Real Estate LUBBOCK AVALANCHE-JOURNAL
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DECEMBER 3, 2011
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Realtor Revealed
We won’t leaf you hangin. Give us a
Tara Newton
call!
Keller Williams Realty 806-433-4289 taranewton@kw.com Where did you grow up? Pampa, TX! Why do you live in the Lubbock area? What do you like most about it? I came to Lubbock to attend Texas Tech University and fell in love with the people. Lubbock is an incredible place: beautiful sunsets, fun atmosphere, outstanding people, and great opportunity. What do you enjoy doing when you’re not working? I am currently training for a marathon with my husband, Brad, but I am still undecided on whether I enjoy that or not! I really enjoy anything outdoors – skiing, biking, hiking, playing games. I am pretty competitive, so anything active and fun I enjoy it. How long have you worked in real estate? I just started my fifth year in real estate! How time flies... What did you do before that? I graduated from Tech in May and started at Keller Williams in September, so this is my first love as far as careers. While at Tech, I was a leasing agent for Lynnwood Town Homes.
What tips do you have for someone looking to buy or sell a home? I will echo what Dave Ramsey says: “Find a professional with a heart of a teacher.”
What is your specialty? People are my specialty. I have a passion for helping others: someone buying their first home, someone looking to purchase a home for their college student so they are not wasting money on rent, someone looking to find their dream home, or someone looking to build their wealth through real estate. It is a joy and a specialty of mine to help others achieve their goals.
What do you see in the future for real estate sales? Lubbock is a stable market and with our strong economy that is fueled by multiple industries and centers of higher education, I think our homes will continue increase in value at a steady 3 percent appreciation rate. Lubbock also has one of the most affordable housing markets in the nation. Nationally, I think we will soon see another wave of foreclosures and short sales as banks finally shine the light on the bad loans that they have been holding on to. My hope is the government does not come in and try to “fix it” with programs and micro-management.
What designations do you have? Keller Williams is on the cutting edge of technology and training and through their teaching and coaching program, MAPS, I have become a BOLD graduate and attended numerous training events. I am in the Texas Realtors Leadership Program through the Lubbock and Texas Associations of Realtors. What are the most gratifying and the most challenging aspects of what you do? Real estate is a fast paced industry that demands professionals stay on the cutting edge of technology and education, which is probably the most challenging aspect. My most gratifying aspect is having the opportunity to be a part of people’s lives – help-
Produced By Advertising Editorial Staff
Tara Newton, Keller Williams Realty
Photo by Brittany Strebeck
ing grandparents move closer to their grandchildren, walking first time buyers through the process of buying their first home, and
walking beside people as they leave their home with all the little memories and trusting that “the best is yet to come.”
Why should someone choose you as their Realtor? I hope that as others see me professionally and personally that they are drawn to the zeal and passion I have. I have the heart of a teacher and make your goals my passion. I strive as your Realtor to be an advertiser that stays on the cutting edge, a consultant that you can confide and trust in, and a salesperson that you can depend on to get the job done. You are more than just a customer or a sold sign; you are a client, a neighbor, and a friend.
Josh Horsey 806-766-8653
Jason Whittle 806-766-2196
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Featured Floorplan – Madewell Homes
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‘The Hanover II’ – Vintage Township Established in 2005, Vintage Township was created with a vision to build a neighborhood unlike anything in Lubbock – a community where distinctive home architecture, tree-lined streets, wider sidewalks, a walkable neighborhood and socializing were the norm and would be fostered. Vintage Township is now “Lubbock’s Fastest Growing Neighborhood,” with more than 200 families and individuals making the neighborhood their home. This week’s Featured Home – “The Hanover II” – is built in the historical Farmhouse style and was designed by Madewell Homes in Vintage Township. It is presented by the West Texas Home Builders Association with cooperation of the Lubbock Avalanche Journal. This 4 bedroom/3 bath floorplan features a distinctive two story exterior with a spacious front porch, second story balcony and spacious backyard retreat. From the moment you step up to the welcoming covered front porch, you’ll feel instantly at home in this practical, yet timeless home. With your convenience in mind, the front door opens into a cozy entry hall and beckons you into the warmth of the spacious living area. The Hanover II’s living area offers a beautiful setting for family get-togethers or quiet nights at home in front of the elegantly framed fireplace. Providing yet another special niche, a study/sitting area is placed at the front of living area with magnificent views of The Commons Park. As you continue your exploration of the Hanover II, you’ll also notice a discreet hallway to left leading to a full bath, as well as a ground floor guest bedroom with sunlight filled windows facing the front porch and park views. The elegant, yet functional dining area transitions seamlessly from the living area and is accompanied by the spacious kitchen. The kitchen will be love at first sight with its endless modern features blended with timeless craftsmanship. A beautifully designed island for extra counter space, walk-in pantry, and seemingly endless cabinet space are just a few of the highlights of this culinary paradise. You’ll also find a carefully designed utility area nestled behind the kitchen with convenient counter space and cabinet storage. The expansive ground floor master suite is located near the back of the home with French doors revealing a garden view and private access to the outdoor terrace. A large master bath offers flexibility with a double vanity and promises relaxing moments with
its large soaker tub and separate modern shower area. As you continue through the master bath into the walk-in closet, you’ll find the perfect space for your wardrobe, complete with shelves and smart-storage details. Access the Hanover II’s second story reveals a new floor of cleverly designed spaces for living and play. Located at the immediate opening of the stairway is a cozy retreat perfect for a study area or quiet reading corner. Two more upstairs bedrooms, as well as another full bath and two more additional storage closets, follow in the open floor plan that completes the second floor, all complemented by a stunning full second story balcony overlooking the treetops and landscaping of The Commons Park. With an expected completion date of mid-spring, the Hanover II will be the first of its design in Vintage Township and a gorgeous addition to the exclusive homes surrounding The Commons at Vintage Township. Being just steps from the neighborhood pool, The Town Hall, Market Hall, The Commons recreational court, an amphitheater and the highly anticipated shopping hub of The Town Center, the Hanover II will be ideally situated for your lifestyle. Starting around $309,500, the Hanover II Home Plan is just one of many innovative and beautiful ready-to-build plans offered by Madewell Homes in Vintage Township. Find out for yourself why Vintage Township has become “Lubbock’s Fastest Growing Neighborhood.” Join them for the Winter Wonderland Christmas Home Tours today from 10 a.m. to 3 p.m and Saturday, Dec. 17, for Evening Home Tours and a Festive Holiday event with wine and hors d’oeuvres, carriage rides, silent auction and more from 6 to 10 p.m. With a diverse selection of housing sizes and prices starting at just $130,000, Madewell Homes and Vintage Township can make building your dream home a reality. Call (806) 771-1117 for information or visit online at www.vintagetownship.com.
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Demand for healthier building options drives the rediscovery of ceramic tile (ARA) – If you’ve ever had new carpeting installed in your house and found yourself suffering from a nagging cough for days afterward, you’ve experienced the effect some home improvement materials can have on your health. Volatile organic compounds (VOCs) can be a significant health concern, according to the Environmental Protection Agency. Concentrations of VOCs can be up to 10 times higher indoors than out, and building materials are among the sources of these noxious chemicals, the EPA says. While VOCs and other home toxins can cause respiratory irritation in healthy people, they can be particularly troublesome to anyone who suffers from asthma or allergies. Many homeowners, striving to minimize the impact of their home improvement or new building projects on the environment and their health, are opting to use less toxic building materials. One time-tested product at the heart of the healthy building trend is ceramic tile. In fact, the Healthy Building Network recommends ceramic tile as an Ceramic tile is cleaner than other traditional surfaces and alternative to vinyl, one of the useful in all areas of the home, whether in bathrooms, living rooms or biggest generators of VOCs in the wall of a master bedroom. This living area floor is by Tile of Spain home environments. “Healthy design finds a branded manufacturer Azulev.
Large format tile covers more surface area and require less mortar or grout, meaning there are fewer places for dirt and microbes to hide. Grespania, a Tile of Spain branded manufacturer, offers large format tile. natural partner in ceramic tile,” says Patti Fasan, Tile of Spain ceramic tile consultant. “It’s a hygienic, multi-use product that is eco-friendly, fire-resistant, slipresistant and one of the strongest finish materials available.” The experts at Tile of Spain point to the healthful benefits of ceramic tile: • Cleaner surfaces – Whether you use it on the bathroom floor or the wall of a master bedroom, ceramic tile is cleaner than other traditional surfaces. Because it’s an inert material, ceramic tile won’t harbor bacteria or other micro-organisms like mold or mildew. You can clean it with hot water; no chemicals or detergents are needed. • VOC-free – Ceramic tile does not release any VOCs, the most
prevalent type of indoor irritant. • Allergy-friendly – Carpet can harbor dust, pet dander and other allergens. Ceramic tile does not, making it a more healthful alternative for people who suffer from allergies. • Less places for dirt to hide – New, larger format tiles that are 33 inches by 97 inches, cover more surface area and require less mortar or grout, meaning there are fewer places for dirt and microbes to hide. You can also find grout with antimicrobial properties to help keep this area clean as well. • Eco-friendly – Ceramic tile is an environmentally responsible building material. Clay, water and fire are the basic natural resources needed to create ceramic tile. And tile’s durability ensures
a longer life cycle, meaning less construction debris in landfills. • Very versatile – It’s now possible to achieve virtually any look with ceramic tile – even the appearance of natural wood. The Contempora Collection by Saloni, for example, offers a range of wood looks that create effects ranging from rustic to sleek. This versatility means you can use ceramic tile throughout the home, not just on the bathroom floor or kitchen backsplash. With demand continuing to grow for more healthful building material alternatives, homeowners are rediscovering ceramic tile, and incorporating it into their home improvement and building projects in new ways. To learn more about ceramic tile, visit www.tileofspainusa.com.
Growth in commercial real estate markets expected in 2012 Commercial real estate markets have been relatively flat this year, but improving fundamentals mean a more positive trend is expected in 2012, according to the National Association of Realtors®. Lawrence Yun, NAR chief economist, said there is little change in most of the commercial market sectors. “Vacancy rates are flat, leasing is soft and concessions continue to make it a tenant’s market,” he said. “However, with modest economic growth and job creation, the fundamentals YUN for commercial real estate should gradually improve in the coming year.” The commercial real estate market is expected to follow the general economy. “Vacancy rates are expected to trend lower and rents should rise modestly next year. In the multifamily market, which already has the tightest vacancy rates in any commercial sector, apartment rents will be rising at faster rates in most of the country next year. If new multifamily construction doesn’t ramp
up, rent growth could potentially approach 7 percent over the next two years,” Yun said. Looking at commercial vacancy rates from the fourth quarter of this year to the fourth quarter of 2012, NAR forecasts vacancies to decline 0.6 percentage point in the office sector, 0.4 point in industrial real estate, 0.8 point in the retail sector and 0.7 percentage point in the multifamily rental market. The Society of Industrial and Office Realtors®, in its SIOR Commercial Real Estate Index, an attitudinal survey of 231 local market experts, shows the broad industrial and office markets were relatively flat in the third quarter, in step with macroeconomic trends. The national economy continues to affect the sectors, with 92 percent of respondents reporting the economy is having a negative impact on their local market. Even so, the SIOR index, measuring the impact of 10 variables, rose 0.6 percentage point to 55.5 in the third quarter, following a decline of 2.6 percentage points in the second quarter. In a split from the recent past, the industrial sector advanced while the office sector declined. The SIOR index is notably below the
level of 100 that represents a balanced marketplace, but had seen six consecutive quarterly improvements before the last two quarters. The last time the index reached the 100 level was in the third quarter of 2007. Construction activity remains low, with 96 percent of respondents indicating that it is lower than normal; 88 percent said it is a buyers’ market in terms of development acquisitions. Prices are below construction costs in 83 percent of markets. NAR’s latest Commercial Real Estate Outlook offers projections for four major commercial sectors and analyzes quarterly data in the office, industrial, retail and multifamily markets. Historic data for metro areas were provided by REIS, Inc., a source of commercial real estate performance information.
Orleans, 12.8 percent. After rising 1.4 percent in 2011, office rents are forecast to increase another 1.7 percent next year. Net absorption of office space in the U.S., which includes the leasing of new space coming on the market as well as space in existing properties, is projected to be 20.2 million square feet this year and 31.7 million in 2012.
Industrial Markets Industrial vacancy rates are projected to decline from 12.3 percent in the fourth quarter of this year to 11.7 percent in the fourth quarter of 2012. The areas with the lowest industrial vacancy rates currently are Los Angeles, with a vacancy rate of 5.2 percent; Orange County, Calif., 5.7 percent; and Miami at 8.4 percent. Annual industrial rent should decline Office Markets 0.5 percent this year before rising 1.8 Vacancy rates in the office sector are percent in 2012. Net absorption of inexpected to fall from 16.7 percent in the dustrial space nationally should be 62.0 current quarter to 16.1 percent in the million square feet this year and 41.2 million in 2012. fourth quarter of 2012. The markets with the lowest office vaRetail Markets cancy rates presently are Washington, D.C., with a vacancy rate of 9.3 percent; Retail vacancy rates are likely to deNew York City, at 10.3 percent; and New cline from 12.6 percent in the current
quarter to 11.8 percent in the fourth quarter of 2012. Presently, markets with the lowest retail vacancy rates include San Francisco, 3.7 percent; Long Island, N.Y., and Northern New Jersey, each at 5.7 percent; and San Jose, Calif., at 6.0 percent. Average retail rent is seen to decline 0.2 percent this year, and then rise 0.7 percent in 2012. Net absorption of retail space is seen at 1.2 million square feet this year and 13.5 million in 2012. Multifamily Markets The apartment rental market – multifamily housing – is expected to see vacancy rates drop from 5.0 percent in the fourth quarter to 4.3 percent in the fourth quarter of 2012; multifamily vacancy rates below 5 percent generally are considered a landlord’s market with demand justifying higher rents. Areas with the lowest multifamily vacancy rates currently are Minneapolis, 2.4 percent; New York City, 2.7 percent; and Portland, Ore., at 2.8 percent. Average apartment rent is projected to rise 2.5 percent this year and another 3.5 percent in 2012. Multifamily net absorption is likely to be 238,400 units this year and 126,600 in 2012.
Shift to savings: practical home improvement is popular (ARA) –When it comes to home improvement, taking on the challenge yourself is “in.” Today’s savvy homeowners are tackling practical renovations, like adding energy-efficient replacement windows to update their home and save money on heating and cooling costs. Practical doesn’t have to mean boring. Hiring someone to complete home improvement projects for you or tackling doit-yourself (DIY) jobs can add style and functionality. In fact, mastering new DIY skills has become a badge of honor for many homeowners, according to trendwatching.com. Wielding a hammer and fixing a broken faucet are now considered “status skills.” “Homeowners are tackling practical projects to enhance their homes as they seek to add comfort plus save money and energy in the process,” says Pella Windows & Doors spokesperson Kathy Krafka Harkema. “There’s a strong sense of personal satisfaction in making home improvements. Whether it’s learning how to shingle, paint window trim or install a patio door, practical and functional projects are in.” Give Your Home a Check-Up Tackle this checklist to help spruce up and maintain your windows and doors:
• Inspect interior and exterior finishes around windows and doors. Look for peeling or chipped finishes. Refinish if necessary. • Check windowsills and tracks for dirt and debris. Clean out the area with a dry paintbrush. Do the same for patio doors. • Feel for uneven sliding and sticking when you open and close a window. Try using a nonoil lubricant, like paraffin wax, on surfaces to help the window glide more easily. • Inspect weather stripping around doors and windows. Reattach or replace as necessary. • In coastal areas, rinse exterior metal components and cladding to help minimize the corrosive effects of salt spray and fog. • Position sprinklers to water your landscape, not your windows or doors. Extended exposure to water can lessen the life of building products. • Trim plants and shrubs so they are not brushing up against windows or doors. • Make sure windows and doors close and lock properly to help seal out moisture. • Inspect weep holes or breather holes designed to allow water to drain away from your windows, if your windows have them. Clear blocked holes with a
nailed shut. Also make sure you can open them quickly to escape during an emergency. You can find energy-efficient ENERGY STAR-qualified replacement windows and doors, like those from Pella at your local Lowe’s. Need a versatile, affordable replacement? Look for ThermaStar by Pella vinyl windows with maintenance-free frames and advanced Low-E energy-saving glass. Choose from in-stock options or special order a custom window or door. Or pick up vinyl sliding patio doors featuring popular between-the-glass blinds that never need dusting. If you’re looking for more design flexibility and ready to make a statement, look for woodclad windows and patio doors, as well as entry doors and select storm doors. Walk through the Pella Design Center at Lowe’s for more inspiring options or visit lowes.com/pella
IS IT TIME TO REPLACE old doors and windows? You can find energy-efficient ENERGY STAR-qualified replacement windows and doors at many home improvement retailers and improve both the style and the energy usage of your home.
wire or toothpick. • Check exterior sealants and caulking on and around windows and doors. Remove damaged material and reapply new sealant.
• Look for signs of air leakage around windows. If it’s significant, consider replacing them with energy-efficient windows, installed properly.
Is it Time to Replace? Do you have worn-out windows or a broken door? For safety’s sake, replace windows and doors that are jammed, painted or
How-to Hints Need help with your home improvement project? Watch Lowe’s Home 101 DIY online videos for expert tips. Check out the “Paint Door & Window Trim” for simple steps to revitalize your front door or windows with a fresh coat of paint. Or watch Pella’s “Pocket replacement windows” video to see how easy window replacement can be.
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Local Real Estate News – Lubbock Association of Realtors
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What you should know about disclosure BY Joe L. Murfee, III, President Lubbock Association of REALTORS®
There’s an old adage that what you don’t know won’t hurt you, but when it comes to buying real estate, that’s not the case. After all, you need to know if the dream house you’re buying has a history of flooding problems or has a defective roof. That’s why full disclosure – a seller’s obligation to disclose facts about properties for sale – is critical when it MURFEE comes to a successful real estate transaction. Buyers need to know material facts about a home – that is, anything that could affect the sale price or influence the buyer’s decision to proceed with the purchase.
Most post-sale disputes and lawsuits center around defects and disclosure. Many of these disputes can be avoided if proper disclosures are made. That’s why most states, including Texas, require some type of formal seller disclosure. A Lubbock Realtor can guide you through this process and let you know what you should disclose about the property you’re selling.
need to know that, too. There are also federal laws about disclosure. For example, someone selling a home built before 1978 must disclose any known lead-based paint problems. Your Realtor will be aware of the latest disclosure state and federal disclosure laws.
As a Seller Intentionally withholding informaWhat’s on a Disclosure Form? tion about a property you sell can have serious legal ramifications. Talk to your A disclosure form is a notice certain Lubbock Realtor and make sure you sellers are required to give would-be understand your responsibilities. You buyers on or before the effective date of don’t want to inadvertently leave somea real estate contract for sale, covering thing out and have to deal with expense, the seller’s awareness of any defects in the property in reasonable detail before hassles, and possible legal consequences later. the sale. Don’t be afraid to disclose information For example, if you’ve had a termite about your property. Disclosure laws problem in the past, that’s something that prospective buyers should know. Or, were created to protect buyers, but they also protect sellers. If all the informaif the foundation needs repair, buyers
before making a commitment. When you have specific concerns, or when the inspector suggests it, you may also want to hire specialists to look at certain things, such as a structural engineer to examine a potential foundation problem. Yes, you will have to pay for these professionals, but you will want As a Buyer You want to make a solid decision, and to know if there are expensive repairs that starts with having all the pertinent likely in a property’s future before it becomes your property. information about the property. Look closely at the disclosure notice provided For Everyone’s Protection by the seller. If any items concern you, ask questions and investigate. Disclosure is a necessary facet of a There are other steps you can take real estate transaction that helps to proto protect yourself and your financial tect both buyers and sellers and ensures interests. For starters, make sure you smiles on closing day – and beyond. If hire a licensed inspector to give the you have questions about disclosure, ask property a thorough examination. For a your Texas Realtor for advice. few hundred dollars, you get a profesFor more information about buying sional to look into all the systems and and selling property in Lubbock, visit components and report to you where LubbockRealtors.com and TexasRealdeficiencies or potential problems exist Estate.com. tion about a property is revealed up front, you are less likely to be involved in disputes after the sale. Also, if you’ve had inspections done in the last few years, make that information available to the buyer.
Pending home sales jump in October Pending home sales rose strongly in October and remain above year-ago levels, according to the National Association of Realtors®. The Pending Home Sales Index,* a forward-looking indicator based on contract signings, surged 10.4 percent to 93.3 in October from 84.5 in September and is 9.2 percent above October 2010 when it stood at 85.5. The data reflects contracts but not closings. Lawrence Yun, NAR chief economist, said improved contract activity is a hopeful sign. “Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows and there is a pent-up demand from buyers who normally would have entered the market in recent years. We hope this is indicates more buyers are taking advantage of the excellent affordability conditions,” he said. “Many consumers are recognizing that home buyers in the past two years have had one of the lowest default rates in history. Moreover, continued inventory declines are another healthy sign for the
housing market,” Yun added. The PHSI in the Northeast surged 17.7 percent to 71.3 in October and is 3.4 percent above October 2010. In the Midwest the index jumped 24.1 percent to 88.7 in October and remains 13.2 percent above a year ago. Pending home sales in the South rose 8.6 percent in October to an index of 99.5 and are 9.7 percent higher than October 2010. In the West the index slipped 0.3 percent to 105.5 in October but is 8.1 percent above a year ago. “Although contract signings are up, not all contracts lead to closings. Many potential home buyers inadvertently hurt their credit scores and chances of getting a mortgage through easily averted actions, such as cancelling an old credit line while taking on a new one,” Yun said. “Such actions could unwittingly prevent buyers from obtaining a mortgage if their credit score is close the margins of qualifying, or
New-home sales rise 1.3 percent in October
they might get a loan but with less favorable terms.” NAR encourages consumers to be aware of their credit score and actions which could hurt or enhance it. HouseLogic.com, the association’s consumer website devoted to all aspects of homeownership, offers tips for improving credit scores at http:// buyandsell.houselogic.com/articles/7-tipsimproving-your-credit/. The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
Sales of newly built, single-family homes inched up 1.3 percent to a seasonally adjusted annual rate of 307,000 units in October, according to data from the U.S. Commerce Department. The gain is from a downwardly revised rate in the previous month, and marks the best pace of new-home sales activity since this May. “Builders have been seeing some marginal improvement in sales activity over the past few months, particularly in select markets where consumer confidence is higher due to improved economic conditions,” said Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev. “While this trend is encouraging, overall sales activity is still well below normal due to the effects of overly tight credit conditions for builders and buyers, the continued flow of dis-
tressed properties on the market, and inaccurate appraisal values on new homes.” “This report is right in line with our forecast for modest and gradual improvement in sales activity through the remainder of the year,” said NAHB Chief Economist David Crowe. “Particularly encouraging is the fact that builders continue to hold down their inventories to match the current sales rate, with the number of new homes for sale now down to a sustainable, 6.3-month supply.” Regionally, new-home sales held unchanged in the Northeast and gained 22.2 percent in the Midwest and 14.9 percent in the West in October. The South was the only region to post a decline, of 9.5 percent. Meanwhile, the nationwide inventory of new homes for sale held at an all-time record low of just 162,000 units in October.
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