Here in the College Station, TX real estate market we are fortunate that our market was not as effected by the national downturn of the real estate markets, however YOUR College Station real estate is still subject to the new federal and state regulations that have been enacted recently.  One of those most pertinent in the Texas real estate market pertains to appraisals and was addressed by Governor Rick Perry recently.

Governor Perry highlighted several new laws that take effect Jan. 1, 2010, which institute important reforms to the appraisal process which in turn will help property taxpayers, to read the full article click here.

Getting an accurate appraisal on your home can be tricky these days. Prices are fluctuating in many markets, and with fewer sales taking place, appraisers are having a difficult time finding recent comparables to value homes. But getting an accurate appraisal could mean the difference between selling your home and watching it languish on the market.

There are things you can do, however, to help ensure that your home is appraised fairly. Here are some tips:

• Consider getting an appraisal before you list your home. The listing agent can use the information it contains to help set a realistic listing price.
• Make sure you and your agent are present when the appraiser comes. Follow him around the property, and make sure he doesn’t miss anything important that may affect the home’s value.
• Provide information to the appraiser to help him determine the property’s value. A current survey, tax bill, list of personal property being sold with the home, title insurance policy, and proposed improvements can be helpful. Consider preparing a “brag sheet” that lists major home improvements and upgrades, the date of their installation, and cost.
• Take a look at the houses that the appraiser is using as comparables, and don’t be afraid to let the appraiser know if your property is worth more.and why.
• Make sure all areas of the home are accessible.

For a consultation regarding how these new changes may affect you and YOUR College Station real estate give me a call today!

At a Glance:

FIRST TIME BUYERS
Credit: Equal to 10 percent of the home’s purchase price, up to $8,000

Who Qualifies?

• Those who haven’t owned property in the last three years
• Those with income up to $225,000 for couples or $125,000 for individuals (credit phases out for people who make more than these amounts)
• Must be at least 18 years of age to claim credit
• Purchase price must be $800,000 or less

Deadlines:

• Have until April 30, 2010, to enter into a contract for a home purchase
• Have until June 30, 2010, to close on the purchase

CURRENT HOMEOWNERS
Credit: Equal to 10 percent of the home’s purchase price, up to $6,500

Who Qualifies?

• Those who have owned and lived in their principal residence for at least five consecutive years during the past eight years
• Those with income up to $225,000 for couples or $125,000 for individuals (credit phases out for people who make more than these amounts)
• Must be at least 18 years of age to claim credit
• Purchase price must be $800,000 or less

Deadlines:

• Have until April 30, 2010, to enter into contract for a home purchase
• Have until June 30, 2010, to close on the purchase

In addition, buyers have another year to take advantage of the higher loan limit for mortgages backed by the Federal Housing Administration, Fannie Mae or Freddie Mac set at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost housing markets. The limit in normal markets will remain $271,050 for FHA and $417,000 for Fannie Mae and Freddie Mac.

PLEASE NOTE: The tax credit does not have to be repaid provided you live in the new home for a minimum of three years.  Military families are exempt from this stipulation. Purchaser must attach documentation of purchase to tax return.

Please remember to consult with a tax professional for individual eligibility and implications of the Homebuyer Tax Credit. More information can be found at the IRS Tax Credit Website.

Bryan/College Station Real Estate Market Statistics

January – August

2009 has proven to be a very odd year for real estate!  The numbers are not lining up with 2008 and WOW the number of properties that are available are up by 83 (7.3%) yet the number of new listings taken in August is down 116 properties. The number of new listings is down from 411 to 295 in August which is DOWN 28.5%   But, we still have an increase in our listing inventory (properties available to purchase)…. what will the 4th quarter bring????

The RECON published by the Real Estate Center at Texas A&M University reported that College Station is the “third most underpriced college town in the country. The median home price in the first quarter of this year was $107,000. According to IHS, houses in the Bryan-College Station area are 21 percent undervalued.”   I love this town! We can buy a lot more house for the money here than almost every other college town in the country!

Remember the first-time homebuyer $8,000 federal tax credit closes at the end of November. To qualify for the credit, the transaction must close before midnight on November 30, 2009.  If you quality, don’t miss out on the federal government giving you up to $8,000!

So I have to know – did you try the 979-764-2121 InstantInfo24/7 system?

Just in case you didn’t know what the 979-764-2121 Instant Info program is all about….

Have you ever been driving around a neighborhood and wanted to know how much a house is selling for but you didn’t want to “bother” the agent or they weren’t there when you called? WE HAVE THE ANSWER!!!   Call 979-979-2121 and enter property code 2033 for me to activate your cell phone. ANY PHONE – ANY TIME!

Be sure to forward this information on to others you know and care about. Share the knowledge that Bryan/College Station is NOT participating in a real estate recession!

And, we need your help – we need your referrals. CALL ME!

Sam Affanhe

979-314-1399