10May

Property Taxes Too High? How to Protest the Value

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property taxes too high“The right to protest to the Appraisal Review Board (ARB) is the most important right you have as a taxpayer. “  Dallas Central Appraisal District      

If you think the property valuation assessment provided by your local/county appraisal district is too high– you have options– however time is of the essence. The rules and deadlines may be different for different jurisdictions, but the rules are public information so with a little research the required action steps and guidelines can easily be found.

It is often worth the effort as homebuyers who have purchased newly constructed homes are often under-assessed the first year of ownership. Buyers who purchase a home which is below former market values can easily be over-assessed during their first year of ownership.

In many jurisdictions there is an appointed board/panel made up of local residents who assemble to hear and review property valuation protests annually during a designated period. The process is free of charge, and typically yields a decision the same day. A property owner can appeal to the panel alone, or with the support of a designated party such as a local real estate professional. There is a cottage industry of firms which perform this process on behalf of homeowners for a fee—typically a percentage of the savings granted. There are real estate professionals who provide this service free of charge as an added value to clients.

When filing a protest prior preparation and adherence to prescribed timelines are crucial. In Dallas County, TX for example, all written protests must be filed by May 31st. (or the first business day thereafter) Typically protest guidelines are printed on the annual property valuation statement which your appraisal district mails to your home.  In some counties, you can indicate on the form that you want to protest the valuation and mail it back to the appraisal district, thereby filing/initiating a protest. There may also be an online protest program for your appraisal district.

Check with your appraisal authority if you suspect that your home’s valuation assessment is too high. It may require a little homework but it could be well worth your while.

For more information, please join us at FirstPrestonHT.com or on our Facebook and Twitter pages.

8May

Improving Housing Market: 73% Believe Now is the Time to Buy

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improving housing marketWill this spring and summer selling season be the turning point? Consumers have noticed that rents are rising and home prices and interest rates are at enticing levels. They also expect interest rates to rise over the next year.  “Sixty-six percent of survey participants say they would buy their next home if they were going to move.” Only 30% state that they would opt to rent instead.

A RISMedia article, posted May 6 spotlights encouraging results from Fannie Mae’s 2012 Consumer Attitudinal National Housing Survey. The survey found Americans expect rental rates and home prices to increase over the next twelve months. Specifically, 48% of those surveyed expect rental prices will increase by 4.1% and 39% anticipate mortgage interest rates will increase over the next year.  This combination of factors “may be providing Americans with an increased sense of urgency to buy as 73% of Americans now believe it is a good time to buy a home …, ” concluded Doug Duncan, Vice President and Chief Economist of Fannie Mae.

Check out the RisMedia article to read more about the survey’s conclusion that today’s economic conditions are  encouraging home purchases.

For more information, please join us at FirstPrestonHT.com or on our Facebook and Twitter pages.

3May

“Cyber Location, Location, Location: It’s a Market Reality” – Selection Criteria for Real Estate Professionals

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cyber location location locationThe online real estate marketplace has transformed the real estate marketing landscape. Buyers are choosing to begin their searches online and engage real estate professionals after they have educated themselves and narrowed their searches to a short list of properties. The traditional geographic importance of property location is being transformed into the new reality of “cyber location, location, location.”

Successful real estate practitioners must skillfully position themselves and their listings in cyber locations that capture the attention of millions of viewers—generating interest, leads and sales. With over 708,000 electronic real estate marketplaces to choose from, agents and brokers should review options and choose wisely with an eye toward maximum impact for every marketing dollar invested.

In a recent RisMedia article, Lisa Barrentine, President and CEO of First Preston HT, shares insights on the next opportunity in cyber location. She suggests that online real estate databases are no longer enough. As educated consumers continue to expect convenience, transparency and smart use of technology; she recommends cyber-savvy real estate professionals consider using search platforms that not only offer online shopping options, but online offer submission, real-time negotiation and offer management as well.

Check out the RisMedia article, Cyber Location, Location, Location: It’s a Market Reality for tips on how to choose your cyber tools wisely.

1May

Lisa Barrentine Named President and CEO of First Preston HT

First preston htDallas, Texas – May 1, 2012: Nancy Tartaglino Richards, Chairman of First Preston HT, announced May 1, 2012, the appointment of Lisa Barrentine to President and CEO. Starting in 1988, the First Preston HT family of companies, one of the largest real estate asset and technology firms in the U.S., has grown to include First Preston Management, HomeTelos, BidSelect, HomeTracker and Castle Peak Homes.

Ms. Barrentine has a 21 year record of achievement within First Preston HT joining the company in 1991 as Vice President of Accounting. She has also served as Senior Vice President, Chief Financial Officer, Chief Operating Officer and most recently as President. Her leadership has propelled the company from its beginning as a small business to recognition as a national leader in real estate services and intelligent technologies, and one of the largest certified women-owned businesses in the country. A licensed CPA, Ms. Barrentine earned a BSBA degree from the University of Arkansas. She currently serves on the Neeley Entrepreneurship Center Advisory Board at Texas Christian University and is a member of the Board of Directors of Habitat for Humanity – South Collin County.

About the Company: First Preston HT has managed and sold over 440,000 properties for real estate portfolio investors, financial institutions and government entities, representing $40 billion in market value. The company has developed patented and patent-pending technology including: HomeTracker® an online asset and work flow management application in use by over 45,000 real estate professionals; BidSelect® an electronic marketplace and online offer management solution that has generated over one million offers and sold over 250,000 properties; and Lender Center™ an online property preservation system in use by 90 financial institutions in support of their government insured loan portfolios. For more information on our exemplary services and intelligent technologies visit us at First Preston HT and connect via Facebook First Preston HT Facebook and Twitter @FirstPrestonHT.

Contact:
Robbi Rice Dietrich
(972) 788-8600
rdietrich@FirstPrestonHT.com

25April

First Preston HT Sponsors New Habitat Neighborhood

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first preston ht sponsors new habitat neighborhoodFirst Preston HT is a longtime supporter of Habitat for Humanity, sponsoring 42 homes for deserving families in 11 states, with many of our employees volunteering to build. On April 7th, we participated in an exciting new project with Habitat for Humanity of South Collin County in Texas.  Several blocks of abandoned duplexes were demolished, and Habitat secured the property to construct 10 new homes in the neighborhood this year.

The rebirth of this neighborhood and the promise of new homes for 10 families is part of First Preston HT’s longtime commitment to give back to the communities in which we live and work.  We have contributed over $10 million to proven programs such as Habitat that help meet the basic needs of women and children and support economic self-sufficiency.

24April

Top 10 Real Estate Investment Cities

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top ten real estate investment citiesRealtor.com recently publicized the 10 hottest cities for investors. Analysts looked for “areas where inventory has fallen although demand hasn’t risen steeply yet, and where the job market is on the upswing,” stated Steve Berkowitz, Realtor.com Chief Executive Officer. The timeframe is February 2011-February 2012.

Here are excerpts from the Realtor.com report as summarized by The Wall Street Journal- Market Watch column which combined the two part report:

1. Tucson, AZ

  • Tucson experienced home price deflation of 31% during the course of the market correction.
  • Median list price of $170,000 in February, an increase of 3.03% year over year.
  • Tucson is a college town. The climate and scenic beauty make it a vacation destination.

2. Austin, TX

  • “Austin has been a little of a clone of Silicon Valley in terms of tech [businesses],” stated Berkowitz.
  • Strong job market with low unemployment rate of 6.3%.
  • February median price of $229,500.
  • University Town.  Seven lakes provide scenic beauty. Luxury resort destination. Music and arts contribute to a rich entertainment culture.

3. Kansas City, MO

  • “Prices are recovering in Kansas City and interested investors may want to consider acting soon,” according to Realtor.com.
  • Median list price of $134,000 in February, showed a year over year improvement of nearly 4%.
  • Housing inventory has been reduced by 21% since last year.

4. Baltimore, MD

  • “Investors should consider buying now for maximum gains on properties in this area,” indicated Realtor.com.
  • February median list price of $239,500 was up 3% for the year, indicating market stabilization.

5. Fort Worth, TX

  • “Homes there are selling 20 times faster than last year.”¹
  • Median list price is $160,000 which has jumped 8% since last year.
  • Fort Worth sits on the The Barnett Shale, a natural gas field covering 20 north Texas counties. Experts project that wells could produce through 2080 if not longer. This promotes a strong employment and infrastructure.2

6. Salt Lake City, UT

  • A popular tourist destination, this city is attractive to investors preferring vacation rentals.
  • February median list price of $195,000 was up 5.46% over the prior year.
  • Inventories of for sale properties decreased 30% as compared to last year.

7. San Jose, CA

  • “It becomes a very good investment market because they get the potential price appreciation and get the rental opportunity,” Berkowitz asserted.
  • San Jose has a housing shortage due to job growth.
  • The February median list price of $468,888 corroborates the market dynamic.
  • The high median list price fuels the need for rental housing.

8. Raleigh, NC

  • Apartment complexes are 95% occupied and the unemployment rate is low.
  • February’s median list price of $215,000 increased 7.5% during the preceding year.
  • Single family residential inventory dropped nearly 24% versus prior year.
  • Raleigh doubles as a college town and a vacation destination; presenting a wealth of opportunities for investors.

9. Milwaukee, WI

  • Low unemployment rate at 6.9%
  • Median list price of $175,000
  • Residential housing inventory down 21% compared to former year.

10. St. Louis, MO

  • Home prices are decreasing.
  • Median list price is $159,000.
  • Realtor.com recommends the market for long-term investment.

For more information, please join us at FirstPrestonHT.com or on our Facebook and Twitter pages.

20April

Best Practices for Brokers: Maximize Your Prep for Peak Selling Season—Part 1

Best practices for brokersNow is a great time to check out strategic marketing communications—specifically, property descriptions. When was the last time your property descriptions got a tune-up?  A new app that checks spelling and grammar may help to ensure a great first impression for online and print communications.

The new app is called Ginger. It examines spelling and grammar, providing suggested replacement content as needed. It reportedly checks context so that correctly spelled but inappropriately used word choices are flagged and replacement content is suggested. According to Marti Trewe of AGBeat, Ginger works on Microsoft Word, PowerPoint and Outlook (versions 2003+) in addition to Explorer 6.0+.  That means that when composing online, an electronic editor can be coaching in the background. Best of all, the price is right—it’s free.

Listing Description Excerpts:

  • “Miner work needed.”
  • “New constriction.”
  • “For those with disturbing taste.”
  • “Watch head, ponch hangs low.”
  • “1 bd-real germ.”
  • “The Garage has been covereted to a 4th bedroom.”

The quotes above are from actual listing descriptions. Most were sent by agents to AGBeat columnist Gwen Banta, who authors a regular feature on flawed property descriptions. The last two were spotted on a major search engine while researching information for this article.  A strong listing description may seem like a small matter, but thanks to the presence of syndication, each error may have an audience of millions. Content posted becomes a reflection of an agent’s brand and can impact the impression of current and prospective clients.

So whether you give the new app a tryout or review property descriptions the old-fashioned way, ensure that your listing descriptions are ready for prime-time viewing at their irresistible best.

For more information, please join us at FirstPrestonHT.com or on our Facebook and Twitter pages.

17April

Real Estate Trends: Are You Ready for the Rental Boom?

The single-family rental market “is a large, deep $3 trillion market that accounts for 21 million rental units or 52 percent of the residential rental market.”

This is the conclusion of CoreLogic economist, Sam Khater in his recently released report “What Markets Offer the Best Return for Single-Family Rental Investors?” According to Federal Reserve research, “The majority of recently foreclosed borrowers move to single-family rentals.” Perhaps for this reason, the single-family segment of the rental market has different performance patterns. Single family rents increased during the recession while multifamily rents decreased, reported Khater who estimates “The potential size of the rental market for REOs this year is over $100 billion dollars annually.”

The capitalization rates (cap rates) on rental purchases in many metros are over eight percent, which substantially out-performs other major investment options.

The report confirmed for investors that of the 26 metropolitan areas reviewed, “The best opportunities for single-family REO-to-rental investors are in Florida and the Midwest, which boast high cap rates and a large stock of REO properties.” Record affordability presents extraordinary opportunities for qualified home buyers and investors. Check BidSelect.com for thousands of residential properties not only in Florida and the Midwest but also across the country.

Top 5 Cap Rate Cities Among 26 Metros Reviewed:

  1.  West Palm Beach, FL –  (12.4 percent )
  2. Cleveland, OH – (12.3 percent)
  3. Fort Lauderdale, FL – (12 percent)
  4. Chicago, IL – (11.6 percent)
  5. Las Vegas, NV – (11.4 percent)

For more information, please join us at FirstPrestonHT.com or on our Facebook and Twitter pages.

12April

Favorite Apps for Real Estate Pros

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apps for real estate prosEach month DSNews Magazine publishes their list of favorite real estate apps. Here is a recap of four of this month’s top picks.

Sage

This newly released digital search app allows prospective homebuyers to view 3-D images of favorite listings. The application also provides virtual tours of surrounding neighborhoods, so that homebuyers can get a broader perspective prior requesting a showing.

REO Photo

Just released in March, this app may be of interest to those managing multiple REOs. It facilitates communications between agents, contractors and asset managers, by allowing contractors to forward photos documenting property condition and repairs in progress. REO Photo facilitates up-to-the-minute visual confirmation of completed repairs or new damage. In addition, it allows property preservation specialists to distribute work assignments to contractors who may be in the field or away from their desktops.

Dimewise

A budget management program that travels with you. It allows users to manage budgets by entering expenditures in real time and reviewing spending charts and summaries at the end of the month. It provides visual indicators of spending categories to help users identify where spending cuts may be appropriate.

FlightTrack Pro

Keeping track of flight-related changes can be stressful. Weather delays, cancelled flights and gate changes at large airports are just some of the potential travel challenges. FlightTrack Pro uses your confirmation number to track your flight itinerary and notifies you instantly of important changes. It even provides information regarding aircraft type and flight altitudes for those who want all the details.

For more information, please join us at FirstPrestonHT.com or on our Facebook and Twitter pages.

10April

Tax Tips for Time-Crunched Real Estate Pros

tax tips for real estate professionalsThis year you get two additional days to submit tax returns. You have until April 17th; but you have a back-up option if you need it. An automatic extension can extend the due date for your return from April 17, to October 15, 2012.

An extension does not extend the due date for payment of taxes owed to the Internal Revenue Service, but it does buy additional time to submit the final tax form and documentation. Inman news contributor and tax expert Stephen Fishman outlined this option for time-challenged professionals.  If you opt for an extension, you still need to estimate 2011 taxes due and pay them by April 17th to avoid penalties and interest. Here’s a recap of the key points.

Extension Request Methods:

  • Submit the request electronically by filing Form 4868 (PDF): Application for Automatic Extension of Time to File U.S. Individual Tax Return online at www.IRS.gov or;
  • Print out Form 4868, complete it manually and mail to the address designated on the form or;
  • Use a tax preparation service provider firm to electronically submit payment and the extension request.

Option 1

Electronic filers will receive an acknowledgement or confirmation number for record-keeping purposes. There is no need to mail the completed form if filing electronically, however be sure to locate a copy of last year’s tax return prior to going online as information from last year’s return will be requested when completing the electronic extension request form.

Option 2

You may go to www.IRS.gov to locate the Form 4868 PDF, print and mail the completed from to the address indicated on the form. Include full or partial payment of 2011 taxes due when mailing.

Option 3

A third option is to enlist the services of an outside tax preparation provider.  Several offer free submission of Form 4868 through the “Free File” program. Access them through the IRS.gov website. Through them it is possible to pay all or part of 2011 taxes due, by phone or via online payment.

For more information, please join us at FirstPrestonHT.com or on our Facebook and Twitter pages.