Ask Dixie

Question:

My home has been on the market for six months, with NO offers!!! Any suggestions?

Answer:

Of course, part of the reason could be the overall market.  But, please set a meeting with your listing agent.  Go over the comps with your agent and if possible view some of your competition’s homes.  By doing this exercise you will be seeing homes through the eyes of a buyer.  Have tough love! Be honest with yourself.  Compared to the competition what would be a price that would position your home as the best value proposition for buyers in the marketplace?  If need be, take note of each room and compare.

Pay attention to the price per square foot of your home.  Savvy buyers will have their agent research the average price per square foot and will base their opinions on this research.  Don’t price yourself out of the ballpark.

Also, offering to pay for some of the buyer’s closing costs would be a great incentive.  Another would be to help “buy-down” the interest rate for a buyer.  Speak with Brian Newhouse at 281-935-7287 about this very worthwhile program.

First Time Home Buyer Tax Credit Extended until 2011 for Members of Military

Unless you’ve been living under a rock for the past few months, you have likely been bombarded with the fact that the First Time Homebuyer Tax Credit of $8,000 recently ended on April 30th, 2010.  What you may not have heard is that the $8,000 tax credit for first time buyers and the $6,500 credit for repeat home buyers will be extended for another year for ‘qualified service members’ of the military, foreign service and the intelligence community.  Congress has acknowledged the unique circumstances affecting military families and has therefore made some exceptions for service men and women.

All of the members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.

In many cases, the credit repayment (recapture) requirement is waived for members of the uniformed services, members of the Foreign Service and employees of the intelligence community. The recapture rule required buyers to repay the credit if they move out of their home within three years. The relief applies where a home is sold or stops being the taxpayer’s principal residence after Dec. 31, 2008, in connection with government orders received by the individual (or the individual’s spouse) for qualified official extended duty service.

Qualified official extended duty is defined as any period of extended duty while serving at a place of duty at least 50 miles away from the taxpayer’s principal residence (whether inside or outside the U.S.) or while residing under government orders in government quarters. Extended duty is defined as any period of duty pursuant to a call or order to such duty for a period in excess of 90 days or for an indefinite period.

Another great thing about the home buyer tax credit is that it can be used in conjunction with all VA loans which are special loans created to help facilitate home buying for members of the military. Congress recognized that many service members may have missed out on the home buyer tax credit due to being posted overseas. It is only fitting that they be given another year to take advantage of this opportunity in appreciation of the sacrifices they have made serving our country. If you enjoyed this post don’t forget to hit the Facebook “Like” button at the top of the page.

Follow this link for information about VA Loans

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What is a VA loan????

There are many lending options available to someone looking to purchase a home. If you are a member of the military one of the options includes a VA loan. The VA Loan became known in 1944 through the original Servicemen’s Readjustment Act also known as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment. This feature was designed to provide housing and assistance for veterans and their families, and the dream of owning a home became a reality for many families.  The GI Bill contributed more than any other program in history to the welfare of veterans and their families, and to the growth of the nation’s economy.

With more than 25.5 million veterans and active service personnel eligible for VA financing, this loan is attractive and has many advantages. One of the biggest advantages is that the VA loans can be used in combination with the recently extended $8,000 home buyers tax credit. The home buyers tax credit deadline has recently  been extended until April 30th 2011 only for members of the military.  The credit also includes a $6,500 home buyer tax credit for repeat buyers who have owned their home for more than five years.

Eligibility for the VA loan is defined as Veterans who served on active duty and have a discharge other than dishonorable for at least 90 days of service during wartime or a minimum of 181 days during peacetime.  If the veteran enlisted and began service on or after September 7, 1980 or was an officer and began service after October 16, 1981 there is a two  year requirement. There is a six-year requirement for National guards and reservists with certain criteria and there are specific rules concerning the eligibility of surviving spouses.

VA will guarantee a maximum of 25 percent of a home loan amount up to $104,250, which limits the maximum loan amount to $417,000. Generally, the reasonable value of the property or the purchase price, whichever is less, plus the funding fee may be borrowed. All veterans must qualify with a VA approved lender for they are not automatically eligible for the program.

VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage loan companies to eligible veterans for the purchase of a home, which the applicant should use as a primary residence (no weekend homes). The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan, this enables banks to lend more freely because of the lower risk involved. The guaranty replaces the protection the lender normally receives by requiring a large down payment allowing you to obtain financing at favorable rates.

So if you are a soldier looking to purchase a home in the Lake Conroe area a VA loan just might be the right loan for you. Don’t forget to hit the Facebook “Like” at the top of the page.

Information about the $8,000 and $6,500 home buyer tax credits extended for members of the military

Information about homes for sale in the Lake Conroe area

Green Homes in Lake Conroe and Houston

Green is the new everything today. The new awareness about the environment is painting the world green. Everything from the grocery bag, household cleaners, cosmetics, to cars is green and organic.  When your grocery has a green house why shouldn’t you have a green home? As good as the concept sounds, the process of establishing a green home or making your home eco friendly is painstaking and often expensive. But hey, we are addressing loyal, responsible eco-citizenry here; those among us who are particular that the roof over their head causes least or no damage to the environment.

Houston leads the way in helping you go green. Of course there’s green, and there’s green. So on the one hand you have a wide range of  what are called green building initiatives such as planting shady trees and other eco friendly landscaping;  on the other realtors will put you in touch with builders who take special efforts to reduce the environmental ill effects of your home. This includes aspects of rainwater harvesting, architectural features that ensure your house costs less to cool, heat and so is energy saving, and more.

In fact having a green Houston home it is a worthy investment for everyone knows that a green property is a hot property if ever you decide to sell.  Any realtor or real estate agent in Houston can vouch for this. It’s not just about the monetary rewards but the mental or emotional satisfaction you get by doing the right thing by turning your home green. It is a great feeling to know that you are proactively contributing to preserving the environment for future generations.

Even when you are in the concrete jungle you can still bring in the essence of nature with a green home in Houston. A reliable realtor or a real estate agent will be able to guide you through the entire process and help with a green home makeover. With green houses you use renewable resources for all possible things around your house. Green roofs, packed concrete, rain garden, passive and active solar, indoor air quality, compost bins, etc are the green house recourses.

Some of the green terms that you need to be familiar with are energy efficiency, indoor environment quality enhancement, materials efficiency, water efficiency, waste and toxic reduction, siting and structure design efficiency, and operations and maintenance optimization. Even though it seems like a lot it is not. Your property could be green in no time with these measures.  An ideal scenario is a green home in Lake Conroe. The outdoor experience that is offered by Lake Conroe and the natural setting of you green home would give you a much relaxed and healthy lifestyle and a peace of mind that money can buy!

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Its legal to fire one up in Conroe again!!!

As of yesterday it’s legal again to light up a cigarette in your favorite Conroe bar. The City of Conroe will no longer enforce the prohibition of smoking in bars within the Conroe city limits.  An amendment to the 2 month old No Smoking ordinance will allow people to smoke in a bars in the Conroe area.  One part of the ordinance will stay the same as smoking in any Conroe restaurant is still prohibited.

A “bar” is being defined as an establishment that is devoted to the serving of alcoholic beverages for consumption by guests on the premises and in which the serving of food is only incidental to the consumption of those beverages, including but not limited to, taverns, nightclubs, cocktail lounges, pubs, ice houses, beer joints, saloons and cabarets.   Basically any place that receives more than 75% of its income through the sale of alcoholic beverages.

Conroe’s comprehensive smoking ban took effect on March 1 and prohibits smoking in all enclosed public places and workplaces in the community, as well as public outdoor spaces.  Smoking was permitted on outdoor patios of bars and in retail tobaccos stores, private clubs, theatrical performances and bingo halls with separate areas for non-smokes

Bar owners have been complaining to the city ever since the no smoking ban went in the effect on March 1st. Many had seen their business decline up to 50% because of the no smoking ordinance. And yesterday the city finally listened  by making an amendment to the ordinance.  I think that whether you smoke or not you have to agree that this is no time to be putting restrictions on business owners that will hurt their profits.

Don’t forget to hit the Facebook “Like” button at the top of the page.

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Why the Krogers being built in Willis will surprise you

As you’ve probably alreary noticed by the large tract of land being cleared off on  F.M. 1097 and I-45, a new Krogers Marketplace is set to beging building in Willis. When the  Krogers Marketplace open its doors in 2011 they will offer an  expanded variety of grocery and deli products, gourmet and chef-prepared foods, a wine shop, large floral section and fuel center.

In addition the Krogers Market place will offer some items not ussually found in your typical Krogers stores such as linens for the bathroom and other areas of the home, a Kitchen Place area with upscale kitchenware and place settings, and the latest toys. The Nature’s Market section will offer all-natural and organic products and the drive-through pharmacy will provide consumers with $4 generic drugs. The Kroger Marketplace will also feature a Fred Meyer Jeweler store, as well as a large home-furnishing section with Ashley Brand furniture.

At this point I know exactly what your thinking….What???? I know, it seems hard to imagine a Krogers that sells furniture or diamond rings but this is Kroger’s answer  to compete with retailer giant Walmart.

When the new store is completed sometime in early 2011, Kroger will employ 300 workers, compared with 150 at the existing location, which will shut down when the new one opens. Kroger Marketplace will anchor a shopping center called Sam Houston Town Center.With the traffic generated by Kroger Marketplace, more retailers should jump at the opportunity to move into the other 25,000 square feet of retail space attached to the Marketplace, as well as the six freestanding sites in the center.

Kroger was very picky in its site selection process and only chose areas that could support a store now and also show strong potential for growth in the future.The Willis location will be the third Kroger Marketplace in the Greater Houston area, following openings in Richmond, Texas and at NewQuest’s Brazos Town Center in Rosenberg, Texas.

It just goes to show that when other places in the county are struggling the Lake Conroe area keeps growing. If  you liked my post don’t forget to hit the Facebook “Like” button at the top of the page.

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What is a Short Sale in Real Estate???

The real estate market has over the years, evolved several mechanisms for the purchase and sale of properties. Short sale of a property is one such mechanism to overcome financial disruptions. Short sale is defined as the sale that takes place, when a property is sold at a price that is lesser than the amount owed to its mortgage. A short sale can be beneficial to a buyer looking to get a good deal on a home and is willing to wait the length of the process  that can sometimes take a couple of  moths. On the seller’s side the short sale enables them to sell their home and avoid foreclosure in the process. Even if the buyers and sellers agree to the sale the sale can happen only if the lenders of the project also approve. Let us now proceed to understand the concept of this short sale with an example.

Suppose a home in Lake Conroe, Houston, is facing a foreclosure. The owner of such a property has to go through several procedural steps, during this process of foreclosure. So what exactly are these steps?

STEP 1: Create a ‘for sale’ listing with an agent on a multi listing, at a fair market value. This fair market price should be a reasonable price for such a property and the owner should be able to find a suitable buyer within a few weeks to a month. The object at this point is to list the home at a great price so that a potential buyer of the home can be found.

STEP 2: Process the short sale, once a secured buyer is identified. Now begins the crucial and pivotal role of the realtor. One of the most important things that will have to be kept in mind during the process is that it is not essential that they should prime for the highest price. Because in a short sale, the lender would prefer a quick sale, so that he could just wash his hands away, from a poor investment. The real estate deal needs to be closed within a period of 60 to 70 days.

STEP 3: The realtor should collect all the relevant details and documents from the house owner. Then these will have to be submitted to the loss mitigator or LM of the lender. These documents will then be studied by the LM and another official of the Broker’s Price Opinion (BPO), along with the lender’s consent. The first 2 steps of the process should happen fairly quickly because most of the time will be spent from here on talking and negotiating with the lender over the details of the sale.

STEP 4: Meeting with the BPO official. This is the most important step because, unless the BPO too agrees to the offer price from the  buyer,  the sale of the home can not take place. This is where your Realtor will play a pivotal role since his experience and perseverance can make the difference between a successful sale and a foreclosure. Depending on the bank that holds  the mortgage of the property the waiting time of this step will vary greatly. For example, if the bank holding the current mortgage is Bank of America you should expect to wait considerably longer than with other companies.

STEP 5: After complete approval from the lender the buyers and sellers go forward with transaction for the home. Both parties signed the necessary paperwork the old lender is paid off and the new lender will grant the new short sale property title to the new home owners.

Obviously the short sale process is a complicated one and that’s why its so important to work with a Realtor that knows and understands the process. Over the next couple of days I will be making a couple of more Short Sale guides one from the sellers side and one for the buyers.

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April Sound on Lake Conroe gets a new clubhouse

Its been a little over a month since the April Sound Country Club held a grand openining for its new clubhouse.  Over 150 members and employees attended the grand opening of the new two story clubhouse that features two dinning areas with a bar, outdoor patio with fire pit, fitness center complete with an aerobics room, a card room, board room, a bridal suite and  men and ladies locker rooms.

The original April Sound clubhouse, which was built in the 1970’s,  was burned down in a fire in 2007.  The April Sound clubhouse members have even named one of the dinning rooms in the clubhouse “The Phoenix Room”.  The room was named after the mythical bird that rose from the ashes to become bigger, better and stronger.

Members of the country club include  2,500 property owners in April Sound as well as about 500 social members.  Membership to the clubhouse is open to the public so there is no need to own property in April Sound in order to become a member.  The facilities can also be rented out for weddings and special occasions by the general public.

There’s been a long wait for the rebuilding of the April Sound clubhouse but by the look of things the wait was well worth it.

If you enjoyed my blog post don’t forget to show me some love by pressing the Facebook “Like” button at the top of the page. For more information on the April Sound subdivision simply follow the link.  April Sound Subdivision info

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Time is running out to take advantage of the $8,000 Home Buyer tax credit.

Lake Conroe residents are running out of time to take advantage of the $8,000 first time home buyer tax credit.  The program which has added 900,000 additional home buyers nation wide is coming to a close at the end of April.  The program also offers a $6,5000 tax credit to repeat buyers who have owned a home in the last 5 years.  The home buyer tax credits only applies to the purchase of a primary residence so the purchase of a vacation home will not earn the tax credit.

This program was really designed to encourage people to purchase homes in places hit hard by the Real Estate crash like California, Florida and Michigan. Here in Texas especially in the Lake Conroe area home values have remained steady so the $8,000 home buyer tax credit can be treated like the  cherry on top.  By buying a home right now your building equity, you’re  guaranteed a steady increase in property value and a to top it all off a gift of  $8,000.

The home buyer tax credit might expire at the end of this month but for now  buyers are busy trying to find the right home for them. You can find the  guidelines and additional information on the home buyer tax credits here.  Home Buyer tax credit guidelines

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Lake Conroe resort undergoing some changes

It’s  been more than a year since La Torretta Del Lago Resort & Spa re opened its doors and now the resort on Lake Conroe is getting a new name and a new managing company.  The resort has changed its name from La Torreta Del Lago Resort to La Torretta Lake Resort & Spa.  Along with the name change the property owner (French Quater) has hired  Noble House Hotels & Resorts Ltd to run the day to day operations of the Lake Conroe resort.  Changes will be made to give La Torretta a more high-end look and feel, the amount of money that will be spent on upgrades is to be around  $2 million dollars.

I personally don’t know what other updates it needs  since the  Lake Conroe resort recently underwent a 2 year, $100 million dollar renovation which included renovating all of its 445 hotels rooms.  The property features a 70,000-square-foot conference center; two 10,000-square-foot ballrooms; a 17,000-square-foot spa; golf course, five tennis courts, five swimming and activity pools, a marina with 300 boats slips and nine places to eat and drink.

Whatever the changes the company makes  I hope it helps brings to bring more visitors to the Lake Conroe area.  You can find more information about the  resort on their website at www.latorrettalakeresort.com

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  • First Time Home Buyer Tax Credit Extended until 2011 for Members of Military
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