Houston Texas Real Estate – the $8,000 Tax Credit

Expanded Tax Break Available for 2009 First-Time Homebuyers 

WASHINGTON — The Internal Revenue Service announced today that taxpayers who qualify for the first-time homebuyer credit and purchase a home this year before Dec. 1 have a special option available for claiming the tax credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year.

Qualifying taxpayers who buy a home this year before Dec. 1 can get up to $8,000, or $4,000 for married filing separately.  See full article…

Houston Texas Real Estate – Healthiest Housing Market in 2009

Builder, in conjunction with Hanley Wood Market Intelligence, debuts its metric for determining markets with the best and least potential.

They like to do things big in Houston. Now the metro area, home to nearly 5.8 million people, can lay claim to being the largest home building market in the country, with 42,697 building permits. The market is still benefiting from an influx of population and jobs and rebuilding in the wake of Hurricane Ike. Employment rose 2.2 percent last year, representing the addition of an incredible 57,000 jobs. Home building activity in Houston has only fallen 31 percent since 2005.  Read full article…

Houston Texas Real Estate – Tax appraisal versus the Sold Price what’s the REAL deal?

 

 

Tax appraisal versus the Sold Price what’s the REAL deal?

 

I was asked this question today.  This is a great question and asked by many buyers.  The value that the county tax assessor does not reflect the selling price of that home.  Tax assessors do not go into the property to see any improvements (or lack thereof), and in some cases square footages are listed incorrectly.

 

Now then, this is NOT a bash against the good folks at the county tax office.  I’m just stating what I see.  Assessed values can be all over the map (no pun intended) as shown in the following chart.  These are homes that sold November 1^st, 2008 in the Bay Glen subdivision of Clear Lake.

 

Address	Closed Date	Adjusted Sold	Assessed
		Price	Value
1306 Chestnut Springs	11/19/2008	$        133,763.00	$  133,190.00
1247 Sandy Plains	1/14/2009	$        148,000.00	$  149,494.00
14722 Cobre Valley Dr.	1/30/2009	$        156,500.00	$  155,589.00
14330 Arborcrest	1/16/2009	$        165,000.00	$  156,631.00
14806 Flowerwood	11/26/2008	$        161,990.00	$  167,700.00
14211 Leafy Elm	1/13/2009	$        170,000.00	$  167,807.00
14718 Sun Harbor	1/30/2009	$        175,475.00	$  169,900.00
1207 Sandy Plains	11/21/2008	$        174,000.00	$  154,500.00
1522 Hillside Elm	11/13/2008	$        182,000.00	$  155,000.00
1223 Mabry Mill		$        163,000.00	$  155,755.00

 

 

It’s a good idea to keep an eye on your assessment as it could be off.  Square footages can be off.  I’ve seen it both ways.  Some homeowners have paid for years, based on square footages that were off as much as 200 square feet.  Now that’s fine, if they have underestimated.  But if they have overestimated your footage, you’re paying for it.

 

Buyers need to be careful when looking at property taxes listed in the MLS listings.  I always suggest that they not get too excited when they see a home with taxes listed that are significantly lower than everything else in the neighborhood.  On more than one occasion properties have crossed my desk where the taxes listed did NOT include the school taxes!  And by all appearances, it’s “WOW!  This is a GREAT tax rate.”

 

Lesson: Don’t sign an offer just because you see low taxes on an MLS printout- investigate it first.

 

When a Realtor inputs the listing into the Houston MLS, the listing “auto populates” the tax information.  In other words, the system goes to the county tax office records and imports that info into the MLS.  Ok, granted I’m not “techie,” but you get the idea.  So if that information is incorrect on the tax records, it is going to be incorrect on the MLS.

 

Check the facts.

 

 

 

Tax appraisal versus the Sold Price what’s the REAL deal?

 

I was asked this question today.  This is a great question and asked by many buyers.  The value that the county tax assessor does not reflect the selling price of that home.  Tax assessors do not go into the property to see any improvements (or lack thereof), and in some cases square footages are listed incorrectly.

 

Now then, this is NOT a bash against the good folks at the county tax office.  I’m just stating what I see.  Assessed values can be all over the map (no pun intended) as shown in the following chart.  These are homes that sold November 1^st, 2008 in the Bay Glen subdivision of Clear Lake.

 

Address	Closed Date	Adjusted Sold	Assessed	% Sold
		Price	Value	Price to
				Assessed Value
1306 Chestnut Springs	11/19/2008	$        133,763.00	$  133,190.00	99.6%
1247 Sandy Plains	1/14/2009	$        148,000.00	$  149,494.00	101.0%
14722 Cobre Valley Dr.	1/30/2009	$        156,500.00	$  155,589.00	99.4%
14330 Arborcrest	1/16/2009	$        165,000.00	$  156,631.00	94.9%
14806 Flowerwood	11/26/2008	$        161,990.00	$  167,700.00	103.5%
14211 Leafy Elm	1/13/2009	$        170,000.00	$  167,807.00	98.7%
14718 Sun Harbor	1/30/2009	$        175,475.00	$  169,900.00	96.8%
1207 Sandy Plains	11/21/2008	$        174,000.00	$  154,500.00	88.8%
1522 Hillside Elm	11/13/2008	$        182,000.00	$  155,000.00	85.2%
1223 Mabry Mill		$        163,000.00	$  155,755.00	95.6%

 

 

It’s a good idea to keep an eye on your assessment as it could be off.  Square footages can be off.  I’ve seen it both ways.  Some homeowners have paid for years, based on square footages that were off as much as 200 square feet.  Now that’s fine, if they have underestimated.  But if they have overestimated your footage, you’re paying for it.

 

Buyers need to be careful when looking at property taxes listed in the MLS listings.  I always suggest that they not get too excited when they see a home with taxes listed that are significantly lower than everything else in the neighborhood.  On more than one occasion properties have crossed my desk where the taxes listed did NOT include the school taxes!  And by all appearances, it’s “WOW!  This is a GREAT tax rate.”

 

Lesson: Don’t sign an offer just because you see low taxes on an MLS printout- investigate it first.

 

When a Realtor inputs the listing into the Houston MLS, the listing “auto populates” the tax information.  In other words, the system goes to the county tax office records and imports that info into the MLS.  Ok, granted I’m not “techie,” but you get the idea.  So if that information is incorrect on the tax records, it is going to be incorrect on the MLS.

 

Check the facts.

 

 

 

 

 

Tax appraisal versus the Sold Price what’s the REAL deal?

 

I was asked this question today.  This is a great question and asked by many buyers.  The value that the county tax assessor does not reflect the selling price of that home.  Tax assessors do not go into the property to see any improvements (or lack thereof), and in some cases square footages are listed incorrectly.

 

Now then, this is NOT a bash against the good folks at the county tax office.  I’m just stating what I see.  Assessed values can be all over the map (no pun intended) as shown in the following chart.  These are homes that sold November 1^st, 2008 in the Bay Glen subdivision of Clear Lake.

 

Address	Closed Date	Adjusted Sold	Assessed	% Sold
		Price	Value	Price to
				Assessed Value
1306 Chestnut Springs	11/19/2008	$        133,763.00	$  133,190.00	99.6%
1247 Sandy Plains	1/14/2009	$        148,000.00	$  149,494.00	101.0%
14722 Cobre Valley Dr.	1/30/2009	$        156,500.00	$  155,589.00	99.4%
14330 Arborcrest	1/16/2009	$        165,000.00	$  156,631.00	94.9%
14806 Flowerwood	11/26/2008	$        161,990.00	$  167,700.00	103.5%
14211 Leafy Elm	1/13/2009	$        170,000.00	$  167,807.00	98.7%
14718 Sun Harbor	1/30/2009	$        175,475.00	$  169,900.00	96.8%
1207 Sandy Plains	11/21/2008	$        174,000.00	$  154,500.00	88.8%
1522 Hillside Elm	11/13/2008	$        182,000.00	$  155,000.00	85.2%
1223 Mabry Mill		$        163,000.00	$  155,755.00	95.6%

 

 

It’s a good idea to keep an eye on your assessment as it could be off.  Square footages can be off.  I’ve seen it both ways.  Some homeowners have paid for years, based on square footages that were off as much as 200 square feet.  Now that’s fine, if they have underestimated.  But if they have overestimated your footage, you’re paying for it.

 

Buyers need to be careful when looking at property taxes listed in the MLS listings.  I always suggest that they not get too excited when they see a home with taxes listed that are significantly lower than everything else in the neighborhood.  On more than one occasion properties have crossed my desk where the taxes listed did NOT include the school taxes!  And by all appearances, it’s “WOW!  This is a GREAT tax rate.”

 

Lesson: Don’t sign an offer just because you see low taxes on an MLS printout- investigate it first.

 

When a Realtor inputs the listing into the Houston MLS, the listing “auto populates” the tax information.  In other words, the system goes to the county tax office records and imports that info into the MLS.  Ok, granted I’m not “techie,” but you get the idea.  So if that information is incorrect on the tax records, it is going to be incorrect on the MLS.

 

Check the facts.

 

 

Clear Lake Texas Real Estate – Clear Lake Foreclosures

Not a day goes by that someone doesn’t ask me about foreclosures in the Clear Lake area.  With news from the national media, foreclosures are certainly a hot topic.

It’s important to remember; all markets are LOCAL.

In the last quarter of 2008, of the 568 single family homes sold in the Clear Lake area, 56 were foreclosure sales according to Houston MLS statistics.  This represents 10% of total home sales.  Here’s what I am using for the Clear Lake area:

Clear Lake City
Clear Lake Shores
Friendswood
Kemah
League City
Nassau Bay
Seabrook
Taylor Lake Village
Webster

I didn’t compare the town home or condo market but I suspect it would be about the same ratios.  Condo and town home sales typically represent about 10-11% of our total sales here as we’re mostly a community made up of single family homes.

Currently there are 32 clear lake area foreclosures for sale representing just over 3% of the total homes for sale right now.  Will that number go up?  I’m sure of it.  Where will it end?  I’m not sure.  With patience, there are some good deals out there- you just can’t be in a hurry.  A couple months ago, I helped my good friends Stan and Amee purchase a property in Pearland and pick up a conservative $15,000 in equity.  Not a bad return for a first home.

If you’re curious about a specific area, just write me at john@searchclearlake.com and I’ll share those numbers with you.  Or, you can sign up for our daily “hotlist” at www.ClearLakeHomeSearch.com .