TOM PLANT'S HOUSTON REAL ESTATE BLOG

Investors breathed a sigh of relief Wednesday when Federal Reserve Chair Ben Bernanke told Congress that interest rates are likely to remain low for an extended period. The economy, he said, “still requires support for recovery.”

Investors see these low rates as a boon to a recovery of employment and business.

Bernanke’s announcement also took the edge off the news Wednesday that housing sales hit a new low in January.

“Even though nothing he said was particularly new, it was just enough to calm the ruffled feathers that were out there,” said Jim McDonald, chief investment strategist at Northern Trust in Chicago.

Source: The Associated Press, Tim Paradis (02/24/2010)

This wonderful Braeswood area (Westridge) home will be open for real estate agents Wednesday February 24 from 12:00 to 2:00. Lunch will be served and there will be a drawing for $50 Amex Gift Cheque for agents only. 3211 Durhill

This is a wonderful 2002* home sitting on a large (8,255sf*),park-like lot.Whether entertaining formally or informally,with formal living, formal dining,the kitchen open to family room and office on the first floor,3 bedrooms and game room on the second floor this home will accommodate a variety of lifestyles.The location provides convenient access to downtown and the Medical Center by South Main and Buffalo Speedway and the freeway system by quick access to Loop 610.*=Per HCAD

3211 DURHILL                                                    OPEN 12:00 TO 2:00                                                 LIST PRICE $549,000

Mortgage borrowing costs fell for the second week in a row, reports Freddie Mac.

Rates on 30-year, fixed loans averaged 4.93 percent, down from 4.97 percent last week and not far off the record low of 4.71 percent.

Interest on 15-year fixed loans, meanwhile, slipped to 4.33 percent from 4.34 percent.
Adjustable-rate mortgages also declined, with the five-year ARM dropping to 4.12 percent from 4.19 percent a week ago and the one-year ARM moving to 4.23 percent from 4.33 percent.

Source: Chicago Sun-Times, Francine Knowles (02/19/10)

© Copyright 2010 Information Inc.

The economic recession is encouraging more families to consider homes that accommodate multiple generations.

According to a survey by Coldwell Banker Real Estate, 37 percent of practitioners surveyed saw an increase in home buyers looking for space for parents and grown children. Nearly 70 percent of practitioners say they expect an increase in this kind of demand.

Coldwell Banker recommends that sellers highlight their “mother in-law suites” or similar spaces that could accommodate a family interested in multi-generational living. Whether it’s a garage apartment or refurbished basement, this separate space can help such a home stand apart from others on the block.

Source: Coldwell Banker Real Estate (02/22/2010)

The pressure is increasing on Congress to renew the homebuyer tax credits for a third time.

The first $7,500 tax credit was passed in 2008 and required first-time buyers to repay the credit over 15 years. A few months later in 2009, Congress expanded the credit to a maximum of $8,000 that didn’t have to be paid back.

At the end of last year, Congress extended the benefit again until April 30 with an extra two months on top of that to close. A new credit of $6,500 was added for move-up buyers, too.

Now representatives of the housing industry are lobbying for another extension. Some experts, including Mark Zandi, chief economist at Moody’s Economy.com, who supported the earlier credits, think the time has come to let it go.

“It’s worn out its benefit,” he says. “If you extend it again, it isn’t going to do much, and what you’re doing is providing a tax break to folks who bought anyway.”

Source: The Wall Street Journal, Nick Timiraos (02/22/2010)

The Internal Revenue Service has clarified which documentation taxpayers need to submit to claim the first-time and move-up homebuyer tax credit.

While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties’ signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn’t common.

The IRS clarification says: “In areas where signatures are not required on the settlement document, the IRS has clarified that it will accept a settlement statement if it is completed and valid according to local law. … The IRS encourages those buyers to sign the settlement statement prior to attaching it to the tax return.”

For repeat buyers, the IRS is seeking documentation that home buyers have lived in the previous property for a consecutive five of the past eight years. Proof can include property tax records, home owner insurance records, or mortgage interest statements.

Source: Washington Post (02/20/2010)

I sold this wonderful home 17 days to obtain offer and accept contract.

Recent* Lovett construction in gated community inside Loop 610.Convenient to Medical Center,Downtown,Rice University and Museums.Living room,dining room,den and kitchen on first floor,marble floors and crown molding throughout.One of the larger,nicer homes in this community.First floor living with master suite,two additional bedrooms,and laundry on the second floor.Fourth bedroom with full bath on the third floor.Attractive landscaped backyard with beautiful salt water pool*. *=per seller

List Price – $539,000                                                                                             6306 Hermann Lake Drive

JUST SOLD

 A classic Southgate area home with recent* updates.This spacious and well cared for home has 3 bedrooms,2.5 baths and wood floors throughout.The first floor living spaces are light and bright and are well suited for both formal and informal entertaining.The large 7,200 sf** lot provides a generous fully fenced backyard.The 2,253 sf** size does not include the bonus room located above the detached garage.The location with easy access to Medical Center,Rice U,Rice Village *=per seller **=per HCAD

2316 WORDSWORTH                                                                                                                                                     OPEN 3:00 to 5:00

LIST PRICE $659,000

This is a wonderful 2002* home sitting on a large (8,255 sf*),park-like lot.Whether entertaining formally or informally,with formal living, formal dining,the kitchen open to family room and office on the first floor,3 bedrooms and game room on the second floor this home will accommodate a variety of lifestyles.The location provides convenient access to downtown and the Medical Center by South Main and Buffalo Speedway and the freeway system by quick access to Loop 610.*=Per HCAD

3222 Durhill                                                                                                                                                      JUST LISTED

$549,000

Home buyers who are eager to close the deal before the tax credit expires should be prepared to deal only with lenders who will respond to the need for speed.

Even buyers without A-plus credit should be able to get a loan. “If you go to enough lenders, you can typically get a loan even with a low credit score. The terms, of course, are not as attractive,” says Spencer Rascoff, chief operating officer of Zillow.com.

Another possibility is to propose a lease-purchase deal or land contract to the seller. If the deal is structured properly, both buyer and seller could walk away winners.

Source: CNNMoney.com, Jean Chatzky (02/15/2010)