Provided By Realty Times
Are you on the search for a new home? Are you a first-time home buyer ready to enter the market? Then a buyers market is right where you want to be!
Recent years have turned many real estate markets on their heads. One-time hotbeds for rapid appreciation and booming sales have turned into areas rampant with dropping prices and foreclosures. Making matters even more complicated, is the realization that every market is different. Even neighborhoods within cities have varying markets.
How can you tell if you are living in an area experiencing a buyers market?
Key Indicators:
•More than six month's worth of inventory on the market
•Median sales price is down
•Fewer buyers on the market
•Relative large supply of homes and relative low prices
As a buyer, how can you maneuver yourself to take full advantage of a market which is stacked in your favor?
All of the market indicators translate into more choice for buyers. Prices become more negotiable. You have more homes to choose from.
One of your first steps is to hire a real estate agent. An agent can supply you with market statistics, including days on market, pricing, and neighborhood comparables. They can also direct you to home listings on the MLS.
With such economic uncertainty today, buyers are scared to venture into the market. They fear prices may drop after they buy, leaving them upside down in a home. They fear the market will not pick up for years, leaving them stuck in a home. That fear works in your favor, should you choose to buy. Interest rates are at historic lows. And buyer fear actually translates into more homes for you to choose from. It means sellers may be more willing to drop their price to make a sale.
In negotiating, foreclosures wreak havoc on a neighborhood. Foreclosures can lower values on an entire street. If a home has been sitting on the market for months, the likelihood that the seller will make concessions increases.
And even when a price won't budge, you can always discuss who will pay closing costs.
Deciding when to buy can be a big decision, but buying during a buyers market can give you many advantages over other markets.
Looking for an experienced agent? Call us at 972-772-7000 or email us at rockwall@kw.com.
Monday, October 11, 2010
Friday, October 8, 2010
TEXAS ADDS 133,100 JOBS IN LAST 12 MONTHS
Provided By RECON
Texas' economy gained 133,100 jobs from August 2009 to August 2010, an annual growth rate of 1.3 percent.
During the same period, the U.S. economy added 278,000 jobs, an annual growth rate of 0.2 percent. The state's private sector posted an annual employment growth rate of 1.4 compared with 0.3 percent for the United States.
The state’s seasonally adjusted unemployment rate rose from 8 percent in August 2009 to 8.3 percent in August 2010, while the nation’s rate in August decreased from 9.7 to 9.6 percent.
All Texas industries except the trade, construction and information industries had more jobs in August 2010 than in August last year.
Twenty-four Texas metro areas had positive employment growth rates for the year ending Aug. 31, up from 19 for the period from July 2009 to July 2010. Sherman-Denison ranked first in job creation, followed by San Angelo, Austin-Round Rock-San Marcos, Odessa and Tyler.
The state’s actual unemployment rate in August 2010 was 8.4 percent. Midland had the lowest unemployment rate followed by Amarillo, Lubbock, San Angelo and Abilene.
Are you wanting to relocate to a home closer to your job? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Texas' economy gained 133,100 jobs from August 2009 to August 2010, an annual growth rate of 1.3 percent.
During the same period, the U.S. economy added 278,000 jobs, an annual growth rate of 0.2 percent. The state's private sector posted an annual employment growth rate of 1.4 compared with 0.3 percent for the United States.
The state’s seasonally adjusted unemployment rate rose from 8 percent in August 2009 to 8.3 percent in August 2010, while the nation’s rate in August decreased from 9.7 to 9.6 percent.
All Texas industries except the trade, construction and information industries had more jobs in August 2010 than in August last year.
Twenty-four Texas metro areas had positive employment growth rates for the year ending Aug. 31, up from 19 for the period from July 2009 to July 2010. Sherman-Denison ranked first in job creation, followed by San Angelo, Austin-Round Rock-San Marcos, Odessa and Tyler.
The state’s actual unemployment rate in August 2010 was 8.4 percent. Midland had the lowest unemployment rate followed by Amarillo, Lubbock, San Angelo and Abilene.
Are you wanting to relocate to a home closer to your job? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, October 6, 2010
The Mortgage Market Guide View...
Provided By Sherri Crayne
Winter’s Just Around the Corner. Are You Ready?
We’ve past the point of no return. The Autumnal Equinox occurred last week, and we’re now headed into the shorter, colder days of fall and eventually winter. Whether you live in a cold northern climate or a moderate southern climate, there are a number of steps you need to take to make sure your house and yard are ready for the impending winter season. By following the advice below, you can make sure your home is ready... inside and out!
What should you do outside your home?
If you live in an area with high moisture, you'll want to apply an additional coat of sealant to wooden decks. Chances are the summer sun has caused deterioration to the deck's protective layer, and re-sealing it will ensure that the wood won't absorb an excessive amount of water. If your area experiences extremely low temperatures, sealing any cracks in your driveway or sidewalk is also a good idea. If you have outdoor furniture or a barbecue, you'll want to cover them up or store them in the garage.
In terms of the shrubbery around the outside of your home, two precautionary steps will greatly improve the way it will look once winter has lifted. First, prune away any weeds or dead foliage from the base of each shrub. Next, add a layer of mulch to the surrounding ground, especially to any perennial flower beds.
Once you've tended to the greenery, you may want to winterize your power equipment. Fall is the perfect time for draining gas from lawn mowers and oiling any power tools. You'll also want to drain garden hoses, roll them up, and store them in the garage. If you want to take extra precautions, drain your outdoor faucets and cut off the water. This will keep pipes from freezing and eventually bursting. If you live in an area where it snows, do yourself a favor and make sure your snow removal equipment is in proper working order.
In terms of a home's exterior, the key word to keep in mind is "leaks." Leaks not only allow cold air to enter your home but water as well. Start by inspecting the home's foundation and exterior walls. Minor cracks can usually be sealed by using a caulk that's appropriate for the temperature of your region. Special attention should be paid to the wall area around windows and outdoor faucets. Also, if you have storm windows, now is the time to install them.
The Great Indoors
It's time to make our way inside the home, and take another look at the topic of leaks. Preventing air leaks will not only ensure a cozier home, it will also help you save on your energy bill. Start by weather-stripping all windows and doors. It sounds like a big job, but in most homes this can be accomplished in one day. Also, look for leaks around wall outlets. Once again, the appropriate caulk will do the trick when it comes to creating a proper seal. Don't forget to check the attic or cellar for leaks as well.
Regardless of the type of heating system you have, it's a good idea to have it checked and maintained by a professional. Clean ducts and filter replacements can go a long way when it comes to improving efficiency. Also, be sure to clean and vacuum any heating vents, and keep the flue or damper closed when your fireplace is not in use.
As far as plumbing is concerned, every homeowner should periodically check their hot water heater for leaks, no matter where they live. This is the last thing you'll want to repair during the cold months. You may also want to consider purchasing a hot water heater blanket. It's a $15 investment that will increase the heater's efficiency. If you live in an area known for very cold weather, you may have a problem with pipes freezing. This can be alleviated by wrapping the pipes that are most prone to freezing with heat tape, which can be purchased at any hardware store.
Lastly, if you've experienced serious weather issues in past years, you may want to prepare a comprehensive emergency kit for your home. It never hurts to be prepared.
Good luck on your projects... and have a happy and safe winter!
Need more tips on how to winterize your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Winter’s Just Around the Corner. Are You Ready?
We’ve past the point of no return. The Autumnal Equinox occurred last week, and we’re now headed into the shorter, colder days of fall and eventually winter. Whether you live in a cold northern climate or a moderate southern climate, there are a number of steps you need to take to make sure your house and yard are ready for the impending winter season. By following the advice below, you can make sure your home is ready... inside and out!
What should you do outside your home?
If you live in an area with high moisture, you'll want to apply an additional coat of sealant to wooden decks. Chances are the summer sun has caused deterioration to the deck's protective layer, and re-sealing it will ensure that the wood won't absorb an excessive amount of water. If your area experiences extremely low temperatures, sealing any cracks in your driveway or sidewalk is also a good idea. If you have outdoor furniture or a barbecue, you'll want to cover them up or store them in the garage.
In terms of the shrubbery around the outside of your home, two precautionary steps will greatly improve the way it will look once winter has lifted. First, prune away any weeds or dead foliage from the base of each shrub. Next, add a layer of mulch to the surrounding ground, especially to any perennial flower beds.
Once you've tended to the greenery, you may want to winterize your power equipment. Fall is the perfect time for draining gas from lawn mowers and oiling any power tools. You'll also want to drain garden hoses, roll them up, and store them in the garage. If you want to take extra precautions, drain your outdoor faucets and cut off the water. This will keep pipes from freezing and eventually bursting. If you live in an area where it snows, do yourself a favor and make sure your snow removal equipment is in proper working order.
In terms of a home's exterior, the key word to keep in mind is "leaks." Leaks not only allow cold air to enter your home but water as well. Start by inspecting the home's foundation and exterior walls. Minor cracks can usually be sealed by using a caulk that's appropriate for the temperature of your region. Special attention should be paid to the wall area around windows and outdoor faucets. Also, if you have storm windows, now is the time to install them.
The Great Indoors
It's time to make our way inside the home, and take another look at the topic of leaks. Preventing air leaks will not only ensure a cozier home, it will also help you save on your energy bill. Start by weather-stripping all windows and doors. It sounds like a big job, but in most homes this can be accomplished in one day. Also, look for leaks around wall outlets. Once again, the appropriate caulk will do the trick when it comes to creating a proper seal. Don't forget to check the attic or cellar for leaks as well.
Regardless of the type of heating system you have, it's a good idea to have it checked and maintained by a professional. Clean ducts and filter replacements can go a long way when it comes to improving efficiency. Also, be sure to clean and vacuum any heating vents, and keep the flue or damper closed when your fireplace is not in use.
As far as plumbing is concerned, every homeowner should periodically check their hot water heater for leaks, no matter where they live. This is the last thing you'll want to repair during the cold months. You may also want to consider purchasing a hot water heater blanket. It's a $15 investment that will increase the heater's efficiency. If you live in an area known for very cold weather, you may have a problem with pipes freezing. This can be alleviated by wrapping the pipes that are most prone to freezing with heat tape, which can be purchased at any hardware store.
Lastly, if you've experienced serious weather issues in past years, you may want to prepare a comprehensive emergency kit for your home. It never hurts to be prepared.
Good luck on your projects... and have a happy and safe winter!
Need more tips on how to winterize your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Monday, October 4, 2010
4 Mortgages That Require Little Money Down
Written By Holden Lewis
Source: http://www.bankrate.com/
Provided By Shelley Dudley
Homebuyers with little money for a down payment are finding more home loans available for a low down payment or even no down payment.
These mortgages are becoming more commonplace even as the country recovers from a housing bust made worse by the popularity of low down-payment mortgages during the housing boom.
The Federal Housing Administration insures loans with small down payments. And private mortgage insurers have lowered their down payment requirements.
It's even possible to get a mortgage today with no money down. The nation's biggest credit union offers "zero-down" mortgages. The Veterans Administration and the Department of Agriculture guarantee home loans with no down payments.
Following are a few options for borrowers seeking low down-payment and zero down-payment home mortgages:
No down payment: VA loan
Veterans Affairs (formerly the Veterans Administration) guarantees no-down purchase mortgages for qualified veterans. Private lenders originate VA loans, which the VA guarantees. There is no mortgage insurance. The borrower pays a funding fee, which can be rolled into the loan amount.
The VA funding fee varies, depending on whether the veteran served in the regular military or in the Reserves or National Guard, and whether it's the veteran's first VA loan or a subsequent one. The funding fee can be as low as 2.15 percent or as high as 3.3 percent.
No down payment: Navy Federal
Navy Federal Credit Union, the nation's largest in assets and membership, offers 100 percent financing (up to $650,000) to qualified members for buying primary homes. Credit union eligibility is restricted to members of the military, some civilian employees of the military and U.S. Department of Defense, and family members.
Navy Federal resumed zero-down financing this year after a hiatus of a couple of years. Barbara Sheehan, Navy Federal's assistant vice president for mortgage products, says when members of the military are transferred, they sometimes own houses whose values have fallen, wiping out equity.
"Some people had to take losses to sell their houses, so to have to start over and save the money again for a down payment is really difficult," she says.
The credit union's zero-down program is similar to the VA's. One difference is cost: Navy Federal's funding fee of 1.75 percent is less than the VA's funding fees.
No down payment: Department of Agriculture
The Department of Agriculture's Rural Development mortgage guarantee program is so popular that it ran out of money this spring. Congress is expected to cough up more in time for summer homebuying season.
"That's the cat's meow, my favorite loan program," says Jeff Tufford, mortgage consultant for Monarch Mortgage Consulting, in Grand Blanc, Mich.
Some borrowers are surprised to find that Rural Development loans aren't confined to farmland.
"It's not all rural," Tufford says.
Grand Blanc is a suburb of Flint. There are nearby towns, such as Fenton and Davison, where "no one would walk there and say this is a rural area, but the USDA can do loans there."
The USDA has maps on its website that highlight eligible areas. In addition to geographical limits, the USDA program has restrictions on household income, and it's intended for first-time buyers, although there are exceptions.
The USDA mortgage comes from a bank, and there is no mortgage insurance. Instead, the USDA levies a 2 percent guarantee fee, which can be rolled into the loan amount.
Low down payment: Federal Housing Administration
The zero-down options listed above are restricted to limited groups of buyers. With a minimum down payment of 3.5 percent, the Federal Housing Administration is the low-down option that's available to the most people.
Today, about 30 percent of all home loan borrowers get FHA-insured loans, up from 3 percent during the housing boom. The FHA gained market share after many other low-down-payment options (such as piggyback loans) evaporated in the housing bust.
Losses to the insurance fund compelled the FHA to hike rates. The FHA charges an upfront premium of 2.25 percent of the mortgage amount. On a loan with the minimum down payment, there's an annual premium of 0.55 percent of the mortgage amount, or $550 a year for each $100,000 borrowed.
Another low-down-payment option
There is one more option for borrowers in the "low-down-payment" camp: A standard home loan with private mortgage insurance.
A number of companies offer private mortgage insurance for home loans with down payments of less than 20 percent. PMI is not the same thing as FHA insurance, a form of public mortgage insurance.
Typically, monthly private mortgage insurance costs more than FHA insurance for borrowers who put down 5 percent. However, PMI costs less than FHA for loans with down payments of 10 percent or more.
Private mortgage insurance has another edge over FHA: Under certain conditions, you can cancel PMI earlier -- as soon as two years after you get the loan, compared to a wait of at least five years to cancel FHA insurance.
PMI has become easier to get. From the start of the housing bust until just recently, mortgage insurers slapped a "declining market" label on the worst-hit housing markets and required minimum down payments of 10 percent or more, instead of the traditional minimum of 5 percent.
Now, at least some of the insurers have relaxed the requirements, even in hard-hit states such as Arizona, California, Florida, Nevada and Michigan.
"We'll do 5 percent down across the country," says Chris Antonello, senior vice president of marketing for Genworth, a mortgage insurer based in Raleigh, N.C.
Do you have real estate questions? Give the professionals a call at 972-772-7000 or email us at rockwall@kw.com.
Source: http://www.bankrate.com/
Provided By Shelley Dudley
Homebuyers with little money for a down payment are finding more home loans available for a low down payment or even no down payment.
These mortgages are becoming more commonplace even as the country recovers from a housing bust made worse by the popularity of low down-payment mortgages during the housing boom.
The Federal Housing Administration insures loans with small down payments. And private mortgage insurers have lowered their down payment requirements.
It's even possible to get a mortgage today with no money down. The nation's biggest credit union offers "zero-down" mortgages. The Veterans Administration and the Department of Agriculture guarantee home loans with no down payments.
Following are a few options for borrowers seeking low down-payment and zero down-payment home mortgages:
No down payment: VA loan
Veterans Affairs (formerly the Veterans Administration) guarantees no-down purchase mortgages for qualified veterans. Private lenders originate VA loans, which the VA guarantees. There is no mortgage insurance. The borrower pays a funding fee, which can be rolled into the loan amount.
The VA funding fee varies, depending on whether the veteran served in the regular military or in the Reserves or National Guard, and whether it's the veteran's first VA loan or a subsequent one. The funding fee can be as low as 2.15 percent or as high as 3.3 percent.
No down payment: Navy Federal
Navy Federal Credit Union, the nation's largest in assets and membership, offers 100 percent financing (up to $650,000) to qualified members for buying primary homes. Credit union eligibility is restricted to members of the military, some civilian employees of the military and U.S. Department of Defense, and family members.
Navy Federal resumed zero-down financing this year after a hiatus of a couple of years. Barbara Sheehan, Navy Federal's assistant vice president for mortgage products, says when members of the military are transferred, they sometimes own houses whose values have fallen, wiping out equity.
"Some people had to take losses to sell their houses, so to have to start over and save the money again for a down payment is really difficult," she says.
The credit union's zero-down program is similar to the VA's. One difference is cost: Navy Federal's funding fee of 1.75 percent is less than the VA's funding fees.
No down payment: Department of Agriculture
The Department of Agriculture's Rural Development mortgage guarantee program is so popular that it ran out of money this spring. Congress is expected to cough up more in time for summer homebuying season.
"That's the cat's meow, my favorite loan program," says Jeff Tufford, mortgage consultant for Monarch Mortgage Consulting, in Grand Blanc, Mich.
Some borrowers are surprised to find that Rural Development loans aren't confined to farmland.
"It's not all rural," Tufford says.
Grand Blanc is a suburb of Flint. There are nearby towns, such as Fenton and Davison, where "no one would walk there and say this is a rural area, but the USDA can do loans there."
The USDA has maps on its website that highlight eligible areas. In addition to geographical limits, the USDA program has restrictions on household income, and it's intended for first-time buyers, although there are exceptions.
The USDA mortgage comes from a bank, and there is no mortgage insurance. Instead, the USDA levies a 2 percent guarantee fee, which can be rolled into the loan amount.
Low down payment: Federal Housing Administration
The zero-down options listed above are restricted to limited groups of buyers. With a minimum down payment of 3.5 percent, the Federal Housing Administration is the low-down option that's available to the most people.
Today, about 30 percent of all home loan borrowers get FHA-insured loans, up from 3 percent during the housing boom. The FHA gained market share after many other low-down-payment options (such as piggyback loans) evaporated in the housing bust.
Losses to the insurance fund compelled the FHA to hike rates. The FHA charges an upfront premium of 2.25 percent of the mortgage amount. On a loan with the minimum down payment, there's an annual premium of 0.55 percent of the mortgage amount, or $550 a year for each $100,000 borrowed.
Another low-down-payment option
There is one more option for borrowers in the "low-down-payment" camp: A standard home loan with private mortgage insurance.
A number of companies offer private mortgage insurance for home loans with down payments of less than 20 percent. PMI is not the same thing as FHA insurance, a form of public mortgage insurance.
Typically, monthly private mortgage insurance costs more than FHA insurance for borrowers who put down 5 percent. However, PMI costs less than FHA for loans with down payments of 10 percent or more.
Private mortgage insurance has another edge over FHA: Under certain conditions, you can cancel PMI earlier -- as soon as two years after you get the loan, compared to a wait of at least five years to cancel FHA insurance.
PMI has become easier to get. From the start of the housing bust until just recently, mortgage insurers slapped a "declining market" label on the worst-hit housing markets and required minimum down payments of 10 percent or more, instead of the traditional minimum of 5 percent.
Now, at least some of the insurers have relaxed the requirements, even in hard-hit states such as Arizona, California, Florida, Nevada and Michigan.
"We'll do 5 percent down across the country," says Chris Antonello, senior vice president of marketing for Genworth, a mortgage insurer based in Raleigh, N.C.
Do you have real estate questions? Give the professionals a call at 972-772-7000 or email us at rockwall@kw.com.
Friday, October 1, 2010
TEXAS CITIES AMONG FASTEST GROWING
Provided By RECON
Source Austin Business Journal
Five Texas cities were among the nation's fastest growing between 2000 and 2009, according to revised U.S. Census Bureau population figures released Friday.
Houston ranked second in growth, adding 284,199 residents during the nine-year period. San Antonio ranked fourth with 213,752, Fort Worth fifth with 184,239, Austin ninth with 118,137 and Dallas 11th with 110,640.
New York City added 383,195 residents, the largest growth of any U.S. city.
The Census Bureau issued revised 2009 estimates for 19,507 cities, incorporated towns and similar communities. These figures are not the results of the 2010 census, which are scheduled for release next year.
Dallas is ranked the 11th fastest growing city in Texas. To find your perfect home and start "growing" with us, call 972-772-7000 or email us at rockwall@kw.com.
Source Austin Business Journal
Five Texas cities were among the nation's fastest growing between 2000 and 2009, according to revised U.S. Census Bureau population figures released Friday.
Houston ranked second in growth, adding 284,199 residents during the nine-year period. San Antonio ranked fourth with 213,752, Fort Worth fifth with 184,239, Austin ninth with 118,137 and Dallas 11th with 110,640.
New York City added 383,195 residents, the largest growth of any U.S. city.
The Census Bureau issued revised 2009 estimates for 19,507 cities, incorporated towns and similar communities. These figures are not the results of the 2010 census, which are scheduled for release next year.
Dallas is ranked the 11th fastest growing city in Texas. To find your perfect home and start "growing" with us, call 972-772-7000 or email us at rockwall@kw.com.
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