Katy City Limits

'A Perfect Storm'

David Winans has created a video explaining why - Texas is the place to be in this economy.  Click here to view the video.    

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)

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.

Houston - Real Estate Is Alive & Well

It's amazing the 'power of the media' - or as Rush Limbaugh would say, 'The Drive By Media'.  For the last 5 years, the media has been talking about the 'Housing Bubble' and then for the last year all you have heard is that 'The Housing Bubble' has burst.  Those of us in the know - REALTORS® - have always known that 'Real Estate is Local'.  Guess what! the media has finally figured it out.  I'm starting to hear that term on all the business & financal shows, newspaper articles and all over the internet.   

Yahoo Real Estate listed Houston this week 'The Best City in the Nation to Buy a Home'. Click here for the story.

But, you're saying 'It doesn't feel like that in my neighborhood' - remember, even within the Greater Houston & surrounding area - 'Real Estate is Local'. To determine what is going on in your neighborhood go to - www.SmithFamilyTeam.com, complete 'The Real Estate Market in Your Neighborhood'.  You will then receive a weekly snapshot of what is going on locally - in your area.