The Woodlands Real Estate

Today’s Home Loan Interest Rates

chappellteam — Thu, 12 Aug 2010 20:11:50 +0000

As we have seen and continue to experience, Home Loan Interest Rates are at an all time low. With the market being what it is, it is up in the air as to when they rates will start to go back up, but they are guaranteed to increase. If you are looking to buy or sell, now is definitely the time.

30 YEAR FIXED CONVENTIONAL 4. 25%

15 YEAR FIXED CONVENTIONAL 3 .75%

30 YEAR FIXED FHA 4 .375%

15 YEAR FIXED FHA 4. 00%

JUMBO RATES AS LOW AS 5.25% 30 year fixed!!

New Tenants for Market Street in The Woodlands

chappellteam — Fri, 06 Aug 2010 14:47:11 +0000

The Woodlands E-Neighbo newsletter has reported that Market Street has leased more than 10,000 square feet of space to five new retail and dining spots as the shopping, dining and entertainment destination rounds out its tenant mix in anticipation of the fall and holiday shopping seasons.

Openings scheduled by this fall include Schilleci’s Cajun Kitchen where diners can enjoy the restaurant’s unique taste of New Orleans with great-tasting gumbo and other favorites. Another Market Street newcomer is The Cupcakery, a family-owned business with locations in Las Vegas and Dallas where more than one million cupcakes have been enjoyed.

Besides the additions of these two new dining spots, Market Street is expanding its collection of health and beauty tenants with the addition of the European Wax Center, opening between Massage Envy and Glo Sun Spa, and Xtreme Lashes, a global leader in eyelash extensions, opening next to Lenscrafters.

The Woodlands Art Gallery will return and open an art gallery and workshop in August across from Aaron Brothers. One other Market Street fashion tenant, Hemline, will re-open in fully remodeled space in August next to Bath Junkie.

These openings follow Market Street’s announcements of Tiffany & Co. as well as the fashion boutique, Couture Lounge. For more information, visit www.marketstreet-thewoodlands.com.

The Woodland’s Schools are Top Performers!

chappellteam — Thu, 05 Aug 2010 14:46:57 +0000

The Texas Education Agency (TEA) published its 2010 Accountability Ratings on Friday, July 30. Schools attended by children living in The Woodlands have achieved educational excellence. All of the elementary schools that children in The Woodlands attend have been rated Exemplary.

The Woodlands is comprised of three different school districts: Conroe Independent School District; Tomball Independent School District for children who reside in the Village of Creekside Park; and Magnolia Independent School District for students who live in the 400-acre area of May Valley in the Village of Sterling Ridge.

Conroe ISD has been named an Exemplary District by the TEA. Collins Intermediate and Mitchell Intermediate have been rated Exemplary. Wilkerson Intermediate has been rated Recognized, the second highest rating. Knox Junior High School and McCullough Junior High have been recognized as Exemplary. The Woodlands High School and The Woodlands College Park High School (top photo) have been rated Recognized. All of the Conroe ISD elementary schools attended by children in The Woodland have been rated Exemplary.

Magnolia ISD is a Recognized District by the TEA. Smith Elementary has been rated Exemplary. Bear Branch 6th Grade Campus, Bear Branch Junior High and Magnolia High School have been rated Recognized.

The TEA rated Tomball ISD as a Recognized District. Creekside Forest Elementary K-6 School (bottom photo), located in the Village of Creekside Park, is rated as an Exemplary school. Tomball Junior High and Tomball High School have been rated Recognized.

For more information on the TEA 2010 Accountability Ratings, click here.

Today’s Home Loan Interest Rates!

chappellteam — Tue, 27 Jul 2010 16:30:41 +0000

Rates are mantaining their LOW status, but notice that the 30 Year Fixed FHA loan had dropped EVEN LOWER!!

30 YEAR FIXED

CONVENTIONAL4. 25%

15 YEAR FIXED

CONVENTIONAL  3 .75    %

30 YEAR FIXED FHA  4 .25   %

15 YEAR FIXED FHA 4. 00 %

JUMBO RATES AS LOW AS

5.25% 30 year fixed!!

June Housing Numbers Are In From HAR

chappellteam — Tue, 27 Jul 2010 14:23:37 +0000

The Houston Association of Realtors (HAR) has released the housing numbers for June and the numbers are good!

HOUSTON SINGLE-FAMILY HOME SALES EDGE UP IN JUNE AS EFFECTS OF HOMEBUYER TAX CREDIT WANE

Average price reaches the highest level in nearly two years

HOUSTON — (July 20, 2010) — Closings of properties purchased through the federal homebuyer tax credit combined with the seasonal spring-summer uptick in consumer activity kept Houston-area single-family home sales in positive territory for a fourth straight month in June. However, expiration of the homebuyer tax credit slowed the brisk pace of sales volume that the market enjoyed in recent months.Congress extended the time necessary to close on homes purchased with the tax credit by three months to September 30, provided the property was under contract by April 30. The May and June decline in pending sales—property listings that are expected to close within the next 30 to 60 days—was expected, as homebuyers rushed to take advantage of the tax credit and is considered an indicator that sales volume will slow in July.According to the latest monthly data compiled by the Houston Association of Realtors® (HAR), June sales of single-family homes throughout the Houston market rose 2.9 percent compared to June 2009. That follows increases of 11.3 percent in March, 27.8 percent in April and 18.2 percent in May. Sales volume showed gains in all single-family home pricing segments except the $150,000 to $250,000 market. The largest increase took place among homes priced from $500,000 and above. Sales of all property types combined climbed 4.1 percent in June on a year-over-year basis.

The average price of a single-family home edged up 0.9 percent from June 2009 to $222,767, the highest price since July 2008. The June single-family home median price—the figure at which half of the homes sold for more and half sold for less—dipped 2.9 percent from one year earlier to $159,700, but still reached the highest level since August 2009.

Foreclosure property sales reported in the Multiple Listing Service (MLS) rose 9.3 percent in June compared to one year earlier. The median price of June foreclosure sales increased 2.4 percent to $88,000 on a year-over-year basis.

Sales of all property types in Houston for June totaled 6,593, up 4.1 percent compared to June 2009. Total dollar volume for properties sold during the month was $1.4 billion versus $1.3 billion one year earlier, representing a 4.9 percent increase.

“The Houston real estate market has benefited all that it can from the homebuyer tax credit and now comes the return of sales trends that are more typical for this time of year,” said Margie Dorrance, HAR chair and principal at Keller Williams Realty Metropolitan. “Heavy sales activity in the high end of the housing market boosted the average price in June, but growing inventory, an increase in months inventory and a slowdown in listings under contract point to a more flattened market in the coming months.”

June Monthly Market Comparison
The month of June brought Houston’s overall housing market largely positive results when all listing categories are compared to June of 2009. Total property sales and total dollar volume increased on a year-over-year basis while the average single-family home sales price ticked up and the median price declined.

The number of available properties, or active listings, at the end of June rose 17.3 percent from June 2009 to 53,934. That represents 2,749 more active listings than one month earlier, in June 2010, and reflects additional housing inventory that began hitting the market as a result of interest in the homebuyer tax credit as well as general confidence in improved market conditions.

Month-end pending sales for June totaled 3,272, down 16.0 percent from last year. This is a likely indicator that the effects of the tax credit have worn off. The months inventory of single-family homes for June extended to 7.3 months compared to 6.4 months one year earlier, but remains healthier than the national months inventory of single-family homes of 8.3 months, reported by the National Association of REALTORS® (NAR).

Domestic Worker Laws Change in NY

chappellteam — Mon, 19 Jul 2010 21:09:58 +0000

Domestic Workers United

On July 1, the New York State Legislature passed the Domestic Workers Bill of Rights (A1470B/S2311E). After 6 years of organizing by domestic workers together with unions, employers, clergy and community organizations, the New York State Legislature came down on the side of justice. Finally, domestic workers are recognized as real workers under the law. The Domestic Workers Bill of Rights is expected to take effect in January 2011. If it does, it is expected that California and Colorado are expected to follow suit…and if this happens, we can expect it to spread throughout the US.

“Historically those employed within a private residence were often excluded from many employment rights afforded to other work sectors. Homeowners will now be faced with regulations and possible fines, and diligent record keeping and documentation will be required. New York is the first state to make major changes in the establishment of employment rights for domestic workers and other states are expected to follow suit. With help from the National Domestic Workers Alliance and other local organizations, California andColorado are drafting similar legislation to the NY Bill of Rights. Hundreds of organization across the U.S. are working to make changes to state laws and hope to eventually change federal law. Employers will have to be vigilant to keep up with employment law changes. Those employers with domestic workersin multiple states will especially suffer as they try to stay on top of the changing employment laws.

Provisions of the NY Bill

- Establishes a regular 40 hour work week for live-out staff and 44 hour work week for live-in staff.

- Overtime must be paid at a rate of 1.5 times regular rate of pay after 40 hours per week for live-out staff and after 44 hours per week for live-in staff.

- Guarantees domestic workers have one day of rest per calendar week, and it should coincide with the employee’s day of worship.

- Employees must receive overtime pay (time and a half) if they work on their scheduled day of rest.

- Domestic workers will be entitled to three paid days off per year after one year of employment.

- Protection against sexual harassment by an employer.

- Protection against harassment based on gender, race, national origin and religion.

- All full and part time domestic workers will be covered by workers compensation insurance.

- Before 11/1/2010 the New York Department of Labor will give a report to the state legislature on the feasibility and practicality of domestic workers organizing for the purpose of collective bargaining (forming labor unions).” Information provided by Teresa Leigh Household Risk Management

Today’s Home Loan Rates

chappellteam — Mon, 19 Jul 2010 19:53:39 +0000

It is still an unbelievable time to be in the market for a home loan. Here are today’s Home Loan Interest Rates. Please Call The Chappell Team for more information! 281-863-9134

30 YEAR FIXED

CONVENTIONAL4. 25%

15 YEAR FIXED

CONVENTIONAL 3 .75 %

30 YEAR FIXED FHA 4 .375 %

15 YEAR FIXED FHA 4. 00 %

JUMBO RATES AS LOW AS

5.25% 30 year fixed!!

*UNDERWRITING IS

ONLY 4 DAYS

Keep Your A/C Strong For The Houston Summer!

chappellteam — Thu, 15 Jul 2010 19:55:30 +0000

Stay Cool

Summer is here and it is HOT in Houston. The summer can be the most challenging season for cooling systems. With Houston’s high temperatures, combined with our humidity, it is vital that we take the necessary precautions to make sure our A/C units are running well and efficiently! Summer has just begun and yet many of our air conditioners are already working overtime to keep our homes cool. That extra work can wreak havoc on the many moving parts inside your air conditioning system – especially if they aren’t running at peak efficiency. So take the time to do some preventive maintenance. This can be the difference between enjoying cool comfort and sweating a costly service call.

Check and Change the Air Filters – This should be done at least once a month in the summer
Keep Outdoor Unit(s) Clean and Clear – Remove any plant growth, grass clippings, or debris caught in the coil walls. The coil can be cleaned using a soft-bristle brush to gently sweep the fins. Always brush in line with the fins, and be gentle because the fins can bend easily.
Check Drain for Clogs – Another important thing to check for is a clogged condensate drain. This is the drain that comes from the cooling coil drain opening on the furnace and runs to the floor drain. Clogs are usually caused by bacterial slime that grows in the water. With the A/C running, check where the line drains into the floor drain to see if water is draining. If no water is present, you most likely have a clog. If there is water visible on the furnace and/or pooling at its base, you definitely have a clog. Turn off the A/C right away to avoid water damaging any furnace components, and have a licensed mechanical contractor inspect and unclog the drain.

A New Addition To The Chappell Team

chappellteam — Wed, 14 Jul 2010 19:47:30 +0000

Lynn Wilson, The Chappell Team

We have exciting news! We have a new member of The Chappell Team. Lynn Wilson is a top producing agent from Washington D.C. and has joined the team as both a listing and a buyer’s agent. After building one of the top real estate teams in D.C. she and her husband Bob have relocated to The Woodlands to be closer to their family. Lynn is mother to both Elizabeth and Brian, so The Chappell Team has become even more of a family business! Lynn’s experience marketing luxury properties as well as her energy and drive make her a perfect match for The Chappell Team. We are so excited to have her – Welcome to The Woodlands, Lynn!

The Biggest Closing Blunders in Our Current Real Estate Market

chappellteam — Wed, 14 Jul 2010 15:08:32 +0000

Successful Closings...

I just read a great article that really hits on the key points to a smooth and successful transaction.

Avoiding Closing Derailment

In this article, Dirk Zell points out that “Like a train, a transaction can get derailed at any point on the track. A closing can be hit by a clouded title, a home not appraising for value, a rapid change in interest rates, an undisclosed credit or income issue, or one of countless other unanticipated issues.

Choke points cause delays and delays cause all kinds of problems for buyers, sellers, and agents. Moving plans get thrown into disarray. Interim housing or early-possession requests become necessary. Contingency plans need to be thrown together. Nerves get jangled.” The resulting situation can be a nightmare for all parties.

Eighty percent of the problems in closing transactions fall into three basic areas.

Documentation and verification: Lenders need to assemble considerable paperwork and complete dozens of documents based on information submitted by the loan applicants. Then they need to verify all information for accuracy by checking the applicant’s employment status, funds on deposit, and income level.

Repairs, repairs, repairs: This is a choke point that good advance planning can avert, but the buyer could come back with a laundry list of items and if the parties can’t come to an agreement, this could be a deal killer.

Underwriting of the buyer’s loan: This is the stickiest of all closing choke points because the underwriter has complete power to approve the loan, approve the loan with additional conditions, or suspend the file until certain conditions are met, in which case the borrower starts the underwriting process all over again.Underwriters check to make sure that the loan meets guidelines for debt ratio, loan-to-value ratio, credit score, employment history, and other qualifications. They also evaluate the loan based on whether it can be bundled with others in a big loan package that can be sold to Fannie Mae, Freddie Mac, or another entity that buys mortgages.Of all the choke points in a transaction, the underwriting process can cause the biggest delays. Expect that there will be times when underwriters slow things down with requests, especially if the home is in a high price range. Once you clear the hurdle, the documents can be drawn and sent to closing.