If you have not reviewed my monthly Housing Trends Newsletter - you could be missing out. Everywhere I go, people are asking me about the housing market conditions - it's on everyone's mind. Staying abreast of local and national market conditions and factors that can affect the future sale or purchase of your home can make the decision process less daunting. I always tell my clients that in order to make the best decsion they need to have all the information they can upfont. My Housing Trends Newsletter is just one of the tools in my arsenal to make sure you keep informed.

The April 2010 Local and National Housing Trends has just been released. This month's newsletter is packed full of local and national housing market statitics and news you need to know to stay current with today's changing housing market.

This month's issue features:

Pending Home Sales Show Healthy Gain, Hint at Spring Surge

Housing Trends Texas and Texas Real Estate Market Update

The Greater Houston Area Market Trends Report for March 2010

You can view the newsletter here.

If you wish to receive FREE Housing Trends eNewsletter e-mailed to you monthly, click here to Subscribe.

If you are considering aelling your home or buying a home and need more information, I am never too busy to help, please contact me for more information.

Welcome to the most current Housing Trends Newsletter. This newsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.

Please click on this link to view the March-2010 Newsletter Housing Trends Newsletter

The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau, Realtor.org reports and other sources.

It also includes press releases with charts and videos, key market indicators and real estate sales and price statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.

If you are interested in determining the value of your home, click the Home Evaluator link for a free evaluation report or contact me.

http://lornacalder.housingtrendsenewsletter.com/dispContent.cfm?loadid=2&loadtype=0

Sound decisions can only be made with accurate and reliable information, and I am happy to be a trusted resource for you. I look forward to answering any questions you may have and to the opportunity to be your REALTOR® in the future.

LORNA CALDER, REALTOR®, ABR, GRI, CDPE, SFR, e-PRO®

RE/MAX Associates Northeast
2940 Oak Street Kingwood TX 77339
(281) 361-2280

This may be the best time in a lifetime to buy a home. There are plenty of homes available in most markets at affordable prices and interest rates still remain generationally low. Some markets are seeing that the value of homes are sometimes over the prices right now.

And to sweeten the pot, the $8,000 tax credit for qualified first time homebuyers and up to $6,500 for most other homebuyers that qualify, is still on the table until April 30th. This money does NOT have to be repaid provided you live in the home for at least 3 years.

REALTORS® are encouraging buyers to get off the fence now to avoid the rush closer to April 30th. As that date approaches mortgage lenders and title companies are going to be dealing with a larger number of files and processing delays can and most likely will occur. As it stands now most mortgage lenders are asking for at least a 45 day window to close a loan. That combined with issues that could arise from inspections and appraisals that require time to be resolved may also exclude some buyers that waited until April. For example what happens when a buyer executes a contract on a home with an inspection option period and the home has issues that the Seller won't pay for... Buyers may just find themselves starting over. The same goes for appraisals, if the home being purchased has an appraisal issue that cannot be resolved between the buyer and seller, the contract may fall apart. For these reasons and more, sooner is better than later.

To read more in depth information about the tax credit and its limitations and qualifications, please download the following information sheets:

RE/MAX Home Buyer Tax Credit Flyer

Home Buyers Tax Credit FAQ's

Home Buyer Tax Credit Issues Briefing

If you would like more information about the homebuyers tax credit or the process of buying a home, please feel free to contact Lorna Calder

Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.

Please click on this link to view the JANUARY-2010 Newsletter Newsletter Housing Trends eNewsletter:

http://lornacalder.housingtrendsenewsletter.com?Newsletter_ID=239&Period_ID=181

The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau, Realtor.org reports and other sources.

It also includes press releases with charts and videos, key market indicators and real estate sales and price statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.

If you are interested in determining the value of your home, click the “Home Evaluator” link for a free evaluation report:

http://lornacalder.housingtrendsenewsletter.com/dispContent.cfm?loadid=2&loadtype=0

Sound decisions can only be made with accurate and reliable information, and I am happy to be a trusted resource for you. I look forward to answering any questions you may have and to the opportunity to be your REALTOR® in the future.

Sincerely yours,

Lorna Calder
RE/MAX Associates Northeast
2940 Oak Street Kingwood TX 77339
(281) 361-2280

The effects of Hurricane Ike and simultaneous economic downturn affecting Houston’s real estate market in November 2008 continue to distort year-over-year comparisons which reflect yet another month of double-digit increases. However, longer-term analysis aimed at gleaning a more realistic view of market conditions shows November 2009 real estate activity to be comparable to that seen at the cusp of the recession, in the fall of 2007.

In addition to the comparative affects on sales data from last year’s natural disaster and economic recession, HAR member REALTORS® report that at least some of the month’s homebuying activity can be attributed to consumers scurrying to beat the original November 30 homebuyer tax credit deadline before Congress voted to extend and expand the program. At $150,000, the November single-family home median price—the figure at which half of the homes sold for more and half sold for less—rose 8.7 percent from one year earlier, representing the seventh straight monthly increase in median price. The average price of a single-family home in Houston was $198,948, up 6.7 percent last month versus November 2008. The median price reached the highest level ever for a month of November in Houston. Foreclosure property sales continued to decline in November, making up 15.8 percent of all single-family home sales in the Houston area compared to 27.4 percent in November 2008 and the 12-month peak of 34.0 percent in January of this year. The median price of November foreclosure sales reported in the Multiple Listing Service (MLS) rose 9.5 percent to $93,000 on a year-over-year basis. Sales of all property types in Houston for November totaled 5,353, up 37.1 percent compared to November 2008. Total dollar volume for properties sold during the month was $1.0 billion versus $714 million one year earlier, representing an increase of 44.5 percent. “This is the third month in a row in which a year-over-year comparison exaggerates the local housing landscape because Hurricane Ike continued to hurt the Houston real estate market last November,” said Vicki Fullerton, HAR chair and broker of record at RE/MAX of The Woodlands & Spring. “We are very encouraged that property sales activity appears to be close to levels reached right before the recession took hold, and expect more realistic year-over-year data in the months ahead so we can again compare apples to apples.” November Monthly Market Comparison The month of November brought Houston’s overall housing market positive results when all listing categories are compared to November of 2008. Total property sales, total dollar volume and both median and average single-family home sales prices were all up on a year-over-year basis. The number of available properties, or active listings, at the end of November fell 4.0 percent from November 2008 to 45,452. That housing inventory represents 28 more active listings than one month earlier, in October 2009. November’s month-end pending sales—those listings expected to close within the next 30 days—totaled 2,741, which was 12.8 percent lower than last year. While such a decrease typically portends a decline in sales volume for the following month, the Hurricane Ike effect and interest in the homebuyer tax credit make it tricky to forecast. The months inventory of single-family homes for November came in at 6.0 months, down from 6.1 months one year earlier, and remains healthier than the national months inventory of single-family homes of 7.0 months, reported by the National Association of REALTORS® (NAR).

CATEGORIES November 2008 November 2009 PERCENT CHANGE Total property sales 3,904 5,353 37.1% Total dollar volume $713,994,683 $1,031,455,912 44.5% Total active listings 47,354 45,452 -4.0% Total pending sales 3,144 2,741 -12.8% Average single-family sales price $186,449 $198,948 6.7% Median single-family sales price $138,000 $150,000 8.7% Months inventory* 6.1 6.0 -1.8%

* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.

Single-Family Homes Update At $150,000, the median sales price for single-family homes rose for the seventh consecutive month, up 8.7 percent from November 2008. That represents the highest median price ever recorded in a month of November in Houston. The national single-family median price reported by NAR is $173,100, illustrating the continued higher value and lower cost of living that consumers enjoy in the Houston market. The average price of single-family homes in October was $198,948, an increase of 6.7 percent from one year earlier. November sales of single-family homes in Houston totaled 4,519, up 32.8 percent from November 2008. This is the third consecutive monthly increase in sales volume and, again, is considered an anomaly because of Hurricane Ike’s disruption of thousands of real estate transactions last fall. HAR also reports existing home statistics for the single-family home segment of the real estate market. In November 2009, existing single-family home sales totaled 3,721, a 34.8 percent increase from November 2008. At $142,000, the median sales price for existing homes in the Houston area rose 13.6 percent compared to last year. The average sales price of $182,883 climbed 12.3 percent from its November 2008 level.

Houston Real Estate Milestones in November

The full MLS Press Release can be read here.

SOURCE: HAR

Considering a Home Purchase? With so much in the news about the housing market and lending industry, it can be challenging to decide whether to go forward. Fortunately with the help of a competent real estate professional, the decision making process can be less daunting.  Understanding how to navigate through the complex process of buying a home is important, and for that reason you should have a REALTOR® you are comfortable with on your side – even if you choose to wait to buy a home.

However, before you wait to buy you should consider that now is a great time to buy a home for the following reasons:

1. CHOICE - The selection is tremendous – with more homes on the market, buyers have a better choice as to what fits their needs
2. VALUE - The values are above prices – due to the increased supply on the market, prices are below actual values in many instances
3. INTEREST RATES - The interest rates are incredibly low – current mortgage rates are lower than they've been in 50 years and we may not see them this low for generations.  The interest rates can have as profound an impact on the cost of housing as the price of the home itself.
4. Tax advantages
   1. Deduction of interest and property taxes
   2. Capital gains exclusion
   3. Favorable LTCG treatment on balance
   4. Home Tax Credit
5. Social benefits
   1. Provides shelter and security
   2. Provides stability – (12 years vs. 3 years; U.S. Census American Housing Surveys)
   3. Encourages community involvement
   4. Fulfills part of the American dream

If you have not reviewed my monthly Housing Trends Newsletter - you could be missing out. Everywhere I go, people ask me about the housing market conditions - it's on everyone's mind. Staying abreast of market conditions and factors that can affect the future sale or purchase of your home can make the decision process less daunting. I always tell my clients that in order to make the best decsion they need to have all the information they can upfont. My Housing Trends Newsletter is just one of the tools in my arsenal to make sure you keep informed.

The December 2009 Housing Trends has just been released. This month's newsletter is packed full of local and national housing market statitics and news you need to know to stay current with today's changing housing market.

This month's issue features:

• 7 Smart Strategies for Remodelling your Home
• 12 Ways to Save Energy in Your Home Office
• Information on the HomeBuyers Tax Credit and What You Need To Know

You can view the newsletter here.

If you wish to receive FREE Housing Trends eNewsletter e-mailed to you monthly, click here to Subscribe.

The Houston MLS Press Release for October 2009 has just been posted. The press release highlights the activity in the Houston real estate market that is steering the market back - so much so, that October 2009 numbers show a second consecutive month of positive sales volume.

According to the press release sales figures for October showed an increase for the sixth straight month in the single family median price at $149,000. The average price of a single family home in Houston for the month of October 2009 was $198,639 which is up 3.2% over last October 2008 which was affected by Hurricane Ike. Both median and average price for October 2009 reached the highest levels on record for the month of October in Houston.

CATEGORIES OCTOBER 2008 OCTOBER 2009 PERCENT CHANGE Total property sales 5,010 5,716 14.1% Total dollar volume $942,371,320 $1,092,415,904 15.9% Total active listings 49,016 45,424 -7.3% Total pending sales 3,579 3,673 2.6% Average single-family sales price $192,453 $198,639 3.2% Median single-family sales price $141,950 $149,000 5.0% Months inventory* 6.3 6.1 -2.8%

* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.

Read the Houston MLS Press Release for October 2009

Source: HAR.com

Congress has now passed new legislation that extends and expands the home buyers tax credit. The bill extends the First Time Home Buyer Tax credit of up to $8,000 to first-time home buyers until April 30th, 2010. The bill will also expand the tax credit to included current home owners purchasing a new or existing home between November 7th, 2009 and April 30th, 2010.

To qualify for the extended First Time Home Buyers Tax Credit purchasing between November 7th, 2009 and April 30th, 2010 purchasers and/ or their spouse may not have owned a home in the past three years prior to purchase. To qualify for the expanded tax credit current home owners purchasing a home between November 7th, 2009 and April 30th, 2010 must have used the home being sold as a principal residence 5 consecutive years out of the last 8 years.

Who Qualifies for the Extended Credit?

·     First-time home buyers purchasing homes between November 7, 2009 and April 30, 2010 qualify for the extension.

·     Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight qualify for the expanded tax credit.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

What Properties Are Considered Eligible for the Tax Credit?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.

The maximum allowable credit for current homeowners is $6,500.

How Much is the Tax Credit?

Each home buyer’s tax credit is determined by two additional factors:

1.     The price of the home.

2.     The buyer's income.

Price

The Extended Home Buyer Tax Credit has a limit on eligibility of homes that are purchased for $800,000 or less.

Buyer Income

Single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit  under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009.These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits.


What If the Buyers Income Exceeds The Limits? Is there still a Credit?

Yes, in the case of exceeding income limits, some buyers may still be eligible for the credit.

The credit is decreased for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as the buyers  income approaches the maximum limit. Home buyers that earn more than the maximum qualifying income over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If the Buyer Closes After April 30, 2010?

The Extended Home Buyer Tax Credit allows for a closing after April 30th as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No, the buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

Chart Highlighting the comparision between the prior tax credit and the extended and expanded tax credit

Frequently Asked Questions

Source: NAR 2009

The latest Kingwood Housing Trends eNewsletter is now ready to view. Published monthly to offer you up-to-date real estate information.This edition is filled with local and national market updates provided by the National Association of Realtors, the U.S. Census Bureau and other sources. Information includes key market indicators, real estate sales and price statistics, a video report by Stewart Title's Chief Economist, commentary(blogs) by top real estate economists, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.

Everything you need to stay in touch with today's real estate market.

Check your local school website for a school supplies checklist. If your school doesn't offer this list online, below is a basic list, as provided by GreatSchools.com, to help you get started.

Elementary School

• Glue sticks  
• Scissors
• Ballpoint pens
• No. 2 pencils
• Colored pencils
• Pencil sharpener   
• Large pink eraser  
• Box of crayons   
• Drawing paper
• Construction paper
• A ruler with English and metric measurements
• School box   
• Kleenex
• Small bottle of hand sanitizer
• A backpack (Check out GreatSchools.com article, Tips for Buying a Backpack and Carrying Safely, about choosing the right backpack)

Middle-School and High-School

In addition to the basic school supply items, children in middle and high school may be required to purchase the following:

• A calendar for time-management and for scheduling assignments
• 2 combination locks   
• Binder dividers  
• Several 3-ring binders
• Folders to fit into binders
• A small notebook to record assignments
• Pencil case to fit into binder
• Pens
• Index cards, ruled and unruled
• Calculator (Check with your teacher first for type and model)

Don’t forget to visit GreatSchools.com for a more complete list. Happy shopping and have a great school year.

Everything you need to stay in touch with today's real estate market.

So how do you go about selecting a home inspector?    One good way to start is one of the two nationally recognized professional associations for home inspectors; the American Society of Home Inspectors or The National Association of Home Inspectors.   In order to be listed with either of these organizations one has to go through a certification process. Both of these have a search engine to help you find “state certified home inspectors.”  Once you have a few names it doesn’t hurt to check with the Better Business Bureau.  Make a list of inspectors that have been recommended.  Avoiding anyone who has a negative report can help you avoid any potential problems with your inspection. 

A few things questions to ask when talking to your potential home inspector:

• What is the inspector's experience? How many years have they been in the business and how many inspections do they do a year?
 
• Exclusively inspections? Beware of contractors who do house inspections "on the side"--they may be looking for work and this isn’t necessarily what you want.

• What type of report? Will it be written or oral or both? Will the report contain suggestions for remedying deficiencies?   Preference should always be to get it in writing. When will the report be ready?

• How long will it take? Depending on the size of the house an inspection should take between 2 and 4 hours.

• What will be included in the inspection?

• What certifications do they have? Are they ASHI or NAHI certified?

What does it mean to 'lock' in a rate?

Locking your interest rate down means that the broker or banker will give you a commitment for a loan at today's current rate (typically for 30-60 days). While locking in your rate before you are ready to close puts you on a time table, it  lets you know upfront the points and terms that you will be buying under.  Some rates can be locked for 15 days and some for up to three months.  You still need to buy before that rates terms expire.  Otherwise you will be back to negotiating a rate and everything else.

A few things you need to do before locking things in:
• Shop around:  your rates and terms may vary wildly from lender to lender and rate locks can be a serious cost.  Don’t be afraid to shop before you lock that rate.
• Make sure you allow for loan processing time in your lock period and be sure to be ready to put in that loan application before the terms will expire.  This includes checking credit reports and even a pre-approval can help.

As with everything it is important to get it in writing.   The contract has to lock the interest rate, the points, terms and other costs.  It must include the names the mortgage will be in, the cost of the lock the terms as well as the effective date and its expiration date and time.  If you have any post-lock options make sure they are included in the contract.

Keep in mind that even a half a percent fluctuation can cost you thousands of dollars.  If you lock in your rate you can be better prepared for what the bottom line of your mortgage will be.  With an uncertain market, this can only help!

As a first-time home buyer you can take advantage of the 2009 Tax Credit.  Visit 2009 Tax Credit FAQ's for more information. 

Do let time slip by.

 

 

I

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.