Today's Realtor Ivory Brown

When it comes to home-equity lending, Texas has some of the most conservative homeowner protections in the country. Key among these provisions is the requirement stipulating a home-equity loan may not exceed 80% of the market value of the homestead (80% LTV). Such laws allow ample access to capital while at the same time ensuring homeowners do not incur excessive debt. These legal measures helped insulate Texas from the recession that followed the 2008 housing bubble. What does this mean for the real estate industry? Some states allow for home-equity loans upward of 120% loan-to-value (LTV), creating a situation where homeowners become instantly upside down because they owe more to the bank than their homes are worth. When real estate values dipped in these states, many homeowners walked away from their obligation. Foreclosures hurt the overall real estate market and lower home values. The current law allows property owners ample access to the built-up equity in their home. ...

Texas has been a dominant force in the national economy, and the states’ housing affordability has been a contributing factor. But the increase in property taxes threatens this affordability. Texas REALTORS® are on the front lines to defend against increasing property taxes, attempts to tax real estate purchases, real estate transfer fees, and other efforts to add costs to buying, selling, or owning property. According to the Houston Chronicle, “… the lack of affordable housing is being viewed as a crisis that affects Americans of all ages, races and income groups.” The Texas Association of REALTORS® supports various measures to ensure a more transparent and honest conversation occurs at the local level. These measures include supporting: The reduction of the rollback rate from 8% to a lower percent, with support contingent on ensuring the new rollback rate is not an automatic property tax increase for property owners; An automatic tax ratification election if the rollback rate is ...

Know Your Market Just as you perform due diligence on a property and its condition, you should do your homework on the area’s rental market to determine the demand for your property and the rent you charge. Polish Your People Skills Successful landlords find good tenants and retain them. Get Some Digits Maybe you can handle annual touch-up work on your property, but unless you’re well-versed in HVAC systems and your city’s plumbing and electric codes, you’ll need phone numbers for reliable repairmen. Protect Yourself and Your Investment The insurance coverage you need as a landlord is different than what you have as a homeowner. Contact your insurance agent to make sure you’re covered. Another Option For You Many REALTORS® specialize in property management and can take care of related duties including handling leases, managing funds and screening applicants. Find a REALTOR®

Set a Price If you ask too much, you may not find a buyer. If you price the home too low, you’ll cheat yourself out of money. Websites with quickie value estimators aren’t the way to determine the value of your home. Go to the only people with the data and the expertise to accurately read your market: REALTORS®. Market Your Property In preparing your home for viewing by prospective buyers, remember that people buy on emotions. Your home has to feel right or buyers will look elsewhere. Look at your home objectively and listen to suggestions from your agent about ways to make your home more appealing, such as cleaning, decluttering, removing personal items, making cosmetic repairs, etc. Consider Your Options When a buyer makes an offer, what do you do? Your REALTOR® will help you review it. If you’re lucky enough to have more than one offer, he or she will discuss your options to do what’s best for you. Once an offer is accepted by you and the buyers, the buyers will perform...

Decide What You Wan t Before you start looking, make a list of what you want and assign each item a priority. Some areas to consider are the location,type of home, and age of the home. Know What You Can Afford Most loans require a downpayment. The amount varies, but 20% of the purchase price is typical. If you’re a first-time buyer or fall below certain income thresholds, you may qualify for affordable-housing programs . Generally, a higher downpayment means better loan terms and a lower interest expense on the mortgage. Qualifying for a loan: A lender will determine how much he thinks you can afford based on your income, employment history, education, assets (e.g., bank account balances, other property, insurance policies, pension funds), and debt. Check your credit report before the lender does to clear up any problems. Your comfort level: You don’t have to spend $200,000 on a home just because the lender says you can afford a $200,000 home. Do some math an...

Why an instant offer may not be best for you Getting a cash bid for your home after going to a website and inputting basic information sounds easy and stress-free but there can be downsides to “instant offer” services. Instant offers may benefit investors more than you.  Investors who would buy your property want to make a profit. Some even intend to find a buyer willing to pay more right away. Why sell to an investor for less money than you could get otherwise. THE OFFERS MAY NOT BE BASED ON ACCURATE DATA  These services sometimes use incomplete, misleading information. Texas REALTORS®, however, have access to true market comparisons and pricing data.  Have you done any of the following?  Replaced bathroom fixtures  Installed new floors  Installed new kitchen  countertops  Replaced HVAC systems  “Instant offers” may not take those improvements into account. You need a thorough, in-person estimate of your...