Important Questions to Ask your Mortgage Lender

Katy Home Sellers: Help Your Home Appraise, Part Two

This article is compliments of the Chris Bonin Loan Team.

Following are pertinent  questions you should ask your lender once you receive your approval letter. Leave nothing to chance! It is imperative that you interact with you mortgage lender on a regular basis.

For a referral to outstanding lenders, feel free to call me at 713-818-2404 or email me at juliefuelling@sbcglobal,net. I have sold Houston/Cypress and Katy real estate for over 24 yeas; experience does matter!

- See more at: http://fuellingkaty.com/?p=5287&preview=true#sthash.QqTFF0Qx.dpuf

Following are pertinent  questions you should ask your lender once you receive your approval letter. Leave nothing to chance! It is imperative that you interact with you mortgage lender on a regular basis.

For a referral to outstanding lenders, feel free to call me at 713-818-2404 or email me at juliefuelling@sbcglobal,net. I have sold Houston/Cypress and Katy real estate for over 24 yeas; experience does matter!

- See more at: http://fuellingkaty.com/?p=5287&preview=true#sthash.QqTFF0Qx.dpuf

  • What type of loan do you recommend for me?
  • Have you pulled my credit score? What is it?
  • Do you have enough of my pay stubs to proceed?
  • Have I provided my tax returns?
  • Do I have enough funds to close? How much will I need to bring to closing?
  • Are there any items on my credit report, funds to close  or income that may be a potential problem.
  • When will you provide me with a fee worksheet detailing my monthly payment and interest rate?
  • How long does it take your company to underwrite a file?
  • How long does it take your company to appraise the home?
  • Do you feel we will make the closing date on time as agreed?
  • Is there anything else I need to know?

It is imperative that you keep in close contact with your mortgage lender! For recommendations to several outstanding lenders, feel free to contact me at 713-818-2404 or [email protected]

I have sold Katy/Cypress and Houston real estate for over 24 years. Experience does matter!

 

Spoken by Julie Q. Fuelling | Discussion: No Comments »

Houston Home Sales Blossom in March

 

HOUSTON — (April 16, 2013) — It’s hard to tell that the spring home buying season has begun because real estate transactions throughout Greater Houston never slowed during the traditionally quieter winter months. The addition of nearly 119,000 jobs over the past 12 months and the resulting need for housing, combined with continued low interest rates, helped make March Houston’s 22nd consecutive month of positive home sales.

According to the latest monthly data prepared by the Houston Association of REALTORS® (HAR), home sales jumped 17.0 percent compared to last March. Housing inventory, which had been at a 13-year low of 3.6 months during the first two months of the year, shrank slightly in March to 3.5 months.

The lower supply of homes and added demand sent prices higher. The median price of a single-family home—the figure at which half the homes sold for more and half for less—rose 6.5 percent to $172,000, an all-time record high for Houston. The average price rose 4.6 percent year-over-year to $236,195, the second highest level ever.

Contracts closed on 5,779 single-family homes. That is the largest one-month sales volume since August 2012. All housing segments experienced gains except for those priced under $80,000. Homes selling between $80,000 and $250,000 registered the greatest sales volume increase. Read the rest of this entry »

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Is Now a Good Time to Buy a House in Texas?

Buying a house is a big step! The right time to take this leap depends on your financial and personal situation as well as your goals. If you are considering buying a house now, here are some strong reasons why the timing could be right.

  • Housing prices in Texas have been steadily rising at a moderate pace for many years, even while other states have experienced wild price fluctuations.
  • Interest rates are at or near record lows. Even small reductions in the interest rate can sigificantly boost the purchase price you can afford when buying a home.
  • Texas has one of the most affordable housing markets compared to household income, according to the Real Estate Center at Texas A&M University.
  • Our state’s economy is strong and diverse, and the population is expected to continue growing steadily. These factors all point to continued health in the housin market.

As a Texas Realtor, I can show you how our current housing-market conditions factor in to your goal of buying a home. You can count on me to put your interests first whil I assist you during this exciting process.

If you would like to discuss touring tour Katy, Cypress or Houston homes or selling your home, contact me at 713-818-2404 or [email protected]  I have sold local real estate for over 23 years. Experience does matter!

 

Spoken by Julie Q. Fuelling | Discussion: No Comments »

No Slowdown in Sight for the Houston Housing Market

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Home buyers snapped up enough homes in February to raise prices and hold inventory levels to 13-year lows!

Home buyers kept Houston-area REALTORS® hopping in February, generating a 15.5 percent increase in sales compared to the same month last year, according to the latest monthly data compiled by the Houston Association of REALTORS® (HAR). The buying spree held local housing inventory to the same level as January — 3.6 months — which is the lowest supply of homes on the market since December 1999.

February marked the 21st consecutive month of increased home sales, with average and median prices reaching the highest levels for a February in Houston.

Contracts closed on 4,407 single-family homes during the month. All housing segments saw gains except for those priced below $80,000. That suggests the likelihood of an exhausted supply of available homes at that price point. Homes selling from $250,000 to $500,000 registered the greatest sales volume increase, accounting for the price appreciation.

“The recent flurry of home buying and reduced inventory may seem unusual, but is exactly what the Houston market experienced back in the late 1990s,” said HAR Chairman Danny Frank with Prudential Anderson Properties. “The difference is Read the rest of this entry »

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The Houston Real Estate Market Ends 2012 With a Bang

[youtube width="350" height="283"]http://www.youtube.com/watch?v=y6yW-ZiJ1Is&feature=player_embedded[/youtube]

Sales of homes throughout the greater Houston area never let up in 2012, driven by a combination of strong local jobs numbers and historically low interest rates. December marked the 19th straight month that sales were in the black, and it was another month in which housing inventory shrunk and prices rose. In fact, both median and average home prices achieved historic highs as the year came to a close.

According to the latest monthly data prepared by the Houston Association of REALTORS® (HAR), December single-family home sales increased 11.4 percent versus December 2011. Contracts closed on 5,039 homes, driving inventory down to 3.7 months, the lowest level since December 1999.

All housing segments saw gains in December except for the low end of the market—those homes priced at $80,000 and below. Homes priced from $500,000 and above registered the highest sales volume and accounted for another hike in prices.

“2012 was a phenomenal year for the Houston housing market, thanks to the addition of more than 85,000 new jobs locally as well as continued low interest rates,” said HAR Chairman Danny Frank with Prudential Anderson Properties. “Market conditions have created excellent Read the rest of this entry »

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Mortgage Rates Remain Low Spurring Katy Home Sales

Local mortgage rates mostly hovered near their record lows this week, fueling more momentum for Katy h0me purchases.

The 30-year fixed-rate mortgage, the most popular mortgage option among homebuyers, averaged 3.37 percent this week, just above its record low of 3.36 percent, Freddie Mac reports in its weekly mortgage market survey. However, 15-year fixed-rate mortgages, popular among refinancers, dipped to a new low this week, averaging 2.66 percent. 

The following are the national averages in mortgage rates for the week ending Oct. 18, according to Freddie Mac:

  • 30-year fixed-rate mortgages: averaged 3.37 percent, with an average 0.7 point, down from last week’s 3.39 percent average. A year ago, 30-year rates averaged 4.11 percent. 
  • 15-year fixed-rate mortgages: averaged a new record low of 2.66 percent, with an average 0.6 point, own from last week’s 2.70 percent average. A year ago, 15-year rates averaged 3.38 percent. 
  • 5-year adjustable-rate mortgages: averaged 2.75 percent, with an average 0.6 point, rising from last week’s 2.73 percent average. Last year at this time, 5-year ARMs averaged 3.01 percent. 
  • 1-year ARMs: averaged 2.60 percent, with an average 0.4 point, rising from last week’s 2.59 percent average. A year ago, 1-year ARMs averaged 2.94 percent. 

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Katy Real Estate Appraisals: Getting Them Right

By National Association of Realtors 2012 Vice President Gary Thomas

While the real estate market is certainly started on the road to recovery, there are still a few hurdles that are preventing it from gathering steam.  These include tight credit and uncertainty about the rules and regulations governing the mortgage market.

A recently released NAR survey found that issues with appraisals are also holding back home sales.

Appraisals are a vital part of the real estate transaction.  Most appraisers work hard to provide accurate valuations that comply with the Uniform Standards of Professional Appraisal Practice.

However, appraisals generally lag market conditions and some changes to the appraisal process have caused difficulty.  These include use of out-of-area evaluators, inappropriate comparisons and excessive lender demands.  Also, before the beginning of last year, some lenders’ loan Read the rest of this entry »

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Pricey Katy Rentals Reflect Tight Market

Nationwide, more than 20 million households spent over 30 percent of their income last year on rent. In fact, more than half of those renters spent at least half their income on housing, “severely burdening” their finances. This information is from Realtor Magazine and USA Today.

Demand has surged for rental homes as many prior homeowners have lost their homes to short sales and foreclosures. Credit repair is a lengthy process. The other factor is the very tight lending environment which precludes many families from realizing the American dream of home ownership.

In the past few years, median rents have soared almost 20%. In Katy, one is hard pressed to find a reasonable property for less than $900 a month. Properties on the southside of I-10 are next to impossible to find below $1100 per month. With a shortage in homes for lease, landlords are requiring reasonable credit scores, good rental history and steady employment. Criminal background checks are also done on a prospective tenant. It is not unusual for a new rental property to receive multiple applications shortly after it goes on the market.

According to HAR MLS data, leases accounted for 35% of Houston area residential real estate transactions last year. In 2011, rentals accounted for a little bit above 50% of all real estate Read the rest of this entry »

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Houston Homes Sell Briskly for Sixteen Straight Months!

Houston-area property sales have now held firmly to positive territory for 16 straight months, and September’s flurry of home buying caused a further drawdown of inventory and hike in prices. While monthly sales volume eased a bit compared to August, there was enough activity to lower available housing inventory to levels not seen since March 2002.

According to the latest monthly data prepared by the Houston Association of REALTORS® (HAR), single-family home sales rose 8.7 percent compared to September 2011. Contracts closed on 5,014 homes in September, driving inventory down to 4.7 months. Only the low end of the housing market experienced a drop in sales.

“Demand for homes throughout Houston continues to outpace supply as we transition into the fall season,” said Wayne A. Stroman, HAR chairman and CEO of Stroman Realty. “Home sales traditionally begin to taper off this time of year, so we are not worried about inventory declining to unhealthy levels. For those considering selling a home, current market conditions present excellent opportunities, and with interest rates falling to new Read the rest of this entry »

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Katy Homeowners: Is This a Good Time to Sell Your House?

Compliments of the Texas Association of Realtors

There are many reasons people consider selling a home. Whether you are thinking of upgrading, downsizing, or simply making a change,  you may be wondering if the timing is right. Here are several reasons why this may be a good time to put your house on the market.

  • Housing prices in Katy have been steadily rising at a moderate pace for many years, even while other communities have experienced price fluctuations. Chances are that your home is worth more than even a few years ago.
  • Record-low interest rates motivate buyers to act on their desire to purchase a home and give them more purchasing power.
  • Unlike several other states that experienced wild price fluctuations and skyrocketing foreclosure rates, Katy does not have a glut of unsold homes. This is even more pronounced in Katy than some other Texas locations. According to the Real Estate Center at Texas A&M, the statewide supply of homes is at a level that leads to a balanced market.
  • Individuals and businesses continue to move to Houston at an unprecedented rate. This ongoing population feeds a strong demand for housing.

As a Texas Realtor, specializing in West Houston and Katy, I can show you how our current housing-market conditions factor in to your goal of selling your home. You can count on me to put your interests first while I assist you during this exciting process. I have sold real estate for over 23 years. Give me a call at 713-818-2404 or email me at [email protected]. Experience does count!

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