1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.

2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.

3. Equity. Money paid for rent is money that you'll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. Predictability. Unlike rent, your fixed-mortgage payments don't rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.

6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.

7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.

Online resources: To calculate whether buying is the best financial option for you, use the "Buy vs. Rent" calculator at www.GinnieMae.gov.

Make sure you choose a REALTOR® who will provide top-notch service and meet your unique needs.  

1. How long have you been in residential real estate sales? Is it your full-time job? While experience is no guarantee of skill, real estate — like many other professions — is mostly learned on the job.

2. What designations do you hold? Designations such as GRI and CRS® — which require that agents take additional, specialized real estate training — are held by only about one-quarter of real estate practitioners.

3. How many homes did you and your real estate brokerage sell last year? By asking this question, you’ll get a good idea of how much experience the practitioner has.

4. How many days did it take you to sell the average home? How did that compare to the overall market?

The REALTOR® you interview should have these facts on hand, and be able to present market statistics from the local MLS to provide a comparison.

5. How close to the initial asking prices of the homes you sold were the final sale prices? This is one indication of how skilled the REALTOR® is at pricing homes and marketing to suitable buyers. Of course, other factors also may be at play, including an exceptionally hot or cool real estate market.

6. What types of specific marketing systems and approaches will you use to sell my home? You don’t want someone who’s going to put a For Sale sign in the yard and hope for the best. Look for someone who has aggressive and innovative approaches, and knows how to market your property competitively on the Internet. Buyers today want information fast, so it’s important that your REALTOR® is responsive.

7. Will you represent me exclusively, or will you represent both the buyer and the seller in the transaction? While it’s usually legal to represent both parties in a transaction, it’s important to understand where the practitioner’s obligations lie. Your REALTOR® should explain his or her agency relationship to you and describe the rights of each party.  

8. Can you recommend service providers who can help me obtain a mortgage, make home repairs, and help with other things I need done? Because REALTORS® are immersed in the industry, they’re wonderful resources as you seek lenders, home improvement companies, and other home service providers. Practitioners should generally recommend more than one provider and let you know if they have any special relationship with or receive compensation from any of the providers.

9. What type of support and supervision does your brokerage office provide to you? Having resources such as in-house support staff, access to a real estate attorney, and assistance with technology can help an agent sell your home.

10. What’s your business philosophy? While there’s no right answer to this question, the response will help you assess what’s important to the agent and determine how closely the agent’s goals and business emphasis mesh with your own.

11. How will you keep me informed about the progress of my transaction? How frequently? Again, this is not a question with a correct answer, but it reflects your desires. Do you want updates twice a week or do you not want to be bothered unless there’s a hot prospect? Do you prefer phone, e-mail, or a personal visit? 

12. Could you please give me the names and phone numbers of your three most recent clients?

Ask recent clients if they would work with this REALTOR® again. Find out whether they were pleased with the communication style, follow-up, and work ethic of the REALTOR®.

Not all real estate practitioners are REALTORS®. The term REALTOR® is a registered trademark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION of REALTORS® and subscribes to its strict Code of Ethics. Here are five reasons why it pays to work with a REALTOR®. 

1. You’ll have an expert to guide you through the process. Buying or selling a home usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page settlement statements. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes.

2. Get objective information and opinions. REALTORS® can provide local community information on utilities, zoning, schools, and more. They’ll also be able to provide objective information about each property. A professional will be able to help you answer these two important questions: Will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

3. Find the best property out there. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your REALTOR® to find all available properties.

4. Benefit from their negotiating experience. There are many negotiating factors, including but not limited to price, financing, terms, date of possession, and inclusion or exclusion of repairs, furnishings, or equipment. In addition, the purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

5.  Property marketing power. Real estate doesn’t sell due to advertising alone. In fact, a large share of real estate sales comes as the result of a practitioner’s contacts through previous clients, referrals, friends, and family. When a property is marketed with the help of a REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.

6. Real estate has its own language. If you don’t know a CMA from a PUD, you can understand why it’s important to work with a professional who is immersed in the industry and knows the real estate language.

7. REALTORS® have done it before. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. And even if you’ve done it before, laws and regulations change. REALTORS®, on the other hand, handle hundreds of real estate transactions over the course of their career. Having an expert on your side is critical.

8. Buying and selling is emotional. A home often symbolizes family, rest, and security — it’s not just four walls and a roof. Because of this, home buying and selling can be an emotional undertaking. And for most people, a home is the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you stay focused on both the emotional and financial issues most important to you.

9. Ethical treatment. Every member of the NATIONAL ASSOCIATION of REALTORS® makes a commitment to adhere to a strict Code of Ethics, which is based on professionalism and protection of the public. As a customer of a REALTOR®, you can expect honest and ethical treatment in all transaction-related matters. It is mandatory for REALTORS® to take the Code of Ethics orientation and they are also required to complete a refresher course every four years.

1. They don't ask enough questions of their lender and end up missing out on the best deal.

2. They don't act quickly enough to make a decision and someone else buys the house.

3. They don't find the right agent who's willing to help them through the homebuying process.

4. They don't do enough to make their offer look appealing to a seller.

5. They don't think about resale before they buy. The average first-time buyer only stays in a home for four years.

1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.

2. Develop your home wish list. Then, prioritize the features on your list.

3. Select where you want to live. Compile a list of three or four neighborhoods you'd like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.

4. Start saving.Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don't forget to factor in closing costs. Closing costs - including taxes, attorney's fee, and transfer fees - average between 2 and 7 percent of the home price.

5. Get your credit in order.Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.

6. Determine your mortgage qualifications.How large of mortgage do you qualify for? Also, explore different loan options - such as 30-year or 15-year fixed mortgages or ARMs - and decide what's best for you.

7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.

8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you've saved to buy your fist home without paying a penalty for early withdrawal.

9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.

10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process.

It's important to understand what legal responsibilities your real estate salesperson has to you and to other parties in the transactions. Ask your salesperson to explain what type of agency relationship you have with him or her and with the brokerage company.

1. Seller's representative (also known as a listing agent or seller's agent). A seller's agent is hired by and represents the seller. All fiduciary duties are owed to the seller. The agency relationship usually is created by a listing contract.

2. Subagent. A subagent owes the same fiduciary duties to the agent's principal as the agent does. Subagency usually arises when a cooperating sales associate from another brokerage, who is not representing the buyer as a buyer's representative or operating in a nonagency relationship, shows property to a buyer. In such a case, the subagent works with the buyer as a customer but owes fiduciary duties to the listing broker and the seller. Although a subagent cannot assist the buyer in any way that would be detrimental to the seller, a buyer-customer can expect to be treated honestly by the subagent. It is important that subagents fully explain their duties to buyers.

3. Buyer's representative(also known as a buyer's agent).A real estate licensee who is hired by prospective buyers to represent them in a real estate transaction. The buyer's rep works in the buyer's best interest throughout the transaction and owes fiduciary duties to the buyer. The buyer can pay the licensee directly through a negotiated fee, or the buyer's rep may be paid by the seller or by a commission split with the listing broker.

4. Disclosed dual agent. Dual agency is a relationship in which the brokerage firm represents both the buyer and the seller in the same real estate transaction. Dual agency relationships do not carry with them all of the traditional fiduciary duties to the clients. Instead, dual agents owe limited fiduciary duties. Because of the potential for conflicts of interest in a dual-agency relationship, it's vital that all parties give their informed consent. In many states, this consent must be in writing. Disclosed dual agency, in which both the buyer and the seller are told that the agent is representing both of them is legal in most states.

5. Designated agent (also called, among other things, appointed agency). This is a brokerage practice that allows the managing broker to designate which licensees in the brokerage will act as an agent of the seller and which will act as an agent of the buyer. Designated agency avoids the problem of creating a dual-agency relationship for licensees at the brokerage. The designated agents give their clients full representation, with all of the attendant fiduciary duties. The broker still has the responsibility of supervising both groups of licensees.

6. Nonagency relationship (called, among other things, a transaction broker or facilitator). Some states permit a real estate licensee to have a type of nonagency relationship with a consumer. These relationships vary considerably from state to state, both as to the duties owed to the consumer and the name used to describe them. Very generally, the duties owed to the consumer in a nonagency relationship are less than the complete, traditional fiduciary duties of an agency relationship.

Anyone sitting on the real estate sidelines from a media-induced coma needs to wake up and smell the future in Houston, Texas.  Yes, the Houston residential real estate market is experiencing a temporary lull from its "go-go" days of 2006 and 2007, but it is not from a lack of a robust job market  and economy. I think it is the media.  The city has even greater prospects for the future. But don't trust us, look at national publications such as Kiplingers.com, who recently named Houston as the Number 1 City for 2008 and called it the "Comeback Kid". 

http://www.kiplinger.com/features/archives/2008/05/2008-best-city-houston.html

When it comes to the economy, the media has tried to make us feel bad about everything but has focused relentlessly on real estate and over-exaggerated the circumstances.  But hark, there are signs that the American public just isn't buying the national media hype of "doom and gloom" and over-exaggerated tales about America's economic decline. This won't hit major headlines,

http://online.wsj.com/article/SB121327375087967705.html?mod=djemalertNEWS  

Consumer spending increased in May by 1%, and  the two previous months of consumer spending [before economic stimulus checks were disbursed] were revised because actual spending was twice as much as projected.  Even the government gets depressed by the media and then dumbs down from reality to media perception.   As Chair of the Houston Association of Realtors in 2005, the most frequent question asked was, "Is real estate in a bubble?"  Since we had not seen any ridiculous run-ups in value, yet the year was trending to be the best in history, our answer to a bubble was categorically, no.  There is and will not be a bubble in Houston.  I submit to you, a table on reality.  In 2005, the real estate industry was pumped with excitement over the market, and when you compare then to now, we are ahead.  Where's the exuberance?  We have seen better days in 2006 and 2007 and we have a media that loves to spread misery more than ever.  

Houston real estate is trending toward topping 2005 as the third greatest year in residential history.  We are currently experiencing a more positive real estate market than 2005 with the exception of our increased number of listings.  I believe this is a temporary lull in a cycle that will soon work its way to rising sales and home price appreciation.  Why?  We are a city that is growing from a strong economic base of energy, medicine and a port, to name a few.
>Houston's unemployment rate is 3.8% and nationally 5% unemployment is most often the best it gets.  Jobs, interest rates and favorable home prices drive real estate, so we have an economy poised to not only absorb the additional inventory, but to move beyond previous growth cycles and set new records.  I see this as an opportune time to buy real estate and stocks because in the future, I won't be able to afford them.    As for the national media, this year-to-date comparison with last year is dedicated to you for helping to make it happen.

The Houston real estate market of single-family home sales are down by 13% in sold units in comparison to May YTD 2007 sales and has experienced 24,696 MLS recorded sold units.

Dollar volume sold in MLS through May YTD 2008 is $5,072,816,088, representing an 11% decline.  With fewer home sales, it is logical that dollar volume sales would follow the same trend.

Active listings are up by 6% with 35,472 single-family properties currently available.  Last month, the increase was 8%, so it appears that supply is slowly moving in a more positive direction.

Average sales price YTD is $205,410 or 2% greater than last year.  While this is a small increase, it substantiates the opposite experience heard frequently in the national news. Houston is not a market where average sales prices are falling.  In contrast, they are rising as they have historically, at a slow and steady pace.  The average sales price in 2005 was $182,395, or 13.7% less than current. 

The median price is $150,000 and that represents no change from last year. 

Contracts written, which represent May YTD buyer demand in Houston are down by 11% over last year with 19,380 homes reported as pending year to date.

Average sales price per square foot is $88, which represents a 1% decline from last year.

Days on the Market have gone up by 11% since last year and the average time to sell a home in Houston is 86 days. 

  
Watch for a more positive mid-year report next month.   For more information on the market, go to www.RickyGarciaRealtor.com.  Data compiled by the Houston Association of Realtors and written by Toni Nelson, Director of Strategic Initiatives for Prudential Gary Greene, Realtors.

12915 Maples Perch, Humble Tx 77346

Eagle Springs                             3 Bedroom - 2 Bath with Study

Home spacious & open with 9.5' & 10' ceilings.Heart of home is large kitchen & breakfast rm open to oversized den by view over 6' long serving bar.Kitchen Italian 12' tile & back splash,42' white cabinetry,solid counters.Rounded corners.Den gas wood burning FP, King size Master BR.Bath has his/ hers separate closets & vanities,garden jetted tub.Other BR's opposite side of home w/shared tiled bath. New paint & carpet '05.Brick all sides.Front porch paved in brick. Patio 12'x16'.No rear neighbors. Close to metro park and ride.

For more details on this home go to http://rickygarciarealtor.com/index.cfm?fuseaction=detail&startrow=2&CFID=4053450&CFTOKEN=57962381

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