Register Real Estate Advisors

I found an article by Kerry Hannon in the Winter 2009 publication by USAA Magazine and really liked what it offered.  I hope it will be helpful to you.  Not everyone can be a member of USAA, but I am, so I am sharing with you the information I took from the article they published.

Sometimes it only takes a small stumble to wind up in deep debt.  Ready to get out?  A USAA Member and a financial expert point you in the right direction.

10.  Budget and Save – Pay yourself in a savings account like you would pay a monthly bill collector.  You will quickly learn not to miss that 10% of your income each month.  Systematically adding money to a savings account is a must. 

9.  Cut Spending – Trim those grocery bills!  Look at downsizing options or getting a roommate or move in with you.

8.  Track Daily Expenses – Write down everything you spend money on.  Most of the time it’s not the big items that get you into trouble.  Little expenses add up.

7.  Set Goals – You can make a plan to exit from that revolving debt.  Quit using the credit cards and pay cash for items.  Make a plan for paying down the debt.  Some good short term goals are paying down your debt by $1,000 or paying off one credit card at a time. 

6.  Take a Second Job – Getting some extra income can pay off debt quicker.  Cutting expenses and increasing income works to reduce debt.

5.  Pay Off High Interest Loans Systematically – Don’t pay off the smallest debts first just to see progress.  Work on the larger ones.

4.  Pay Bills Automatically Online – Paying bills online will help you budget and get things paid on time.  Paying bills on time increases credit scores.  

3.  Find Out Your Credit Score – A good credit score can translate to loans when you need them and thousands of dollars in interest savings.  Scores range from the 300s to 850, with most people falling in the 600-700s.  Strive for a score of at least 720 to 740 to get better rates on credit cards, auto loans and mortgages.

2.  Fix Credit Report Errors – Regularly check your credit report so you know if there are any errors you need to correct.  Go to the official site, AnnualCreditReport.com, to request a FREE Credit Report from each of the three reporting agencies – Experian, Equifax, and TransUnion – every 12 months.  Your credit score doesn’t come with the report.  You’ll have to purchase your score from each bureau. 

1.  Do Periodic Checkups – Assessing your situation regularly should be part of your financial regimen.  Getting out of debt is possible, but it takes patience.

• The $6500.00 Move Up Homebuyers Tax Credit is in NOW in effect (as of November 6, 2009.)
  • If you owned and resided in your current home for a consecutive five out of the past eight years, and your adjusted household income doesn’t exceed $125,000 if you file taxes singly, $225,000 if you are married filing jointly — you can claim the credit as soon as you close on a qualifying house.
  • There is no “move up” requirement in the new credit. In fact, homeowners who plan to downsize into a smaller dwelling may prove to be significant users of the credit, along with people who are relocating because of employment changes.

• Some other key features of the $6,500 credit you ought to know about:
  • Whatever you intend to purchase, the house cannot cost more than $800,000.
  • The replacement house must become your main home. There is no requirement in the legislation that you sell your current home. You could rent it out, turn it into a second home, or list it for sale later in 2010 when prices might be higher. If you plan to retain it, however, make sure you move into the new house on the day you close so that there is no question it was your principal residence at that time.
  • The revised rules require taxpayers to submit copies of their settlement statements (HUD-1 forms), along with their requests for credits using IRS Form 5405. Congress’ new rules also prohibit individuals under the age of 18 or who are counted as dependents on another taxpayer’s filings from claiming the credit.
  • Homebuyers in 2009 — those who go to closing after Nov. 6 but no later than Dec. 31 — can claim the $6,500 credit on their 2009 federal tax returns, or amend their 2008 returns. Similarly, eligible purchasers in 2010 will be able to file for the credit on their 2009 returns or 2010 returns.
  • If you aren’t sure if you can make the deadlines established for the new credit — a binding contract by next April 30 and a settlement by June 30.

If you are in the market for a home, contact Terry Traylor at 713.705.1244 for a great mortgage rate and excellent service.  Tell him Shannon sent you!  I highly recommend Terry at Network Funding for my buying clients mortgage needs.  Then you and I can go shopping for the home of your dreams!

SEATTLE, Nov. 24 /PRNewswire/ — The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased six basis points last week to 4.69 percent, down from 4.75 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com®. Rates for 15-year fixed mortgages fell two basis points to 4.23 percent from 4.25 percent, and 5-1 adjustable rate mortgages increased one basis point to 3.69 percent, from 3.68 percent the week prior.

(Logo: http://www.newscom.com/cgi-bin/prnh/20060503/ZILLOWLOGO)

The volume of mortgage requests last week fell 4.4 percent from the prior week. Of last week’s requests, 49 percent were for refinance loans, 49 percent were for purchase loans and 2 percent were for home equity loans. The prior week, 47 percent of requests were for refinance loans, 51 percent were for purchase loans and 2 percent were for home equity loans.

                     Average Rate          Average Rate        Change in

  Mortgage Type  Week ending 11/22/09  Week ending 11/15/09  Basis Points

  -------------  --------------------  --------------------  ------------

  30-year fixed          4.69%                 4.75%              -6

  15-year fixed          4.23%                 4.25%              -2

  5-1 ARM                3.69%                 3.68%              +1

On Monday, rates for 30-year fixed purchase mortgages fell, with the average rate on Zillow Mortgage Marketplace at 4.64 percent. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/.

Thirty-year fixed mortgage rates varied by state. Minnesota mortgage rates, Arizona mortgage rates, Michigan mortgage rates and Georgia mortgage rates decreased the most, from 4.76 percent to 4.64 percent in Minnesota, from 4.85 percent to 4.75 percent in Arizona, from 4.81 percent to 4.71 percent in Michigan and from 4.83 percent to 4.73 percent in Georgia. New York mortgage rates (4.83%) and Tennessee mortgage rates (4.80%) were the highest in the country, while Texas mortgage rates (4.62%), and Minnesota mortgage rates (4.64%) were the lowest.

                        Average 30-yr.   Average 30-yr.

                          Fixed Rate       Fixed Rate

                         Week ending      Week ending       Change in

State                      11/22/09         11/15/09       Basis Points

-----                   --------------   --------------    ------------

Arizona                     4.75%            4.85%              -10

California                  4.68%            4.72%               -4

Colorado                    4.65%            4.71%               -6

Connecticut                 4.74%            4.81%               -7

Florida                     4.67%            4.75%               -8

Georgia                     4.73%            4.83%              -10

Illinois                    4.79%            4.88%               -7

Maryland                    4.74%            4.82%               -8

Massachusetts               4.73%            4.78%               -5

Michigan                    4.71%            4.81%              -10

Minnesota                   4.64%            4.76%              -12

New Jersey                  4.70%            4.78%               -8

New York                    4.83%            4.91%               -8

North Carolina              4.72%            4.81%               -9

Oregon                      4.69%            4.74%               -5

Pennsylvania                4.74%            4.81%               -7

Tennessee                   4.80%            4.83%               -3

Texas                       4.62%            4.69%               -7

Virginia                    4.67%            4.76%               -9

Washington                  4.66%            4.73%               -7

The Zillow Mortgage Rate Monitor is compiled each week using thousands of mortgage rates for conforming loans quoted on Zillow Mortgage Marketplace by mortgage lenders to borrowers who have submitted loan requests. State-level data is gathered for the top 20 states with the highest quote volume on Zillow. Learn more about our rates.

Let me start by telling you how NOT to pick a real estate agent. Do not call a real estate company and pick the first agent that answers the phone. Don’t let a relocation company assign an agent to you.

Is that how you’d pick a doctor, a dentist, or even an item you’re buying?

There are many real estate companies and many real estate agents. All agents are not Realtors.  Only Realtors are members of the National Association of Realtors.  Carefully select the agent you are going to use. Buying or selling a home is a big decision. Selling is the most important because how the agent markets your home will be the difference between selling and sitting on the market showing and never selling. After your home sits on the market for a year without selling, it becomes increasingly harder to sell and you are most likely not going to maximize your value after sitting on the market for over a year.  Plus, you’re going to be really frustrated!  Do some homework on the internet and figure out who specializes in your area. If you are moving out of town, ask a trusted Realtor for a referral to an agent that specializes in the market you are moving to.

It amazes me how many people walk into a builder’s model home and look at what they offer and pick a house and sign a contract. STOP! You have no representation when you do that. You have no one looking out for your best interest or reading the fine lines in the contract or negotiating a better deal for you or asking hard questions on your behalf.

The reputation, distrust and dislike for Realtors in our culture pains me. Unlike car sales man and investment bankers, we actually have to follow a strict code of conduct. We actually have a duty to disclose information to our clients.  We have to follow high standards, but it is our service that varies between agents.

When you need a Realtor there are several things you should think about. First, why do you need a Realtor? If you are a buyer your main concerns should be with finding an agent that knows the market where you are moving and can find you the property that meets your search criteria. If you are a seller, you will want a Realtor that can price the house right, has an outstanding marketing plan and negotiating skills. You want that Realtor to get your home sold in the least amount of time and maximize your value.  Ask them about their Realtor designations, education level, continuing education, their broker, their communication style, availability, and what services they can offer you.  Negotiating skills are also very important.

Many real estate companies have a phone desk at their office where people call in about houses and agents are answering the phone. I sit on “property desk” a few hours every month.  Sometimes buyers call in, they make an appointment, and we go see the property. Then they buy it. They just randomly called in and happened to get a me – a good agent.  But there are bad agents out there and I always think about the fact that they could have gotten a bad agent. You want an agent that will truely represent your needs and work for you in your best interest.  You want someone that will keep you updated and stay in communication.  Buying or selling a home is a big decision. Don’t leave it to chance. Choose a Realtor that you will enjoy working with that has been educated and is a leader in the real estate industry.

Nomatter where you live, if you need help choosing a good agent, call me. I can help you find a good agent nomatter where you live or where you’re moving to. I have built a great network of Realtors that I trust to take great care of my clients. If you are buying or selling in The Woodlands, Spring, or anywhere in Northwest Houston, I’d like to help you about your real estate needs. Google my name and read about me on my website.  I offer informative videos, information, news, and you can search the entire Houston Multiple Listing Service on my site.  I want you to have the best real estate representation you can get, so don’t leave your home buying and selling to chance.  Call me today to see how I can help you Buy or Sell.

832.628.SELL – Direct  

Sellers, Check out BuyandSellwithShannon.com/Sell
Buyers, Check out BuyandSellwithShannon.com/Buy

COLLEGE STATION (Real Estate Center) – Texas beats the rest of the country when it comes to housing affordability, according to first quarter 2009 Texas Housing Affordability Index (HAI) numbers compiled by the Real Estate Center at Texas A&M University.

The numbers reflect the ability of a median-income family to purchase a median-priced existing home in their area. Texas had a ratio of 1.95 in first quarter 2009 compared with the nation’s 1.55.

“The slowdown in the housing market nationally and within Texas has led to significantly increased housing affordability everywhere, and Texas continues to maintain its place as the most affordable high-growth state in the country,” said Dr. Jim Gaines, research economist with the Center.

The index is posted on the Center’s website.