The Woodlands Real Estate

Flood Insurance Becoming A Rare Commodity

The Federal National Flood Insurance Program expired 2/28/10 and so lenders have not been able to get flood coverage for anyone since then.  The House just decided today to extend the federal flood program for 30 days.

This is especially important to anyone that might be closing on a property that is in a flood zone and flood insurance is required by the lender…closings within the next 30 days.  It is suggested that you move quickly to get the flood insurance bound.  The elevation certificate is required for properties that in are Zone AE.  A Flood quote can’t be provided without it.

Below is the most recent update…

NFIP Reauthorization Extended for Next 30 Days

 The Senate passed a bill last night by a vote of 78-19 that extended the re-authorization of the NFIP for the next 30 days.  It passed the House last week and President Barack Obama signed the bill into law quickly as it was tied to jobless benefits and put 2,000 Transportation Department workers back to work today.  The re-authorization of the NFIP was not enacted retroactively at this time affecting transactions to issue new policies, increase coverage on existing policies and continue renewal policies during the lapsed period from the February 28^th midnight expiration through March 2nd. Congress continues to debate this point and hopes to gain the retroactivity feature in the very near future.

Kiss Those Winter Blues Goodbye!

If you are in Houston, Tx today you should count yourself blessed by this gorgeous weather! After threatening rain and snow on Tuesday today’s blue skies, sunshine and 60 degree temperatures are a welcomed surprise! With Houston’s weather being so finicky and this being such a cold and long winter (even by Houston standards!) here are some things you will love that will help warm up the outdoors! Don’t let the weather keep you cooped up inside; just cozy up your outdoor spaces with a few of these suggestions!

Suggestion #1 Backyard Fire Bowl: Reap the rewards of an outdoor fireplace without actually building one. A portable fire pit is perfect for warmth, and s’more making!

Suggestion #2 Candles instead of firewood:  Get creative and light up candles instead. There are even types of candles designed to look like river rocks and ignite over a can of Real Flame Gel.

Suggestion #3 Inside Grills: Cold weather shouldn’t mean an end to cookouts. You can buy inside table top grills to prop up on a table, and bring out the burgers for a “winter-time” barbecue.

Suggestion #4 Use a cheery and warm table cloth to warm up the chilly table! This will both warm and brighten up the outdoor space.

Suggestion #5 Have a blanket on hand to snuggle up in. A faux fur one will really have you feeling close to the great outdoors.

Suggestion #6 Get comfortable and warmed with plush, patterned seat cushions tied to chair bottoms.

Suggestion #7 Highlight the coziness of your outdoor haven with a selection of lit candles grouped and placed all around the porch. You can do the same thing with your favorite plants and flowers!

Suggestion #8 Lay down this rug to warm up the floor (and your feet). Its natural look makes it perfect to mimic the outside without really going out.

Energy Efficient Upgrades

When taking out buyers to view new construction homes it is important to be aware of how the home is to be built. The “buzz” words, Green Building, ENERGY STAR, energy efficiency and the like seem to permeate our conversations. Living in Texas the key items one would want to have included in their newly constructed home are: Vinyl LowE double pane windows, programmable thermostats, 14 or higher seer HVAC Systems, R-30 blown attic insulation, and a LP Tech Shield Radiant barrier. A home certified as ENERGY STAR has been verified by an independent third party. Simply stated, an ENERGY STAR qualified home uses less energy than a home built to the TEXAS Building Code. Don’t be afraid to inquire about how a builder’s home is constructed to meet green building standards.

Some of the builders who adhere to green building standards in the Houston area are Lennar Homes, Chesmar Homes, Meritage Homes and Darling Homes.

This is another example of how using a Buyers Agent who looks out for your best interest when purchasing a new home is of utmost importance.

Frozen House. Image Courtesy of WDIV

Punxsutawney Phil saw his shadow today: Six more weeks of winter. This is most likely good news for the artist/architect team in Detroit Michigan who are currently freezing an entire house in an effort to underscore the housing crisis in Detroit. Detroit’s Local 4 News reports that Hundreds of pounds of ice cover the vacant home on Detroit’s east side, thousands of gallons of water being hosed onto the spectacle – a statement about the hundreds of thousands of abandoned homes in their area. Gregory Holm, one of the artists, says that it is a metaphor for the frozen housing crisis. This home was donated by the state for this ‘art piece’. The location will not be revealed until February 6th.  WDIV reports the Holm and his partner see this as an opportunity to show that “Vacant doesn’t mean worthless, down doesn’t mean out.”

Any housing news coming out of the mid-west is reason to be grateful that we are in Texas where the housing market is one of the strongest in the nation (and where the temperatures are much higher than in Detroit) and did not have near the effects of the housing slump as some. We are selling and buying houses with confidence.

Based on information from the HOUSTON ASSOCIATION OF REALTORS® or its MLS for the date(s) listed above for the Single Family Homes category for Location 107 (The Woodlands). The Woodlands Custom Homes section is not included in the above calculations.

The Chappell Team started with Keller Williams and are very proud to be associated with them. The numbers have been release for 2009 and Keller Williams has taken the market share and is at the top of our game for The Woodlands and Magnolia! Keller Williams had 21% of the Sales in the area and 20% of the Sales Production for 2009. What makes Keller Williams so good? Call us and find out!

Have you heard about the new FHA changes?

FHA announced the following changes this week:

The upfront MIP (mortgage insurance premium) will increase from 1.75% to 2.25%. Note:this change is expected to take place sometime early spring.

 Seller contributions to be REDUCED from 6% to 3%. Note: this change is expected to take place sometime this summer.

FHA increased credit score minimum requirements from 500 to 580. Below 580 would require a down payment of 10%. Note: Lender requirement is a credit score minimum of 620. This change is expected to take place this summer also. It would be surprising to see Lenders go below the 620 required minimum score.

If you are considering buying or selling a home and you would like to talk to a real estate professional, please feel free to contact us at anytime!

Holiday Housing Season

The Housing market has been having a pretty good December thus far and this year it can definitly be said that a helping factor is the extension of the $8,000 tax credit and the addition of the $6,500 tax credit. Mortgage applications are up Nationally, however, locally, we are holding steady up to this point.

As far as interest rates are concerned, we are still at historically low levels despite a slow upward movement we are gradually seeing. A really good piece of news is that it is not expected that inflation should be an issue for some time as that would push up interest rates. Last week reports were released that analyzed the consumer and have found that the sonsumer is happier with the stock market and deal out there to be had than in recent times. We may not all be feeling this way, but the overall consensus is more positive, which is always a good thing!