Texas real estate

Property professionals in the Houston area are kept busy with the rapid rise in building and population. Houston real estate is booming! It regularly beats the statistics for the nation as a whole. Even given the troubles of the banking industry, the tendency is for property to retain its value, and turnover quickly.

If you are looking for a new house, real estate agents in Houston will inform you that new housing construction both in the suburbs and in the inner city has been booming. The increase in gas prices has made it more attractive to live closer and new homes are constantly being constructed on land inside the Loop. Some of this construction is for single family dwellings, but the majority are condos, town homes and lofts.

People who do not want to build a home have options ranging from grand Victorian-style houses to the most cutting-edge dwellings. Houston boasts a history of housing well-known architects, so finding a home to fit your style, from truly trendy to more mainstream, is simple. Additionally, some older houses have undergone extensive interior renovations, while maintaining the charming outside appearance.

In terms of land area, Houston is much greater than several small countries in the world. Also, it is among the three largest cities. Hence, it becomes very necessary to consult real estate agents in Houston, when you are looking for a suitable property there. Online sources can be a good alternative, however, on special matters like flooding, schools, deed restrictions, amenities etc. you surely need to consult a local expert to search through various localities and neighborhoods.

Selling the city to new potential residents is not very hard for real estate agents in Houston. The fourth largest city in the United States has everything most anyone could want, except mountains. The ocean delights of Galveston are just an hour away, and recreation and green space abounds in the city and nearby.

There are many other interesting options in the Houston area. Centers of higher learning abound, as do symphonies, orchestra and ballet. The Texas Medical Center is home to some of the most innovative cancer and circulatory research of the twenty first century. Professional property agents understand the needs of both medical professionals and the patients they serve.

By: Chris Crompton

Located twenty-six miles north of Austin, the city of Georgetown was recently selected for the number two spot on Forbes Small Business magazine’s List of 100 Best Places to Live and Launch, (April 2008). Factors such as schools, health care, crime rate, housing and utility costs, taxes, average temperatures, parks, and cultural offerings were taken into consideration in making this distinction. Georgetown was listed number two among the top 100 cities “that best blend business and pleasure.”

With its motto, “Today’s Learners, Tomorrow’s Leaders”, Georgetown Independent School District is committed to providing quality education with outstanding schools as well as developing life-long learners and leaders. Strong community support and parental involvement are the cornerstones of the outstanding educational services provided students to in GISD.
GISD serves a diverse population of students from grades PK-12 in its 15 campuses. On the elementary level, GISD provides three schools for PK-2 students, three schools for students in grades 3-5, and three schools for students in grades K-5. At the secondary level, GISD has three middle schools and a 9th grade campus in addition to the high school. GISD also provides an alternative high school program at Richarte High School. The tenth elementary school in GISD is scheduled to open in the fall of 2008.

The demographic makeup of GISD includes 4.1% African-American, 31.5% Hispanic, 62.9% White, .7% Native American, and .9% Asian. GISD serves a 36.3% population of economically disadvantaged students and 9.3% with English as a second language.

On the Texas Education Agency Academic Excellence Indicator System, GISD was rated as Academically Acceptable for 2007. Two GISD schools, Ford Elementary and Village Elementary were given Exemplary ratings. Only 8% of the schools in Texas qualified for this rating. GISD had four schools, Benold Middle, Forbes Middle, Tippit Middle, and Cooper Elementary, that received Recognized ratings. Pickett Elementary and Benold Middle School were recognized by TEA as Gold Performance Schools.

Three GISD schools, Village Elementary, Pickett Elementary, and the Ninth Grade Campus, have been honored by the Texas Business and Education Coalition (TBEC) by being named to their Honor Roll. The TBEC Honor Roll pinpoints schools that meet high academic standards for three consecutive years. Less than 5% of the schools in Texas qualify for this distinction.

Texas Monthly magazine honored two GISD schools, Forbes and Tippit Middle Schools, in its December 2007 list of High Performing Public Schools.

Georgetown is a dynamic, growing community, nestled in a beautiful Texas Hill Country setting. Georgetown maintains small town charm with close proximity to all the amenities of the Austin metroplex.

By: Ronnie Bredahl

Pro: It goes up.

While other investments tend to fluctuate, real estate, especially in desirable areas, usually becomes more and more valuable. One thing that remains true of this country is that our population is steadily growing. Eventually, all of those millions of people are going to need places to live.

Con: It goes down.

Just as nothing is completely certain, whether your real estate will be as profitable as you’d like depends on a variety of factors. Find out what you can about the area you’re buying in–scout out local businesses and talk to your potential neighbors. What good things are happening in your area? Are there aspects that worry you? Make a list. Also consider how long you want to be there. While flipping is possible, most of the time you need to be patient before your home sells for the amount you’d like.

Pro: Your monthly payment is fixed.

Aside from taxes, which fluctuate every year, your monthly payment will usually be fixed. This means no landlords raising rent and no trying to calculate your changing home budget. In addition, your mortgage company will make all this painfully easy for you to pay on time, and most mortgage companies have convenient ways to pay online.

Con: Your taxes can go up.

If taxes in your neighborhood rise, that’s a good sign your property value is rising too. Sit tight and be patient–the taxes are usually going to schools and roads and funds that will profit the community. If you can afford to pay them, then by the time you sell your home, the value of it will be high and your neighborhood well worth living in (or moving from, as the case may be.)

Pro: Tax benefits.

There are many tax benefits you can gain from owning a home. You can deduct most repairs, mortgage interests, and taxes. Talk with your accountant about these options, and save all your receipts from anything having to do with your home.

Con: You can be foreclosed on.

In the event you can no longer afford your property, the government can seize your home. Foreclosures are rare, however, and can be avoided by proper budgeting and by paying attention to your mortgage statement. If there is anything you are confused about, most mortgage companies offer friendly and helpful advice. After all, they have an interest in your interest, too.

Pro: You can actually enjoy and use your real estate investment.

Unlike cars, which depreciate with wear, and stocks, which you can’t ever see or play with, your home can be a secure and enjoyable investment if you choose to live in it. You can tear down walls and paint the trim loud colors. You can open up ceilings and put a Jacuzzi in your master bath. You can sit on your new cedar deck in the mornings and watch the birds come flocking to your yard. You can make it messy or tidy it up. It’s yours.

Con: Owning a house is not always easy.

Owning a home can be difficult at times. You might need to rewire a switch or replace a door knob. You’ll need to keep up your yard and regularly maintain your appliances so they last longer. Keep a list of handymen handy, and every now and then check your roof, trees, and plumbing. Keep some money in the bank in case something does happen that insurance won’t completely cover. Monitor your property carefully, and it will be worth your while when (or if) it’s time to sell.

By: Ki Gray

Everything in Texas is big, including real estate options. If you’re considering a move to Texas, here is a primer on the state.

Dallas

Dallas is a big city with a definite oil influence. There is a certain over the top feeling about Dallas, but people are pleasant and the city has first-rate services. Make no mistake, living in Dallas is living in a big city. It comes with all the negatives of a big city such as traffic, but all the positives such as professional sports teams and so on. If you prefer living in a big city, Dallas may be a good choice as real estate is surprisingly cheap.

Austin

Austin is the home of the University of Texas and one of my favorite cities. With a definite college town attitude, one can experience an odd mix of the Wild West with the liberal attitudes of college students. The town boasts famous music festivals and, of course, an avid group of college football fans. Eternal optimist, they even think they can beat the Oklahoma University Sooners in 2005.

Houston

Constantly in a friendly competition with Dallas, Houston is a city that stands on its own merits. Those merits, however, are based on the boom or bust nature of the oil industry. When things are going well, Houston is abuzz and grows in leaps and bounds. When things are going bad, the economy suffers and so do the people living there. This boom or bust scenario has led to overbuilding and the city has an organized feel to it. All and all, not a personal favorite, but to each there own.

San Antonio

San Antonio is the big city with the little town feel. Unlike Houston, it is not dependent upon the oil business, which has resulted in some careful urban planning. Now the eighth biggest city in the United States, San Antonio is an up and coming city. Of the big cities in Texas, I would consider San Antonio the best overall.

Texas Real Estate

Overall, the good news is Texas real estate is very reasonably priced. The average home price in Dallas is $260,000, while Austin comes in around $200,000. A single family home in Houston will set you back $150,000 on average, while $220,000 will do the job in San Antonio.

The bad news with Texas real estate involves appreciation. Texas has the lowest real estate appreciation rate from September 2004 to October 2005. With an appreciation rate of a little over 5 percent, not everything is big in Texas. Still, this may be an opportunity to get in on the ground floor, particularly for a great town like Austin.

One would think Texas is a take it or leave it state, but it simply isn’t true. The cities are all unique and a lack of a state income tax makes the low real estate appreciation rates easier to swallow.

By: Raynor James

Located only 15 minutes west of downtown Austin, Steiner Ranch is a community that combines excellent location with exceptional living. Steiner Ranch is situated on the shores of both Lake Austin and Lake Travis, so Steiner Ranch real estate often offers superior views as well as easy access to some of the best water recreation in the area. The community is also home to some fabulous homes that many homebuyers vie for. Whether you want to enjoy naturally stunning views or great home value, Steiner Ranch is a great option when you are in the market for a new home.

Steiner Ranch is known as a Taylor Woodrow mater-planned development. The community was first established in 1988, when building in the area first began. This history ensures that the community is designed for maximum comfort and convenience while offering great value. Many lots in the area offer mature landscaping while the careful design offers innovative homes and comfortable living. Since construction continues, however, homebuyers still have the option of buying new construction properties, if they wish.

The Steiner Ranch real estate market is currently strong. New homes are available from $300 000, although many begin in the $400 000 range. Resale homes offer a terrific value. Many of these beautifully maintained properties date from the latter part of the 1990s, when Steiner Ranch construction really exploded. Homes range in style and size and these resale houses begin in the mid $250 000 price range.

Whatever sort of Steiner Ranch home you purchase, you can enjoy knowing that you are buying into a terrific living experience. Parents will be especially pleased to know that Steiner Ranch is part of the esteemed Leander Independent School District and that three local schools are rated “exemplary.” Families moving to Steiner Ranch can enjoy wonderful homes as well as excellent schooling.

Steiner Ranch residents also enjoy a number of excellent facilities and amenities. Lake Travis boat ramps are only 5 minutes away while golfers will appreciate the community’s 18-hole signature golf course. Swimming pools, green spaces, tennis facilities, and trails are all available for Steiner Ranch homeowners to enjoy. For more relaxed days, the exclusive Lake Austin Spa offers wonderful beauty and relaxation treatments right in the Steiner Ranch area.

By: Eric Bramlett

Texas real estate owners today are caught in a costly paradox: as property values decline, the county tax assessor’s office paints a far rosier picture. Home sales are flat, yet property taxes continue to rise. Visit the local county tax assessor’s office and most likely you will see large blowups of articles raving about the robust Texas economy and housing market – useful information if your task happens to be convincing homeowners to accept, and pay, the yearly tax increase!

The reality is the state’s need for continued, increasing revenue. Since Texas does not collect income taxes from its citizens, the state’s greatest source for income is property taxes. This revenue funds fundamental programs like schools, and city governance and maintenance. In most counties the tax rate is about 3% of the retail price of your home, which would probably make sense if that percentage corresponded to the rise and fall of the actual market. In fact, most states collect the appropriate property taxes at a moderate rate of increase each year.

Not so in Texas. Texans have some of the highest property taxes of any state in the union. And they increase every year, as you know, in spite of the fact that your neighbor’s “for sale” sign has faded and become part of the scenery in front of his desperately low priced home.

Homeowners who live in their Texas homes and who claim a homestead exemption will plausibly see continued increases in their property taxes, no matter what the actual market is doing. Increases of up to 10% per year are not uncommon. And if that doesn’t get your attention, a few consecutive years of such an increase probably will. It happens every year, even when the economy is soft. Homeowners can easily be swept along in this rising tide of ever increasing taxes of they do not protest their tax assessments. As each year passes, the tax increases compound.

A recent CNNMoney.com article by Les Christie, sites this particular problem and discusses the surge in homeowner requests for lower tax assessments — especially in states which have enjoyed significant real property value increases over the past decade. Now that the economy is universally in decline, more tax payers are contesting their property assessments, and rightly so. Yet, city and county budgets are equally strained. Therefore, learning how to fight your property taxes now will improve the likelihood of actually obtaining a lower rate when the next opportunity comes.

An Achievable Battle

Less than 7% of all homeowners protest their property taxes. Most believe that they probably won’t win, or that their home’s value is about the same as everyone else’s. Many homeowners simply don’t know how to go about it or where to start. Some folks assume the hassle will prove overwhelming compared to the tax relief they may get.

In truth, fighting your property taxes with the county tax assessor takes very little time, and your dispute could save you tens of thousands of dollars when spread out over the time you own your home. The smart homeowner can gain ground on this escalating problem by tackling it as soon as possible, for tax decreases you might obtain could take awhile to have an effect, since they are simply canceling out the years your artificially inflated taxes went uncontested. In any case, the money that you can put back in your pocket with the next tax cycle will certainly justify your investment of time and effort. It just makes sense to start this year.

Research Your Options

The property owners who have been successful in lowering their taxes will tell you to make use of the internet. Start with a Google search for Texas property taxes, or Texas property tax help. Study up on the information available and then prepare to collect some vital statistics.

Organize and Document
o Check your current tax records. Ensure that the square footage of your property is correct. Recently a Texas resident provided blueprints of his house to correct past years’ miscalculations, to the tune of over $700 for each year! That one correction alone ensured significantly lower taxes for that homeowner, proving it’s wise to look over your existing tax documents.
o Compare your taxes with your neighbors’ property taxes. Understand the local tax climate. For all you know, you could be paying much more than them; this information will work to your benefit.
o Make sure you have all the paperwork you need for your hearing. Keep organized files of your ground work.
o Be sure to file for a protest! You have several weeks to do so following receipt of your property tax assessment, but you must file before May 31st. If you do not have the form, contact your county office or visit http:/www.propertytax-help.com/forms.html. After mailing your request you must then go to the county tax assessor to file your informal request.

Keep it Up!

The bad news: Expect your taxes to start creeping back up if you miss even one year disputing them. Texas real estate owners really do themselves a disservice by NOT staying on top of their rising property tax situation, so you’ll need to gear up for an annual trip to the county tax assessor.

The good news: Experts agree that most people can cut half of their increased value with just a few tricks and things to do while at their appraisal hearing. But you have to keep doing the yearly legwork or your taxes will continue to increase. If you devote more time in really understanding the issue, and commit to doing just a little more work, you’re savings could be substantial.

By: Don Dietrich

The economic outlook for Texas during 2008 points towards slower growth, yet that’s still better than most parts of the country, which will see no growth at all. Texas, with the 2nd largest state economy in the U.S. and the 15th largest economy in the world, will record growth of about 2.2% annually, according to the Texas Workforce Commission.

Warm weather, undervalued real estate, lack of a state income tax, and good jobs
continues to attracted people to the Lone Star State. These new residents all need a place to live, so the real estate market statewide should continue to be busy, though less busy than recent high-water marks, like 2006.

Recent national uncertainty about a slump in the housing market and a “credit crunch” has lowered consumer confidence, and the United States may now be in a recession for the first time since 2001. Higher energy costs, mainly the near $100 per barrel price of oil, are now reflected in the price of many goods and services. The Federal Reserve Board (the Fed) cut a key interest rate, the federal funds rate, twice over a two week period, by 125 basis points (1.25%), to increase lending and public consumption. The Federal Reserve Board Open Market Committee, which sets the federal funds rate (the overnight interest rate that banks charge each other), meets again March 18th, and MarketWatch.com reports that the Fed could lower the rate again, this time by 50 basis points (.5%). Controlling this interest rate is how the Fed regulates the money supply in the U.S. economy, and this in turn helps manage inflation and interest rates. Such actions by the Fed make it appear that either the economy is in a recession now or quickly sliding into negative growth.

The Fed reports that banks are raising credit standards at a rate not seen since quarterly surveys of senior bank officers began 17 years ago. Mortgages, consumer loans, commercial real estate loans, and just plain business loans will see higher credit standards, the Fed reports. As most economists know, tighter credit generally slows down economic growth.

To increase growth, Congress just passed a stimulus package worth about $160 billion dollars, and President Bush is expected to sign it into law, though some economists doubt that it will have any effect.

However, with high population growth and low unemployment, like a 4.3% jobless rate at the end of December, Texas continues to outperform the national economy. Economists predict this growth to continue throughout 2008, according to the Real Estate Center at Texas A & M University.

By: Eric Bramlett

When you read the real estate stats for sales in Austin this year, it just does not make sense. The Austin American Stateman produced an article that showed sales down from last year. This is alone is not strange if you take away the fact that jobs in Austin Texas Grew during the same time.

We see the subprime concerns opening up inventory, builders are developers are still going. Lago Vista Real Estae for example is going to see some real changes with all of the new communities coming in, and I mean large subdivisions relative to the size of the town.

I am not sure if Builders and Developers are ready for something I do not see or are they over eager. When we look at the growth plan for Austin over the next couple decades it seems that we neeed the developments, but how can we expect so many people. Well, Austin is a beatiful town. when I go to other cities I can see why people like it so much, it’s sometimes hard to remember that all places are not this pretty.

People move here for the great lake activity and the two major lakes for the Austin area Lake Travis and Lake Austin. Cedar Park Texas was just written up in Family Circle a great place to live, and has plenty of room for growth. Round Rock Real Estate doesn’t make the new the way it used to all though Round Rock is a fantastic town with lots to do.

Austin in general is a great place to live despite some of the current preforeclosure and shortsale concerns. consumers have lots of choices from fixeruppers to nice waterfront and Luxury Homes.

By: Curtis Reddehase

Dallas is a fantastic market for real estate whether you are looking for a home or just an investment. Apart from the obvious business and commerce of downtown, Dallas includes a host of wonderful neighborhoods, parks, shopping districts, and entertainment, which make it a fun and enjoyable metropolis for families and single people alike.

The Trinity River Project is a new addition to the city that will bring an enormous amount of value to the surrounding real estate. This twenty-three mile city park will cut through north and south Dallas, providing walking, riding, and play areas galore. Both commercial and residential properties are still available for investment in the surrounding areas.

When it comes to dining, festivals, museums, and theater, Dallas has some of the best entertainment Texas has to offer, not to mention the American Airlines Center, which is home to the Dallas Stars, Mavericks, and a host of huge concert events.

Highland Park and Park Cities are some of the most amazing neighborhoods in Dallas, featuring shopping villages and amazing school systems, and the neighborhoods surrounding Dallas are studded with beautiful older homes as well as new construction. Names like Greenway Parks, Preston Hollow, Lakewood, and Oaklawn are hosts to enjoyable neighborhood communities with great history.

There are also several newer neighborhoods developing and older ones that are revamping in the Dallas real estate market. The Bluffview area is receiving a complete make over with new homes popping up everywhere. This is an excellent area if you are looking for new construction because it has access to all of the major highways as well as proximity to more than a dozen private schools.

If city living is more to your taste, the downtown area is experiencing a residential flourish of historic loft conversions and luxury highrises. West Village and Uptown are the center for fashion and trendsetting as well as an exciting nightlife. If sophistication is more important, then Turtle Creek has some gorgeous highrise condos and flats to choose from.

Though Dallas is a booming market for Texas real estate, it is extremely affordable compared to other large cities in the United States. It has all of the amenities, entertainment, culture, and style of a metropolis, at a cost that is below the national average. Property values have continued to increase steadily over the years but with the growth and popularity of the city, it is expected to take a curve upward in price. Now is a great time to invest in Dallas real estate, and a great time to become a part of this lively Texas city.

By: Von Sutten

There are a number of nationally recognized web sites that offer homeowners an indication of the current market value of their home. Sites like Zillow typically utilize tax records and publicly available comparable sales data in conjunction with a computer model to provide homeowners with an indication of what their home might sell for. This system might work well in the 37 states that have full disclosure laws where everyone has access to home sales data, but what about the other 13 states that do not make this information available? Seven of those states disclose transfer tax data from which one might be able to back into a sales price using the transfer tax rate and some simple math. This leaves six that do not disclose any home sale data. What does a seller do in these states?

Well, he or she can still go to the aforementioned sites and request a value, but those values will likely be quite inaccurate. A survey done by Zillow itself using data from September, 2010 showed that, in the Dallas-Fort Worth metro area, the values provided by their system were off by more than 20% about a third of the time.

Houston had a similar percentage. Another independent study from the University of Texas – San Antonio indicates that the “Zestimates”, as Zillow refers to their value analysis, are overestimated 80% of the time, leading a potential seller to over price their home most of the time. This has a number of negative consequences beyond just a home that sits on the market without offers. If an offer is made and accepted at that high sales price, the home might not qualify for mortgage financing when an appraisal comes in low.

There are six states with statewide non-disclosure laws: Alaska, Idaho, Louisiana, Mississippi, Texas and Utah. Since most homes are sold through a real estate agent, sales data for these homes is collected by the local Multiple Listing Service. Because the MLS is wholly owned by the local Realtor association, the data is not publicly available unless that association decides to release it. Therefore, in states like Texas, it is even more important to utilize a local agent who has access to the MLS, or a Realtor?-owned site like www.MyHoustonHouseValue.com , so a home may be competitively priced.

It appears that the momentum is on the side of disclosure as more and more states have required the public disclosure of home sales. There may indeed come a time when Texas homeowners have the ability to log-on to a computer system and access sales data through public records in the same way that property tax records can be accessed. However, we may also find, as homeowners in other states have, that the systems providing this information are not very user-friendly.

In addition, the unique characteristics of each home make it challenging for someone who doesn’t have an intimate knowledge of the real estate markets to establish an accurate home price, particularly in a declining market. Furthermore, the extensive marketing expertise offered by an experienced, licensed Texas real estate agent make the associated commission well worthwhile. A 2010 survey indicated that the average home sold through an agent sold for $193,300, while the typical property sold without an agent’s assistance sold for only $140,000. This difference is far from insignificant to most people and underscores the importance of professional advice.

The internet is an amazing source of information – but beware when you use it to replace a Realtor’s? professional advice on your biggest investment – it might cause the sale of your home to fall through.

By: Mike Lesmeister