Category: Buyers

22726 Hockaday Dr, Katy TX 77450

FOR SALE – 22726 Hockaday Dr, Katy TX 77450

Property Details

  • 3 bedrooms
  • 2 bathrooms
  • Bldg. 1742 SF
  • Lot 9,288 sf
  • Pool and covered patio
  • 2 car garage

Welcome home! This property will not disappoint. Beautiful home in West Memorial, Katy. Spacious living room with high ceilings and large windows offer an ample amount of natural light and great views of the yard. Large kitchen with picture window above the sink with views of the pool. Kitchen provides plenty of counter space and storage.  Appliances (refrigerator, washer and dryer) stay if you choose. Spacious master bedroom has direct access to the pool and covered patio.  Home has been freshly painted a neutral color. Perfect backyard for outdoor entertaining. Splish, splash in your own private pool or enjoy an evening under your covered patio. Home is move-in ready! Never Flooded.

Within minutes of several major freeways (West Park Toll Rd and I10), shopping and dining. Excellent location with excellent schools. Schedule your private tour today.

22726 Hockaday Dr, Katy TX 77450
22726 Hockaday Dr, Katy TX 77450

West Memorial neighborhood is located in Katy (77450 zip code) in Harris county. West Memorial has 1,150 single family properties with a median build year of 1976 and a median size of 1,830 Sqft. Source: HAR.com

Source: HAR.com
Source: HAR.com

7327 El Cresta Dr, Houston TX 77083

COMING SOON! 7327 El Cresta Dr, Houston TX 77083

7327 El Cresta Dr, Houston, TX 77083
7327 El Cresta Dr, Houston TX 77083
  • 3 bedrooms
  • 2 bathrooms
  • Bldg. 1,634 SF
  • Lot 7,144 SF
  • Cul-de-sac lot
  • Completely remodeled

Welcome home! This property will not disappoint. Beautifully remodeled home in Mission Bend. Spacious living room with high ceilings and decorative dark beams. Vast kitchen with custom built cabinets, gorgeous granite counters and deep sink. This amazing kitchen has new appliances (range and dishwasher), plenty of storage and lots of counter space. Both bathrooms have been completely remodeled. Home has been freshly painted a neutral color and new flooring throughout. This Cul-de-sac lot offers the home a large backyard; perfect for outdoor entertaining. Move-in ready! Never Flooded.

Within minutes of several major freeways (West Park Toll Rd, Hwy 6, I10 and 69), shopping and dining. Excellent location with good schools.

7327 El Cresta Dr, Houston, TX 77083

Mission Bend (fort Bend) neighborhood is located in houston (77083 zip code) in Fortbend county. Mission Bend (fort Bend) has 816 single family properties with a median build year of 1981 and a median size of 1,762 Sqft., these home values range between $114 – $156 K. The sqft. price change data is available through 1998. The median sold price/sqft is $96.23. Source: HAR.com

Source: HAR.com
Source: HAR.com

1135 W. Gardner St, Houston TX 77009

COMING SOON!

  • 2 bedroom
  • 1 bath
  • Building 942 SF
  • Lot 5,000 SF

Welcome Home! This adorable cottage is located in the Historical District in the Houston Heights. The home is appointed with two spacious bedrooms with cedar lined closets. Large living room with amazing windows and lots of natural light. Formal dining room, and large kitchen with plenty of counter and storage space. Beautiful original hardwood floors. This home has a 2 car detached garage and sizable backyard; perfect for outdoor entertaining. Enjoy an evening on this amazing front porch. You will love all the details and charm.

This tree lined streets and the beautiful mature trees makes this a perfect location. It’s minutes from downtown Houston, The Galleria, Memorial Park and the Energy Corridor. Enjoy all the Heights has to offer with nearby shopping, amazing restaurants, and parks.

Source: HAR.com

North Norhill neighborhood is located in houston (77009 zip code) in Harris county. North Norhill has 531 single family properties with a median build year of 1928 and a median size of 1,228 Sqft., these home values range between $308 – $509 K. The sqft. price change data is available through 1998. The median sold price/sqft is $386.09. Source: HAR.com

Source: HAR.com

6007 Oxford Lake Dr, Rosenberg TX 77471

COMING SOON!

6007 Oxford Lake Dr, Rosenberg TX 77471

PROPERTY DETAILS

  • 4 bedrooms
  • 2.5 baths
  • Bldg SF 2,970
  • Lot SF 8,705
  • Private pool
  • Lake views and park side with private gate access.

LOCATION, LOCATION, LOCATION! You could not ask for a better lot. This beautiful home is located in the Master Planned Community of Kingdom Heights with easy access to the community parks and several lakes where fishing is permitted. This home is lakeside and park side!

This immaculately presented, well-appointed 2 story home has a wonderful floor plan that lends itself to gatherings. Spacious living room with gas fireplace opens up into the kitchen. Prepare a gourmet meal in the ample kitchen with plenty of storage cabinets and counter space, large island, and plentiful pantry. The formal dining room lends itself to entertaining. Private home study with large windows and views of the front yard. Retire into the huge and serene master suite. Check out the master closet! 

Enjoy a beverage under your covered porch or splish splash into your own private pool. This specious backyard has no immediate back neighbors and views of a vast green space, one of the many community parks and two lakes. 

Zoned to excellent schools. Learn more about Lamar Consolidated ISD

Community Information

 
Welcome home! 6007 Oxford Lake Dr, Rosenberg TX 77471
Splish Splash into your our private pool
Easy access to one of the community parks right from your back yard!
Spend some time fishing in two of the many lakes within walking distance of your backyard. You may fish (catch and release) from the shore or from a canoe.
Enjoy this spectacular view from the spacious second floor game room
Located within minutes Sugar Land, Katy, Richmond and Fulshear.

KINGDOM HEIGHTS

This community will consist of 572 acres with 12 lakes and 39 parks. Kingdom Heights is located within minutes from Sugar Land Towne Centre, Katy La Centerra, and an array of local shopping, dining, entertainment and recreation opportunities.

Kingdom Height will eventually consist of 1,430 homes.

Other amenities include a beautiful Recreation Center, Fitness Center, Party Room, Resort Style Pool, Soccer and Baseball Fields. 

Home located in section 1. Source: http://www.kingdomheights.com/about/site-plan/
Kingdom Height
Community Center
Community Pool
Community pool, park and lake.
One of many community lakes

Price Trends – Kingdom Heights
Tax Rate

Home Staging Tips, plus more! You’re invited

 

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Annual review of your escrow account

What is escrow?

Your mortgage payment is made up of the following:

  • Part goes toward your mortgage to pay your principal and interest.
  • The other part goes into your escrow account for property taxes and insurance premiums (like homeowners insurance, mortgage insurance, or flood insurance).

When you purchase a home and put down less than 20%, the lender will requiere that you escrow your taxes and insurance. An account is opened at the time your home is purchased. The funds within the account are used to pay your property taxes and insurance premiums. These are paid by the lender directly using these funds. This typically helps the home owner because you don’t have to save for these funds separately.

In Texas we pay property taxes in arrears. In Jan of the current year, you are paying the past year’s property taxes. By “property taxes” I’m referring to property, School, MUD, LID and/or Drainage Taxes (not all applicable for all).  It might look something like the image below.

At the beginning of the year I’d suggest you do two things:

  1. Make sure that your taxes have been paid. Lenders make mistake and sometimes overlook a payment. Taxes are due by Jan 31st so make sure that the payment is applied before that date.
  2. Review your escrow account for errors, shortages and overages.

#1 Confirm Payment

Go into the jurisdiction’s website and make sure your balance is zero. If there is a balance owed make sure to follow up with your lender.

#2 Yearly escrow review

Property taxes and insurance premiums change over time. Most lenders will review your escrow account each year to make sure you’ll have enough to cover your expenses. To help with any unexpected increases, you need to keep a minimum balance in your account at all times. It’s normally calculated to not be more than 2 months of escrow payments (but this will vary by bank).

The lender will add your taxes and insurance and divide this amount by 12. This is the minimum amount you need in your escrow account. Normally the lender will want at least 2 month cushion to cover any potential increases in taxes or insurance. Most lender will send you an analyzes by mail or online.

Shortage

If you have an escrow shortage due to an increase in your taxes or insurance premiums, you are responsible for the difference. The bank will send you a notice stating the amount outstanding. It’ll be your choice how you handle it. You can either pay the entire shortage in one lump sum or you can choose to have the amount spread out over the coming year. This means if your shortage is $500, expect to pay an additional $41.67 each month the following year to make up the shortage. Your payment might also increase more as the lender increases the amount going into escrow to pay the next year’s taxes and insurance. In this example you might see an overall increase of approximately $80-100

Please note that if you choose to pay the total shortage in one lump sum, your payment will still increase to cover next year’s potential shortage.

Surplus

If you have too much money in your escrow account, you might get a refund check from the lender. This usually occurs when taxes go down or payments are overestimated. The lender will pay the appropriate amount to each jurisdiction. Whatever is left goes to you, minus their desired cushion. You should receive notice that you have an escrow surplus and will receive a check not long after that. If this doesn’t happen, contact the lender for further details.

Going Forward

The lender should repeats this process every year but don’t relay on the lender to foresee issues. Be proactive! Before May of every year you will get your proposed assessed value from the tax jurisdiction. Review these statements. Has it increased? decreased? How will this effect your escrow balance?

To avoid unpleasant surprises, pay attention to correspondence from your insurance company or taxing jurisdictions. If you’re aware that your payments will increase, you can put additional money towards your escrow each month to avoid a shortage. If you see that your payments will go down, you can contact your bank to try to decrease your monthly escrow payments.

You can ask your lender to analysis your escrow account at any point. You do not have to wait for them to schedule the review. Increases or decreases in your annual tax or insurance bills may cause your monthly mortgage amount to change.

You can (and should) protest your taxes. The protest deadline is May 31st of each year. The final amount is established by the final quarter of each year.

For more info: Tax Protest

‘Tis the Season: 5 Reasons Why Winter is a Great Time to Buy or Sell a Home

It’s a common misconception that you shouldn’t try to buy or sell a home during the fall and winter months.

This is generally considered the “offseason” in real estate. Many sellers mistakenly believe that the cold weather will keep buyers away and that no one is looking over the holidays. Unfortunately, many real estate professionals perpetuate this myth by advising their clients to “wait until the spring” to list their home.

The truth is, homes are bought and sold year round. And while the market is typically quieter during the fall and winter, savvy buyers and sellers know how to use this slow down to their advantage. In fact, depending on your circumstances, now may be the ideal time for you to purchase or list a home.

If you’re in the market to buy or sell, there’s no need to wait for the spring. Read on to discover the top five reasons that it can pay to buy or sell a home during the offseason! 

  1. LESS COMPETITION

What’s the number one reason to buy or sell a home during the offseason? Less competition!

This can be particularly beneficial if you’re a seller. Come spring, a huge wave of new listings will hit the market. But if you list now, you will have fewer comparable homes with which to compete.

In the spring and summer months, it can be difficult for your property to stand out in a crowded market. You may end up with a surplus of homes for sale in your neighborhood. Indeed, it’s not uncommon to see multiple listings on a single street during the peak selling season.

Inventory in the fall and winter months, however, can be significantly lower. That means your home will not only receive more attention from buyers, but you may also gain the upper hand in your negotiations. In fact, research found that homes listed in the winter are nine percent more likely to sell, and sellers net more above asking price in the winter than any other time of year.1

Buyers also have a lot to love about the real estate offseason. While some buyers need to move during the winter, many bargain hunters search this time of year in hopes of scoring a great deal.

Smart buyers will continue to scan the market during the fall and winter for hidden gems that pop up during the offseason. There are always highly motivated sellers who need to sell quickly. And with less competition to bid against you, you’re in a better position to negotiate a great price. If you’ve been looking for a good deal on a home or investment property, now may be the best time to look!

So while a “slow market” may scare off some buyers and sellers, it can actually be the perfect time of year for you to list or purchase a home. While the rest of the market is hibernating until spring, take advantage of this opportunity to get a jump start on your competition!

  1. EVERYONE’S MORE MOTIVATED

During the spring and summer, you’re likely to encounter “lookie-loo” buyers who are just testing the waters and unrealistic sellers who are holding out for a better offer. But the serious buyers and sellers stay active during the cold weather and holiday season, often because they need to move quickly. In fact, research shows that homes listed in the winter sell faster than any other time of year.1

January and February are peak job hiring months, which brings a surge of buyers who need to relocate quickly to start a new job.2And of course life changes like retirement, marriage, divorce, and new babies come year round. While families often find it more convenient to move during the summer when school is out, the reality is that many don’t have the option to wait. According to the National Association of Realtors, 55 percent of all buyers purchased their home at the time they did because “it was just the right time,” not because of seasonal factors.3

If you prefer to deal with serious, highly-motivated buyers and sellers who want to act fast and don’t want to waste your time, then the offseason may be the perfect real estate season for you.

  1. GREATER PERSONAL ATTENTION

Another key benefit to buying and selling in the offseason is the increased personal attention you’ll receive.

While we strive to provide unparalleled client service throughout the year, we simply have more time available for each individual client during slower periods. Similarly, we find the other real estate professionals in our network—including title agents, inspectors, appraisers, insurance agents, and loan officers—are able to respond faster and provide more time and attention during the offseason than they are during the busy spring and summer months. The result is a quicker and more streamlined closing process for all involved.

  1. COST SAVINGS

Clients who move during the offseason often report significant cost savings. Moving costs may be discounted by 15 percent or more during the winter months, and moving companies can typically offer more flexibility in their scheduling.4

Home renovations and repairs can also be less expensive in the offseason.5 Whether you’re fixing up your property prior to listing it or remodeling your new home before moving in, contractors and service providers who are hungry for business are often willing to work for a discount this time of year. If you wait until the spring and summer, you may be forced to pay a premium.

Home stagers and decorators are also more likely to negotiate their fees during the winter. And you can often score great deals on new furniture and decor during the holiday sales.

Whether you’re buying or selling, count cost savings as another compelling reason to consider an offseason move.

  1. EASIER TO MAINTAIN CURB APPEAL

Finally, listing your home during the fall and winter offers one key—but often overlooked—advantage: less lawn maintenance!

Good curb appeal is crucial when selling your home. According to a recent report by the National Association of Realtors, 44 percent of home buyers drove by a property after viewing it online but did NOT go inside for a walkthrough.6That means if your curb appeal is lacking, buyers may never make it through the door.

If you list your home during the peak of the selling season, we will generally advise you to implement a frequent schedule of mowing, edging, watering, weeding, and trimming shrubs and hedges. You’ll probably want to plant flowers, as well, to brighten your exterior. After all, a lush landscape is a key element in attracting spring and summer buyers.

If you list in the offseason, however, your lawn maintenance list is significantly reduced. While we do recommend that our sellers keep their exterior clean, tidy, and free of leaves, snow, and ice, you will probably spend much less time on outdoor maintenance during the winter than you would if you listed your home in the summer.

ARE YOU READY TO MAKE YOUR MOVE?

Now that you know all the great reasons to buy or sell a home in the offseason, it’s time to decide whether you’re ready to make your move.

Every client’s circumstances are unique. Whether you needto move quickly or you simply wantto take advantages of all benefits this season has to offer, it’s a great time to enter the market.

Give us a call today to schedule a FREE consultation … and you could be ringing in the New Year in your new home!

 

 

Sources:

  1. Redfin –
    https://www.redfin.com/blog/2013/12/why-winter-is-the-hottest-time-to-sell-your-home.html#.VjKYm2SrTKI
  2. Top Resume –
    https://www.topresume.com/career-advice/the-best-times-of-the-year-to-job-search
  3. National Association of Realtors –
    https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers
  4. Angie’s List –
    https://www.angieslist.com/articles/why-winter-can-be-best-time-move.htm
  5. Build Direct –
    https://www.builddirect.com/blog/the-best-times-of-the-year-to-get-deals-on-home-remodels/
  6. National Association of Realtors –
    https://www.nar.realtor/sites/default/files/reports/2017/2017-home-buyer-and-seller-generational-trends-03-07-2017.pdf

The Home Equity Playbook

 

What is Home Equity?

Home equity seems to be a very simple calculation — the total amount of mortgages owed subtracted from the current market value of a home. Here is a simple example:

Current Home Market Value         $325,000

Existing Mortgage                           $225,000

Homeowner Equity                         $100,000

One side of the equation is well defined, and it is found on the monthly mortgage statement, the loan balance. The other side is less obvious — the current market value of the property.

As a homeowner, your down payment purchases your initial equity, and your monthly (or additional) principal payments increase your equity. In strong real estate markets and in-demand locations, equity can increase quite rapidly as the property value increases, but the inverse can also happen — too much available inventory and market down-cycles can lead to falling home values and a reduction in homeowner equity.

It can be difficult to put an accurate value on something that you have emotional and monetary vesting in. It is safe to say that most people think their home is worth more than then it is.

Homeowners can make savvy assessments about their home’s current market value by following the sales of similar properties in the neighborhood, but should stay away from websites such as Zillow and Trulia, which provide inaccurate and outdated estimates. The most accurate measurement requires a comparative market analysis from a real estate professional or having the home professionally appraised. But, the bottom line — your home is worth as much as someone is willing to pay for it.

Creating Value is in Your Hands

Maintaining the condition of a home is vitally important to retaining and increasing value. Homes are judged against their peers: how they compare to similar homes in the neighborhood. Another way to retain value is to not over upgrade, since it is rare to ever recoup the money spent if you exceed neighborhood value. Keep up the landscaping and do the little things to add curb appeal.

Putting Home Equity to Work

Home equity represents the largest single asset of millions of people, and because it represents so much of an individual’s net worth, it must be treated with respect. Home equity is not a liquid asset until a property is sold, or it is borrowed against.

There are two types of loans that tap into homeowner equity as collateral.

Home Equity Loans

Many home equity plans set a fixed period during which the person can borrow money, such as 10 years. At the end of this “draw period,” the person may be allowed to renew the credit line. If the plan does not allow renewals, the homeowner will not be able to borrow additional money once the period has ended. Some plans may call for payment in full of any outstanding balance at the end of the period. Others may allow repayment over a fixed period, for example, of 10 years.

A home equity loan, sometimes called a second mortgage, usually has a fixed rate and a set time to pay it back, generally with equal monthly payments.

Home Equity Line of Credit

A home equity line of credit is similar to a credit card. The lender sets a maximum amount you can borrow, and you can draw money as you need it, though many home equity lines of credit require an initial draw. The interest rate varies daily, and is usually prime plus a set number, but the required payment is usually interest only. Once the loan has been paid down, the payment is reduced, and it can be paid off and initiated as many times as a homeowner requires.

How Much Equity can be Accessed?

Since the financial institution is lending money and using a home as collateral, they will not lend 100% of the home’s equity. The bank does not want to take the risk that if the house price drops, they would be carrying a loan for more than its market value. Therefore, most banks will allow a qualified homeowner to borrow approximately 80% of their equity.

It’s Important to Use Your Home Equity Wisely

Because it is likely the biggest asset most people have, losing your home equity is hard to overcome. It must be used in prudent ways, and the payments against the loan must be affordable. Using equity money to make the loan payment is only acceptable for a short-term solution.

There are number of good reasons to use money from a home equity loan… and some really bad ones. First, let’s cover smart uses.

  1. Invest in Your Home

The best way to use the money is create more equity in the home. Among the very best returns on your investment (ROI) include kitchen and bathroom remodels, adding square footage or an extra bath, enhancing curb appeal and repairing/keeping the existing structure sound. Making prudent investments in your home is a wonderful win-win: you enjoy the upgrades and the repairs can add value to the home.

  1. Invest in your Children’s Education

Using your home equity to finance a child’s higher education may be the greatest payoff of all. Not only is the rate much lower than a student loan, it is an investment in the child’s future.

  1. Supplement Retirement Needs

Older homeowners spent their working lives paying down their mortgage. At retirement, when monthly income is reduced, a home equity loan could pay for a dream vacation or an unexpected major expense.

  1. Augment the Impending Sale of a Home

If you’re planning to sell soon, a home equity line of credit may be the best way to finance improvements, and you can pay it off entirely when you sell. Investing wisely on upgrades and repairs may even reap a profit on your investment.

Here are some examples of some not very wise choices.

Adding luxury amenities like a swimming pool, a hot spa, lavish landscaping, expensive appliances and exotic countertops and flooring rarely pay off.

Purchasing a car or boat or most any personal luxury items is a poor use of the funds, since these items quickly depreciate in value.

Also stay away from using money on risk-heavy investments. Financing stock purchases, start-up businesses and paying routine bills is not financially smart. If you cannot afford to purchase those items with available funds, using equity from your home means they should not be in your budget.

You should treat a home equity loan as an investment and not as extra cash when making financial decisions. If your intended use of the money doesn’t pay you back in some way, it’s not the best use of your valuable equity.

We Are Happy to Assist You

If you would like an assessment of the market value of your home and the current equity you can access, give us a call for a comparative market analysis.

 

 

 

 

 

 

 

 

Homeowners Insurance and Home Warranties

Let’s talk Homeowners Insurance

While you never want to leave yourself without a safety net, you also don’t want to overpay for insurance you don’t need (and will hopefully rarely use). Aim to strike a balance that will provide you with adequate protection at an affordable price.

Homeowners Insurance Covers Things Like: 

• Structure
• Roof
• Windows
• Furniture/Personal Belongings
• Liability for Non-Residents Injured on Property
• Liability for Damage or Injury Caused by You or Your Pets

Most Standard Policies DON’T Cover Things Like:

• Malfunctioning Systems and Appliances
• Floods or Earthquakes
• Slow Leaks
• Power Failures
• Neglect or Aging
• Faulty Repairs

Home Warranties

Some homeowners choose to supplement their insurance coverage by purchasing a home warranty, which covers many of the systems and appliances in your home that are NOT covered by homeowners insurance. While policy terms and coverage vary, a home warranty will often cover the cost (after deductible) to repair or replace components of your HVAC, electrical, plumbing and some appliances that fail due to age or typical wear and tear.

Unlike homeowners insurance, home warranties aren’t required by mortgage companies. But many homeowners like the added financial protection and peace of mind that home warranties provide.

A Home Warranty Covers Things Like:

• Plumbing
• HVAC
• Electrical
• Major Appliances
Minimize Risk, Maximize Value

Now that you understand the basics of homeowners insurance, you should be ready to start shopping for a policy that best fits your needs and budget. Your goal should be to minimize your risk while maximizing the value your policy provides.

Once you’ve purchased your policy, avoid setting the annual renewal on autopilot. Instead, take some time to consider factors that have changed over the past year. Home improvements, a shift in market conditions, a new home-based business, or even growth in your overall net worth could mean it’s time to reassess your coverage.

Need Guidance? We Can Help!

If you have questions about purchasing homeowners insurance or a home warranty—or if you would like a referral to a reputable broker—give us a call! We’re here to help.