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Hey guys! It’s White Board Monday again. This week is on the kind of lock boxes realtor’s use on your home when it is on the market. Enjoy!

Shannon and I had the opportunity to get Kevin Price, host of “Price of Business” on 1070AM, on the phone the other day to talk about Lake Conroe real estate. I hope you enjoy. Call me today to find your lake front dream home!

Thought this might be useful information for investors.

The Federal Housing Administration is extending its “anti-flipping” waiver through the end of 2012, which allows buyers to purchase homes that have already been sold in the last 90 days.

The waiver, which was soon set to expire, is “intended to accelerate the resale of foreclosed properties in neighborhoods struggling to overcome the possible effects of abandonment and blight,” Carol J. Galante, the acting Federal Housing Administration commissioner, said in a statement. “FHA remains a critical source of mortgage financing and stability and we must make every effort to promote recovery in every responsible way we can.”

An anti-flipping rule originally took effect in 2003 to stop a spike in home flipping that was being blamed on driving up home prices during the housing boom. The rule prevented FHA-backed loans from being used to purchase homes that had been owned by a seller for less than 90 days. But the U.S. Department of Housing and Urban Development decided to reconsider the 90-day limit in 2010 after skyrocketing foreclosures and abandoned homes were causing blight in neighborhoods across the country and hampering nearby property values.

The temporary waiver to the anti-flipping rule will allow buyers and investors to quickly resell refurbished homes and not have to wait 90 days to do so. Since the waiver took place in 2010, FHA has insured nearly 42,000 mortgages worth more than $7 billion on homes resold within 90 days of the last purchase, according to HUD.

“It’s certainly an inducement to move real estate and reduce inventories,” says Don Cameron, a real estate investor who owns a franchise of We Buy Ugly Houses in South Florida. “Why wait 90 days before you can close on a home?”

The waiver, however, still prevents predatory flipping, and sellers must justify any increases in value if the sales price of the property is 20 percent more than what the seller had recently purchased it for (such as by providing extra documentation on renovation expenses). Sales also must be in “arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.”

Source: “Government Extends Waiver of Anti-Flipping Law, Allowing Homes to be Bought and then Sold in 90 Days,” McClatchy-Tribune Regional News (Dec. 29, 2011) and HUD.gov

NAR released its latest pending home sales index figure last week and for the second month in a row the index is up. But more than that, the index has broken 100. This is significant because the only time since the housing boom collapsed that the index has broken 100 is when the home owner tax credit was in effect. The fact that the index has returned to that level a year since the credit has been in effect means the housing market is strengthening completely on its own, without any stimulus.

Every year the National Association of Realtors surveys homebuyers and sellers to monitor housing trends.  Below are Top 10 Housing Trends from 2011.

1.  There were fewer first time home buyers in 2011 than in 2010.

2.  Almost 90% of homeowners used the internet to search for a home.

3.  The average homebuyer searched for 12 weeks and viewed 12 homes.

4.  Almost 90% of homebuyers used a real estate agent or broker.

5.  Only 10% of sellers sold their homes without a real estate agent.

6.  Home Buyers choose their houses based on commute to work, the neighborhood, and affordability.

7.  Buyers said the loan process was more difficult than they expected.

8.  Over half of home sellers traded up for a larger, newer, or more expensive home.

9.  People move about every 9 years.<

10.  Most homes sold for 95% of the listing price.

If you own property in Texas your Property Taxes were due December 31st.  If you have not paid them they will be delinquent on February 1st.  That is when the penalties and interest charges get added to the original amount.

A second Anadarko Tower is going to be built in The Woodlands, Texas.  The Woodlands Town Center will host the 31-story office tower.  The current Anadarko Towers at 30 stories high.  Rumor has it that the first 10 floors of the new building will be for parking.  Projections indicate the building will be completed by the spring of 2014.   The economy has not rocked the stability of jobs and growth in The Woodlands, Texas!

While I was out and about showing properties in Liberty County this weekend I saw a lot of signs from the USDA. I just want to remind everyone that the USDA still has properties out there as well as the properties from the Texas Veterans Land Board. Whether you qualify for a VA loan or a loan from the USDA programs your first call will be to me at 936.777.2265 or you can email at jack@rrea.com

Are you heading to Lake Conroe this weekend?  Here are some facts that you might find interesting:  Highway 105 crosses at the southern edge of the lake, FM 1375 on the northern edge, and FM1097 slices through the middle.  The length of Lake Conroe is 19 miles, while the width is 5 miles.  Planning for the water reservoir came about after a 7 year drought in the 1950′s.  Building the dam started in 1968 and the project was completed in 1973.  The project was a joint venture with the City of Houston, which has rights to 2/3 of the water supply in the reservoir.  This explains why, during the drought of 2011, the City of Houston was permitted to drain off water from an already low lake because they needed the water supply.  November 20, 2011 the Mayor’s office announced that the City of Houston would suspend the release of water.  Now we watch and wait for the water to rise.

Can projections be made to adequately give us a time frame of how long it will take our parched lake to return to normal?  No!  January 10th, 2012 the San Jacinto River Authority posted a report titled, “Lake Conroe’s Level Rebounds.”  Blake Kellum, the Lake Conroe Division Manager, reports that 2-4 inches of rainfall that week had risen Lake Conroe’s level approximately 3/4 of a foot to an elevation of 193.79 mean sea level (normal pool is 201msl).  This report can be found at www.SJRA.net under “Quick Links” select “Lake Conroe – Lake Report”  The San Jacinto River Authority holds fast to any predictions of what length of time for us to see a normal lake level will be false.  It all depends on how much rain, how often we have rain, and how fast the rain falls. As a matter of fact, simply while writing this blog the website has reported a rise of the lake to 194.07msl!  This is good news, check the website often for up to date information and reports.

If you are planning on bringing your boat be sure to check the San Jacinto River Authority website www.SJRA.net  for the list of Public Boat Ramps Open.  Currently they are listing Kagle Recreation Area, Lakeview, and Stow-A-Way Marina as Open boat ramps.  There is also a google map tab on the website to help you locate the open and also the closed ramps.  You will find phone numbers for many of the ramp sites.  I suggest calling before you arrive to confirm information.

Now that we have covered the facts of Lake Conroe let’s take a moment to review some of the facts of Real Estate in the Conroe, Montgomery and Willis market areas that have communities on the lake front.  After reviewing Sold statistics from the summer 0f 2006  and the last 6 months I am finding that property on the lakefront is lowered by approximately $15 – $20 per square foot.  Those statistics were gathered from a prestige golf course community, with properties situated on Lake Conroe.  Does this mean that Buyers can automatically think all Sellers will reduce their asking prices?  No!  A Buyer needs an experienced Buyer’s Representative to help them compare Sold statistics in the neighborhood in order to place a reasonable offer and negotiate a purchase.  Many of the Luxury home sites are reducing the selling price by thousands of dollars.  While more modestly price homes, that are priced correctly on MLS are selling right on the money of the list price in MLS.  Do not assume that you can automatically place a low offer and have it accepted by the seller.  This is where the knowledge from your Realtor® becomes very important.

I would love to be your Realtor® for the Lake Conroe area in Conroe, Montgomery or Willis.  Let’s talk about whether you are looking for a second home with characteristic and extreme get away quietness from the hustle and bustle of city life … maybe a log home community tucked away in the tall pines of the Sam Houston National  Forest (Wildwood Shores), or perhaps you telecommute and would like the views of the forest while not being quite as far away (Corinthian Point).  Are you looking for a maned gated community off 1097 (Point Aquarius)?  Do you want golf course, social clubs and lake amenities (April Sound or Bentwater)?  Perhaps some where you could live year round with reasonable commuting drives into the City of Houston (White Oak Landing or Longmire on the Lake),  These are just a few of my suggestions.  We need to sit down and talk about your Dream Home on Lake Conroe so that I can help you shop for that special location!

Standing by to be your Realtor® …Call now Judy Reynolds at 936-203-7761!