The Jones Team Blog

August 30, 2010

I talk to people every day who are nervous about putting their homes on the market. The doom and gloom that is plastered on every television station has them convinced that there is just no way their home will sell. I try to avoid TV news as much as possible. I figure if I need some drama I can always watch a good movie.

August 27, 2010

Flood insurance has been a hot topic in real estate this year. I know that most have not heard too much about it. The headlines have all been about the recession, foreclosure rates, plummeting home values, and high unemployment. The National Flood Insurance Program has been allowed to lapse several times this year leaving all Americans in a bind, not just those in a flood zone. We currently are set through September 30, and an extension of the program is likely without a lapse, but there are no guarantees.

August 24, 2010

July figures are in and, as expected, the market cooled off considerably.  Home sales in the Houston area suffered a double digit decline in July, with sales of single family homes falling 25.1 percent.  Sales of all property types combined fell 24.4 percent on a year-over-year basis.

August 22, 2010

If you find you’re bored and feel like there’s nothing to do then you are in luck. There’s always a lot going on in the Katy area. Here is a list of just some of the things coming up that can help keep you occupied.

Foundation repair…just the mere mention of it makes people cringe. Foundation problems are right at the top of the list of things that terrify potential buyers. Once the damage is done there is nothing left to do but have it repaired. There are plenty of companies in the area that consider themselves experts, but we recommend using Olshan™.

August 12, 2010

The Federal Reserve on Tuesday agreed to keep the federal funds rate near zero. This move was in an effort to keep long term interest rates from rising, thus easing investor’s fears that the economy is headed for another dip into recession. Economists suggest that while this move is not earth shattering news, it does send a message that the fed is willing to take steps to keep the economic recovery from stalling.

August 9, 2010

The mortgage landscape has changed once again. Congress has passed bill  H.R. 5981, and once the President signs it FHA will lower the upfront premium on home loans while increasing the annual premium. The upfront premium will decrease from 2.25% to 1.25% and the annual premium will increase to .85-.90% depending on the loan to value (LTV) of the loan. A loan with an LTV of less than 95% will increase to .85%, while LTV’s greater than 95% will increase to.90%.

August 2, 2010

While we have seen better days, the economy in Katy, and the entire Houston area, has done fairly well compared to the rest of the nation. There are plenty of reasons for our resilience, and one of those is our stable home market. Home construction and home ownership contribute a significant amount to the overall growth and prosperity of the community.

We have great news for homebuyers and current homeowners. Congress has passed the extension for the Homebuyer Tax Credit, allowing those who had met the previous deadline of April 30 to have more time to close on their home and still qualify for the tax credit. Nothing like waiting until the last minute! Homebuyers will now have until September 30 to close. The flood of contracts near the end of April, coupled with a wave of refinances has swamped an industry that was already working on a skeleton crew.