Mike Gray

Seniors Real Estate Specialist (SRES)

What is a Seniors Real Estate Specialist?
A Seniors Real Estate Specialist (SRES) is licensed Broker or Realtor in good standing with the National Association of Realtors that has taken hours of training to understand how best to assist senior clients and their family members make informed decisions about real estate and the options available to them.

What can they do for you?
The (SRES) is a resource that can provide you and your family with special reports, industry updates, networking, websites for additional information and counseling about options for you and your family.  The (SRES) is here to better serve the seniors community.

Why use or consult with a SRES?
A Seniors Real Estate Specialist is trained to be sensitive to issues effecting most of our senior community.  Issues that include but are not limited to:

Loss of control	Health issues
Fear of loss of equity/savings	Feelings of inevitability
Loss of driving ability	Loss of a spouse
Loss of status and power	Loss of personal possessions

A SRES understands that the decision making process will not be one that is easy to make for the senior client and is usually a decision that will involve more than one member of the extended family.  This level of sensitivity, understanding a training will be a benefit to all involved in the process.

As a Realtor that is a member of the Senior Advantage Real Estate Council, having earned the prestigious and nationally recognized designation of Seniors Real Estate Specialist it would be my pleasure to assist you and your family with any information concerning Real Estate and our Seniors Community. Please contact me anytime at 713-822-8555 or via email at pefferson@comcast.net.

Honey, Lets Redo Our House!!

Many people think about upgrading their home or adding to what they currently have. Sometimes this is a good idea but not always do you get what you expect. Let’s look at a few things you should consider before you call that contractor or pick up the hammer and start swinging. Like most things in life you need to examine your expectations and your motivations for the project before you are up to your knees in sawdust and paint. Here are some of the considerations to mull over before you get going to see if your venture is a worthwhile one.

What is the end result you want from your project? Are you going to upgrade that bathroom in hopes of increasing the sales price of the home in the near future? If this is the case you may want to see next week’s article on remodeling and the cost vs. return for the most common projects. It might surprise you!

Can you afford this project? Are you paying for this out of pocket, are you borrowing or thinking about and equity line or loan on the property? If so, what is the cost over time and what will the monthly payments be.

Are you adding something that only you would appreciate? Is it your dream to have a trapeze in your garage that requires a second floor? Although this may seem like a no brainer to you, the resale may not cover the expenses of  that extra support and ceiling joists to hold your bars and ropes. Are you doing this project for you and just your enjoyment or is resale a consideration. Remember, most people sell at some point in the future, will what you do hurt or help?

Is energy efficiency and savings your goal? Do your research to find the best fit for your needs. Is the tank less water heater the right thing for you or is the standard OK? If you are thinking of installing new windows or other energy items, make sure to factor in the energy savings along with the cost and time you plan to live to see if the numbers make sense.

Are you doing this just because you want to and you deserve it? This one is my favorite. I can justify just about anything if I think about it long enough. I know that $25,000 media room with speakers from the Britney Spears video may not be prudent or make financial sense but it sure does make “Talladega Nights” a lot more fun!

Like anything in life, doing a little homework up front can save a lot of headache later on. Tune in next week to see our Cost Vs. Return article to see what you can expect from some of the most common jobs homeowners do.

All The Best,

Mike Gray
Broker
Exit Complete Realty

Are We an Island

by Michael Gray, Broker/Owner, EXIT Complete Realty

Unless you have actually been living on an island, a deserted one at that, over the last many months, you have seen, heard and probably talked about the “real estate crisis.”  What does all this publicity about the crash of the real estate market mean to us in Houston and Texas for that matter? You might be surprised to learn that on a local level not that much.  The majority of the media has highlighted the country as a market that soared to historic highs and then came tumbling down. 

It is true that many parts of the country saw prices climb at “shuttle like” speed in many areas like the east and west coast, Las Vegas, Phoenix and some other areas.  This incredible growth was caused by many contributing factors such as low interest rates, easy qualifying for consumers, low inventory and a large amount of speculative buying.  Now that things have cooled in many areas, as real estate professionals, we are faced with overcoming objectives in our local markets caused by a glass half full mentality. 

Vertical market projectile rises have stopped in many locations but look at Phoenix as an example.  The price increase in the first quarter of 2005 over 2004 was 47%, the highest in the country at that time.  Contrast that to Houston with February, 2005 having an average single family price increase of $170,099 to $178,387 an increase of +4.95.

Well, what does all this mean? It means again that as real estate professionals we need to educate our clients and the public at large about the market and what is happening. 

The statistics may show averages down from last year, but last year was a record high year.  Many markets are self correcting from growth spurts meeting inventory.  Yes, lenders have tightened requirements and continue to do so, but it’s still a great time to buy and sell real estate.  Mortgage rates are still hovering at the lowest in 30 years. 

A word of caution is in order. As of this writing, requirements and availability is  changing almost daily in the mortgage industry.  As always, but especially now, we as professionals, need to stay abreast and follow the progress of our clients loan process and make sure they understand the options they are presented and the consequences and opportunities of each.  Rates are still low, but the lowest rates are not a benefit if the funds are not there at closing.

The best advice I can give comes from NAR President Pat V. Combs of Grand Rapids, Michigan and Vice President of Coldwell Banker, AJS Schmidt who said local markets vary widely.  “Consumers should avoid making decisions based on what they hear about the National market because all real estate is local.”  So, are we on an island in Houston and isolated from the down turn?   The answer in short is we are not isolated from modestly fluctuating interest rates and the ebb and flow of construction inventories, however, here in Houston, Texas the real estate market is still looking great indeed.  It is only the ability of the consumer to borrow money that is the unknown at this time.

Mike Gray