Michael Inkman

Fairway Independent Mortgage Corp.

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Simple Ideas To Create An Outdoor Living Space For Your Home

May 29, 2013 by Michael Inkman Leave a Comment

Create an Outdoor Living Space for Your HomeAs the weather gets warmer, the desire to get outside and enjoy the fresh air begins to take hold. Having a place to entertain or just unwind can add a new dimension and enjoyment to your home.

First, you have to decide what type of space you want to create. Whether you want to have an outdoor living room, a vacation-like spot or a place to meditate and enjoy nature, how you extend your living space is limited only by your imagination — and possibly your budget.

Start with your vision and make a list of the things you want to have there. Then go for it!

Choose a Theme

  • Vacation spot – Decorate with bright colors for a festive, tropical look.
  • Zen garden – Add a water feature, such as a fountain, for a calming effect.
  • Nature hideaway – Surround a patio or porch with plants and trees to bring nature closer to your home.

Find Elements to Enhance Your Space

  • Furniture – If your outdoor zone isn’t completely under cover, then make sure to choose all-weather furniture. Comfortable seating is key, so add pillows or cushions for extra luxury.
  • Lighting – String lighting throughout the trees, under umbrellas or around fencing to create atmosphere. It also helps to make sure you can see where you’re going once the sun goes down.
  • Outdoor kitchen – Bring the food with you! Keep it simple with a BBQ grill or add other elements like a refrigerator, sink and food prep area. And, don’t forget the beverages!
  • Fireplace – Extend your outdoor evenings into the fall by adding a fireplace for friends and family to gather around.
  • Borders – Define the borders of the area to increase privacy and separate the space from the rest of the yard or neighbors.

Your Houston home is an extension of your personality. Creating an outdoor oasis can give you an opportunity to find your inner child, Zen master, or beach bum!

Make it as simple or elaborate as you desire, and open it up to friends, or keep it all to yourself. Follow these simple tips and create a wonderfully relaxing place right at your home for the summer.

Filed Under: Around The Home Tagged With: Home Improvement, Outdoor Living, Patio

8 Steps To Reduce Property Taxes

May 28, 2013 by Michael Inkman Leave a Comment

As the sluggish economy drags on, county boards everywhere are looking for ways to replace lost income–re-assessments of residential real estate taxes is just one of those ways. Sometimes it’s fair, other times it avoids belt-tightening. If your property taxes have been raised and you feel it’s unfair, here is how to prepare to meet your assessor for a review to lower them:

1. Look for reporting mistakes. Examine the assessor’s entire property description. Note discrepancies and document them with blueprints, surveys, photos or other inspection reports.

2. Compare neighborhood assessments. Are other homes in your neighborhood assessed similar to yours? Check the web first; some counties post assessments online.

3. Compare current sales. Talk to a local real estate agent (if you need a referral, I’m glad to help) and get a report of comparables sold within the last 6 months. Sold homes count, listings don’t.

4. Take pictures. Document where your home needs repair compared to other homes in better shape in your neighborhood.

5. Get a new appraisal. If your home is unusual or hard to “comp” this is the one time it can work in your favor. If you recently refinanced and the value is lower, use that report instead.

6. Get your contract. If your taxes increased soon after you purchased, values probably haven’t changed that much. Document with your purchase agreement.

7. Are you exempt? There are many special exemptions: homestead, mortgage, senior citizens, veterans, disabled persons, and even energy-efficiency. Check with your county and check them all.

8. Prepare your case. In writing, briefly and professionally describe why you are entitled to the reduction, followed by documentation of your reasons. Make sure you have any required forms completed and know all deadlines for your appeal.

 

Filed Under: Quick Tips

Existing Home Sales Numbers Highest Since 2009

May 28, 2013 by Michael Inkman Leave a Comment

Existing Home Sales Numbers Highest Since 2009The National Association of REALTORS reported that sales of existing homes in April reached 4.97 million on a seasonally-adjusted annual basis.

Although this reading fell short of Wall Street’s expectations of 5.00 million existing homes sold, it surpassed the March 2013 upwardly revised reading of 4.94 million existing home sales. This represents a 0.60 percent increase from March to April, and a 9.70 increase year-over-year.

Low Mortgage Rates Contribute To High Sales Levels 

Low mortgage rates and pent-up demand for homes are driving sales of existing homes, which reached their highest level since November 2009. 

Lawrence Yun, chief economist for the National Association of REALTORS, indicated that housing market momentum is overcoming obstacles: “The robust housing market recovery is occurring in spite of tight access to credit and limited inventory. Without these frictions, existing home sales would be well above the five million unit pace.”

Inventories of homes for sale are gradually increasing; at the end of April, the total inventory of existing homes had increased by 11.9 percent to 2.16 million existing homes for sale. This represents a 5.20 month supply of available homes in April as compared to a 4.7 month supply of homes in March 2013. Listed inventory is 13.60 percent below April 2012, when there was a 6.60 month supply of homes available.

Average Home Sales Prices Up 14 Months In A Row

The national average price for all housing types was $192,800, and increase of 11.0 percent over April 2012. This represents the fourteenth consecutive month of rising average home prices; the last time this occurred was between April 2005 and May 2006.

Homes sold through foreclosure or short sales fell by three percent to 18 percent of existing homes sold in April.  Of these sales, 11.0 percent were foreclosure sales and 7.0 percent were short sales. Foreclosure sales averaged 16.0 percent below market value and short sales averaged 14.0 percent below market value.

The Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, provided more positive news for U.S. housing markets as of March 2013. Average home prices for homes mortgaged by Fannie Mae and Freddie Mac increased by 7.20 percent year-over-year, and were up by 1.20 percent from February 2013. FHFA also reported that home prices had risen by 6.70 percent in the first quarter of 2013 as compared to the same period in 2012.

New Home Sales Show Rising Trend As Well

In related news, the Department of Commerce reports that New Home Sales are up by 2.30 percent from March to 454,000 units on a seasonally-adjusted annual basis.  This handily exceeds Wall Street’s consensus of 430,000 new homes sold in April, and is also higher than March’s reading of 444,000 new homes sold.

Buyers are turning to new homes due to pent-up demand in housing markets caused by low inventories of existing homes and low mortgage rates. It’s also likely that with home prices rising, would-be buyers are acting on indications that record low rates and home prices are expected to increase.

Rising home prices suggest that as demand increases, mortgage rates may not be far behind. Buyers in the Austin  market today can still gain the advantage of historically low mortgage rates.

Filed Under: Housing Analysis Tagged With: Home Sales, Housing Reports, Sales Price

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Michael Inkman

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