of 8 crayons. I am talking about the super duper jumbo box. The box with the crayon sharpener in the back. Read More »
August 21st, 2008
There is no denying that our real estate taxes in Spring Texas are higher than in other states. But you shouldn’t ONLY take into consideration real estate taxes when considering whether its affordable to live in Spring Texas.
For 18 consecutive years the nonpartisan Tax Foundation has published an estimate of the combined state-local burden of each of the 50 states. And they have just released the State and Local tax burden estimates for 2008 and our big state of Texas came in as the 8th lowest state in state-local tax burden. And this rating of being in the top 10 lowest states in state-local tax burden is not a flux. We have enjoyed this ranking for the last four years.
We, Texans, pay 8.4 percent of our income in state and local taxes, compared to New Jersey at 11.8 percent, New York at 11.7 percent, Connecticut at 11.1 percent and Maryland at 10.8 percent. What’s the national average? Read More »
August 18th, 2008
If you have been counting your pennies and saving for the down payment on your Spring Texas home you will want to consider purchasing before October 1, 2008. Because on October 1, the minimum down payment requirement for FHA loans increases from 3% to 3.5% of the sales price.
The increase in the minimum down payment is one of the provisions in the Housing and Economic Recovery Act of 2008. The same act that provides first-time homebuyers with a $7,500 tax credit.
You may think an extra .5% does not sound like a lot but let’s put it into perspective. On a $150,000 home, the minimum down payment increases from $4,500 to $5,250. A net increase of $750 which is the equivalent of about the cost of a washer and dryer. On a $200,000 home, the minimum down payment increases from $6,000 to $7,000. A net increase of $1,000 which is the equivalent of about the cost of a refrigerator.
Read More »
August 13th, 2008
If you are a first time homebuyer looking to purchase in the Spring Texas area, you need to be aware of the latest housing bill and its potential benefits to YOU. The housing bill which was signed into law is the Housing and Economic Recovery Act of 2008. Amongst other things the Housing and Economic Recovery Act of 2008 was designed to give the housing industry a shot in the arm and an incentive to get buyers off the fence and purchase a home.
WHAT IS THE FIRST-TIME HOMEBUYER TAX CREDIT?:
- A $7,500 tax credit for eligible first-time homebuyers who purchase either a resale or new home. An eligible first-time homebuyer is a buyer who has not owned a principle residence during the last three years.
- The full tax credit is available for individual taxpayers with a modified adjusted gross income up to $75,000 and for married taxpayers with adjusted gross income up to $150,000. It is completely phased out for individual taxpayers and married taxpayers with a modified adjusted gross income of $95,000 and $170,000 or higher, respectively. Read More »
August 8th, 2008
In its latest issue, Money Magazine, announced the “Top 25″ cities where homes are affordable. And coming in at #14 on the list of affordability is Spring Texas homes. With an annual median family income of $74,298 and a 2007 median home price of $131,005, its easy to understand why the residents of Spring Texas enjoy a comfortable lifestyle.
Often I receive calls from potential Spring Texas homebuyers asking “What’s wrong with the house that you have on the market for $155,000?” The answer is nothing’s wrong with the house. Its just our market prices.
Or the other question is “Why are all the houses so cheap?” The answer is a two-part answer. First, the Spring Texas real estate market has not experienced the huge price appreciation that other parts of the U.S. has keeping our housing very affordable. Second part, the reason why we have not experienced large price appreciation is because of land. We still have plenty of land and the developers are building lots of new construction homes on it. The fresh and plentiful supply of homes coupled with a balanced demand has kept our home prices affordable.
Read also:
If you are thinking about relocating to Spring Texas and have a few questions give us a call at 281.300.3141 or 281.804.8626. We would be happy to tell you about why we call Spring Texas “home” and help you find your own house in Spring Texas to call “home”.
July 31st, 2008
If your vision of the perfect home comes with its own private pool, then you will love all the numerous options available for you on the Spring Texas real estate market. As of today, there are 286 Spring Texas homes for sale with a private pool in the $100,000 - $600,000 price range. That equals to 14% of the homes on the market have their own private pool which gives you plenty of choices.
But how do you know if you are a private pool person? To find out you need to ask yourself a series of questions.
1. Are you willing and able to pay for the upkeep of a pool? Some of the expenses associated with owning a pool include the following:
- chemicals to keep the water clean and in balance
- electricity for the pool’s lights, to run the spa’s pump, and to heat the pool
- liability insurance which is even higher if the pool has a diving board
Read More »
July 17th, 2008
Before sitting down with my buyers and writing an offer on their Spring Texas dream home, I will contact our in-house insurance agent and find out if the home is located in the 100 year flood zone. If a home is located in the 100 year flood zone it means that in any given year there is a 1% chance that a major flood will occur. I want my buyers to know going into the negotiations if the home is located in the 100 year flood zone because it impacts resale value, their home ownership costs, and in some instances their ability to sleep soundly at night. 
Some buyers I have represented did not want to proceed any further with an offer after discovering the home was located in the 100 year flood zone. And if you are the type of individual that every time we have a heavy rain you would be worried that your house would flood, then DO NOT purchase a home in the 100 year flood zone. The home is not worth the mental anguish it would cause you. No matter if it is your dream home.
Before you purchase that Spring Texas home located in the 100 year flood zone, consider the following: Read More »
July 8th, 2008
I know you Spring Texas home buyers must think that Realtors are just nosey people. Because you, potential buyers, are thinking why does it matter if you have been preapproved for a loan. You just want to view the home. You may not even like it and won’t want to buy it. So why do Realtors ask you if you have been preapproved for a loan?
1. The most important reason is we don’t want to have your dreams shattered. Let’s say we have been out looking at Spring Texas homes for the past several months and we have just found “the ONE” house for you. Now its time to get preapproved for the loan. You talk to your lender and he tells you because of a recent car loan you can not qualify to borrow the amount needed to purchase the house.
2. Saves you time. If we do not know the loan amount the lender will approve, we may be looking in the wrong price range of homes. Why waste months of your time viewing homes in a $200,000 - $225,000 price range only to find out later that according to the lender you need to be considering homes priced from $130,000 to $160,000. Read More »
June 20th, 2008
Quite frequently I get asked “Is now a good time to buy a home in Spring Texas?” Its a good question. We all work hard and want to make the best financial decisions possible. Nobody wants to buy a home today for $200,000 and find out tomorrow or next year that its only worth $140,000.
We have been lucky because the Spring Texas real estate market has not experienced the volality that has been felt in the California and Florida markets. Yes, our sales activity is down over previous years but the bottom line is how are prices holding up and is now a better time to buy than it may be in the future.
In my opinion, now is a great time to buy and I say that not just because I am a Realtor. But because I see some very compelling reasons to do so.
3 Reasons why now is a good time to buy a Spring Texas home:
1. BUY before home prices increase - Home prices are poised to increase especially new home prices. One reason is the cost of transportation. As reported in the Houston Chronicle, the increased cost to transport goods to the job site coupled with the higher prices of concrete, steel, and plastic pipe have local builders feeling the pinch. Its just a matter of time before the new home builders have no choice but to raise prices. Read More »
DOM or Days on Market - what does it really mean? The simplest definition of Days on Market (DOM) is …. its the quantity of days a property has had an Active status in our multiple listing service. DOM is a statistic that is open to interpretation as to what it really means.
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