Buyers

First Time Homebuyers Guide

Get Your FREE GUIDE NOW

The saying “If you fail to plan… then plan to fail” is never truer than when you are buying or selling one of the largest investments you make.

We have put together the best comprehensive guides for you, whether a first time home

First Time Homebuyers Guide

 buyer, a buyer who has purchased more than one home in the past or someone who is planning to sell now or in the near future. They are to help educate and to inform you & our clients about things to consider when making your next move. We update these guides 4 times a year so you have up to date information because “Keeping Current Matters”! 

CLICK BELOW For YOUR SPECIFIC FREE GUIDE

A First Time Homebuyer’s Guide to Homeownership

The “First Time Homebuyer’s Guide” is a content-packed guide that offers our clients info to simply and effectively explain the market’s current homeownership opportunities to a booming demographic that often finds itself stuck in the “rental trap” for renters. 

Buyers Guide

Get Your FREE GUIDE NOW

The saying “If you fail to plan… then plan to fail” is never truer than when you are buying or selling one of the largest investments you make … a home.

We have put together the best comprehensive guides for you, whether a first time home buyer, a buyer who has purchased more than one home in the past or someone who is planning to sell now or in the near future. They are to help educate and to inform you & our clients about things to consider when making a move. We update these guides 4 times a year so you have up to date information because Keeping Current Matters!

CLICK BELOW For YOUR FREE GUIDE

Buyer Guide:

Things to Consider When Buying a Home

The “Buyer Guide” will explain things to consider when considering buying and the current market opportunities.

 

Don’t Miss Out…Super Charge Your Home Search | Homes for Sale, Highland Village, TX

Super Charge Your Search for Properties that are FOR SALE and FOR RENT!

Home Buyers

Sick of the other guys having properties that are no longer for sale? Want up to the minute real estate and rental data? Tired of your questions going unanswered? Need access to millions of property listings in almost every state? Get your up to the minute real estate and rental data now-look no longer.

Step into the future of real estate and supercharge your smartphone with the best property info now. Download the Millions Mapped App Click Here

Investors

Wondering what the rental prices are in an area? You can quickly see when you pull up the downloaded Millions Mapped App and filter for both homes for sale and rental properties in the area too!

Home Sellers

Thinking about putting your home on the market? See your competition in the palm of your hand! Get up to the minute real estate and rental data -look now longer.

Home Owners

Wow…James & Patricia, down the street, just put their home on the market! I wonder what they are asking for their home… Now in the palm of your hands, open your Millions Mapped App and you can get this information!

Bottom line:

Keeping current matters in the real estate market, whether buying, investing, selling or simply a homeowner you can have this information in the palm of your hands! Download the FREE app now you don’t want to miss out.

Information in the Palm of Your Hands Click Here for Your  Millions Mapped App

 

 

 

Highland Shores, Highland Village, TX | Moving Up to Your Dream Home? Don’t Wait!

Moving Up to Your Dream Home? Don’t Wait!

Moving Up to Your Dream Home? Don’t Wait! | Simplifying The Market

Mortgage rates are just one important aspect of buying a home. The interest rates are an important component when considering the purchase of a home if you are going to finance it.  They can affect buyers buying power. The majority of people finance and that means interest rates, so if interest rates increase… your buying power decreases. Now is the time to move up since you are considering a move.

At a local level in Highland Village,TX, buyer confidence remains strong with beautiful homes in a lakeside setting.     

Particularly in and around Highland Shores 75077 zip code. The addition of new stores and business entities in the area makes Highland Village one of the greatest areas of Highland Shores, Highland Village, TX.         

Today we would like to talk to you about  Moving Up to Your Dream Home? Don’t Wait!

Mortgage interest rates have risen by more than half of a point since the beginning of the year, and many assume that if mortgage rates rise, home values will fall. History, however, has shown this not to be true.

Where are home values today compared to the beginning of the year?

While rates have been rising, so have home values. Here are the most recent monthly price increases reported in the Home Price Insights Report from CoreLogic:

  • January: Prices were up 0.5% over the month before.
  • February: Prices were up 1% over the month before.
  • March: Prices were up 1.4% over the month before.

Not only did prices continue to appreciate, the level of appreciation accelerated over the first quarter. CoreLogic believes that home prices will increase by 5.2% over the next twelve months.

How can prices rise while mortgage rates increase?

Freddie Mac explained in a recent Insight Report:

“In the current housing market, the driving force behind the increase in prices is a low supply of both new and existing homes combined with historically low rates. As mortgage rates increase, the demand for home purchases will likely remain strong relative to the constrained supply and continue to put upward pressure on home prices.”

Bottom Line

If you are thinking about moving up to your dream home, waiting until later this year and hoping for prices to fall may not be a good strategy.

What Does a Home Inspection Check?

A home inspector will look at everything.  Home inspectors have a 1,600-item checklist, according to the National Association of Home Inspectors and the average home inspection can take three to four hours – or even more if you have additional inspections, such as termite inspections, included.
Here are just some of the areas checked during a home inspection:
  • Grounds: Standing water, faulty grading, sick or dying trees and shrubs, crumbling paths and walls
  • Structure: Foundation integrity, rotting or out-of-plumb window and door frames
  • Roof: Defects in shingles, flashing, and fascia; loose and hanging gutters; defects in chimneys and skylights
  • Exterior: Cracks or rot; dents or bowing in vinyl; blistering or flaking paint; adequate clearing between siding and earth
  • Window, doors, trim: Rotting frames, peeling caulk, damaged glass
  • Interior rooms: Water-stained ceilings, adequate insulation, and sufficient heating vents
  • Kitchen: Proper venting, no leaks under the sink, and cabinet doors and drawers operate properly
  • Bathrooms: Toilets flush properly, showers spray, and tubs are securely fastened
  • Plumbing: Drains flow properly; water has proper temperature and pressure
  • Electrical: Proper electrical panels and working light switches and outlets
Home inspections are non-invasive, meaning your home inspector will not be breaking into walls or under tile floors, for example, to be able to inspect what lies beneath or within.
We believe you need a trusted and highly skilled inspector when purchasing a home and we have an inspector list that we recommend for our clients.

Residence Homestead Tax Exemption…and others

CLICK HERE Info on How To File For Homestead Tax Exemption + Other Exemptions

First… What is A Homestead?

A homestead is a person’s or family’s primary residence, in which the person’s or family resides in and not considered a second home. A second home is a rental/investment property or a vacation home but not the primary residence.

A homestead can be a separate structure, condominium or a manufactured home located on owned or leased land, as long as the individual living in the home owns it. A homestead can include up to 20 acres if the land is owned by the homeowner and used for a purpose related to the residential use of the homestead.

Frequently Asked Questions

Does it cost to file for a homestead exemption? 

No it is FREE. You may receive some very official looking mail after you have closed on a home saying they will file for you – for a FEE, however it is very easy for the homeowner to file and it is FREE.

Do I, as a homeowner, get a tax break from property taxes?

You may apply for homestead exemptions on your principal residence. Homestead exemptions remove part of your home’s value from taxation, so they lower your taxes.

For example, your home is appraised at $100,000, and you qualify for a $15,000 exemption (this is the amount mandated for school districts), you will pay school taxes on the home as if it was worth only $85,000. Taxing units have the option to offer a separate exemption of up to 20 percent of the total value.

Do all homes qualify for homestead exemptions?

No, only a homeowner’s principal residence qualifies. To qualify, a home must meet the definition of a residence homestead: The home’s owner must be an individual (for example not a corporation or other business entity) and use the home as his or her principal residence on January 1 of the tax year. If you are age 65 or older, or disabled, the January 1 ownership and residency are not required for the age 65 or disabled homestead exemption.

What homestead exemptions are available?

There are several types of exemptions you may receive.

• School taxes: All residence homestead owners are allowed a $15,000 homestead exemption from their home’s value for school taxes.

• County taxes: If a county collects a special tax for farm-to-market roads or flood control, a residence homestead is allowed to receive a $3,000 exemption for this tax. If the county grants an optional exemption for homeowners age 65 or older or disabled, the owners will receive only the local-option exemption.

• Age 65 or older and disabled exemptions: Individuals age 65 or older or disabled residence homestead owners qualify for a $10,000 homestead exemption for school taxes, in addition to the $15,000 exemption for all homeowners. If the owner qualifies for both the $10,000 exemption for age 65 or older homeowners and the $10,000 exemption for disabled homeowners, the owner must choose one or the other for school taxes. The owner cannot receive both exemptions.

• Optional percentage exemptions: Any taxing unit, including a city, county, school, or special district, may offer an exemption of up to 20 percent of a home’s value. But, no matter what the percentage is, the amount of an optional exemption cannot be less than $5,000. Each taxing unit decides if it will offer the exemption and at what percentage. This percentage exemption is added to any other home exemption for which an owner qualifies. The taxing unit must decide before July 1 of the tax year to offer this exemption.

• Optional age 65 or older or disabled exemptions: Any taxing unit may offer an additional exemption amount of at least $3,000 for taxpayers age 65 or older and/or disabled.

How do I get a general $15,000 homestead exemption?

You may file an Application for Residential Homestead Exemption with your appraisal district for the $15,000 homestead exemption up to one year after the taxes on the homestead are due. Once you receive the exemption, you do not need to reapply unless the chief appraiser sends you a new application. In that case, you must file the new application. If you should move or your qualification ends, you must inform the appraisal district in writing before the next May 1st. A list of appraisal district addresses and phone numbers is available online.

What is the deadline for filing for a homestead exemption?

APPLICATION DEADLINES: You must file the completed application with all required documentation beginning Jan. 1 and no later than April 30 of the year for which you are requesting an exemption. If you qualify for the age 65 or older or disabled persons exemption, you must apply for the exemption no later than the first anniversary of the date you qualify for the exemption.

May I continue to receive the residence homestead exemption on my home if I move away temporarily?

If you temporarily move away from your home, you may continue to receive the exemption if you do not establish a principal residence elsewhere, you intend to return to the home, and you are away less than two years. You may continue to receive the exemption if you do not occupy the residence for more than two years only if you are in military service serving outside of the United States or live in a facility providing services related to health, infirmity or aging.

If I own only 50 percent of the home I live in, do I qualify for the residence homestead exemption on the home?

Yes. However, if you qualify for a homestead exemption and are not the sole owner of the property to which the homestead exemption applies, the exemption you receive is based on the interest you own. For example, you own a 50 percent interest in a homestead and will receive one half, or $7,500, of a $15,000 homestead offered by a school district.

My APPRAISAL Is TOO HIGH….PROTESTS AND APPEALS

Many homeowners protest and appeal their appraised home values yearly. Find out more here.

WEBSITE LINK:

http://www.window.state.tx.us/taxinfo/proptax/exemptions/residence_faq.html

Source: Texas Comptroller of Public Accounts

TITLE COMMITMENT … WHAT IS A TITLE COMMITMENT?

The Title Commitment

The title commitment is produced after the title company has received a copy of a signed sales contract and a check for earnest money. The commitment reviews the status of title, lists title issues and defects that need to be addressed or “cured” before closing, and states any other preconditions to issuance of a title policy.

This is not the same thing as title insurance. Click here to learn about Title Insurance.

The title commitment consists of Schedules A through D plus various notices and disclaimers.

    • Schedule A Sets out the date of the commitment, who the title company is proposing to insure (both purchaser & lender –if financed), the amount of title liability, the property title is insuring and how title to the property is currently held.
    • Schedule B lists exclusions and exceptions to coverage, including such matters as deed restrictions, setback requirements, and utility easements. These are items that affect the property and will probably always affect the property.
    • Schedule C Shows items that must be resolved prior to closing. These items might include include existing liens, bankruptcies, abstracts of judgement, marital status issues, probate issues, vesting problems or mechanic’s lien affidavits.The title company routinely requires release of these. If there are more serious issues like mechanic’s liens, judgments against the seller, tax liens, lawsuits affecting title, heirship issues due to a previous owner dying without a will, or gaps in the chain of title, the commitment will indicate what must be done if title is to be insured in the name of the new owner. Specific curative action may be required.
    • Schedule D is a disclosure of ownership of the title insurance company and underwriter as required by regulatory law. It also shows the estimated premiums to be charged at closing. Please review your contract to determine what you will be charged.
      • Please note this information does not constitute legal advise 

INFORMATION FOR OUR CLIENTS ONLY PROVIDED IN YOUR eBOOKLET

Title Insurance – Do You Need It?

In short, title insurance protects against problems affecting the title to your home. You may think having a serious problem with your title is rather remote, but, in fact, title companies find problems in 25% of their title searches. Common problems are liens against the property from unpaid sub-contractors, unpaid property or income taxes or judgment holders. Other issues that can cloud title that are not so easy to detect include forged signatures in the chain of title, recording errors, undisclosed easements and title claims by missing heirs or ex-spouses.

There are two types of title insurance—an owner’s policy and a lender’s policy. When you obtain a new loan, the lender will require you to purchase a lender’s policy. A lender’s title policy protects the lender’s interest in the property should a problem arise. It does not cover the owner’s equity in the property, and will not pay the homeowner’s legal expenses if there is a problem. Only an owner’s title insurance policy will protect the homeowner. Owner’s title insurance is optional, but it protects the homeowner by paying claims and legal fees should a problem arise with the title of a property. Owner’s title insurance is purchased for a one-time fee at the original purchase and provides coverage for as long as you own an interest in the property or provide financing for a subsequent buyer. It also covers any liabilities you have under the title warranties you make when you sell the property.

A title insurance policy is your protection against loss of your rights to the property. When you consider that your home is probably your most valuable asset, title insurance makes fnancial sense.

 

3 Questions to Ask If You Want to Buy Your Dream Home

If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interest at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.

Ask yourself the following 3 questions to help determine if now is a good time for you to buy in today’s market.

1. Why am I buying a home in the first place? 

This is truly the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with money.

For example, a survey by Braun showed that over 75% of parents say “their child’s education is an important part of the search for a new home.”

This survey supports a study by the Joint Center for Housing Studies at Harvard University which revealed that the top four reasons Americans buy a home have nothing to do with money. They are:

  • A good place to raise children and for them to get a good education
  • A place where you and your family feel safe
  • More space for you and your family
  • Control of that space

What does owning a home mean to you? What non-financial benefits will you and your family gain from owning a home? The answer to that question should be the biggest reason you decide to purchase or not.

2. Where are home values headed?

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), the median price of homes sold in December (the latest data available) was $232,200, up 4.0% from last year. This increase also marks the 58th consecutive month with year-over-year gains.

If we look at the numbers year over year, CoreLogic forecasted a rise by 4.7% from December 2016 to December 2017. On a home that costs $250,000 today, that same home will cost you an additional $11,750 if you wait until next year.

What does that mean to you?

Simply put, with prices increasing each month, it might cost you more if you wait until next year to buy. Your down payment will also need to be higher in order to account for the higher price of the home you wish to buy.

3. Where are mortgage interest rates headed?

A buyer must be concerned about more than just prices. The ‘long-term cost’ of a home can be dramatically impacted by even a small increase in mortgage rates.

The Mortgage Bankers Association (MBA), the National Association of Realtors, and Fannie Mae have all projected that mortgage interest rates will increase over the next twelve months, as you can see in the chart below:

3 Questions to Ask If You Want to Buy Your Dream Home | Keeping Current Matters

Bottom Line

Only you and your family will know for certain if now is the right time to purchase a home. Answering these questions will help you make that decision.

♛ The Impact of Homeownership on Educational Achievement

The Impact of Homeownership on Educational Achievement | Keeping Current Matters

The National Association of Realtors recently released a study titled ‘Social Benefits of Homeownership and Stable Housing.’ The study confirmed a long-standing belief of most Americans:

“Owning a home embodies the promise of individual autonomy and is the aspiration of most American households. Homeownership allows households to accumulate wealth and social status, and is the basis for a number of positive social, economic, family and civic outcomes.”

Today, we want to cover the section of the report that quoted several studies concentrating on the impact homeownership has on educational achievement. Here are some of the major findings on this issue revealed in the report:

  • The decision to stay in school by teenage students is higher for those raised by home-owning parents compared to those in renter households.
  • Parental homeownership in low-income neighborhoods has a positive impact on high school graduation.
  • Though homeownership raises educational outcomes for children, neighborhood stability may have further enhanced the positive outcome.
  • Children of homeowners tend to have higher levels of achievement in math and reading and fewer behavioral problems.
  • Educational opportunities are more prevalent in neighborhoods with high rates of homeownership and community involvement.
  • The average child of homeowners is significantly more likely to achieve a higher level of education and, thereby, a higher level of earnings.

Bottom Line

People often talk about the financial benefits of homeownership. As we can see, there are also social benefits of owning your own home.

*The next two Thursdays, we will report the study’s findings on the impact homeownership has on civic participation and a family’s health.