Why insisting tenants have renters insurance is imperative. We’ve all heard about the recent devastation caused by earthquakes, tornadoes, floods, hurricanes and fires that have swept the nation coast-to-coast.  Forces of nature are not to be reckoned with and as a tenant, you should be proactive in protecting yourself financially in the off-chance you drastically lose the contents and personal belongings that make your day-to-day life happen.

Often, tenants have a false sense of security thinking that they will automatically be covered if something were to happen to the home they are renting from a landlord or property manager.  It is not uncommon that lease agreements are written with the standard verbiage of something along the lines of “tenant shall hold the landlord/property manager harmless from any and all liability.” In layman’s terms, the landlord/property manager insurance policy covers the structure only, not the tenant’s personal contents.

No doubt insurance premiums can seem costly or a hassle, but imagine having to replace all of your belongings because a hurricane devastated your town last week.  The expense and inconvenience of replacing all of your clothes, jewelry, food, furniture, TV, computers, your smartphone, and all of the supplies it takes just to live each day will sky rocket if you do not have renters insurance. 

 Mardi Gras Madness Fundraiser Sponsored by Bayou City Performing Arts Montrose Houston Texas

Come out and support the innerloop community

Redistricting Town Hall Meeting Schedule for City of Houston Texas

Repost of the Houston Association of Realtors informational notice about potential redistricting for Houston City Council.

A member benefit of the Houston Association of REALTORS®. Is this email not displaying correctly? View it in your browser. City of Houston Redistricting 2011 The City of Houston Charter requires that the City Council expand to eleven single-member districts at such point that census data demonstrates that the City's population exceeds 2.1 million residents. With the much anticipated release of the 2010 US Census, we will begin the process of redistricting in order to add those Districts. The City is interested in hearing from you and your neighborhood regarding your suggestions for the configuration of the new council districts. Town Hall Meetings Schedule Each meeting is scheduled for 6:30 - 8:00 pm. Any interested party may attend any meeting. Date Location District Convenient To METRO Routes March 3, Thursday Museum Fine Arts-Houston, 1001 Bissonnet St. -- Law Building, Brown Auditorium District D 1 Hospital, 8 South Main, 34 Montrose, 65 Bissonnet, 292 W. Bellfort/Westwood, 700 METRORail March 7, Monday Woodbridge Church, 5707 Kingwood Drive District E   March 8, Monday University of Houston-Clear Lake, 2700 Bay Area Blvd. -- Bayou Bldg, Garden Room District E   March 10, Monday Pershing Middle School, 3838 Bluebonnet Blvd. -- Auditorium District C 2 Bellaire, 68 Brays Bayou, 402 Bellaire Quickline March 21, Monday Briargrove Elementary, 6145 San Felipe -- Auditorium District G 6 Tanglewood, 32 Renwick, 35 Fairview March 22, Monday Oak Forest Elementary, 1401 West 43rd St. -- Auditorium District A 40 Pecore (Ella branch), 50 Heights March 23, Monday Houston Community College-Southeast campus, 6815 Rustic -- Learning Hub District I 36 Lawndale March 28, Monday Jeff Davis High School, 1101 Quitman St. -- Auditorium District H 1 Hospital, 9 N. Main, 24 Northline, 15 Fulton, 37 El Sol, 52 Hirsch, 60 Hardy, 78 Irvington March 29, Monday Acres Home Multi Service Center, 6719 West Montgomery Rd. -- Auditorium District B 44 Acres Homes, 64 Lincoln City March 31, Monday Sharpstown Park Community Center, 6600 Harbor Town Dr. -- Auditorium District F 2 Bellaire, 9 Gulfton, 25 Richmond (Sharpstown branch), 46 Gessner, 81 Westheimer-Sharpstown, 402 Bellaire Quickline     Copyright © 2011 Houston Association of REALTORS, All rights reserved. You are receiving this as a member of the Houston Association of REALTORS®. Our mailing address is: Houston Association of REALTORS 3693 Southwest FwyHouston, TX 77027 Add us to your address book    unsubscribe from this list | update subscription preferences | view email in browser

REBLOGGED BY PRIOR WRITTEN PERMISSION FROM TRULIA reblogged by prior written permission from Trulia

7 Insider Secrets for Bargain-Seeking House Hunters 8 Posted under: Home Buying  |  August 9, 2010 1:40 PM  |  5,720 views  |  19 comments Email Alerts Send to a Friend Post to Facebook Post to Twitter RSS

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1.  Get - and stay - clear on what "bargain" actually means.  Learn the difference between the asking price and the fair market value of a home. Many buyers think a bargain is any sale price below the asking price.  But a home's asking price is an indicator of the seller's intention, and can be roughly the same as, greater than or less than the actual market value of the home. In fact, a bargain is a home that you buy at a discount from the fair market value, or one you get with some other perks.  If the list price is set high, a below-asking sale price could still be above-market, and if it's set low, you could pay more than the asking price and still get a great deal!

Also, get clear on what "bargain" means to you.  Are you looking for the biggest home at the lowest price (i.e.,low price per square foot)?  The lowest price in the best neighborhood?  A home in move-in condition for the price of similar homes that need work?  A home with all the furniture and electronics thrown in? There are many ways to skin the "bargain" cat.

2.                  ‘Regular' sales may present better bargain opportunities than foreclosures and short sales. Contrary to popular belief, individual home sellers have more leeway and, often, more motivation to accept a lower offer than bank negotiators do. (In a short sale, the bank is the ultimate arbiter of how low the seller can go.)  The banks often must adhere to guidelines, including that they may only accept an offer X below the fair market value - many banks have a policy of slightly reducing the list price and re-market the home before taking a lowball offer.

Individual sellers have no such limitations, and often take bargain-priced offers because they must move quickly, or are otherwise motivated.  Also, individual sellers have the ability to bargain on other transaction points, as well - you might pay the fair market value to an individual seller, but get them to agree to paint the place, complete the pest repairs and fix the furnace.  Chances you'll get a bank to do that for you? Somewhere between slim and none.

3.                  Look for sellers who have demonstrated their flexibility on price.  When you house hunt online, don't limit your search criteria to beds, baths and square feet.  Search for price-reduced homes or, at the very least, sort and prioritize your search results by the dollar amount or percentage by which the price has already been cut.
   
These discounted digs might already be a bargain, and in some cases, the sellers might be willing to deal even more!

4.                  Find a motivated seller - look for homes with longer-than-average Days on Market (DOM).  Talk with your broker or agent and have them educate you about the average number of days a home in your area stays on the market. Homes that are lingering on the market for much longer than that may hold the potential for negotiating an even deeper discount, as their sellers might be very, very antsy and ready to take even a below-asking offer.

5.                  Don't insult the seller. It might feel like you're an ace wheeler and dealer when you make a lowball offer on a home for sale. Buyers can get bravado, like, "Ha, Seller, you want X?  Well, I'm only paying X minus 40% - deal with it." Or, you might think, "I'll offer you 40% less, then we'll go back and forth 7 or 8 times, and I'll be happy with a 20% discount off the asking price."

But when those bottom of the barrel offers come in, both agents often detect a novice buyer at work. What they know - that you may not - is these two things.  First, many sellers on today's market don't even have that much room to negotiate - they're already selling at a loss or very, very close to what they owe on the place.  If they have to write a check to sell it to you, they'd simply rather not sell.

And, second, many a seller will simply refuse to sell to someone who they feel has insulted or disrespected them.  That insult can be inferred from a lowball, below-market-value offer, or from a buyer's running commentary on all the things they would change about the place if it was their house. (Note - you already know not to rave and gush to the sellers when you see a house you like. Neither should you trash it.)

And it's not any different when it comes to institutional sellers, like banks selling foreclosed homes or approving short sales. They don't take lowball offers either - most lenders say a 10% discount off the market value - not the list price! - is about as low as they'll go.

6.                  Give to get.  Have your agent interview the seller's agent to glean as much detail as possible about why they are selling, what their priority is (e.g., fast close or most cash?), and what the motivating facts are surrounding their sale (e.g., are they upside down, relocating for work, getting divorced, or any other facts that may be relevant)?

Then - especially if you're going to ask for a big chunk off the asking price - give them what they want!  Try to close when they want, if possible (trust your real estate pro for a reality check on this - short escrows are nearly impossible for all but cash buyers these days). Go as-is, if it makes sense, without waiving the right and the time to obtain inspections. Decide what is most important to you, and if it's a discount, give the seller what they want on the rest of your the transaction's terms.

7.                   Sell yourself.  Even when they have multiple offers, today's sellers will take a lower offer that looks certain to close over a higher offer that has no chance of closing.  No seller wants to waste their time on a buyer/offer who can't close and then have to put their home back on the market 30 or 40 days later.

If you want a bargain, sell yourself and your offer - make a convincing case that you are likely and able to close the deal! Make sure your agent presents a polished, computer-prepared offer (if that's the standard in your area) - this demonstrates that they have the professionalism and up-to-date market knowledge it takes to get a sale closed these days.  Make sure the offer package presented to the seller includes a polished, thorough loan approval letter, which confirms that your credit, employment, income and down payment funds have all been verified and approved for a home loan.

Also, make sure that your agent and loan broker emphasize features of your qualifications and your offer that render it more likely than average to close. Some sellers frown on FHA and VA loans, because they have a reputation of being tough to close.  If you are approved for a conventional (i.e., non FHA) loan, your offer should say that.  If you have a large down payment, or are paying cash, your offer and your agent should bring that to the listing agent's attention, too.

Realty Times Article Mailer
Sent by: linda at marshallrealtor@aol.com.

Link sent with permission


Housing Market Isn't What it Used to Be
---------------------------------------
A new book by a best-selling real estate author will help you navigate tumultuous change in the housing market. If you are buying in and want to stay put once you get there, this tome's for you.

Read the Full Story At:

http://realtytimes.com/rtpages/20100610_market.htm

2010 is unfolding before us and some primary trends are emerging:

The average size of single family homes was flat in 2006 and down 2007-2009, which suggests that that trend will continue.

Homes that were built with at least 3 bedrooms was down in 2009 for the first time since 1992

Homes with 4 or more bedrooms has been falling since 2007.

Homes with 2 or more stories peaked in 2006 and then started a downward trend.

The implications on home design

Even thought todays homes are becoming smaller builders architects and designers insist that they do not necessarily have to feel smaller.  It is coming to light that alot of consumers actually prefer smaller homes as energy conservation and costs come to the forefront of the public awareness.

Home owners are still interested in the WOW factor but living in a space wasting energy guzzling home is not desirable and is beginning to have negative connotations in the innerloop more eco-hip circles.  We are actually starting to witness a backlash against McMansions.  There are other ways builders are adding that WOW factor besides cavernous space.  That point was evident when the National Association of Home Builders surveyed builders in 2010 and learned that 9 foot ceilings on the first floor of homes was one of the TOP ten priorities in 2010.  "In todays environment builders are very focused on giving  homebuyers  more bang for their buck" says Stephen Melman NAHB Director of Economic Services.  He went on to say "there's a prime emphasis on good design that helps home feel larger by raising overall ceiling height, adding more light through windows, and using space efficiently."

Trends we see for 2010:

Whole House Efficiency--Open floor plans are very desirable but with a scaled back approach.  We are seeing the death of the 2 story family room atrium style.  The most desirable is the on-story multi functional space.

Kitchens and eating areas are open and connected to great rooms.  Food prep entertaining and relaxing all are contained in a flowing layout of the home allowing for full use of all of your space. 

Energy efficiency doesn't stop with these flowing floorplans, curbing energy use is of the highest priority among builders as well as their buyers.  they are utilizing insulated doors, low e windows, programmable thermostats, tech shield radiant barrier(especially important with our South Texas sun), energy efficient appliances and lighting.

Still in demand is the Master Bedroom Suite.  Builders are seeing no let up in the demand for the full featured master bedroom with (in some cases) adjoining sitting rooms.  They have continued to design in walk in master closets, and above all a separate shower and tub in the new master bath(retreat).  Buyers want the master bath to feel like a small spa and demand features that provide a step above ordinary baths in the house.

What is not on the 2010 List:

Well the outdoor kitchen has gone the wayside.  Other things they will not be including in new homes outdoor fireplaces, sunrooms, butlers pantries and media rooms.

 More on this subject in the next few days