Shannon Cole

The Ten Commandments When Applying for a Real Estate Loan

2010-03-26T17:47:00.004-05:00

If you thinking about buying a home and taking advantage of the tax credit be sure and follow these rules when applying for your loan.

1. Do not change jobs, become self-employed or quit or job.
2. Do not buy a car, truck or van.
3. Do not use credit cards excessively or let your accounts fall behind.
4. Do not spend money you have set aside for closing.
5. Do not omit debts or liabilities from your loan application.
6. Do not buy furniture.
7. Do not originate any inquiries into your credit.
8. Do not make large deposits without first checking with your loan officer.
9. Do not change bank accounts.
10. Do not co-sign a loan for anyone.

If you are thinking about purchasing a home I would be more that happy to help you. I can also give you recommendations for lenders to begin the loan process.

http://www.shannonhcole.com/
806.441.9537

Lubbock Market Statistics

2010-03-24T16:12:00.004-05:00

Starting April 21st I will be posting the Lubbock real estate market statistics. I will do this on the second Wednesday of the month and will be posting the previous months statistics. I really want this blog to be a service to the community and to the readers. If anyone has any topics they would like featured on the blog please let me know. I am looking forward to keeping my readers up to date on what's going on in the Lubbock real estate market.

What is a REALTOR®?

2010-03-22T12:40:00.003-05:00

Did you know there is a difference between a real estate agent and a REALTOR®?

It is important that when selecting an agent to help you sell or buy your home that you chose a REALTOR®. As a REALTOR® we are held to a strict Code of Ethics and Standards of Practice.

For more information on this topic you can go to the following site:
http://www.realtor.com/basics/allabout/realtors/whatis.asp

I hope that everyone had a wonderful spring break!

6108 10th Drive

2010-03-03T13:52:00.007-06:00

3 Bedroom 2 Bath 1492 Sqft.
$97,500

Great home for students or family! Isolated master bedroom with double sinks and two closets in the master bathroom. Covered patio in back. New carpet and tile in bathrooms installed 09/08. New a/c unit installed 07/08. Double ovens in kitchen and separate laundry room. Don’t miss out on the $8,000 first time home buyer tax credit! Call me today for more information 806.441.9537.

REALTOR® Magazine-Daily News-Fed: Interest Rates to Remain Low

2010-02-25T15:15:00.000-06:00

REALTORÂ® Magazine-Daily News-Fed: Interest Rates to Remain Low

Updated 2009 Homebuyer Tax Credit

2009-11-11T09:42:00.001-06:00

Here is a great video on the updated 2009 homebuyer tax credit! Now is a great time to buy!

http://www.youtube.com/watch?v=IMzTpn3FvA8

Why should you buy in a college town?

2009-10-06T14:39:00.002-05:00

REALTOR Magazine has a great article today on housing in college towns. Now is a great time to buy a home for your college student or invest in Lubbock. Texas Tech University student population is expected to continue growing over the next 10 years. Also, South Plains College had record enrollment numbers this fall. If you do not have a college student there are still many investment opportunites to take advantage of. Check out the article below on why buying and investing in college towns is a smart decision. Even if you do not live in Lubbock and would like to purchase a home for your college student in another city I can get you in contact with a REALTOR who can help you. Don't miss this great opportunity!

REALTOR® Magazine-Daily News-Americans on the Move Choose College Towns

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Who has to use a Seller's Disclosure Notice?

2009-10-02T11:05:00.004-05:00

Sellers often wonder if they have to use a disclosure notice when selling their property. The Texas Property Code Section 5.008 makes it clear as to who has to use a disclosure. Sometimes sellers think they do not have to provide the notice if they haven't lived in the property. The link will help to answer some questions you might have about disclosures . http://www.trec.state.tx.us/pdf/articles/trec/5.008.pdf.

I hope everyone has a great weekend!

Tips for Showing your Home

2009-10-01T09:15:00.004-05:00

Here are some tips on things to do to make sure your home is in top-selling condition. Buyers make their first impression in 3 seconds!

Turn on all of the lights before you leave. Make sure all of the window coverings are open to let in as much natural light as possible.
Turn off the television.
Keep your pets out of the way and take them with you if you can.
Avoid Clutter!
Make sure your front porch has been swept.
Fix the dripping faucet.
Remove excess furniture from bedrooms.
Take all of your appliances off the kitchen counters. This will help to make the kitchen appear larger.
If possible leave your home while it is being shown.

Important Lubbock Places and Phone Numbers

2009-09-28T13:15:00.002-05:00

Below is a list of some popular Lubbock phone numbers:

Electricity
Lubbock Power, Light, & Water: 806.775.2509
Xcel Energy: 800.895.4999
South Plains Electric Co-op: 806.741.4266

Natural Gas
Atmos Energy: 888.363.7427

Water
Lubbock Power, Light, & Water 806.775.2509

REALTOR® Magazine-Daily News-Mortgage Rates Hold Steady

2009-09-25T13:07:00.001-05:00

REALTOR® Magazine-Daily News-Mortgage Rates Hold Steady

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REALTOR® Magazine-Daily News-Signaling Confidence, Fed Holds Rates Steady

2009-09-24T13:46:00.001-05:00

REALTOR® Magazine-Daily News-Signaling Confidence, Fed Holds Rates Steady

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REALTOR® Magazine-Daily News-Fed Unlikely to Raise Rates

2009-09-21T17:36:00.001-05:00

REALTOR® Magazine-Daily News-Fed Unlikely to Raise Rates

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8305 Detroit Ave.

2009-09-18T16:54:00.004-05:00

8305 Detroit Ave. Lubbock, TX

1921 Sq/ft

$130,500

3/2/2

Please go to http://www.shannonhcole.com/ for more information and pictures.

South Plains Fair

2009-09-17T09:42:00.004-05:00

It's almost time for the fair!

The South Plains Fair will be held Sept. 25-Oct. 3, 2009.

FAIR ADMISSION PRICES:
Adult, 13 and over $7.00 Children, under 13 $2.00 Parking $3.00

The fair has something for everyone. You can enjoy a free concert, eat great food, & view the livestock. There will be a petting zoo for kids along with carnival rides.

For more information about the fair please check out their website: http://www.southplainsfair.com/home.html

Texas Agency

2009-09-14T18:52:00.003-05:00

Is your real estate agent really working for you?

Texas law requires that all real estate agents give information about brokerage services to prospective buyers, sellers, landlords, and tenants. Below is a form that explains brokerage services in detail. Please give me a call if you have any questions. 806.441.9537

http://www.trec.state.tx.us/pdf/contracts/op-k.pdf

REALTOR® Magazine-Daily News-Are Lower Rates on the Horizon?

2009-09-11T17:39:00.001-05:00

REALTOR® Magazine-Daily News-Are Lower Rates on the Horizon?

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Real Estate Glossary

2009-09-09T11:12:00.002-05:00

Here are some common real estate terms and their definitions:

Deed- A written instrument, which when properly executed and delivered, conveys title to real property.

Easement- The right to use the land of another.

Encumbrance- Anything that burdens (limits) the title to property, such as a lien, easement, or restriction of any kinds.

Equity- The value of real estate over and above liens against it. It is obtained by subtracting the total liens from the value.

Fannie Mae- Nickname for Federal National Mortgage Corporation (FNMA), a tax paying corporation created by congress to support the secondary mortgages insured by FHA or guaranteed by VA, as well as conventional loans.

Lubbock Farmer's Markets

2009-09-07T19:24:00.003-05:00

Wanting to find fresh produce in Lubbock?

Check out this website for information on local farmer's markets:
http://www.applecountryorchards.com/

Vintage Township also has a farmer's market. It is open from the beginning of June to the end of August.

Realtor.org Article on Fannie and Freddie

2009-09-05T12:19:00.003-05:00

Daily Real Estate News

Mortgage Bankers: End Fannie and Freddie The Mortgage Bankers Association is urging the U.S. government to replace Fannie Mae and Freddie Mac with private companies.The Obama administration is considering a couple of options, including shutting them down or merging them into another federal agency.The mortgage bankers would replace Fannie and Freddie with federally regulated private companies that would buy loans, sell them as bonds with their own guarantee, and pay the government for reinsurance.Jaret Seiberg, an analyst at Washington Research Group, said in a research note that the "odds are high for enactment" for the Mortgage Bankers Association's proposal because this would create a practical way to keep mortgage rates low.
Source: The Associated Press, Alan Zibel (09/02/2009)
Taken from http://www.realtor.org/RMODaily.nsf/pages/News2009090305?OpenDocument

Getting Your House Ready To Sell

2009-09-02T13:56:00.004-05:00

Trim trees and shrubs. Clean out your flower bed and invest in a few flats of seasonal flowers. Paint the front door, keep the porch swept, and make sure the doorbell is working properly.
Air out your home. All odors must be eliminated, especially those caused by dogs, cats, and cigarettes.
Wash all your windows inside and out.
Have your carpets cleaned. Wax or polish bare floors.
Put bright light bulbs in every socket made for a bulb.
Clean out closets, cabinets, and drawers.
Make sure rooms are not overcrowded with furniture.
Keep the kitchen sparkling clean. Make sure all appliances are clean at all times. Put away unnecessary items on the counter.
Bathtubs, showers, and sinks should be freshly caulked.
Clean the ashes out of the fireplace.

For more information about selling your home please call me at 806.441.9537 for a free consultation. You can also go to my website at http://www.shannonhcole.com/.

Tax Credit IRS Form

2009-07-16T11:55:00.001-05:00

This is the link for the tax credit IRS form for first time home buyers.

http://www.irs.gov/pub/irs-pdf/f5405.pdf

REALTOR® Magazine-Daily News-5 Ways to Expedite a Sale

2009-06-30T16:07:00.002-05:00

REALTOR® Magazine-Daily News-5 Ways to Expedite a Sale

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Breaking News: Tax Credit Can Be Used on Closing Costs

2009-06-27T13:32:00.000-05:00

FHA-approved lenders were recently given the green light to develop bridge-loan products that would allow first-time buyers (anyone who has not owned a home in the last three years) to use the benefits of the federal tax credit "upfront."

Under these HUD developments and guidance, FHA-approved lenders can develop bridge loans that buyers can use in different ways. Most notably, you could use it to help cover closing costs, possibly buy down your interest rate, or even offer more than the minimum 3.5 percent down, which would allow you to make a stronger offer—a key strategy in some markets where first time buyers are competing with investors in specific price ranges.

Note: HUD officials indicate that the loans can't be used to cover the required minimum 3.5 percent down, only to supplement the down payment. In addition to this new development, there remain many state, local and nonprofit lender resources and programs for buyers needing help with the 3.5 percent downpayment. (Call me to see which resources you might qualify for)

These new developments, combined with the (up to) $8,000 tax credit and the historically low prices and still low mortgage rates, make this an opportune time to buy. Call me for a free consultation to discuss your specific opportunities and situation. The tax credit is only good through 2009, so now is the time to take advantage and not get caught in the crunch toward the end of the year when procrastinating buyers will scramble to buy before the tax credit expires.

Great News for Lubbock

2009-06-18T22:15:00.000-05:00

Awesome article!

http://realestate.yahoo.com/promo/ten-cities-with-rising-home-values.html

Open House Cancelled

2009-04-24T10:30:00.002-05:00

The open house at 408 N. Dover for Saturday April 25th has been cancelled. The home is currently under contract.

Open House

2009-04-17T13:53:00.004-05:00

408 N. Dover Ave.
From Frankford turn east on Erskine and south on Dover. Home is on the east side of the street.

Saturday April 25th
2:00-4:00
3/2/2
$112,000

Interest Rates

2009-04-04T20:23:00.001-05:00

Rates on 30-year mortgages fell recently to the lowest level on record after the Federal Reserve launched a new effort to stimulate the struggling U.S. housing market.

Mortgage finance giant Freddie Mac said that average rates on 30-year fixed-rate mortgages dropped to 4.85% last week, from 4.98% the previous week. This was the lowest in the history of Freddie Mac's survey, which dates back to 1971, and was down a full percentage point from a year ago. These are truly historic times and they present a great opportunity to anyone who is thinking of buying.

If you or someone you know is ready to take advantage of historic low prices and historically low interest rates, please call me or send me your referral. Don't let this opportunity pass you by.

408 N. Dover Ave. Lubbock, TX 79416

2009-03-23T11:57:00.004-05:00

408 N. Dover Ave.
Lubbock, TX 79416
$112,000

Awesome 3 bedroom 2 bath 2 car garage with rear entry in Northwest Lubbock! Stained concrete floors in living room, kitchen, and bathrooms. Isolated master with 2 walk-in closets. This home has a sprinkler system, covered back patio, and a concrete alley. The kitchen has black appliances and oak cabinets. There is a separate laundry room off of the garage with cabinets and room for a freezer. Open floor plan with designer colors. Wired for an alarm system.

Call 806.441.9537 to view this home!

First Time Home Buyer Tax Credit

2009-03-15T16:46:00.000-05:00

Hey, first-time homebuyer: How does $8,000 from your Uncle Sam sound?
Want an extra $8,000? If you’re a first-time homebuyer then we have a nice surprise for you.

Last fall, the Federal Government introduced a financial incentive to prospective first-time homebuyers — an income tax credit of up to $7,500. The rules were simple: you must have been a first-time homebuyer (as defined by not owning a home in the previous three years) and you met certain income restrictions.

The new $8,000 tax credit is available to those who buy between January 1, 2009 and December 1, 2009. It’s not a deduction, it’s an actual credit. Unlike the $7,500 first-time homebuyer tax credit introduced last summer; this does not need to be repaid.
First timers who qualify can make no more than $75,000 in adjusted gross income if they’re single or $150,000 if filing jointly. The maximum tax credit is $8,000 or 10 percent of the sales price of the home, whichever is less. Three years residence in the property are required. As always, check with your accountant for details and be sure to submit IRS form 5405 when you file your taxes.

Call me if you have any questions. 806.441.9537
www.shannonhcole.com

How Will the Stimulus Package Affect The Housing Market-and You?

2009-02-21T17:30:00.002-06:00

Homebuyers: Part of the stimulus bill gives first-time homebuyers (anyone who hasn’t bought a home in past 3 years) who purchase in 2009 an $8,000 tax credit. Foreclosure filings decreased 10% in Jan. from Dec. 2008 and some sales in Dec. 2008 rose 6.5%. We will see prices at the lower end of the price spectrum stabilize and all the really great deals will be snapped up in the next few months. If you are thinking about buying, now is the time.

Home sellers: If you are selling in the lower price ranges you can expect to see increased activity and, if reasonably priced, you will get it sold very close to that price. If you are not at the low end of the market, and do not have to sell, wait a year or so, you will get a better price. If you have to sell now, price it right and get it sold now as we could still see a drop in value in the mid and high-end price ranges over the next 3 to 6 months.

If you want to talk further about the impact of this stimulus package, give me a call or drop me an email about your situation and I will give you my recommendation.

This is information applies to national numbers. For more accurate information on the Lubbock market please call or e-mail me. 806.441.9537 shannon@shannonhcole.com

Rent vs. Buy

2009-02-06T11:04:00.003-06:00

At the bottom of the page is a rent vs. buy calculator. You can plug in the numbers to see the advantages of buying vs. renting. If you have any questions about the calculator please call me at 806.441.9537 or e-mail me at shannon@shannonhcole.com

Buying a Home?

2009-02-02T15:21:00.004-06:00

Are you planning on buying a home in the near future? If so, be sure to go to the link below for home buying information. This site will give you information on the steps of buying a home, mortgage information, and other home buying material. You can also go to my website to search for homes for sale in the Lubbock area or to receive one of my special reports for home buyers.

Below is the link for the home buying information:
http://www.realtor.com/home-finance/buyers-basics/home-buyers-basics.aspx

My website:
www.shannonhcole.com

First Post

2009-01-31T21:43:00.003-06:00

I am starting this blog to keep everyone informed on the changing real estate market. I will post open houses, new listings, mortgage information, and upcoming events. I plan to blog every Monday so check back for new information.

I hope everyone has a great weekend!