Homestead exemption expansion bill passes Senate
On Monday, the Texas Senate unanimously passed Senate Bill 8, authored by Sen. Paul Bettencourt of Houston.
This legislation seeks to provide property tax relief by allowing homebuyers to file for homestead exemptions in the year when they purchase the property—providing homeowners a way to lower their property’s taxable value and save on their property taxes.
Currently, new homeowners must wait until the following year to file for the exemption. What a great "win" for Texas Homeowners!
The Mortgage Loan Process
Paperwork - Items needed to inititate the loan process (application)
- Driver License(s)
- Two (2) months' recent bank statements (All pages, checking and savings)
- 4-6 weeks' pay stubs (most recent - from current job)
- Last 2 years' W2's, 1099's and tax returns (All Pages)
- 401k or IRA statement from most recent quarter
- Divorce Decree (if applicable)
What you should know when you're getting ready to buy a home
The more prepared you are, the easier the loan process will be. Many changes have occurred in the past few years!
- Gather your documents in one place
Be Smart with your money - every money decision can affect your ability to obtain a mortgage.
2 Months before applying for your mortgage:
- No Cash Deposits into your bank accounts
The 2020 Market turned out to be one of the best markets in years. There was a slowdown somewhat with the COVID news...but it didn't last long. Interest rates were amazingly low and the inventory was low. The low inventory makes it a seller's market. With interest rates historically low (I know...we've been saying that for years)...many first time homebuyers will "jump in". In fact, the market turned out to be so good that buyers found themselves in multiple offer situations. Sellers were not accepting contingency contracts unless the buyer's home was already under contract and hopefully past the option period.
This year may be a repeat of last year....it's too early to tell yet. ...
The homes coming to our market have slowed somewhat, but the major change is that the number of homes going under contract have slowed more. Real estate is always regional. Nationwide statistics are interesting, but we should always focus on our immediate area. The number of contracts has dropped in the percentage levels. Many of those contracts that are pending are actually from buyers who saw the property prior to the limited showings.
We expect our Pearland/Friendswood/League City market will experience this slow down...at least for the next several months. We don't have a crystal ball and we don't pretend to know the full impact, but people still need to buy and sell. Those that don't have to....won't.
If you do find yourself...
DID YOU KNOW?
Did you know a state law goes into effect Sept. 1 requires sellers to disclose if a home is located in a 100-year floodplain, a 500-year floodplain, a flood pool, in or near a reservoir, and whether that home has flooded before.
The Y/N questions include:
Present flood insurance coverage
Previous flooding due to a failure or breach of a reservoir or a controlled or emergency release of water from a reservoir.
Previous water penetration to a structure on the Property due to a natural flood event.
Located ___ wholly ___ partly in a 100-year floodplain
Located ___ wholly ___ partly in a 500-year floodplain
Located ___ wholly ___ partly in a floodway
Located ___ wholly ___ partly in...
Forged deeds, mortgages, satisfactions, or releases?
Unfortunately, there are people out there who have less than honorable intentions. Sometimes forged or falsified documents are filed in the land records, clouding the rightful ownership of a property or creating liens or other issues. Once the existence of a forged or falsified document is discovered, your rights to the property may be at risk.
Use a Realtor, close at a reputable title company....obtain title insurance!
Call us today if you need help in buying or selling a property - we would love to help you!
Join Us for the next few days as we talk about the importance of Title Insurance when purchasing what may be your most valuable asset. We'll start off by discussing or explaining some of the most common title issues.
Today, let's talk about one of the most common problems - errors in public records! Humans make mistakes, and a clerical or filing error regarding your property may effect your deed to the property. When a title search is performed, the intent is to make sure the...
Did You Know?
The Texas Supreme Court recently decided that a landlord still maintains the right to evict a tenant even if that tenant paid rent late on multiple occasions without consequences. The state’s top court reversed decisions in the case tried at the justice court, county court, and court of appeals.
The tenant had argued that the landlord waived the right to evict since the landlord never assessed late fees or protested the late payment of rent, and the lower courts agreed. However, the Supreme Court disagreed, stating that “… as a matter of law, accepting late rental payments does not waive the nonwaiver provision in the underlying lease … .”
What is a Coffered Ceiling
Many homebuilders now offer architectural details throughout the home. One that has been around for awhile, but has recently become a favorite...is the coffered ceiling. If you have high ceilings (probably need at lease 9-10' to pull it off), you can remodel with a coffered ceiling. There are many choices for "inside the blocks". You can use sheetrock, wood, metal or tin...or even wallpaper! Take a look. Do you think you might want one of these?
2017 Real Estate Market
For the past 3-4 years, the real estate market has started out with a bang! "Experts" often disagree what the market will bring. They have big data, lots of research, lots of indicators...and they aren't always correct! We expect the market to be good again this year. Maybe things have slowed a bit from the frenzy of 2013-2014, but our area has diversified enough that our home sales have not suffered. We understand that interest rates cannot stay at these historic lows forever, and we have already seen them rise a bit. Builders have more inventory now, which has increased the "seller's market" for the past several years. Homes have been staying on the market slightly longer these past...
- Agents should never use their phone for photographs to market a client's home
- If you believe "anybody" can take pictures, just look at some of the MLS listing photos
- We owe it to our clients to do everything we can to make their property standout "in the crowd"
Pictures, Pictures, Pictures! Just about every product you can think of is marketed visually...or through pictures. Food, shoes, cars...you name it. Consumers are shopping for their next home on the internet the same way they research cars, appliances and many other items.
Take a look at this gorgeous custom home in Friendswood! Click Here...
Pearland Real Estate Sales: Source - Houston Association of Realtors (single family homes)
The real estate market continues to favor Sellers in Pearland with a modest 1% increase in sales from January-October, 2015 over the same period in 2014. The Houston Association of Realtors reports a 1% decrease in sales for the all Houston MLS area (includes Pearland) from the same period last year. The median price for the Houston MLS area increased 7% to $212,500 (Jan-Oct). The average number of days a home stayed on the market decreased to 50 days, which represents a 5% decrease....