The mortgage industry is certainly under going many changes to help provide homebuyers better information when it comes to financing a home.We're providing this document to help you understand some of the new regulations and investor requirements that are taking effect - especially those that impact timelines. -Wells Fargo
First-Time Home Buyer Credit at a Glance
■ The tax credit is available for first-time home buyers (taxpayers who have not owned a principal residence in the three years prior to the date of purchase).
■ The credit is 10% of the cost of the home, not to exceed $7,500 ($8,000 for 2009). The credit is refundable, which means you'll receive it even if you don't owe any tax.
■ The credit is reduced for individuals with modified adjusted gross income (MAGI) between $75,000 - $95,000 ($150,000 - $170,000 if married filing jointly), and is eliminated for individuals with MAGI above those amounts.
■ Available for homes used as a principal residence and purchased on or after April 9, 2008 and before December 1, 2009.
■ For homes purchased in 2008, the taxpayer can claim the credit when filing the 2008 tax return.
■ For homes purchased on or after January 1, 2009 and before December 1, 2009, the taxpayer may claim the credit on a 2008 or in 2009 tax return.
■ The tax credit for a home purchased in 2008 is similar to an interest-free loan. It must be repaid over a 15 year period. Payments are made in 15 equal installments starting in 2010. Generally, the credit must be repaid sooner if the home is sold or no longer used as a principal residence before the 15-year period is up.
■ The credit for a home purchased in 2009 does not need to be repaid unless the taxpayer sells the home or stops using it as a principal residence within 3 years of purchase. This applies whether the taxpayer claims the credit in 2008 or 2009.
Tuesday, June 30, 2009
UPDATED MARKET REPORTS AVAILABLE ONLINE
COLLEGE STATION (Real Estate Center) – The 2009 Market Reports for all 25 Texas Metropolitan Statistical Areas (MSAs) are now available on the Real Estate Center's website.
NEW PLANS HELP NEW HOMEOWNERS USE TAX CREDIT
WASHINGTON (Nation's Building News) – The Texas Department of Housing and Community Affairs has introduced two loan programs designed to help first-time homebuyers apply the new $8,000 tax credit toward down payments and closing costs.
The 90-Day Down Payment Assistance Program and the Mortgage Advantage Program will allow consumers to receive a short-term loan before filing for and receiving the federal tax credit. Consumers can apply these loans toward down payments and closing costs.
Both programs provide assistance of up to 5 percent on the first lien mortgage, but the 90-day program maxes out at $7,000 while the Mortgage Advantage Program’s limit is $6,000.
Repayment times also vary for the two programs, at 90 days and 120 days, respectively.
More information about these programs is available at the Texas Department of Housing and Community Affairs' website.
The 90-Day Down Payment Assistance Program and the Mortgage Advantage Program will allow consumers to receive a short-term loan before filing for and receiving the federal tax credit. Consumers can apply these loans toward down payments and closing costs.
Both programs provide assistance of up to 5 percent on the first lien mortgage, but the 90-day program maxes out at $7,000 while the Mortgage Advantage Program’s limit is $6,000.
Repayment times also vary for the two programs, at 90 days and 120 days, respectively.
More information about these programs is available at the Texas Department of Housing and Community Affairs' website.
You can get your tax credit now
The following article appeared on the TexasRealEstate.com website:
You can get your tax credit now
By MARTY KRAMER, Consumer columnist
The U.S. Department of Housing and Urban Development is making it possible to monetize the $8,000 tax credit available to first-time homebuyers. Big whoop, right? What does that even mean?
That’s the problem with words like monetize. You hear it, probably have an idea of its definition, but don’t really understand what it means regarding the tax credit. If the tax credit isn’t about money, then what good is it anyway?
Here’s the deal. The tax credit was rolled out as exactly that: a credit on your federal income tax (or a payment to you if the credit amount exceeds your tax liability). From the start, Texas REALTORS® and homebuyers asked if there was some way to immediately apply that money to the downpayment of the home rather than wait for a “rebate” on your tax return. The answer was no.
“Monetizing the tax credit” is equivalent to changing the answer from no to yes.
This is great news if you’re a first-timer looking to purchase a home. HUD has given instructions to lenders about how buyers can use the credit as part of their downpayment of an FHA-insured home. Buyers must still come up with at least a 3.5% downpayment, which can be a gift from a family member, employer, or nonprofit, charitable organization.
You can use the money to increase your downpayment or pay for normal closing costs. HUD also has instructed that any fees associated with monetizing the tax credit not be excessive. The agency defines this as fees of no more than 2.5% of the anticipated credit. So if you qualify for the maximum $8,000 credit, the fees associated with making that money available at closing could be no more than $200.
Here’s HUD’s news release on the program. The way it actually works is that FHA-approved mortgagees and other qualified entities can buy your tax credit. You get the money now, the lender charges a reasonable fee, and you get thousands of dollars to apply to your home purchase. There are still some details being worked out before lenders in Texas offer this option. When the program is in place in our state, your Texas REALTOR® will be an excellent resource to help you with this and other aspects of your home purchase. Keep in mind that the tax credit is available only until Nov. 30, 2009. After that, there won’t be anything available for you to monetize.
You can get your tax credit now
By MARTY KRAMER, Consumer columnist
The U.S. Department of Housing and Urban Development is making it possible to monetize the $8,000 tax credit available to first-time homebuyers. Big whoop, right? What does that even mean?
That’s the problem with words like monetize. You hear it, probably have an idea of its definition, but don’t really understand what it means regarding the tax credit. If the tax credit isn’t about money, then what good is it anyway?
Here’s the deal. The tax credit was rolled out as exactly that: a credit on your federal income tax (or a payment to you if the credit amount exceeds your tax liability). From the start, Texas REALTORS® and homebuyers asked if there was some way to immediately apply that money to the downpayment of the home rather than wait for a “rebate” on your tax return. The answer was no.
“Monetizing the tax credit” is equivalent to changing the answer from no to yes.
This is great news if you’re a first-timer looking to purchase a home. HUD has given instructions to lenders about how buyers can use the credit as part of their downpayment of an FHA-insured home. Buyers must still come up with at least a 3.5% downpayment, which can be a gift from a family member, employer, or nonprofit, charitable organization.
You can use the money to increase your downpayment or pay for normal closing costs. HUD also has instructed that any fees associated with monetizing the tax credit not be excessive. The agency defines this as fees of no more than 2.5% of the anticipated credit. So if you qualify for the maximum $8,000 credit, the fees associated with making that money available at closing could be no more than $200.
Here’s HUD’s news release on the program. The way it actually works is that FHA-approved mortgagees and other qualified entities can buy your tax credit. You get the money now, the lender charges a reasonable fee, and you get thousands of dollars to apply to your home purchase. There are still some details being worked out before lenders in Texas offer this option. When the program is in place in our state, your Texas REALTOR® will be an excellent resource to help you with this and other aspects of your home purchase. Keep in mind that the tax credit is available only until Nov. 30, 2009. After that, there won’t be anything available for you to monetize.
Tuesday, June 23, 2009
TEXAS WORKERS MORE CONFIDENT
TEXAS (Austin Business Journal) – The Texas Employee Confidence Index increased for the third month in a row, according to the Spherion Employment Report.
The index rose three points to 53.8 in May.
Report findings include:
• Thirty-two percent of workers believe the economy is getting weaker (down from 42 percent in April).
• Fifty-eight percent of workers believe fewer jobs are available (down from 70 percent in April).
• Fifty percent of workers are confident in their ability to find a new job (up from 45 percent in April).
The index rose three points to 53.8 in May.
Report findings include:
• Thirty-two percent of workers believe the economy is getting weaker (down from 42 percent in April).
• Fifty-eight percent of workers believe fewer jobs are available (down from 70 percent in April).
• Fifty percent of workers are confident in their ability to find a new job (up from 45 percent in April).
Monday, June 22, 2009
NEW LISTING: 4BR/3BA Single Family House
Check out Shin Oak Realty's newest listing!
For Sale: 4BR/3BA Single Family House in Liberty Hill, TX, $439,900
Shared via AddThis
For Sale: 4BR/3BA Single Family House in Liberty Hill, TX, $439,900
Shared via AddThis
TEXAS QUICK TO BOUNCE BACK FROM RECESSION
TEXAS QUICK TO BOUNCE BACK FROM RECESSION, FORBES SAYS
WASHINGTON (Forbes) – Several Texas cities are poised for a quick recovery from the national recession, according to Forbes.
Austin–Round Rock ranked first on the magazine’s recent list of ten cities most likely to bounce back quickly.
Meanwhile, San Antonio ranked fifth, Dallas–Fort Worth–Arlington seventh and McAllen-Edinburg-Mission ninth.
To compile its list, Forbes looked at estimates from Moody's Economy.com of the projected gross domestic product of metropolitan areas across the United States, as well as unemployment figures from the Bureau of Labor Statistics and home prices, incomes and affordability data from the National Association of Home Builders.
Forbes also put together a list of ten worst cities for recession recovery. No Texas cities made that list.
WASHINGTON (Forbes) – Several Texas cities are poised for a quick recovery from the national recession, according to Forbes.
Austin–Round Rock ranked first on the magazine’s recent list of ten cities most likely to bounce back quickly.
Meanwhile, San Antonio ranked fifth, Dallas–Fort Worth–Arlington seventh and McAllen-Edinburg-Mission ninth.
To compile its list, Forbes looked at estimates from Moody's Economy.com of the projected gross domestic product of metropolitan areas across the United States, as well as unemployment figures from the Bureau of Labor Statistics and home prices, incomes and affordability data from the National Association of Home Builders.
Forbes also put together a list of ten worst cities for recession recovery. No Texas cities made that list.
PERRY MOVES TO PROTECT LANDOWNERS
AUSTIN (Austin Business Journal) – Governor Perry signed legislation yesterday that will protect Texas landowners from eminent domain.
If approved by voters in November, House Joint Resolution 14 will establish greater protections for property owners by including landowner rights in the Texas Constitution.
"Land ownership is an essential part of Texas' culture, and we owe it to our citizens to protect their rights as landowners and members of the community from government entities that overstep their bounds and abuse eminent domain," Perry said.
The resolution will require two-thirds of all house members to approve any request granting eminent domain authority to a party.
The bill will also prevent government entities from labeling a neighborhood as “blighted” without taking into account each individual property.
If approved by voters in November, House Joint Resolution 14 will establish greater protections for property owners by including landowner rights in the Texas Constitution.
"Land ownership is an essential part of Texas' culture, and we owe it to our citizens to protect their rights as landowners and members of the community from government entities that overstep their bounds and abuse eminent domain," Perry said.
The resolution will require two-thirds of all house members to approve any request granting eminent domain authority to a party.
The bill will also prevent government entities from labeling a neighborhood as “blighted” without taking into account each individual property.
TEXAS RANKS FIRST FOR BUSINESS
TEXAS (Austin Business Journal) – Texas stands out as the top state for business, according to Directorship magazine.
Texas "has a pro-business tax climate that ranks third, a low cost of living, a relatively solid economy and a litigation environment that ranks tenth on our list," the magazine reported. "Texas also ranks first in the number of Fortune 500 companies located there."
Major corporate relocations and expansions such as Comerica's move to Dallas and Caterpillar's new plant in Seguin were highlighted as reasons for Texas' ranking.
Directorship evaluated states' overall economies, tax climates, cost of living and education to determine rankings.
Texas "has a pro-business tax climate that ranks third, a low cost of living, a relatively solid economy and a litigation environment that ranks tenth on our list," the magazine reported. "Texas also ranks first in the number of Fortune 500 companies located there."
Major corporate relocations and expansions such as Comerica's move to Dallas and Caterpillar's new plant in Seguin were highlighted as reasons for Texas' ranking.
Directorship evaluated states' overall economies, tax climates, cost of living and education to determine rankings.
Tuesday, June 16, 2009
10 Cities Most Likely to Bounce Back Quickly
Some cities are likely to recover more quickly from the housing downturn than others. Forbes magazine has identified the top 10 cities that it believes are poised for recovery by examining unemployment figures, projected gross domestic product from Moody’s Economy.com, and housing affordability data from the National Association of Home Builders.
Overall, cities most likely to recover first are those with strong technology capabilities.
Here is Forbes’ top 10:
1. Austin-Roundrock, Texas
2. Fayetteville-Springdale-Rogers, Ark.
3. Boulder, Colo.
4. Huntsville, Ala.
5. San Antonio, Texas
6. Mobile, Ala.
7. Dallas-Fort Worth-Arlington, Texas
8. Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va.
9. McAllen-Edinburg-Mission, Texas
10. Seattle-Tacoma-Bellevue, Wash.
Source: Forbes, Joshua Zumbrun (6/10/09)
Overall, cities most likely to recover first are those with strong technology capabilities.
Here is Forbes’ top 10:
1. Austin-Roundrock, Texas
2. Fayetteville-Springdale-Rogers, Ark.
3. Boulder, Colo.
4. Huntsville, Ala.
5. San Antonio, Texas
6. Mobile, Ala.
7. Dallas-Fort Worth-Arlington, Texas
8. Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va.
9. McAllen-Edinburg-Mission, Texas
10. Seattle-Tacoma-Bellevue, Wash.
Source: Forbes, Joshua Zumbrun (6/10/09)
Monday, June 15, 2009
MORE THAN ONE WAY TO LOSE YOUR HOME
I came accross this article & felt it was worth passing it on. In my many years of Real Estate, I have seen many, many homeowners get behind on their HOA dues, etc. and never realized the seriousness of a simple HOA fee...
IRVING (Associated Press) – A growing number of homeowners who are current on their mortgages are discovering there are other ways to lose their homes.
Falling behind on homeowner association dues, for example.
Many homeowners are learning that condo and neighborhood associations may have the right to foreclose when dues are not paid. In fact, that right is often written into the purchase agreement signed by the homeowner.
According to Dallas-based Foreclosure Listing Services, foreclosure attempts initiated by homeowner associations in 19 Texas counties are up 30 percent from two years ago.
In the San Antonio area alone, foreclosure actions by homeowner associations jumped from 21 in April 2008 to 170 a year later, according to RexReport.com.
More than 59 million people live in more than 300,000 association-governed communities nationwide, according to the Community Associations Institute, the nation's largest group for homeowners and condo boards.
To learn more about what homeowner associations can and can't do under state law, read Judon Fambrough’s Tierra Grande article “Legislature Limits POA Power.”
IRVING (Associated Press) – A growing number of homeowners who are current on their mortgages are discovering there are other ways to lose their homes.
Falling behind on homeowner association dues, for example.
Many homeowners are learning that condo and neighborhood associations may have the right to foreclose when dues are not paid. In fact, that right is often written into the purchase agreement signed by the homeowner.
According to Dallas-based Foreclosure Listing Services, foreclosure attempts initiated by homeowner associations in 19 Texas counties are up 30 percent from two years ago.
In the San Antonio area alone, foreclosure actions by homeowner associations jumped from 21 in April 2008 to 170 a year later, according to RexReport.com.
More than 59 million people live in more than 300,000 association-governed communities nationwide, according to the Community Associations Institute, the nation's largest group for homeowners and condo boards.
To learn more about what homeowner associations can and can't do under state law, read Judon Fambrough’s Tierra Grande article “Legislature Limits POA Power.”
TEXAS CITIES WITH 'NEXT GEN' APPEAL
TEXAS (San Antonio Express-News, Next Generation Consulting) – Four Texas cities are among the top places in the nation for young professionals to live and work, according to a list released yesterday by Next Generation Consulting (NGC).
On NGC's "Next Cities" list, Austin ranked sixth among cities with populations greater than 500,000. San Antonio landed 17th and Houston 20th. Lubbock ranked 16th among cities with populations of 200,000 to 500,000.
To compile the rankings, NGC analyzed 45 categories for all U.S. cities with more than 100,000 people. Among those categories were earning, learning, vitality, around town, after hours, cost of lifestyle and social capital.
"Simply being the cheapest place to live, or the city with the most jobs, is not a long-term workforce strategy," said NGC founder Rebecca Ryan. "The next generation is very savvy about choosing where they'll live."
On NGC's "Next Cities" list, Austin ranked sixth among cities with populations greater than 500,000. San Antonio landed 17th and Houston 20th. Lubbock ranked 16th among cities with populations of 200,000 to 500,000.
To compile the rankings, NGC analyzed 45 categories for all U.S. cities with more than 100,000 people. Among those categories were earning, learning, vitality, around town, after hours, cost of lifestyle and social capital.
"Simply being the cheapest place to live, or the city with the most jobs, is not a long-term workforce strategy," said NGC founder Rebecca Ryan. "The next generation is very savvy about choosing where they'll live."
Friday, June 12, 2009
TEXAS' CLEAN SWEEP
AUSTIN (Austin American-Statesman) – Texas received high marks as a clean-energy state in a recent study by Pew Charitable Trusts.
According to the study, Texas ranked second to California in the number of businesses and jobs tied to clean energy in 2007.
Pew researchers counted 68,200 businesses and 770,000 jobs across the United States. Of those, 4,802 businesses and 55,646 jobs were here.
The state also ranked third in clean-energy venture investments and fourth in clean-energy patents.
"Texas is a leader in the clean-energy economy and a strong national performer," said Kil Huh, who led the study. "Texas is the sixth-largest producer of wind energy in the world. The state's clean-energy economy is poised for incredible growth."
According to the study, Texas ranked second to California in the number of businesses and jobs tied to clean energy in 2007.
Pew researchers counted 68,200 businesses and 770,000 jobs across the United States. Of those, 4,802 businesses and 55,646 jobs were here.
The state also ranked third in clean-energy venture investments and fourth in clean-energy patents.
"Texas is a leader in the clean-energy economy and a strong national performer," said Kil Huh, who led the study. "Texas is the sixth-largest producer of wind energy in the world. The state's clean-energy economy is poised for incredible growth."
Thursday, June 11, 2009
Can’t keep up with your mortgage payments? Here’s help
If you’re falling behind on your mortgage, you shouldn’t wait to act. But you need not pay anyone to fix things on your behalf, either. Free help is available at MakingHomeAffordable.gov.
You can get your tax credit now
By MARTY KRAMER, Consumer columnist
The U.S. Department of Housing and Urban Development is making it possible to monetize the $8,000 tax credit available to first-time homebuyers. Big whoop, right? What does that even mean?
That’s the problem with words like monetize. You hear it, probably have an idea of its definition, but don’t really understand what it means regarding the tax credit. If the tax credit isn’t about money, then what good is it anyway?
Here’s the deal. The tax credit was rolled out as exactly that: a credit on your federal income tax (or a payment to you if the credit amount exceeds your tax liability). From the start, Texas REALTORS® and homebuyers asked if there was some way to immediately apply that money to the downpayment of the home rather than wait for a “rebate” on your tax return. The answer was no.
“Monetizing the tax credit” is equivalent to changing the answer from no to yes.
This is great news if you’re a first-timer looking to purchase a home. HUD has given instructions to lenders about how buyers can use the credit as part of their downpayment of an FHA-insured home. Buyers must still come up with at least a 3.5% downpayment, which can be a gift from a family member, employer, or nonprofit, charitable organization.
You can use the money to increase your downpayment or pay for normal closing costs. HUD also has instructed that any fees associated with monetizing the tax credit not be excessive. The agency defines this as fees of no more than 2.5% of the anticipated credit. So if you qualify for the maximum $8,000 credit, the fees associated with making that money available at closing could be no more than $200.
Here’s HUD’s news release on the program. The way it actually works is that FHA-approved mortgagees and other qualified entities can buy your tax credit. You get the money now, the lender charges a reasonable fee, and you get thousands of dollars to apply to your home purchase. There are still some details being worked out before lenders in Texas offer this option. When the program is in place in our state, your Texas REALTOR® will be an excellent resource to help you with this and other aspects of your home purchase. Keep in mind that the tax credit is available only until Nov. 30, 2009. After that, there won’t be anything available for you to monetize.
The U.S. Department of Housing and Urban Development is making it possible to monetize the $8,000 tax credit available to first-time homebuyers. Big whoop, right? What does that even mean?
That’s the problem with words like monetize. You hear it, probably have an idea of its definition, but don’t really understand what it means regarding the tax credit. If the tax credit isn’t about money, then what good is it anyway?
Here’s the deal. The tax credit was rolled out as exactly that: a credit on your federal income tax (or a payment to you if the credit amount exceeds your tax liability). From the start, Texas REALTORS® and homebuyers asked if there was some way to immediately apply that money to the downpayment of the home rather than wait for a “rebate” on your tax return. The answer was no.
“Monetizing the tax credit” is equivalent to changing the answer from no to yes.
This is great news if you’re a first-timer looking to purchase a home. HUD has given instructions to lenders about how buyers can use the credit as part of their downpayment of an FHA-insured home. Buyers must still come up with at least a 3.5% downpayment, which can be a gift from a family member, employer, or nonprofit, charitable organization.
You can use the money to increase your downpayment or pay for normal closing costs. HUD also has instructed that any fees associated with monetizing the tax credit not be excessive. The agency defines this as fees of no more than 2.5% of the anticipated credit. So if you qualify for the maximum $8,000 credit, the fees associated with making that money available at closing could be no more than $200.
Here’s HUD’s news release on the program. The way it actually works is that FHA-approved mortgagees and other qualified entities can buy your tax credit. You get the money now, the lender charges a reasonable fee, and you get thousands of dollars to apply to your home purchase. There are still some details being worked out before lenders in Texas offer this option. When the program is in place in our state, your Texas REALTOR® will be an excellent resource to help you with this and other aspects of your home purchase. Keep in mind that the tax credit is available only until Nov. 30, 2009. After that, there won’t be anything available for you to monetize.
Monday, June 8, 2009
Williamson County Stats
I receive Stats on Williamson County from the Williamson County Assoc. of REALTORS each week, and I wanted to pass along this chart so you can see for your self how the market compares to last year. If you would like further explanation or information, please do not hesitate to call me at 512.515.6565 or my cell at 512.635.0404. Have a great evening!
Saturday, June 6, 2009
AUSTIN: 2025
AUSTIN (Austin Business Journal) – The population of the Austin metro area is projected to grow by more than 2.7 million by 2025, according to an analysis by bizjournals.
Austin's projected growth rate ranks fifth among 250 U.S. metros studied.
Bizjournals forecasts an 87 percent growth rate from the area's 2005 estimated population of 1.5 million to a 2025 projected population of 2.7 million, giving it the highest growth rate of any Texas city.
The McAllen-Edinburg area is projected to be the second-fastest growing area in Texas with an estimated 56 percent growth in population.
Among other Texas cities:
• Dallas–Fort Worth — 50 percent increase to 8.8 million
• Houston — 48 percent increase to 7.9 million
• San Antonio — 41 percent increase to 2.7 million
Austin's projected growth rate ranks fifth among 250 U.S. metros studied.
Bizjournals forecasts an 87 percent growth rate from the area's 2005 estimated population of 1.5 million to a 2025 projected population of 2.7 million, giving it the highest growth rate of any Texas city.
The McAllen-Edinburg area is projected to be the second-fastest growing area in Texas with an estimated 56 percent growth in population.
Among other Texas cities:
• Dallas–Fort Worth — 50 percent increase to 8.8 million
• Houston — 48 percent increase to 7.9 million
• San Antonio — 41 percent increase to 2.7 million
AUSTIN: 2025
AUSTIN (Austin Business Journal) – The population of the Austin metro area is projected to grow by more than 2.7 million by 2025, according to an analysis by bizjournals.
Austin's projected growth rate ranks fifth among 250 U.S. metros studied.
Bizjournals forecasts an 87 percent growth rate from the area's 2005 estimated population of 1.5 million to a 2025 projected population of 2.7 million, giving it the highest growth rate of any Texas city.
The McAllen-Edinburg area is projected to be the second-fastest growing area in Texas with an estimated 56 percent growth in population.
Among other Texas cities:
• Dallas–Fort Worth — 50 percent increase to 8.8 million
• Houston — 48 percent increase to 7.9 million
• San Antonio — 41 percent increase to 2.7 million
Austin's projected growth rate ranks fifth among 250 U.S. metros studied.
Bizjournals forecasts an 87 percent growth rate from the area's 2005 estimated population of 1.5 million to a 2025 projected population of 2.7 million, giving it the highest growth rate of any Texas city.
The McAllen-Edinburg area is projected to be the second-fastest growing area in Texas with an estimated 56 percent growth in population.
Among other Texas cities:
• Dallas–Fort Worth — 50 percent increase to 8.8 million
• Houston — 48 percent increase to 7.9 million
• San Antonio — 41 percent increase to 2.7 million
You can help market your home
Most REALTORS® will tell you that marketing is one of the keys to a successful home sale. Market the home effectively, and it’ll sell sooner. Spend less time on marketing, and the house may sit vacant for some time.
Although your Texas REALTOR® will be handling the bulk of the marketing, including the for sale sign, fliers, and open houses, there are a few things you can do on your own. Consider the opportunities you have to network. Tell your family, friends, neighbors, and co-workers that you’re selling your home in a great neighborhood — just in case they know someone who’s moving or otherwise looking. You never know what might happen. Your enthusiasm and ability to network may help drum up.
Although your Texas REALTOR® will be handling the bulk of the marketing, including the for sale sign, fliers, and open houses, there are a few things you can do on your own. Consider the opportunities you have to network. Tell your family, friends, neighbors, and co-workers that you’re selling your home in a great neighborhood — just in case they know someone who’s moving or otherwise looking. You never know what might happen. Your enthusiasm and ability to network may help drum up.
AUSTIN LEADS IN BIG-CITY JOB GROWTH
AUSTIN (Austin American-Statesman) – The Austin area stood out for the third month in a row as the nation's strongest job market among big cities, according to data released Wednesday by the Bureau of Labor Statistics.
Among the 38 metro areas with a workforce of at least 750,000, only Austin gained jobs from April 2008 to April 2009.
The area posted a 0.4 percent gain, adding a total of 3,400 jobs and bringing the regional job count to 781,400.
Midland and Odessa also posted gains of 2.2 percent and 2.9 percent, respectively.
Among the 38 metro areas with a workforce of at least 750,000, only Austin gained jobs from April 2008 to April 2009.
The area posted a 0.4 percent gain, adding a total of 3,400 jobs and bringing the regional job count to 781,400.
Midland and Odessa also posted gains of 2.2 percent and 2.9 percent, respectively.
Thursday, June 4, 2009
NEW LISTING! 333 Mustang Mesa, LH
Shin Oak Realty just listed this beautiful 4 bedroom home on 4.48 acres. The property is located in the gated community of Sundance Ranch, just minutes North from the heart of Liberty Hill.
Also, included in the sale is a 32'x80' metal building, fully insulated with 2 over head garage doors. This shop is a hobbist's dream!
The home offers a spacious kitchen with large center island, granit countertops, built-in oven, pantry and breakfast nook. Master bedroom is located in the first floors and offers access to the screened in sun porch and sizeable master bath with garden tub and walk-in shower.
For additional information or to schedule a tour of this home, please contact our office at 512-515-6565.
Tuesday, June 2, 2009
$8,000 HOMEBUYER INCENTIVE AVAILABLE IN ADVANCE
NEW YORK (CNNMoney.com) – The U.S. Department of Housing and Urban Development (HUD) announced Friday that its $8,000 incentive for first-time homebuyers has been tweaked from a refund at tax time to cash made available for assistance on down payments or closing costs.
The mechanics of the new program, according to National Association of Home Builders economist Robert Dietz, allow lenders to purchase tax credits from the buyers and then collect the rebate from the IRS.
Homebuyers must still come up with the Federal Housing Administration's mandatory down payment of 3.5 percent on their own, but they can use the tax credit to lower their principal balance and save on monthly payments.
"Families will now be able to apply their anticipated tax credit toward their home purchase right away,” said HUD secretary Shaun Donovan. “What we're doing will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing."
The mechanics of the new program, according to National Association of Home Builders economist Robert Dietz, allow lenders to purchase tax credits from the buyers and then collect the rebate from the IRS.
Homebuyers must still come up with the Federal Housing Administration's mandatory down payment of 3.5 percent on their own, but they can use the tax credit to lower their principal balance and save on monthly payments.
"Families will now be able to apply their anticipated tax credit toward their home purchase right away,” said HUD secretary Shaun Donovan. “What we're doing will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing."
HURRICANE DANGERS COULD INCREASE, STUDY SHOWS
I thought this article was intersting, even thought it does not directly effect our local real estate market.
GALVESTON (Associated Press) – Hurricane-related flooding and damage along the Texas coast is expected to be more severe in the coming years thanks to the effects of global warming, according to a study released yesterday by Texas A&M University researchers.
Engineering researchers with the university used Corpus Christi to illustrate how climate change will impact hurricane-related flooding and storm surge damage along the Texas coast.
The study projected that rising sea levels and more intense hurricanes from global warming will increase structural damage to homes and buildings in Corpus Christi by 60 to 100 percent in about 20 years and by more than 250 percent by the 2080s.
This would translate into projected damage increases of between $100 million and $250 million in around 20 years and between $250 million and more than $1 billion by the 2080s.
Jennifer Irish, an assistant professor of Coastal and Ocean Engineering at Texas A&M University in College Station, said such damage could happen anywhere along the Texas coast and even the rest of the U.S. Gulf Coast.
The study was funded by the National Commission on Energy Policy, a nonprofit group based in Washington, D.C.
GALVESTON (Associated Press) – Hurricane-related flooding and damage along the Texas coast is expected to be more severe in the coming years thanks to the effects of global warming, according to a study released yesterday by Texas A&M University researchers.
Engineering researchers with the university used Corpus Christi to illustrate how climate change will impact hurricane-related flooding and storm surge damage along the Texas coast.
The study projected that rising sea levels and more intense hurricanes from global warming will increase structural damage to homes and buildings in Corpus Christi by 60 to 100 percent in about 20 years and by more than 250 percent by the 2080s.
This would translate into projected damage increases of between $100 million and $250 million in around 20 years and between $250 million and more than $1 billion by the 2080s.
Jennifer Irish, an assistant professor of Coastal and Ocean Engineering at Texas A&M University in College Station, said such damage could happen anywhere along the Texas coast and even the rest of the U.S. Gulf Coast.
The study was funded by the National Commission on Energy Policy, a nonprofit group based in Washington, D.C.
Monday, June 1, 2009
Help for homeowners
The American Recovery and Reinvestment Act has several provisions to help Texans facing foreclosure or unaffordable loan payments.
I have several PDF's on this topic that I can provide on this topic. Please just email me at Candice@ShinOakRealty.com and I will be happy to send them your way.
I have several PDF's on this topic that I can provide on this topic. Please just email me at Candice@ShinOakRealty.com and I will be happy to send them your way.
Home buying today - focus on value
I ran this article in my e-newsletter this month. If you are interested in receiving my e-newsletter once a month, please just let me know at candice@shinoakrealty.com
With home prices down and the number of properties for sales high in many parts of the country there have been a lot of articles and blog posts about now being a great time to buy. While the consensus is that it is indeed a great time to buy a home, it is important to maximize value when making the purchase.
While many articles focus on price, pointing to an example home used to be priced at $200,000 and now can be purchased for $180,000, they are missing the point of finding value. While saving $20,000 on the purchase is great, consider whether that $20,000 could be used more effectively another way. Would spending that money allow the purchase of a similar home in a "better" neighborhood, a larger home, or a home with better amenities like a 2+ car garage, walk in closets, or central air conditioning?
Remember that buying a home in a down market should be about getting the best value for your money, not necessarily the lowest price. After all, home prices will go up again, and the homes that will appreciate the quickest, and have the highest values are the ones that are in the most desirable neighborhoods, with the most sought-after features. Purchasing a home in this buyers market provides an opportunity not only to enjoy a new home today, but to reap the rewards of appreciating values in the years to come.
With home prices down and the number of properties for sales high in many parts of the country there have been a lot of articles and blog posts about now being a great time to buy. While the consensus is that it is indeed a great time to buy a home, it is important to maximize value when making the purchase.
While many articles focus on price, pointing to an example home used to be priced at $200,000 and now can be purchased for $180,000, they are missing the point of finding value. While saving $20,000 on the purchase is great, consider whether that $20,000 could be used more effectively another way. Would spending that money allow the purchase of a similar home in a "better" neighborhood, a larger home, or a home with better amenities like a 2+ car garage, walk in closets, or central air conditioning?
Remember that buying a home in a down market should be about getting the best value for your money, not necessarily the lowest price. After all, home prices will go up again, and the homes that will appreciate the quickest, and have the highest values are the ones that are in the most desirable neighborhoods, with the most sought-after features. Purchasing a home in this buyers market provides an opportunity not only to enjoy a new home today, but to reap the rewards of appreciating values in the years to come.
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