Register Real Estate Advisors

The month of April is here and the Normandy Forest Community in Spring, TX is the place to be for activities/events so mark your calendars!

The Annual Easter Egg Hunt will take place on Saturday, April 23rd, 2011 starting at 10AM Sharp at the Normandy Forest Clubhouse. Eggs go fast so make sure you are there early or on time. Bring your family out and have some FUN! Come take pictures with the Easter Bunny and meet and greet with the neighbors!

The Annual Normandy Forest Community Garage Sale is also around the corner and will take place on Saturday, April 30th, 2011 from 8AM – 1PM. Don’t miss a great opportunity to support the neighborhood and score some great finds. If you have friends and family who love garage sales, be sure to bring them along!

Showing properties 1 - 13 of 13. See more Homes For Sale in Normandy Forest.
(all data current as of 5/19/2012)

1. $164,900 : 3315 La Seine Ln, Spring
   
   3 beds, 3 full baths

   Home size: 2,656 sq ft

   Lot size: 6,081 sqft

   Year built: 1995

   Parking spots: 2

   Days on market: 6

   Listed with Prudential Gary Greene, REALTORS
2. $205,000 : 20715 La Cote Ci, Spring
   
   5 beds, 3 full, 1 part baths

   Home size: 3,264 sq ft

   Lot size: 15,576 sqft

   Year built: 2000

   Parking spots: 2

   Days on market: 6

   Listed with Prudential Gary Greene, REALTORS
3. $169,500 : 3423 Arromanches Ln, Spring
   
   4 beds, 2 full, 1 part baths

   Home size: 2,904 sq ft

   Lot size: 6,011 sqft

   Year built: 1997

   Parking spots: 2

   Days on market: 16

   Listed with RE/MAX Prestige
4. $159,900 : 20810 Meadowhill Dr, Spring
   
   4 beds, 2 full baths

   Home size: 2,473 sq ft

   Lot size: 7,557 sqft

   Year built: 2001

   Parking spots: 2

   Days on market: 35

   Listed with Virtual-RealEstate.com
5. $135,000 : 21042 Normandy Forest Dr, Spring
   
   3 beds, 2 full baths

   Home size: 1,701 sq ft

   Lot size: 7,713 sqft

   Year built: 2004

   Parking spots: 2

   Days on market: 38

   Listed with Keller Williams Realty The Woodlands
6. $179,900 : 20719 Riviere Ln, Spring
   
   5 beds, 3 full, 1 part baths

   Home size: 3,132 sq ft

   Lot size: 6,600 sqft

   Year built: 1999

   Parking spots: 2

   Days on market: 43

   Listed with Northwest Showcase Properties
7. $1,750 : 20915 Deauville Dr, Spring
   
   4 beds, 2 full, 1 part baths

   Home size: 2,733 sq ft

   Lot size: 6,428 sqft

   Year built: 2002

   Parking spots: 2

   Days on market: 45

   Listed with Rader Realty Group
8. $235,000 : 20703 Riviere Ln, Spring
   
   5 beds, 3 full, 1 part baths

   Home size: 4,172 sq ft

   Lot size: 13,155 sqft

   Year built: 1999

   Parking spots: 2

   Days on market: 50

   Listed with Texas Home Group, REALTORS
9. $165,000 : 3406 La Mer Ln, Spring
   
   4 beds, 2 full, 1 part baths

   Home size: 2,191 sq ft

   Lot size: 6,300 sqft

   Year built: 1997

   Parking spots: 2

   Days on market: 51

   Listed with Texas Real Estate & Co.
10. $177,050 : 20919 Divellec Ln, Spring
    
    4 beds, 2 full, 1 part baths

    Home size: 2,762 sq ft

    Lot size: 6,892 sqft

    Year built: 2004

    Parking spots: 2

    Days on market: 101

    Listed with Prudential Gary Greene, REALTORS
11. $229,500 : 3207 Colleville Sur Mer Ln, Spring
    
    5 beds, 3 full, 1 part baths

    Home size: 4,530 sq ft

    Lot size: 7,897 sqft

    Year built: 2005

    Parking spots: 2

    Days on market: 229

    Listed with Keller Williams Professionals
12. $239,999 : 3306 Colleville Sur Mer Ln, Spring
    
    5 beds, 3 full, 1 part baths

    Home size: 4,885 sq ft

    Lot size: 6,300 sqft

    Year built: 2006

    Parking spots: 2

    Days on market: 308

    Listed with Realm Real Estate Professional
13. $269,000 : 3407 Utah Beach Ct, Spring
    
    5 beds, 3 full, 1 part baths

    Home size: 4,568 sq ft

    Lot size: 8,799 sqft

    Year built: 2004

    Parking spots: 2

    Days on market: 312

    Listed with Champions Real Estate Group

Listing information deemed reliable but not guaranteed. Read full disclaimer.

So you have made the decision to buy a home?  Congratulations!  Buying a home is always exciting and can be very emotional too.  To help you make this process go smoother, a pre-approval letter is definitely recommended as it provides you many benefits by having one.  Be prepared to give lenders the documents they need in a timely manner.

The documents generally needed for the pre-approval process is as easy as 1…2…3…

1…month of pay stubs
2…years tax returns and W2’s
3…months of bank statements

I suggest keeping these documents in a file where it is easily accessible when you are asked for them.  Lenders may (and most likely will) ask for further information and for other documents as everyone’s situation is different.  If lenders do ask you for more information and documents, place those in the file as well.  Stay a step ahead and don’t wait for lenders to ask you for these documents. Fish for them in your sea of paperwork now.  It definitely makes for a much smoother pre-approval process.

When I bought my first home, I was told about the homestead exemption and that it was a good thing. But nobody ever fully explained to me what it was. The question of what the homestead exemption is frequently pops up as I work with first-time buyers as a Realtor. So to help all the first-time homebuyers out there and possibly even some who are existing homeowners, here it is, the homestead exemption explained.

What is a homestead?

A homestead is the house and land of a homeowner of which the head of household declares in writing to be the principal residence. It can be a separate structure, condominium or a manufactured home located on owned or leased land and can include up to 20 acres. So long as the homeowner owns the land, it can be used as a yard or for another purpose related to the residential use of the homestead.

What is the homestead exemption?

Homestead laws were developed to grant a surviving spouse, minor children, and/or unmarried children of a deceased homeowner the right of occupancy, to afford a reduction on property tax, and also to protect a home from creditors. Generally, when people reference the term homestead exemption, they are referring to the tax reduction/exemption or the exemption from debts or discharge from debt payments. Homestead laws do vary from state to state. I will only
concentrate on the tax reduction/exemption in this blog.

What is the benefit?

In Texas, the homestead exemption allows a deduction equal to 20% of the house value on a principal residence. Basically, the exemption removes part of your home’s value from being taxed, ultimately lowering your property taxes. If your home were appraised for $200,000, you would qualify for a $40,000 exemption. You would pay taxes on the homes as if it was worth $160,000. The benefit of the homestead exemption is a significant amount of savings.

There you have it. Homestead Exemption explained. The application for Residential Homestead Exemption is fairly simple and a whopping one page long. Instructions on how to fill out the form are on the reverse side along with the qualifications and limitations. You can find the application on your county appraisal district’s website.

It’s that time of year. Christmas is here. Everybody’s back together again. Spreading the joy, spreading good cheer, toasting to another year’s end.” I love the holidays. Every year, my family and I try to find holiday activities that we can enjoy together. This year, I thought I would share some of those activities with you.

Prestonwood Forest Presents Nite of Lites Celebration

The prestigious neighborhood of Prestonwood Forest will continue its annual tradition of its Nite of Lites Celebration starting December 11, 2010 and will end on January 1st. Each street in the community will display lights to different themes. Prestonwood Forest has continued this long tradition for over 35 years. Lights turn on at 6pm every day. Lights turn off at 10pm Monday through Thursday and 11pm Friday through Sunday. Prestonwood Forest is located on the East side of Highway 249 (Tomball Pkwy), West of Cutten Rd, North of Cypress Creek Pkwy, and South of Cypresswood Dr.

Old Time Christmas Tree Farm

The Old Time Christmas Tree Farm is conveniently located on Spring-Cypress Rd at Stuebner Airline. The address is 7632 Spring Cypress Rd, Spring, TX 77379. This is a wonderful place to take the family and start a new tradition of choosing and cutting down your very own Christmas tree. There are hayrides and train rides for you to enjoy. This year, the Old Time Christmas Tree Farm started off with 38,000 trees. It is open daily after Thanksgiving from 9-6. www.oldtimechristmastree.com

Donoho’s Jewelers Winter Wonderland

Enjoy a walk along the fantasyland of magical, lighted toy soliders, elves, doves, musical angels, and snowmen. The Woodlands Winterland is located at the northeast corner of Lake Robbins and Six Pines Dr. It is open daily from November 20, 2010 through January 3, 2011 from dusk until 11pm. Admission is free. www.TheWoodlandsWinterWonderland.com

The Ice Rink at the Woodlands Town Center

The Ice Rink at the Woodlands Town Center is open daily from November 20, 2010 through January 17, 2011. The main ice rink measures 60’ x 128’. There is a second ice rink for beginners and children under 5 years old measuring at 16’ x 16’. The Ice Rink is located at the northeast corner of Lake Robbins and Six Pines Dr. For hours of operation and admission fees, please visit www.TheWoodlandsIceRink.com.

Moody Gardens’ Festival of Lights

Moody Gardens’ Festival of Lights features a mile long trail of over 1 million lights. Enjoy over 100 sound-enhanced animated light displays and nightly live entertainment. Moody Gardens also features the only Outdoor Ice Skating Rink in its area. Take pictures with Santa or enjoy a variety of holiday-themed films at the 3D Theater, Ridefilm Theater and 4D Special FX Theater. This year brings something new for the kids. Play in the snow on Friday nights! The Snow Zone is open to children 11 years old and younger. For dates, hours of operation, and admission fees, please visit http://www.moodygardens.com/seasonal_fun/festival_of_lights/.

Timber Lane is an established community with over 2000 families located just north of Houston, Texas in the Spring area. Timber Lane is situated just on the east side of I-45, bordered in between Cypresswood on the north, Hardy Toll Road on the west, and Aldine Westfield on the east. Timber Lane’s Park contains a one-half mile concrete walking/jogging path, an athletic field with baseball backstop that is suitable either for baseball or soccer, a children’s playground with swings, a slide and play structures, a picnic area with picnic tables and barbeque grills and men and women restrooms. Children of Timber Lane residents attend Hirsch Elementary, Bailey Middle School, and Spring High School. Hirsch has a Recognized accountability rating while Bailey and Spring both rate Academically Acceptable.

Timber Lane proudly displays full-sized flags at all parks by the girl scouts on flag holidays approved by the TLUD board of directors. Residents of Timber Lane actively participates in several neighborhood events throughout the year such as a Community Work Day, National Trails Day, Labor Day Parade, and an annual Halloween Haunted House, only to list a few. The next project for the Timber Lane Utility District is to build concrete multi-use paths and a bridge across Cypress Creek to connect the Timber Lane recreation area with the western grounds of the Mercer Arboretum.

Want to know buying and selling statistics for the Timber Lane Community?

Since January of 2010, 63 homes have sold in Timber Lane. The average year built of those homes was 1979 and the average selling price per square foot was $40.27. The average home sales price in 2010 was $68,125. It took those homes an average of 69.02 days to go under contract. The homes averaged at 3.24 bedrooms and 1691.92 square foot. (more…)

The National Association of REALTORS® is pleased to report that Congress has unanimously approved a one-year extension, until Sept. 30, 2011, for the National Flood Insurance Program (NFIP). A long-term extension has been a top legislative priority for NAR. Earlier in 2010 the NFIP lapsed, causing major disruptions for REALTORS®, and with the Sept. 30 deadline fast approaching, NAR redoubled its efforts to extend the program.

REALTOR® advocacy efforts helped make the long-term extension a reality. When Congress returned to Washington, D.C. in mid-September, NAR was waiting with its federal political coordinators who came to D.C. to meet with key senators and urge the long-term extension. Additionally, on Sept. 22 NAR was ably represented by Maryland REALTOR® Nick D’Ambrosia. He stressed to the Senate Committee on Banking NAR’s commitment to extend and strengthening the program beyond 2011 for the long-term. While the one-year extension brings a level of certainty to the NFIP, there needs to be comprehensive reform measures to place the NFIP on more sound financial footing for at least another five years.

Flood Insurance Timeline

• Sept. 21, 2010 S. 3814 Approved by Unanimous Consent in the Senate
• Sept. 23, 2010 S. 3814 Approved by Voice Vote in House of Representatives

The bill now heads to President Obama for his signature as soon as next week. With program authority now extended for a year, it is expected that attention will turn to proposals to reform and ensure the financial soundness of the NFIP. While the House passed its reform bill (H.R. 5114) earlier this year, it is unlikely that a comprehensive reform bill will move until the 112th Congress goes into session next year.

Source: NAR

FHA rules are changing on October 4th, 2010. This change is regarding the upfront collection of Mortgage Insurance Premiums (MIP) and the monthly rate amount. To illustrate how these changes will affect buyers, I will use a scenario of a $100,000 30-year home loan and the minimum of 3.5% down, no other factors included.

The first change is a reduction in the up-front MIP that can be financed into the loan. This reduction will result in a drop of 2.25% to 1%. Let’s take a look at how this change will affect your up-front MIP. The current FHA calculation for MIP is to multiply the loan amount by the percentage of the up-front MIP (2.25%).

100,000 Sales Price – 3,500 Down Payment = 96,500 Loan Amount
96,500 x .0225 = $2,171.25

The up-front MIP with the current FHA rules is $2,171.25. After October 4th, 2010, the FHA calculation will change the percentage of 2.25% to 1%.

96,500 x .01 = $965

The up-front MIP with the new rules is $965. This first change results in an up-front savings of $1,206.25. Looks great doesn’t it? However, we have not taken a look at monthly premium that you will pay which gets us to the second change. The second change increases the monthly insurance to .09% from .50% of the current loan.

96,500 x .0055 / 12 = $44.22 monthly MIP under current FHA rules
96,500 x .009 / 12 = $72.38 monthly MIP under new FHA rules

This results in an increase of $28.16 per month even after the up-front reduction from the first change.

Mortgage insurance must be carried until the loan-to-value (LTV) reaches 78%. This means monthly MIP payments for about 10 years on average.

$44.22 x 120 months = $5,306.40 under current FHA rules
$72.38 x 120 months = $8,685.60 under new FHA rules

This second change results in $3,379.20 of extra costs to the buyer.

So how do these rule changes affect the buyer? The affect is a decrease in the amount of buying power. Because the new rules result in a higher monthly payment, the amount the buyer can qualify to borrow will drop.

Time magazine is being overly pessimistic in its recent cover piece that called into question the benefits of homeownership. In fact, now is a great time to buy. And, what’s more, tomorrow will be a great time to own, because the fundamental strength of homeownership hasn’t changed.

Why is now a great time to buy? Here are 10 reasons:

1. You can get a good deal. Prices are down 30 percent on average. They’re at a level that makes sense for people’s income.
2. Mortgages are cheap. At 4.3 percent on average for a 30-year fixed-rate mortgage, your costs to own are down by a fifth from two years ago.
3. You can save on taxes. When you add up the deductions for mortgage interest and others, the cost of owning can drop below renting for a comparable place.
4. It’ll be yours. The one benefit to owning that never changes is that you can paint your walls orange if you want (generally speaking; there might be some community restrictions). How many landlords will let you do that?
5. You can get a better home. In some markets, it’s simply the case that the nicest places are for-sale homes and condos.
6. It offers some inflation protection. Historically, appreciation over time outpaces inflation.
7. It’s risk capital. If the economy picks up, you stand to benefit from that, even if you’re goal is just to have a nice place to live.
8. It’s forced savings. A part of your payment each month goes to equity.
9. There is a lot to choose from. There are some 4 million homes available today, about a year’s supply. Now’s the time to find something you like and get it.
10. Sooner or later the market will clear. The U.S. is expected to grow by another 100 million people in 40 years. They have to live somewhere. Demand will eventually outpace supply.

Source: Wall Street Journal, Brett Arends (9/16/10)

Homeowners who have defaulted or are at risk of defaulting on their mortgage may believe that the only solution to their mortgage problems is foreclosure. However, that is not the case. There are options available and those options are listed below:

Refinance

Homeowners who are current on their mortgage payments may find that refinancing is the answer. They can take advantage of today’s low mortgage rates, reduce their monthly payments, and most importantly, keep their home. In early 2009, the Obama administration launched the Making Home Affordable programs in an effort to help stabilize the housing market. For more information about these programs, visit www.MakingHomeAffordable.gov.

Lender Workout

Mortgage lenders will often work with homeowners who are in default or at risk of defaulting to help them keep their homes with a number of their own options. These workout options can include forbearance, a repayment plan, reinstatement, and loan modifications. Homeowners who are seeking this option are encouraged to look into the Making Home Affordable programs. A link to the website is provided in the paragraph above.
(more…)

Normandy Forest is a community with 530 families located just north of Houston, Texas in the Spring area. Normandy Forest is situated just 2 miles west of I-45, bordered by FM 2920 on the north, Spring Cypress on the south, and Falvel on the west. Amenities include a recreation center with a pool, beach volleyball court, full-size softball field, a scenic jogging trail with picnic areas, and two parks. Children of Normandy Forest residents attend Kreinhop Elementary, Schindewolf Intermediate, and Klein Collins High School. All three schools are within walking distance and have a Recognized accountability rating.

Normandy Forest proudly decorates stop signs for the holiday season and displays full-sized flags at every home in recognition of President’s Day, Memorial Day, Independence Day, Labor Day, in rememberance of 9/11, and Veteran’s Day. I encourage you to drive down the streets during one of these times as it is truly a sight to see.

Residents of Normandy Forest actively particpates in several neighborhood events throughout the year such as an annual neighborhood garage sale, easter egg hunt, and national night out, only to list a few. Discretionary services provided to residents of Normandy Forest include free garbage collection with free garbage can, free police protection, up to 250,000 gallons per month of free water and sewerage to the HOA, and an identity theft program. To keep you in the loop of what is going on in the community, a quarterly newsletter is published as a service to the residents. Currently, the following services are under consideration and suggested by the Residents Advisory Panel:

* Community Blood Bank – This would be a bank program rather than a donation program. It would provide available blood to meet the emergency needs of Normandy Forest residents.
* Adult and Child Swim Lessons – With the support of the HOA providing the use of the community pool, the MUD would arrange to have professional swim instruction provided to residents and nominal or free expense.
* Summer Mini Sports Camps – Hiring school coaches to conduct training camps at the park or other appropriate venues at nominal or free expense to residents.

Want to know buying and selling statistics for the Normandy Forest Community?

Since January of 2010, 8 homes have sold in Normandy Forest. The average year built of those homes was 2002 and the average selling price per square foot was $61.34. The average home sales price in 2010 was $188,500. It took those homes an average of 96.63 days to go under contract. The homes averaged at 4.25 bedrooms and 3,073.13 square foot.

Currently there are 18 active listings in the Houston MLS for Normandy Forest. Of those homes for sale, two have pools, only one are one stories, and 17 are two story houses. There are four houses currently pending under contract. (more…)