Tuesday, November 12, 2013

3 Advantages of Selling Your Home During the Holidays


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We all know—or maybe we assume—that spring and summer are the best times to sell a home. And it's true that many buyers do plan their new home purchases during the warmer months. But that doesn't mean all the serious buyers evaporate after Labor Day.

If your home is for sale now, you're actually in a great position to sell your home faster and for more money by taking advantage of the unique characteristics of the holiday selling season.
1. Less Competition
You're not the only homeowner who's considered taking your home off the market during the holidays—most don't want the hassle. And most new sellers will decide to wait until the first of the year or even springtime to put their homes up for sale.
That's great news for you because you won't have to compete with dozens of other homes just like yours to get buyers' attention. Reduced inventory means more buyers checking out your home, either online or in person. Keep their attention by making sure your home is priced to sell and that your home is in "show" condition at all times.
2. Motivated Buyers
Anyone who takes time out of their busy holiday schedule to shop for a new home is serious about buying now. Perhaps they are buying a home for tax reasons or are relocating to start a new job in the new year. Maybe they've been looking for months and just haven't found that perfect home yet.

Whatever their reason, make it easy for these folks to get a good look at your home by staying flexible with your showing times and be open to negotiating contract terms that work with their schedules.
3. Your Home Looks Great
Emotion plays a huge role in which home a buyer purchases, and you can capitalize on that by making your home cozy and cheery during showings. Tasteful decorations and a minimum of clutter will allow buyers to see their own families celebrating the holidays in your home next year.

Make sure your decorations enhance rather than detract from your home's best features, and remember to remove them as soon as the season is over.
 
Dave Ramsey published this article in the Dave Ramsey Real Estate Minute Newsletter

For more commentary from Julius, pick up a copy of his book entitled “The Truths and Myths of Real Estate” – available at LuLu.com at:  http://www.lulu.com/shop/julius-zatopek/the-truths-myths-of-real-estate/paperback/product-21118216.html

Tuesday, October 29, 2013

Advantages to Buying a Home with Cash


Buying a home with cash has definite advantages in today’s market. National Association of Realtors® research on cash sales shows that about 30 percent of residential sales are cash transactions. Among investors and international buyers, more than 70 percent of properties are bought outright. If you can afford to buy up front, the advantages are many:

§  Sellers are likely to favor buyers who can pay in cash.

§  The home price may be reduced for those who pay in full up front.

§  All-cash purchases streamline the home-buying process: No loans means less paperwork and no delays for mortgage approval.

§  Cash buyers can save money on closing costs, bank appraisals, mortgage applications and fees, title insurance, and so on.

§  Cash purchases eliminate the risk of loan denial.

§  Cash buyers pay much less for their homes in the long run: No loans means no interest.

§  Cash buyers never have to worry about losing their homes because they can’t afford to repay their mortgage loans.

§  Cash buyers gain full, immediate equity in their home.

Financially and emotionally, paying with cash benefits the home buyer.
Sellers prefer cash buyers
Home sellers generally prefer quick, smooth sales. They know that even buyers who have been preapproved for mortgages might be denied by the lender later on. For example, a buyer who is an independent contractor might have difficulty proving two years of regular employment, or a buyer depending on a family member for a personal loan might later opt out (or the relative might). Therefore, when possible, sellers prefer to steer clear of buyers who have to apply for a mortgage. If you are buying with all cash, you have greater negotiating power on price, closing time, repairs, and more. Sellers are often willing to reduce the house’s price for cash buyers.


Cash purchases avoid the risk of low appraisals
Home appraisals are notoriously fickle. Lenders determine a home’s worth by weighing it against comparable sales — other homes in the neighborhood that may have sold at low prices for unknown reasons. A low appraisal could lead the lender to reduce the amount of the loan offer, even after seller and buyer have agreed on a price. If the loan amount comes up short, the buyer often cannot afford to buy the home. All-cash buyers sidestep mortgage applications, avoiding the need for a potentially deal-breaking home appraisal.
Cash purchases save money and time
Indisputably, cash purchases carry lower costs. Mortgage interest on a 30-year loan can double or triple the original purchase price. Additionally, closing costs are significantly lower when purchases are made with cash. Cash purchases also save buyers valuable time, eliminating the need to gather elusive documents and search for the optimal lender.


Peace of mind is priceless
Most importantly, all-cash purchases bring an inviolable sense of security. Owning your home outright means never having to worry about covering your mortgage. In the face of disaster, such as job loss or injury, full ownership eliminates the risk of losing your home to foreclosure. Moreover, if you have paid cash, you will have excellent equity in the house. In case of financial emergency, you can draw on that equity for quick cash.
Figure out how to pay in cash 
Buying your house with cash might seem like an impossible dream. Here are some tips to help you achieve it:


§  Set aside unexpected windfalls, such as work bonuses or inheritances.

§  Lock money in a long-term CD to earn interest.

§  Once you have accrued cash, look for a house you can afford without borrowing extra money.

§  Consider moving to a less populated area, further from a big city, where home prices are likely to be lower.

§  Avoid the temptation to waste money. Tell your friends and family about your goal of buying a home; they will help keep your spending on track.

 
Gilan Gertz wrote this article as a contributing journalist for the Texas Association of REALTORS®
For more commentary from Julius, pick up a copy of his book entitled “The Truths and Myths of Real Estate” – available at LuLu.com at:  http://www.lulu.com/shop/julius-zatopek/the-truths-myths-of-real-estate/paperback/product-21118216.html

Thursday, September 26, 2013

Home Building & Rehabilitation Trends/Ideas



Last weekend, I attended the Texas Home and Garden Show at Reliant Center in Houston to pick up new trends and ideas, as I dive into residential custom home building and continue home rehabilitations.  These shows are allows filled with vendors who have the latest in technology and energy saving ideas; which  is the direction  I am headed  as I start to build.  Building a highly efficient low maintenance home with a livable (functional) floor plan are my main objectives; as well as making existing homes more energy efficient wherever and whenever possible.
 
I would like to share a few of the things I picked up, and recognize a few vendors & individuals who were more than willing to share their products, services, and knowledge with me.

Probably the most fascinating feature I saw was the “Solar Air Conditioning Systems” offered by Brazos Valley Services.  This unit requires a relatively small solar panel that helps increase the efficiency of your unit when you need it most – during the sunniest times of the day!  I wished I would have gotten the name of the gentleman that explained this system in great detail to me, because he was very knowledgeable and courteous.  You can find out more about these systems at: http://brazosvalleyservices.reachlocal.net/solar-ac-systems/

Speaking of HVAC Systems – I would like to recognize Henry Newsom with One-Hour Air Conditioning & Heating.  Henry listened to my HVAC questions regarding tonnage, zoning, etc. and spent a good 30-45 minutes explaining, educating, and  demonstrating how a system works and how to make  it the most efficient.  Henry also spent time to tell me about the gadgets that are not really necessary, but will generally be “up-sold” to uninformed customers.  Integrity and honesty go a long way in my book, and Henry represented himself and One-Hour Air in both of these areas.  Learn more about One-Hour Air Conditioning & Heating at http://www.onehourhoustonac.com/

Attics are obvious where most of our homes hold heat that make our HVAC systems work hard.  I spent some time talking with Greg Pruitt’s wife with www.rock-cretefoam.com  about the advantages and disadvantages of completely sealing your home with foam insulation; primarily under the roof decking versus radiant barrier.  Although I am still not 100% convinced to go the complete sealed envelope route, I am convinced foam in the walls and ceiling are the only way to go in new construction.

I spent some time with Jim Decker  with  Attic Innovations www.atticinnovations.com speaking about the application of a radiant barrier to preexisting homes – a must if your home does not have a radiant barrier decking, or if you don’t choose to retrofit with foam (my opinion, only use foam  in new construction).  Jim also demonstrated their solar powered attic fans – and speaking of honesty and integrity – he admitted that the fans will most likely need to be replaced every 7-10 years.  Not bad when  you consider the savings, though.

Lastly, I would like to recognize Doc Greene with Pet Floors of Houston www.petfloors.com.  You have seen these floors in many places, but just didn’t know it!  They look like real wood, and are just as beautiful – however, they are much more durable and virtually maintenance free with a lifespan that will outlive any other flooring I have seen.  I plan on using these floors in most of my rehabilitation projects, whether there are pets in the house, or not!

I hope you take the time to go through these vendors’ web sites and learn more about their products.  I don't get any referral fees or kickbacks from them – in fact, they didn’t even know I was going to mention them in my blog!  I just enjoy sharing information about individuals and companies that appear to be upfront and  honest – they  were all out at the home show just trying to earn a living – rather than sitting at home waiting for the government to give them food, clothes, or healthcare.  Any chance I get to recognize hard working honest Americans, I love to do so.

 

For more commentary from Julius, pick up a copy of his book entitled “The Truths and Myths of Real Estate” – available at LuLu.com at:  http://www.lulu.com/shop/julius-zatopek/the-truths-myths-of-real-estate/paperback/product-21118216.html

Tuesday, September 17, 2013

Franchises vs. Independents


There will always be discussions and comparisons of agents that belong to large franchised firms and agents that belong to independent firms.  As an independent broker that formally managed a Coldwell Banker branch office and owned two RE/MAX franchises during my first 10 years in the industry, I feel I am qualified to debate the topic with clarity and competency.
In years past, prior to the internet, it was important for agents to belong to large franchised firms so that their listings would get the most exposure.  Listings were kept in large MLS books that may or may not have been updated, regularly, and firms always tried to show potential buyers their own listings. 

After the internet, it was still important for agents to belong to large franchised firms because basically the firm’s web sites simply replaced the listing books; but updating and other office listings were still few, if any, and the large firms had the most listings. 
However, a few years ago, many MLS’s such as HAR and most real estate firms became a part of IDX (Internet Data Exchange) which changed everything!  Now, when an agent enters a listing in HAR, regardless of what firm they belong to, it is automatically seen on thousands of web sites – like REALTOR.com, Zillow, Trulia, Homes.com, etc.!  For example: as an independent broker, when I enter a property in HAR; it can be seen on the same thousands of web sites as a large franchised firm’s listings – AND, it is also  seen on most of the large firms web sites,  as well; such as Coldwell  Banker, RE/MAX,  Keller Williams, Better Homes & Gardens, etc.  As long as the firm, and most do, participates in IDX technology.

Therefore, no longer is belonging to a franchise a highly important criteria when a potential buyer or seller is looking for an agent or broker to represent them; what is more important is competency, character, trustworthiness, and capability.
For agents however, there are some definite times in their career when they should seek to join a large franchised firm; especially if they have been in the business for less than five years.  Large firms can offer valuable training and guidance that I feel our industry should manage more closely.  Another area I feel extremely confident in discussing; mainly because I mentored, coached, and trained a large portion of the successful agents in the Southwest Fort Bend County area.

 
For more commentary from Julius, pick up a copy of his book entitled “The Truths and Myths of Real Estate” – available at LuLu.com at:  http://www.lulu.com/shop/julius-zatopek/the-truths-myths-of-real-estate/paperback/product-21118216.html

Monday, September 9, 2013

Selecting your Real Estate Agent - What most Agents don't want you to know!


When selecting a real estate professional, there are several questions you should ask yourself and several you should ask the agents you interview.  Much like retaining an attorney, a CPA, or Financial Advisor; retaining a real estate professional should be approached with caution and with great care.  The real estate professional you select is going to assist you with one of your largest financial purchases or sells, if not your largest, so this step should not be taken lightly.
According to the NAR Members surveyed by NAR in 2013:
Ø  Only 77% stated real estate is their only occupation
Ø  56% are affiliated with an Independent firm, and 44% are members of a franchised subsidiary of a national or regional corporation
 
Ø  The average years of experience of sales agents is 13, and brokers average 20 or more years
 
Ø  The average residential specialist averaged just 12 transactions in past 12 months
 
Ø  8% did not have single transaction in 2012
 
Ø  83% did not have more than 20 transactions in 2012
 
Ø  Primary Specialty: 79% Residential, 7 % Commercial, 2% Land/Development, 1% Relocation
 
Ø  In the past 12 months, 51% had a transaction involving a foreclosure and 44% had a short sale transaction, but only 21% have received certification in either of these areas
Five Critical Questions to ask a real estate professional:

1.       Are you familiar with this area?  If so, how many transactions have you closed in the past 36 months in this area and can I get a list of these transactions?

2.       Do you specialize in (residential, commercial, farm & ranch, etc.) transactions?  If so, how many (residential, commercial, farm & ranch, etc.) transactions have you closed in the past 36 months and can I get a list of these transactions?

3.       How many years (not months, weeks, or hours) have you been in the real estate business, full-time?  Or, how many years has real estate been your only full-time career?

4.       Is real estate your primary job?

5.       Is real estate your only job?
Summary
·         Choose your agent wisely – one that is familiar, very familiar, with the area

·         Choose an agent that specializes in the type of real estate you plan to sell or acquire.

·         Choose an agent that has closed at least 24 transactions in the past 12 months and has been in business for at least 3 years.

·         Choose an agent whose primary occupation is real estate. 
This was an excerpt from Chapter 2 of Julius' book entitled “The Truths and Myths of Real Estate”  - For the complete commentary pick up a copy of his book available at LuLu.com at:  http://www.lulu.com/shop/julius-zatopek/the-truths-myths-of-real-estate/paperback/product-21118216.html
 

Tuesday, August 27, 2013

Townhomes needed in Sugar Land, Richmond, Rosenberg area


There is a critical shortage of townhomes in Southwest Fort Bend County, especially one-story units.  As the baby boomers continue to retire, stay active, and live longer; many are looking to for a lifestyle change from their older & larger suburban or inner loop homes.  They want smaller homes to maintain with smaller yards, and less headaches.  They are still very active and  want to be involved in their grandchildren’s activities, but don’t want to drive to far to attend baseball games, swimming & gymnastics meets, tennis matches, football games, etc.  And although they don’t want to admit it, they also need to be closer to their adult children in the event of a medical emergency.
Greatwood has a few of these ideal townhomes, as well as Sugar Land off of Grants Lake and in the Sweetwater & Riverstone areas.  However, there are several problems with these developments, mainly the lack of one-stories and the lack of inventory.
The ideal buyer for a townhome in the suburban areas is typically empty nesters who have no desire to walk up and down stairs, any longer.  Hence the reason one-stories are in high demand.  The ideal buyer I have encountered recently wants at least 2 bedrooms and 2 full baths, a Study, Formal Dining, updated kitchen with a breakfast area, and a Master Suite with a large walk-in closet.  They prefer a small yard with a covered patio that backs to some type of natural habitat that presents a nice view of nature.  And of course, they are willing to pay for some optional luxuries, but would prefer a nice livable unit that comes standard with granite, tile, updated appliances, and nice light fixtures; with a base price below $200K.
Currently, I have three clients waiting for a one-story townhome to become available; and I’m almost certain I’m not alone.  I have talked to several Realtors that are in the same position with clients who have been waiting months for something to become available in the areas I mentioned above.
Maybe we can convince a builder to purchase a few acres in the area and develop a 55-older one-story townhome community in our immediate area that fits the criteria for the typical buyer mentioned above.


For more commentary from Julius, pick up a copy of his book entitled “The Truths and Myths of Real Estate” – available at LuLu.com at:  http://www.lulu.com/shop/julius-zatopek/the-truths-myths-of-real-estate/paperback/product-21118216.html

Thursday, August 15, 2013

Lease Procedures - Initial Payments

Did you recently lease a property and were asked to make one check (typically the security deposit or first month's rent) payable to the listing broker?  If so, you may want to consult an attorney.
 
All lease payments made by a tenant should be made payable to the landlord (or Property Manager) – then landlord should pay the listing broker, per the lease listing agreement – and then the listing broker should pay the other broker, per the Agreement between Brokers form. See the flow chart below for further understanding.
Some real estate offices have the tenant make a check payable to the listing broker, in lieu of a security deposit or rent. Nothing could be more incorrect. If this is done, there is no record of a security deposit or rent ever being made to the landlord –there is no contractual agreement stating that a tenant pays the listing broker –and the listing broker could be accused of commingling of funds.
 
The only exception would be if the property is being managed  by a property management company.  In this case, it may be acceptable to make all payments payable to the property management company - but you would definitely want to verify to make sure.  And, you should request a copy of the property management's companies declaration page of their Errors & Omissions Insurance to ensure they are insured to manage property.

Please feel free to share this information and the flow chart below with real estate brokers who do not understand the incorrectness of having tenants pay them directly. I have reviewed the correct procedure stated above in italics and outlined in the flow chart with the Texas Association of Realtors attorneys, and they agreed.

 
For more commentary from Julius, pick up a copy of his book entitled “The Truths and Myths of Real Estate” – available at LuLu.com at:  http://www.lulu.com/shop/julius-zatopek/the-truths-myths-of-real-estate/paperback/product-21118216.html

Tuesday, August 6, 2013

Proposed Mobility Plans for our Area


By: Julius F Zatopek III – Broker/Owner – Zatopek Properties

Mobility has always been a hot topic in our area, and it always will be.  This is just one of the things counties must deal with when they are one of the fastest growing counties in Texas, and in the nation.  In the November 2013 elections, we will most likely be asked to vote on a bond for approximately $185 Million, which will help fund the completion of the proposed projects – projects that are estimated to cost well over $300 Million, according to our County Commissioner, Richard Morrison.  However, with the assistance of businesses, cities, counties, etc. – the cost will be offset to help cover the overall expense, without having to raise taxes!

Some of the projects in our immediate area on the proposal are:

·         the extension of Sansbury Blvd to FM 762

·         the extension of Williams Way Blvd from I-69 (Hwy 59) to FM 762

·         the extension of AJ Meyers (Bridlewood area) to Royal Lakes Blvd

Below are a few links regarding the projects.  I really like to Major Thoroughfare Map – it gives a very detailed plan of future proposed mobility projects – some are quite eye opening, and exciting!



Fort Bend County Major Thoroughfares 2007 Approved Plan Map: http://www.fortbendcountytx.gov/modules/showdocument.aspx?documentid=1337

Questions regarding the proposed projects may be directed to the Commissioner in whose precinct a project is located, or to the County Engineering office.

 For more commentary from Julius, pick up a copy of his book entitled “The Truths and Myths of Real Estate” – available at LuLu.com at:  http://www.lulu.com/shop/julius-zatopek/the-truths-myths-of-real-estate/paperback/product-21118216.html

Wednesday, July 31, 2013

When agents show your property…


By: Julius F Zatopek III – Broker/Owner – Zatopek Properties

When real estate agents show your property, wouldn’t it be nice to know what their clients really thought?  Wouldn’t it be nice to know that they actually showed up?  Wouldn’t it be nice if they showed up during their scheduled time?  Wouldn’t it be nice if they scheduled the showing within a one-hour window, versus two or three?
These are just some of the complaints sellers typically voice when they have their property listed for sale and an agent schedules an appointment.

Wouldn’t it be nice to know what the agent’s clients’ really thought about your property?  Maybe not!  However, it would be nice if all real estate agents would extend the professional courtesy to the listing agent, and more so to the seller, and give some type of feedback within a reasonable amount of time (i.e. 12 hours or less) after showing the property to their clients; especially when asked.  Most listing brokers use some form of automated system to schedule appointments and send feedback requests via email or text to showing agents.  When the showing agent does not respond, the system generally sends them another request – sometimes up to four times in a 24-hour period.  If the showing agent does not respond to any of the requests, it is not only irritating to the seller and listing agent; it also displays a total lack of professional courtesy and lack of professionalism by the showing agent.  Any feedback, whether positive or negative, is very much appreciated by the seller and listing agent.  Even totally honest feedback – for example:  I had a property listed with a gallery of windows from the master bedroom t o the kitchen, which ironically extended right past the front door.  An agent showed the property to her clients who informed her they like to walk around in the nude and would be afraid they may offend the neighbors who could see into the gallery!  Obviously, there is nothing the seller can do to correct the situation – however, at least they knew exactly why their property did not appeal to these particular buyers - and we all had good laugh, as well!
Wouldn’t it be nice to know if the agent actually showed up with their buyers?  Believe it or not, it is against the Houston Association of Realtors MLS Rules & Regulations for an agent to leave a business card, unless the listing agent informs the showing agent is asked to do so.  Without going into detail about the reasoning, I actually agree with the rule and never ask showing agents to leave business cards; even though some irresponsible and unprofessional agents who do not keep up with the rules & regulations still leave them!  Anyhow, there are multiple other ways to know if the agent showed up or not, but nothing beats feedback from the agent as mentioned earlier.

Wouldn’t it be nice if showing agents showed up during their scheduled time?  And, wouldn’t it be nice if they scheduled the showing within a one-hour window, versus two or three?  Without harping on the unprofessionalism of some showing agents, of course it would nice for showing agents to show up on time and within a one-hour window.  It is not very difficult to plan your showings and have a pretty good idea of when you may arrive.  Those that don’t obviously struggle with organization and planning – and if that’s the case, I feel sorry for their client since this agent is going to be handling one of, it not the largest financial investments for them.  I would like to have someone with that type of responsibility on my behalf to be organized and now how to plan.  However, in defense of most agents, sometimes things do happen and they will fall behind schedule.  If that is the case, most will call the showing service and inform them of their new scheduled time.  One other note about the one-hour window – many sellers feel the agent will be showing the property within this window – and most times they do – however, it merely means the agent will arrive sometime within that scheduled hour.


I made mention many times to the unprofessionalism of agents in the above article.  I do want to say that this is typically not the norm.  Most real estate agents I know are extremely professional and will go out of their way to extend their professionalism to all parties in a transaction and within our industry – and to all of you – THANK YOU!
For more commentary from Julius, pick up a copy of his book entitled “The Truths and Myths of Real Estate” – available at LuLu.com at:  http://www.lulu.com/shop/julius-zatopek/the-truths-myths-of-real-estate/paperback/product-21118216.html

Tuesday, July 23, 2013

Understanding Homeowner’s or Property Owner’s Associations (HOA/POA) when buying or selling a residential property

Most planned residential communities have a Homeowner’s Association with Restrictions, Covenants, and By-Laws that are designed to keep the original integrity of the neighborhood in good standing; and most do an excellent job of doing so, especially in our area.
When purchasing a home in a residential community with an HOA or POA, it is important that you are first made aware of the membership requirements.  Most communities have mandatory membership, but a very select few have voluntary membership.  The type of membership should be disclosed in the body of the purchase agreement, such as in paragraph 6.E. (2) of the One to Four Family Residential Contract (Resale) promulgated by the Texas Real Estate Commission (TREC) form # TREC 20-11.  It is extremely important that the purchaser read and fully understands this paragraph.   
Within the body of the above mentioned paragraph, it states that the buyer has the right to obtain a copy of the Restrictions, Covenants, Regulations, and By-Laws, which are all readily available at the County Clerk’s office as publicly recorded documents.  It also mentions a Resale Certificate, which includes along with other things the amount of assessments and frequency of such assessments, any lawsuits pending, etc.  In my opinion, the Resale Certificate is by far the most important piece to these documents; for it may disclose a transfer fee, a processing fee, the annual assessment, a special assessment, a reserve fund fee, etc.  These fees will most likely be payable upon closing of the property, or at least prorated in some instances.  At the bottom of this paragraph, in bold type, it states that if the Buyer is concerned with any of these items, then the TREC promulgated form #36-7 “Addendum for Property Subject to Mandatory Membership in a Property Owner’s Association” should be used.
Herein lies a few common misunderstandings of the paragraph in the purchase contract and the use of the Addendum:
First – the paragraph in the purchase agreement does not specify who pays for the retrieval and delivery of the documents.  There is generally a fee within the range of $150-$500, depending on the community and the documents requested.  Therefore, the Addendum should be used to specify what is requested and who pays, so there is no misunderstanding.
Second – Many communities make it mandatory for property owners to obtain the Resale Certificate – and some also have a mandatory Certificate of Compliance (such as in Greatwood) – that the seller must obtain and deliver to a potential buyer prior to closing.  Again, the use of the Addendum is almost required to specify the documents requested and the obligations for payment.
Third – The Addendum is a notice from the buyer to the seller of the documents requested and who is going to pay for these documents – not the other way around.  This is by the far the biggest abuse of the use of the form by Realtors, especially in our area.  Many listing agents/brokers will pre-fill the Addendum form and supply it with the seller’s other disclosures.  It is not a disclosure – disclosure was satisfied in the paragraph of the purchase agreement – this is a notice from the buyer to the seller and should be completed by the buyer, not the seller, and presented with the offer; just as it states in the paragraph of the purchase agreement in bold type.  Whenever I see an Addendum form pre-filled by a listing agent, I feel the agent is violating many of the National Association’s Codes of Ethics and misrepresenting the seller’s best interest.  I will not go into detail, but this form is specifically designed for the buyer to make his/her request to the seller to supply the documentation.  The Addendum has negotiable items within the context of the form, such as who pays, and should be treated as such.  Personally, I feel a seller should feel obligated to readily supply a potential buyer with all the requested and required documentation at the seller’s expense.  It should be calculated as part of the seller’s estimated closing cost; and a good real estate agent/broker will inform the seller of these potential expenses up front when taking the listing agreement.

For more commentary from Julius, pick up a copy of his book entitled “The Truths and Myths of Real Estate” – available at www.lulu.com

Monday, July 15, 2013

River Park - Land Clearing

What's going on with all the clearing of land by River Park? Amanda Jensen with CIA Services was kind enough to fill me in - 54 Acres have been platted for 138 single-family home sites as an expansion of River Park called "Enclave at River Park". Currently, homes will be built exclusively by MI Homes - Streets and infastructure should be completed by the end of the 3rd quarter or beginning of the 4th; and homes should start to appear by the end of 4th qtr 2013, or early 1st quarter of 2014.


Thursday, July 11, 2013

2013 Mid-Year Report - Greatwood

Home sales in Greatwood have been incredible in 2013!  The total number of SFR (Single Family Residences) that closed in the first half of the year was 115, compared to 103 during same time period the previous year; up over 10%.  Prices have also continued to increase with the average sales price for the first half of 2013 being $295,977, or $98.59 per square foot - compared to last year's average of $281,625, or $93.19 per square foot - up almost 5%.  The average DOM (Days on Market) for the same time periods was 37 days in 2013, compared to 58 days in 2012 - a 36% improvement!

So why are home sales so brisk in 2013?  In my opinion, it's simply basic economics of supply and demand.  There are over 4,200 homes in Greatwood and average inventory has hovered around 30 for the past several months; less then 1%.  With the rapid growth of Southwest Fort Bend County, the improved mobility with the expansions of I-69 (Hwy 59), Grand Parkway, Crabb River Road, etc., the new schools, medical facilities, historically low interest rates, and so forth - it has created a high demand for master-planned housing in the area.  With the high demand, and low inventory (supply) - it's only natural that prices will increase and days on market will decrease.

Speaking of DOM (Days on Market) - it is not uncommon, in today's market, for homes that are priced right and updated to receive multiple offers within a matter of days; or even hours, of hitting the market.  Many prospective buyers have lost out on homes that they wanted because they either could not make time to view the property the day it hit the market; or they thought they could make a "less than market value" offer and get the property.  Not in today's market - with multiple offers, you generally have one chance to make a good impression with a realistic offer to a seller that has a home priced correctly and that is in good condition with nice updates.

The charts below are provided as on overview of the Greatwood home sales in the first half of 2013.  If you are thinking of selling your Greatwood home and would like a more detailed analysis of your personal property, please don't hesitate to contact me.

Greatwood SOLD Properties - January thru June 2013















Single Family Residences (SFR) - 115 Properties Sold 1/1/2013 thru 6/30/2013
 SqFtBedsFBHBList PriceLP/SqFtSale PriceSP/SqFtAdj. Sale PriceAdj. SP/SqFtSP/LP %DOMCDOMYear Built
Min185022017500071.8816750069.8116650068.1388%001989
Avg30023.912.520.71303439101.0829597798.5929431498.0498%36.9363.351997
Max60005531050000175925000161.05925000161.05104%2855202007
Median276642125990094.5325000094.1125000093.2998%17221997















Townhomes - 7 Properties Sold 1/1/2013 thru 6/30/2013
 SqFtBedsFBHBList PriceLP/SqFtSale PriceSP/SqFtAdj. Sale PriceAdj. SP/SqFtSP/LP %DOMCDOMYear Built
Min148422015290086.9514800086.9914590186.9993%552001
Avg17892.8620.43183757102.7117817199.5917775499.3697%51.4351.572003
Max2529321219900117.5220000110.16220000110.16100%1481482004
Median1634320178500107.1174000106.18173500105.9997%15152004


















Current Inventory* - SFR



















Actives - 37 Properties Found




 SqFtBedsFBHBList PriceLP/SqFtDOMCDOMYear Built




Min201022019000081.62111990




Avg34464.052.780.84382172110.952.8986.971998




Max6169552699880162.2436615022007




Median3390431364900105.4134381998



















Option Pending - 8 Properties Found




 SqFtBedsFBHBList PriceLP/SqFtDOMCDOMYear Built




Min215132022490095.26111990




Avg30163.752.50.5341038113.0811.63121998




Max4382541479900127.9756562007




Median2759420.5314900109.364.551999



















Pending Continue to Show - 14 Properties Found




 SqFtBedsFBHBList PriceLP/SqFtDOMCDOMYear Built




Min216232021200083.77001992




Avg315642.710.64325886103.2617.1417.211998




Max4332541565000132.5752522005




Median287643126495097.5977.51997



















Pending - 14 Properties Found




 SqFtBedsFBHBList PriceLP/SqFtDOMCDOMYear Built




Min201032020000085.07111990




Avg28404.142.430.57288543101.627.3627.361997




Max4100631434000122.221161162001




Median2783.5421267000105.6922221999



















Current Inventory* - Townhomes



















Pending - 1 Property Found




 SqFtBedsFBHBList PriceLP/SqFtDOMCDOMYear Built




Min2052321225000109.6542422000




Avg2052321225000109.6542422000




Max2052321225000109.6542422000




Median2052321225000109.6542422000
















All data used for the analysis of this report was derived from the information available in multiple listing service of the Houston Association of REALTORS®;
it is deemed to be reliable, but not guaranteed.  It should not be used as a determination of value for property; homeowners are urged to seek the assistance
of a well-qualified REALTOR® to determine current market value for their personal residence.  May factors, such as: location, condition, size, functionality, etc. 
should be considered when determining value of a specific property.















The information provided above is the property of Zatopek Properties and its agents.  It is not to be distributed by
any other real estate licensee, whether active or inactive.  Property owners with questions about the above data
may call or email Julius F. Zatopek, III, Broker/Owner, julius@zatopekproperties.com , (281) 342-1997.



















*Current Inventory as of noon, July 11, 2013