Prosper, TX Hail Storm Damage

If you live in Texas, you know that we occasionally see a pretty nasty storm roll through.  I am always amazed at how the damage is so random.  One area will be left completely alone while others take a beating.  Last night, Prosper, TX (bedroom community of approximately 3500 homes north of Dallas/Plano/Frisco) got hit hard.  Approximately, 30-40% of the homes were affected.  Sammy and I were in the area this morning and the damage was extensive.  We drove through Gentle Creek and La Cima and were amazed how many homes had windows broken, etc.  One resident told us that they had several inches of hail on the ground after the storm.  Another friend reported that he sustained over $20,000 in damages. 

I certainly hope as residents begin to clean up the damage and to seek repairs they will ensure they use experienced and reliable contractors to complete the repairs.   I was amazed this morning how so many of the neighborhoods already had roofing contractors going door to door.   Rick McCormick of Crown Roofing would be my choice to complete roofing repairs if I were in Prosper.   He has been in the business for over 25 years and is a licensed roofing contractor and remodeler.   Additionally, he is a licensed roofing adjuster and looks out for the homeowner’s interest and not the insurance companies.   If you are in need of repair services, you can find out more on his website http://www.crownkitchenandbath.com/licensedadjuster.htm  or you can call Rick at 972-974-7663.

Here are a few photos of the storm damage we observed this morning. 

I suppose this is a secondary reason to have shutters on your windows… 🙂

Debbie Gardner, Home Centers of DFW  972-731-5999

Tips for Pricing Your Home in DFW

Tips for Pricing Your Home

• Consider comparables. What have other homes in your neighborhood sold for recently? How do they compare to yours in terms of size, upkeep, and amenities?  Be wary of websites that offer information on comparable sales.  As most Realtors will tell you, these have been found to be highly unreliable.   Realtors have access to the latest sales as recorded in the MLS.  They can show you homes similar to your home that have sold recently.  This is your best resource for determining what the current market conditions are. 

 

• Consider competition. How many other houses are for sale in your area? Are you competing against new homes?  If so, these may affect your ability to sell.  You may need to price your home more agressively. 

 

• Consider your contingencies. Do you have special concerns that would affect the price you’ll receive? For example, do you want to be able to move in four months?

 

• Get an appraisal. For a few hundred dollars, a qualified appraiser can give you an estimate of your home’s value. Be sure to ask for a market-value appraisal. Contact us to locate an appraiser that will give you an unbiased opinion about what your home’s estimated value is.

 

• Ask a lender. Since most buyers will need a mortgage, it’s important that a home’s sale price be in line with a lender’s estimate of its value.  The lender will rely on the opinion of a third party appraisal.

 

• Be accurate. Studies show that homes priced more than 3 percent over the correct price take longer to sell.  

 

• Know what you’ll take. It’s critical to know what price you’ll accept before beginning a negotiation with a buyer. 

If you are considering listing your home in the DFW area, get a free Market Analysis to determine the estimated value of your home.  This will help you to know exactly where you stand.  Home Centers of DFW has trained professionals available to assist you.  Call today 972.731.5999.

Why Congress Must Save the Mortgage Interest Deduction!

“the home mortgage interest deduction, which is so vital to millions of hard-working Americans….and in case there’s still any doubt, I want you to know we will preserve that part of the American dream.”

                                                     – Ronald Reagan

Someone please help me understand why the government would want to mess with this part of the tax code at this time?  Currently, many Americans are struggling financially.  They are having trouble paying their mortgages; their homes are losing value; and the economy is in shambles.  The mortgage interest tax deduction has helped millions of Americans afford their own homes and have a small part of the American Dream! But, it may be in danger.   For millions of homeowners, the mortgage interest deduction is the biggest tax break they can claim.  It can reduce the amount of taxes they have to pay by thousands of dollars.

What is the fundamental issue?

Currently, individuals are permitted to deduct mortgage interest paid on mortgage debt of up to $1 million. The deduction is available for interest on mortgages for a principal residence and one additional residence. The $1 million limitation represents the combined allowable debt on two residences. Mortgage interest on up to $100,000 of debt on home equity loans or lines of credit also qualifies for the deduction.

In February, as part of its FY 2011 budget, the Obama Administration proposed limiting the value of the MID for upper income taxpayers by, in effect, converting the deduction to a 28% tax credit for those individuals who are currently in the 33% or 35% tax brackets. Individuals with incomes below $250,000 would generally not be directly affected by this proposal.  Even if you are not in the top two income brackets, you should be concerned about this proposed change. Even economists who support removing the mortgage interest tax deduction agree that it would cause home prices to fall.  Is this something the market can really afford right now?

The mortgage interest deduction (MID) is a remarkably effective tool that facilitates homeownership. Typically, only about 30% of all taxpayers in any given year itemize their deductions.  However, more than 3/4 of homeowners utilize the deduction over the period they own their home.

Legislative/Regulatory Status/Outlook:

Currently, taxpayers in the 33% and 35% income brackets are able to reduce their taxes through deductions for mortgage interest payments, charitable contributions, local taxes and other expenses by 33 and 35 cents, respectively, on the dollar. Under the Administration’s proposal, these individuals would only be able to reduce their tax bill by only 28 cents on the dollar. The Administration estimates that the change would raise $318 billion over the next 10 years.

The timing on this proposal is terrible! It would have adverse impact on housing values and the chance of further economic recovery. Most members of Congress have currently opposed the budget proposal. To date, limits on itemized deductions have not been part of the legislative agenda.  However, it is important to stay on top of these proposals.  As Congress looks for ways to try to reverse the budget deficit, it is important to let them know, this is one area they should not mess with!  Contact your Congressional Representatives to tell them to leave the Mortgage Interest Deduction alone!

Contact Your Senators

Contact Your Congressman

 Debbie Gardner

Home Centers of DFW including Frisco, Allen, McKinney and Rockwall

Do I need a Realtor? How do I know if they are any good?

This question comes up often from buyers who think they may be able to get a better deal if they go directly to a builder  or to a seller to  negotiate their own purchase.  They think that by eliminating a Realtor on their side, they can save the amount that would be due to the Realtor as compensation for representing them.   In today’s market, I completely understand the necessity of negotiating the lowest possible price for your home.   However, you should use caution before trying this.    Most real estate transactions today well exceed $100,000.   If you have a tax issue or a legal issue that involves this amount of money, it is doubtful that you would consider tackling these issues without a CPA or an attorney.  In the same way, you should consider having a Realtor assist you with your purchase. 

• While the average homebuyer may purchase 4 or 5 new homes in their lifetime, many builder representatives will sell that many per month.   They will almost always have much more experience than you do.
• The “builder representative” is just that….he or she represents the builder and has a fiduciary responsibility to maximize the builder’s profit centers.  Always remember that nothing is free.  While, the builder may “give” you something, they will always find a way to make up that gift.
• Realtors know the reputation of the builders.  We never want to hear from a dissatisfied client about a builder that will not address a warranty issue.  Our office tracks the JD Powers rankings of area builders.  So, we not only rely on our own experience in dealing with these various builders but we rely on what homeowners across the Metroplex have said about their experiences.
• Often times a Realtor that has brought multiple buyers to a builder will be able to leverage that in order to assist a buyer in negotiating a better deal than the buyer could do on their own.    Our brokerage office does a lot of volume in new home sales and is repeatedly among the top producers with the areas reputable builders.  Therefore, the builders like to keep us and our buyers happy and will work hard to make a deal happen.
• A good Realtor will discourage a buyer from even looking at a home that will not have strong resale potential.   A good Realtor will be honest with you about lot choices and any deficiencies that might make a home you are considering difficult to sell in the future.  Most good Realtors will discourage a buyer from buying a home that backs to a busy road or to some other structure that would be less desirable to a future buyer.  They know that if you are happy with their services, you may ask them to assist you in selling the property in the future.  A builder’s representative, will never face helping you sell the home in the future.  They are only concerned about the one sale.
• A good Realtor can help you determine how much home you can afford.  We always tell our clients that we want their pets to be housebroken….not them!  Additionally, Realtors can often assist in suggesting a good resource for mortgage financing.  In today’s rapidly changing market, it is important to work with someone that understands all of the new regulations and that works diligently to ensure that your transaction goes smoothly.
• A good Realtor can also help you understand the property tax implications of any home you are considering.  For example, in Frisco, TX, there are two different counties, four different school districts and a community college district that covers one of the counties.  So, property tax rates vary depending upon where you live.  It is important to ensure that you have someone that can help you understand the differences.
• A good Realtor will help you understand current real estate values,  impacts of home owner assocations, and any local zoning issues that could affect your decision to buy. 
• A good Realtor will have access to the Multiple Listing Service and will be able to assist you even if much of your home search is happening over the internet in another city.
• A good Realtor will have a network of other Realtors who share information about “pocket” listings, homes soon to come on the market, etc.  They will know the history of many properties and will have resources available to search out answers to your questions.\
• A good Realtor will take the time to listen to what your needs and preferences are.  They should be able to assist you in finding the best location considering your commute.  They should help you consider your needs with respect to schools, transportation, shopping and other personal preferences.
• A good Realtor should be able to suggest innovative and creative changes that would make a home most suitable for you.  They should assist you by suggesting improvements that could enhance a home’s utility and value.  They should also be honest and cautionary with respect to any upgrades that could “over-improve” a home. 
• A good Realtor will assist you in facilitating a negotiation on a purchase that creates a “win-win” for all parties.  They understand that negotiations are part of the process and should be honest and fair in their dealings with all parties.

We can tell you story after story of individuals that purchased homes without a good Realtor.  They ended up looking at a home and fell in love with the décor or decorating style of the sellers.  They looked at the homes despite the fact the home backed to an empty lot that was zoned for light commercial, or had over-head power lines, or had a postage stamp sized back yard, or had a two-car garage when others in the neighborhood all had three….  Now, they all wish they could sell and can’t understand their bad luck.   Make sure this doesn’t happen to you.   Research and find a good buyer’s representative to assist you in your next purchase. 

Sammy Gardner

Home Centers of DFW, including The Frisco Home Center, The McKinney Home Center, The Allen Home Center and The Rockwall Home Center.

One Month until Tax Time….Here are a few tips

• 

  Schedule A Form: 6 Home Deduction Traps

  Get an “A” on your Schedule A Form: Dodge these tax deduction pitfalls to save time, money, and an IRS investigation. Read

• 

  Get Your 2010 Energy Tax Credits: Filing Tips for Form 5695

  Sidestep snares in the complex IRS Form 5695 to get all the 2010 energy tax credits you’ve got coming. Read

• 

  2011 Energy Tax Credits: What You Need to Know to Collect

  Washington is giving you less green for going green, as the feds reel back the 2011 energy tax credits from a lavish $1,500 to a paltry $500. Read

• 

  10 Common Errors Home Owners Make When Filing Taxes

  Don’t rouse the IRS or pay more taxes than necessary—know the score on each home tax deduction and credit. Read

• 

  Tax Tips for Homeowners Looking Ahead to 2010 Returns

  From energy tax credits to vacation home deductions, check out these tax tips for homeowners looking ahead to 2010 returns. Read

Visit houselogic.com for more articles like this.

Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

Gas Prices in Frisco, TX – It pays to do a little research before filling up.

With gas prices soaring around the country it is good to have a resource for finding the best prices. There is a great website available. Go to www.dallasgasprices.com and type in your city. I searched this morning for gas prices in Frisco, TX. It looks like the new Quick Trip in West Frisco has the best price @ $3.35 / Gallon as of 6:45 AM CST on 3/15/11. Most of the other stations around town are somewhere in the $3.45 range all the way up to $3.59. That is a pretty huge difference.

Our local ABC TV station, WFAA, reported on the wide discrepency in pricing across the metroplex last night. In trying to figure out why there is such a large variance in pricing, they noted the following….

•61 percent = the cost of the crude oil
•15 percent = refining
•10 percent = distribution and marketing
•14 percent = state and federal taxes

Some stations set a low profit margin on top of these fixed costs in hopes of getting folks to stop in for other higher profit margin items. Other stations that do not offer much besides gas must make all of their profit from fuel sold.

If you spend a lot of time in the car it will certainly pay to check the website often to see which stations are trying to earn your business. Again, that address is www.dallasgasprices.com

I also received the following tips to help you get the most for your money when you fill up.

• Only buy or fill up your car or truck in the early morning when the ground temperature is still cold. Remember that all service stations have their storage tanks buried below ground. The colder the ground the more dense the gasoline, when it gets warmer gasoline expands, so buying in the afternoon or in the evening….your gallon is not exactly a gallon. In the petroleum business, the specific gravity and the temperature of the gasoline, diesel and jet fuel, ethanol and other petroleum products plays an important role.
• A 1-degree rise in temperature is a big deal for this business. But the service stations do not have temperature compensation at the pumps.
• When you’re filling up do not squeeze the trigger of the nozzle to a fast mode If you look you will see that the trigger has three (3) stages: low, middle, and high. You should be pumping on low mode, thereby minimizing the vapors that are created while you are pumping. All hoses at the pump have a vapor return. If you are pumping on the fast rate, some of the liquid that goes to your tank becomes vapor. Those vapors are being sucked up and back into the underground storage tank so you’re getting less worth for your money.
•  One of the most important tips is to fill up when your gas tank is HALF FULL. The reason for this is the more gas you have in your tank the less air occupying its empty space. Gasoline evaporates faster than you can imagine. Gasoline storage tanks have an internal floating roof. This roof serves as zero clearance between the gas and the atmosphere, so it minimizes the evaporation. Unlike service stations, here where I work, every truck that we load is temperature compensated so that every gallon is actually the exact amount.
• Another reminder, if there is a gasoline truck pumping into the storage tanks when you stop to buy gas, DO NOT fill up; most likely the gasoline is being stirred up as the gas is being delivered, and you might pick up some of the dirt that normally settles on the bottom.

 Happy driving….see you around town!

Debbie Gardner,  Home Centers of DFW

www.friscohomecenter.com  www.mckinneyhomecenter.com www.allenhomecenter.com www.rockwallhomecenter.com

Frisco TX is the area winner with respect to combined property tax rates.

We have a client that is trying to determine exactly which area they are going to focus their home search in. There are so many things for them to consider when looking at your overall costs of home ownership. One of the most important things to consider is what the combined property tax rate is going to be for the area you are considering. By “combined tax rate”, I am referring to the tax rate of all the combined taxing authorities, including city, county, school district and other miscellaneous districts (community colleges, fresh water district’s, etc.)

This is where it can become confusing. For example, the city of Frisco feeds four different school districts in two different counties. In Frisco alone the tax rates vary between 2.13% and 2.44%. While that may not seem like much difference, it is not chump change. The average home in Frisco sells for approximately $270,000. That is a difference of $837 per year.

Frisco has the fortune of having a large amount of retail space. The sales tax gathered from those establishments helps to offset the property taxes that other areas are forced to assess.

City Combined
Frisco (FISD) Denton 2.13%
Lewisville 2.14%
Frisco (LISD) Denton 2.17%
Plano 2.18%
Frisco (FISD) Collin 2.20%
Plano (FISD) 2.22%
Frisco (LEISD) Denton 2.27%
McKinney (FISD) 2.32%
The Colony 2.39%
Allen 2.43%
Frisco (Prosper ISD) 2.44%
McKinney 2.46%
Little Elm 2.48%
Prosper 2.49%
Denton 2.49%
McKinney (Prosper ISD) 2.56%
Celina 2.63%

**Tax Rates for 2010. Information is deemed reliable but not guaranteed. Some areas also have special water districts that may not have been included in this information. The bottom line is….verify what taxing authorities have jurisdiction over any area where you are considering purchasing your home. A small differential in overall tax rate can make a large difference in your annual property tax responsibility.***

http://www.friscohomecenter.com/index-7.html