Contents
- August 2003 Sales Update
- Mold & Water Damage Legislation
- Homeowners Insurance Bill Signed
- Farmers Insurance Settlement on Hold
- Home Insurers Appeal State-Ordered Rate Cuts
- Real Estate Trivia - Why are they called stories?
- Women and the Internet
- Formosan Termites
- Time Tips
August 2003 Sales Update
Sales volume in most areas have declined compared to a year ago, but median prices in most areas have remained fairly stable. A few areas are even showing some gains. Interest rates, which have been creeping up since last spring, have eased off a little recently. Many experts expect that this fall will show good sales activity as people hurry to buy before rates rise again.
If you're selling, remember that your home will have a lot of competition in the market place. Price it well; stage it well.
If you're thinking about buying, now is a great time. You'll have a great inventory to select from and an interest rate that we may not see again for a while.
Call me at 817-230-4008. I can help! [Top]
Homeowners Insurance, and the related issues of mold and water damage continue to be hot issues in Texas. Since the last Real Estate Update, the following things have happened:
Gov. Perry Signs Mold & Water Damage Legislation
TEMPLE, Tex. (Austin Business Journal) - Gov. Rick Perry signed House Bill 329, which was written to protect consumers from unlicensed mold remediators and prevents repaired mold claims from being a factor in insurance underwriting. The law takes effect Sept. 1.
Senate Bill 127 was also signed into law. It requires the licensing of public adjusters and gives the Texas Department of Insurance the authority to require prompt response to water damage claims. [Top]
Homeowners Insurance Bill Signed
TEMPLE, Tex. (tdi.state.tx.us) - Gov. Rick Perry signed insurance reforms into law this week that will close loopholes and make companies previously exempt now subject to state rate regulation.
Homeowners insurance companies are now required to file their rates with the Texas Department of Insurance (TDI). Under the new law, rates may not be unreasonable, unfairly discriminatory, excessive or inadequate for the risks covered. Not all rates will be reduced, just those that are considered excessive by the TDI. Some homeowners will see their rates reduced by as much as 25 percent, TDI's website states.
Insurance companies will not be allowed to use credit scores as aggressively as they have in the past. Credit scores cannot be the only factor used in a company's decision-making process.
"This means the senior who has a history of living on cash will not be penalized for a lack of credit history," Perry said. "And Texans will be proud to know that it will now be a state jail felony for any company to offer prices based on race." [Top]
Farmers Insurance Settlement on Hold
AUSTIN, Tex. (Star-Telegram.com) Farmers Insurance Group customers who expect to receive refunds as a result of the insurance companys Nov. 30 settlement with the state will have to wait a while longer. The Texas appeals court has put the settlement on hold as it considers complaints by consumers that the settlement was not enough.
The settlement was reached in November after an investigation by the Texas Department of Insurance (TDI). The state accused Farmers of unfair trade practices, and although Farmers did not admit to wrongdoing, they agreed to a $117.5 million settlement. The settlement included a 6.8 percent rate cut and refunds for certain alleged overcharges. [Top]
Home Insurers Appeal State-Ordered Rate Cuts
AUSTIN, Tex. (statesman.com) Ten homeowner insurance companies filed appeals against rate cuts that the Texas Department of Insurance set for the state's largest insurers 11 days ago. The result of the appeal process could mean a smaller rate cut for customers of these companies, and it will surely mean a delay in the getting the rate cut.
Insurance Commissioner Jose Montemayor has 30 days to schedule a public hearing for each of the insurers. The commissioner will make a decision at each of the hearings. If dissatisfied with the decision, the insurance company may appeal to district court.
New customers of the companies that accepted their reduced rates will benefit from the rate cut immediately. Established customers will not see a reduction in rates until they renew their policies. [Top]
Real Estate Trivia
The floors of buildings are called stories because early European builders used to paint picture stories on the sides of their houses. Each floor had a different story. [Top]
More Women Use Internet When Shopping for a Home
SUNNYVALE, Calif. (BusinessWire) - A Yahoo! Real Estate survey conducted by Harris Interactive reports that 92 percent of single women who have Internet access are using the web to educate themselves about the home-buying process.
According to the National Association of Realtors, twice as many single women as single men bought homes in recent years. The single female segment of the home-buying population accounted for 15 percent of all homebuyers. Fannie Mae's research indicates that female-owned households are projected to increase to almost 31 million by 2010 - nearly 28 percent of all households in the country.
More single women rated online mortgage payment calculators (62 percent) and "how-to" articles about choosing lenders and moving checklists (68 percent) more valuable than single men did (54 percent and 53 percent, respectively). [Top]
Formosan Termites Bore Through Texas
OVERTON, Tex. - After jumping ship during World War II, Formosan termites are now spreading rapidly throughout Texas.
Formosan termites are considered the most aggressive and economically devastating termites in the country, says Ronald Billings, an entomologist with the Texas Forest Service.
"In addition to infesting wood in use, these termites may attack and kill living trees, making them of particular concern as an urban forest pest," Billings said.
"Once they've infested a structure, they are extremely difficult to eradicate. Many professional exterminators won't take the job because of the expense, and they can't guarantee control," said Dr. James Robinson, entomologist with Texas Cooperative Extension.
Formosan termites are easy to distinguish from other ants and termites. The first sign of an infestation most often is the presence of termite swarms on windowsills or at indoor lights.
Unlike native termites, Formosan termites swarm at night, with swarms in Texas occurring between mid-May and mid-June. Shelter tubes made of soil that extend from the soil up the side of the house foundation are a definite and common sign of a subterranean termite infestation.
Formosan termites have been confirmed in 18 counties extending from Galveston north to Fort Worth and south to the Mexican border. Known infested counties are Angelina, Aransas, Bexar, Collin, Dallas, Denton, Galveston, Harris, Henderson, Hidalgo, Jefferson, Liberty, Nueces, Orange, Smith, Rockwall, Tarrant and Travis.
[Note from Cindy: If you're not already doing so, you may want to consider having your home inspected and treated by a licensed pest control specialist on a quarterly basis. If you are visited by termites (of any variety), catching them quickly is important. Make sure that you have 3-6 inches of your slab visible so that the "tubes" can be easily seen. That may mean trimming back some of the more aggressive vegetation. Regular treatment will also take care of other unwelcome visitors, including brown recluse spiders.] [Top]
Time Tips
[This has been a busy year for me. I find that some days pass without my spending quality time with my husband; playing with the dog, petting the cats or talking with friends. I wonder where has the time gone and why haven't I gotten more done. If this ever happens to you perhaps the following can be a starting point to getting back on track. - Cindy]
Time Tips: The Three "P's" Of Time Management
by Dr. Don Wetmore
We never seem to have enough time, so employ the three "P's" of good time management - Personal, Planning, and People.
Personal: Each day we must keep ourselves balanced in the Seven Vital Areas of Life: Health, Family, Financial, Intellectual, Social, Professional, and Spiritual. Like a seven-legged table, if one is out of balance, it will upset the entire table.
Planning: "People don't plan to fail but a lot of people fail to plan." Doing Daily Planning each night, planning out the most precious resource at our command, the next 24 hours, will direct us to spending our time more wisely.
People: Better than 50 percent of our success has to do with the good cooperation of other people. Some will help us and others can hurt us. We need to maintain good, positive relationships with others. "To have a friend, be a friend." [Top]