The Woodlands Real Estate

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!

$8,000 Tax Credit - you still have time!

You have been living in a hole if you have not heard about the $8,000 tax credit available to first time homebuyers or those who have not owned a home within the last 3 years. What you may not have heard yet is that this tax credit, which was once set to expire November 30th, has been extended until April 30th, 2010! Not only did the Senate vote Wednesday to extend the tax stimulus package, but they have glammed it up to include current home owners who can now receive up to $6,500! To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30. The credit is available to purchase a principle home (no vacation homes this time!) costing $800,000 or less by individuals with incomes up to $125,000 and joint filers with incomes up to $225,000. Critics say the tax credit is poorly targeted because the majority of the people taking advantage of the credit would have purchased a home anyway…how do they know that? As REALTORS we have talked to countless buyers who are in the market at this time specifically to take advantage. We are thrilled with the results and it could not have come at a better time as we struggle through this topsy turvey economic market! The tax credit is equal to 10 percent of the purchase price of a primary residence up to a maximum of $8,000 or $6,500 depending on your situation. Taxpayers claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment.