Nicole RE DFW Real Estate Blog

Wonder why a real estate agent asks you so many questions instead of just jumping in their car to go show you a house? This is why:

nicolere — Mon, 09 Jan 2012 23:37:28 +0000

posted from Collin County Association of REALTORS®

REALTOR® Safety Alert: Man Suspected of Stealing During Open Houses CCAR was recently notified by the Plano Police Department that Steven Breed has been released from jail and is again suspected in the theft of personal belongings from homes. As you may recall, Mr. Breed was jailed about a year ago for stealing from homes he visited under the guise that he was an interested buyer. Real estate agents should be aware that Mr. Breed may again be targeting open houses as potential opportunities of crime. In addition, there is the chance that Mr. Breed could contact agents asking for them to show him a home. REALTORS® are asked to be on the lookout for Mr. Breed, and to encourage homeowners with missing property to contact their local law enforcement agency. Please click here to view a photo of Steven Breed.

For more information on building, buying, selling or leasing commercial or residential property anywhere in the world, contact Nicole Tucker, licensed agent with Keller Williams, Dallas Preston Road office at 972-992-8204 or visit my website at http://FindHomesInDFW.com

Nicole Tucker ~ Making Real Estate Real Easy!

What Fannie Mae is giving some homeowners for the holidays. (But only to those who don’t pay their bills.)

nicolere — Fri, 02 Dec 2011 21:03:53 +0000

WASHINGTON, D.C. (FannieMae.com) – Fannie Mae announced yesterday that it will suspend evictions of foreclosed single-family and two-to four-unit properties from December 19, 2011, through January 2, 2012.

During this period, legal and administrative proceedings for evictions may continue, but families living in foreclosed properties will be permitted to remain in the home.

Homeowners with Fannie Mae-backed loans can call 1-800-7FANNIE or visit www.knowyouroptions.com for information and resources on foreclosure prevention options, including contact information for the Fannie Mae Mortgage Help Center or a HUD-approved counseling agency in their area.

Why post-holiday is the best time to clean your oven

nicolere — Sun, 20 Nov 2011 17:07:55 +0000

Getting ready for the in-laws to visit? There is one thing you might NOT want to clean. Vacuum and dust to your heart’s content, but think twice before you turn on your self cleaning oven right before the holidays. Studies show that many ovens tend to break or perform inconsistently just after a self clean cycle. Give your oven a good wipe down to clean it, but to be safe, save the big clean for after the guests are gone.

Oven Cleaning – Naturally

Cleaning your oven is an important but messy job involving harsh chemicals. But it doesn’t have to be! Here’s a recipe for a natural oven cleaner using products that won’t hurt your hands – or the environment. Make a paste of baking soda and water. Apply the paste and scrub with steel wool. For stubborn stains, add some salt to the mix. If your oven is self cleaning, you won’t need any paste but make sure to run the cycle well before any big dinner parties are planned to avoid breaks down which are more likely to occur right after the cleaning cycle completes.

What Drives Mortgage Interest Rates?

nicolere — Thu, 20 Oct 2011 19:21:19 +0000

Mortgage interest rates are not set by banks, lenders or brokers.

Mortgage interest rates are based on mortgage-backed securities (MBS), which trade just like regular stocks and bonds. In essence, if MBS selling volume is lower, bond yields and mortgage interest rates increase. Conversely, if MBS selling volume is higher, bond yields and mortgage interest rates decrease.

Mortgage interest rates change daily and are driven by multiple forces.

One indirect external force is interest rates in general. The Federal Reserve typically has considerable control over interest rates. It does so by tightening the money supply during times of economic expansion, which results in higher interest rates. Conversely, the Fed can loosen the money supply during times of economic contraction, which results in lower interest rates.

The Fed can also take a more direct role in controlling mortgage rates.

The Fed moved aggressively to push down mortgage rates by buying about $2.1 trillion of MBS. This policy, conducted in 2009 and 2010, was largely successful.

Events overseas can also affect mortgage rates.

Recent economic problems in Europe have led to large purchases of U.S. Treasurys, which drove down yields and subsequently drove down mortgage interest rates. Current jitters that Greece might default on its debt have continued downward pressure on mortgage interest rates.

In an effort to keep borrowing costs down and spur economic growth, the Fed has started a new program called Operation Twist. The plan entails selling $400 billion in short-term Treasurys in exchange for the same amount of longer-term Treasurys. The Fed also announced it would be reinvesting incoming principal from previously purchased MBS to buy additional MBS.

Mortgage interest rates most closely track the 10-year Treasury note. The theory behind Operation Twist is that purchasing such longer-term Treasurys will lower their yield, thus putting downward pressure on mortgage interest rates.

TEXAS EXISTING HOME SALES UP 24 PERCENT IN AUGUST

nicolere — Mon, 10 Oct 2011 16:38:10 +0000

COLLEGE STATION (Real Estate Center) – Sales of existing single-family Texas homes in August were up 24 percent from a year ago, according to the most recent Multiple Listing Services (MLS) data compiled by the Real Estate Center at Texas A&M University.

More than 21,200 existing single-family homes were sold, data showed.

The median home price was $153,200, about the same as a year ago, and the state’s overall inventory was at 7.4 months.

August 2011 MLS data for many Texas cities are available on the Center’s website. Here is a sampling (data current as of Sept. 29, 2011):

	Sales	Change from Last Year	Median Price	Change from Last Year	Months’ Inventory
Abilene	174	up 21%	$108,900	down 11%	6.3
Arlington	431	up 39%	$132,100	down 2%	5.8
Austin	2,193	up 31%	$194,600	no change	5.8
Beaumont	160	down 8%	$144,600	up 6%	12.3
Brownsville	78	up 32%	$117,100	up 3%	13.5
Dallas	4,540	up 31%	$163,500	down 1%	6.4
Fort Worth	778	up 12%	$124,900	up 3%	6.6
Houston	6,063	up 29%	$157,700	up 1%	7.2
McAllen	185	up 35%	$109,700	down 6%	15.1
Odessa	89	up 3%	$142,500	down 5%	4.3
Port Arthur	55	down 5%	$103,800	down 6%	13.3
San Antonio	1,811	up 9%	$153,500	down 4%	7.9
South Padre Island	25	down 7%	$197,500	up 20%	41.9
Texarkana	85	up 1%	$106,200	up 2%	10.2
Waco	184	up 26%	$118,900	down 11%	9.9
Texas	21,246	up 24%	$153,200	no change	7.4

VA Funding Fee Changes Effective October 1, 2011

nicolere — Fri, 23 Sep 2011 17:54:49 +0000

Vets and Reserves/National Guard will get a significant benefit October 1st. Check the chart below to see how much they’ll save in fees. We hope this helps you help our military folks become homeowners!

If you have any questions about this or a specific situation, please don’t hesitate to email or call.

Fixed mortgage rates fell this week to the lowest levels in six decades

nicolere — Thu, 08 Sep 2011 19:32:25 +0000

30-year mortgage falls to 4.12 pct., record low

Read the full story here.

Nicole Tucker ~ Making Real Estate Real Easy!

PRESS RELEASE: New Law Takes Effect for Property Tax Homestead Exemption Applications‏

nicolere — Wed, 31 Aug 2011 20:39:10 +0000

Contact:

Brooke Botello or R.J. DeSilva

Email Us

512-463-4070

www.window.state.tx.us

1-800-531-5441 ext. 3-4070

FOR IMMEDIATE RELEASE

August 30, 2011

New Law Takes Effect for Property Tax Homestead Exemption Applications

(AUSTIN) — Under a law passed by the Texas Legislature homeowners who apply for a new property tax homestead exemption beginning Sept. 1 must provide proof to the county appraisal district that they live in the house they claim as their principal residence.

House Bill 252 requires a copy of the homeowner’s Texas driver’s license or state identification card and the homeowner’s vehicle registration receipt be sent with the homestead exemption application. If the homeowner does not own a vehicle they can send a current utility bill showing name and address, along with an affidavit provided in the application indicating non-ownership of a vehicle.

The address on the documents must match the address for which the homestead exemption is requested.

The new requirement does not apply to homeowners who already have homestead exemptions. It affects only new applications for exemptions sent to appraisal districts.

“As Comptroller, we implement laws passed by the legislature” said Texas Comptroller Susan Combs. “The homestead exemption is intended to help relieve the tax burden of Texas full-time residents. This new legislation ensures that the system is working fairly and legally.”

The new law affects new applications for the general homestead exemption available to every homeowner as well as the over-65 exemption, the disability exemption, the disabled veterans exemption, the extended exemption for a homeowner’s surviving spouse and the manufactured (mobile) home exemption.

In addition to proof of residency, beginning Sept. 1, homeowners applying for a homestead exemption on a manufactured (mobile) home must also provide proof of purchase of the home and a statement of ownership and location issued by the Texas Department of Housing and Community Affairs.

The homestead exemption application form for property owners and county appraisal districts is available online at: http://www.window.state.tx.us/taxinfo/taxforms/50-114.pdf. A podcast is also available at: http://www.window.state.tx.us/newsinfo/audio/2011/HomesteadExemptionApplications.mp3.

IRS’s “Ten Tax Tips for Individuals Selling Their Home”

nicolere — Wed, 17 Aug 2011 15:52:32 +0000

IRS Summertime Tax Tip 2011-15, August 8, 2011

The Internal Revenue Service has some important information to share with individuals who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Here are ten tips from the IRS to keep in mind when selling your home.

In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.
If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).
You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.
If you can exclude all of the gain, you do not need to report the sale on your tax return.
If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.
You cannot deduct a loss from the sale of your main home.
Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude.
If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.
If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year’s tax return.
When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.

For more information about selling your home, see IRS Publication 523, Selling Your Home. This publication is available at www.irs.gov or by calling 800-TAX-FORM (800-829-3676).

Link to the article here.

Tips on preventing water damage‏

nicolere — Wed, 03 Aug 2011 22:04:14 +0000

The key to preventing mold is to control moisture and water backup:
Fix leaks and seepage immediately Cover dirt in crawlspaces with plastic sheets Use exhaust fans in bathrooms and kitchens Turn off certain appliances (such as humidifiers) if you see moisture Use dehumidifiers and air conditioners Use insulation or storm windows Increase air circulation Use washable area rugs instead of carpets on concrete floors	Dry water-damaged areas/items immediately Avoid water backup in and around your home by maintaining gutters and downspouts, installing a sump pump system with battery backup and adjusting irrigation and landscaping so water flows away from the foundation If water does back up, dry all wet carpets, rugs and personal belongings ASAP, and sanitize materials in contact with sewer water
If you already have mold:
Contact a mold remediation specialist Get rid of excess water or moisture Fix leaky plumbing or other sources of water Replace moldy absorbent materials (such as ceiling tiles and carpet)

Nicole Tucker ~ Making Real Estate Real Easy!