Katy Home Sellers: How to Prepare for an Appraisal, Part Two

In May 2009, a new law, The Home Valuation Code of Conduct, or HVCC, became law.  One of the main rules prohibits mortgage brokers from ordering appraisals directly from, or having any contact with, a licensed real estate appraiser.

Also, a lender cannot approach a an appraiser with  relevant information, such as comparable sales. Lenders are forced to use third-party appraisal management companies who oversee all aspects of the appraisal process.

Valuation may come in low due to an out-of-area appraiser who is totally uneducated with respect to neighborhood nuances and values. Due to the decline in the housing market, based a great deal on inflated appraisals, appraisers now go back only three months, instead of the traditional six months, when considering comparable sales. Foreclosures are also factored in although they often skew the true value.

This being said, there are things that a seller can do to increase chances of their house appraising for the sales price.

• Once your appraiser has arrived, you do not need to accompany him or her along the entire site inspection. Rather, be available to answer any questions about your property and point out any home improvements.
• Make sure that all areas of your home are accessible, especially the attic.
• Appraisers see hundreds of home a year and they will look past most clutter. However, a good impression can translate into a higher home value.
• Repair minor things like leaky faucets, missing door handles and trim. It is only human nature to assume that there is quite a bit of “differed maintenance” if the small things have not been fixed.
• If your borrower is applying for an FHA/VA loan be sure to address specific items such as install smoke detectors on all levels, especially near bedrooms. You must install handrails on all stairways. You should remove peeling paint and repaint the affected area. Ask a lender or your Realtor for more suggestions.

Fort Bend Master Gardener Annual Perennial Sale

The Fort Bend Master Gardeners will hold their Annual Perennial Sale on Saturday, March 13, 2010.  Heidi Sheesley, owner of TreeSearch Farms, will give an overview of plants at the sale at 8:00 am.  The program is free and open to the public, no reservation required.The sale will open at 9:00 am and will run until 1:00 pm or until sold out.  The sale will take place at Fort Bend County Fairgrounds – Building D, 4310 Highway 36S, Rosenberg, 77471. Visit http://www.fbmg.comfor more information on varieties that will be at the sale.

Memorial Parkway Elementary School Playground Beautification

Memorial Parkway Elementary School is beautifying their playground. “I love our playground and think the space is fantastic. It saddens me that it is so under-utilized. I would love to see more families outside together, enjoying our playground” said Andria Hird of the Exterior Beautification Committee. The committee has been involved in a project to make the playground a more inviting, park like setting by adding trees for shade and tables and benches in the shaded areas. Our challenge has been the great expense to pay for such upgrades. “Our school has a small PTA and a small budget” said Sharon Lory, PTA President. Most of the available funds from fundraisers go to educational support.

With the increasing rates of childhood obesity and related health concerns, the PTA would like to do what they can to encourage kids and their families to get outside, move their bodies and have fun doing it. “With the comfortable environment shade trees and benches will provide, we hope to see families outside together throwing frisbees, kicking soccer balls, flying kites or just plain hanging out and enjoying each other” said Traci Bourque-Johannson, Exterior Beautification Committee Chair.

The school needs community support to achieve this goal. A planting day is scheduled for March 27 at 9:00 AM. Volunteers to help plant trees and flowers as well as donated bags of mulch and top soil are still needed. One table has been purchased and placed on the playground but two more tables and benches are needed. If this is a project you, your business or group would like to get behind, please contact Traci Bourque-Johannson at (832)309-0616 or bojo72@comcast.net.

Alex’s Lemonade Stand Foundation to Visit Katy, TX March 9th

In an effort to join the battle against childhood cancer, local Katy ISD students will host an Alex’s Lemonade Stand on Tuesday, March 9 from 5-7 PM at Bonnie Holland Elementary School .  These elementary school students were inspired to get involved with Alex’s Lemonade Stand Foundation after hearing about Alexandra “Alex” Scott, the girl who started this program.

Alex’s Lemonade Stand Foundation (ALSF) emerged from the front yard lemonade stand of cancer patient Alexandra “Alex” Scott (1996-2004). 2010 marks 10 years since 4-year-old Alex announced that she wanted to hold a lemonade stand to raise money to help find a cure for all children with cancer. Since Alex held that first stand, the Foundation bearing her name has evolved into a national fundraising movement, complete with thousands of volunteers across the country carrying on her legacy of hope. To date, Alex’s Lemonade Stand Foundation, a registered 501(c)3 charity, has raised more than $30 million towards fulfilling Alex’s dream of finding a cure, funding over 125 research projects nationally.

Bonnie Holland Elementary School is located at 23720 Seven Meadows Parkway at the corner of Gaston and Seven Meadows Parkway.

Katy Home Sellers: Facing an Appraisal? Be Prepared! Part One

Inflated appraisals, valuing homes far above their true market value, contributed greatly to the residential real estate collapse. In backlash, the pendulum has now swung in the opposite direction and it can be hard to get a home to appraise for the sales contract price.

Standards are now so strict that the lender and appraiser are not supposed to communicate directly. Historically, appraisers used comparable sales that occurred in the last six months; the time period has now been tightened to only three months. The days when Realtors were encouraged to meet the appraiser with a fist full of comparables, justifying the sales price, are long past.

Still, there are things that a home seller can do to facilitate the process and give their home a competitive edge in the appraisal process. It’s beneficial to have these documents ready for the appraiser:

• A survey of the property.
• List of personal property to be sold with the house.
• Most recent real estate tax statement and legal description of the house.
• Brag sheet that lists major home improvements and upgrades including the date of their installation and cost.
• A copy of the current MLS data sheet and purchase agreement if the property is “pending”.
• Neighborhood information.

Katy Realtor Earns Short Sales and Foreclosure Certification

A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner.

Recently, I earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS^® offers the SFR certification to REALTORS^® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.

REALTORS^® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.

“As leading advocates for homeownership, REALTORS^® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR President Charles McMillan.

“Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR^® who has earned the SFR certification for these kinds of purchases.”

The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS^® stay current on national and state-specific information as the market for these distressed properties evolves.

For assistance with a short sale, foreclosure or any other residential real estate issues, feel free to contact me at 713-818-2404 or through FuellingKaty.com.

$6,500 Repeat Homebuyer Tax Credit

The home purchasing tax credit is not just for first-time homebuyers any more. There’s a new program for the current homeowner or someone who has owned a home five years out of the last eight. Following are the highlights of the program:

To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight.

The tax credit does not have to be repaid.

The tax credit is equal to 10% of the home’s purchase price up to a maximum of $6,500.

The tax credit applies only to homes priced at $800,000 or less.

The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010.

In cases where a binding sales contract is signed by May 1, 2010, the home purchase qualifies provided it closes prior to July 1, 2010. This allows a buyer to purchase new construction.

Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

For more information and to be directed to a lender who is knowledgeable about the $6,500 tax credit program, contact me at 713-818-2404 or via FuellingKaty.com.

I9 Sports Programs Registration

Registration is now open for the Winter 2010 Flag Football & Soccer leagues running January 9th through March 6th at Beck Jr. High in Cinco Ranch in Katy and Winter 2010 Basketball & Cheer leagues running January 16th through March 6th at Pattison Elementary in South Katy.  Their number one goal is for the children to have a positive, fun experience that will encourage them to continue to play sports.  You will find that I9 Sports is an exciting alternative to “traditional” leagues because they offer the features you value most:

* Unsurpassed organization and communication;

* Emphasis on fun that places the kids’ needs first;

* Focus on basic skills, sportsmanship (lessons taught and medals awarded weekly) and team play;

* Convenience (practices and games on the same day at the same time each week; 8 week seasons);

* Inclusiveness (equal playing time for every player, every game);

* No additional fees or fundraisers;

* Commitment to safety (background checks on all coaches and professional referees);

* Teach the fundamentals of the sports and emphasize having fun… and boys and girls love it;

* All teams are organized into division based on age, size and skill level.

They offer Sports Leagues/Camps during the Spring, Summer, Fall and Winter and will be adding additional venues in South Cypress/North Katy and Sugarland this coming Spring.  For more information, visit www.i9sports.comor call the Program Director, Denny Daniels, at 281-398-PLAY (7529).

The Ice at Discovery Green New Year’s Fun

The 7,200 square-foot skating surface of Kinder Lake features skate, snack and gift shops, as well as the Snow Box—a special, toddler-friendly rink.  In addition to The Ice, park visitors will enjoy holiday art exhibits including local artist David Graeve’s illuminated globes featuring photos taken by various student groups and a special revival of Andy Mann’s Video Tree, a display of stacked televisions that stream the trailblazing video artist’s original content through multiple effects.

At 6:30, It’s A Wonderful Life(1946) They’re making memories tonight! An angel helps a compassionate but despairingly frustrated businessman by showing what life would had been like if he never existed. A collection of the best holiday and skating movies are shown on our super-sized screen on the Anheuser-Bush Stage, overlooking the rink.

Free to  view, $10 fee to skate.  For more information, visit www.discoverygreen.com/icerink.

Part Two: The Service is Free and will Protect Your Real Estate Interests

As we talked about in Part One of this series:  Don’t Buy a House Without One!, unless you purchase a business, your home will be your largest financial investment. For this reason, whether you are buying new construction or resale, it is highly advantageous to avail yourself of Buyers Representation.

There is no fee for this service. It won’t cost you anything and will put you in a much stronger negotiating stance. Invariably, you will save money. There’s nothing to lose!

That said, it’s imperative that you partner with a true Buyer’s Representative and have a written agreement between you. This Buyer’s Rep Agreement binds the Realtor to your interests and your interests only. In addition to many other services, by the existence of this agreement, you will become privy to data and area statistics that you cannot access on your own.

It may matter more who personally represents you when buying a house than which house you may attempt to purchase. If you try to buy the right home through the wrong agent, you may not get the home you want. Even worse, you may pay too much!

Following are the services you should “demand” from a Buyer’s Agent. They are taken from my own personal service commitment. Of course, I would love to work with you and share my 20-plus years professional experience in Katy real estate; however, if you choose someone else, make sure they, too, offer you these services (in writing):

Provide a complete explanation of the home buying process.

Provide thorough knowledge of the current and emerging real estate market conditions.

Assist you in selecting the best home for you, for your money.

Write your purchase agreement to correctly and clearly express your intentions and represent your interests.

Submit your purchase agreement in a manner that will present you in the most favorable position.

Review all counter-offers in detail and provide negotiation representation of your interests.

Provide assistance in obtaining the best possible financing for your next home.

Coordinate the closing of your purchase with other Realtors, lenders, inspectors, appraisers, attorneys, escrow officers and title insurance companies.

Provide on-going personal communication to keep you informed on the step-by-step progress of the purchase of your home.

Provide post-sale follow-up to assure your total satisfaction.

For information about Katy area homes, you can search the entire Houston MLS from my blog, FuellingKaty.com. For questions or to tour any area homes, contact me directly at 713-818-2404. I have specialized in Katy real estate for over 20 years. Experience does count!

Rise in Home Sales Drives Stock Market Rally

Ho, Ho, Ho, according to Move.com, “As the holidays approach, good tidings came today in the form of a rise in stocks, which, according to an industry group, was due to the fact that existing home sales experienced an unexpected increase in November.”

The National Association of Realtors released it’s monthly analysis reporting that November house sales saw a 7.4 increase (nationwide) in existing home sales to an annual rate of 6.54 million units. As reported by NAR, “The rate is up from 6.09 million in October, and it is 44.1 percent higher than last year’s 4.54-unit pace. This is also the highest level it has hit since February 2007, when it reached 6.55 million.”

The predominate driving factor is the first- time homebuyer tax credit according to NAR chief economist, Lawrence Yun. He stated, “This clearly is a rush of first-time buyers not wanting to miss out on the tax credit, but there are many more potential buyers who can enter the market in the months ahead.”

Compassion Katy Announces Katy ServeFest 2010 Dates

Compassion Katy announces their 5th year of Katy ServeFest volunteer projects benefiting local non-profits. The non-profits chosen this year are the Pregnancy Help Center and the YMCA Camp Cinco. This year Compassion Katy is also a proud partner with Walt Disney in their Give a Day. Get a Day. promotion. Each volunteer that signs up for and works a day at  Katy ServeFest and registers online with the Walt Disney Company will get a ticket good for one day admission to any Walt Disney Park. The next Katy ServeFest dates are February 27th and March 6th of 2010.   For additional information go to KatyServefest.org.

Katy VFW Remembers Pearl Harbor

The Katy VFW Post 9182 held its annual “Attack on Pearl Harbor” remembrance ceremony at the VFW hall in Old Katy on Sunday, December 6, 2009 in honor of those who died at Pearl Harbor Hawaii, on December 7^th, 1941. Members of the VFW, the boy scouts and cub scouts participated in honor of Pearl Harbor Day with the American Legion in attendance. Junior Vice Commander Dave Brasell and Chief of Staff Stephen Brady reported in a ‘Huntley – Brinkley’ format with the events leading up to the pre attack, attack, and post attack on Pearl Harbor. Read more

“The Young Victoria” Producer Visits Houston

The evening is still young inside of Neiman Marcus at the Galleria. Everything seems normal inside this department store, customers browsing the jewelry cases and strolling through clothing racks, when suddenly they all seem to balk. Cell phones come out from purses and pictures are snapped as Sarah Ferguson, The Duchess of York, makes a beeline through the store.

The duchess was is town for a tea party to commemorate the re-release of Clive Christian’s “X,” “1872” and “Clive” fragrances. Read more

Who’s Purchasing Homes?

According to the National Association of Realtors, the following data reflects 2008 real estate statistics. Data for 2009 will not be available until the fall of 2010.

• Among both first-time and repeat buyers, single female buyers are nearly twice the share of single male buyers.
• Among first-time buyers the share of single female buyers was 25 percent, and the share was 17 percent among repeat buyers.

• Married couples are the most common household type among home buyers. They are nearly half of all first-time buyers, and they are more than two-thirds of repeat buyers.
• First-time buyers are typically younger than repeat buyers. More than half of first-time buyers were between 25 and 34 years of age.

• According to the Home Mortgage Disclosure Act data (HMDA), the median income of homebuyers using mortgage financing was $71,600 in 2008.
• Median income of primary homebuyers was $67,900, and that of vacation/investment home buyers was $118,100.

Riverbend Baptist Church Hand Bell Choir at La Centerra

Riverbend Baptist shares the spirit of the season with a special performance by the Hand Bell Choir.  Enjoy some wonderful music while you do your Christmas shopping. 

From 7:00 pm – 8:00 pm the Hand Bell Choir will be in Heritage Square at La Centerra, 23501 Cinco Ranch Boulevard, Katy, TX 77494.

Say Hello to Santa at La Centerra

Santa Claus is coming to town…. and to La Centerra!  On Saturdays and Sundays through December 20th,  Santa will be at Heritage Square.  From 1:00 pm – 5:00 pm kids can visit Santa with their Christmas wish list.  Don’t forget your camera!

 La Centerra is located at 23501 Cinco Ranch Boulevard, Katy, TX 77494

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