The goal of my blog is to bring you the best consumer housing information available. That’s why I am incorporating two new blog videos per week that address consumer housing issues. Please call me if you have a real estate need. Our team is here to help you with all of your real estate needs!

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Before you buy, contact the condo board with the following questions. In the process, you’ll learn how responsive – and organized – its members are.

1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.
2. What covenants, by laws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can’t rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you.
3. How much does the association keep in reserve? How is that money being invested?
4. Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs. To determine if the assessment is reasonable, compare the rate to others in the area.
5. What does and doesn’t the assessment cover – common area maintenance, recreational facilities, trash collection, etc.
6. What special assessments have been mandated in the past 5 years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board’s fiscal policy.
7. How much turnover occurs in the building?
8. Is the project in litigation? If the builders or homeowners are involved in a lawsuit, reserves can be depleted quickly.
9. Is the developer reputable? Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions. Request an engineer’s report for developments that have been reconverted from other uses to determine what shape the building is in. If the roof, windows, and bricks aren’t in good repair, they become your problem once you buy.
10. Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you’re buying, may require separate assessments.

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

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Do you know your agent’s responsibilities?

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This video explains the information I present to clients when I first meet with them to sell their house. If you are thinking about selling your home or want to know what it’s worth so you can make an informed decision about selling, please call me for an appointment. It takes about one hour and we discuss what your home will sell for, how our marketing plan is different from other Realtors and Brokers, we include and go over your neighborhood absorption rates, and more.

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TEXAS (Real Estate Center) – Just over 21,717 existing single-family homes were sold in Texas last month, roughly the same as a year ago, according to MLS data compiled by the Real Estate Center at Texas A&M University.
The median price was down 1 percent to $153,300 during the same period, and the state finished the month with a 7.8-month inventory of existing homes.
Here is how select Texas cities fared in March (data current as of July 26, 2010):
Sales Change from
Last Year Median
Price Change from
Last Year Months’
Inventory
Austin 2,216 down 2% $202,800 up 4% 7.2
Brownsville 50 down 14% $96,000 up 11% na
Dallas 4,554 down 3% $170,100 up 2% 6.8
El Paso 736 up 53% $132,600 down 1% 6.8
Fort Worth 833 up 5% $111,800 down 6% 6.9
Houston 6,175 up 3% $158,100 down 3% 7.5
Kerrville 30 down 35% $151,400 down 13% 22.8
Lufkin 56 up 2% $120,000 up 9% na
Odessa 131 up 87% $125,300 down 6% 7.9
San Antonio 1,924 down 1% $151,700 down 3% 8.2
Texas 21,717 0% $153,300 down 1% 7.8
Additional home sales data for these and other major Texas cities are available on the Center’s website.