[dropcap]D[/dropcap]ear Terese,
I am so excited, we close on our first home this week!  Do you have any advice that will help us avoid any unexpected surprises?
Erin

Dear Erin,
Congratulations!  I’m so happy to hear that you have invested in home ownership.  There are several items that many new homeowners may not think of when they move into their new home.  Do you know where the water shut off valve is located?  This is important to know in case of an unexpected lease.  Do you know where the main electrical shut off switch is located?  Also, be sure to label the individual circuits to your home.  An electrician can help you with this task.  Planning on digging around?  Call 811, a new free national hotline a few days before digging.  It is a new law in Texas, and any underground utility lines must be marked on the property.  Looking for services?  211  is a free statewide 24- hour service for local agencies for various agencies, including disaster relief information, utility service issues, food pantries, child care, and healthcare.  Also, in Texas home owners can apply for a homestead exemption to lower your taxes.  Check with your local appraisal district.

Dear Terese,
I’m concerned about the suggested list price from a local realtor.  I assumed my tax valuation would be the list price.  How the list price is established when you list a property?
Daniel

Dear Daniel,
Changing housing markets have the biggest effect on final sale prices.  The actual sale price is determined by local housing market conditions and willing buyers and sellers, also known as the supply/demand effect.  The list price may be above or below the final sales price, depending on various circumstances.  A knowledgeable agent will consider the current market condition, knowledge of local transactions, and current market information.  Finding the “right price” for a home is a moving target, and changes monthly as market conditions change.  Homebuyers, sellers, and agents will all consider the current list prices, recent sales prices, and also the current inventory to determine the final sales price.  Negotiations also may have an impact on the final sales price.

Tip of the Day: “Each day of our lives we make deposits in the memory banks of our children.”  – Charles R. Swindoll

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