Contents
- Welcome to this edition of the Real Estate Update.
- Thinking of Selling Your Home?
- And What Is a "CMA"?
- Thinking of Remodeling?
- Homeowners Association Fees
- Mold - Update & Video
- New Homeowners Insurance Rule
- Insurance Consumer/Advocate Website
- Home Repair Tip
- What is Home?
- A Little Real Estate Humor...?
Welcome the Real Estate Update
2002 was not as good a year for real estate as we've become accustomed to in
this area. That said, most areas actually ended the year showing some strength.
This is particularly true for markets with a predominance of homes below
$150,000. Higher end areas have shown price stability and even some
appreciation.
No one knows what the new year holds, but if mortgage rates
remain low and the economy strengthens, we can certainly hope for good things to
happen in the housing market. In the meantime, if you're thinking of selling
your home, price it right! The prime selling season is just around the corner.
Call me, I can help! If you're thinking about buying, you'll find that interest
rates are still very attractive and that there is a good inventory to choose
from. I would love to help you buy that ideal house at a great price. Want
information specific to an area? Call me at 817-230-4008.
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Thinking of Selling Your Home?
Spring is the ideal time to list your home - this is when buyers really begin to
enter the market. So now is the time to get your home ready!
I have a complete
list of tips that you should consider as you start preparations, but in general,
look at your house through the buyer's eyes-as though you've never seen it or
been there before. Would you buy it?
Less is better when trying to sell a
home. Remove excess furniture to make rooms appear larger. Clean out and
organize all closets - even large closets appear small when overcrowded. Pay
special attention to kitchen counter tops - remove all items you don't regularly
use. Bathrooms should be absolutely spotless with counters clear of personal
items. Don't be afraid to pack things and move them out - you'll have to do it
anyway when the house sells, why not start now! Call me for complete details.
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And What Is a "CMA"?
A CMA is Realtor-speak for "Competitive Market Analysis". It is a tool that Realtors use to estimate the market value of a seller's property. When used correctly they work well. However, homes with identical floor plans, side by side, can (and do!) sell for different prices. The number and quality of updates, the general condition of the house, the quality of landscaping, the presence of trees or a swimming pool and overall curb appeal can greatly affect the value of a home.
In order for the CMA to most accurately reflect value the Realtor must be familiar with the comparable houses used for analysis and have physically inspected the home.
Also, a word about "sold price per square foot". "Price" includes everything on the property. If a home has a swimming pool, great landscaping, trees, backs to a golf course, etc., it will generally sell at a higher price per square foot than another with the same square feet but without the same amenities. [Top]
Thinking of Remodeling?
At this time of year I meet a lot of people who are trying to decide whether to purchase a new home or remodel their current one. A common question is "How much of the cost of the home improvements will I get back if I decide to sell in the future?" Each year REALTORŪ Magazine publishes a report addressing this question. I can't republish the data, but give me a call to discuss how your remodeling project may affect the value of your house. [Top]
Homeowners Association Fees
A new Texas law, SB 507, effective Jan. 1, 2002, limits the power of homeowner associations to foreclose on homes for non-payment of association dues. It also should serve as a reminder that homeowners should not automatically accept fee increases. Check your bylaws and deed restrictions to see what fee increases are authorized and how they must be approved. [Top]
Mold - Update & Video
The Real Estate Center at Texas A&M University has developed a 95-minute video
offering expert advice on mold, its real or imagined effect on health and impact
on home insurability, how to test for mold, how to prevent it, and how treat
for it.
Although mold damage still carries a stigma that can reduce a home's
value and cause problems with insurability, Dr. Gailen Marshal, Jr., a noted
immunologist, says that mold is not a health problem for 99.9% of the
population. The remaining .1% who show an adverse reaction are those with
immune suppression, such as AIDS patients or cancer patients undergoing
chemotherapy.
Dr. Mani Karia, professor of plant pathology at Texas A&M, shows
how to do a simple test using a flashlight and a $35 moisture meter instead of
paying for an expensive professional mold inspection. Dr. Skaria also gives
tips on how to prevent the growth of mold. The video also shows how
professional mold remediators do a full-house mold treatment and gives a
step-by-step demonstration of how homeowners can remove mold infestation from
their own homes.
To order, call 800-244-2144 and ask for "The Video Book of
Mold." Cost: $19.95.
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New Homeowners Insurance Rule
The Texas Department of Insurance has adopted a new rule prohibiting insurers from stigmatizing homeowners and their properties based solely on one water-damage claim. The new regulation prohibits an insurer from denying insurance or raising rates based solely on a single claim for water damage, made either by the insurance applicant on a previous property or by a previous owner on the property for which insurance is being sought. [Top]
Insurance Consumer/Advocate Website
SAN ANTONIO, Tex. (mysanantonio.com) - Fixtexasinsurance.org, which was recently launched by consumer advocate group Texas Watch, is designed to inform consumers about insurance issues. The site aims to help voters track insurance hearings, calculate savings from proposals and write to their legislators about insurance concerns. The Senate State Affairs Committee is expected to start emergency insurance hearings this month. "We need to have consumers beat down our doors to tell us what they need," said Mike Lavigne, legislative aide to Sen. Rodney Ellis, who sits on the State Affairs Committee. "The game just started. But they can't wait until the end of the session. It needs to happen now." [Top]
Home Repair Tip
Research shows that the old standby, duct tape, is not actually effective when used to seal HVAC ducts. It fails to adhere to dusty surfaces and falls off as its adhesive dries. Seal ducts with mastic instead. [Top]
What is Home?
A roof to keep out the rain. Four walls to keep out the wind. Floors to keep out the cold.
Yes, but home is more than that. It is the laugh of a baby, the song of a mother, the strength of a father. Warmth of living hearts, light from happy eyes, kindness, loyalty, comradeship.
Home is first school and first church for young ones, where they learn what is right, what is good and what is kind. Where they go for comfort when they are hurt or sick. Where joy is shared and sorrow eased. Where fathers and mothers are respected and loved. Where children are wanted.
Where the simplest food is good enough for kings because it is earned. Where money is not so important as loving-kindness. Where even the teakettle sings from happiness.
That is home. God bless it.
- Ernestine Schumann-Heink
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A Little Real Estate Humor...?
Houses today don't have enough closets? Sure they do. They're just called
guest rooms.
This country is great. It's the only place where you can borrow money for a
down payment, get a 1st and 2nd mortgage and call yourself a homeowner.
Sign next to a FSBO: "We shoot every third agent and the second one just left."
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