Register Real Estate Advisors

What does a first time home buyer need to know? There’s so much that you’ll need an experienced and well trained Realtor to help you through this exciting process. In 2010 50% of the buyers were first time home buyers. Before 2010 it was less than 50%. So we know there are more first time home buyers out there now than ever before and it is the job of a Realtor to assist you throughout the transaction and be your advocate. This is a service that is FREE to you – the buyer! The seller will pay for you to be represented in the transaction. Can you believe that? Yes, the seller pays for you to have representation when you are purchasing a home. So please call RREA today to get started. The average income of a first time home buyer in 2010 was $59,900 nationwide. The average home purchased was 1,540 and the average cost was $152,000. Most plan to stay in their homes for 10 years. In 2010 there was a first time home buyer tax incentive, which is why there were so many fist time home buyers in 2010. Now the government has ended that program. First time home buyers searched on average two weeks longer than repeat buyers, so you want to get started as soon as possible. They typical age of the first time home buyer is 30. The median price paid by first time home buyers in 2010 was $152,000 while the median home price paid by repeat buyers was $215,000. Go ahead and jump in the game and purchase your first home. Our agents at RREA will make it a wonderful experience for you and your family! 281.288.3500 info@rrea.com

This Thursday Register Real Estate Advisors will be hosting a Credit Seminar. This seminar will focus on credit issues that keep buyers from qualifying for a mortgage and help them correct credit issues so they can purchase in the future. If you thought home ownership was out of your reach, come listed to experts explain how you can get qualified to purchase a home. If you know someone that will benefit from a real estate seminar, please forward this information to them. The seminars will be held at 1614 Louetta Rd. Ste I Spring, Texas, 77388 from 6-7pm. These informative seminars will be hosted by Realtors and will sometimes have guest speakers such as Title Company Representatives, Lenders, Inspectors, Appraisers, and other industry experts. We hope you will attend and bring your questions!

If you are a first time homeowner, or are purchasing a home after a major life change such as marriage or having children, what should you consider to be sure your new home can grow with your changing family? The time and effort that go into purchasing and decorating a new home, not to mention finding it in the first place, means that you’ll want to ensure that your home will be right for you and your family for years to come. So what should you look for in your new home so that it will give you enjoyment and be functional both now and in the future?

Size

Though a cute two-bedroom home may be right for a newlywed couple, this type of space will likely soon be outgrown if there are any children in your future or if you and your spouse like to entertain. You will also want to consider the number of bathrooms and the facilities in them. Having only one toilet or shower can certainly put stress on a growing family.

Features

Special features of a home, such as a finished basement, central air, and a large yard can make your home a more functional and enjoyable space, especially if you have or are considering starting a family in the near future. You may also want to consider the age of the home you purchase and its features or appliances, as this may lead to future costs that may put stress on your financial situation at a time when one spouse may be at home caring for the children.

Location

Location is also an important consideration when choosing a home that can grow with your family. Choosing a safe neighborhood is always an important point when selecting a family home, but you will also want to consider the proximity of good schools, community centers, and shopping. Also, facilities such as parks and libraries can make a neighborhood truly a great place for families.

As the old adage goes, home is where the heart is, and choosing a family home that is right for your family can really make all the difference in having a happy, fulfilling, and safe family life.

Showing properties 1 - 1 of 1. See more Homes for sale in Lexington Park.
(all data current as of 2/10/2012)

1. $165,000 : 2707 Lexington Park Dr, Spring
   
   4 beds, 3 full baths

   Home size: 2,721 sq ft

   Lot size: 6,003 sq ft

   Year built: 2009

   Parking spots: 2

   Days on market: 130

   Listed with Keller Williams Realty Conroe Lake Conroe

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

Lexington Park in Spring, Texas 77373 is a quaint community adjacent to Lexington Woods and Lexington Woods North.  These communities are all located close to the Hardy Toll Road and I45.  Only 8 miles from The Woodlands Mall, you can enjoy all that The Woodlands has to offer, while paying the lower Spring, Texas tax rate. 

I sold a home in Lexington Park last year and I currently have one for sale in Lexington Park.  Most of the homes in this area of the development are built by Colina Homes with impressive oil rubbed bronze fixtures and push button gas fireplaces.  Most offer both a formal dining room and game room.  Some offer upstairs laundry rooms, the master bedroom upstairs,an office, and a half bath for guests. 

The average sales price for homes in Lexington Park is $150K, at $62 a square foot.  Most of the homes have three bedrooms and two and a half baths and were built in 2010. 

Homeowners enjoy the pool and tennis courts in Lexington Woods.  The homes have fenced back yards and are on quiet streets.  If you are interested in purchasing a home in Lexington Park, the current homes for sale in the community are below.  Please call our office at 281.288.3500 to schedule a showing because we can show you any home on the market.  We want to find the home that is best for your family’s needs.

Now that you’ve made the decision to purchase your first home, a hearty congratulations is in order! Becoming a homeowner, especially for the first time, can stir up some feelings of anxiety and excitement. With the knowledge that you gain through individual research and the help of your REALTOR®, you will soon begin to feel like a seasoned house hunter.

Tip # 1: Do Your Homework

Did you know that there are a number of incentives available to first-time home buyers? Everything from a 3-5 percent down payment and interest rates as low as 5.75 percent are just a few of the ways that lenders help to make the dream of home ownership into a reality for many. An FHA loan, for instance, is especially appealing to first-time home buyers. The best way to find out what’s available, in terms of down payment requirements and interest rates, is to do your homework by comparing offerings from various lenders.

Tip # 2: Save Money

Although many loans are geared toward offering lower down payments to first-time home buyers, it’s important to save as much money as possible so that you will have enough to provide an earnest money deposit (if applicable), pay for closing costs and still have the funds to furnish and decorate your new home.

Tip # 3: Get Your Credit Profile In Order

When you apply for a loan, the lender will access a copy of your credit report and will use the information to determine your creditworthiness and/or interest rate. This means that you will want to make sure that the information contained in your credit report is accurate and up-to-date. You can do this by requesting a copy of your file from each of the three major credit reporting agencies – Experian, Equifax and TransUnion.

In addition to past credit history, lenders will also look at your current debt ratio in order to determine whether or not you can afford the home. This means that you may want to consider paying down some of your existing credit card debt and avoid taking on any new debt before applying for a mortgage.

Tip # 4: Start Your Search

With the World Wide Web being what it is today, it’s no surprise that many potential home buyers start their search online. A Realtor’s Web site is designed to not only list real estate, but also to educate a buyer as they move through the process of searching for a new home. In addition, the internet offers a way for consumers to browse through color photos and virtual tours, both interior and exterior, along with information pertaining to the homes themselves. The convenience of being able to find a home that you like without having to wait is just one of the many benefits to shopping for a house online. When you are finally ready to meet with a REALTOR®, you will already have one or more prospects in mind.

Tip # 5: Have Patience

Perhaps you will find the perfect house this week, or maybe it will take a little longer. Some buyers find exactly what they are looking for right away, while others have to do a little more searching to find their dream home. As a first-time home buyer, it’s a good idea to begin the process with an understanding that good things really do come to those who wait. You may see a number of homes, take numerous photos and may even make an offer or two, but patience may very well be the key to finding your new home.

Tip # 6: Take Notes

If you see a lot of homes, it will be impossible to remember the features of each. For this reason, you should consider taking a notebook and writing down each unique or defining aspect that you like or dislike about a particular house. This information, along with any photos that you take, will help you greatly when it’s time to make a choice.

Tip # 7: Don’t Settle

A home is a big investment and it could, quite possibly, be the largest you will ever make. For this reason, along with the fact that you will be living in the home every day, make sure that you get what you want. There could be an instance where you need to make some type of compromise, but you may want to avoid choosing something just because it’s within your price range or you feel as though it’s your only option. New houses are placed on the market every day and, as a buyer, the next one listed may just be your dream home.

Resources to help more Texans buy a home at TexasRealtors.com/WorkforceHousing.

The recently expired federal homebuyer’s tax credit was one of the most publicized buyer-assistance programs ever. Many Texans now assume they’ve missed the window to benefit from this type of buyer aid. In a lot of cases, though, they are wrong – especially for those considered eligible for “workforce housing.”

Even many Texas REALTORS® aren’t aware of what’s available for their workforce-housing clients. Thanks in part to an NAR grant awarded to the Texas Association of REALTORS®, though, there are three ways you can assist firefighters, teachers, service workers, and other in finding decent affordable housing in the community where they work.

Use TxHomePrograms.org

This site, sponsored by the Texas Association of REALTORS®, contains a searchable online database of homebuyers-assistance programs. You and your clients can find Texas-based programs that offer down payment assistance, below-market mortgage interest, and other aid.

To find programs, the user supplies information about income, family, homeownership status, and location. The site returns results that apply to that person’s situation. TxHomePrograms.org also provides information on issues that may affect first-time buyers, such as predator lending and credit repair.

 Take new training

Texas REALTORS® University is offering new courses through local associations on the ever-changing FHA rules, manufactured housing, and TxHomePrograms.org. These courses count toward the Texas Affordable Housing Specialist (TAHS) certification, which puts you in touch with more potential homebuyers via an online searchable database of TAHS graduates on TexasRealEstate.com. The new MCE courses are: Help for Homebuyers, FHA Lending for Workforce Housing, and Manufactured Housing Today. Use the Course search on TexasRealtors.com to find one of these coming to a local association near you.

Conduct a consumer workshop

The Texas Association of REALTORS® Housing Opportunity Foundation will issue grants up to $1,500 to conduct consumer workshops on workforce housing. This is a great opportunity for Texas REALTORS® to position themselves as the expert and advocates for affordable workforce housing in their area. To learn more, visit TexasRealtors.com/WorkforceHousing.

By periodically checking your credit report, you can keep tabs on the factors that influence your credit score. Make sure you know where to get a copy of your reports and how to interpret them. You are entitled to one free credit report per year from all three credit reporting agencies – Equifax, TransUnion, and Experian. For free reports, use the AnnualCreditReport.com site. It will not give you the FICO score, but you will be able to view your credit report. Your credit report will show your creditors and the status of each account, public records like judgements, the requests that have been made to view your credit history, and personal data like your name, address, and social security number. Any negative information, like a missed mortgage payment, will stay on your credit for about four years. If you find a mistake on your credit report, you should file a dispute in writing with the agency that provided the report. If you have old charges that need to be paid off and they have been on your credit for many years, do not pay them if you are trying to get a mortgage. When you pay them it shows activity on the account and will actually lower your credit score. If the mortgage company requires them to be paid in order to give you the loan, usually you can pay them at closing. If you suspect that someone is requesting credit under your name you should file a 90-day fraud alert on your credit file.

HOUSTON (Houston Business Journal) – Sales on existing single-family homes in the Houston area totaled 5,321 last month — a 26.7 percent increase over the 4,199 homes sold in April 2009.

 The largest sales jump appeared in properties priced above $500,000.

 The average price of a single-family home appreciated to $206,414, up 6.8 percent from April 2009.

 This is the second month in a row for a rise in sales and the seventh consecutive month for an increase in home prices for the Houston area.

1.  Decide how much home you can afford.  Generally, you can afford a home equal in value to between two and three times your gross income. 

2.  Develope a wish list of what you’d like your home to have.  Then prioritize the features on your list.

3.  Select three or four neighborhoods you’d like to live in.  Consider items such as schools, recreational facilities, area expansion plans, and safety.

4.  Determine if you have enough saved to cover your down payment and closing costs.  Closing costs, including taxes, attorney’s fee, and transfer fees average between 2% and 7% of the home price.

5.  Get your credit in order.  Obtain a copy of your credit report.

6.  Determine how large a mortgage you can qualify for.  Also explore different loan options and decide what’s best for you.

7.  Organize all the documentation a lender will need to pre approve you for a loan.

8.  Do research to determine if you qualify for any special mortgage or down payment-assistance programs.

9.  Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.

10.  Find an experienced REALTOR who can help you through the process. 

Reprinted from REALTOR Magazine Online by permission of the National Association of REALTORS, Copyright 2005, All rights reserved.

HOUSTON (Houston Business Journal) – New home sales surged 26.9 percent from February to March, according to the Department of Commerce.

 The nationwide increase, which was the largest one-month gain in five decades, was accompanied by a 23.8 percent increase in new home sales year over year.

 There were 228,000 new homes on the market at the end of March, a 6.7-month inventory at the current sales rate.

 Last month’s sales increase was credited partially to fairer weather and buyers hurrying to beat the expiration of the government’s homebuyer tax credit.