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July 31, 2010

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Texas Residential Real Estate Lawyers

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Texas Home Sales Set For Another Record Breaking Year

HOUSTON – (December 20, 2005) – It’s another gift for the market this holiday season as total sales for single-family homes in Houston increased by 8.7 percent to 4,735 in November, up from last year’s 4,357, according to statistics released by the Houston Association of REALTORS Multiple Listing Service.

Total property sales for the month totaled 5,810, which was a 10.5 percent increase over November 2004. Properties sold during the month reached a total of nearly $1.1 billion, an 18.6 percent increase compared to last year’s nearly $900 million in November sales. Additionally, year-to-date total property sales reached 71,836, which is an increase of 9.1 percent over the same period of 2004, and just shy of breaking the full year 2004 record of 72,184 properties.

“This is an incredible way to close out 2005,” said Toni C. Nelson, HAR Chair and Division Vice President for Coldwell Banker United, REALTORS. “Our market is unique in that its affordability can often mean slower growth for sellers, but I am pleased to see good news for both buyers and sellers this year and leading into next year.”

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Contact Texas Residential Real Estate Attorneys

Contact a Residential Real Estate Attorney for the following Texas cities:

Alvin
Amarillo
Arlington
Austin
Baytown
Brownsville
Burleson
Carrollton
College Station
Cypress
Dallas
Del Rio
Desoto
Eagle Pass
Edinburg
El Paso
Flower Mound
Fort Worth
Friendswood
Garland
Grand Prairie
Grapevine
Harlingen
Houston
Irving

Katy
Laredo
League City
Lewisville
Mcallen
Mesquite
Mission
New Braunfels
North Richland Hills
Palestine
Pasadena
Pharr
Plano
Richardson
Richmond
Round Rock
San Antonio
San Benito
San Marcos
Seguin
Spring
Sugar Land
Victoria
Weslaco

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Did You Know?

The garage is not considered in the square footage of a home.
A garage that is attached to the home is not considered part of the home's square footage. Only livable space is considered in the square footage calculation.

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RESPA protects certain types of transactions.

Federally related mortgage loan transactions, such as loans secured by a lien on residential property. This includes: refinances, home purchase loans, lender approved assumptions, equity lines of credit, property improvement loans, and reverse mortgages.

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According to real estate case law, second mortgage tax deduction on undeveloped land is not allowed.

Real estate case law states that you must have begun construction of a building on the land that and occupied within 24 months to submit a tax deduction. Otherwise, the land is an investment and the interest paid on the second mortgage does not qualify.

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