Aaron Layman's Katy Texas Real Estate Forum

Buyer Representation in Houston Texas

If you are looking to buy a home in Houston, Texas you should consider enlisting the services of a professional Realtor that will act as your buyer's agent.  This is common sense when you purchase a used home, but what a lot of people don't realize is that it's even more important when you buy new construction.

Remember that builders are in the business of selling homes.  They want to move inventory.  If you think the sales rep is going to tell you that the home you are buying that currently backs to a two lane Farm and Market road will soon be sitting next to a four-lane divided highway think again!  I remember a recent conversation with someone who used a friend to represent them on their home purchase here in Katy.  It was the agent's first deal.  (Can you spell disaster waiting to happen?)  The couple is now sitting in a home that backs to an extremely busy shopping center with shipping trucks that come right behind their home.  The couple didn't think about the potential problem at the time because the store had not been built yet, and the agent did not tell them because they had no knowledge of the area.

Building a home can be an overwhelming experience with all the design work, construction delays and punch lists that can be involved.  A good Realtor can help you navigate that process with minimal headaches.  Your Realtor can also help you select the features for your home that are not only appealing, but add real value to your home.  Builders usually make a healthy profit on their upgrades, but you can sometimes find items that are true bargains.

That brings me to the issue of future resale value, which the builder is not going to divulge.  Your Realtor can show you real comparable sales for the neighborhood to help you evaluate your investment.  A lot of people don't realize that buying new construction is one of the easiest ways to get upside-down on your equity.  You will have extreme difficulty selling your home if builders are building similar new construction next your home at prices less than what you paid.

Inspections and walk-throughs are also important when building a home.  "Spec" or inventory homes and dirt construction deserve the same scrutiny.  An independent inspection before your walk-through and closing is a sound investment.  Your Realtor can help you arrange the inspection and work with the builder to get any problems corrected.

Professional buyer representation means that you have a person in your corner looking out for your best interest.  When you purchase a new home you will likely be encouraged to use the builders lender, the builders title company, and possibly other affiliated vendors.  These "Affiliated Business Arrangements" make it difficult to get the objective information you need.  My job as a real estate broker is to make sure you do!

For more information about real estate and buyer representation contact Aaron Layman.  Aaron is a licensed real estate broker and mortgage broker in Katy, Texas.  You can contact him directly at 281-994-5190.  You can also visit him on the web at www.AaronLayman.com

Buyer Representation in Katy Texas

If you are looking to buy a home in Katy, Texas you should consider enlisting the services of a professional Realtor that will act as your buyer's agent.  This is common sense when you purchase a used home, but what a lot of people don't realize is that it's even more important when you buy new construction.

Remember that builders are in the business of selling homes.  They want to move inventory.  If you think the sales rep is going to tell you that the home you are buying that currently backs to a two lane Farm and Market road will soon be sitting next to a four-lane divided highway think again!  I remember a recent conversation with someone who used a friend to represent them on their home purchase here in Katy.  It was the agent's first deal.  (Can you spell disaster waiting to happen?)  The couple is now sitting in a home that backs to an extremely busy shopping center with shipping trucks that come right behind their home.  The couple didn't think about the potential problem at the time because the store had not been built yet, and the agent did not tell them because they had no knowledge of the area.

Building a home can be an overwhelming experience with all the design work, construction delays and punch lists that can be involved.  A good Realtor can help you navigate that process with minimal headaches.  Your Realtor can also help you select the features for your home that are not only appealing, but add real value to your home.  Builders usually make a healthy profit on their upgrades, but you can sometimes find items that are true bargains.

That brings me to the issue of future resale value, which the builder is not going to divulge.  Your Realtor can show you real comparable sales for the neighborhood to help you evaluate your investment.  A lot of people don't realize that buying new construction is one of the easiest ways to get upside-down on your equity.  You will have extreme difficulty selling your home if builders are building similar new construction next your home at prices less than what you paid.

Inspections and walk-throughs are also important when building a home.  "Spec" or inventory homes and dirt construction deserve the same scrutiny.  An independent inspection before your walk-through and closing is a sound investment.  Your Realtor can help you arrange the inspection and work with the builder to get any problems corrected.

Professional buyer representation means that you have a person in your corner looking out for your best interest.  When you purchase a new home you will likely be encouraged to use the builders lender, the builders title company, and possibly other affiliated vendors.  These "Affiliated Business Arrangements" make it difficult to get the objective information you need.  My job as a real estate broker is to make sure you do!

For more information about real estate and buyer representation contact Aaron Layman.  Aaron is a licensed real estate broker and mortgage broker in Katy, Texas.  You can contact him directly at 281-994-5190.  You can also visit him on the web at www.AaronLayman.com

Feng Shui Your Houston Home For A Fast Sale

When it comes to selling your home, proper preparation and staging can add thousands of dollars to your bottom line.  Part of that staging involves the principles of Feng Shui.  Good Realtors have been using these principles for years to get better results for their clients.  You only get one chance to make a first impression, so you need to be prepared when prospective buyers come to see your home.

For more information about Feng Shui and selling your home for top dollar, contact Aaron Layman.  He is a licensed real estate broker in Katy, Texas.  You can call him directly at 281-994-5190.  You can also visit him on the web at www.AaronLayman.com

Feng Shui Your Katy Texas Home For A Fast Sale

When it comes to selling your home, proper preparation and staging can add thousands of dollars to your bottom line.  Part of that staging involves the principles of Feng Shui.  Good Realtors have been using these principles for years to get better results for their clients.  You only get one chance to make a first impression, so you need to be prepared when prospective buyers come to see your home.

For more information about Feng Shui and practical applications here a few sites to visit:

www.amfengshui.com

www.fastfengshui.com

www.fengshuiplaza.com

For more information about Feng Shui and selling your home for top dollar, contact Aaron Layman.  He is a licensed real estate broker in Katy, Texas.  You can call him directly at 281-994-5190.  You can also visit him on the web at www.AaronLayman.com

Katy School Board Approves Budget, Lowers Property Taxes

It's official!  The Katy ISD school board officially approved the 2007-2008 operating budget this week.  The newly approved budget includes a 29 cent decrease in the property tax rate for Katy residents.  The new rate of $1.52 per $100 valuation is a welcome sign of relief for tax payer already burdened by rising property tax appraisals.

While the new lower tax rate is welcome, it should be noted that the Katy ISD school board did opt to take advantage of the $0.04 tax hike available under state law.  Under the new school finance law, school districts can take up to $0.04 per year above and beyond the new cap without voter approval.  Anything beyond that $0.04 amount requires voter approval.

For more information about real estate taxes in the Katy area, contact Aaron Layman.  He is a licensed real estate broker.  You can contact him directly at 281-994-5190.  You can also visit him on the web at www.AaronLayman.com.

Mortgage Loans in Houston Texas

If you are looking for a loan to buy or refinance a home in Houston, Texas, call Aaron Layman.  Aaron is a licensed real estate broker and mortgage broker.  Credit standards have tightened significantly this year, so choosing a reputable lender and loan officer is more important than ever.  You don't want to show up at the closing table only to find that your lender has gone out of business. 

I promise to be upfront with you and give you a fair deal.  I will even refer you to other qualified lenders if I am too busy to process your loan or can't give you the best deal.  While some real estate brokers and builders may encourage you to buy a home and use their lender, I actually encourage you not to.  I believe in complete transparency with your real estate transaction.  If your Realtor or builder is also acting as your lender, that transparency is compromised with a conflict of interest.  My goal is to make sure you are completely satisfied with your home purchase.  I also want to make sure you are treated fairly.

For more information about real estate or mortgages contact me directly at 281-994-5190.  You can also visit me on the web at www.AaronLayman.com.

Mortgage Loans in Katy Texas

If you are looking for a loan to buy or refinance a home in Katy, Texas, call Aaron Layman.  Aaron is a licensed real estate broker and mortgage broker.  Credit standards have tightened significantly this year, so choosing a reputable lender and loan officer is more important than ever.  You don't want to show up at the closing table only to find that your lender has gone out of business.

I promise to be upfront with you and give you a fair deal.  I will even refer you to other qualified lenders if I am too busy to process your loan or can't give you the best deal.  While some real estate brokers and builders may encourage you to buy a home and use their lender, I actually encourage you not to.  I believe in complete transparency with your real estate transaction.  If your Realtor or builder is also acting as your lender, that transparency is compromised with a conflict of interest.  My goal is to make sure you are completely satisfied with your home purchase.  I also want to make sure you are treated fairly.

For more information about real estate or mortgages contact me directly at 281-994-5190.  You can also visit me on the web at www.AaronLayman.com.

Avalon At Seven Meadows Realtor in Katy Texas

If you are looking for a Realtor specializing in Avalon at Seven Meadows, look no further.  Aaron Layman is a licensed real estate broker and mortgage broker, and he lives in Avalon at Seven Meadows!  He has an extensive education, holding a masters degree in business management and a bachelors degree in finance.  He is an experienced real estate professional, ready and able to assist you with the sale or purchase of your home.  He can also handle all of your relocation needs, including international moves.

Avalon is a beautiful waterfront and golf course community located west of Grand Parkway along Fry Road.  This Taylor Woodrow community has been a popular destination for home buyers.  To quote a phrase from Taylor Woodrow, "Some people buy vacation homes; Others feel they don't need to."  As an Avalon resident, I would have to say that I whole-heartedly concur.

The Estates at Avalon features custom homes by Peterson Homebuilders, Sterling Classics (www.sterlingclassics.net), Westport (www.westportinc.com), Fairmont Homes (www.fairmonthomes.net), Mastercraft Construction, Taylor Jacob Custom Homes (www.taylerjacob.com) and Tommy Bailey Homes.

The Manors, Villas and Lakes sections of Avalon feature semi-custom homes by Taylor Woodrow (www.taylorwoodrowna.com)

Aaron is a licensed real estate broker and mortgage broker.  He is also an Avalon resident.  You can call him at 281-994-5190.  You can also visit him on the web at www.AaronLayman.com.

Katy Texas Title Insurance Rates Some of the Most Expensive in the Nation

As a real estate broker, I receive plenty of solicitations for title insurance business.  I prefer to deal with people I know and trust, and I avoid dealing with representatives or companies offering anything more than quality service and maybe a beverage or snacks at closings.  Since prices are virtually identical from one title company to another, my primary concern is whether the file closes on time and my customers are treated professionally.

Title insurance rates in Texas have been cut by 17 percent in the last 8 years.  A cut of 3.2 percent was signed by the Texas Insurance commissioner this year.  To see the current title insurance rates you can visit www.tdi.state.tx.us/orders/titlerates2004.

Unfortunately, Texans still pay some of the highest title insurance rates in the country. Part of the problem stems from the fact that title companies do not compete on price, so consumers have no real means of exerting pressure on title companies to lower rates.  A 2001 Kiplinger Finance article noted, "In Texas, title companies have had rates of returns in excess of 25% for eight to nine years running." Economic consultant Birny Birnbuam also noted that those rates were well above other lines of insurance such as auto or homeowners.  The article goes on to note that claims are rare for title companies, with insurers spending as little as 5 to 10 cents of every premium dollar for claims.  By contrast, other lines of insurance spend up to 90 percent of their collected premiums on claims.

Title Insurance is a different animal in the sense that a title insurance policy is a lifelong policy covered by a one-time, upfront premium.  Title companies have to collect a reasonable premium to cover their cost of claims.  I don't think any one would argue that title companies have to turn a profit, but one only need look at other states to realize there is a better solution for customers.  Home owners in Iowa for instance pay the state for a "Title-Guaranty Certificate" which serves the same purpose as a title insurance policy.  A 2006 Money article posted by Les Christie noted that Iowa was the only state that bans title insurance sales.  The resulting difference in costs for consumers is eye-opening.

The Iowa system adds in the cost of an abstractor ($150) and an attorney ($125) to the cost of the state fee which results in a total cost of about $400 for a home purchase up to $500,000.   Compare that with a $500,000 title insurance policy in Texas which currently costs $2979.   To be fair, I'm sure the Texas title insurance customer is receiving additional services that facilitate the closing process.  The question is whether those additional services add up to $2500.

Another option is to have lenders pay for title insurance and have the federal government implement the program.  One thing is for certain; The current system on the books in Texas is not benefiting consumers.

For more a more detailed explanation about what's wrong with the title insurance industry visit the mortgage professor's website at http://www.mtgprofessor.com/A%20-%20Title%20Insurance/what's_wrong_with_the_title_insurance_industry.htm

For more information about real estate and insurance issues in Katy, Texas contact Aaron Layman.  He is a licensed real estate broker in Katy, Texas.  You can contact him directly at 281-994-5190.  You can also visit him on the web at www.AaronLayman.com

Stewart Title Pays $1 Million Fine to Regulators

Houston-based Stewart Title has agreed to pay California regulators a fine of $1 Million for improper activities related to its title insurance business in that state.  The California Insurance Department alleged that Stewart Title funneled payments through shell companies to real estate agents in exchange for referrals.  This kind of activity is a violation of the RESPA or Real Estate Settlement and Procedures Act passed by Congress in 1974.  RESPA was designed to prevent abusive practices in the real estate industry and provide more disclosure to customers about the settlement process and its costs.  California Insurance Commissioner, Steve Poinzer, stated "These illegal rebate schemes damage the trust of consumers and drive up the cost of purchasing a home."

Not surprisingly, Stewart Title, which is a unit of Stewart Information Services Corporation, does not admit any wrong doing.  The settlement with California regulators is just another example of how large corporations often pay the fine as a "cost of doing business".  The California fine comes on the heels of news that Stewart may pay another $2 million to the state of Washington for similar activity.  The Washington state insurance commissioner said this week that Stewart should pay nearly $2 million for its "blatant disregard" of the law.  This would suggest that California regulators may have settled for a lot less than consumers deserved.

For more information about real estate and insurance issues contact Aaron Layman.  He is a licensed real estate broker in Katy, Texas.  You can contact him directly at 281-994-5190.  You can also visit him on the web at www.AaronLayman.com