Friday, March 26, 2010

Buying Your First Home

Published By Yahoo Finance

Finding the right first home starts with a price range and a short list of desirable neighborhoods. But there are many other factors you'll need to consider before investing in what may be your biggest asset.

Topics

1.Buying Your First Home
2.How Much Mortgage Can You Afford?
3.Costs of Buying a Home
4.Ongoing Costs
5.Choosing a Neighborhood
6.Finding a Broker

1. Buying Your First Home. Home ownership is the cornerstone of the American Dream. But before you start looking, there are a number of things you need to consider. First, you should determine what your needs are and whether owning your own home will meet those needs. Do you picture yourself mowing the lawn on Saturday, or leaving your urban condo for the beach? The best advice is to look at buying a home as a lifestyle investment, and only secondly as a financial investment.

Even if housing prices don't continue to increase at the torrid pace seen in recent years in many areas, buying a home can be a good financial investment. Making mortgage payments forces you to save, and after 15 to 30 years you will own a substantial asset that can be converted into cash to help fund retirement or a child's education. There are also tax benefits.

Like many other investments, however, real estate prices can fluctuate considerably. If you aren't ready to settle down in one spot for a few years, you probably should defer buying a home until you are. If you are ready to take the plunge, you'll need to determine how much you can spend and where you want to live.

2. How Much Mortgage Can You Afford? Many mortgages today are being resold in the secondary markets. The Federal National Mortgage Association (Fannie Mae) is a government-sponsored organization that purchases mortgages from lenders and sells them to investors. Mortgages that conform to Fannie Mae's standards may carry lower interest rates or smaller down payments. To qualify, the mortgage borrower needs to meet two ratio requirements that are industry standards.

The housing expense ratio compares basic monthly housing costs to the buyer's gross (before taxes and other deductions) monthly income. Basic costs include monthly mortgage, insurance, and property taxes. Income includes any steady cash flow, including salary, self-employment income, pensions, child support, or alimony payments. For a conventional loan, your monthly housing cost should not exceed 28% of your monthly gross income.

The total obligations to income ratio is the percentage of all income required to service your total monthly payments. Monthly payments on student loans, installment loans, and credit card balances older than 10 months are added to basic housing costs and then divided by gross income. Your total monthly debt payments, including basic housing costs, should not exceed 36%.

Many home buyers choose to arrange financing before shopping for a home and most lenders will "prequalify" you for a certain amount. Prequalification helps you focus on homes you can afford. It also makes you a more attractive buyer and can help you negotiate a lower purchase price. Nothing is more disheartening for buyers or sellers than a deal that falls through due to a lack of financing.

In addition to qualifying for a mortgage, you will probably need a down payment. The 28% to 36% debt ratios assume a 10% down payment. In practice, down payment requirements vary from more than 20% to as low as 0% for some Veterans Administration (VA) loans. Down payments greater than 20% generally buy a better rate. Lowering the down payment increases leverage (the opportunity to make a profit using borrowed money) but also increases monthly payments.

How Much Home Can You Afford?

Bob and Janet's combined income is $50,000 a year, or $4,166 a month. Their housing expense ratio of 28% yields a monthly maximum of $1,166 for mortgage, insurance, and taxes ($4,166 x 0.28 = $1,166).

Their total debt ceiling of 36% is $1,583 (4,166 x 0.36 = $1,500). Their monthly debt payments include a $200 car payment, credit card payments of $100, and student loan payments of $200. Subtracting this total of $500 from the $1,500 permitted leaves $1,000 in monthly housing payments.

3. Costs of Buying a Home. Many home buyers are surprised (shocked might be a better word) to find that a down payment is not the only cash requirement. A home inspection can cost $200 or more. Closing costs may include loan origination fees, up-front "points" (prepaid interest), application fees, appraisal fee, survey, title search and title insurance, first month's homeowners insurance, recording fees and attorney's fees. In many locales, transfer taxes are assessed. Finally, adjustments for heating oil or property taxes already paid by the sellers will be included in your final costs. All this will probably add up to be between 3% and 8% of your purchase price.

4. Ongoing Costs. In addition to mortgage payments, there are other costs associated with home ownership. Utilities, heat, property taxes, repairs, insurance, services such as trash or snow removal, landscaping, assessments, and replacement of appliances are the major costs incurred. Make sure you understand how much you are willing and able to spend on such items.

Condominiums may not have the same costs as a house, but they do have association fees. Older homes are often less expensive to buy, but repairs may be greater than those in a newer home. When looking for a home, be sure to check the actual expenses of the previous owners, or expenses for a comparable home in the neighborhood.

5. Choosing a Neighborhood. Before you start looking at homes, look at neighborhoods. Schools and other services play a large part in making a neighborhood attractive. Even if you don't have children, your future buyer may. Crime rates, taxes, transportation, and town services are other things to look at. Finally, learn the local zoning laws. A new pizza shop next door might alter your property's future value. On the other hand, you may want to run a business out of your home.

Look for a neighborhood where prices are increasing. As the prices of the better homes increase, values of the lesser homes may rise as well. If you find a less expensive home in a good neighborhood, make sure you factor in the cost of repairs or upgrades that such a house may need.

6. Finding a Broker. If you are a first-time home buyer, you will probably want to work with a broker. Brokers know the market and can be a valuable source of information concerning the home buying process. Ask lots of questions, but remember that most brokers are working for the seller, and in the end, their primary obligation is to the seller and not to you. An alternative is a so-called buyer's broker. This individual does work for you, and therefore is paid by you. Seller's brokers are paid by the seller.

Make sure that the broker has access to the Multiple Listing Service (MLS). This service lists all the properties for sale by most major brokers across the country. Brokerage commissions average 5% to 7% and are split between the listing broker and the broker that eventually sells the home. Don't be surprised if your broker is eager to sell you their own listing since they would then earn the entire commission.

Home Buying Costs

Down Payment 0% - 20% of purchase price

Home Inspection $200 - $500

Points $1,000 and up for 1% - 3%

Adjustments 3% - 8% of purchase price

Once you've determined a price range and location, you're ready to look at individual homes. Remember that much of a home's value is derived from the values of those surrounding it. Since the average residency in a house is seven years, consider the qualities that will be attractive to future buyers as well as those attractive to you.

Although it can be difficult, try to remember that you will probably want to sell this home someday. The more research you do today, the better your decision will look in the years to come.

Summary

Buying a home can mean building significant value through the years.

Prequalifying with your lender is a good way to determine how much house you can afford.

You will need cash for a down payment and closing costs. Generally speaking, the higher the down payment, the lower the interest rate and monthly mortgage payment.

In addition to your mortgage payments, you will also need to consider the other costs of home ownership.

Schools, taxes, services, crime rates, transportation, and zoning are important considerations when selecting a neighborhood.

Brokers usually represent the seller, but they can be valuable sources of information for buyers as well. A broker that belongs to the Multiple Listing Service will be able to offer a wider variety of homes to choose from.

Remember to consider resalability when buying your home.

Are you a first time home buyer? If you need help finding your new home, call us at 972-772-7000 or email us at rockwall@kw.com.

Wednesday, March 24, 2010

Favorite Places - Living Areas

\Provided By Shelley Dudley
Source My Home Ideas

Living areas can be anywhere in the house and are usually distinguished by a favorite chair, a preferred reading nook or just a cozy place where family and friends congregate and come together.

Classic Western Look

If you're unsure where to go first in this Abilene, Texas, home, just follow the cat tracks. From the front door, tiny feline footprints lead toward the open living area. Guests frequently comment on them, not because the homeowners refuse to clean the floor, but because the footprints are the only reminder of a cat who long ago stepped across the terra-cotta tiles while they were drying in the sun in Mexico, leaving his mark forever.

Relaxed Living

A wash of pastels brings this coastal living room together. Promote conversation with four chairs instead of the traditional sofa, anchored by round ottoman.

Basics and Branches

Create this sweet spot in a living room or entryway with a few key furniture pieces and a bundle of pussy willow branches.

Exotic and Natural

Clean, modern lines and exotic accessories give this living room a Bali-inspired, open-air vibe.

Fabulous Focal Point

Even when it is too warm for a blazing fire, you can use your fireplace to create atmosphere by adding candles or even white sting lights. For an extra touch, lean a mirror against the back wall to add extra dimension.

Sunshine Day

Cheerful and energizing, yellow brings warmth to a room. It enhances and maximizes natural light and can brighten a space with few windows.

Reach The Sky

In this coastal family room, a vaulted, beaded-board ceiling makes the room feel incredibly spacious and open. Solid orange fabric brings out the orange tones in the natural stain of the wood and mixes flawlessly with a funky green print.

Mixed and Cozy

The mix of comfy slipcovered sofas with a 1940s French acrylic coffee table and antique Louis XVI armchairs infuses this room with a personality of its own.

Conversation Starter

Carol suggests creating a seating arrangement with a circle of chairs, rather than sofas positioned across from each other. "People sit more comfortably in their own chairs, and it's better for conversation," she says.

Living Large

Beach house style just got a lot more interesting. "Don't be afraid of color," says designer E. Dale Trice. He proves his fearlessness in the living room with a vivid sectional sofa, curtains the color of a Gulf sunset, and accents of ocean blue.

A long, narrow table against the wall of windows serves as a library table when not in use for dining. The mahogany trestle table base supports a wrapped aluminum top. Water hyacinth chairs are an economical alternative to wooden chairs and pick up the black tones of the photograph frames.

Looking for the perfect home to create your favorite place? Call us at 972-772-7000 or email us at rockwall@kw.com.

Tuesday, March 23, 2010

Monday, March 22, 2010

LOOK! UP IN THE SKY! IT'S A BIRD, IT'S A PLANE, IT'S A PARK!

Published By Dallas Morning News
Source Robert Miller

A deck park over Woodall Rogers Frwy. will bring more than five acres of green space to downtown Dallas’ arts district in early 2012.

The Woodall Rodgers Park, which will extend three blocks from St. Paul to Pearl Street, will have a performance pavilion, a restaurant, walking trails, a dog park, a children's discovery garden and playground, water features and an area for games.

The park was designed by landscape architect and designer Jim Burnett of Houston and Dan Biederman of New York.

The Woodall Rodgers Park Foundation needs to raise $27 million to meet the $110 million cost of the park.

Are you interested in owning a home near the Woodall Rogers Park? Give a call at 972-772-7000 or email us at rockwall@kw.com.

Friday, March 19, 2010

Which Backyard Features Add Value?

Provided By Yahoo Finance
Source Kiplinger.com

Turn Your Backyard Into Paradise

Even if you're not trying to sell your home, you can increase its value by landscaping your lawn and creating a retreat that you, your family and friends can enjoy. Americans spend billions of dollars each year creating outdoor living spaces with comfortable furniture, built-in grills or complete kitchens, fireplaces, televisions, pools and spas.

Is it worth it to spend as much money renovating a backyard as it costs to buy a small house? Depends on whom you ask. But if you're going to fork over the big bucks to revamp your yard -- or even if you're on a tight budget -- you should consider putting your dollars into features that add the most value to your property. Here's some advice from the pros:

Which features add value?

Jason Cupp, co-founder of design/build, landscape company Highland Outdoor, Olathe, Kan., says his clients frequently ask whether renovating their yards will add value to their property. If two similar neighboring houses were for sale and one had a great landscape design, that house would sell faster, he says.

However, he and other landscape designers agree that you probably won't get a return on your investment if your property is the only one in the neighborhood with the outdoor fireplace and kitchen, waterfall, custom-made pool and spa. That's why you should weigh your needs versus your desires when it comes to renovating your yard and deciding which features to add -- especially if you're on a tight budget. Even a little bit of money can go a long way if you prioritize and opt for features that are functional rather than purely aesthetic, says Brett Wendell, director of design build for HighGrove Partners in Austell, Ga.

Quality landscape design and installation will add value to your property and help it sell faster, landscape pros agree. If you're on a tight budget, hire a landscape architect or designer to create a design then install the landscaping yourself -- over time, if you have to. "Some advice is better than none," says Jeff Carbo, an award-winning landscape architect in Alexandria, La. A landscape architect charges $85 to $135, on average, to create a design plan, Wendell says, and could spend 12 to 18 hours creating that plan. A landscape designer typically charges $50 to $75 an hour. To find a designer or architect, talk with friends or family who have used one or check the American Society of Landscape Architect's FirmFinder and Association of Professional Landscape Designers' database of firms. Wendell recommends interviewing several pros, talking to their customers and checking out their projects. The designer or architect should ask you lifestyle questions (Do you like to garden? Will you maintain the landscaping or will someone else?) so he or she can give you what you need.

Also, if you make a significant investment in landscape, Cupp says, "it won't look as good if you don't have a proper irrigation system, and your investment will erode." Again, if you're on a budget, install the irrigation system before the landscaping, Cupp says. Expect to pay at least $3,000 to $4,000 for irrigation.

Outdoor living rooms, in particular, have been a growing trend over the last ten years, especially since the Sept. 11, 2001, terrorist attacks, Carbo says. In fact, designing and furnishing an outdoor room is the second most popular home remodeling project after remodeling kitchens, according to the Propane Education & Research Council. Homeowners spent $3.7 billion on patios and terraces in 2004 -- a 366% increase since 1994, according to the Census Bureau. The number of people who are complementing their patio with furniture and larger grills is growing (42% in 2005 versus 32% in 2003), according to a study by Hearth, Patio & Barbecue Association.

Outdoor living rooms often include a fireplace or firepit, cooking station and comfortable furniture. "We're finding that we have more and more clients spending money creating rooms outdoors," Cupp says. But this is an important area to decide whether you're spending money on something that's functional and will add value to your property versus something that is purely a luxury item.

Covered patio -- adds value. "There's no reason to have a great outdoors without an area to sit and enjoy it," Cupp says. For a patio to add value, though, it's got to be more than a concrete slab. He says 95% of the patios he installs are paver patios (brick-like material made of concrete that comes in a variety of styles and colors). The price of materials and installation runs from $12 to $15 a square foot up to $40 to $50 a square foot. And Carbo says patios should be covered to provide shade or protection from rain. Otherwise, you'd be wasting your money if you created a space without a cover to protect you from the elements.

Fireplaces -- luxury item only. The outdoor fireplace -- as well as the firepit -- is a relatively new trend and is growing in popularity, says Carol Kaplan of the Hearth, Patio and Barbecue Association. Portable firepits are a cheap way to create a cozy outdoor setting. The actual built-in fireplace, though, can cost $8,000 to $35,000, is beautiful to look at but isn't that functional, Wendell says. Because of the maintenance involved, outdoor fireplaces usually are used just during parties or when guests visit. So you probably won't get a return on your investment with this pricey feature, he says.

Kitchens -- add value. For anywhere from $15,000 to $100,000, you can have a refrigerator, grill and sink installed to cook and dine al fresco. "Why not have it all outside where cooking is part of the process of entertaining," Wendell says. He recommends getting a professional invovled to properly locate your outdoor kitchen so you can get the most out of it.

Television -- luxury item only. The cool factor is high here, but functionality is low because it's usually too bright during the day to watch outdoor TVs.

Swimming pools are one of those features that can be both functional and aesthetic and can add value -- or detract -- depending the type of pool and type of home buyer or owner. A 2004 National Association of Realtors study of home sales in the Philadelphia area from 1996 to 2003 found inground pools added 8% to sales price of home. However, all of the landscape designers we talked to said for a pool to add value to property, it has to be custom-made -- not a prefabricated pool that can be found in any backyard. A basic customized concrete pool can cost $60,000 to $80,000. Throw in a hot tub and water feature, such as a waterfall, and you could spend well into the six digits. The problem is, landscape designers say, some home buyers want nothing to do with a pool and will steer clear of houses with one -- regardless of whether it is custom-made or prefabricated. So a pool actually could lower the value of your property in some people's eyes.

Water features, such as a pond or waterfall, also are somewhat questionable as to whether they add value. Cupp says water features are popular and have a high level of value. Costs can range from $1,000 for a small pool of water to $25,000 or more for a pond with a waterfall. Wendell agrees water features are popular but are expensive to maintain. He says they usually aren't worth the money you have to put into them because 50% are abandoned or ignored after the first four years.


Need help selling your home? Call us at (972) 772-7000 or send us an email at rockwall@kw.com.

Wednesday, March 17, 2010

FORECLOSURE PREVENTION PLAN UNVEILED

Provided By RECON Real Estate Center Online News
Source New York Times/ Dallas Morning News

April 5th will mark the beginning of a new program by the Obama administration intended to end the foreclosure crisis — one that will pay homeowners to sell their homes.


The program will allow owners to sell their homes for less than they owe and give them cash to expedite the process.

Hundreds of thousands of delinquent borrowers will be encouraged to sell their houses through short sales, in which properties are sold for less than the balance of the mortgage.

The new program will give the servicing bank $1,000, and another $1,000 may go toward a second loan, if one exists. The distressed homeowners will also receive $1,500 in relocation assistance. To read more of this article click here.

Are you interested in learning more about the upcoming foreclosure program? Give us a call at (972) 772-7000 or send us an email at rockwall@kw.com.

Monday, March 15, 2010

PLANNING NORTH TEXAS' FUTURE

Provided By RECON Real Estate Center Online News
Source Dallas Business Journal


The North Texas 2050 plan was unveiled Friday to prepare the region for the estimated population increase from its current six million people to nine million in 2030 and 12 million in 2050.


The plan provides a broad regional approach to issues that will be complicated by population increases, including transportation, development, education, health, environment, housing, economic development, energy and lifestyles.

Plans provide guidelines for businesses, governments, property owners, chambers of commerce, neighborhood associations and other organizations.

A few of the plan’s recommendations include:

  • The North Central Texas Council of Governments should develop an urban forest management plan and explore the use of fees to compensate for the impact of development.

  • The North Texas Housing Coalition should guide cities, developers, builders and property owners in improving housing availability, variety, value and quality.

  • The Regional Transportation Council should develop and adopt a mobility plan, and transportation officials should provide systems with more travel mode options.

  • A team should be formed to monitor the region’s environmental carbon footprint.
Vision North Texas is a partnership of the Urban Land Institute North Texas District Council, the North Central Texas Council of Governments and the University of Texas at Arlington. Hundreds of government, business and other groups were involved creating the plan. To read more of this article click here.

Want to know more about the North Texas 2050 plan? Give us a call at (972) 772-7000 or send us an email at rockwall@kw.com.  

Friday, March 12, 2010

4 Homebuyer Tax Credit Tips

Source: http://www.bankrate.com/

By Marcie Geffner

The new-and-improved federal homebuyer tax credit can benefit not only first-time homebuyers but also homeowners who want to sell their current home and buy a new one.


The credit is reasonably straightforward, but there are some tips for those who want to take advantage of it. Here's what you should know:


1. Deadline: April 30, 2010

The most important tip is to be aware of the deadline. Buyers who want to use the tax credit must have their new home under contract (i.e., in escrow) by April 30, 2010, and must close the transaction within 60 days after that date.

That deadline is much sooner than it may seem: Many buyers take months to locate a house, and closing a transaction typically takes 45 to 60 days.

First-time buyers should get started soon because they may face a lot of competition from other buyers who also want to purchase a moderately priced home, according to Ann Pettijohn, a broker and owner of Oaktree Realtors in Orange, Calif. That price range is "very popular" and those homes tend to sell more quickly than higher-priced homes, she says.

Buyers who wait until 2010 may also find fewer homes on the market from which to choose, according to Allyson Bernard, broker and owner of Real Estate Professionals of Connecticut.

"Smart buyers will be out during the holidays when other people are preoccupied," she says.

The short deadline may create even more of a crunch for homeowners who need to sell their current home and purchase a new one, Pettijohn says. Sellers need to be realistic about the value of their current home and put their home on the market as soon as possible, so they'll feel confident about buying their next home, she says.

Buyers who get behind the curveball shouldn't count on another extension to keep them in the game since Sen. Johnny Isakson, R-Ga., a former Realtor and the principal supporter of the legislation that extended and expanded the credit, has said in a statement that the tax credit won't be extended again.

2. Credit up to $8,000 or $6,500

Buyers also need to understand that the tax credit is equal to 10 percent of the sale price of the home, which could be less than the maximum of up to $8,000 for first-time buyers and up to $6,500 for repeat homeowners.

For example, if a first-time buyer purchased a small condominium that cost just $70,000, the tax credit would be $7,000. And by the way, if the home costs more than $800,000, the credit now drops to zero.

3. Get good advice

Homebuyers who want to take advantage of the tax credit should consult the right people for help, including:

  • A tax preparer, who can help them ensure they meet all the requirements to use the credit.
  • A mortgage lender, who can help them choose a loan program that will fit their needs.
  • A Realtor®, who can help them locate a home they can afford and want to purchase.
Buyers should be aware that not all loans allow the borrower to finance closing costs or accept a contribution from the seller toward those costs, Bernard says. Many loan programs do allow those options, but that "certainly is not a blanket opportunity," she says. Buyers whose savings won't stretch to cover all the out-of-pocket costs to buy a home should discuss that constraint with their loan officer or mortgage broker.

4. Beware of tax fraud

According to Patti Ketcham, broker and owner of Ketcham Realty Group in Tallahassee, Fla., homebuyers should educate themselves about the tax credit and learn the lingo.

"It is critical that buyers educate themselves and that they not fall for the slick smoke and mirrors," she says. "Anytime you have found money, it brings out all the rats."

Three Web sites that may be helpful are:

Buyers and sellers should be wary of any advice that sounds suspicious or overly complicated, Ketcham says. For instance, buyers who are told to conceal any information from their lender should "get away" from whoever offered that advice, she says.

One final tip: The IRS has found such a high incidence of fraud and creative tax accounting associated with the homebuyer tax credit that taxpayers who take the credit will now be required to attach a copy of the settlement statement to their federal tax return as proof of purchase. Buyers should keep their paperwork handy.

Wednesday, March 10, 2010

Pam's Birthday

3 Steps to a Great Spring Lawn

Sources My Home Ideas/http://www.myhomeideas.com/
Photo Provided By Southern Living

Kick off your springtime gardening with these easy tips for a lush-looking lawn.

Get Ready for Spring


Your lawn may look sadder than a termite at a concrete festival, but it certainly doesn't have to stay that way. Giving your grass a bit of attention toward the end of winter will pay off big-time this spring and summer.

  • Step 1: Aerate your soil
Compacted soil is hard for water, air, and roots to penetrate, and that makes it hard on grass. So go to your local equipment rental store, and get a core aerator. A half-day's rental should cost you around $40.

This machine, which resembles a large rotary tiller, uses steel tubes to take plugs of soil from the lawn and deposit them on the ground. Aerating once a year reduces compaction and increases the vigor of your lawn.

  • Step 2: Mow the old grass low
Those with cool-season grass (bluegrass, fescue, or perennial ryegrass) can skip this part. But those with warm-season lawns (Bermuda, buffalo grass,centipede, St. Augustine, or Zoysia) need to mow that old, brown grass low at the end of winter to remove thatch, an accumulation of dead stems and leaves.

Heavy thatch prevents water and nutrients from reaching the roots and promotes disease.

Cut Bermuda lawns to 1/2 inch and leave the clippings in place to decompose. Mow other types to 1 inch. If you use a regular mower, bag the clippings; then compost or discard them. Mowing low lets more sun reach and warm the soil, encouraging the grass to green up.

  • Step 3: Stop weeds
As the temperature reaches 70°, seeds of lawn weeds sprout. Stop them by applying, in late winter, a pre-emergence lawn weed preventer such as Scotts Halts Crabgrass Preventer, Vigoro Ultra Turf Pre-emergence Crabgrass and Weed Control, or Green Light Crabgrass Preventer.

When watered in, it forms a barrier atop the soil to keep weeds from sprouting. (Don't aerate after you put down the chemical, or you'll break the barrier.)

However, if you're sowing grass seeds this spring, don't put down any of these products, since weed preventers keep grass seeds from coming up, too.

Downsizing Your Lawn

If the idea of maintaining a large expanse of grass seems a bit daunting, consider downsizing your lawn.

If you like clean landscape lines, healthy green grass, and free weekends, consider hemming your lawn in with pavers or a brick patio. Because lawnmowers and string trimmers can damage the bark of trees and shrubs, reshaping your lawn so that all other vegetation is outside its perimeter avoids accidental contact.

This change also benefits the turf by reducing water and nutrient competition and providing more sunlight. With less fertilization, less watering, and less mowing to do, you can enjoy the lawn more!

Contrasting Color

Reap some wonderful landscape rewards with a little lawn.

Red brick or black stone borders around your lawn create a contrast of color that breaks up the monotony of green. Replicating the brick or stone of a house's foundation in the landscape will pull the eye from the curb to the front door, while repeating the straight lines of a front porch or the curved lines of an archway will create a pleasing effect.

In the lawn at left, combining flat stone pavers with turf creates a formal but functional entrance.

Tuesday, March 9, 2010

Tax Credit Ends Soon!

Don't miss out on taking advantage of the tax credits being offered.



Call our office today to start working with an agent today!

Monday, March 8, 2010

D-FW Region Top Spot for Corporate Expansion

Sources Dallas Business Journal, Site Selection
By Kerri Panchuk


Dallas–Fort Worth and Houston–Sugar Land–Baytown were among the best markets in 2009 for companies building corporate facilities or expanding existing facilities, according to Site Selection magazine, which reports corporate real estate and economic development.


An analysis of 12 counties revealed that, last year, DFW was the chosen region for 135 companies’ corporate expansion or relocation projects. This count ranked the area third on the list. New York and Chicago ranked first and second, with 215 and 117 projects, respectively. To read more of this story click here.

We would love to help you with all your home selling and buying needs.
Call 972-772-7000 to speak with an experienced agent. Also, ask for a copy of our newest list of Foreclosures in your area.

Friday, March 5, 2010

HOME BUILDERS' CONFIDENCE PERKS UP

Source mysanantonio.com

WASHINGTON (Associated Press) – Home builder confidence in current sales rose two index points in February to 17 after falling two consecutive months, according to the National Association of Home Builders.


Builders’ outlook for sales over the next six months climbed one point to 27, and traffic by prospective buyers remained at 12 index points.

The index for the Midwest and South regions increased two points but dropped one point in the Northeast and West.

The index reflects a survey of 528 residential developers across the nation. Index readings below 50 indicate negative sentiment about the market. The last time the index reading exceeded 50 was April 2006.

Wednesday, March 3, 2010

JANUARY HOME BUILDING EXCEEDS EXPECTATIONS

Source dallasnews.com

WASHINGTON (Associated Press) – Construction of new homes and apartments in January rose 2.8 percent to 591,000 units at a seasonally adjusted annual rate, surpassing economists’ expectations of 580,000 units, according to the Commerce Department.


Construction of single-family homes increased 1.5 percent to a seasonally adjusted rate of 484,000 units. Multi-family construction reported a 9.2 percent increase to an annual rate of 107,000 units.

Construction rose 1 percent in the South and 3.2 percent in the Midwest. The majority of last month’s improved construction rates were due to the 10 percent jump in activity in the Northeast and the 8.9 percent increase in the West.

January’s numbers represented a 21.1 percent increase from January 2009 and the fastest building rate since July.

Additionally, December’s construction rates were revised by the Commerce Department from 557,000 units to 575,000 units. However, even with the revision, activity fell 0.7 percent in the last month of 2009. This dip was attributed to severe weather in many parts of the country.

Applications for building permits, considered a good measure of future activity, fell 4.9 percent last month to a rate of 621,000 after two months of significant increases.

Monday, March 1, 2010

MORTGAGE PROGRAM AIDS 12 PERCENT OF APPLICANTS

Source mysanantonio.com

WASHINGTON (Associated Press) – After one year of activity, the government’s mortgage relief plan has helped about 12 percent of borrowers who signed up for the program.


According to the Treasury Department, about 116,000 homeowners had completed the application process as of last month and are making permanently reduced loan payments, compared with over one million homeowners who began the process.

Over 61,000 homeowners have dropped out of the program either because they failed to make payments or did not return the necessary paperwork.

There have been calls recently for a major overhaul of the program, particularly for the government to further encourage banks to cut borrowers’ principle balances on their primary loans. Nearly one in three homeowners with a mortgage owes more to the bank than their property is worth, according to Moody’s Economy.com.