Category Archives: Home Trends

What’s new in home design

The Deal About Zillow

Screen Shot 2015-09-10 at 12.06.30 PM      As millions turn to Zillow to begin their home shopping experience please know the conflict it can cause you when buying, or selling your home. The website is an automated property value estimate that is calculated from public  and user submitted data which is computed 3 times per week. Three times per week?! Public and user submitted data is not information you can get from your local Real Estate Agent, or Appraiser who inspect the subject properties, know the current market conditions, location and special features of a home.

Zillow’s CEO Spencer Rascoff admits to their “median error rate” in home pricing. At the bottom of Zillow’s home page you will find a Zestimate tab where you can read more about their accuracy in your market area.Screen Shot 2015-09-10 at 12.07.04 PM

Catchy word that has implied meaning, Zestimate is as it sounds, an estimate of a home’s value. Rascoff also admits that these Zestimates have an error rate of 8%-26%. Houston, we have a problem! In fact, we have such a large real estate market that on Zillow’s accuracy table, Houston doesn’t even score on error rate.

Screen Shot 2015-09-10 at 12.05.59 PM

I do give Rascoff credit though, he does advise that Zestimates are no more than a starting point in pricing discussions with the real authorities, your local Real Estate Agents and Appraisers.

Admittedly I have used Zillow from time to time for a quick property search, but always question the “freshness” of the information. When you are wanting reliable information on homes for sale, you can find it on HAR.com.                      Unlike Zillow that updates their information 3 times per week, HAR updates accurately every 15 minutes!

For quality results in buying, or selling your home find the experts. Invest in contacting your local agent who has access to true market information and will get your needs met.

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Power of Color

Color, use it, LOVE IT!

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Why Use a Buyer’s Agent?

By Inner Loop Living

Comfort in working with an ABR

What is a Buyer’s agent and why do I need one? Well there is a lot to know and a lot to miss out on when looking for your new home. After you find that perfect home there is even more to know and do.

Did you know if you do not have a Buyer’s Representation Agreement with your Real Estate Agent that your agent actually represents the seller of the home you are about to buy? That’s right, your “agent” has the interest of the seller first, over your interest. Not smart when you are making one of the largest and most important purchases of your life.

As an Accredited Buyer’s Representative I can guide and protect through the home buying process as well as offer suggestions that only agents with an ABR know to offer.

Find more about “Why Use a Buyer’s Agent” please watch the 1.5 minute video. Be sure to check with your local MLS and find the right ABR, Buyer’s Agent for you. 

Nancy Dodd, ABR                                                                    

713.256.3982

Houston’s Inner Loop Realtor

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5 Best Ways To Use a QR Code

By Tech Savvy Agent and Inner Loop Living

Don’t know what a QR code is, well that’s OK because you will soon be seeing them everywhere. QR stands for Quick Response, all you need is a smart phone with a camera and a FREE QR code reader application on your device to read the code. I like “Optiscan” for my iPhone 4 because it will save the image and URL, you can email the image and URL as well. There are several to choose from, so find the right fit for you!

Once you get your reader on your phone, check out the 5 Best Ways To Use a QR Code and get started… The possibilities are endless!

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Buying a Home With a Friend

Co-Buying a Home

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Buying a first or second home with friends or family can make it more affordable By Craig Venezia

Nolo.com

 
What you learned in kindergarten about sharing could help in your quest for a home. But this time around, rather than sharing your Lincoln Logs, you’ll be sharing your home, with a cobuyer.
 
Once the domain of married or committed couples, more and more homebuyers are discovering the advantages of teaming up with a relative, friend, or someone else to buy a house. If done right, the shared-purchase approach can get you a home you might not otherwise have been able to afford.
 
On the other hand, if you don’t fully think through the arrangement and set it up correctly, it could lead to financial and legal chaos, not to mention a strained or broken relationship.
 
Decide how you’ll hold title
Any time you buy a house, you receive what’s called “title,” evidenced by a piece of paper called a “deed,” which explains how the grantees are sharing the title.
It’s important to choose a manner of title-sharing that reflects your true wishes about how you’ll share ownership. Your main options for sharing title with a non-spouse include:
  • As tenants in common (TIC), and
  • As joint tenants with right of survivorship (JTWROS).
(Married couples may also take title as “tenants by the entirety” or as “community property.”)
 
Differences between TIC and JTWROS ownership
There are some important differences between a tenancy in common and joint tenancy, particularly when it comes time to sell or dispose of one person’s ownership interest.
 
With a TIC, you and your cobuyer are allowed to own unequal interests (also called shares) in the property. Also, if one co-owner dies, that co-owner’s share is transferred to his or her beneficiaries. Tenancy in common (TIC) is by far the most common way for unrelated cobuyers to take title.
 
With a JTWROS, by contrast, you and your cobuyer have (in almost all

U.S. states) no choice but to own equal interests in the property, 50/50. If you buy a home with two others, you each own a one-third interest, and so forth. Upon the death of one joint tenant, the remaining owners gain the deceased owner’s interest in the property. This happens automatically, with no need for a court or probate proceeding. In fact, even if the deceased owner wrote a will specifying that the property was to pass to some other person, that request would not usually be allowed.

 
Similarities between TIC and JTWROS ownership
Both tenancy in common and joint tenancy give each of you an “undivided interest” in the property, meaning you can both use and enjoy the entire property. If one of you wanted to sell, that person couldn’t simply divide the property in half and sell it, but would instead have to sell his or her tenancy or interest in the property. The buyer would gain the same rights as the seller had. And if you’re buying a second home or investment property, you’d both be entitled to rental income from the entire property in proportion to your ownership share.
 
Create a co-ownership agreement
Talk is cheap, and what’s worse, easily forgotten later. That’s why you need to draft and sign a co-ownership agreement, to help head off confusion or misinterpretation down the road.
 
The most challenging part of drafting a co-ownership agreement is anticipating issues while everything looks rosy. Most people enter into a partnership with the friendliest of intentions, thinking they can work out any unforeseen questions later. But with big dollars and possibly your leisure or retirement time at stake, fundamental disagreements can arise and can be tough to work out.
 
Co-ownership agreements can range from short to lengthy. The agreement should at least address the issues discussed below.
 
Who owns what percentage?
Clarifying what percentage each of you will own is especially important in case one of you later dies or decides to sell your interest.
 
This decision is easy if you take title as joint tenants with right of survivorship (JTWROS). You’d normally divide your interest into equal parts, such as 50/50 if there are two of you.
 
If you take title as tenants in common (TIC), however, you don’t need to divide your interests 50/50, nor even on the basis of how much money each of you puts in. For example, the two of you might decide that one will receive a greater percentage based on having agreed to manage upkeep on the property. Another possibility is that one co-owner contributes less for the down payment.
 
Who will pay ongoing expenses?
Your ongoing homeownership expenses may include mortgage payments, property taxes, insurance premiums, utilities, and other costs of maintaining and operating your home. You can specify how you’ll allocate these expenses in your co-ownership agreement. You can simply allocate costs at the same percentage as ownership or use the down payment contribution of each co-owner as the foundation. Or, if you and your co-owner plan to buy a second home and use it personally (as opposed to renting it out), then you could allocate expenses based on the amount of time each co-owner spends there.
 
What if one co-owner later wants out?
When you co-own a house, getting out of the deal may not be so simple. Neither of you probably want the other one to be able to sell his or her interest to any old third party (assuming there’s even a market for a partial interest in a house). But that’s exactly what can happen, because regardless of whether title is held as TIC or JTWROS, each co-owner does not legally need the other’s approval to sell his or her interest in the property.
 
One way around this is to have a provision in the co-ownership agreement that requires a selling co-owner to give the co-owner who’s staying a right of first refusal to purchase the interest. However, even with this provision, there are still several questions the co-ownership agreement will need to address:
  • How will you fairly assess the property’s value?
  • Does the selling co-owner have to accept the buyout offer?
  • What if the remaining co-owner can’t come up with sufficient funds to buy out the selling co-owner?
Sharing the purchase of a home can significantly reduce your debt burden. But you should thoughtfully and carefully decide whether sharing homeownership makes sense for you and your potential cobuyer.

Copyright © by NOLO.com

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Houston, the Envy of the Rest of the Country

Houston Single Family Home sales down, but home prices remain the same. Watch HAR MLS update for October 2010.

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Home Design: What’s In, What’s Out

Latest Report: What’s In, What’s Out With Home Design

October 28, 2010 by Melissa Tracey · 1 Comment
Filed under: Home Trends 

By Melissa Dittmann Tracey, REALTOR® Magazine

Coinciding with a sluggish housing market, home owners have changed their preferences about how space is used and designed in their homes. Function over extravagance has reigned in recent years, along with affordability, when it comes to home features, according to the latest American Institute of Architects Home Design Trends Survey for the second quarter of 2010.

Here are a few highlights from the report, based on nearly 300 residential architects who were surveyed about the design preferences of U.S. households.

WHAT’S IN

Home offices: More people are working out of their home or telecommuting, prompting more home owners to want a dedicated workspace in their homes.

Outdoor living areas: Home owners want to expand their living space into the outdoors and are seeking to incorporate more outdoor living elements into their lifestyles, AIA Chief Economist Kermit Baker said in a public statement about the survey.

Mud rooms: The need for additional closets and other storage space, as well as the increasing informality of space in the home, is driving more home owners to want mud rooms, according to the report.

Energy-saving features: Home owners are seeking energy efficient products and systems that will reduce their rising utility costs. Those energy efficient products and materials that have boasted the greatest increase in interest in recent months include items such as double and triple glazed windows, tankless water heaters, and low maintenance materials.

WHAT’S OUT

  • Media rooms/home theaters
  • Exercise/fitness rooms
  • Hobby/game rooms
  • Home workshops
  • Kid’s wings/guest wings
  • Interior kennels
  • Interior greenhouses

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