Senior Living Choices in Houston Texas

The kids are grown and the pets are gone. You’re thinking about selling the house and downsizing to something more manageable so you have more free-time to pursue those projects and interests you always talked about without the hassle of maintaining a home and a lawn.  Well if this is you, Houston has a lot of choices for independent senior living.

Here’s a short list to get you started. This list is only a sampling of what is available here in the Greater Houston Area and includes apartment style living as well as single family homes.  For more choices, locations and other information, give me a call. I’m a Senior Real Estate Specialist which means I’ve taken special courses to educate myself on the needs of the senior community. I can answer all of your questions about selling your current home and relocating to a senior community.

The Heritage at Towne Lake Active Adult Community Enclave – Cypress Texas

Eagle’s Trace  - Houston Texas near George Bush Park/I-10

The Village at Gleannloch Farms – Spring Texas

The Conservatory Senior Living – The Woodlands Texas at Alden Bridge

The  Village at the Woodlands Waterway – The Woodlands Texas

Windsor Lakes – The Woodlands Texas

Holly Hall – Houston Texas  near the Texas Medical Center

University Place – Houston Texas near Houston Baptist University/SW Houston

Del Webb Sweetgrass – Richmond Texas

Heritage Grand at Cinco Ranch – Katy Texas

How can I help you? Contact Jason at 281-376-2755 or jason@kw.com and let me know how I can help you. Search all homes for sale or set up a custom search with your specific needs at www.greathoustonproperties.com.

Buy vs. Rent – 8 Reasons It’s A Great Time to Buy

I’ve noticed that for the past two years as the economy slumped, people have been very cautious about their housing plans. If you don’t have to sell right away then many people are not selling. Others are opting for the safety of renting until they decide what the best move is based on employment prospects or a neighborhood they are interested in.

If you are thinking about, here are 8 reasons why buying in 2011 is a great idea.

1. Choice. We are still clearly in a buyers market. Currently we are sitting about 7.1 months of inventory, which means that it would take 7.1 months to sell all the homes currently for sale based on the last 12 months of sales data. Anything over 6 months is a buyers market. What this means for buyers is that there are many homes to choose from out there, and they are all competing for your purchase dollars.
2. Buying Up. Because of the number of homes for sale, the low interest rates, and the dip in housing prices, it is a great time to buy more house than you may have considered a few years ago.  Cheap mortgages and competitive prices means buyers can buy a nicer home for the same amount of money than before.  Once these rates begin to rise, we may never see them this low again.
3. Quality. With so many homes on the market, sellers are going the extra mile in today’s market to get their homes noticed and sold. This means buyers have a greater chance of finding a home in a desirable neighborhood with more upgrades.  Sellers are putting their best foot forward when they hit the market to offer buyers irresistible homes with up-to-date appliances and decorator touches. Many times a buyer can find a re-sale home with a new roof, new AC, and new water heaters or siding as well as updated kitchens and bathrooms. Builders are also offering higher quality homes for low prices to buyers wishing to purchase new construction.
4. Tax Breaks. At least for now, home owners can write off their mortgage interest on their taxes, write off real estate taxes, claim homestead tax exemption for property taxes, and get a break on any capital gains when they sell.  This can make a very nice deduction on the average home owners tax bill that a renter can never get.
5. You Own It.  There’s nothing like the feel of owning a home. Instead of living with the things they don’t care for, the homeowner can change it to match their desires or needs. And if they’re young enough and plan to stay in one place, it’s a wonderful feeling to look down the road and know that they have a permanent place to live paid for before retirement.
6. Community. People who own in a neighborhood vs. rent feel differently about the place they call home. There’s pride in ownership and it shows in neighborhoods where there are fewer rentals. People also tend to stay in one spot longer, get to know each other, kids grow up together, families are more likely to become involved in community activities, and neighbors tend to keep a watch out for potential crime. Neighborhoods where a majority own their home are, generally speaking, safer and more outgoing places to live.
7. Space. Homes with larger square footage are more rare on the rental market. When considering the square footage a homeowner can get vs. what you will pay in rent for the same square footage, the homeowner will be paying less per month, and now that is even more true because of low interest rates. This often means a 3500 SF homeowner could be paying less per month in a better neighborhood, even including property taxes and insurance, than the renter will be paying for a 2000 SF home.
8. School Choice. Many parents wish to live in a certain school zone. Even within a school district there are schools which are more popular, or have better reputations than others and people want to live in neighborhoods zoned to those schools. Rentals are not always available in the neighborhoods of the most sought after schools because the neighborhoods have very few homes for rent or perhaps the neighborhoods do not allow homeowners to rent out their homes when they move. With so many homes on the market for sale, it is a good bet that buyers can find a home they love within the desired school zone.

5 Reasons Buyers Choose Existing Resale Homes

Why choose an existing re-sale home over a new construction home? Here are five reasons buyers choose to purchase resale home’s in today’s competitive market.

1. Established Neighborhoods. Many buyers love the atmosphere within an established neighborhood over the bare bones feeling in new construction areas. Residents often know each other and know the ins and outs of the subdivision. Buyers can stop and talk with neighbors and get an instant feel for the area, and more popular neighborhoods often become well-known through word-of-mouth.

2. Mature Landscaping. Trees draw people in. They shade the streets and homes and provide a texture to the neighborhood that cannot be reproduced except with time. New construction neighborhoods cannot compete with a beautifully landscaped, mature subdivision. Owners have already spent hundreds of hours over many years to create unique exterior designs and beauty on their lots and many buyers welcome the chance to take over a well-developed landscape instantly.

3. Unique Design. In older neighborhoods there seem to be more exteriors than are more commonly found in newer construction areas. As you drive the streets, each home has it’s own unique flair either because of the original builder design or because of changes the owners have made over time. A buyer may find a home with custom concrete stamped walk-ways or a covered patio or deck. Perhaps there will be fresh paint, shutters, upgraded roofing and siding or a fenced driveway.  A buyer favoring established neighborhoods is often hoping to find a home that is truly unique.

4. Upgrades Without Cost. One of the top draws for re-sale homes is upgrades that the owner’s make to the home while preparing to get it on the market that don’t equate to a rise in the cost of the home.  These are called cosmetic upgrades. They increase the saleability of the home without increasing the price.  Upgrades like this include new paint, carpet, tile, and countertops. Upgraded appliances and fixtures in the home also fall in to this category, and although the price will be more for a home with a pool, buyers will always get the pool at far less than it cost the seller to build it.

5. Premium Location. Location, location, location. There’s no new land being made, so for buyers who wish to be close to a certain map point, the existing neighborhoods close to that spot are going to be high on their list. New construction tends to be further away from town. If living near the job is important for quality of life, then chances are there is already an existing neighborhood in the location nearest the job.

Taking these five points under consideration will help you, as a buyer, consider what is important to you in the next home your purchase.

5 Reasons Buyers Choose New Construction

Why choose a new construction home over an existing re-sale home? Here are five reasons buyers choose to purchase new construction in today’s competitive market.

1. Greater Energy Efficiency. Builders today are using new building techniques and new technologies that enable homes to be much more energy efficient than homes built in years past.

 

2. Neighborhood Planning and Development. Many newer communities offer buyers opportunity for community living that older neighborhoods do not. Some popular features in today’s newer communities are sidewalks, shopping within the community itself, community activities among residents, and schools within the communities. Pocket parks, splash pads, and dog parks are some other popular new community features that are not found as often in older neighborhoods.

3. Customization. Nothing is quite the same as selecting that special floorplan and all of the amenities that buyers want in a new home. From the paint, tile, and carpet to the appliances to the yard landscaping, customizing their home to make it fit their style is an option many buyers choose when deciding to purchase a new home vs. a re-sale home.

4. Builder Incentives. Many new construction home builders offer new buyers incentives to purchase new construction homes over a re-sale home even in the same neighborhood. Builders frequently offer buyers incentives such as upgraded landscaping or appliances, payment of re-letting fees in the case of a buyer leaving a rental to purchase, and attractive financing options for the buyer if they use the builder’s in-house lender. With all of the incentives included, a new home can sometimes be a better price/sf option than a comparable re-sale.

5. Modern Elevations and Floorplans. Building a new home offers buyers the chance to follow the latest trends and decorating styles in home design by choosing modern floorplans and exterior elevations.  Many older homes do not offer the open floorplans, soaring ceilings, and bonus options such as media rooms that some buyers are searching for.

Taking these five points under consideration will help you, as a buyer, consider what is important to you in the next home your purchase. Stay tuned to read my post on 5 reasons buyers choose re-sale homes for an alternate point of view.

10 Reasons It’s Still A Good Idea to Buy A Home

This is a re-post of the entire article featured in Time Magazine on September 26, 2010. The article was written by Brett Arends. Rather than just stick in a link to the article, I decided to copy it in and make it easy to read because it’s a good article with information I hope you will read if you’re uncertain about buying a home right now.

10 Reasons To Buy a Home

Enough with the doom and gloom about homeownership. Brett Arends explains why owning a home is a good thing.

Enough with the doom and gloom about homeownership.

Sure, maybe there’s more pain to come in the housing market. But when Time magazine starts running covers that declare “Owning a home may no longer make economic sense,” it’s time to say: Enough is enough. This is what “capitulation” looks like. Everyone has given up.

After all, at the peak of the bubble five years ago, Time had a different take. “Home Sweet Home,” declared its cover then, as it celebrated the boom and asked: “Will your house make you rich?”

But it’s not enough just to be contrarian. So here are 10 reasons why it’s good to buy a home.

1. You can get a good deal. Especially if you play hardball. This is a buyer’s market. Most of the other buyers have now vanished, as the tax credits on purchases have just expired. We’re four to five years into the biggest housing bust in modern history. And prices have come down a long way– about 30% from their peak, according to Standard & Poor’s Case-Shiller Index, which tracks home prices in 20 big cities. Yes, it’s mixed. New York is only down 20%. Arizona has halved. Will prices fall further? Sure, they could. You’ll never catch the bottom. It doesn’t really matter so much in the long haul.

Where is fair value? Fund manager Jeremy Grantham at GMO, who predicted the bust with remarkable accuracy, said two years ago that home prices needed to fall another 17% to reach fair value in relation to household incomes. Case-Shiller since then: Down 18%.

2. Mortgages are cheap. You can get a 30-year loan for around 4.3%. What’s not to like? These are the lowest rates on record. As recently as two years ago they were about 6.3%. That drop slashes your monthly repayment by a fifth. If inflation picks up, you won’t see these mortgage rates again in your lifetime. And if we get deflation, and rates fall further, you can refi.

3. You’ll save on taxes. You can deduct the mortgage interest from your income taxes. You can deduct your real estate taxes. And you’ll get a tax break on capital gains–if any–when you sell. Sure, you’ll need to do your math. You’ll only get the income tax break if you itemize your deductions, and many people may be better off taking the standard deduction instead. The breaks are more valuable the more you earn, and the bigger your mortgage. But many people will find that these tax breaks mean owning costs them less, often a lot less, than renting.

4. It’ll be yours. You can have the kitchen and bathrooms you want. You can move the walls, build an extension–zoning permitted–or paint everything bright orange. Few landlords are so indulgent; for renters, these types of changes are often impossible. You’ll feel better about your own place if you own it than if you rent. Many years ago, when I was working for a political campaign in England, I toured a working-class northern town. Mrs. Thatcher had just begun selling off public housing to the tenants. “You can tell the ones that have been bought,” said my local guide. “They’ve painted the front door. It’s the first thing people do when they buy.” It was a small sign that said something big.

5. You’ll get a better home. In many parts of the country it can be really hard to find a good rental. All the best places are sold as condos. Money talks. Once again, this is a case by case issue: In Miami right now there are so many vacant luxury condos that owners will rent them out for a fraction of the cost of owning. But few places are so favored. Generally speaking, if you want the best home in the best neighborhood, you’re better off buying.

6. It offers some inflation protection. No, it’s not perfect. But studies by Professor Karl “Chip” Case (of Case-Shiller), and others, suggest that over the long-term housing has tended to beat inflation by a couple of percentage points a year. That’s valuable inflation insurance, especially if you’re young and raising a family and thinking about the next 30 or 40 years. In the recent past, inflation-protected government bonds, or TIPS, offered an easier form of inflation insurance. But yields there have plummeted of late. That also makes homeownership look a little better by contrast.

7. It’s risk capital. No, your home isn’t the stock market and you shouldn’t view it as the way to get rich. But if the economy does surprise us all and start booming, sooner or later real estate prices will head up again, too. One lesson from the last few years is that stocks are incredibly hard for most normal people to own in large quantities–for practical as well as psychological reasons. Equity in a home is another way of linking part of your portfolio to the long-term growth of the economy–if it happens–and still managing to sleep at night.

8. It’s forced savings. If you can rent an apartment for $2,000 month instead of buying one for $2,400 a month, renting may make sense. But will you save that $400 for your future? A lot of people won’t. Most, I dare say. Once again, you have to do your math, but the part of your mortgage payment that goes to principal repayment isn’t a cost. You’re just paying yourself by building equity. As a forced monthly saving, it’s a good discipline.

9. There is a lot to choose from. There is a glut of homes in most of the country. The National Association of Realtors puts the current inventory at around 4 million homes. That’s below last year’s peak, but well above typical levels, and enough for about a year’s worth of sales. More keeping coming onto the market, too, as the banks slowly unload their inventory of unsold properties. That means great choice, as well as great prices.

10. Sooner or later, the market will clear. Demand and supply will meet. The population is forecast to grow by more than 100 million people over the next 40 years. That means maybe 40 million new households looking for homes. Meanwhile, this housing glut will work itself out. Many of the homes will be bought. But many more will simply be destroyed–either deliberately, or by inaction. This is already happening. Even two years ago, when I toured the housing slump in western Florida, I saw bankrupt condo developments that were fast becoming derelict. And, finally, a lot of the “glut” simply won’t matter: It’s concentrated in a few areas, like Florida and Nevada. Unless you live there, the glut won’t have any long-term impact on housing supply in your town.

What’s So Special About Master Planned Communities?

Wikipedia defines a master-planned community as follows:

“A planned community, or planned city is any community that was carefully planned from its inception and is typically constructed in a previously undeveloped area. This contrasts with settlements that evolve in a more ad hoc fashion. Land use conflicts are less frequent in planned communities since they are planned carefully.”

In the Houston area, there are a growing number of master planned communities to choose from and residents of Harris County are responding by relocating to these large communities in large numbers.

Why would a buyer choose a master-planned community over the typical subdivision? Here are few reasons that attract purchasers:

1. Unmatched planning design and architecture.  Most communities are very large and feature several builders, so there is a wide variety of styles, floor plans, and pricing, but the overall layout and feel of the community will retain cohesiveness to the master plan.
2. Large open spaces abound. These large communities often feature large parklands, hike & bike trails, playgrounds, sports areas, fishing ponds, community centers and swimming pools. Whereas a typical subdivision may offer one or two of these amenities, they are smaller and not always available. The planned community is based on the premise that the houses are only a small part of the charm of the community. Amenities such as these are the heart and soul of what makes these planned communities an island unto themselves.
3. A feeling of real community is fostered.  Feelings of community are part of what draw residents to a planned community.  Residents strive to build community relationships with neighbors, and children find many others their age to grow and play with.  Community events are often sponsored by resident’s associations and neighbors themselves tend to be very outgoing.  Residents in these planned communities are seeking (& creating by their own actions) a better quality of life and feelings of security.
4. A wise financial investment.  Homes in planned communities do not typically lose their value and can even become worth more than surrounding neighborhoods. A planned community has codes and covenants in place that protect the value of the homes, ensure proper upkeep of properties, and guarantee a consistency of growth within the community.

Chris Fiscelli, writing for the Reason Public Policy Institute, refers to Master-Planned Communities as “suburbia’s response to the boring, cookie-cutter, detached globs of housing that still make up much of America’s suburban nation.”

If you are considering a master-planned community in Houston, you will find there are many choices available. Some of the communities are centered on a theme such as golf, water-sports, equestrian or tennis; while others are more general.  Most offer elementary schools within the community along with easy access to your daily shopping needs and commuter routes.  Contact me if you want to buy a home in Houston Texas in a planned community that matches your particular interests or location needs and I’ll be happy to give you a list. I can be reached at Jason@kw.com or www.GreatHoustonProperties.com.

How To Choose A Quality Home Inspector

Everyday I instruct my clients on how to choose home inspectors. Over the last 8 years in Houston, I’ve had the opportunity to work with many inspectors and see the myriad of home inspection issues that invariably come up during inspections. In deciding best how to write this blog entry,

Home inspectors search the home from top to bottom for potential code violations and trouble spots.

I did some recon out on the web and came across this sample interview from a company out in Virginia called CJR Inspections. CJR wrote the following interview sequence, which I think does a great job of an inspector talking to a family member about how to choose an inspector.  At the end of the interview there is reference to questions to ask your inspector. I also keep a list of inspector questions on my blog site that are specific to Houston living as well as a list of professional inspectors who have done a good job for my clients in the past.. Happy reading and let me know how I can help.

Chuck: “Beth, the most important thing is to find a home inspector that knows what he or she is looking for and is willing to tell you straight up what is wrong. You don’t want an inspector that’ll get you all excited about non-problems. That just complicates your decision process. But you REALLY don’t want someone who is going to gloss over major problems at the risk of being labeled a ‘deal Breaker’.”

Beth: “What’s a ‘Deal Breaker’?”

Chuck: “It’s a label that some Realtors put on Home Inspectors that have told their clients things that have caused them not to buy the house.”

Beth: “Why does the Home Inspector care what the Realtor thinks?”

Chuck: “That’s a good question. Most of us Home Inspectors get most of our business through real-estate agent referrals. Most home-buyers ask their agent for a recommendation (or a short list) for their home inspector. So even though we work for the client, more future work will come from the Realtor than the client.”

Beth: “That seems like a conflict of interest.”

Chuck: “It can be. A good home inspector has to be willing to lose business for the sake of the client. The client has a lot of money riding on this deal. Good home inspectors serve their clients.”

Beth: “So my real estate agent has given me a couple of home inspectors that she likes. Should I trust her recommendation?”

Chuck: “Most Realtors are good, hardworking, looking out for the client kind of folks. We’ve heard people say, “Realtors are just looking for someone who won’t screw up the deal so the Realtor doesn’t loose his/her money.” Our experience is that the good Realtors (and many are good) are looking for repeat customers and positive referrals. Just “closing the deal” is a short-sighted view and most really want you to be happy today and for years to come. It’s good for business. Chances are your Realtor has tried several inspectors and has a short list of the ones who are good. So does your Realtor have your best interest at heart or is she just trying to get you to closing so she can get her check? Look Beth, you’ve just spent several weekends (or more) with your Realtor. You’ve got to make that assessment yourself. Is your Realtor really for you, or does your ‘spidey’ sense tell you to seek advice elsewhere? If you’ve got the warm-fuzzy with your Realtor, listen to her advice.”

Beth: “My ‘Spidey’ sense tells me she’s a little too slick for my liking. By the way… it’s kinda dorkey to say,’Spidey Sense’, Chuck. Anyway where should I turn?”

Chuck: “Well if you search the net you’ll get a lot of guidance from all kinds of sources. In my experience not all members of Professional Societies (Like ASHI, NaHI, etc) are good inspectors just because they are a member of a particular organization. There’s a good inspector in my area who isn’t a member of any professional society. JR and I are with ASHI. And, of course we’re good [Sorry, beating back that bias]. Just because an inspector has done 2,000 inspections or 20 doesn’t in itself make him good or bad. It goes back to my first comment, the most important element is that the inspector knows what he or she is looking for and is willing to tell you straight up what is wrong.”

Beth: “OK, great! How am I ever gonna figure that out.”

Chuck: “Do you know anybody that has bought several houses over the past few years? You probably have a property investor as a friend or co-worker and don’t even know it or someone knows someone who is one. People who buy several houses have been burned by home inspector oversights or at least become very aware of the expense of such oversights. A property investor has probably gone through a couple of inspectors and has found one they really trust. Use that one.”

Beth: “OK I’ll ask around. Thanks for your help, Chuck.”

Chuck: “You bet, if that doesn’t work call me tomorrow.” Beth: “Chuck, nobody at work and none of my friends are investors and no one knows anyone who is.”

Chuck: “Hmmmm… OK. Have any of your friends purchased a home recently and what did they think about their inspector?”

Beth: “Yea, when I was looking for a property investor several people told me about their inspector. Some said their inspector wasn’t very good. Others raved about their’s?”

Chuck: “All right. Anybody’s name come up on the raving side more than once?”

Beth: “No, but one of my friends raved about an inspector that another was very down on.”

Chuck: “That’s really the problem with going with a recommendation from someone who has only done one house. One could be thrilled with a so-so inspector because nothing went wrong with their house and another could be disappointed with a great inspector because some things did go wrong. Sometimes, even though the inspector gave recommendations to correct actions that the homeowner didn’t follow and is now paying the price.”

Beth: “Yea. Admittedly, I have a couple from my inspection in my current house that we decided weren’t important enough.”

Chuck: “Us Home Inspectors call that “deferred maintenance”. $3 today, thousands of dollars tomorrow. But we digress.”

Beth: “So what do I do now.”

Chuck: “Take all the inspectors that your friends raved about, and call them up and give them a little interview.”

Beth: “An interview?”

Chuck: “Yea, call them up and tell them you have to get a home inspection done by whatever date and you’re looking for an inspector and why should you choose them.”

Beth: “So I’m going to choose someone who can interview well?”

Chuck: “Not exactly. You’re looking for someone who can communicate well because they have to translate all that construction jargon into something that makes sense to you. You’re also looking for someone who answers the interview questions to your satisfaction.”

Beth: “Do you have a list of interview questions and “good” answers?

Chuck: “Yes. I’ll get you that list.”
Beth: “Thanks Chuck.”

Chuck: “You Bet. Let me know how it turns out.”

Take advantage of the market today to find your next home at www.GreatHoustonProperties.com.

Questions to Ask Your Home Inspector

Many buyers become very concerned when getting their potential new home inspected. At this point you are under contract, but within the 10-day option period to withdraw from the contract without penalty. The results of an inspection will frequently “make or break” the deal.  The importance of having a good inspector cannot be underestimated. You will be looking for someone who is a seasoned professional, uses the latest technologies, is properly licensed, and has the ability to explain to you and your agent any potential problem areas.

With a strong inspection report, you will be able to more successfully negotiate repairs that may be needed on the home and understand the implications of any problem areas in the home.  There are times that a report may find an issue that seems daunting, but your agent can use the information in the report to get the seller to complete any needed repairs, replacements or even provide warranties.  It is important to remember that there are usually very few items that come up on an inspection report that can’t be repaired or replaced to a standard that will be better than the original and ultimately get you a better, safer home.

So here are the questions you should ask any potential inspector when you are purchasing a new home.

1. What do you feel is the purpose of the home inspection?

2. What do you look for in a home inspection?

3. What standards do you follow?

3. How do you report your findings? When can I expect the report?

4. Why should I choose you over another residential home inspector?

5. How long will the home inspection take?

6. How much does the home inspection cost?

Take advantage of the market and find your next home at www.GreatHoustonProperties.com.

FHA Seller Concession Cuts Are Coming

FHA plans to halve mortgage loan’s 6% seller concession this summer, but it hasn’t happened yet.  According to the Washington Post earlier in May of this year, the FHA, Federal Housing Administration, plans to cut maximum ”seller concessions” from 6 percent of the home price to 3 percent sometime this summer. FHA rules allow buyers to ask the  property seller to pay for some of the transaction fees including loan origination, transfer fees, appraisals, inspections, closing and escrow costs.  However, the seller cannot contribute any funds towards the buyer’s downpayment of 3.5% required by the FHA.  

A 6% seller contribution can really take the financial strain off the buyer at closing. For example, if the buyer is purchasing a $200,000 house using FHA financing today, the seller can agree to pay at closing all closing costs and even some repairs, up to 6 % of the sales price, or $12,000.

With Fannie Mae or Freddie Mac conventional financing, seller contributions are generally limited to 3 %.  According the May article in the Washington Post, when FHA officials announced the policy change this year, they said the long-standing 6 % maximum “exposes the FHA to excess risk by creating incentives to inflate appraised value.”   The FHA has decided to cut it’s concession limit in half to prevent further loss and that the cut would be announced in early summer.  But so far there has been no public announcement.   After the announcement is made, there will be a 60 day period prior to the changes being put into action.

For any buyers out there hoping to take advantage of the FHA seller concessions of 6%, now is the time to act and act quickly before these rules go away.  If want to buy a home in Houston, TX, contact me to today to find out about financing options under FHA and the once-again extended First Time Home Buyer Tax Credit or Existing Homeowner Tax Credit. Free property searches are available to you for the Houston and surrounding areas at http:www.GreatHoustonProperties.com.

Buyers Get Another Extension on Home Buyer Tax Credit!

Breaking News from National Association of Realtors!

Homebuyer Tax Credit Closing Deadline Extended to September 30, 2010.

After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension. The new closing deadline for eligible transactions is now September 30, 2010, pending the President’s signing the bill into law.

NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation. Extending the Tax Credit Closing deadline will help provide additional stability to real estate markets across the nation.

Find homes for sale in Houston, TX at Great Houston Properties.