What’s going on with local home appraisals?

Dear Terese,
My tax appraisal for my home went up 20% this year!  Why are my property taxes rising so high?
Bruce

Dear Bruce,
The Texas Association of Realtors recently addressed this issue in their monthly publication, “Texas REALTOR”.  The main reason is that Texas property is in high demand.  Increased market values mean higher appraisals.  However, the other side of the equation is the local tax rate.  Appraisals may go up, but the tax rate does not fall.  Your property taxes help pay for infrastructure and services provided by each local taxing entity.   Most likely, your highest taxes are the school taxes. 

Dear Terese,
Is earnest money required to make the One to Four Family Residential Contract (Resale) an effective and enforceable contract?
Jason

Dear Jason,
No, the contract becomes effective and enforceable when the last party to execute the agreement does so and communicates acceptance to the other party.  Earnest money has no bearing on the effectiveness or enforceability of the contract.

Dear Terese,
I’m buying my first home.  What are the type of mistakes do novice buyers often make, but could avoid?
Sue

Dear Sue,
Thinking through many wants and needs can seem overwhelming when buying a home – how big, how many bedrooms, what neighborhood etc.  Many first time buyers make these common mistakes:  Underestimating costs – closing costs, property taxes, homeowner’s insurance, utility bills, maintenance expenses, mortgage insurance, and HOA fees.  Have you checked your credit report and met with a lender?  Do you need to consider schools, commute time, shopping, or medical needs?  Consider the future resale value of the home you purchase, and be sure to hire a local realtor to help you along the way!

Tip of the day: “The world’s favorite season is the spring. All things seem possible in May.” –Edwin Way Teale

Terese Peabody Cozart, Broker Associate, Stanberry & Associates

GRI, CRS, ABR, SRES, CNE, GREEN, CLHMS

400 Hwy 290 W, B-101, Dripping Springs, TX 78620

terese@stanberry.com, www.tpeabody.com  512-894-3488 office, 512-699-7711 cell

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