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Home Buyer Information Category

Will paying cash get you a discount on real estate?

The majority of the time if you pay cash for Spring Texas real estate you will get a discount. The real question is not will you get a discount but how big of a discount.  The answer depends on how big of an advantage cash is to the seller. The biggest discounts for cash will be on properties that are not available to be financed.  Properties unavailable for financing are typically foreclosure properties that are in terrible condition. The owners (banks) of these properties know...Continue Reading!

Accepting property in its present condition doesn’t mean you can’t ask for repairs

In section 7 of our Spring Texas real estate contract the touchy subject of property condition is addressed. Buyers, sellers, and Realtors seem to generally understand the majority of the items in this section. That is until they reach 7.D. ACCEPTANCE OF PROPERTY CONDITION which is where confusion takes over. In section 7.D., Spring Texas home buyers have to either check box (1) they are accepting the property in its present condition or box (2) they accept the property in its present condition, provided Seller, at Seller's...Continue Reading!

Monthly payments on FHA loans increase on October 4th

Earlier this year, the FHA increased the upfront mortgage insurance premium from 1.75% of the loan value to 2.25%. Now the FHA has decided to reduce the upfront mortgage insurance premium from 2.25% to 1% and increase the annual premium from 0.55% to 0.9% on loan to value (LTV) ratios greater than 95%. What does all this jockeying around of rate structures mean to Spring Texas home buyers? Short answer ... your monthly payment will increase. If you already have an FHA...Continue Reading!

Do you know if your house is for sale?

About 10 years ago it was easy to know if your house was for sale.  And if you weren't 100% sure all you had to do was take a quick look oute the window.  If you saw a real estate "for sale" sign in your yard, your house was for sale.  But fast forward to today and it's possible that your Spring Texas house could be listed for sale on numerous websites without you knowing. The reason it is listed for sale may be because you...Continue Reading!

Home size declines; buyers demand for 1 story homes increase

The National Association of Home Builders announced that builders are listening to buyers preferences and constructing smaller homes. After nearly 30 years of increases, the size of new single-family homes built experiences its first decrease. The nationwide average of 2,438 sqft for homes built in 2009 is about a 100 feet smaller than the homes built in 2007.  The homes built in 2008 were about the same square footage as 2007. Several years ago, Spring Texas home buyers wanted the biggest house they could afford. ...Continue Reading!

Is now a good time to refinance?

With the interest rates for 30-year home mortgages at 50 year lows, NOW may be not only a good time but a great time to refinance. What's in store for mortgage interest rates?  According to the Mortgage Bankers Association you should expect interest rates to steadily rise.    But does low interest rates and a predicted rise in interest rates automatically mean you should refinance your Spring Texas home's mortgage?  No, it does not.  The best way to decide if now is a good time for you to refinance your loan is by...Continue Reading!

Stop! Don’t buy that fridge for your new house …. YET

Okay, I admit the title for this post is a little bit dramatic. But I needed to get your attention to let you know of a change in the mortgage industry.  As a Spring Texas Realtor, I do not even attempt to stay on top of the ever changing mortgage industry.  Instead, I rely upon the expertise and knowledge of the loan officers at HomeTrust Mortgage . The other day, I received the following email from Marilyn Causy of HomeTrust Mortgage outlining the latest...Continue Reading!

Mortgage Rates to slowly increase

The Mortgage Bankers Association (MBA) economists have revised their mortgage interest rates projections and are now predicting a slower than anticipated increase.  The interest rate for 30-year mortgages are still projected to be in the high 6% range by fourth quarter of 2012.  The revision is in how quickly the 30-year mortgage interest rates will rise from their current levels of high 4% range to the high 6% range.  In their June 11th forecast, the MBA economists predict the 30-year mortgage rates will gradually...Continue Reading!

When are you in contract?

Our Spring Texas real estate contracts have many dates listed in them with the most important date of them all being the date of the contract itself.  The contract date (a.k.a. effective date) is the starting point for all the other actions in the contract that are specified to be done in X days.  The contract date is also the date the real estate contract becomes binding upon both buyers and sellers.  We have this saying when its comes to Spring Texas...Continue Reading!

Flood Insurance – Wise purchase or a waste of money?

Once again, hurricane season has arrived.  Hopefully, we will have another calm year like 2009 and not another year like 2008 when Hurricane IKE came barreling through the Spring Texas area.  If your house is located in the 100-year flood plain and you have a mortgage, your lender requires you to have flood insurance.  But what if you own your Spring Texas house or your house is not located in the 100-year flood zone should you buy flood insurance?  Or is...Continue Reading!