This month’s newsletter includes:
1. Mortgage rate review
2. Explains “appraised values”
3. Desires of Gen Y for High Tech, Green Homes
4. Lets you know how you as a consumer can recognize a Buyers Market
We are always attempting to provide the consumer with valuable real estate information. Please feel free to contact us with real estate questions.
Below is an article about homes with lead based paint. Homes in Houston and Bellaire for sale that were built before 1978 need to have this information provided to potential buyers. After reading this article, feel free to call us with any questions.
Meg & Jim Zoller of The Zoller Group
May 2010
“It’s an honor and a privilege to serve you!”
Copyright 2010 Realty Times
All Rights Reserved.
Remodeling a Home Built Before 1978
Requires a Certified Lead Contractor
By Phoebe Chongchua
Getting the lead out of your home may be tough to do, according to the National Association of Home Builders (NAHB). We’ve known for a long while now that lead paint is hazardous to our health. Lead paint can be very dangerous to children if they inhale or ingest it. It can cause damage to their brains and nervous systems. However, removing it may be difficult.
The NAHB says that a shortage of Environmental Protection Agency (EPA) accredited trainers may stall some remodeling projects in homes where lead is present. A new regulation by the U.S. EPA went into effect last month (April 22, 2010) that requires all contractors working in homes built before lead paint was banned in 1978 to be trained and certified under the Lead Paint: Renovation, Repair, and Painting Rule.
“We’ve gotten the word out to our members and they understand the new requirements and are working hard to get certified by the deadline,” said Donna Shirey, CGR, CAPS, CGP, president of Shirey Contracting in Issaquah, Wash., and 2010 chair of NAHB Remodelers in a recent press statement. The NAHB is doing its part to ensure that remodelers are ready, but it still might not be enough to meet the remodeling industry’s needs. “Our local home building associations are offering certification classes to their members, but EPA hasn’t approved enough trainers to enable our members and other contractors to be certified on time, and that’s going to put remodelers and their customers in quite a bind.”
The purpose of the regulation is to reduce the potential exposure to lead paint that may occur when a home that was built before 1978 is remodeled. The regulation isn’t limited to just remodelers. Other contractors who must become certified include carpenters, plumbers, heating and air conditioning workers, and window installers. The NAHB is sending out a word of caution, since the EPA has approved only 135 training providers and certified about 14,000 renovators in lead-safe work practices. However, according to NAHB, the EPA’s own estimates indicated that more than 200,000 contractors must be trained and certified.
NAHB writes in a press statement that the shortage of trainers can cause big problems for homeowners. “This will severely limit the number of remodelers able to work in older homes and will open the door to more fly-by-night contractors who will skip the training, skirt the law and put home owners at risk.” “EPA must extend the deadline so that consumers can find trained and certified remodelers for their projects. I talked to a group of our West Virginia members who had to travel all the way to Atlanta to take the training sessions because there are no trainers in their own state,” Shirey said.
The new regulation issued in 2008 is rapidly approaching the certification deadline for contractors. The regulation requires contractors to take an eight-hour training course which includes a PowerPoint presentation, hands-on training, and a 25-question quiz. The training is designed to show workers how to handle and contain hazardous lead-based debris. If lead-based debris/dust gets into the air and is breathed in or ingested, it can cause severe health issues.
According to the EPA, lead is more dangerous to children and can negatively impact their brains and nervous systems (which are more sensitive than adults). Also, children tend to absorb lead more easily because they frequently put their hands in their mouths.
Adults exposed to lead paint risk suffering from reproductive issues, nerve disorders, concentration problems, high blood pressure, joint pain, and more.
The EPA recommends that homeowners of homes built before 1978 have their homes inspected for any lead-based paint issues. Typically, lead-based paint that is not chipping and is in good condition is not hazardous to your health.
Equal Housing
Opportunity
Meg & Jim Zoller of The Zoller Group
Meg: 713.875.4844; Jim: 713.545.6338
Toll Free : 1-800-808-6153
meg@FineHomesHouston.com
http://FineHomesHouston.com
Keller Williams Realty – Metropolitan
Direct: 713.661.0884
550 Post Oak Blvd. Suite 350
Houston, TX 77027
Your REALTORS:
Meg & Jim Zoller of The Zoller Group
May 2010
“It’s an honor and a privilege to serve you!”
Copyright 2010 Realty Times
All Rights Reserved.
Fixed-Rates Stable
In Freddie Mac’s results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage averaged 5.06 percent for the week ending April 29, 2010 – down slightly from the previous week when it averaged 5.07 percent. Last year at this time, the 30-year fixed-rate mortgage averaged 4.78 percent.
“Mortgage rates on 30-year fixed loans have averaged about 5% over the first four months of this year, staying within a band of roughly
Mortgage Rates
Source: Realty Times
U.S. averages as of April 29, 2010:
30 yr. fixed: 5.06%
15 yr. fixed: 4.39%
1 yr. adj: 4.25%
a quarter percentage point and virtually matching 2009′s annual average,” said Frank Nothaft, Freddie Mac chief economist.
Costly Mistakes First-Time Buyers Make
Five common and costly mistakes that novice home buyers make:
Ignoring the costs of having a low credit score. Lower-score borrowers pay thousands of dollars in increased interest rates over the life of the loan.
Shopping for other things before closing. Lenders continue to check credit scores right up until closing. Too much shopping could cause the lender to take back the loan.
Scrimping on an inspection. Being surprised by the need for expensive repairs can be financially devastating.
Buying without contingencies. Buyers should give themselves an out if the inspection turns up problems or the bank raises rates.
Insurance can be surprisingly pricey. Buyers who don’t budget for it can face a nasty surprise.
The Cost Between Renting and Owning Narrows
The cost difference between buying and renting is as narrow as it has been since 1993, according to a study on home ownership by Marcus & Millichap Real Estate Investment Services for the Associated Press.
The study examined rent and home prices in 45 metropolitan areas and concluded that gap between a payment on a median-priced home and median rent on a similar property is on average only $256.
Marcus & Millichap calculated the number using median home prices for the last three months of 2009, assuming a 10 percent down payment on a 30-year fixed-rate loan at 5.07 percent.
It factored in mortgage insurance, but didn’t include either repair costs or tax benefits.
Use Your Tax
Return for Good
Tax season can be a challenging time of the year. Some people wait until the last minute to file their taxes, while others file and received their funds before the mid April deadline. If if you are one of the lucky ones who get a tax return, what will you do with those long awaited greenbacks? A popular choice amongst consumers is to pay off credit card debt; another is buying something extravagant. But why not consider how your tax return can help maximize your mortgage product and your financial situation in the long run?
Consider refinancing if you have an ARM or a high interest rate loan. Refinancing into a fixed rate and/or a lower interest rate can save you money in the long run. Why not do it now when rates are at all time lows? You can use your tax return for closing costs.
If you are happy with your mortgage product and rate, why not use your tax return to help add the gourmet kitchen you’ve always wanted? Not only can you have that extra bedroom or outdoor kitchen you’ve always wanted, but you may also be increasing the value of your home and get more money when you are ready to sell. Let your tax return help increase the value of your home by using it to help fund a rehab loan.
Perhaps you want to upgrade to a new home for your growing family. Your tax return can come in handy with closing costs.
Equal Housing
Opportunity
Meg & Jim Zoller of The Zoller Group
Meg: 713.875.4844; Jim: 713.545.6338
Toll Free : 1-800-808-6153
meg@FineHomesHouston.com
http://FineHomesHouston.com
Keller Williams Realty – Metropolitan
Direct: 713.661.0884
550 Post Oak Blvd. Suite 350
Houston, TX 77027
I’m trying to discover some practical applications that will make my Houston and Bellaire Real Estate Business more valuable to consumers. Everyone wants to know what local amenities are near a home they’re considering to purchase. I used this technology tool to find out what grocery stores, libraries, parks, restaurants, bus stations, schools, etc. might be near my Houston real estate listing located at 6026 High Star. The information offered appears fairly complete and correct.
It appears that there are quite a few places you could walk to, but there are many you would want to drive to, ride a bike to or use public transportation to take you to your destination. I found this to be a very useful tool. Let me know what you think.
This is the walkscore.com results for 6026 High Star in Houston, Texas: http://www.walkscore.com/get-score.php?street=6026+HIGH+STAR%2C+HOUSTON%2C+TX&go=Go
Please check out the Houston real estate sales information for 6026 High Star. http://www.finehomeshouston.com/property-detail.php?data_id=13911&page=1. It will make you a wonderful home!
Activerain’s RainCamp in Dallas was RICH with information! Dallas RainCamp offered new information on blogging, technical tools, Twitter, Facebook, Activerain, Google, websites, Zillow, and lead conversion. I know that I will be able to incorporate information provided to help me market Houston and Bellaire real estate in new and exciting ways.
Of course, often when you attend events like this you get so excited about all that you’ve heard. However, you drive or fly back home . . .only to have to go back to work immediately . . .and then you tend to forget so much. Well, I did something different this time. I had my hotel room until noon the next day. So, after our evening networking mixer I went back to the room and studied what I had learned at Dallas RainCamp until 2:00 in the morning. Then I got up about 8:00 and went through all the helpful websites that Brad Andersohn presented. I checked out at noon, but continued studying in the hotel lobby until 2:00. It really made a difference in my retention of the information. The only reason I really stopped was because I was hungry. So I left, ate lunch and headed out on my 4 hour drive back to Houston. During that time I thought about what the speakers said and emphasized. I made a plan to incorporate information to use in marketing homes for sale in Houston, Bellaire and a resort I love, Artesian Lakes which is near Cleveland, Texas.
This was a great seminar for me!!
Brad Andersohn shared over 30 FREE websites that will benefit me in marketing and blogging about Houston and Bellaire real estate.
My TOP 10 FREE WEBSITES ( not in any particular order) that I’m going to add to my real estate business are:
LET ME KNOW WHAT YOUR EXPERIENCE HAS BEEN WITH THESE SITES . . .OR IF IT’S YOUR FIRST TIME TO LOOK AT THESE . . .GIVE ME YOUR OPINION ON HOW THEY CAN BE USED IN THE BEST WAY FOR YOU!! I look forward to hearing what ya’ll have to say about these technology tools.
If you have a chance, please take the opportunity to attend RainCamp when it’s offered in any city that may be close to you.You can’t help to learn from the experience. It is information packed!! I am so thankful that Ben Kinney, Bob Stewart, Brad Andersohn, the great panel and John took their time to share and teach.
Right now it’s time for me to go implement some ideas. I want to do the best I can for my clients and customers when I help them buy real estate in Houston, Bellaire and Artesian Lakes. It’s another great day!!
The new tax credits give many people the opportunity to buy a home. You can get up to an $8000.00 tax break. The following is information provided by the National Association of Realtors on how this new government program actually works. Contact me via phone or email, 713-661-0884 or meg@finehomeshouston.com, if I may assist with any questions or if I may help you buy or sell a home in the Houston area. http://www.realtor.org/ewarehouse.nsf/WebDocs/03053073093204323793222D74D54173043297E24146E06F16E37966D26FCBC773C4ABB05A6286257569004D854A/%24FILE/e135-90.pdf
I hope you enjoy the pictures of our log cabin which is located in Artesian Lakes, Romayor, TX. It’s 18 miles ENE of Cleveland, Texas. http://www.facebook.com/home.php?ref=home#/album.php?aid=94559&id=722768915&ref=mf
There are days when we don’t appreciate our own abilities . . .that we don’t do the best we can . . .and that we might even feel sorry for ourselves. Once in awhile we need a reminder that we can do absolutely anything we set our mind to do. We ourselves . . .limit ourselves. We ourselves . . .give ourselves all the possibilities in life. We are capable of making choices.
I had the extraordinary opportunity to hear Nick talk at KW Mega Camp in Austin last week. When we focus on the small things in life . . .our worlds can become huge. I hope you will enjoy seeing a small part of Nick’s life in the attachment. He has inspored me to appreciate more in life and to not be afraid of trying things out of my comfort level.
http://www.youdrivethesuccess.com/content.html?Nick-Vujicic—No-Arms-No-Legs-No-Worries-31
Robert found my husband, Jim, in our front yard this morning. Jim was doing some carpentry work. Robert walked up to Jim in front of our blue house and started talking to him. However, due to lawnmowers being used in other folks yards, Jim couldn’t understand Robert, so he came into the house and got me. Robert wanted to know where he was. He told me that his name was Robert, that he was 90 years old, and that he had been to Church. Robert couldn’t remember the Church name, his last name, nor his address. I asked him if he had a driver’s license. He pulled out his wallet and it was completely empty. There was absolutely nothing in it. He started going through his breast pocket and found a few dollars . . which he wanted me to take. Of course, I wouldn’t do that. Robert is the sweetest gentleman. He kissed my hand a number of times because I was trying to help him. While Jim kept this darling man company in the front yard, I went into the house and called the Bellaire police. As soon as I told them my story, they said that there was a missing person report and they asked me for a description. Yes, Robert’s children had already notified the police. They had been looking for him all morning. They own a bloodhound and the bloodhound had tracked him to a cross street on the other side of the freeway. . .quite a way from our home. Then the scent dissappeared. We all assume someone gave Robert a ride to a Church so he could listen to the music. Robert took a wrong direction and ended up in front of our home. He likes carpentry and the house he lives in is blue like ours. He possibly thought it was his home. Unfortunately, he knew he was lost. He was scared. His daughters were so upset and happy when the Bellaire police put us together. They were at our home to pick Robert up immediately. Everyone was so appreciative and relieved. Thank goodness this was a happy ending. It was a glorious day to meet Robert and his family. So some nice things came out of this. I think I’m going to have some business cards made up for Robert so that he can keep them in his wallet. We all need help sometimes and shouldn’t be afraid to ask. Our lives are too short not to take care of each other. I am so appreciative of the fact that we were here to help Robert and his family today.
HAR is reminding agents about the sign ordinance in Houston. I am forwarding their message to all.
SIGN ORDINANCE ENFORCEMENT
ALIVE AND WELL
After some period of relative calm, Houston Sign Ordinance enforcement is back in the news. Recent reports indicate “open house” signs photographed by city sign inspectors were later confiscated and fines levied against the listing agent (as much as $432 per sign per day) for violation of the Houston Sign Code. Some of the violating signs had been placed in the roadway medians which are definitely off-limits.
While signs provide some quick and direct advertising for real estate sales, signs placed in the wrong place can mean extra costs to your business. Brokers and their agents must be familiar with the Houston Sign Ordinances to avoid costly fines. Here are the critical provisions:
Sec. 4608 (c)(3) of the Houston Sign Code in part states: any unlawful sign found within public right-of-way shall be seized and removed. This includes the area by the side of the road and medians.
Section 28-39 of the Code of Ordinances in part states: It shall be unlawful for any person to place or cause to be placed any advertising matter of any kind whatsoever located in the public streets, public sidewalks alleyways, easements, public property or any other public place.
Section 40-7 of the Code of Ordinances in part states: It shall be unlawful for any person to erect, place, build, construct or maintain….sign or other obstruction upon any public street…..but the same shall be construed to prohibit and forbid every type and kind of obstruction….
Citations carry a minimum fine of $300.00 with a maximum of $500.00 per day per sign. For more information, please visit the City of Houston’s Sign Administration/Permits Webpage.
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