In May 2009, a new law, The Home Valuation Code of Conduct, or HVCC, became law. One of the main rules prohibits mortgage brokers from ordering appraisals directly from, or having any contact with, a licensed real estate appraiser.
Also, a lender cannot approach a an appraiser with relevant information, such as comparable sales. Lenders are forced to use third-party appraisal management companies who oversee all aspects of the appraisal process.
Valuation may come in low due to an out-of-area appraiser who is totally…to read the rest of my article, see OnlyKaty.com.
Spoken by Julie Q. Fuelling |
Inflated appraisals, valuing homes far above their true market value, contributed greatly to the residential real estate collapse. In backlash, the pendulum has now swung in the opposite direction and it can be hard to get a Katy home to appraise for the sales contract price.
Standards are now so strict that the lender and appraiser are not supposed to communicate directly. Historically, appraisers used comparable…
Read my entire article at OnlyKaty.com.
Spoken by Julie Q. Fuelling |
Katy neighbors: Shopping for a home? About to start house hunting? Now is better than later! Mortgage rates are destined to rise in the near future. Predictions are that rates may go up to 6% by April. While this sounds high, please remember it is still very low considering historical data. When I started selling Katy real estate in 1989, interest rates were barely below 20%!
Normally, I don’t write articles explaining why rates are fluctuating. If you are like me, you just want to know what the rate is today. However, a recent change will raise rates and we will also probably see them continue to increase in the future.
Read my entire article at OnlyKaty.com.
Spoken by Julie Q. Fuelling |
A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner.
Recently, I earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.
REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.
“As leading advocates for homeownership, REALTORS® believe that any family that loses its Read the rest of this entry »
Spoken by Julie Q. Fuelling |
Firethorne sold 238 new homes in 2009, achieving a record high for annual sales for the Katy/Fulshear residential development. Last year’s home sales represent a 16.6 percent increase over 2008 (204 homes). The previous record for the four-year-old development was 218 sales in 2007. The 1,400-acre master-designed community is located 15 miles west of Houston’s Energy Corridor.
“We’re very pleased with these figures,” noted Firethorne General Manager Wayne Meyer. According to Meyer, Firethorne has been holding its own thanks to continued growth in the Katy and Fulshear areas and for being part of one of the greatest school districts in the state. “BP America and Conoco/Phillips have relocated employees here, plus three major Houston hospitals are expanding in this area — two under construction and one on the drawing board,” he noted. Read the rest of this entry »
Spoken by Julie Q. Fuelling |
Fifteen-and-a-third acres, located at the intersection of Katy Terrace Drive and Hwy 1093, have been purchased to build apartments in the master-planned community of Cinco Ranch.
According to The Houston Business Journal, Judwin Realty Group LLC has acquired the land. “Judwin’s Jerry Wionograd says the firm is finishing plans for the 316-unit complex.”
Judwin hopes to break ground in the second or third quarter of 2010.
The Houston Business Journal reports, “Houston-based Judwin, which was founded in 1963, owns more than 13,000 apartment units in Texas and Georgia.
For information about Katy area homes, you can search the entire Houston MLS from this blog. For questions or to tour any area homes, contact me directly at 713-818-2404. I have specialized in Katy real estate for over 20 years. Experience does count!
Spoken by Julie Q. Fuelling |
Okay, we will have to suffer the nightmare of more construction on I-10 to enjoy the results.
I have a personal interest in the following story as the commute to my office, Keller Williams Realty Katy in the Villagio center, entails exiting I-10 West to enter the Grand Parkway S, SH 99. It’s a hassle on a non-congested day, always the most time consuming section of my journey. Lots of my Katy neighbors share my frustration as evidenced by the inevitable delay.
Andy Meyers, Fort Bend County Commissioner Precinct 3, announced that the Texas Department of Transportation (TxDOT) will begin construction of ramps on and off I-10 at the intersection of the Grand Parkway. This should bring considerable relief to Katy commuters.
TxDOT received funding for two direct connectors (ramps) one going from SH 99 E onto I-10 Read the rest of this entry »
Spoken by Julie Q. Fuelling |
When developer/builder Vincent Kickerillo ventured west of Highway 6, his first project was Nottingham Country which is located off I-10 West, south of the freeway. I-10 is Nottingham’s northern border with Highland Knolls serving as the southern perimeter. Fry Road is the eastern division while Westgreen denotes the western border. This proximity to I-10 gives Nottingham Country residents one of the quickest Katy commutes into the Energy Corridor or Houston.
During the 1970’s and 1980’s, over 2,500 homes were built in Nottingham Country. There are 10 sections; Section One contains the oldest and least expensive homes. The development was done in stages with the sections numbered in chronological order. Prices range from under $200,000 to over $400,000.
Nottingham Country is in unincorporated Harris County; it is not in either the City of Katy or the City of Houston. However, it is in the revered Katy Independent School District. Read the rest of this entry »
Spoken by Julie Q. Fuelling |
According to CNN News, the homebuyers tax credit has been extended; the bill now goes to President Obama for signature:
“The legislation would extend the $8,000 homebuyer tax credit to contracts signed by April 30, 2010 and closed by June 30, 2010. The controversial credit, which many say has boosted home sales in recent months, was set to expire after Nov. 30.
The bill also creates a $6,500 credit for those who buy a home after living in their current house at least five years. That measure would apply to contracts signed by April 30 and closed by June 30. The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.
The credit would be available only for the purchase of principal residences priced at $800,000 or less.
The bill would raise the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.”
I am a Katy Specialist having sold many houses in Katy over the last 20 years, both new construction and resale. This includes both working as a listing and selling agent. Call me for more information and for outstanding professional representation.
Spoken by Julie Q. Fuelling |
It’s no secret that the northside of Katy Freeway has taken a beating in the real estate market over the last two years. Dominated by foreclosures and short sales, a pre-foreclosure property, prices have plummeted while inventory has soared. Thankfully, statistics are starting to show movement towards some level of recovery.
Let’s look at the last six months of statistics. Below, see pricing. While, it does not show a truly positive change, it is moving upward from its recent low. Today, the average price is approximately $122,000.
Another dominant factor is days on the market, see below. How long does it take a home to sell? What is the average? As plotted below, the average days on the market in 77449 is 155. This is a decline from July’s high of 160. Some of these quicker sales represent foreclosures and short sales that do not remain on the market for long but conventional sales are doing better, too.
What’s the current status of inventory? Increasing or decreasing? Decreasing is far better for sellers. Guess what! The number of houses on the market in 77449 is going down. For a more detailed explanation of how inventory affects the market, read my earlier article on absorption rates. See the details of the inventory decline below.
To obtain detailed data on Zip Code 77450, see OnlyKaty.com.
For information about Katy area homes, you can search the entire Houston MLS from this blog. For questions or to tour any area homes, contact me directly at 713-818-2404. I have specialized in Katy real estate for over 20 years. Experience does count!
Spoken by Julie Q. Fuelling |
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