Katy City Limits

Want To Buy a 'Dollhouse'

Michigan Couple Offering a Large-Scale Bargain

Calling a home for sale a 'Dollhouse' isn't necessarily a compliment, but in the case of the home Gerry and Cindy Mann are selling, it's the truth.

The Manns have been unable to find a buyer for their full-size home in Battle Creek, Mich., over the last year. Now they are trying a new approach.

To focus attention on the property, they are offering a dollhouse version of their home created 15 years ago by Cindy Mann's father. It's built on a 1 foot to 1-inch scale and is valued at about $2,000. The Manns are offering it for $169,000 and throwing in the full-size version for free.

"I've seen funny signs, like, 'Hey, honey, stop the car,' but I haven't seen anything like this," says Matt Davis, president of the Battle Creek Area Association of REALTORS Board of Directors. "I mean, it's a pretty creative idea, and God bless 'em if it works."

Source: The Associated Press (09/02/2008)

Katy Nation - TV Series

It's finally happening - Dexter Clay who came, saw and wrote about Katy Tradion - there will be a reality TV series about Katy High School Football.  The Katy Times reported this week that according to Clay 'We want to give an inside look at what it takes to be able to put two teams on the field on Fridays." Click here to read the entire article...

Real Estate Market Report

What's happening in the real estate market?

Below is the market update from the Houston Association of Realtors year to date as of the end of July, 2008. This information is for Area 25 - Far West Houston which includes 'Katy City Limits'.

There were 1601 sales YTD in 2008 vs 1901 in 2007, this represents a drop in sales of 15.78%.  The average sales price YTD is $137,582 which is an increase of .44% of 2007.

The median price home is down 4.69% - from $127,160 in 2007 to $121,200 in 2008. Sales price per square foot has gone from $66 in 2007 to $64 in 2008 - a drop of 3.03%. There have been 3320 new listings YTD - vs 3977 in 2207.  That's a reducdtion of 16.52% on the market this year.   As a result there are 188 fewer pending sales this year or 12.04% less.  The days on market for home has increase for 73 in 2007 to 87 in 2008.  There is currently 6 months inventory on the market - which means that if no additional home go on the market all the homes listed would be sold in 6 months.

Keep in mind that there are variations in the market within the area - to see what is happening in your neighborhood go to SmithFamilyTeam.com and order your personalized Market Report.

Data compliled by the Houston Association of Realtors Multiple Listing Service.

First Time Home Buyers - Tax Credit

It's passed and the President has signed - but, what does it mean?

You are elgible if you have not owned a home in the last three years. The tax credit is equal to 10 percent of the property up to a maxium of $7500.  Here's how it works:

• The credit is $3,750 for married couples filing separately. Unmarried people who purchase jointly, can divide the $7,500 credit.
• The program is a loan which must be repaid over 15 years at a zero percent interest beginning in the second year after the home is purchased. A buyer who qualifies, will pay $500 for 15 years or about $41.67 per month.
• Credit applies to homes purchased on or after April 9, 2008, or before July 1, 2009.
• High-income home buyers don't qualify: Elgibility phases out for single taxpayers with adjusted income of more than $75,000 and $150,000 for joint filers.  It completely phases out at $95,000 for singles and $170,000 for married couples filing jointly.

Click here to seach homes: www.SmithFamilyTeam.com

Forclosure Scams

  I'm constantly amazed at how creative people are.  Unfortunately, many times that creativity is used for evil instead of good.  In the last few years mortgage loans have been made to buyers who probably should not have gotten those loans.  Now they find themselves in a position where they are finding it difficult to make their payments and facing forclosure. 

Now comes the creative part - there is an increase in forclosure scams.

"The emerging foreclosure rescue scams, in which swindlers pledge to save the owner's house, are likely to worsen, says Sharon Ormsby, the FBI's chief of financial crimes. "The scope is probably going to be potentially as large as the mortgage fraud problem itself," she says....click here for the entire article.

If you find yourself in a situation where you cannot make your mortgage payments, contact your lender immediately.  Most lenders want to work with you, they do not want your house.  If you find that you need to sell your home.....contact a Realtor that has training in Short Sales.