THE HOUSING MARKET CONTINUES TO BE HEATING UP AS WE MOVE INTO SPRING OF 2017. TAKE A LOOK AT THE STATISTICS ON WHAT’S HAPPENING HERE ON PADRE ISLAND IN CORPUS CHRISTI, TX. CLICK ON THE PICTURE BELOW AND GET A FULL PDF TO PRINT OUT TO KEEP TRACK OF THIS DATA. LOOKING FORWARD TO AN EVEN MORE EXCITING SUMMER AHEAD, GIVE US A CALL AND DISCUSS THE MANY OPPORTUNITIES TO OWN A PIECE OF COASTAL TEXAS! (361) 949-0101
Just over 1000 homes are currently on the market in Corpus Christi. If the housing market doesn’t change, it would take just over four months to sell all those homes.
Real Estate Agent, David Garcia, who’s been selling homes for 16 years, says this is good news!
“It’s an excellent time to buy, you definitely want to take advantage of the low interest rates,” Garcia said. He says the housing market is based on supply and demand.
Out of those 1000 plus homes for sale, roughly 21% of them fall in the high demand category. Garcia says the most frequently purchased homes in Corpus Christi are right around $250,000. Although the supply for those homes is low, the demand is high.
Meaning, if you put your house on that market around that price range, it will sell very quickly.
Garcia says a recent survey found the median home price went up about 7% from 2015 to 2016.
He says that translates into a good return on investment. That’s not the only advantage to buying a home. Buyers also build equity and reap tax advantages
“Your net worth is 45 times greater owning a home vs renting,” Garcia said.
Another incentive to buy? Rent has gone up over the last year. On average, renters will spend slightly over 1000 a month for a single family.
“A lot of the industry experts are predicting 2017 to be a very good year in terms of sales,” Garcia said.
Here is our top 6 tips for the New Year
- Eliminate & Simplify Your Home – Buyers out there are saving for their spring purchase, but why not start your efforts in January? This is an especially great time after the heaps of gifts that they have received. Plus, if they plan to sell your home, it will make selling the house and moving that much easier. It’s simple just start small and go room by room, designating areas for donations, things to be fixed and things to sell. The sooner you start, the better you’ll feel!
- Make Your Home Safter – Do you have kids (even if they don’t!), then making your home safer all around is a great resolution to make. Commit to a regular safety maintenance schedule by checking smoke and carbon monoxide alarms monthly, ensuring you have fire extinguishers and preparing the family for emergencies such as weather disasters and fire. Always replenish emergency kits, bottled water and non-perishable food items throughout the year, too.
- Make Your Home Smarter – Yep, that’s right! You may have just missed the boat on making your home safe when they bought your home, but it’s never too late. Some ways to make homes “smarter”? Smart home hubs like Amazon Echo, security video monitors like Ring and smart thermostats like Nest, and even smart plugs and bulbs to bring your home into the 21st century.
- Consider Refinancing – Maybe its time to decrease your payments or lock in a low fixed mortgage rate through refinancing. Shopping around for the best rates is a great way to find one the lowest one that works for you and will make your wallet feel a lot better come 2018.
- Get a Green Thumb – No, not go out and garden although an argument could be made for that as well. Change your light bulbs to energy-efficient LED ones. This will also help you save money. Another way to be greener is to clean the house with reusable cloths or old, clean rags versus wasteful paper towels (however, use good judgement for especially dirty messes).
- Do Something to Help Someone – Yes, it is 2017… the election is over and we are still all just human beings. We must let go of the past no matter what side of the fence we sit and come together as a nation more than ever now. If all else fails and you can’t find anything you could do to help your fellow man, than for goodness sakes just smile a ton. Your mind will come around sooner or later!
Share these five tips with your friends and family and help them be better homeowners and prepared sellers when the time comes!
Happy New Year from your Coastline Properties Family!
THE HOUSING MARKET CONTINUES TO BE HEATING UP AS WE WRAP UP 2016. TAKE A LOOK AT THE STATISTICS ON WHAT’S HAPPENING HERE ON PADRE ISLAND IN CORPUS CHRISTI, TX. CLICK ON THE PICTURE BELOW AND GET A FULL PDF TO PRINT OUT TO KEEP TRACK OF THIS DATA. WE WISH YOU A VERY HAPPY HOLIDAY SEASON, GIVE US A CALL AND DISCUSS THE MANY OPPORTUNITIES TO OWN A PIECE OF COASTAL TEXAS! (361) 949-0101
As Realtors we are always asked about the market, and each market has different conditions that weigh in on whether its a buyers or a sellers market. We believe the article below handily brings some interesting statistics to the table, at the same time we believe each area of the city needs to be examined to determine the market conditions. Also, keep in mind the time of year..it’s very typical for a slowing down to happen toward the end of the year as families settle in for the Holidays and typically don’t make decision’s about moving unless forced to by job’s or other circumstances. Currently there are some great buys out here on Padre Island, and we welcome your questions about our local market to determine if it is good time for what your particular goals might be. ~Coastline Properties Team
Via CALLERTIMES – Home sales in the Corpus Christi area were sluggish in October, falling to nearly their lowest level this year.
A total of 392 homes were sold in the Corpus Christi Metropolitan Statistical Area in October, according to the latest Economic Trends report by the Corpus Christi Regional Economic Development Corp. The report, released Monday, cited data from the Real Estate Center at Texas A&M University. That’s the lowest volume of home sales this year since January, when 322 houses changed hands.
Sales in October 2015 and October 2014 were 461 and 441, respectively.
According to the report, 954 residential permits have been issued by the city of Corpus Christi through the first 10 months of this year, compared 934 during the same time frame a year ago and 1,088 for all of 2014. The number of commercial permits issued from January to October also dropped slightly from the same time in 2015, to 269 from 272.
- Regional unemployment dropped below 6 percent for the first time in four months. The jobless rate in October was 5.6 percent, a drop from 6.2 percent in July, August and September. Unemployment was 6 percent in June. Before this summer, the last time unemployment was this high, according to the Bureau of Labor Statistics, was May 2009, when the jobless rate hit 6.8 percent.
- The number of year-to-date airline enplanements, or passenger boardings, at Corpus Christi International Airport was 282,581 from January to October. That represents a 3.3 percent decrease from 292,331 during the same period a year ago.
- Year-to-date sales tax collection in Alice, Beeville, Corpus Christi and Robstown were well below their pace of a year earlier. Corpus Christi collected $60.4 million in such collections from January to October, compared with $65.5 million during the same period in 2015. Alice saw a 42.4 percent drop in revenues when comparing the same 10-month period. Its year-to-date sales tax collections were $4.35 million in October and $7.55 million in October 2015. via Chris Ram
We are so excited to be nominated for the 2nd year in a row from “The Bend Magazine” to be the Face of Padre Island Real Estate! This year has been a great year for Real Estate and we are eternally grateful to all of our clients for allowing us to serve them by giving them the absolute best service in the the industry! We look forward to another year ahead to give our current and future clients the very best attention and world class service.
WE PLEDGE to be honest and always put my client’s interest first. WE GO BEYOND what the law requires. WE FIGHT for homeowners’ rights. OUR CLIENTS have a lot at stake. We owe it to them to be more than just an ordinary real estate agent. WE VOLUNTEER in our community, because we live there too. WE WORK HARD to create opportunities for more to people to afford homes. WE TAKE COURSES to increase our expertise and skill sets, so we can better serve you as a homebuyer, seller, or commercial property investor & rental property owner. WE ABIDE by a strict code of ethics. WE ARE PROTECTORS of our clients and insure they get the absolute best from us and their real estate transactions. WE GIVE to our community and support many charitable causes, not because we have to… because WE BELIEVE it is our duty to our community to give back to those in need. IN GOD WE TRUST!
THE HOUSING MARKET CONTINUES TO BOOM IN OUR NECK OF THE WOODS. TAKE A LOOK AT THE STATISTICS ON WHAT’S HAPPENING HERE ON PADRE ISLAND IN CORPUS CHRISTI, TX. CLICK ON THE PICTURE BELOW AND GET A FULL PDF TO PRINT OUT TO KEEP TRACK OF THIS DATA. THE SUMMER IS OVER NOW AND WE ARE HEADING INTO THE HOLIDAYS, GIVE US A CALL AND DISCUSS THE MANY OPPORTUNITIES TO OWN A PIECE OF COASTAL TEXAS! (361) 949-0101
The C word – it’s not well understood, so it’s not well liked. But, we should no longer feel the need to whisper it only in dark shadows after certain hours. Unless you’re a first-time home buyer or have been renting, there’s a chance you’ll need to sell your home before purchasing a new one. And the safest way for a buyer to do this is through a contingency. Let it be known, this is a beautiful risk and has pretty perks, so for those of you who see the glass half full, this one’s for you. For the rest, as they say, pour your liquid into a smaller cup and no longer fear this scenario.
What does it Mean?
By definition, it means a future event or circumstance that is possible but cannot be predicted with certainty. In real estate, this clause defines a condition or action that must be met in order for a real estate contract to become binding (as aforementioned, with a home sale contingency in place, the transaction is dependent upon the sale of the buyer’s home). The contingency becomes part of a binding sales contract when both parties agree to the terms and sign the contract.
Why is it Risky?
To Sellers: the main risk is that there is no guarantee that the home will sell. Before agreeing to a contingency, a seller may want to do their due diligence, for instance: is the home already for sale, is the list price attractive, what’s the sales time for homes in the neighborhood.
To Buyers: Buyers must still spend the same amount of money on home inspections, repair negotiations, appraisal fee (to name a few) and the buyer does not get these monies back if the deal falls through due to their property not selling on time. Also, because sellers are taking a gamble of sorts of the buyers ability to sell their current property, buyers need to make their offer as attractive as possible so that the seller will consider this risk.
What are the Benefits?
To Sellers: One major benefit is that the home can continue to be shown, and the seller can continue to receive offers. If the seller accepts a written offer, the seller is required to notify the buyer of such acceptance. Per the contract, the buyer has a specified amount of time (say, 2-3 days) to either remove the contingency and put down additional earnest money, or the contract terminates automatically and the earnest money is refunded to the buyer. A home sale contingency might also be a good thing if the seller has had the property on the market for a while and is unable to find a buyer. A contract with a contingency is still a contract, and there is a chance that the property will sell.
To Buyers: A home sale contingency gives buyers the opportunity to not miss out on the home they want, while allowing them time to sell their property. This way, buyers can avoid owning two homes and holding two mortgages at one time while waiting for their own home to sell. A home sale contingency can allow the buyer to sell their property with peace of mind knowing their next purchase is already in motion.
Why is it Misunderstood?
Many may only see the risks and not truly understand the benefits. Home sale contingencies protect buyers who want to sell one home before purchasing another. Upon receiving or writing a contract involving a contingency, it is important to review and understand the terms of the sale. This is something your real estate agent should be able to explain in detail to you. Fear not the world of contingencies, as knowledge is power!
It’s hot here on Padre Island, and I’m not talking just the high temperatures. It is real estate’s steamy season, and properties are being listed and sold faster than season tickets at the ‘bahn. With the active market, it’s critical to take a look at your spending. How can you be assured you’re not wasting money? Here are some smart tips on how to save and spend during peak purchase season. Do not fall victim to these common money mistakes.
DO NOT overpay. Unless you find yourself in a bidding war for the home of your absolute dreams, there is not a single home like it, and you do not plan to leave, ever ever ever, do not pay over the appraised value. Note: Do not get this number from the tax office, get this from an actual appraiser who visits the home and runs their own detailed determination of real value.
DO get an inspection. It’s worth the couple hundred dollars. Do your due diligence and know what you’re buying. If there is a deficiency on a large ticket item, it’s best to find out ahead of time so you can budget for it in the future or you can ask the seller to help right the wrong. You do not want to find these deficiencies later, once the sale is over, and you haven’t budgeted for them.
DO NOT make a lowball offer. Negotiating is normal, and it’s okay to not offer full price. But if you’re interested enough to make an offer, make sure it’s worth your time and the seller’s time. Your agent will be able to give their best advice as to what a good offer price would be, based on comparables and their knowledge of the market and area.
DO lender shop. Different lenders can offer different rates. Shop around, see with whom you can save and where.
DO NOT make large purchases prior to closing. This is a huge expensive mistake, as it can alter your credit score and can actually take you from having loan approval to not. You can lose your property and in turn gain something of expense (whatever it was that you bought, albeit a car, boat, etc.).
DO NOT remodel what won’t pay off. If you’re going to do some upgrading prior to listing your property, spend money in the kitchen. This is a room that’s important. Otherwise, less expensive updates you can do include painting, new hardware, fixtures and carpet. Gutting bathrooms and shellacking your garage floor is likely not worth the pay off.
DO price properly. Your listing agent will be able to guide you to a proper sales price, so use their knowledge! You’re paying them, after all. If your property is priced too high, it’s likely to not sell as quickly, wasting your money on months of bills, taxes, mortgage payments, etc.
DO NOT reject reasonable offers. Letting your emotions get in the way of your sale can be tough, but you do not want to push qualified buyers away because you’re not remembering that this is in fact business. At the very least, provide a counter offer.
DO disclose. If there are issues that you do know about, it’s the law to disclose known deficiencies. If you do not, this could turn in to a lawsuit. Talk about expensive!
Try to keep these Dos and Don’ts in mind this summer and in to the fall, and you will be free from the most expensive mistakes that buyers and sellers tend to make. You work hard for your money, so keep your dollars where they will work for YOU!
The Housing Market is Hot,Hot, Hot right now. Take a look at the statistics on what’s happening here on Padre Island in Corpus Christi, TX. Click on the Picture below and get a full PDF to print out to keep track of this data. The summer is going by fast, give us a call and discuss the many opportunities to own a piece of coastal Texas! (361) 949-0101
With the flooding and other tragedies that have occurred across the state, it is important that consumers be aware of Chapter 57 of the Texas Business and Commerce Code that was enacted by HB 1711 effective September 1, 2011. The bill applies to contractors who remove, clean, sanitize, demolish, reconstruct, or otherwise treat improvements to real property as a result of damage or destruction to that property caused by a natural disaster. Specifically, it requires that a “disaster remediation” contract must be in writing and prohibits a “disaster remediation contractor” from requiring payment prior to beginning work or charging a partial payment in any amount disproportionate to the work that has been performed. However, the statute exempts contractors that have held a business address for at least one year in the county or adjacent county where the work occurs.
Please see the text of HB 1711 for details. Contact your local Home Builders Association for a list of contractors.
Download this document for important phone numbers and information on rebuilding after a disaster. (CLICK HERE TO GET YOUR PDF)
A La Entrada – An expedition or journey into unexplored territory, or, in Spanish it means Entrance.
Almeria – A city of southeast Spain on the Gulf of Almería, an arm of the Mediterranean Sea.
Aloha – Hawaiian word used when greeting or parting from someone.
Aquarius – The Water Bearer, a zodiacal constellation – A good person who doesn’t judge.
Aruba – An island in the Netherlands Antilles, in the West Indies.
Atascadera – Atascadero in Spanish means stumbling-block.
Barataria – A bay in The Gulf of Mexico, off Louisiana (See Laffite).
Beaufort – An empirical measure that relates wind speed to observed conditions at sea or on land.
Binnacle – A built-in housing for a ship’s compass.
Blackbeard – Nickname of Edward Thatch who was a notorious English pirate who operated around the West Indies and the eastern coast of the American colonies.
Bonasse – Easy-going and simple-minded.
Bounty – A British naval ship commanded by Captain William Bligh, which was on a scientific voyage in 1789 between Tahiti and the West Indies when her crew mutinied.
Bowsprit – A spar, extending forward from the stem of a ship, to which the stays of the foremast are fastened.
Brigantine – A two-masted sailing ship, square-rigged on the foremast and having a fore-and-aft mainsail, often with square main topsails.
Broomsedge – Broom sedge: any of several grasses of the genus Andropogon.
Bullion – Gold or silver considered in mass rather than in value.
Cabana – A cabin, hut, or shelter, especially one at a beach or swimming pool.
Cabo Blanco – It’s a fishing village in northwestern Peru, or in Spanish, “White Terminal.”
Camino De Oro – In Spanish, meaning “Path to Gold.”
Camino De Plata – In Spanish, meaning “Path to Silver.”
Canadian Mist – A brand of Blended Canadian whisky produced by the Brown-Forman Corporation.
Capstan – A revolving cylinder with a vertical axis used for winding a rope or cable, powered by a motor or pushed around by levers.
Captain Kidd – 1645(ish)–1701, he was a Scottish navigator and privateer who was hanged for piracy.
Caravel – A small, fast Spanish or Portuguese sailing ship of the 15th–17th centuries.
Carlos Fifth – Carlos THE Fifth is the name of a creepy looking candy bar from Mexico, what you call someone that does something in a stupid manner.
Cartagena – A seaport in SE Spain.
Catamaran – A yacht or other boat with twin hulls in parallel.
Cayo Cantiles – Cayo, in Taíno meaning “small island,” Cantiles in Spanish meaning “cliff.”
Cayo Gorda Ct – Cayo, in Taíno meaning “small island,” Gorda in Spanish meaning “fat.”
Cobo De Bara – Cobo, meaning “sea snail” and Bara in Hebrew means “heaven and earth.”
Commodores – A naval officer of high rank, in particular an officer in the US Navy or Coast Guard ranking above captain and below rear admiral.
Coquina Bay – A soft limestone of broken shells, used in road-making in the Caribbean and Florida.
Cozumel – In Mexico, the name was given to it by the Spaniards; however its origin is derived from the words Cuzam (meaning Swallow) and Lumil (meaning land of).
Crossjack – The lowermost square sail set on the mizzenmast of a ship or of a bark with four or more masts.
Cruiser – A relatively fast warship larger than a destroyer and less heavily armed than a battleship.
Cumana – A city in NE Venezuela founded in 1523 that is the oldest European settlement in South America.
Cutlass – A short sword with a slightly curved blade, formerly used by sailors.
Cuttysark – It is a British clipper ship built on the River Clyde in 1869 for the Jock Willis Shipping Line and was one of the last tea clippers to be built.
Dasmarinas – It is the largest city in the province of Cavite, Philippines. In the 19th century during the Spanish Colonial Period, Dasmariñas was originally called Tampus meaning “end of the forest.”
Dorsal – Relating to the upper side or back of an animal, plant, or organ. Fin – an unpaired fin on the back of a fish or whale.
Doubloon – A Spanish gold coin.
Dragonet – A marine fish that often lies partly buried in the seabed; the male is brightly colored.
Ducat – A gold coin formerly current in most European countries.
Dyna – Simply defined as “power.”
Eaglesnest – The nest of a bird built high up on a cliff or on the top of a mountain OR a room or building built high up so that people inside can see things happening below them.
El Soccorro – It’s a Portuguese-Spanish noun meaning “help” or “relief.”
Emerald – A bright green precious stone consisting of a chromium-rich variety of beryl.
Encantada – In Spanish, means “delighted” as in “pleased to meet you.”
Escapade – An act or incident involving excitement, daring, or adventure.
Finistere – Element which has reached the limits of its expansion.
Flintlock – An old-fashioned type of gun fired by a spark from a flint.
Forestay – A stay leading forward and down to support a ship’s foremast.
Fortuna Bay – Fortuna was the goddess of fortune and personification of luck in Roman religion and was represented as veiled and blind, as in modern depictions of Justice, and came to represent life’s capriciousness.
Grenadine – A thin fabric of leno weave in silk, nylon, rayon, or wool. Presently, a syrup made from pomegranate juice.
Gun Cay – Where the Lighthouse is located less than 10 miles south of Bimini.
Gunwale – The upper edge of the side of a boat or ship.
Gypsy – A nomadic or free-spirited person.
Halyard – A rope used for raising and lowering a sail, spar, flag, or yard on a sailing ship.
Hawksnest – The nest of a bird of prey OR a house located high on a hill or mountain.
Highland Mist – A Blended Scotch Whisky.
Isabella – A wine made from the fox grape. Also, Queen Isabella of Castile whose marriage to Ferdinand of Aragon in 1469 marked the beginning of the modern state of Spain.
Isla Colon – Isla meaning Island in Spanish, Colon is a city of northern Panama at the Caribbean entrance to the Panama Canal.
Isla Pinta – Isla menaing Island in Spanish, Pinta was the fastest of the three ships used by Christopher Columbus in his first transatlantic voyage in 1492.
Jackfish – A pike or sauger, especially the northern pike.
Jacktar – It was a common English term used to refer to seamen of the Merchant or Royal Navy. By World War I the term was used as a nickname for those in the U.S. Navy.
Jibstay – In schooners, the stay to which jibs are hanked.
Jolly Roger – A pirate’s flag with a white skull and crossbones on a black background.
Keel – The longitudinal structure along the centerline at the bottom of a vessel’s hull, on which the rest of the hull is built, in some vessels extended downward as a blade or ridge to increase stability.
Key Largo – The largest island of the Florida Keys.
King Phillip – [War] (1675–77) the first large-scale military action in the American colonies, pitting various Indian tribes against New England colonists and their Indian allies.
La Blanquilla – (N) A very small coin, A Californian fish, A white grape.
Laffite – Pirate Jean Lafitte: he and his brothers smuggled goods to local merchants through the La Barataria (See Barataria) berth on the Louisiana coast in the early 1800s, after the Embargo Act of 1807 barred such trades. Barataria was far from the U.S. naval base, and ships could easily smuggle in goods without being noticed by customs officials. Later, legend has it, he came to our own Packery Channel, as, when pursued, Lafitte’s shallow draft boats could escape into the knee-deep Laguna Madre where larger boats could not follow. Folklore says that he buried treasure here, right near the Port A jetties, and marked it with a golden dagger.
Lafitte – See Laffite. Pirate Jean Lafitte and his elder brother, Pierre, spelled their last name Laffite, but English-language documents of the time used “Lafitte.”
Lanyard – A rope threaded through a pair of deadeyes, used to adjust the tension in the rigging of a sailing vessel.
Leeward – On or toward the side sheltered from the wind or toward which the wind is blowing; downwind (see opposite, Windward).
Longboat – A large boat that may be launched from a sailing ship.
Main Royal – [mast] Part of the mainmast situated immediately above, and generally formed as a single spar with, the main topgallantmast.
Man O War – An armed sailing ship.
Mingo Cay – An island of the United States Virgin Islands.
Mizzen – The mast aft of a ship’s mainmast.
Mutiny – An open rebellion against the proper authorities, especially by soldiers or sailors against their officers.
Nemo – In Oromo it means “The Man,” but in Latin, the same word means “Nobody.”
Palmira – A city of western Colombia southwest of Bogotá where coffee and tobacco are grown.
Palo Seco – In Spanish means “without anything else.”
Peseta – The basic monetary unit of Spain (until replaced by the euro).
Pionciana – A tropical tree with showy red or red and yellow flowers.
Playa Del Rey – Spanish for “Beach of the King.”
Port Royal – It is a city located at the end of the Palisadoes at the mouth of the Kingston Harbour, in southeastern Jamaica founded in 1518.
Portillo – It literally means “small port” from Latin portus.
Ports O Call – An intermediate port where ships customarily stop for supplies, repairs, or transshipment of cargo.
Primavera – The hard, light-colored timber of a Central American tree.
Punta Bonaire – In Spanish, Punta: point, Bonaire: an island in the E Netherlands Antilles.
Punta Espada – In Spanish, Punta: point, Espada: sword.
Quarterdeck – The part of a ship’s upper deck near the stern, traditionally reserved for officers.
Queen Johanna – She was Queen of Naples and Countess of Provence and Forcalquier from 1343 until her death. She also reigned as Princess of Achaea and claimed the crowns of Jerusalem and Sicily.
Reales – A unit of currency in Spain for several centuries after the mid-14th century.
Royal Fifth – An old royal tax that reserves to the monarch 20% of all precious metals and other commodities acquired by his subjects as war loot, found as treasure or extracted by mining.
Sabre – A heavy cavalry sword with a curved blade and a single cutting edge.
Salt Cay – The second largest of the Turks Islands.
San Felipe – A city in NE Venezuela, on the Orinoco River.
Skysail – A triangular sail set on a stay between the fore and main trucks of a racing schooner.
Tajamar – Spanish for the cutwater.
Tesoro – Spanish for the word treasure.
Three Fathoms Bank – Fathom: a unit of length in the old imperial and the U.S. customary systems, used especially for measuring the depth of water.
Topgallant – The section of a square-rigged sailing ship’s mast immediately above the topmast.
Topsail – A sail, or either of a pair of sails, set immediately above the lowermost sail of a mast and supported by a topmast.
Tortuga – Spanish for the animal Turtle.
Verdemar – Spanish for the color sea-green.
Vincent – From a Latin word meaning “conquering.”
Whitecap – A small wave with a foamy crest.
Windjammer – A merchant sailing ship.
Windward – The side or direction from which the wind is blowing.
Yardarm – The outer extremity of a ship’s yard.
The holidays are over, the sun is finally peaking out, and the buyers are making their grand debut from dormancy.
But as a buyer, knowledge is power. And The Consumer Financial Protection Bureau knows that. They have worked diligently to make the loan process more transparent. The new forms discussed below (the Loan Estimate and Closing Disclosure) were introduced to present less confusing information as to ensure consumers understand the terms of their loan and the fees they’re paying. Know before you owe!
To walk the walk, you have to talk the talk. Here is the new lingo and the new forms.
Let’s talk Terminology:
A lender is now a “Creditor”
The Good Faith Estimate (GFE) is now the “Loan Estimate” or LE for short.
HUD or Settlement Statement is now your “Closing Disclosure” or CD for short.
The GFE was meant to provide the buyer with a really good idea of what they’d be bringing to closing and the terms of their loan. But the rules behind its successor, the LE, are stricter, and provide a higher financial accuracy to the buyer. It includes interest rate, fees for both creditor and third-party services (ie: appraisals, title insurance, closing costs, etc.)
Before you do anything, shop around for a lender and get prequalified for a loan. There’s little advantage to visiting with a Real Estate Agent until you know what you can afford.
First you get prequalified, then you work with a Realtor who finds you the perfect home, and then comes your Loan Estimate.
SIX ELEMENTS TO GET THE LOAN ESTIMATE
- The consumer’s name
- The consumer’s income
- The consumer’s SSN to obtain a credit report (creditor shopping will NOT affect credit rating)
- Property address
- An estimate of the value of the property
- The mortgage loan amount sought
The prequal is NOT a Loan Estimate. If the consumer/buyer requests a preapproval or prequalification, and provides 5 of these 6 elements in their application, the creditor will provide the prequalification, but is not yet obligated to provide the LE.
Only when the consumer provides all six elements of the application, the creditor must get the LE to the consumer within 3 Federal Business days (if the creditor is open on Saturday, then Saturday counts). Once provided, the LE holds true for 10 days once a property has been determined.
The home does not actually have to be under contract at this point, but it greatly benefits the buyer if it is. Without knowing which title company the contract will be at, your creditor can’t know the exact fees. With the new LE, the liability and financial accuracy weighs much heavier on the creditor than it did in the past. So what if there are differences presented on your final CD than those on your LE? There are zero tolerance fees, and fees that fall between a 10% tolerance. So if there is a difference between your CD and your LE, depending on which category the miscalculation falls under, the creditor may have to pay.
Moral is, sellers want strong buyers. Preapproval from a creditor shows just that, which is why it’s critical to get that first. Present that to your Realtor, house hunt, get under contract, and request the LE. Leave the rest to your happy and knowledgeable Realtor.
We’ll leave the changes to the consummation (the new term for closing) for a later discussion…
QUICK FACTS FROM 2015 COMPARED TO 2014
Demand was healthy in 2015, and the supply was enough to give the buyers options.
- 1% increase in new listings since 2014
- 7% increase in median sales price in 78418
- -4.2% decrease in days on market
- 15% new construction market share in 78418
- 8% list to sale price ratio in 78418
“This home is so ’70s.” How many times have we heard a home identified by a year based on its appearance and finishes? Well, 2016 will be no different, as fun and fresh designs are sure to be trending.
Here on the Island, we practically live outdoors most of the year! Designs are beginning to recognize this. Homeowners are working on bringing the outside in with things like plants, and double doors, and also purchasing furniture that can be used both indoors and out. Create a fluid space where the indoor outdoor living concept is seamless.
Tile backsplashes aren’t a new concept, but what we expect to see in 2016 are using the tiles to create more geometric patterns that feature fluid movement. New materials for this are coming onto the scene such as cement and wood. Whether it is a backsplash, an intricately patterned floor or a countertop, fluid geometry is eye-catching and coming in strong this year.
With so many homeowners going with the trending white cabinets, white appliances just blend right in. Also, many are becoming tired of the maintenance from the marks and handprints that are so evident and inevitable that show up on stainless steel appliances. Try Ice White from Whirlpool. Slate kitchen appliances can also bring a classic and modern look and are gaining momentum.
Metallics, Metals, and Minerals
All trends come back around, and the 1950s and 1970s are hot fashion trends in 2016, and this will also translate to the home. Gold and metallic finishes are exceedingly popular right now. Retro bling, shine, and polished geodes will rock your home (pun intended). Accessorize with oversized bowls of fools gold, big chunks of quartz, or even unpolished semi-precious stones turned into door pulls. Go au natural!
Chevron is Out
Herringbone, Chevron, Zig-Zag, the fun and often colorful pattern was so 2015. If you are still a fan of it, try putting it in easily removable ways, such as an area rug or throw blanket. Don’t stick it up on a large wall. Instead, try solid-colored, textured fabrics, or even animal hide is in!
Brass hardware is one design element that almost immediately outdates a home. Hardware is one incredibly easy and inexpensive way to update! To replace brass hardware or other knobs, be sure to choose a size that will cover the “footprint” of whatever is currently installed. For 2016, try brushed or satin nickel hardware. Magic.
Fake Wall Treatments
Solids are back. 2016 interior design approaches emphasize authenticity. The prevalent use of natural materials (back to minerals, above) goes back to midcentury modern design. That means it may be time to get rid of the fake wall treatments such as Tuscan paint finishes and marbled columns. Use a solid paint! It’s chic, clean, and IN.
Is it really 2016 already? For those of you who happen to be planning on buying a home in the new year—or even just trying to—there’s a whole lot to celebrate. Why? A variety of financial vectors have dovetailed to make this the perfect storm for home buyers to get out there and make an (winning) offer. Here are six home-buying reasons to be thankful while ringing in the new year:
Reason No. 1: Interest rates are still at record lows
Even though they may creep up at any moment, it’s nonetheless a fact that interest rates on home loans are at historic lows, with a 30-year fixed-rate home loan still hovering around 4%.
“Remember 18.5% in the ’80s?” asks Tom Postilio, a real estate broker with Douglas Elliman Real Estate and a star of HGTV’s “Selling New York.”“It is likely that we’ll never see interest rates this low again. So while prices are high in some markets, the savings in interest payments could easily amount to hundreds of thousands of dollars over the life of the mortgage.”
Reason No. 2: Rents have skyrocketed
Another reason home buyers are lucky is that rents are going up, up, up! (This, on the other hand, is a reason not to be thankful if you’re a renter.) In fact, rents outpaced home values in 20 of the 35 biggest housing markets in 2015. What’s more, according to the2015 Rent.com Rental Market Report, 88% of property managers raised their rent in the past 12 months, and an 8% hike is predicted for 2016.
“In most metropolitan cities, monthly rent is comparable to that of a monthly mortgage payment, sometimes more,” says Heather Garriock, mortgage agent for The Mortgage Group. “Doesn’t it make more sense to put those monthly chunks of money into your own appreciating asset rather than handing it over to your landlord and saying goodbye to it forever?”
Reason No. 3: Home prices are stabilizing
For the first time in years, prices that have been climbing steadily upward are stabilizing, restoring a level playing field that helps buyers drive a harder bargain with sellers, even in heated markets.
“Local markets vary, but generally we are experiencing a cooling period,” says Postilio. “At this moment, buyers have the opportunity to capitalize on this.”
Reason No. 4: Down payments don’t need to break the bank
Probably the biggest obstacle that prevents renters from becoming homeowners is pulling together a down payment. But today, that chunk of change can be smaller, thanks to a variety of programs to help home buyers. For instance, the new Fannie Mae and Freddie Mac Home Possible Advantage Program allows for a 3% down payment for credit scores as low as 620.
Reason No. 5: Mortgage insurance is a deal, too
If you do decide to put less than 20% down on a home, you are then required to have mortgage insurance (basically in case you default). A workaround to handle this, however, is to take out a loan from the Federal Housing Administration—a government mortgage insurer that backs loans with down payments as low as 3.5% and credit scores as low as 580. The fees are way down from 1.35% to 0.85% of the mortgage balance, meaning your monthly mortgage total will be significantly lower if you fund it this way. In fact, the FHA predicts this 37% annual premium cut will bring 250,000 first-time buyers into the market. Why not be one of them?
Reason No. 6: You’ll reap major tax breaks
Please, Mr. Postman Tax laws continue to favor homeowners, so you’re not just buying a place to live—you’re getting a tax break! The biggest one is that unless your home loan is more than $1 million, you can deduct all the monthly interest you are paying on that loan. Homeowners may also deduct certain home-related expenses and home property taxes.
This year may have marked the best for housing since 2007, but the market will likely get even rosier in 2016, according to a recent real estate forecast by realtor.com®. One of the main drivers behind the brighter 2016 is the projection that employment will continue to grow, which will add to consumers’ wallets and allow them to purchase their first home or upgrade to a new one. Realtor.com® highlights the following housing predictions for 2016:
- ‘Normal’ is coming.
Expect a healthy growth in home sales and prices – at a slower pace than in 2015. “This slowdown is not an indication of a problem—it’s just a return to normalcy,” writes Jonathan Smoke, realtor.com®’s chief economist. “We’ve lived through 15 years of truly abnormal trends, and after working off the devastating effects of the housing bust, we’re finally seeing signs of more normal conditions.” New construction and distressed sales are expected to return to more historical levels, and home prices are expected to follow at “more normal rates consistent with a more balanced market.”
- Generational buying trends shape up.
Young adults’ presence on the housing market has been largely predicted for years, but 2016 may finally be the year they make a move in a larger way. Millennials represented nearly 2 billion sales in 2015 – one-third of home buyers. They are expected to continue to be a major buying pool in 2016 with the majority of buyers between ages 25 and 34 expected to be first-time home buyers next year. But two other generations will also have a big presence in 2016: financially recovering GenXers and older baby boomers who are entering retirement, realtor.com® notes. “Since most of these people are already homeowners, they’ll play a double role, boosting the market as both sellers and buyers,” Smoke notes. “Gen Xers are in their prime earning years and thus able to relocate to better neighborhoods for their families. Older boomers are approaching (or already in) retirement and seeking to downsize and lock in a lower cost of living.”
- New-home construction focuses more on affordability.
Builders have been faced with higher land costs, limited labor, and concerns about the demand of the entry-level market. As such, they have shifted to constructing more higher-priced homes, which has caused new-home prices to rise significantly faster than existing-home prices. In 2016, they likely will shift to more affordable product to cater to the entry-level buyers. “We are already seeing a decline in new-home prices for new contracts signed this fall,” notes Smoke. “In addition, credit access is improving enough to make the first-time buyer segment more attractive to builders.”
- Higher mortgage rates.
Mortgage rates will likely be volatile in 2016. But the recent move by the Federal Reserve to guide interest rates higher should push mortgage rates higher in the new year than the historical lows they have been at for years. The 30-year fixed-rate mortgage will likely end 2016 about 60 basis points higher than today’s level. “That level of increase is manageable, as consumers will have multiple tactics to mitigate some of that increase,” Smoke says. “However, higher rates will drive monthly payments higher, and, along with that, debt-to-income ratios will also go higher.” The markets with the highest home prices will see the effects from the higher rates the most.
- Rents to go up even higher.
Rental costs are skyrocketing, and the costs are likely to only go up in the new year. More than 85 percent of the nation’s markets have rents that exceed 30 percent of the income of renting households. “Rents are accelerating at a more rapid pace than home prices, which are moderating,” Smoke says. “Because of this, it is more affordable to buy in more than three-quarters of the U.S. However, for the majority of renting households, buying is not a near-term option due to poor household credit scores, limited savings, and lack of documentable stable income of the kind necessary to qualify for a mortgage today.”
Source: “The 5 Real Estate Trends That Will Shape 2016,” realtor.com® (Dec. 16, 2015)
I, for one, admire Winter Texans. They’ve got the right idea: Come to our piece of paradise, spend a few months, spend a few bucks, then repeat! Some come in RVs, others have a home/townhome/condo to which they retreat. The time is coming to welcome our Winter Texans back, and it’s the Winter Texan “way” that reminds me of one powerful investment tool – real estate of course! We are lucky enough to live in a place where many come to vacation. Whether you live here and want to capitalize on the growing rental market, or you’ve got relatives and friends to whom you’d love to persuade to do the same or invest in a vacation home…Get your own piece of Padre Island Pie!
But WHY is now a good time, and WHAT makes real estate this aforementioned “powerful investment tool”?
With the population of the Coastal Bend steadily increasing, more businesses coming to the area, and the increasing amount of national attention we’ve gained over the past few years, it’s no wonder investors and second home buyers have piqued interest.
Most would agree that the spring and summer are the good selling months. But I say, why discriminate?! Winter has its perks, too! The crowds looking to invest that haven’t already are coming at a good time…price reductions are common this time of year, and sellers aren’t competing with as many other homes for sale as, say, the spring time.
First thing is first, what are your goals? To be an investor, or to use the property for vacation and enjoyment? There is certainly NO wrong answer here!
But what are the elements of value to an investor? Well that depends on their commitment: Do they intend on having a long-term or short-term investment? Will they live there part-time themselves or will they use it as a rental? Property values and their projected appreciation may play a large role in a buyer’s intentions. So may tax depreciation, capital gains, and inflation hedge. As important as these matters are, they may be a little snooze-worthy. So let’s make it quick.
Let’s take a look at each of these potential advantages:
Projected Appreciation: This is a percentage that estimates what your property will be worth in the future. Of course nothing is promised, but the numbers could aid in the decision process.
Tax Depreciation: COULD help you maximize your tax savings. This is the depreciation that can be listed as an expense on a tax return, the gradual charging to expense of a fixed asset’s cost over its useful life.
Capital Gains: Another key tax advantages of owning investment property. Capital gains on investment real estate is the difference between the sales price and the cost of purchase and improvements. They’re taxed at either a short-term rate or a long-term or reduced rate.
Inflation Hedge: This has to do with the rent that’s charged to the tenant. Some leases have provisions for rent increases to be indexed to inflation. In other cases, rental rates are increased whenever a lease term expires and the tenant is renewed. Either way, real estate income tends to increase faster in inflationary environments, allowing an investor to maintain its real returns.
Selling: When rental properties are sold, the proceeds can be rolled into other rental property without paying capital gains taxes. This is called a 1031-Tax Exchange.
Now, what about those who’d like to get away from their primary residence and invest in a second home? Fortunately for many of us, you don’t have to be a part of the ultra rich to own a second home! This, too, could be wise, even if it will only be used for family and friends and not as a rental.
Here are some helpful tips that may guide you in the right direction:
- Have money. This may seem obvious but daunting, but let me explain that it doesn’t mean millions in the bank. Unless you’re paying cash, your lender’s underwriter needs to see that you have adequate reserves (as often your downpayment will be larger for a second property).
- Consider your debt-to-income ratio. If it’s too high, this may be an issue for your lender.
- Spend time in the area, first! Know that you love the region and foresee wanting to be there often before buying there. Do your due diligence on the right neighborhood, the costs of maintenance, HOA dues, taxes, insurance, etc.
- Double the fun, but potentially double the work! Assess the yard – will you need someone to mow it while you’re not there? Will the pool need weekly maintenance?
- Work with an agent that is very knowledgeable about the area. Here in our Coastal Bend, most agents are accustomed to working with investors/second home buyers.
If you meet the less-than-14-day-or-10% test, you can write off all the usual expenses associated with owning a rental property. Or, if you rent the house a quarter of the time, for instance, a quarter of your mortgage interest, property taxes, utilities, insurance costs, and repair expenses are deductible against rental income.
The options and advantages seem to outweigh the fear of dabbling in real estate investing or owning a second home. Try it, you may become a mogul! So come and stay and play at your leisure, then make the money, honey!
We are delighted to have been nominated “The Face of Island Real Estate” in this months Issue of The Bend Magazine.
It’s incredible to discover so many other community leaders that are making waves in the Coastal Bend by being dedicated to their profession. We salute all those businesses out there that truly understand the nature of customer service and work so tirelessly to care for and understand their clients needs. Thank You Corpus Christi!!
The Bend Magazine – November 2015
This time of year typically marks the unofficial time people begin thinking about the holidays. After Halloween, time seems to speed up and before we know it the holiday parties, charity functions and the like set in for familes. Real estate activity during the holiday season is typically discouraged because of the challenges posed on both sides of a transaction.
For sellers, there is the inconvenience of having to keep the home clean; leaving on a moment’s notice for showings; and limiting holiday entertaining. For buyers, there may be limited access to houses if sellers place showing restrictions due to personal schedules and commitments.
However there are some advantages and other considerations that both sides should keep in mind.
Buyers will find fewer homes on the market, but the homes that are available have highly motivated sellers. This may provide a better negotiating climate, and there is less likely to be the type of competition for homes you see during high season. In turn, sellers will find equally motivated buyers, and may find that offers and closings move more quickly. What this means is, bargains and negotiations are plentiful this time of year if you are working with a savvy real estate agent in corpus christi.
Holiday sellers should curb large plans to entertain, have family & friends stay over, or do excessive decorating. Focus on showing off the features of your home that will appeal to a buyer – not your family decorations and holiday traditions. It sounds like a less attractive holiday, but the dividends will more than pay for themselves. Remember to always keep a mindset of a buyer in mind. Have a Happy and healthy holiday season!
It’s no secret that it costs a lot to live on the coast, especially once you add up your taxes, homeowner’s insurance, flood insurance, and windstorm insurance. And in 2012, the Texas Department of Insurance (TDI) proceeded forward with several proposals to fund the Texas Windstorm Insurance Association (TWIA), the provider of last resort for windstorm insurance on our coast. It was then that TWIA adopted a 5% increase on all residential and commercial windstorm insurance policies to policyholders in the 14 counties (Aransas, Brazoria, Calhoun, Cameron, Chambers, Galveston, Jefferson, Kenedy, Kleberg, Matagorda, Nueces, Refugio, San Patricio, and Willacy) comprising the Texas Coast. This was the third rate increase since 2009. But the long fight is finally over.
Back in May, State Rep. Hunter announced that Senate Bill 900 has passed the Texas House of Representatives, a major victory.
And now after years of the unknown, Texas Governor Greg Abbott has just signed into law the Windstorm Insurance Reform Bill. The bill will spread the cost of storm-related increases to the rest of Texas instead of having the lion’s share being paid by the 14 coastal counties.
Last year, on March 5, over 400 residents came to a public hearing the city held at Texas A&M for our residents to voice their opposition to the proposed “tax,” as State Representative Todd Hunter referred to it. He pointed out that the TWIA website specifically states that they do not discriminate against geographical locations, which is exactly what this surcharge would have done. Rep. Hunter suggested doing an economic analysis on the minority groups affected. Perhaps his suggestion was heard.
Hunter believes the measure will benefit property owners along the Texas coast should a hurricane strike. For instance, when hail or tornadoes pummel other parts of Texas, funding from our coastal counties goes toward aid. But what if our coast gets hit with a hurricane? It has been on us and us alone to pay for the damages. This has made many of our residents scratch their heads. But this bill creates a new funding structure to provide fair and better insurance rates throughout the 14 coastal counties in Texas. It also changes the makeup of the Texas Insurance Board.
Over the years, there has been a lot of support from our local power forces. Mayor Nelda Martinez explained this surcharge would have a burdensome affect on the momentum of our community, and that an increase in insurance over the past 14 years will economically sink these 14 counties. She wrapped it up by saying “Mother nature doesn’t discriminate…”
JJ Johnson with TPCO American noted that with all the new big plants coming to Corpus (TPCO, Cheniere Energy, M&G Chemicals, Schlitterbahn…) there will be thousands of workers, too. We need to ensure that our new laborers on blue-collar salaries can afford to live here.
State Senator Juan “Chuy” Hinojosa commented on the misconception that all coastal residents are rich. In reality, we’re just like the rest of working America, where many of us can’t afford to pay much more.
At the Corpus Christi Association of Realtors luncheon at the Corpus Christi Town Club on March 13 2014, Representative Hunter explained that they will probably pass the rule, but they may be hesitant to enforce it. He promises to “fight them forever.”
Here’s to hoping he doesn’t have to!
THANK YOU FOR YOUR PATIENCE
“Patience is power. Patience is not an absence of action; rather it is “timing”
it waits on the right time to act, for the right principles and in the right way.”
― Fulton J. Sheen
Come October 1, there are major changes coming to mortgage disclosures that I would like to share with you. Buyers, sellers, loan officers, title companies and real estate agents will all be affected.
No longer will there be a HUD-1 Settlement Statement or a Good Faith Estimate from a buyer’s lender. Both forms are going “bye-bye,” as is the Truth in Lending Act (TILA) disclosure form. Replacing them are two new forms: the Closing Disclosure and the Loan Estimate.
Why does this affect anyone aside from those on the real estate, lender, title side? Because there are also new rules for the closing procedure, where the buyers and sellers tolerance come into play, as closing delays are almost unavoidable for the first few months.
One rule requires all forms to be ready three (business) days prior to closing. The National Association of Realtors recommends all closing documents are actually ready an entire week prior to closing, or “consummation” as is the new verbiage (yes, chuckling is OK). So if everything is ready seven days prior to consummation, when you go into the three-day period, there are likely no changes to make. Because making changes as the countdown ensues comes with a cumbersome set of hurdles.
Everyone involved in the transaction is under pressure to get everything squared away earlier than in the past. Currently, the settlement statement can be completed and approved just hours before closing. Gone are those days. And as aforementioned, the buyers and sellers have to be cooperative, because if last-minute changes are made, a new three-day waiting period kicks in. Are there exceptions you ask? Yes! Bona fide financial emergencies such as the imminent sale of the consumer’s home at foreclosure. Any financial emergency must be accompanied by a written statement and will be very fact intensive.
The good news is, this doesn’t affect cash buyers, and many Realtors, Lenders, and Title Companies are taking the time and courses to get familiar with this new system and forms so we are ready! Communication will be KEY. But patience, grasshopper, good things come to those who wait.
This one form, filled out by the seller of a property, is more important than you may have realized. I compare it to a hard hat at a construction site. Seems overly precautious until a large piece of material falls from above and suddenly you’re awfully glad you had that protection!
In 1993, this form became mandatory, exclaiming that “Texans would be bound to truth in selling their homes…is designed to protect Realtors from the burgeoning number of ‘failure to disclosure’ lawsuits…the bill would require sellers to complete a disclosure form detailing the condition of the house, property and certain equipment within the house.”
What is it?
This statement is a disclosure of the condition of the property in compliance with the seller Disclosure Act. This statement is a disclosure of the condition and information concerning the property, known by the seller. Unless otherwise advised, the seller does not possess any expertise in construction, architecture, engineering, foundation, roof, or any other specific area related to the construction or condition of the improvements on the property or the land. This statement is not a warranty of any kind by the seller and is not a substitute for any inspections or warranties the buyer may wish to obtain. NOTE: For sale my owners are also legally required to provide this form.
Can your agent help you fill it out?
No. As Realtors, this would infringe on our duties to abide by the National Association of Realtors “Code of Ethics and standards of practice.” We are not lawyers and cannot give any advice or interpret any law regarding what the form says or means. If there are any questions, sellers need to consult an attorney.
Both TAR and TREC have a seller’s disclosure notice. Which to use?
Both forms are in compliance with the law. With that said, the TAR form is far preferred. It asks more questions, is far more thorough, is easier to fill out, spells out specific safety hazards the TREC form does not, is more useful for buyers and is designed to serve as a better risk-reduction tool for sellers. It is in your best interest as the seller to ask your agent to provide you with the TAR form.
Who is exempt from filling this form out?
There are 11 exceptions, but the most common are:
- A builder of a new home
- A trustee or executor of an estate
- The lender after foreclosing on a property
- Duplex owners
Even though these types of sellers (and a few others) are not required to provide a disclosure notice, they still must disclose any known material defects. Requirements of Section 5.008, all sellers have an obligation to disclose known defects about the property. Failure to do so exposes them to liability under the Deceptive Trade Practices Act or other civil laws.
What about previous death in the property?
The statute does not require disclosure of deaths by natural causes, suicide, or accidents unrelated to the condition of the property.
Previous Inspection Reports
If a seller bought the home within the past 4 years OR if a seller receives a copy of an inspection report from a buyer but the contract with that buyer falls through, the seller and brokers should consider sharing the report and they have a duty to disclose any known material defects. Possession of a prior inspection report may be evidence of the seller’s or broker’s knowledge of a known defect, although no law requires that the report must be provided.
Consequences When Sellers Don’t Disclose
A seller who doesn’t disclose known defects can be sued by the buyer after the defect is discovered. As a seller, you don’t want to look back after closing!
If a court finds the seller responsible, they may be required to:
- Repairs and other damages resulting from the undisclosed defect
- Pay the buyer’s attorney’s fees and costs of the lawsuit
- Take back the house if the court invalidates or rescinds the sale
- Punishment for punitive damages of failure to disclose defects
A surprise birthday party is fun…a surprise moldy house is not! Use of this form may result in fewer surprises to the buyer after closing and less liability for the agents and the seller(s). Don’t make your home sale any more challenging than need be. A seller’s accurate and honest disclosure is worth it.