by Ashley Hammons | Aug 16, 2022 | Buying & Selling, Buying a Home, Home buying & selling, Real Estate
Four Tips for Buying Greenville, Texas Real Estate in Today’s Market
It is no secret that the current real estate market is unique. For much of the last two years, an influx of interested buyers kept demand for new homes high. At the same time, sellers were not so interested in selling until the market enticed them otherwise. Whether you’re looking to buy a home in Hunt County, Texas or purchase a piece of Greenville real estate for investment purposes, you’re in luck. Navigating the current market doesn’t have to be tricky. These tips for buying Greenville, Texas real estate will have you enjoying your new pad in no time. Tips for buying in the current market:Get pre-approved: Before you start the home-buying process, you’ll want to have a lender verify your finances and credit via the preapproval process.Search under budget: Search for homes under your budget to guarantee you’ll be able to offer over the asking price. In a hot market, it’s important to have a little bargaining room.Prepare down payment: Whether you’re funding your own down payment, opting for a partial loan, or receiving funds as a gift, you’ll want to have the cash ready before starting the home search.Work with the right people: A great realtor can really make or break your search for Greenville, Texas real estate. Ashley and Tracy of At Home Texas Real Estate pride themselves on their dedication to their clients’ needs. They ensure their clients have the utmost support throughout the entire home-buying process.
by Tracy Hammons | May 18, 2022 | Buying & Selling, Buying a Home, Home buying & selling, Real Estate, Real Estate Agent, Selling your home
Property tax statements have arrived!
Notices of appraised property value have been pouring into local mailboxes from County Appraisal Districts across the State of Texas. Folks have taken to social media to vent their outrage at large year-over-year increases in property values assumed by local officials! People are upset at the prospect of their property taxes soaring to unreachable heights! Is this just fear and misunderstanding or is it truly a well-rooted concern and outcry? Let’s dig in.
First, let’s talk a little legal lingo. Tax Code Section 23.01 requires taxable property to be appraised at market value as of January 1st and Tax Code Section 23.23 limits increases of the total assessed value to 10% from year to year if the property is under homestead exemption (note there are a couple of exceptions to this rule). This creates a little havoc when people who are not tax or real estate professionals start trying to decipher their notice. The homestead rules set up instances where there are two different values for the same property on the same tax notice! Appraised Value – Full market value of the property, or in other words the amount the county appraisal district assumes the property will sell for on the open market. Assessed Value – the value at which taxes will be assed. Your homestead exemptions also let you reduce the Assessed Value amount by $25,000 ($40,000 next year) when calculating the school district’s portion of the total tax rate. The difference between the appraised value and the assessed value is referred to as the Homestead Cap Loss. To make things even worse some appraisal districts, such as our local authority here in Hunt County, use Assessed Value on their CAD website, yet they use “Homestead Cap Value excluding Non-Homesite Value (i.e. Ag, Commercial)” on the Notice of Appraised Value.
With the fact that homestead values are capped at a 10% increase per year and many homeowners are seeing an increase in appraised values in excess of 50% (avg 20% in Hunt County), this sets up a unique scenario where a property could actually lose value in years to come yet the county could still increase their property tax revenue because the homestead cap value has lagged so far behind appraised values. For me, that is a pretty hard realization to swallow. I personally do not believe that property values will decrease anytime soon, but I do not have a crystal ball. It just makes me wonder if this was even considered a possibility when legislators took up the homestead cap to a vote?
So here is where we are. Property Tax isn’t going away, or down, anytime in the near future. Property Tax Notices are hard to navigate for most people. Our office has taken countless calls and messages through various platforms with questions about them since the first notices hit mailboxes in Northeast Texas. We have talked mainly about owner-occupied homes and homestead exemptions, but there are many other considerations. From Ag/Timber exemptions, Personal Property and Minerals, to Commercial Real Estate as well as exemptions like Over 65 and Veteran exemptions. The list is extensive and will not get any easier as legislators continue to shape and mold tax law. Don’t be ashamed to ask for help. Understanding your appraised value and how it influences your tax responsibility will also help you make informed decisions when matters that affect property tax rates are on the ballot.
There are many factors to consider when deciding whether or not you are going to protest your property taxes, just one being the inside condition of your home or office. Did you just realize that the county appraiser has never been in your home yet still gave you a market value that matches the neighbor’s fully remodeled and modernized home sales price? Yep. That’s what they do. We can help you understand your appraisal notice, help you decide if you should protest your appraised value, help you prepare to protest, and even protest on your behalf.
Is this just fear and misunderstanding or is it truly a well-rooted concern and outcry? Maybe it is both. I will let you decide!
by Ashley Hammons | Jun 24, 2019 | Buying & Selling, Buying a Home, Home buying & selling, Preparing your home, Real Estate, Selling your home
HOW TO DECIDE IF YOU SHOULD REMODEL OR MOVE
After living in a home for several years, it can be easy to discover things you may not be crazy about. While some things can be a quick fix, there may be major changes that make you wonder if it is worth the investment. At this point, you’re probably asking yourself if you should remodel or just find a new home. As you have probably realized, this isn’t always an easy choice. There are many factors that go into this decision. Here are some things to consider when deciding what will work best for you.
1. Determine which is more cost-friendly
While both options will have costs, one will have more than the other depending on your situation. Some of the costs of selling include agent commissions, moving costs, minor repairs, the costs of a new home, and potential upsizing costs. The costs of remodeling can include permits, architectural plans, materials and labor, and any other additional costs incurred in the process.
2. Look into the current housing market
Depending on whether your local real estate market is hot, it might make more sense to just sell if houses are selling quickly around you. By talking to a real estate agent, you can find out what to expect in terms of days on market, average sales price, and other important factors when it comes to selling a home.
3. Decide if your roots are deep
Is your home more than just a home to you? If you and your family are actively involved in the community, remodeling may work best for you. On the flip side, if there are better schooling or job opportunities in a different neighborhood, or you already spend hours a day traveling to those locations, selling may be a better option.
4. Decide if a renovation can solve your problems
Take the time to decide if the problems with your home are fixable. Is it really the house, or do you dislike your neighborhood? Do you have to spend an hour driving one way to work? Do you need a lot more space? If your answer to questions like this make you realize renovations won’t solve your problems, consider that it may just be time to put your home on the market.
5. Consider the ROI on your remodel
Calculating your return on investment will help you determine two things – first, if a remodel will cost you less than selling your home. It will also help you determine if you will be able to make your money back on a remodel if you choose to sell in the future. Look into the Cost v. Value Report for the last year, which can guide you on the most and least cost-effective improvements.
If these considerations make you realize it is time to sell your home, give me a call today!
by Ashley Hammons | Jan 7, 2019 | Buying & Selling, Buying a Home, Home buying & selling, Homeowner Financial Prep, Income Property, Real Estate, Uncategorized
Did you know there’s more than one way real estate investors find homes? There are a lot of homes for sale in Hunt County and surrounding areas. Most of those homes for sale in Hunt County are found because they are listed by a local real estate agent, placed on the MLS, and syndicated to real estate websites.
But if you’re thinking about becoming an investor, that shouldn’t be your only avenue to find distressed homes. The best deals are not necessarily advertised as homes for sale. Here are a few ways seasoned investors find homes. Usually, investors focus on one or 2 ways and make that their niche.
Trustee sales:
All homes in Hunt County in the foreclosure process must go to the trustee sale according to state law. The trustee must auction off the property on the county courthouse steps. The mortgage holder, usually the bank, place the minimum bid which is the amount of payoff for the mortgage. The bank will then place these homes with an asset manager and sell them with an agent or online auction. The auction on the courthouse steps is your opportunity to purchase the property before it becomes a home for sale in Hunt County! You will only be bidding against other investors as the bank will not place a second bid.
Tax sales:
Tax sales can be quite tricky, but there are a lot of investors who make their money here. You can get homes and land often for 1/2 the price BUT these homes are subject to a redemption period by the homeowner, might have clouds on their titles, and may not be able to have a title policy for 2 years. But if you do your research and team up with a great title company you could make some good money specializing in tax sales. We also recommend having an attorney you trust to look things over to ensure you’re covering your assets!
Auctions:
After a mortgage holder gets a home back from foreclosure they will often list them for sale on auction web sites before listing with an agent to the general public. These homes for sale in Hunt County are placed on these websites with a reserve bid and if it doesn’t sell in the allotted time it will usually get listed by a real estate agent. Here are a couple websites where you could find auction homes for sale in hunt county not yet with an agent HudsonandMarshall.com, Hubzu, HudHomeStore, RealtyTrac, and many many more. In fact, there are HUNDREDS of real estate auction websites.
Driving for dollars:
A lot of newer investors start out driving for dollars to find their first few homes and grow their portfolio. It’s a time-consuming way to find homes. It entails driving the neighborhoods you want to invest in, writing down addresses for homes that look vacant or distressed, getting on your computer and researching ownership, sending a letter, calling, knocking, etc… and trying to reach the owner to see if they want to sell.
Bandit signs:
Do you ever see those signs on the side of the road saying “we buy houses”? Those are called bandit signs and a lot of wholesalers use this technique to get the phone ringing. The signs are cheap and if you put out 100’s or 1000’s out in your target neighborhood just one home purchased could be worth the time and investment.
Using a Realtor is still the number one way to find homes for sale in Hunt County, even for investors, according to the National Association of Realtors. These are just a few examples of how to find homes for sale in Hunt County that are distressed and ready for an investor that may not have made their way to the MLS just yet.
