In Texas, a very common term used by real estate agents is "MUD". MUD is an achronym for Municipal Utility Districts. Sellers of homes in a MUD district must provide written notice regarding the taxing authority of the MUD. This notice will disclose the potential for annexation of the property by a municipality or the potential for dissolution of the MUD. The forms also disclose the amount of property tax associated with the MUD and the amount of bonds issued.
What is a MUD?A Municipal Utility District (MUD) is a political subdivision of the State of Texas authorized by the Texas Commission of Environmental Quality (TCEQ) to provide water, sewage, drainage and other services within the MUD boundaries.
How is a MUD created?A majority of property owners in the proposed district petitions the Texas Commission of Environmental Quality to create a MUD. The TCEQ evaluates the petition, holds a public hearing, and grants or denies the petition. After approval, the TCEQ appoints five temporary members to the MUD's Board of Directors, until an election is called to elect permanent Board members, to confirm the MUD's creation, and to authorize bonds and taxing authority for bond repayment.
How does a MUD work? The publically elected Board of Directors manages and controls all of the affairs of the MUD subject to the continuing supervision of the Texas Commission of Environmental Quality. The Board establishes policies in the interest of its residents and utility customers. A MUD may adopt and enforce all necessary charges, fees and taxes in order to provide district facilities and service.
Will my taxes be higher in a MUD? MUD tax rates, like all property tax rates, vary according to property values and debt requirements. MUD rates generally decline over time as the MUD is built out and operating and debt service costs are shared by more homeowners.
I hope this information clears up the MUD for you. Just let us know if you have questions. We will go to work for you!
Wednesday, August 6, 2008
Friday, August 1, 2008
Luxury Living in The Woodlands
You may have recently read in the local newspaper about the sale of the most expensive resale home in Montgomery County, Texas. The home was located in Carlton Woods, a gated community within The Woodlands, and sold for $5,000,000. The home was listed for sale on February 19, went under contract on April 21, and closed on June 27, 2008.
You may be wondering what are some other things happening in the area in the luxury home market. As of today, there are 75 homes in The Woodlands listed in MLS priced for sale at $1,000,000 or more (currently active on the market). There are 9 homes in MLS listed for $1,000,000 or more under contract. But, most significantly, there are 54 homes in The Woodlands listed in MLS that have sold since the first of the year that were listed for sale at $1,000,000 or more. The sold prices range from $925,000 to $5,000,000. Some homes were new and some were resale and the sales price averaged 95% of list.
We are luxury home marketing specialists and would love to help you with the sale or purchase of your home. All of our clients, regardless of price range, are important relationships to us and we treat everyone with honesty, integrity, and hard work. Why not call the Knotts today and put us to work for you?
You may be wondering what are some other things happening in the area in the luxury home market. As of today, there are 75 homes in The Woodlands listed in MLS priced for sale at $1,000,000 or more (currently active on the market). There are 9 homes in MLS listed for $1,000,000 or more under contract. But, most significantly, there are 54 homes in The Woodlands listed in MLS that have sold since the first of the year that were listed for sale at $1,000,000 or more. The sold prices range from $925,000 to $5,000,000. Some homes were new and some were resale and the sales price averaged 95% of list.
We are luxury home marketing specialists and would love to help you with the sale or purchase of your home. All of our clients, regardless of price range, are important relationships to us and we treat everyone with honesty, integrity, and hard work. Why not call the Knotts today and put us to work for you?
Sunday, June 29, 2008
Home Staging-Preparing for the Stager to Arrive
Staging of homes on the market is becoming increasingly popular. When buyers walk through model homes in a community, the homes are designed to appeal to every sense. Buyers react emotionally to an attractive, beautifully decorated home that provides "ease of move in", if only mentally!
Sellers of resale homes should consider staging a home so that the home appeals to a wide variety of buyers. Before staging begins, it is important to thoroughly clean the home. Kitchens, baths, floors, windows, light fixtures, etc. should literally sparkle! Carpets should be clean or replaced and should not show signs of excessive wear.
Secondly, before the stager arrives, the seller should declutter. Paperwork, collections, numerous family photos, refrigerator artwork, etc. needs to go! Pack up as much as possible in closets and other storage areas. Remember the goal is to sell and move. Eventually you are going to have to pack boxes anyway, so why not get started now?
Why not call Carol and Erol Knott today and put them to work for you? Part of their marketing plan is hiring a stager on your behalf!
Watch this blog for more hints on staging!
Sellers of resale homes should consider staging a home so that the home appeals to a wide variety of buyers. Before staging begins, it is important to thoroughly clean the home. Kitchens, baths, floors, windows, light fixtures, etc. should literally sparkle! Carpets should be clean or replaced and should not show signs of excessive wear.
Secondly, before the stager arrives, the seller should declutter. Paperwork, collections, numerous family photos, refrigerator artwork, etc. needs to go! Pack up as much as possible in closets and other storage areas. Remember the goal is to sell and move. Eventually you are going to have to pack boxes anyway, so why not get started now?
Why not call Carol and Erol Knott today and put them to work for you? Part of their marketing plan is hiring a stager on your behalf!
Watch this blog for more hints on staging!
Wednesday, June 25, 2008
Interesting Facts about our Market from Houston Community Newspapers
Despite a slower-than-usual housing market, home prices continued to rise in April in Montgomery County, according to recent data from Houston Area Realtors.
Median prices increased in all four multiple listing service areas in the county, compared with April 2007.
Economists have said the increase in home prices can be linked to Texas’ positive job market.
In the past 12 months ending in April, Montgomery County added 4,300 new jobs, said Ted C. Jones, senior vice president and chief economist of Stewart Title.
Jones said if jobs are being created, people want to move to an area and buy homes, which keeps prices rising and sales from slipping too far.
“If you throw in job creation from Dallas/Fort Worth with the metro area from Galveston to Houston to Montgomery County, that’s more than one third the total jobs created in the last 12 months in the United States,” he said.
“Now that’s a fundamentally sound market.”
Even though buyers are attracted to the county by virtue of a robust job market, county sales continued to decline during April by 12 percent, compared with the same month a year ago.
Uncharacteristically, sales in Area 15, which includes The Woodlands and Magnolia, slid the most by 17 percent, the largest decline its seen this year. The area also saw the second-highest increase in median price, by 5 percent to $204,950.
Jim Gaines, a senior research economist at Texas A & M University, said the increase in prices is likely due to a shifting buyer majority.
Since banks are now more discerning when granting loans, typically more well-off buyers are accepted. In turn, the buyers seek higher-priced homes, he said.
“With the tightening mortgage credit market, it simply takes longer to get deals done,” he said.
“For the approvals, they have to verify incomes and jobs, which they didn’t do for the past few years.”
Recent sales for the gated community of Carlton Woods in The Woodlands underscore the trend of a robust market for higher-priced houses.
At least 23 houses, with an average price tag of $1.5 million, were sold over a six-month time frame that began at the end of last year, according to information from The Woodlands Development Company.
This number contrasts with 18 total sold in 2007 in Carlton Woods.
The past few months have been “very, very strong” according to Andrew Whitacre, managing partner and broker of Carlton Woods Properties.
The “run” as Whitacre described it, started on Nov. 29, with six homes selling before the start of the New Year.
Also, 13 homesites, at an average price of $475,000, have sold since March 17, according to Whitacre.
He attributes the brisk sales to a sound development plan and demographics in The Woodlands. Whitacre said many who purchase a house in Carlton Woods can be classified as a “move-up buyer.” These buyers, Whitacre said, already live in The Woodlands, and relocate to Carlton Woods after a promotion, for example.
Another type of Carlton Woods buyer is the Houston resident looking to leave the urban setting. A third type is the buyer moving here for career relocation purposes.
©Houston Community Newspapers Online 2008
Median prices increased in all four multiple listing service areas in the county, compared with April 2007.
Economists have said the increase in home prices can be linked to Texas’ positive job market.
In the past 12 months ending in April, Montgomery County added 4,300 new jobs, said Ted C. Jones, senior vice president and chief economist of Stewart Title.
Jones said if jobs are being created, people want to move to an area and buy homes, which keeps prices rising and sales from slipping too far.
“If you throw in job creation from Dallas/Fort Worth with the metro area from Galveston to Houston to Montgomery County, that’s more than one third the total jobs created in the last 12 months in the United States,” he said.
“Now that’s a fundamentally sound market.”
Even though buyers are attracted to the county by virtue of a robust job market, county sales continued to decline during April by 12 percent, compared with the same month a year ago.
Uncharacteristically, sales in Area 15, which includes The Woodlands and Magnolia, slid the most by 17 percent, the largest decline its seen this year. The area also saw the second-highest increase in median price, by 5 percent to $204,950.
Jim Gaines, a senior research economist at Texas A & M University, said the increase in prices is likely due to a shifting buyer majority.
Since banks are now more discerning when granting loans, typically more well-off buyers are accepted. In turn, the buyers seek higher-priced homes, he said.
“With the tightening mortgage credit market, it simply takes longer to get deals done,” he said.
“For the approvals, they have to verify incomes and jobs, which they didn’t do for the past few years.”
Recent sales for the gated community of Carlton Woods in The Woodlands underscore the trend of a robust market for higher-priced houses.
At least 23 houses, with an average price tag of $1.5 million, were sold over a six-month time frame that began at the end of last year, according to information from The Woodlands Development Company.
This number contrasts with 18 total sold in 2007 in Carlton Woods.
The past few months have been “very, very strong” according to Andrew Whitacre, managing partner and broker of Carlton Woods Properties.
The “run” as Whitacre described it, started on Nov. 29, with six homes selling before the start of the New Year.
Also, 13 homesites, at an average price of $475,000, have sold since March 17, according to Whitacre.
He attributes the brisk sales to a sound development plan and demographics in The Woodlands. Whitacre said many who purchase a house in Carlton Woods can be classified as a “move-up buyer.” These buyers, Whitacre said, already live in The Woodlands, and relocate to Carlton Woods after a promotion, for example.
Another type of Carlton Woods buyer is the Houston resident looking to leave the urban setting. A third type is the buyer moving here for career relocation purposes.
©Houston Community Newspapers Online 2008
Monday, May 5, 2008
Benefits of Owning your Own Home
Your home can be the Best Investment you will ever make. As a fairly general rule, homes appreciate about five percent a year. Some years will be more, some less. The figure will vary from neighborhood to neighborhood, and region to region.
Five percent may not seem like that much at first. But take a second look…
Presumably, if you bought a $200,000 house, you did not pay cash for the home. You got a mortgage, too. Suppose you put as much as twenty percent down – that would be an investment of $40,000.
At an appreciation rate of 5% annually, a $200,000 home would increase in value $10,000 during the first year. That means you earned $10,000 with an investment of $40,000. Your annual "return on investment" would be a whopping twenty-five percent.
Of course, you are making mortgage payments and paying property taxes, along with a couple of other costs. However, since the interest on your mortgage and your property taxes are both tax deductible, the government is essentially subsidizing your home purchase.
Your rate of return when buying a home is higher than most any other investment you could make.
It is important to look at many aspects when planning for this major investment: location, floor plan, cost of neighboring homes, amount of work to be done to make it "yours", etc. A good and experienced Realtor can help you look for things that matter. Keep in mind that one thing that is really important is, "Do you like this home and can you see yourself here for some time?"
Five percent may not seem like that much at first. But take a second look…
Presumably, if you bought a $200,000 house, you did not pay cash for the home. You got a mortgage, too. Suppose you put as much as twenty percent down – that would be an investment of $40,000.
At an appreciation rate of 5% annually, a $200,000 home would increase in value $10,000 during the first year. That means you earned $10,000 with an investment of $40,000. Your annual "return on investment" would be a whopping twenty-five percent.
Of course, you are making mortgage payments and paying property taxes, along with a couple of other costs. However, since the interest on your mortgage and your property taxes are both tax deductible, the government is essentially subsidizing your home purchase.
Your rate of return when buying a home is higher than most any other investment you could make.
It is important to look at many aspects when planning for this major investment: location, floor plan, cost of neighboring homes, amount of work to be done to make it "yours", etc. A good and experienced Realtor can help you look for things that matter. Keep in mind that one thing that is really important is, "Do you like this home and can you see yourself here for some time?"
Monday, April 28, 2008
Current market for $1,000,000+ Greater Houston, TX
It is somewhat mind boggling to realize that in the Greater Houston area there are currently 960 single family homes priced at $1,000,000 or more. This is especially interesting to swallow when one considers only about 2-3% of the overall population qualifies for a home in this price range. But wait, let's look at all Greater Houston single family listings. As of today there are 36,231 single family listings in our MLS. So the $1,000,000 is about 2-3% of total listings.
Also, throughout the entire Houston, TX area there are 63 listings priced at $3,000,000 or more. Of these 63, 4 are located in Carlton Woods in The Woodlands, TX.
Just thought you might enjoy some of this info. Always check out www.thehometownteam.com for all your real estate needs.
Also, throughout the entire Houston, TX area there are 63 listings priced at $3,000,000 or more. Of these 63, 4 are located in Carlton Woods in The Woodlands, TX.
Just thought you might enjoy some of this info. Always check out www.thehometownteam.com for all your real estate needs.
Thursday, April 24, 2008
Houston Luxury Homes with Emphasis on The Woodlands
You might wonder what really constitutes a luxury home. By definition, a luxury home is a home priced above $500,000 or is priced in the top 10% of the local market, whichever is greater. In the greater Houston area where prices vary so, a price of $500,000 or greater is a luxury home. In The Woodlands (HAR MLS area 15, location 107) however, where prices average a little more, a home priced at least $600,000 is classified as a luxury home. In 2007, there were 2549 single family homes sold in HAR MLS area 15, location 107. Of those, 257 single family homes were priced at least $600,000. 76 homes with the same MLS criteria sold for $1,000,000 or more in 2007. The highest priced home (in MLS) sold in 2007 sold for $3,174,500 in The Woodlands.
So how is 2008 stacking up in comparison? Interestingly, there have been 48 single family homes reported in MLS in The Woodlands that were listed for $600,000 or more that have sold and closed this year. The highest priced home sold so far this year in The Woodlands sold for $3,250,000.
To view all MLS listings, visit www.TheHometownTeam.com and find your luxury home. Carol is a certified luxury home specialist and is ready to assist you.
So how is 2008 stacking up in comparison? Interestingly, there have been 48 single family homes reported in MLS in The Woodlands that were listed for $600,000 or more that have sold and closed this year. The highest priced home sold so far this year in The Woodlands sold for $3,250,000.
To view all MLS listings, visit www.TheHometownTeam.com and find your luxury home. Carol is a certified luxury home specialist and is ready to assist you.
Thursday, April 3, 2008
What is really happening in Montgomery County real estate?
Montgomery County MLS Residential Housing Activity
The above chart is from the Real Estate Center at Texas A & M University in College Station. It shows the total number of home sales (from MLS) in Montgomery County, TX since January 2006. As you can see, sales so far in 2008 are right on track. For example, in February 2006, there were 500 homes sold; in February 2006, there were 592; and in February 2008, there were 500. The average price of those 500 in 2008 was $225,200 with a median price of $170,900. At month's end, there was a 5.6 months' inventory of homes.
There has never been a better time to buyer or sell in Montgomery County. Call your Montgomery County experts, Carol and Erol Knott, today and put them to "Work for You!"
713-253-7812 or 281-362-2504
Monday, March 31, 2008
The Woodlands is Selling
March 31, 2008 is the 91st day of the year, the end of the first quarter and the start to a great real estate season in The Woodlands, TX and surrounding area. Since the first of the year 251 homes have sold and closed that were listed in MLS. These homes range in price from $75600 to $2,735,000, so we have homes that fit almost everyone! The average number of days on market for these 251 homes was only 71 days and sellers averaged 97% of their asking price for a sold price! Thank goodness we are not experiencing what the rest of the country is!
Call us today at 713-253-7812 for a market analysis of your home or to see any current listings! We will Work for You!
Call us today at 713-253-7812 for a market analysis of your home or to see any current listings! We will Work for You!
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