Are You Being Treated Fairly?

May 8th, 2013

I’d like to tell you that we no longer need laws to protect homebuyers and renters from discrimination, but we’re not there yet. While I hope you never experience discrimination, know that federal law prohibits denying an individual or group the right to buy or rent a home based on race, color, national origin, religion, gender, family status, or disability.

So, how pervasive is housing discrimination in the 21st century? The National Fair Housing Alliance reports that in 2009, the most recent available data, more than 30,000 people reported fair-housing violations. More troubling, however, is that the alliance estimates that almost 4 million other violations went unreported.

For example …
Housing discrimination takes many forms, but here are a few real-world scenarios:

• An owner or landlord falsely tells you that his property or unit is unavailable because of your religion
• An agent only shows you homes in one neighborhood because that area has a high concentration of residents of your race
• A landlord asks you for a higher deposit on a rental unit than other tenants because you have kids
• A landlord refuses to accommodate your need as a disabled tenant, such as allowing a service animal or installing grab-bars in bathrooms

It’s lenders, too
When people think about fair-housing violations, they usually conjure up images of a slammed door or a restrictive advertisement. But violations of the Fair Housing Act are not only about a living situation or steering allegations. There are problems in the lending industry, as well. Because the lending process is so complex, it’s difficult to identify discrimination with any consistency.

Realtors go beyond what the law requires
You may know that members of the National Association of Realtors® adhere to a strict Code of Ethics that holds them to higher professional standards than what state and federal law require. However, you may not know that this year the Code of Ethics was amended to prohibit Realtors® from discriminating against individuals based on their sexual orientation, in addition to the seven classes protected under federal law.

So … what should you so?
Violations of fair-housing laws are not always obvious or easy to detect. After all, unless victims are somehow able to compare their experience to someone else’s, they likely have no reason to suspect any prejudice ever occurred. Fair-housing laws do have teeth, however. So if you believe you’ve been the victim of housing discrimination, you can submit a formal complaint with HUD (visit HUD.gov) and any local private housing enforcement agency.

For more consumer-oriented tips about buying, selling or leasing real estate visit TexasRealEstate.com.

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How to Recognize A Good Homebuyer Website

May 7th, 2013

Do you know the old saying “everything on the Internet is completely true”?

Yeah, me neither. If you’ve been looking for properties or buying advice, you know there are plenty of real estate websites. So when it comes to your home search, it makes sense to approach the Internet with a discerning eye. But how do you know which websites you can trust? The best indicator is if they’re affiliated with Texas Realtors®. Here’s what else you should consider when turning to the web for homebuying advice.

Would you like advice from consumers or experts?
Lots of real estate websites offer advice from other consumers—people who don’t know any more about real estate than you do. This is similar to getting advice on homebuying from your well-meaning coworker, your nosy mother-in-law, or your kid’s little league coach. You need guidance from a Texas Realtor®, someone who’s professionally trained to assist buyers and does it every day.

Texas isn’t the same as Florida, California, Colorado, New York …
You’re buying in Texas, so you need advice and information specific to your area. Texas Realtors® are local experts and will ensure you know the ever-changing conditions in your market. Accurate information like this helps you make the right offer and negotiate from a position of strength.

Are you guessing a property’s value?
If you want a computer algorithm to “guesstimate” what a property is worth, there are plenty of sites you can turn to. If you want to know what properties in your part of Texas are selling for, ask a Texas Realtor®. They know the actual sales prices for properties—not some vague approximation—which will help you know what the house you’re thinking about buying is worth.

Here’s where to start
There’s plenty of good real estate information on the Internet, if you can tell which websites to trust. Look for sites by Texas Realtors®; they’re the experts at advice, pricing and negotiating in your area. If you’re not sure how to find a Texas Realtor®, visit TexasRealEstate.com and use the Find a Texas Realtor® search.

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Consider This Before You Sell On Your Own. . . .

April 18th, 2013

—distributed by Texas Association of REALTORS®
Consider this before you sell on your own

There’s nothing stopping you from selling your home without a real estate agent. Can you believe I just wrote that? Some of my fellow Texas Realtors® probably can’t. But it’s true. You can put a for sale by owner sign in your yard, buy ads, and negotiate the sale of your own home … and that’s a pretty attractive idea to some homeowners. Before you start heading down that road, though, you should consider a few things.

Practice makes perfect
If you’re selling your home, chances are you’ve been through at least one real estate transaction. Compare your experience and knowledge, though, to that of someone who spends every day helping people buy and sell property.

Real estate transactions can be complicated and multifaceted: title insurance, surveys, inspections, earnest money, option fees, escrow, financing, contingencies, disclosures, required addenda for specific types of properties—the list stretches on. Make a misstep somewhere along the way and you might jeopardize the transaction, lose money, or find yourself named in a lawsuit.

I’m not saying you can’t successfully negotiate the process on your own. However, regularly performing tasks and processes leads to expertise. I believe that using the services of a Texas Realtor is a better option

Do you have the time?
Selling a home requires much more time than you think. You’ll have to educate yourself on the process, analyze the current housing market to determine a price for your home, research the various means of marketing your home and implementing the marketing strategies you choose.

And then you have to be available to show the property to prospective buyers. Depending on how long it takes to sell, showing your house can really eat into your free time. You’ll probably have to postpone any trips while your home is on the market and be around most weekends. What if someone wants to see the house at 10 a.m. on a Thursday? Be prepared to take off work to show your property.

Also, before you show your home to someone, I’d suggest you make sure that person is qualified and motivated to purchase it. Nothing is more frustrating than spending time with prospective buyers, negotiating a sale and getting halfway to closing only to find out the buyer can’t qualify for a loan.

Why not have a dedicated professional who knows the ins and outs of the industry and shows homes for a living?

Speaking of price
The biggest incentive to most people who decide to sell their homes on their own is saving the agent’s fee or commission. But that can backfire if you don’t set the right price for your home. Make a mistake here and you might leave a substantial amount of money on the table.

Overpricing your home can be equally detrimental. Homes initially priced too high may sit on the market giving the impression that something must be wrong with the property. Often, a home that starts off overpriced eventually sells for less than if it had been priced right at the beginning.

There’s also the give and take of negotiation. Some people are uncomfortable with the confrontation. Others get too emotional. Texas Realtors® are skilled at the art of negotiation and will act in your best financial interest.

What has changed?
If you haven’t bought or sold a home in the last few years, you’ll quickly find out that quite a bit has changed, and I’m not only speaking of market conditions, which shift quickly and on a local level. I’m referring to the marketing tactics. Ideas that worked well the last time you were involved in a real estate transaction may not work this time. Texas Realtors® have witnessed the evolution of the industry and customers expectations and are comfortable navigating a modern real estate transaction

Texas Realtors are here to help
To sum it up … yes, you can sell your home on your own. Some homeowners do so and are pleased with the process and results. Many others sell on their own, find it a huge headache, and vow never to do so again. Still others attempt to sell on their own and eventually hire a Texas Realtor® to get the job done.

If you do choose to go it alone, make sure you’re aware of what it will really take and the stakes involved. After doing a bit of research, you will likely find that the decision to hire a Texas Realtor® is well worth it. For more information about selling your home or to find a Texas Realtor®, visit TexasRealEstate.com.

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What To Know About Homeowners Associations

April 5th, 2013

If you’re planning to buy a home or condominium, keep in mind that the property may be governed by a homeowners association (HOA). More than 60 million residents were governed by HOAs in 2009, according to the Community Associations Institute. That’s up from 45.2 million residents in 2000.

Many buyers appreciate the benefits provided by HOAs, but the mandatory dues and covenants, conditions and restrictions (CCRs) occasionally rub some people the wrong way. Before you make an offer on a property governed by an HOA, here are some things to consider.

What do you get from the HOA?
Homeowners associations often provide access to amenities that individual residents couldn’t otherwise afford—pools, gyms, tennis courts, walking trails—and their rules can protect property values. Some associations also take on services traditionally provided by government, such as trash pickup, landscaping, street lighting and street and sidewalk maintenance.

Look past the pool and golf course
Your perfect condo may have a great pool or your dream home might be sitting on the first tee, but remember that those things are only part of the HOA’s scope. When you purchase a property governed by an HOA, you enter into a legal contract with the association. You agree to abide by the association’s regulations and pay its dues. In exchange, you get a community guided by an HOA and the access to its facilities and perks.

Read before you buy
Make sure that any uses or freedoms you expect to come along with your property are allowed in the CCRs. Want to store your boat trailer in your driveway? The association’s CCRs may not allow that. Want to paint the house? Some HOAs have restrictions on permissible colors, so check the palette allowed by the association.

You may have heard horror stories of home repossessions and other legal squabbles involving property owners and HOAs. A common theme among many of these cases is homeowners not understanding the regulations or ignoring them. Review the CCRs carefully before you purchase the property and you’ll be much less likely to run afoul of your HOA.

About those dues …
HOAs run on dues, your annual fee for living in the community. These fees range from less than a hundred to thousands of dollars, depending on the neighborhood or building and what amenities it offers. Ask how much the dues are and if they’ve increased during the past few years.

Find out what the dues cover and what they don’t. For example, your condo association may perform all exterior maintenance. That means when the roof leaks, your dues pay for its repair, even if you live on the ground floor of a three-story building. If you live on that third floor, however, you don’t have to pay to repair the entire roof yourself. If the association manages a pool, you’re paying for it, even if you can’t swim and never use the amenity.

Who’s in charge?
When you review an HOA’s documents, be sure to inquire about its finances. Is the HOA solvent? Does it have a reserve fund? Who controls the money? What kind of oversight is that person subject to?

Find out who manages the HOA and what role residents have in its governance. There may be a board or other group of property owners who manage the association. Take some time and talk to people who currently live in the community. How do they feel about the neighborhood, development or building? Find out their impressions of how the HOA and how it’s run.

Perform due diligence before signing a contract to purchase a property governed by a homeowners association. You’ll be able to make an informed decision about the HOA’s pros and cons, as well as your responsibilities, without jeopardizing the transaction or subjecting yourself to regulations that aren’t consistent with your lifestyle. For expert advice about HOAs and all kinds of information about owning, buying or selling a home, ask your Texas Realtor® or visit TexasRealEstate.com.

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How to find the right Texas Realtor®

April 1st, 2013

Real estate is a diverse industry, with residential, commercial and other specialties. If you’re selling a house, you obviously want an agent who knows residential real estate, but what else should you look for?

What’s in a name? A lot
Holding a real estate license does not make someone a Realtor®. The main thing that distinguishes a Realtor® from someone who’s merely licensed by the state to sell real estate is the Code of Ethics, which requires Realtors® to put their clients’ interests first at all times. Hiring a Texas Realtor® means you’ve retained someone who is committed to continuing education, professionalism, and integrity. So, before you ask potential real estate agents any other questions, ask if they’re Texas Realtors®.

Look beyond dollar signs
When considering an agent, it may be a mistake to choose your representative based solely on compensation. Agents charge differently and provide different levels of service. Make sure you know what you’re getting.

The price may not be right
It’s also not always the best idea to go with an agent solely because he suggests the highest asking price. Yes, you want to get as much as possible for your home, but neither you nor your agent determines what a buyer is willing to pay. An agent who prices your home too high to get your listing isn’t doing you any favors.

Where are all the buyers?
Suppose your house is beautifully remodeled and priced to sell. What good is that if no one sees it? Before you hire an agent, ask how she plans to market your property. Agents have different marketing strategies that may include the Internet, MLS, print ads, open houses, staging and other means. Make sure you’re comfortable with the efforts planned for your property.

Staying in touch
Find out how an agent stays in touch with clients. Phone calls? E-mails? Posts on your Facebook wall? Tell the agent which method you prefer – and how often you want to hear from her. It’s better to find out now if an agent doesn’t use text messages, which may be your preferred method of communication, than to find out during negotiations with a buyer.

Ask around
Don’t be afraid to interview several agents. Ask your friends and family who they’ve used. There are lots of us available to help you, and we each have our own style, personality, strengths and business models.

To find Realtors® in your area that can help you sell your home, visit TexasRealEstate.com and use the Find a Texas Realtor® search. You can narrow your search by criteria such as city, whether they represent buyers or sellers, what languages they speak, and what type of real estate they specialize in.

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Seguin Real Estate

March 26th, 2013

Location! Location! Location! Seguin has it!! Logistically, Seguin is sitting pretty for well planned growth as a hub of some of Texas’ famous highways. With its small town atmosphere, friendly people, excellent schools, and proximity to great jobs, Seguin is a great fit for all ages.

Seguin is home to a variety of real estate. . .farm & ranch living close to amenities; historical homes rich in history; gated communities; waterfront living on Lake McQueeney, Lake Placid, Lake Seguin, and Meadow Lake; new and established garden homes and residential communities close to shopping and Guadalupe Regional Hospital; and fantastic opportunities for commercial growth near I-10, Hwy 46, Hwy 123, and SH130. The diversity of Seguin Real Estate is what is often most surprising. The Seguin Board of Realtors is here to welcome you and help you find the right home or investment to meet your needs!

Katie Clark
President
Seguin Board of Realtors

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Get The Biggest Bang For Your Remodeling Buck

March 20th, 2013

It doesn’t matter if you’ve lived in your home for 15 years or 15 minutes, there’s something about it you want to change. Maybe you want new appliances in the kitchen, or perhaps you dream of a 1,000-square-foot addition. Whatever your remodeling fantasy, certain projects offer bigger payoffs when you sell your home. You may not think you’re selling any time soon, but who can say how your life will change in a few years? Here are some things to consider when planning your home improvements.

Survey says?
Remodeling magazine publishes an annual “Cost vs. Value Report,” which compares the cost for popular remodeling projects to the value those projects retain when homes are sold. Keep in mind that almost all remodeling projects offer less than a 100-percent return; however, some improvements come closer to paying for themselves than others.

Don’t go for sexy
By far, the projects that retained the most value in Texas in 2012 were replacing entry doors (116 percent) and garage doors (99 percent). While those may not fit your idea of an exciting remodel, they are projects that hold their value at resale. Replacing a home’s siding also scored high (83 percent for fiber-cement, 76 percent for vinyl), as did replacing windows (75 percent).

Keep the budget down
Generally, low- and midrange projects hold their value better than upscale remodels. For example, an upscale, major kitchen remodel (with an estimated cost of more than $100,000) returned only 65 percent in the “Cost vs. Value Report,” while a $15,000 minor kitchen remodel returned 75 percent.

Space is in the eye of the beholder
I’ve never heard of someone remodeling his house in order to decrease its square footage. However, when contemplating a project, consider how it will affect the perceived amount of space. Taking part of a large bedroom to create a home office may work for you, but will it make both rooms seem small?

Don’t be odd
The value of improvements can vary from city to city and even neighborhood to neighborhood. One constant, however, is that odd projects won’t ever increase your home’s appeal in the minds of most buyers. If you plan to stay in the same house for years to come, go ahead and turn your living room into a replica of Kyle Field. Be aware, however, that if you do have to sell, many potential buyers — even Aggies — will see that as a drawback.

There isn’t one right answer
Sure, the data says that you won’t get much return on your investment from adding a sunroom (53 percent), but what if you really want a sunroom. Or what if most homes in your subdivision have sunrooms, and you think you’ll be at a disadvantage competing against them if you sell?

The report from Remodeling magazine is a good place to start, but for specific advice about how a room addition or other improvement may affect the resale value of your home, ask a Texas Realtor®. If you’re already planning a move, a Texas Realtor® can even help you choose projects that might help your home sell faster. To learn more about selling and owning homes in Texas, visit TexasRealEstate.com.

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Tax Incentives For Homeowners Sweeten The Deal For Buyers

March 13th, 2013

Of the many advantages granted to homeowners, one of the most popular is the list of tax breaks they receive. As a new homeowner, you may be able to deduct some of the costs related to your purchase if you itemize your deductions rather than use the standard deduction when filing your taxes. These costs can include mortgage interest, real estate taxes, and private mortgage insurance premiums you’ve paid.

While the IRS can best explain what you can and cannot deduct, your Texas Realtor can answer your initial questions about tax incentives during your homebuying process. Here’s a closer look at some of the deductions that might apply to your situation.

Mortgage-interest deductionIf you took out a loan to purchase your home, you may be able to deduct from your taxable income the amount you paid in interest on your mortgage. This mortgage-interest deduction is especially valuable for new homeowners since the majority of your monthly mortgage payment will go toward paying the interest on your loan for the first few years. Your lender will send you a Form 1098 that lists how much you paid in interest.

Real estate taxesIf you paid real estate taxes assessed on your property to a local or state taxing authority such as a water district, city, county or school district, you may be able to deduct this cost. This information will also be on the Form 1098 from your lender.

Private mortgage insuranceIf you made a down payment of less than 20% of the purchase price on your home, you are probably paying private mortgage insurance. But you may be able to deduct some of the money you paid for these PMI premiums, if you meet certain qualifications. This amount will be listed on the Form 1098 from your lender.

Let the record showKeeping accurate records is important for properly reporting your deductions as a homeowner. The IRS recommends keeping your purchase contract and settlement papers and any paperwork such as receipts or canceled checks. Staying organized will save time when you sit down to file your taxes, and it’s good to keep your paperwork handy in case you’re audited.

Just remember that everyone’s situation is different, so the best way to determine what will apply to you is by consulting a tax professional who can help you find out what items are deductible.
To learn more about buying or selling homes in Texas, visit TexasRealEstate.com.

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Make Your Offer Stand Out

March 6th, 2013

You found a house you love in the neighborhood you want. It’s in your price range. Time to celebrate, right? Not quite. The way you draw up your offer will determine whether you and the seller agree on a deal and move toward closing the transaction.

Is the price right?
You’ll have to decide on an offer amount. Is the home worth the asking price? You might choose to make a full-price offer, or you can offer a lower amount if you think there’s some bargaining room.

You’ll also want to consider whether we’re in a buyer’s or seller’s market. In hot seller’s markets, bidding wars and offers above asking price are not uncommon. Finally, factor in how willing you will feel if your offer isn’t accepted. There’s always another home, but if you have your heart set on this one, you may not want to haggle over what will amount to a few dollars a month on your mortgage payment.

Show them you can get the loan
Certainly, the bottom line plays a huge role in the seller’s decision to accept, counter, reject, or ignore the offer. But you also want the seller to know you’re actually qualified to purchase their home at that price. Even before you start looking at homes, it’s a good idea to secure a letter of prequalification from a lender—or better yet, a pre-approval letter.

How earnest are you?
Earnest money is an amount you put towards the sale in advance of the closing to show you are entering into this transaction in good faith. The earnest money check is applied toward the downpayment if the transaction closes. If the transaction does not close, in certain circumstances, the seller keeps the earnest money. In other scenarios, the earnest money is returned to the buyer. (Your Texas Realtor® can discuss more details about how earnest money works when a transaction does not close.) The higher the amount of the earnest money, the more serious—and attractive—your contract offer.

Timing plays a role
The time frame for closing the transaction can make or break an offer. Or the closing date may be fine but the date of possession of the property poses a problem. If you have constraints related to selling your existing home, your offer will not be as enticing as someone who does not. The more flexible you are, the more the seller will be inclined to accept your offer.

Look at your options
Most buyers include a provision in the contract to purchase an option to cancel the contract before a specified date. This gives you a chance to have the property inspected, which may influence you to exercise the option to cancel the contract. But inspections are not the only reason you can pull out during the option period. In fact, you can walk away for any reason whatsoever.

You want an option period long enough to make good decisions about the home. Keep in mind, though, that longer the option period, the less favorable it is to the seller.

Weigh the pros and cons
You can see there’s much more to an offer than purchase price. Other factors could include items that convey with the property or items you’d like repaired by the seller. Your Texas Realtor® can help you sort through all these variables and devise the best strategy for making an attractive offer. For more information about buying, selling, and leasing real estate in Texas, I invite you to visit TexasRealEstate.com.

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How To Prepare Your Kids For Moving

February 27th, 2013

If you feel stressed about moving, imagine what it’s like for your kids. You have a say in the decisions that dictate the how, when and where of your move. Your kids probably don’t.

Children are creatures of habit. Any disturbance in the routine will prompt a reaction, whether it’s a teenager rebelling or a four-year old pitching a fit. It’s normal for them to feel apprehensive and anxious – make sure they know that.

Be honest
Talk to children about what to expect, answer questions, share your feelings and encourage them to share theirs. Make sure they know they can come to you at any time. The prospect of being uprooted from school, sports teams, friends and a familiar house can be traumatic, and the longer your children have been building relationships, the more upset they will likely be. Let them know that you can and will help them through the transition. Every child is different, but overall, kids are pretty resilient; they just need time to warm up to new ideas and get adjusted to major changes in their lives. Let them know why the family is moving and put the date of your move on the family calendar for all to see.

All is not lost
Remind them that moving doesn’t mean they’re going to lose touch with their friends. They can still keep in contact via e-mail, text message and social networks. You may also want to arrange a visit where your children’s friends come to the new house after you’ve settled in a bit.

Be a role model
Kids pick up on their parents’ emotion and state of mind. If you’re frantic and nervous about the move, they will be too. If you keep it together and express confidence, your kids will likely follow your lead. Concentrate on all the opportunities and emphasize all new experiences that lie ahead. This is an exciting time.

Let them help
If it’s practical, let the kids participate during the home search. Encourage them to ask questions – sometimes kids ask the most insightful questions. Look at the house through their eyes and try to think of their concerns. Take extra time to show them where their room will be, and ask them to think about where they want their furniture.

Pick it up, pack it in
Packing is never fun, nor is it tremendously exciting. Younger kids in particular may need a little help understanding the concept. Let them know you’re not throwing away toys; you’re just making sure that they’re packed safely away and that they’ll be available when you get to the new place. Let them write their names on the boxes with colorful magic markers or crayons.

One tip that can really help, no matter the age, is to have a box with just their “important” stuff. This box may contain music, pictures, a favorite book, a stuffed animal or any other valued item. If possible, it should stay with the family during the move. If it must go with the movers, unpack it first to create a level of comfort and familiarity on the first night in the new house.

What’s it like?
If you’re moving to a new city or state, show them where you’re going to live on a map. Also, use the Internet to find kid-friendly attractions and other information about your new town. Allow them to get excited, as this may help counteract some of their nerves. It also helps to get your family back into a comfortable routine as quickly as possible.

We can do it
Moving can be a stressful experience for kids, but as a parent, you can alleviate some of the anxiety by being honest, answering questions and involving them in the process.

Ask your Texas Realtor® for advice or resources that can help ease the transition to your new community. As an expert in the real estate industry, your Realtor® likely helped another family through a similar situation.

For more information about moving or to find a Texas Realtor®, visit TexasRealEstate.com.

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