Denton County Agent Real Estate and Home info Blog

If you've never owned a home, the term "escrow account" may sound a bit alien. In short, an escrow account is a special account set up by your lender that holds a percentage of your monthly payment and places it aside to pay your property insurance, mortgage insurance (PMI), real estate property taxes, and other fees affecting the home or property.

The idea behind an escrow account is to keep your homeowner's insurance, real estate taxes and other obligations up-to-date, thus protecting the lender -- and you, the homeowner -- in the event the property is destroyed or if your real estate taxes are not paid. Unless you have a very good, reliable income and a better place to invest your money, an escrow account is generally a prudent idea because the lender will make sure your obligations are always current.

Here's how it works: your mortgage company collects your mortgage payment, along with your property taxes, insurance premiums, and other fees, and deposits it into an escrow account on your behalf. When your real estate taxes and other obligations are due, the money in your escrow account is used to pay them (so you don't have to scramble to come up with the funds).

Note the total amount in your escrow account is determined by the estimated amount needed to pay these annual obligations. In addition, there are caps on the amounts a mortgage company may require, depending on your loan type. Your loan servicer should provide you with an annual review letting you know of any shortages or overages; any amount more than $50 should be returned.

If you have any more questions about escrow accounts or any real estate related questions, please call Phil at 214-244-8159 or check my website www.homesinflowermoundtx.com. I will be glad to answer any of your questions.

According to the National Association of Realtors®, sales of existing homes showed another gain in May, benefiting from favorable affordability conditions and a first-time buyer tax credit. May's increase was the first back-to-back monthly gain since September 2005.

"Historically low mortgage interest rates clearly drew buyers into the market and housing remains very affordable even with a recent up tick in rates," said NAR Chief Economist Lawrence Yun, who expected the improvement. "First-time buyers also are being drawn off the sidelines by the $8,000 tax credit, which is helping to absorb inventory. However, the increase in sales is less than expected because poor appraisals are stalling transactions. Pending home sales indicated much stronger activity, but some contracts are falling through from faulty valuations that keep buyers from getting a loan."

Total housing inventory at the end of May fell 3.5 percent to 3.80 million existing homes available for sale, which represents a 9.6-month supply at the current sales pace.

NAR President Charles McMillan agreed with Yun, adding that the first-time buyer tax credit should be expanded to all buyers of primary homes regardless of income.

The national average commitment rate for a 30-year, conventional, fixed-rate mortgage edged up to 4.86 percent in May from a record low 4.81 percent in April, according to Freddie Mac.

Staton Park Estates in Flower Mound, TX is a great neighborhood located right in the middle of the town of Flower Mound, TX. The neighborhood got it's name from the family of the farm the neighborhood was established on. The Burleson Staton Family owned the farm of 70 acres from 1926 to 1966. In fact, in 1992 the town of Flower Mound designated a native post oak tree that is located on the edge of the neighborhood as a historical tree, dating the tree back to 1820 and possibly older.

The neighborhood is bordered by Morriss Rd and Firewheel Blvd in Flower Mound, TX. The other border streets are Milford and Eaton Dr. there is a YMCA along with the town of Flower Mound city hall and police station on the other side of Milford Dr. A bike path circumnavigates along Eaton Dr and exits at the end of the street. Flower Mound is known for it's many bike trails and paths throughout the city.

  The average price of a home in this neighborhood is $225,00 which will give you approximately 2600 SqFt. The lowst price home is $165,000 and the highest price home is $398,000 (taken from NTREIS). in 2006 the average days on market was 16 days with the average price per SqFt at $90.00. in 2007 the DOM average was 32 days with the price /SqFt at $91.14. 2008 brought 40 DOM with $95.54 price/SqFt. in 2009 only 1 home has sold with 13 DOM and $84.91 /SqFt. The HOA dues are $265 annually.

The Staton Oaks park is a great retreat for the family with picnic tables and a playground for the kids to play on. The historical Staton Oaks Tree is right behind the playground.

This is a great subdivision in the Town of Flower Mound, TX. Foe more information on this area or if you would like to search for a home near here click on his link: Flower Mound Real Estate in the Town of Flower Mound, TX.  Contact Phil at 214-244-8159 or go to HomesinFlowerMoundTX.com                      

  The meadowlake subdivision is located in the Lewisville-Flower Mound area and is a really quiet and nice neighborhood that is conveniently located near lake Lewisville.

The Meadow Lake subdivision is located at the far north end of Lewisville and just east of Highland Village in the zip code of 75077. The boundary roads are Hwy 407, McGee Ln, Bogard Ln, and Valley Ridge.

This subdivision has easy access to I-35, which is right next to it, and is close to Lake Park golf course, Lake Lewisville, many family owned restaurants along with a few fast food restaurants, Aloha fun Zone which used to be a Putt-Putt, Sneaky Pete's Marina, The Lewisville fishing barge, Jet Ski and boat rental, and much more!  There is also a park at the west end of the neighborhood with a large play ground for the kids combined with a gazebo for family get togethers  that has a jogging- bike path next to it.

This is a great neighborhood established in 1984 so the trees are starting to get large and the homes have been kept up really well. The median price home in this neighborhood is $149,000 with the highest priced home at $225,000 and the lowest right at $110,000. The schools are in the Lewisville School District and the schools are; High school: Lewisville North, Middle: Huffines, and Elementary: Valley Ridge. 

I highly recommend this neighborhood to my clients that need easy lake access and close access to I-35 that wants to spend around $150,000 for a great three bedroom home.

For more information regarding Meadowlake and Lewisville Homes, click here!

It's that time of year: lawn care, gardening, and -- bugs. No matter how diligent you are and how hard you try, when it comes to lawns, insect infestation is a likely possibility. Just like weeds, insects can turn your lush green lawn into an embarrassing eyesore. Following are some common infestations:

Ants -- We might think ants are a natural part of the yard, and they are, but be aware that ants can kill your lawn too. If you see lots of large ant hills in the same area as your dying lawn, there's a good chance the hills are smothering the grass or an ant nest below is smothering the roots and prohibiting growth.

Sod Webworms -- This insect prefers new lawns and feeds on the grass leaves at night, leaving ugly brown spots or patches across your lawn. If you notice new brown patches quickly taking over your yard, sod webworms may be the source.

Mites -- If your grass leaves appear spotted or blotchy, it may be because mites are sucking the sap and damaging your lawn. If several of your neighbors lawns are dotted with brown spots too, mites could be the problem.

Leafhoppers -- If your recently planted lawn suddenly takes a turn for the worse, or your older lawn starts getting whitish patches, consider the leafhopper. With an estimated 20,000 to 30,000 species, this insect sucks the sap from your lawn's stems and leaves. The leafhopper is very small and green, gray, yellow or brownish in appearance.

Ticks -- OK, ticks don't kill your lawn, but they can stop you from enjoying your yard. If your property is adjacent to a heavily wooded area or you have lots of deer, dogs, rabbits, or other small critters running through your yard, be sure to check for ticks as they can cause various health problems, including Lyme disease.

These are a few of the most common insect infestations, though there are dozens, if not hundreds, of other possibilities. The good news is that if you can identify the infestation you can go down to your local gardening center and purchase the solution.

 According to the National Association of Realtors® (NAR), historically high housing affordability and low mortgage interest rates, combined with buyer opportunities in the distressed sales market, have increased home sales in many areas of the country. "There has never been a better time to buy," said NAR Chief Economist Lawrence Yun, who presented the report at a recent Economic Issues and Residential Real Estate Business Trends forum. Yun commented on a convergence of favorable buying conditions while emphasizing how important it is for home buyers to stay within their budgets. "Housing affordability is at an all-time high, mortgage rates are historically low, and interest rates are the lowest they've been since the days of Eisenhower," said Yun. "Now that buyers will be able to use the $8,000 tax credit as a down payment, we should see additional buyers enter the market." Yun said he doesn't anticipate an immediate pickup in the coming months, but believes early summer will be a critical indicator of how home buyers are responding to the tax credit. "The stimulus and falling inventory levels will help stabilize prices," said Yun. "My projection is home sales will be 10 to 20 percent higher the second half of this year than last year and we will come out of this recession in 2010."

According to the National Association of Realtors®, existing-home sales eased in March but first-time buyers are responding to low mortgage interest rates and tax credits.

Existing-home sales - including single-family, townhomes, condominiums and co-ops - declined 3 percent to a seasonally adjusted annual rate of 4.57 million units in March from a downwardly revised level of 4.71 million in February, and were 7.1 percent lower than the 4.92 million-unit pace in March 2008.

NAR Chief Economist Lawrence Yun said the market appears to be stabilizing with modest monthly ups and downs, and that first-time buyers are driving the market. "The share of lower priced home sales has trended up, indicating a return of many first-time buyers, which we also see in a parallel member survey," he said. "Sales in the upper price ranges remain stalled because of higher interest rates on jumbo loans."

Although prices rose from February to March, the national median existing-home price for all housing types was $175,200, down 12.4 percent from March 2008. The price increase from February to March was 4.2 percent, which is much higher than the typical 1.8 percent seasonal increase between those two months. Distressed properties, which accounted for just over half of all transactions in March, typically are selling for 20 percent less than traditional homes.

A NAR practitioner survey in March showed first-time buyers accounted for 53 percent of transactions, based largely on contracts offered before the $8,000 first-time home buyer tax credit became available. "Buyer traffic has been rising, and real estate offices are getting phone inquires about the tax credit," Yun said. "By early summer we should be seeing a positive impact on home sales from record-low mortgage interest rates in addition to the stimulus provisions."

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 5.00 percent in March from 5.13 percent in February.

Usually in my listing presentation I will explain to my potential clients the four different types of listing agreements and the benefits of each one. I thought I would write about it in my blog to help educate potential clients and the typical consumer out there.

 
Before meeting with a realtor to list your home for sale, familiarize yourself with the four most common types of listing contracts. While the exclusive right to sell listing is by far the most common, the other three are also well known.

* Exclusive Right to Sell Listing -- This agreement gives the real estate agent the exclusive right to sell your home. No matter who brings the buyer to the table, the agent gets a commission (even if you find the buyer yourself). You should expect full service from your agent with this type of listing, such as advice, advertising, MLS services, inspection, escrow coordination and marketing the home to other agents and prospective buyers.
* Exclusive Agency Listing -- Similar to an exclusive right to sell listing, the real estate agent receives a commission if your property is sold through any licensed agent. Unlike a right to sell listing, however, you reserve the right to find a buyer on your own without paying a comission. This is a good option for home owners interested in selling themselves, but want MLS services. Don't expect too much from the agent as he or she has no guarantee they will be compensated for their efforts.
* Open Listing -- An open listing grants the broker no rights other than to receive a commission if they find a buyer who successfully closes escrow on your home. It gives the agent permission to advertise and show your home. Since there's no promise of exclusivity, you'll be responsible for marketing your property, including arranging and coordinating showings, qualifying clients, and handling inspections, appraisals and escrow.
* One Time Listing Agreement -- A one time listing agreement, also known as a "showing listing," is an agreement where a home owner, usually a For Sale By Owner, agrees to let an agent show the house once. The owner agrees to pay a commission if the showing results in a sale. The purpose of this agreement is to prevent the seller from letting an agent show the home, then deal with the buyer directly in order to avoid paying a commission. As with an open listing, agents won't be spending any time or money marketing your home.

Thank you for your interest and I hope you can visit my website someday if you are interested in buying or selling real estate in Lewisville, Flower Mound, and Highland Village TX area. My website is www.NorthTexasHome.com

When you can't do it yourself, it's time to find a good contractor. Following are some tips to help you find a good one:

1. Avoid the yellow pages; anyone can buy an ad.
2. Get recommendations from family, friends and co-workers.
3. Deal only with licensed contractors.
4. Check with the state licensing board and local Better Business Bureau to see if there are any outstanding complaints.
5. Interview each contractor, request free estimates and ask for recent references of projects similar to yours.
6. Do not work with an uninsured contractor. Verify the contractor has worker's compensation insurance and an umbrella general liability policy.
7. Check the contractor's professional associations. Most professionals are members of some association.
8. Check to see how long the contractor has been in business; be cautious about working with new companies.
9. Find out how long the contractor has been working with his crew; you don't want your project to be a training ground for new employees.
10. Ask what will be handled by the contractor and what will be subcontracted. Keep in mind if subcontractors are involved, you should check them out as well.
11. Find out how many other projects the contractor will be working on simultaneously. If they have lots of other projects, they'll have less time to devote to you.
12. Trust your instincts.

Naturally, people use their fireplaces more during the winter months. There's something special about cozying up around a crackling fire on a cold winter day, or gathering around a fireplace during the holidays.

However, did you know many fireplaces are extremely inefficientand can skyrocket your heating bill? A roaring fire can exhaust as much as 24,000 cubic feet of air per hour to the outside, which must be replaced by cold air coming into the house from the outside. Your heating system must warm up this air, which is then exhausted through your chimney.

The fact is the fireplace that was designed to warm your house is actually doing the opposite and probably costing you hundreds of dollars in energy costs. However, don't sweat it. Following are some tips to help make your fireplace more energy efficient:

* If you never use your fireplace, plug and seal the chimney flue.
    * Keep the fireplace damper closed unless you're actually using the fireplace. Claims have been made that keeping the damper open is like keeping a small window wide-open during the winter.
* When you use the fireplace, reduce heat loss by opening dampers in the bottom of the firebox, if it has them, or open the nearest window about 1 inch, and close doors leading into the room.
* Lower the thermostat setting to between 50°F and 55°F.
* Install tempered glass doors and a heat-air exchange system that blows warmed air back into the room.
* Check the seal on the flue damper and make it as snug as possible.
* Add caulking around the fireplace hearth.
* Use grates made of C-shaped metal tubes to draw cool room air into the fireplace and circulate warm air back into the room.
* Replace the fireplace throat damper with a top sealing damper -- which are installed at the top of the chimney and act like a storm door.
* Add a fireback, which is basically a cast iron plate that is placed at the back of the fireplace. It protects the back wall from fire damage and improves the fireplace's efficiency by absorbing the heat from the fire and radiating it back into the room.
* Install a fireplace heater, which pulls fresh air from the room, circulates it through a chamber that is heated by the fire, and blows it back into the room.