Is Your Home in a Flood Plain?

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FloodPlainMapDo you know if your home is in a Flood Plain?  This is starting to become an issue and it can either delay or destroy a closing.  Bruce and I have had 2 instances lately on house deals found to be in the flood plain.  The first one was a small little acreage home in Eustace Texas.  You wouldn’t think an acreage property would be in a flood plain.  The house was close to the road.  On the very back portion of the property, there was a creek.  We didn’t think anything about it until the survey was done and it showed a portion of the property in a flood plain.  There were several options for our buyer

  • to close on time, purchase Flood Insurance and then wait for the Letter of Map Amendment (LOMA) to come in from FEMA and hope that they would determine that the property was not in the flood plain.
  • Delay closing, have the surveyor fill out the Letter of Map Amendment (LOMA), wait on FEMA (which takes time) and hope that they would determine the property was not in the flood plain.
  • Terminate the deal and begin the property search again.

Our buyer decided on option 2.  The surveyor filled out the LOMA and we began the long wait for FEMA to get back to us.  After a long wait, it was determined that the property was not in the flood plain, and now we have a very happy buyer.

Sellers really need to remember what the goal is – to sell the house.  Consider having a surveyor out to make sure the property is not in the flood plain.  If it is, then get that LOMA filled out and turned in right away.  The last thing you want is to almost be ready to close and then find out that you have a flood plain issue.

Our second most recent experience with this, the buyer went ahead and purchased flood insurance and hopefully they will be able to cancel the coverage when their LOMA comes in showing that the property is not in the flood plain.

If you want to read more information about FEMA and flood plains, the latest edition of the Texas Realtor Magazine has a great article about it.  June 2017_selected-pages  I will definitely start checking the Flood Insurance Rate Map (FIRM) on properties before listing them.

Let the Schwanbecks Exceed Your Expectations!

We would love an opportunity to assist you in your real estate needs  – anywhere in the DFW metroplex or whether you want a lake home in East Texas.  Click here to view our website.

| Debbie and Bruce Schwanbeck, Realtors at Ebby Halliday Realtors DebbieS@ebby.com BruceS@ebby.com  469.249.2034 |

Buyers – Home Prices are going to keep Rising

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Home sales reached their highest pace in a decade in the first quarter of 2017 as property prices continue to escalate, according to the National Association of REALTORS®’ latest quarterly report.

The median price of an existing single-family home nationally was $232,100 in the first quarter, up 6.9 percent from the same time period a year ago. Home prices rose year over year in 85 percent of the 178 metro areas analyzed.

The continued inventory shortages prompted home-price appreciation to quicken its pace in the first quarter, says NAR chief economist Lawrence Yun.

“Prospective buyers poured into the market to start the year, and while the increased presence led to a boost in sales, new listings failed to keep up and hovered around record lows all quarter,” Yun says. “Those able to successfully buy most likely had to outbid others—especially for those in the starter-home market—which in turn quickened price growth to the fastest quarterly pace in almost two years.”

Thirty metros saw double-digit price increases in the first quarter, NAR’s report shows. “Several metro areas with the healthiest job gains in recent years continue to see a large upswing in buyer demand but lack the commensurate ramp in new-home construction,” Yun says. “This is why many of these areas—in particular several parts of the South and West—are seeing unhealthy price appreciation that far exceeds incomes.”

The Commerce Department also reported Tuesday that overall home construction fell from March to April, with housing starts declining 2.6 percent month-over-month. This could have a broader impact on the economy, Yun adds. “With housing starts declining in April, inventory shortages will continue for a longer period of time. The intensifying housing shortage will push up home prices and rents, and easily above wage growth and the broad consumer price inflation. This continued, slow pace of construction of new homes is a major bottleneck to a faster economic and housing recovery.”

Affordability weakened slightly nationwide in the first quarter, despite a rise in the national family median income to $71,201. Higher mortgage rates and home prices softened affordability compared to a year ago, NAR reports. To buy at the national median price, a buyer making a 5 percent down payment would need an income of $52,251; a buyer with a 10 percent down payment would need to earn $49,501; and a buyer with a 20 percent down payment would need to earn $44,001, according to NAR.

Total existing-home sales in the first quarter, including single-family homes and condos, rose 1.4 percent to a seasonally adjusted annual rate of 5.62 million. That is the highest since the first quarter of 2007, when it stood at 5.66 million sales.

“Last quarter’s robust pace of sales was especially impressive considering the affordability sting buyers experienced from higher prices and mortgage rates,” Yun says. “High demand is poised to continue heading into the summer as long as job gains continue. However, many metro areas need to see a significant rise in new and existing inventory to meet this demand and cool down price growth.”

At the end of the first quarter, 1.83 million existing homes were available for sale—6.6 percent below inventory levels of a year ago. The average supply during the first quarter was 3.7 months, NAR reports.

Source: National Association of REALTORS®

Let the Schwanbecks Exceed Your Expectations!

We would love an opportunity to assist you in your real estate needs  – anywhere in the DFW metroplex or whether you want a lake home in East Texas.  Click here to view our website.  Click here to learn more about Cedar Creek Lake.

| Debbie and Bruce Schwanbeck, Realtors at Ebby Halliday Realtors DebbieS@ebby.com BruceS@ebby.com  469.283.8656 |

It’s that time of year – LAKE TIME

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A Stately & Spacious Waterfront in a Private Setting at Cedar Creek Lake with an amazing open water view. This 4 bedroom/4.1 bath home has so much space. Each bedroom has a private bath. There are 2 living areas, a formal dining, breakfast area, storage cabinets everywhere, wet bar, & large utility room. Tall ceilings and walls of windows let you enjoy the panoramic water view. The master suite is upstairs and has a sitting room and private balcony. The master bath is spacious & closet is so large \2013 it is a room itself & even has a cedar lined closet. Outdoors sit under the covered or uncovered porch & enjoy the mature shade trees and watch the open water views. The backyard is large with room for entertaining and yard games. The boathouse has 2 boatslips, 3 jetski lifts, small sink & storage closet. Lovely drive in with a circle drive and Porte Cochere. MLS 13461297

Click here to view the Listing.

Let the Schwanbecks Exceed Your Expectations!

We would love an opportunity to assist you in your real estate needs  – anywhere in the DFW metroplex or whether you want a lake home in East Texas.  Click here to view our website.

| Debbie and Bruce Schwanbeck, Realtors at Ebby Halliday Realtors DebbieS@ebby.com BruceS@ebby.com  469.283.8656 |

What’s on Home Shoppers’ Wish Lists | Realtor Magazine

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A new realtor.com® survey reveals the top desires of home buyers today: Ranch-style homes and updated kitchens. Find out what you should be talking up in your marketing.

Source: What’s on Home Shoppers’ Wish Lists | Realtor Magazine

Let the Schwanbecks Exceed Your Expectations!

We would love an opportunity to assist you in your real estate needs  – anywhere in the DFW metroplex or whether you want a lake home in East Texas.  Click here to view our website.  Click here to learn more about Cedar Creek Lake.

| Debbie and Bruce Schwanbeck, Realtors at Ebby Halliday Realtors DebbieS@ebby.com BruceS@ebby.com  469.283.8656 |

What’s happening in Real Estate in 2017

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What’s happening in real estate so far in 2017?  The Texas Association of REALTORS® released the Texas Quarterly Housing Report for the first quarter of 2017. Highlights include:

68,420 Texas homes were sold in Q1-2017, a 4.6% increase from 2016-Q1.

Median sales price for Texas homes was $213,325, a 9.4% increase from 2016-Q1.

Monthly housing inventory in Texas was 3.6 months in 2017-Q1 compared to 3.5 months in the same quarter last year.

Active listings rose 6 percent year-over-year to 98,399 listings in 2017-Q1.

Texas homes spent an average of 64 days on the market in 2017-Q1, unchanged from 2016-Q1.

“On the heels of a second consecutive record year for Texas home sales, the positive momentum experienced in the Texas housing market during the last quarter of 2016 has continued in 2017,” said Vicki Fullerton, chairman of the Texas Association of REALTORS®. “Annual gains in both sales and listing activity in the first quarter indicate that a strong summer selling season could be ahead.”

Let the Schwanbecks Exceed Your Expectations!

We would love an opportunity to assist you in your real estate needs  – anywhere in the DFW metroplex or whether you want a lake home in East Texas.  Click here to view our website.  Click here to learn more about Cedar Creek Lake.

| Debbie and Bruce Schwanbeck, Realtors at Ebby Halliday Realtors DebbieS@ebby.com BruceS@ebby.com  469.283.8656 |

How to determine if an Item stays with the Home.

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Two sets of hands exchange a sold sign in front of a for sale yard sign

Buyers and Sellers do get confused about what stays with a home and what can go.  The Texas Association of Realtors had a good article about that and read below.

Courts consider three factors when determining whether an item of personal property has been so permanently attached as to constitute realty:

  1. Will the property be damaged by the removal of the item? If so, to what extent?
  2. Is the item customized for the property?
  3. Was the installation intended to be permanent or temporary?

Courts consider the answer to the third question—the party’s intention—the predominant deciding factor, while answers to the first two questions constitute evidence of that intention. However, testimony of an intent for the item to be temporary will not prevail if there is undisputed evidence to the contrary. [Logan vs. Mullis, 686 S.W.2d 605, 607 (Tex. 1985)]

Let the Schwanbecks Exceed Your Expectations!

We would love an opportunity to assist you in your real estate needs – anywhere in the DFW metroplex or whether you want a lake home in East Texas. Click here to view our website. Click here to learn more about Cedar Creek Lake.

| Debbie and Bruce Schwanbeck, Realtors at Ebby Halliday Realtors DebbieS@ebby.com BruceS@ebby.com 469.283.8656 |

If Buyers Want to Save Money: Tell Them to Shop | Realtor Magazine

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A new study reveals the saving potential of borrowers who shop around for a mortgage. The savings can really add up.

Source: If Buyers Want to Save Money: Tell Them to Shop | Realtor Magazine

Let the Schwanbecks Exceed Your Expectations!

We would love an opportunity to assist you in your real estate needs – anywhere in the DFW metroplex or whether you want a lake home in East Texas. Click here to view our website. Click here to learn more about Cedar Creek Lake.

| Debbie and Bruce Schwanbeck, Realtors at Ebby Halliday Realtors DebbieS@ebby.com BruceS@ebby.com 469.283.8656 |

Water My Yard

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Your clients could be saving money on landscape watering

A tool from the Texas A&M AgriLife Extension could save your clients money and help conserve resources by providing custom advice on how much water their yard needs.

Water My Yard takes into account local weather conditions and irrigation system details to calculate watering recommendations for a specific address. Automated updates from the tool can help homeowners avoid overwatering while keeping their landscape healthy and saving money. The water district as a whole can benefit, too, from the resources and energy saved if homeowners only water when necessary.

Let the Schwanbecks Exceed Your Expectations!

We would love an opportunity to assist you in your real estate needs – anywhere in the DFW metroplex or whether you want a lake home in East TexasLet the Schwanbecks Exceed Your Expectations!

We would love an opportunity to assist you in your real estate needs – anywhere in the DFW metroplex or whether you want a lake home in East Texas. Click here to view our website. Click here to learn more about Cedar Creek Lake.

| Debbie and Bruce Schwanbeck, Realtors at Ebby Halliday Realtors DebbieS@ebby.com BruceS@ebby.com 469.283.8656 |

Forget millennials: Seniors are poised to reshape the housing market – Curbed

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As baby boomers age, will they change the paradigm of older adult housing?

Source: Forget millennials: Seniors are poised to reshape the housing market – Curbed

 

What do you think?Do you agree or disagree?

Let the Schwanbecks Exceed Your Expectations!

We would love an opportunity to assist you in your real estate needs  – anywhere in the DFW metroplex or whether you want a lake home in East Texas.  Click here to view our website.  Click here to learn more about Cedar Creek Lake.

| Debbie and Bruce Schwanbeck, Realtors at Ebby Halliday Realtors DebbieS@ebby.com BruceS@ebby.com  469.283.8656 |

Want to go Fishing? I have the perfect spot.

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IMG_0435Want to go fishing?  I have the perfect spot.

Fantastic 1-story open floor plan with 2 living & dining areas.  Kitchen is open to living & dining, breakfast bar, and coffee bar.  Large master suite & sitting area. Covered porch & deck, boathouse can house 2 boats.  124’ of waterfront with nature and lake views.  3-car garage and a 38×11 RV garage.  Bridgepointe is a gated community at Cedar Creek Lake. 4BR / 3BA 3597SF $849,000 MLS#81753 & 13579828  Click here to view this listing.  

Let the Schwanbecks Exceed Your Expectations!

We would love an opportunity to assist you in your real estate needs  – anywhere in the DFW metroplex or whether you want a lake home in East Texas.  Click here to view our website.  Click here to learn more about Cedar Creek Lake.

| Debbie and Bruce Schwanbeck, Realtors at Ebby Halliday Realtors DebbieS@ebby.com BruceS@ebby.com  469.283.8656 |