Jill Wente - Spring TX Real Estate

If you are thinking of moving to Spring Texas there are things you need to know. Things Rick (my husband and fellow Prudential Gary Greene Realtor) and I eventually learned on our own but want to share with you.

10 Things you need to know before moving to Spring Texas:

1. No Downtown. Spring Texas is an unincorporated area of Harris County which means there is no actual city of Spring. We do have Old Town Spring which is a quaint area of 200 shops but it is not what you would expect a downtown area of city to be.

2. Our areas blend together. Where Houston TX ends Spring TX begins. And without a "Welcome to Spring TX" sign, you never knew you just left one city and entered another. The areas blending together hold true for other areas too as where Spring TX ends either Cypress, Tomball, the Woodlands, or Humble begins dependent only upon the direction you are heading.

3. No state income tax. Its true, Texas does not have a state income tax. And since we do not have a state income tax, our Spring Texas schools are funded by local real estate taxes. So in comparison to other states, Texas real estate taxes are high.

4. A Mexican restaurant, nail shop, and dry cleaner in every shopping center. I don't know if it is because of a tenant mix requirement for shopping centers or not. But if you like Margaritas, polished nails, and clean clothes, you will find some of the best and cheapest prices in Spring Texas.

5. Fire Ants. You will always remember your first encounter with fire ants. Because within minutes of your stepping on a fire ant mound, the stinging and itching sensation caused by these pesky ants will have you saying words that shouldn't be said out loud. Your best defense against fire ants is to apply Over'n Out twice a year to your yard.

6. Home prices 20% to 30% below national home prices. Balanced supply and demand coupled with lower construction costs makes the Spring Texas real estate market extremely attractive. Your housing dollar will stretch far and you will be amazed with the lifestyle you can afford.

7. No Zoning Laws. Translation - anything can and has been built to anything else. What your home backs up to, fronts, or sides, impacts your home's resale value. Just because you did not mind that your home backed up to an apartment complex or a water storage tank, is no guarantee future buyers will have the same opinion.

8. Lawn maintenance season goes on and on and on. Starting in March and continuing through November, we are whacking weeds, edging, and mowing our lawns. If lawn maintenance is not for you, lawn service companies will gladly do it for you for about $25 a week.

9. A swimming pool for almost every neighborhood. No need to join the local YMCA or pay for a season pass to a waterpark with the majority of Spring Texas neighborhoods having their own swimming pool. The swimming pools range from basic to Olympic sized pools, with water slides, wading pool, and splash pads approaching the size of a small waterpark.

10. Good deodorant is a MUST. Our summers are long and humid and the best way to make it through them is with a good deodorant. Your first summer will be the roughest. But as your body becomes more accustomed to our climate each passing year will be a little easier on you.

Looking for a complete resource for Spring Texas real estate information? You have found it. Have additional questions? Just Ask.

Read also:

• Top 20 Reasons to live in Spring Texas
• Learn about the Spring Texas Neighborhoods

Yesterday, for the first time in almost 4 years, it SNOWED in Spring Texas.

The official time it started snowing I do not know. But for me it was 3:30 pm. I was busy working on my real estate marketing plans for 2009 from my home office when I heard cheers of joy from outside. I looked out my window and listened a little closer and caught sight of the elementary kids who were getting off the school bus and jumping up and down yelling "Its Snowing, Its Snowing, Its Snowing".

I had to stop working and watch the big snowflakes float down from the sky. As I continued to watch it snow, my mind was flooded with wonderful childhood memories of winters in the Midwest where I grew up.

Childhood memories of building snow forts and stock piling them with snowballs for an attack on an unsuspecting passerby, sledding down hills on the lighting fast silver circle which was so cold it felt like you were sitting on an icicle, laying in the snow and making beautiful snow angels, putting on bread sacks before putting on your snow boots to keep your feet dry, and coming back inside from the cold to a mug of hot cocoa.

As a kid, I too was excited to see it snow. But unlike the kids in Spring Texas, we got snow days. And the only thing that was better than one snow day was two snow days.

Even though I moved to Spring Texas to get away from the snow, part of me would not mind having a snow day once and while. That is with the caveat that I could just stay inside and watch it snow and not have to drive anywhere.

The photo above was taken at 9:30 pm last night of fresh snow clinging to the branches of the live oak tree that resides in the front yard of my home. This morning I was hoping to marvel once again at the snow's beauty. But I was too late. Yesterday's snow had already departed.

Will Spring Texas get a White Christmas? Probably not. But we all enjoyed the day it snowed.

How's the Spring Texas real estate market fairing? Is it getting better or is it getting worse? In a word "BETTER".

Our months of inventory has decreased and is creeping closer to a balanced market at 6.2 months. According to the National Association of Realtors, nationally the real estate market has 10 months of inventory.

Our Spring Texas real estate market has out-performed the national real estate market through out all of 2008 and it continues to do so.

• Sales ↓ - 12% decrease with 201 October 2007 sales versus 189 October 2008 sales. The percentage decrease in sales was smaller in October versus recent months. With the majority of the damage caused by Hurricane Ike repaired and the national election now behind us, the buyers are starting to find their way back out into the Spring Texas real estate market.

• Active Listings ↓ - 23% decrease in active listings on the market from 1,772 in October 2007 to 1,365 in October 2008. Less active listings and less qualified buyers combine for a balanced market.

• Months of Inventory ↓ - 7% decrease in months of inventory to 6.2 months. With the months of inventory now hovering closer to 6 months, a more balanced market between buyers and sellers has returned. Buyers your best chance to get a good deal on a Spring Texas home is right NOW. As Sellers are experiencing less showings due to the Holidays and are more willing to deal.

• Days on Market ↑ - 4% increase of Days on Market from 84 to 87. Buyers are being more choosy. They feel no urgency to buy and are taking their time to make a decision. Requiring home sellers to be more patient.

• Sales Price to List Price ↔ - No change in the Sales Price to List Price which remains at 96%. The homes that are selling have been priced right to attract buyers. And thus sellers are able to negotiate a high sales price to list price.

If you are thinking about buying a home now is the time. With 6.2 months of inventory, the market is coming into a more balanced position and the negotiating power that buyers have enjoyed the majority of 2008 is starting to disappear.

And contrary to what you may have heard, lenders so have money to lend. Getting a loan will require more documentation than previously but there is MONEY available for loans. Plus interest rates are still very attractive with 30 year rates at around 6%.

If you needed another reason why now is a good time to buy a home, then buy before the minimum down payment on FHA loans increases. On January 1, 2009 the minimum required down payment increases from 3% to 3.5%.

If you are thinking about selling your Spring Texas home, contact Jill Wente at 281.804.8626. If you are considering purchasing Spring TX real estate, please contact Jill Wente & Company and we will guide you through the entire home buying process.

Read also:

• FHA minimum down payment increase postponed till January 1, 2009
• First time home buyer tax credit - what is it and how to get it

The data represented is from the Houston Association of Realtors MLS for Area 13. Area 13 covers the geographic boundaries of East - I45 to West - Hwy 249 to South - Beltway 8 to North - Spring Cypress.

It seems like every couple of days I hear about the government bailing out this company or giving this other company a loan. I am to a point that I want to know what I have to do to get a government loan. Because after all if the government is giving out money .... I want some too.

You probably have not heard that you may qualify to receive an INTEREST FREE LOAN from the government. Why? Because bad news SELLS and GOOD news well it is just not as exciting.

Now, I don't qualify for the interest free loan since I am not considered a "first-time home buyer". So I am still going to be waiting for my money. But if you DO meet the government's definition of a first-time home buyer, you can get a 15 year interest free loan up to $7,500. I know its not as good as FREE money since the money has to be paid back. Although, it is still a sweet deal.

The interest free loan is called the "first-time home buyer tax credit" and it is part of the Housing and Economic Recovery Act of 2008. The Recovery Act was designed to give housing a shot in the arm and a reason for buyers to purchase a home.

So who is considered a first-time home buyer? A buyer who has not owned a principal residence within the last three (3) years.

What are the other requirements?

• You have to purchase a resale or new home between April 9, 2008 and June 30, 2009

• Don't exceed modified adjusted gross income levels. The entire $7,500 loan is available to individual tax payers with modified adjusted gross income of $75,000 and $150,000 for married taxpayers. A portion of the $7,500 loan is available to individual taxpayers and married taxpayers with a modified adjusted gross income of $95,000 and $170,000 or higher, respectively. If your modified adjusted gross income levels are higher than the amounts above, the government has decided you are doing fine on your own and you do not need their loan.

How do you actually get the first-time home buyer tax credit (A.K.A. "Interest Free loan")?

Take the tax credit on your federal income tax return.

• If you purchase a home in 2008, take the tax credit on your 2008 tax return.

• If you purchase a home in 2009, before you file your federal income tax return for 2008, take the credit on your 2008 return. You do not have to wait until your 2009 return to file for the first-time home buyer tax credit.

• If you purchase a home in 2009, after you filed your 2008 tax return, take the credit on your 2009 tax return.

The tax credit has to be paid back to the government over 15 years which would $500 a year. But the GOOD news is that your first payment does not begin until two years after you claimed the tax credit. For instance if you file for the tax credit on your 2008 return, your first $500 repayment does not occur until you file your 2010 return.

Now I know if you are a first-time home buyer, this all has to sound very confusing. You are right, it is confusing. But DO NOT let that stop you from getting an interest free loan to help you with your real estate purchase. Call us, Rick Ratchford at 281.300.3141 or Jill Wente at 281.804.8626 (Spring Texas Realtors) and we will help you understand how you can take advantage of this program.

After all, the majority of government programs are confusing. And its obvious to me why people don't take advantage of them. The government programs are either too hard to figure out OR the people that qualify for them have not heard of them.

Read also:

• FHA minimum down payment set to increase on January 1st, 2009
• 4 Reasons to get pre-approved before shopping for your Spring Texas home

What's going on with the Spring TX real estate market?  Is it good, is it bad, is it time to sell, is it time to buy?

Real estate is LOCAL and its fairing better in some cities than in others. The Sacramento CA real estate market is different than the Hoboken NJ real estate market which is different than the Houston TX market which is different than the Katy TX market which is different than the Spring TX real estate market.

Anyway you get the picture. Real estate is LOCAL.

The only real estate market that I am going to discuss is the Spring Texas real estate market because that's the one I know.

The interruption caused by Hurricane IKE skews our September numbers. Thus comparing September 2008 to September 2007 does not provide an accurate picture.  

Instead I am comparing September 2008 YTD to September 2007 YTD which in my opinion is a better representation of what is going on in the Spring Texas real estate market.

• Sales ↓  -  17.7% decrease in YTD Sales with 2,459 sales YTD 2007 sales versus 2,023 sales YTD 2008.  A decrease in sales is not surprising considering there are fewer qualified buyers.

• Median Home Price ↓  -  Down 1.4% from $146,000 to $144,000.  GOOD NEWS is that home prices are holding steady and only experiencing a small decrease.            

• Active Listings ↓ -  Listings on the market has decreased 6.4% from 1,757 YTD 2007 to 1,645 YTD 2008. A decrease in active listings is good

• Months of Inventory ↑ -  10% increase in months of inventory with YTD being 6.8 months. Over 6 months of inventory is typically considered to be a buyers market.

• Days on Market ↑ -  10% increase of Days on Market from 80  to 88. Buyers are being more choosy. They feel no urgency to buy and are taking their time to make a decision. Requiring home sellers to be more patient.

• Sales Price to List Price ↔  -  No change in the Sales Price to List Price which remains at 97%.  Sellers are not feeling pressure to take LOW BALL offers.

In summary:

Yes, we have seen fewer sales of Spring Texas homes in 2008 vs 2007.  But the quantity of sales is NOT as CRITICAL as what is happening with our home prices.  Home prices are holding steady with only a small decrease. Since home prices are holding steady, sellers are not feeling pressure to accept LOW BALL offers as represented in the sales price to list price ratio of 97%.

If you are looking to buy a home now is the time. With 6.8 months of inventory, buyers have the upper hand in negotiations causing sellers to be more reasonable on purchase terms.  Money is still available and lenders are looking to lend. Interest rates are still reasonable with FHA rates hovering around 5.5% - 6.0%.  Since home prices are holding steady, buyers do not have to be overly concerned with purchasing a home today that is worth considerably less tomorrow.  

If you are thinking about selling your Spring Texas home, contact Jill Wente at 281.804.8626. If you are considering purchasing Spring TX real estate, please contact Jill Wente & Company and we will guide you through the entire home buying process.

Read also:

• FHA minimum down payment increase postponed till January 1, 2009
• First time home buyer tax credit - what is it and how to get it

The data represented is from the Houston Association of Realtors MLS for Area 13. Area 13 covers the geographic boundaries of East - I45 to West - Hwy 249 to South - Beltway 8 to North - Spring Cypress.