Cedar Park No Longer Considering Household Pet Limit

In a previous post, I mentioned the city of Cedar Park was considering an ordinance that would limit the number of pets in a single household to 7.   With much community input leading to the September 27th meeting, the Police Department Captain Jeff Hayes & city staff decided against presenting the pet cap to the city Council.

Hayes is noted by stating, "A law is not going to prevent someone from hoarding animals. What it would do is it would give us a tool to work with, but then we had to ask if it was the most appropriate tool."
Several area municipalities have a cap on the number of pets per household. Leander and Georgetown allow five, New Braunfels allows four and San Marcos allows eight.

The city will be making changes to the animal control ordinance and cleaning up definitions and bring the city's regulations into compliance with state law. For example, the changes add nuisance cats to the ordinance.  Another possible addition to the ordinance is a proposed addition that would allow a neighbor to fill out a Class C misdemeanor complaint form for violations like a barking dog.  But take note, of the change.  Now the officer has to hear the dog barking.  With the change, they don’t.  The neighbor just has to file a complaint. 

How to Avoid Capital Gains Tax after Selling a Home

Benjamin Franklin stated that the only two certainties in life are death and taxes. While there's little you can do to cheat death when it comes, there are many tax breaks available to homeowners. This article will explain how to avoid capital gains taxes after selling a home.

There are many tax breaks available to homeowners. The Department of the Treasury, Internal Revenue Service Publication 523 explains how to avoid capital gains tax after selling your home. In 2010, you may be able to avoid capital gains tax on the sale of a home up to a profit of $250,000, or $500,000 if you are filing a joint return. If you can exclude all of the capital gains on the sale of your home, you do not need to report the sale on your tax return. Any capital gains that cannot be excluded are taxable and must be reported on Schedule D (Form 1040).

The IRS defines your main home as the one in which you live most of the time. To avoid paying capital gains tax after selling your home, you must have owned and lived in the property for at least two years during the five-year period ending on the date of the sale. These two-year periods of ownership and use do not have to be continuous nor do they have to occur at the same time. In order to avoid capital gains tax after selling a home, the two-year periods of ownership and use only have to both occur within the five-year period before the selling of your home.

In addition to ownership and time lived in the home, the IRS considers other factors in determining whether or not a home is your main home. To determine whether or not you will be able to avoid capital gains tax after selling your home, go to IRS Publication 523 for further description of what is considered your main home.

If you sell the land that your home sits on, but don't sell the home, you cannot avoid capital gains tax on the sale of the land. Department of the Treasury, Internal Revenue Service Publication 523 also explains the criteria for avoiding capital gains tax on the sale of vacant land.

Some taxpayers can avoid capital gains tax after selling a home when additional conditions exist. Exceptions to the ownership and use tests exist under the following conditions. There is an exception to the use test in the five years prior to selling a home for individuals with a disability. If a person who has owned or lived in a primary home for a total of at least one year becomes physically or mentally disabled and cannot care for him/herself, the time that he/she lives in a facility licensed to care for people with that disability can count as time lived in the primary home. In order to avoid capital gains tax after selling a home, the disabled person must still meet the two-out-of-five-year ownership test.

If your previous home was destroyed or condemned you can avoid capital gains tax when selling your replacement home if the ownership and use of the combined homes meet the two-out-of-five-year exclusion.

If you are a member of the uniformed services or Foreign Service, employee of the intelligence community, or employee or volunteer of the Peace Corps you may be able to avoid capital gains tax after selling a home by having the two-year period of use suspended during qualified official tours of duty of either you or your spouse. By suspending the period of time you were on extended duty you may be able to qualify for the two-year use test even if you did not live in your house during the five-year period prior to the sale of the home.

For more information on how to avoid capital gains tax after selling a home, be sure to check the Department of the Treasury, Internal Revenue Service Publication 523 for further details.

Protecting your Home's Property Through Video Documentation

With the current drought conditions in Central Texas most likely to continue, the threats of wildfires still exist for homes in the area.   If your home is destroyed in a fire, you can take steps beforehand to ensure all your belongings are fully documented for your insurance company.

Perhaps the easiest do-it-yourself solution is to make a video walk-through or take a series of photographs of your home. Many of us have a smart-phone, this can be an easy way to quickly document our home’s property.  This visual record can stand alone as your inventory, but for added security combine the photos with another inventory method.  You can contact your insurance agent and ask for a home inventory checklist.

You can also choose to hire a home inventory company, although convenient, they can be expensive.  If you choose this option, be sure to check the credentials of candidate companies carefully.

What Items Should You Include?

Your home inventory should support the claims process for events ranging from the total loss of your home by fire, or other named perils, to the burglary of a few specific items. Generally, this means the more items you inventory, the better.

A good way to ensure proper coverage is to move from room to room, recording items as you go. Pay special attention to the most valuable items, such as antiques, jewelry, and electronic equipment. Also, don’t forget to include items in your basement, attic, garage, and any detached structures, such as tool sheds.

Don’t forget to provide a brief description of each item, including brand name, model name, and serial number. Establish ownership by attaching receipts and/or photos whenever possible.   Record the purchase or acquisition date for each item. Attach receipts, when possible.  Attach receipts, credit card statements, or other documents of transaction. For appraisals on items such as antiques, art, jewelry and collectibles, be sure to include the name and address of the appraiser.

Most importantly, make copies of your documentation.  Don’t let your home inventory become part of a property loss. Whichever inventory method you choose, be sure to keep a copy in a bank safe deposit box or other secure location away from your home.

Leander Fire Described by Investigators as Arson

The wildfire that consumed 300 acres near the Mason Creek North subdivision is being called arson by Leander Fire Chief Bill Gardner in a statement given Sept 6th.   All of the 120 homes in the subdivision were evacuated  Several homes on Moon Glow, Honeysuckle Dr & Verbena Court suffered damage or where destroyed.

Authorities are seeking any information regarding the possible suspects in the arson.  One of the two females wore a pink shirt with blue jeans, possible black hair. Other female wearing a white shirt with blue jeans, dirty blond hair.  The two males described between 15-16 years of age.  Both had shaggy dark hair with blue jeans. One had a red shirt the other a green with black striped shirt.

Anyone with information should contact the Leander police department at 512-528-2800 or anonymous tip can be given to the Williamson County Crime Stoppers @ 800-253-7867 or the Texas Forest Service of 800-364-3470.

Freddie Mac Not Allowing for Bulk Purchase of Foreclosures.

The Obama Administration, sent out a request for information asking for ideas that would help Freddie Mac, Fannie Mae & HUD shed its inventory of foreclosure homes.   Pools of investors approached Freddie Mac to purchase blocks of inventory homes @ 40 to 60 cents on the dollar.   Freddie Mac, however, is not considering any such discount pricing for these investors.

There are two sides to the argument.  Having investors purchase the volume of foreclosures in bulk transactions purges the inventory from the GSE which is a good thing.   However the investors are wanting it a deep discount, 40 to 60 cents on the dollar.   If a geographic area has a significant number of foreclosures that are purchased in bulk, it can further erode the value of all the homes in the area.

Freddie Mac, Fannie Mae & HUD position is to continue to focus on owner occupancy of its foreclosure inventory.

Williamson County Commissioners Vote to Reduce Property Tax

On August 30^th, the Williamson County commissioners approved a general fund budget of $126.88 million.  Cutting more than $2.6M from the proposed fiscal year 2012, the result is a reduction in property taxes rate by, approximately, 0.002312 per $100 in assessed value.  Thus, making the adopted 2012 tax rate of 0.487687 per $100 in assessed value.  Commissioners are expecting assess values of property to increase, so the decrease in rate will most likely be offset by increasing assessed values.

Top 10 Tips When Selling a Home

Selling a home in a down economy can be a painstaking decision. Use the following 10 tips when selling a home to get the most out of your investment.

Home Selling Tip #1: Hire a reputable real estate agent.

Selling a home can be stressful, and you want a reliable real estate agent you can trust to take some of the burden of selling a home off your hands.

Home Selling Tip #2: Give your home curb appeal

When selling a home, you need to keep your home looking its best. If a buyer is turned off by what your home looks like from the street, you will never get him or her inside to look around. Clean up your lawn, patch brown spots in the grass, clear sidewalks, and keep leaves and other debris picked up. Potential home buyers also notice things like chipped paint and dirty siding, so pressure-wash your home and repaint before putting it on the market if needed. Do whatever you need to do to show buyers that you're serious about your home's maintenance. Finally, let color help you when selling a home. Yellow evokes the emotion of buying, so plant yellow flowers near the entrance.

Home Selling Tip #3: Make minor repairs to your home

Don't give potential home buyers an opportunity to start nitpicking at the value of your home by leaving minor repairs unfixed. Replace cracked floor or counter tiles. Patch holes in walls. Fix leaky faucets. Fix doors that don't close properly and kitchen drawers that jam. Consider painting your walls neutral colors, especially if you have grown accustomed to purple or pink walls. Replace burned-out light bulbs.

Home Selling Tip #4: Stage your home

Once you have a potential home buyer inside, it's important that your home has been spruced up and has been staged for the market. Think of your home as a product for sale, and imagine walking through it from the buyer's perspective. Depersonalize it by packing up family heirlooms and photos. You want buyers to imagine themselves living in the home and they won't do that if they can't see past your stuff. Rent a storage unit and clear out the junk. De-clutter. Remove unused pieces of furniture and window coverings and light fixtures you are going to take with you. Each room should be left with just enough furniture to showcase it as the perfect room for its purpose. Remove books, knickknacks, and anything that seems deeply personal. Clear out closets and neatly arrange your dishes in the kitchen cupboards.

Home Selling Tip #5: Clean your home!

Wash windows inside and out. Clean out cobwebs from corners, ceiling fan blades and light fixtures. Re-caulk tubs, showers and sinks. Polish chrome faucets and mirrors. Clean out the refrigerator. Vacuum daily. Wax floors. Dust furniture with an oil-based furniture polish that leaves a ôcleanö scent behind. Bleach dingy grout. Remove or replace worn rugs. Hang up fresh towels in the bathroom. Eliminate any musty odors.

Home Selling Tip #6: Price your home right

Of all of the 10 tips for selling a home, this one is the most important. You need to price your home competitively, perhaps slightly lower than comparable homes in your neighborhood. Unfortunately, many sellers choose the real estate agent who suggests the highest listing price, but this can come back to haunt you. Pricing your home to sell involves looking at similar properties, making adjustments for the differences between them, tracking market movements and considering present inventory to arrive at a realistic value for the price of your home. Setting your listing price just right could lead to a bidding war, resulting in a higher sales price for you. Work with your listing agent to price your home correctly.

Home Selling Tip #7: Capture initial excitement

Don't put your home on the market before your home and you are completely ready. Make sure you have taken all of the steps above before placing your home on the market. When selling a home, you need to get the most out of the initial excitement that a new home listing creates in potential home buyers. Home buyers will feel like they have discovered a great find if they snatch up a home just as it comes on the market. Once it's been listed for a few weeks, however, home buyers will conclude that it's not such a great value. Therefore, when selling a home, make sure you've done everything you can to make your home attractive to potential home buyers.

Home Selling Tip #8: Don't get in over your head

Put your home on the market well in advance of looking for a new home. Don't place an offer on your next home until you have solid offers on the one you have to sell now. The last thing you want to do is juggle two mortgage payments.

Home Selling Tip #9: Only divulge information on a need-to-know basis

Don't do anything to create a perception that you will lower your potential selling price. For example, if you are moving due to job relocation, don't offer up that information. Don't let the potential home buyers think there is any urgency on your part in selling the home. If you are asked why you're selling, simply say that you're ready to trade up. You have a legal obligation to disclose information about the condition of the home and property, but you are not obligated to disclose your personal situation.

Home Selling Tip #10: Be flexible

Be willing to work with potential home buyers to help your chances of making a quick sale. Offer to pay for closing costs or repairs, and be adaptable when it comes to showing your home and holding open houses. If you really need to sell, you need to accommodate buyers' busy schedules. This might mean opening your home to strangers on weeknights and weekends.

Using these 10 tips when selling a home can help you sell your home fast and for a good price. Do you have any additional home selling tips you'd like to share? Please comment and let's make this top 10 list even stronger.

Cedar Park considers Pet Cap for Homeowners

The city of Cedar Park is considering a new ordinance to limit the number of pets a homeowner can legally have reside in their residence.  Right now there isn't a limit, but officials point to a rise in animal hoarding in Central Texas and with the advise of animal advocates are considering a limit to number of pets along with the below changes to the ordinance.  The proposed limit is a maximum of seven pets.

Residents can voice comments and concerns to officials during a community input meeting scheduled for 6:30 p.m. Sept. 27 at the Cedar Park Recreation Center, 1435 Main St.

Additional changes to the ordinance:

• prohibit animals indoors at food establishments with exception of service dogs
• expand dog and cat registration opportunities
• make the language in line with existing state law
• clarify definitions of language in the laws including clearer definitions for improper treatment, cruelty to animals and dangerous animals
• provide proper legal language regarding enforcement

MLS Stat's - Austin & Cedar Park TX

Austin and the surrounding areas continue to see steady progress in home sales in the month of August. Comparing all areas feeding in to the Austin Board of REALTORS & (ACTRIS), there is no change in median price range from August 2010 to August 2011, but a slight increase in price sold (.3%). But compared to volume of listing sold from this year to last is up 21.8% & sales volume is up to 19.5%.

When compared to area CLS, which is basically 78613, or Cedar Park. The median list price is up by 2.1% to 214,250 and sold list is up 3.8% $207,500. Comparing the volume of listing sold from this year to last is up 17.3% & sales volume is up to 11.2%. We are seeing increase in sold & listing pricing in Cedar Park, even with 1 and 456 homes in Cedar Park had a foreclosure notice served.

Williamson County is one of the fasting growing counties in Texas. More people are moving in than leaving, which is great for our community. If you have any questions about the MLS statistics or about real estate in general, please feel free to contact me.

What Homeowners Affected by the Fires in Central Texas Can Do Now

Fires in Central Texas have devastated many families in the last few days. Many consumers may be searching for the necessary steps to either find a new home or continue selling their home. Officials reported that more than 1,000 homes and 100,000 acres have been destroyed in at least 57 wildfires across Texas. The Austin Board of Realtors, through their site www.austinhomesearch, is offering a guide for homeowners, homebuyers and home sellers in the Greater Austin-area and Bastrop County.

Austin Home Search has created a link that provides those affected by the wildfires assistance on finding the resource to help, and resource for those of us who want to help out.

Down Payment Help for First Time Home Buyers

"Water, water everywhere, nor any drop to drink." Rime of the Ancient Mariner 

If you're a first time home buyer, you might be able to sympathize with this statement. Thanks to the recent economic recession, there is no shortage of affordable homes, yet due to the mortgage crisis, lending has become tight. Prior to 2007, putting no down payment on a home was a common option for first time home buyers  However, with mortgage lending practices coming under fire in recent years, the option to finance 100 percent has lost popularity. In today's market, a typical down payment can range anywhere from 10 to 20 percent; however, in this economy, few people have that much cash available to them. Fortunately, there are ways to receive down payment help for first time home buyers, either through a third party lender or private funding.

Where Can You Find Down Payment Help for First Time Home Buyers? 

Junior Loans: One option for first time home buyers who need down payment help is to apply for a Junior Loan. Many banks offer Junior Loans to help first time buyers who would otherwise be unable to meet the down payment requirements for purchasing a home. These loans are typically offered at the state level, are under $50,000, and have fixed interest rates.

Gifts and Gift Registries: Instead of using a traditional bridal registry, many couples who are also first time home buyers are opting to register for a home down payment gift registry. This allows family and friends to donate funds toward a down payment, helping newly married couples reach the goal of owning a first home. To find out more about a home down payment gift bridal registry as well as a graduation or birthday gift registry, check out myregistry.com or downpaymentdreams.com.

Other Down Payment Assistance Options

Tax Refunds: Buyers who are receiving a refund on their income taxes can choose to put the extra cash toward a down payment. It's a great way to make use of money you were not expecting to receive, and depending on how much you choose to withhold each year, can easily contribute to a large portion of your down payment.

Seller Negotiation: Another option may be to negotiate with the home seller for a donation of down payment funds. In a slow real estate market, many sellers may be willing to negotiate nontraditional payment terms or purchase agreements. Some home sellers might even consider offering you a portion of the down payment rather than lower their selling price.

First time Home Buyers Tax Credit - $8,000 of tax credit was available for first time home buyers in 2010. A $6,500 tax credit for repeat home buyers was also available, yet both of these incentives have expired. However, service members who were on official extended duty outside of the United States for at least 90 days between Jan. 1, 2009 and May 1, 2010 may qualify for a one-year extension, which could be a great opportunity to leverage funds for your down payment. 

Still Strapped for Cash? 

Consider 100% financing with mortgage lending practices coming under fire in recent years, the option to finance 100 percent has lost popularity. Yet there are still programs available to first time home buyers requiring down payment assistance who meet certain eligibility requirements.  Before you throw in the towel on your home search, see if you may qualify to purchase with no down payment.

Buying a home is without a doubt one of the biggest decisions a person can make in a lifetime. It's a large responsibility and all down payment and home financing options should be considered carefully. Before taking a loan or getting knee-deep in a large mortgage, be sure to do a thorough assessment of your financial situation and ensure that you can afford the home you have in mind. With the right financing and adequate information, you'll be able to move confidently into home ownership.

Catastrophic fires burn thousands of acres, force evacuations across Central Texas

Central Texas is suffering under the worst drought in decades. And a local cold front was expected to combine with winds from Tropical Storm Lee, causing dry, gusty weather.Catastrophic fires burn thousands of acres, force evacuations across Central Texas

And that's exactly what happened. Winds as fast as 46 mph were recorded at Austin-Bergstrom International Airport, according to National Weather Service meteorologist Robert Blaha. In Georgetown, winds reached 38 mph; in San Marcos, 43 mph.

Homes & property from Bastrop, Spicewood, Steiner Ranch, Pflugerville & Cedar Park suffered a devastating loss. Lets all reach out to our friends & neighbors and provide assistance. You can reach out to the Red Cross for disaster assistance.

Many of our fellow central Texans are feeling the effect of the wildfires from yesterday.

Renewed trust for tough times

Does it feel like trust is one of the major casualties of the economic meltdown of 2008 – followed by the “Great Recession,” the “Jobless Recovery” and now the threat of a “Double Dip Recession?”

Weren’t we assured that home values were destined to go up and up and up?
There have been lots of promises that help is on the way—and lots of warnings of scams and schemes that have only served to confuse the matter. So where’s a homeowner who’s underwater or overleveraged to turn?

Here’s the bottom line: the choices that homeowners make when they feel they are at the end of their rope will have ramifications for years to come on their ability to qualify for credit, their job prospects, their security clearance and their overall finances. When a family’s financial trajectory is rapidly heading in a negative direction, there’s no substitute for the helping hand of a knowledgeable expert who has the integrity, the experience and the training to reverse the course—someone who is tapped into regulatory initiatives and can separate fact from fiction.

It is my mission to serve as a credible source of information and perspective to homeowners who have found themselves in a tough situation and need help sorting through their options. That’s why I sought out the Certified Distressed Property (CDPE) designation—the most renowned and recognized credential in the distressed property field, and it’s why I continue to stay on top of regulatory and industry developments that impact options available to homeowners who are struggling with their current financial situations.

My message to homeowners who do not know where to turn: there is hope. Foreclosure is not inevitable and neither the government nor your bank wants to see that happen. No one expected to find themselves on the brink of foreclosure, but I have worked with countless clients who have managed to turn their financial trajectory around and get on a path of financial recovery.

It CAN be done! And it would be my privilege to help.

Central Texas: Snakes are Hungry & on the Move

Texas has been subject to a very long and hot drought. Many of us forget that the wildlife of our state are also under much duress with the heat. Snakes & other critters find it harder and hard to find food to eat and Central Texas snake expert told a local radio station (Jim Forsyth 1200 News Radio WOAI in San Antonio), "they're very hungry right now. The hungrier they get, they start ranging the fields looking for food." Cates further warned, "residents may encounter snakes in area where they are seldom seen."

"The three most common poisonous snakes in Texas are the common rattlesnake, the Texas coral snake and the relatively rare cottonmouth", Cates said.

Residents need to remain aware that snakes may pop up in all sorts of places throughout September and advised leaving the flip flops home in favor of leather shoes or boots when walking in or around tall grass or brush, gardening or mowing the lawn.

"Anyone unfortunate enough to suffer a snake bite should get to a doctor pronto", Cates said.

Unfortunately we may be living with more of our fellow critters as they are stressed and look for more food sources. For those in the Central Texas area. We need to stress to our children about safety in wooded areas and if your property backs up to an open field to be mindful of your backyard.