Learn about Conservation Easements (LCRA)

Did you know that with a conservation easement you can preserve your property from land development even after you die?

A conservation easement is a restriction landowners voluntarily place on specified uses of their property to protect natural and cultural features.

The Lower Colorado River Authority (LCRA) is sponsoring a free conservation easement workshop on Friday, May 27, from 1 p.m. to 5 p.m. at its Riverside Conference Center in Bastrop.

“LCRA has a stake in helping interested landowners with conservation easements, because land that remains undeveloped along the lower Colorado River can help protect the river’s health — an essential part of the LCRA’s mission,” said LCRA General Manager Tom Mason.

For more on conservation easements, read "Conservation Easements Revisited" in the January 2009 issue of Tierra Grande magazine.

What is a Mortgage Credit Certificate?

A Mortgage Credit Certificate allows the homebuyer to claim a tax credit for some portion of the mortgage interest paid per year. It is a dollar for dollar reduction against their federal tax liability. Mortgage Interest Credit (MCC) is a non-refundable tax credit, therefore, the Homebuyer MUST have tax liability in order to take advantage of the tax credit.

Who is eligible to receive an MCC? The program is open to those individuals and families who:
• meet income and home purchase requirements;
• have not owned a home as primary residence in the past three (3) years;
• meet the qualifying requirements of the mortgage loan;
• will use the home as their principal/primary residence.

To find out more information click here. To search for homes in your area click here

40 Month Low in Foreclosures

RealtyTrac released U.S. Foreclosure Market Report for April 2011, which shows foreclosure filings, default notices, scheduled and bank repossessions — were reported on 219,258 U.S. properties in April, a 9 percent decrease from March and a 34 percent decrease from April 2010.

“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.”

There is still a staggering amount of foreclosures in the pipeline that still need to move into the market. A portion of the decrease is due to banks not pushing the foreclosure process, but instead allowing time for loan modification and short sales.

To find out more information about foreclosures in your area, click here.

Month in Review of the Texas Economy - April

Recent report, “Month in Review of the Texas Economy” shows that Texas is outperforming the rest of the nation in job creation in all sectors from March 2010 to March 2011, except finance.

The largest contributor to private sector jobs is the mining/logging sector which as added 15.4% more jobs to the Texas economy. With this in mind the Midland – Odessa area is out pacing the rest of the state with 6% job growth, compared to Austin which is a 1.8%.

All good news for the Texas economy. To find out more about your neighborhood, click here.

Is Your Tax Appraisal a Fair Assessment?

Values may have dropped 10% or more in some MLS areas, even though recent data from the Austin Board of Realtors saw and overall home price increase of 1.6%.

Market value is different from taxed-assessed value. The county values your home according to the area, not the house. Hence, the value may be too high or too low, depending on size, location& amenities.

How can you determine your market value? Contact a realtor or contact a company that specializes in valuation protests.

You should already have your valuation in the mail, most receive on or before May 1st. You have till May 31st ( or 30 days from the date of valuation) to appeal.

How do you appeal? File a protest and a hearing will be scheduled.

At the hearing be prepared to present your evidence: comparables, document home condition, document home location, recently purchased homes.

Something to keep in mind at protest; the appraisal district does not set the tax rates, be polite & courteous, bring extra copies of your documentation.

Mortgage Foreclosures: Documentation Problems

Based on a report from the GAO, more regulatory action is coming. The report highlights a lack of consistency among mortgage servicing companies and how they handle their documentation in the foreclosure process. The Federal government has little statutory impact, most foreclosure laws are on a state level. To read more, click here. To search for foreclosures in your area click here.

Reoccuring Question from First Time Home Buyers

Many first time home buyers contact me and seem to ask the same question, "should I buy or keep renting", and this, in part, what I tell them.

Finances is just one part of the equation. But the first question you should ask yourself is why did you begin to consider purchasing a home? According to a Fannie Mae National Housing Survey, the 4 biggest reasons people purchase a home has nothing to do with money, which are (1) place to raise/educate their children, (2) a place to feel safe, (3) plenty of living space, (4) control over the space. In my opinion the cost of a home will probably remain relatively unchanged even if prices continue to depreciate. Money is a factor in the home purchase, but not the only one.

If you would like to view homes in your area, click here.