Editors note: As real estate professionals we hear these questions and misconceptions on the daily. The answer to every question is: Talk to your lawyer! - Norma Wall, Broker Community property is the legal concept that assets and debts acquired by either party during a marriage or domestic partnership are owned equally by both parties. This includes your home. When the union is dissolved, the Continue Reading
Tips For Newlyweds Buying a Home
Congratulations on your wedding and decision to buy a home together! After you get married, you and your partner are probably eager to take the next steps. For many people, this means buying a home. It’s time to settle down with your spouse, and start making your homeownership goals. This is a major financial commitment, so it’s normal to feel overwhelmed. Buying a house is a stressful but Continue Reading
How Property Taxes Impact Your Mortgage Payment
When buying a home, property taxes are one of the expenses that can make a significant difference in your monthly payment. Do you know how much you might pay for property taxes in your area or the area you want to relocate to? Get the Details on Texas Property Taxes Texas has no state income tax, so property taxes take up the slack. Taxes vary by city, school district and other factors. When Continue Reading
Right to Cancel on Refinancing
As part of the federal Truth-in-Lending Act, refinancing homeowners are granted a 3-day “cooling off” period post-closing during which they retain the right to rescind, or “cancel”, their recent refinance without penalty or cost. The Right To Cancel is protection against surprises at closing and/or a change of heart. It’s also a safety valve for homeowners signing paperwork under duress. With 3 Continue Reading
Texas Contract Addendum COVID-19
Editors Note: This is not legal advice and is intended only to make you aware that this promulgated form is available. In the event that this form is presented for your consideration on an existing or new contract, you may want to consult an attorney. The following is taken directly from the Informational page about the COVID-19 Addendum. The use of the COVID-19 Addendum to Texas real estate Continue Reading
Owning a Home Can Increase Family Wealth
Increase Your Family’s Net Worth With a Home The Federal Reserve conducts a Survey of Consumer Finances every three years, collecting data across all economic and social groups. Their latest survey data covers 2013-2016. This study revealed that the median net worth of a homeowner is $231,400 – a 15% increase since 2013. Also, the median net worth of renters decreased by 5% ($5,200 today vs Continue Reading
Experts Say Strong Ending for 2019 Housing Market
We’re in the back half of the year, and with a decline in interest rates as well as home price and wage appreciation, many are wondering what the predictions are for the remainder of 2019. Here’s what some of the experts have to say: Ralph McLaughlin, Deputy Chief Economist for CoreLogic “We see the cooldown flattening or even reversing course in the coming months and expect the Continue Reading
9 Pricing Mistakes – Price to Sell, Not to Keep!
Picking the wrong asking price for your home can cost you a lot of money. Here are nine don’ts when coming up with your number: DON’T ASSUME YOUR HOUSE IS WORTH THE SAME AS YOUR NEIGHBOR’S Your neighbor’s home sold recently, but it has a pool, an updated kitchen, and a cracked foundation. Your house doesn’t have a pool, doesn’t have a cracked foundation, and has an extra floor. Continue Reading
Hooray for Homeowners!
The Benefits of Growing Equity in Your Home Over the last couple of years, we’ve heard quite a bit about rising home prices. Today, expert projections still forecast continued growth, just at a slower pace. One of the often-overlooked benefits of rising home prices is the positive impact they have on home equity. Let’s break down three ways this is a win for homeowners. 1. Move-Up Continue Reading
Tips For Maximizing Your Home’s Appraised Value
Tips For Maximizing Your Home’s Appraised Value If you’re getting a home appraisal, there are several things you can do to maximize the final home appraised value. And it’s not that tough. A home appraisal is an independent opinion of your home’s value, performed by a licensed home appraiser. Appraisals are part of the traditional home purchase process, and lenders require them for most Continue Reading
