Real Estate Information Archive
Blog
Displaying blog entries 141-150 of 151
North TX Market - Home Sales up 29% - Foreclosures Down 10%
A strengthening market and low financing costs have propped up home sales for the region.
According to the Real Estate Center, home sales for North Texas climbed 29 percent in October, the largest year-over-year sales increase of pre-owned homes in more than three years. Pending sales are also up 20 percent compared with a year ago, signaling a strong finish to the year.
The biggest year-over-year sales increases were found in North Dallas (79 percent), northeast Dallas (71 percent) and Far North Dallas and Coppell (59 percent).
You can read a related article by- Steve Brown - Real Estate Editor - DallasNews.com
For market statistics broken down by area, please try - www.DFWHomeTrends.com
Have Questions about your neighborhood or your home's value - please give me a call:
Christie Cannon - 469-951-9588 www.christiecannon.com
Stimulus Bill Affects Tax Credits for Energy Efficient Improvements
How has the new Stimulus bill affected the tax credits for energy efficient home improvements?
On February 17, 2009, President Obama signed a stimulus bill (The American Recovery and Reinvestment Act of 2009) that made some significant changes to the energy efficiency tax credits. The highlights are:
- The tax credits that were previously effective for 2009, have been extended to 2010 as well.
- The tax credit has been raised from 10% to 30%.
- The tax credits that were for a specific dollar amount (ex $300 for a CAC), have been converted to 30% of the cost.
- The maximum credit has been raised from $500 to $1500 for the two years (2009–2010). However, some improvements such as geothermal heat pumps, solar water heaters, and solar panels are not subject to the $1,500 maximum.
- The $200 cap on windows has been removed
First-Time Home Buyer Tax Credits UPDATED - February 2009
The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.
- The tax credit is for first-time home buyers only.
- The tax credit does not have to be repaid.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit
First Time Home Buyer Tax Credit Frequently Asked Questions can be found here.
$7500 First Time Home Buyer Credit
Some of the details include:
Homebuyer Tax Credit
Buy a home and you get a tax break! As part of the Housing and Economic Recovery Act of 2008, a First time Homebuyer Tax Credit is now available. But this special tax break ends in mid
-2009. A homebuyer tax credit has been available for first-time homebuyers in Washington, D.C. for many years, and now first-time homebuyers nationwide can take advantage of a similar benefit. In this brochure we’ll discuss some of the provisions of the credit and explain how to use it.Am I Eligible?
First
How does it work?
-time homebuyers who purchase a principle residence on April 9, 2008 and before July 1, 2009 are eligible. If you (and your spouse, if married) have not owned your principle residence for a 3-year period before your purchase, and you have never taken advantage of the DC first-time homebuyer credit, you qualify as a first-time homebuyer.Like all tax credits, it will directly reduce the total amount of taxes you owe. When you file your taxes,for the year you purchased your home (2008 or 2009), you will be able to subtract the amount of thecredit from your Federal income tax liability, increasing the size of your refund or reducing the amount you owe. For example, you file your ‘normal’ tax return and find that you owe $2,000 in taxes. With this credit, your tax liability could be lowered by $7,500—which means, you instead get a $5,500 tax REFUND check from IRS.
Detailed information from Realtor.com
Addtional Information from the National Association of Home Builders
Housing: Best Time to Buy in Four Years
Housing: Best Time to Buy in Four Years
by Les Christie
Tuesday, March 4, 2008 provided by CNN-Money
It may be the best time to buy a house in more than four years.
Home prices have dropped so quickly and so far that valuations - the difference between what a home should cost and its actual price - are the lowest they've been since 2004, according to a report.
The Cleveland-based bank National City Corp., together with financial analysis firm Global Insight, revealed Tuesday that more than 88% of the 330 housing markets surveyed showed price declines and improved affordability during the last three months of 2007.
"Housing valuations are almost back to long-term norms," said National City's chief economist, Richard DeKaser. He called current affordability "the best in the past four years."
But DeKaser cautioned that home prices could fall even further.
"This isn't to say home price declines are over," he said. "We could move below historic norms. By the end of 2008, housing markets could be broadly under valued."
Prices still improving
There are still 21 housing markets, or 6% of those surveyed, that are severely over valued, including Atlantic City and Madera, Calif. That's down from 56 overvalued markets at the peak of the housing bubble in 2006.
The report compares actual median home prices with what the authors determine are proper home values based on population density, relative income levels and interest rates, as well as historically observed market premiums or discounts, to determine whether markets are over or under valued.
The report also factors in market intangibles that make some areas more desirable places to live, and more expensive.
"Declines are no longer confined to once-frothy markets," said DeKaser.
The survey covered home valuations during the last three months of 2007, but DeKaser pointed out there's reason to believe that valuations are even more favorable for buyers today.
Price declines have continued into 2008 and interest rates, although they have inched up lately, have been steady or lower compared to late last year. There have even been wage gains; personal income rose 0.5% in December. Soaring foreclosure rates have added inventory to many housing markets, depressing home prices further.
The biggest gains in affordability occurred in California, Michigan and Florida, which are areas that have also been some of the hardest hit by foreclosures. Those states registered 43 of the 50 biggest price declines.
Bend, Ore. currently tops the overvaluation list. Home prices there were judged to be about 59% higher than their fair-market value. Miami, despite a median home price decline of 5.7% last year, is the most overvalued big city, by 44%.
All the best bargains were found in Louisiana and Texas. Houses in Houma, La. were under valued by 31.2%, according to the report. Dallas was the most undervalued big city, by 30%.
Understanding the New Conforming Loan Limits in Our Area Dallas, Texas
We have seen a whirlwind of legislative activity these past few weeks! There is much confusion surrounding the recently passed Economic Stimulus Package and higher loan limits. Unfortunately, the new law can be confusing to decipher, and not everyone will benefit. For this reason, we have provided an outline below that clarifies what this new law means for you and how you can benefit from the higher loan limits.
Description and Overview:
An economic stimulus package just passed Congress on
How to Determine "High Cost" Areas
There are two things you must know in order to determine if you are in a high cost area:
1. Understanding the Formula
If 125% of the local area median home price exceeds $417,000, the temporary loan limit would be that 125% of the median home price with a cap of $729,750. Here are three examples to illustrate this concept:
If the median home price in your area is $225,000, 125% of that number is $281,250. This is below the current $41 7k conforming loan limit. Therefore, the conforming loan limit in your area will not change. However, if $281,250 is greater than the FHA limit in your county, your FHA limit will go up to $281,250.
If the median home price in your area is $375,000, 125% of that number is$468,750. This is above the current $41 7k conforming loan limit. Therefore, the conforming loan limit in your area WILL change and go up to $468,750. This number is also higher than the highest FHA loan limits, so therefore your FHA loan limit will also go up to $468,750.
If the median home price in your area is $650,000, 125% of that number is $812,500. This number is greater than the maximum cap of $729,250. Therefore, the conforming loan limit in your area will increase to highest allowable amount under this new law which is $729,250.
2. Determining the Median Home Price in Your Area
The Secretary of Housing and Urban Development (HUD) will publish the median house prices within 30 days of the bill going into effect (30 days from
Therefore, until HUD actually publishes their version of the median home prices, the most accurate way to get this information today is to utilize the data that is published by NAR. Ironically, NAR just released their latest median home price update for the 4th quarter of 2007 on
What do all the dates mean?
There is some confusion because the bill has a provision that says the higher limits are only effective for loans originated between
Unfortunately, many mortgage banks had already funded these loans in their own portfolio or through their warehouse lines of credit. Their intention was obviously to sell these loans on the secondary market after the loans were funded. However, the credit crisis prevented them from doing so, and they were stuck holding these loans in their portfolio. The
However, the
The other date of
When does this all go into effect?
Feel free to call me, Christie Cannon, if you have questions regarding a specific area and I would be delighed to find out if it qualifies for a higher limit under the new guidelines. My direct line is (469) 951-9588. I can also get you in touch with a well qualified Mortgage Planning Specialist that can assist you with your specific questions regarding refinancing or obtaining a new home loan.
Report: Dallas-Fort Worth home prices least likely to drop
Report: Dallas-Fort Worth home prices least likely to drop
07:30 AM CST on Wednesday, January 16, 2008
By STEVE BROWN / The Dallas Morning News
Dallas-Fort Worth's housing market is the least likely of any in the country to see a decrease in home values, a new report confirms.
At the same time, the chances of a house price decline rose in almost four out of five U.S. markets, according to a report released Tuesday by mortgage insurance firm PMI Group.
Dallas and Fort Worth ranked dead last in PMI Group's latest forecast of cities with the biggest chance for a home price shakeout.
Analysts with the California-based company estimate that Dallas-Fort Worth has less than a 1 percent chance of marked home price drops in the next two years.
By comparison, cities in California, Nevada and Arizona have more than an 80 percent likelihood of falling residential values.
"We're seeing an increasingly polarized market," PMI economist David Berson said in a news release.
"The risk that home prices will be lower in two years has increased for many of the largest cities in the nation, although areas that saw only moderate home price gains during the 2002-to-2005 period still generally have low risks of price declines," he said.
That's certainly the case in Dallas-Fort Worth, where home price appreciation during the last five years has been a fraction of the national average.
"Because Texas did not participate in the double-digit home price gains in the first half of the decade, it doesn't have to take the great pain of the areas that are compensating for that now," Mr. Berson said in an interview.
Now that the housing sector is in a slump, home values in North Texas have been relatively flat while they are falling in many other major U.S. cities.
In 2007, the median price of homes sold through the North Texas Realtors' multiple listing service was up 1 percent from 2006.
Texas markets – including the D-FW area – were also less affected by investors who ran up prices in some cities, Mr. Berson said.
And most Texas cities are outpacing the rest of the country in overall economics, he said.
"The state economy is doing pretty well, and job growth is above the national average," Mr. Berson said.
"It's quite likely Texas will be doing better than the national average for the foreseeable future," he said.
The D-FW area has gotten high marks in the PMI risk report before.
And other national surveys show that North Texas' housing market is outperforming those in the rest of the country.
Even so, pre-owned home sales were down about 8 percent last year, and sales of new homes fell about 17 percent in 2007.
Foreclosure rates also continue to rise.
Analysts are therefore keeping a close eye on D-FW home prices for signs of deterioration.
"I can't argue with the PMI risk assessment, but it doesn't mean that it still couldn't happen – just not as likely as elsewhere," said Dr. James Gaines, an economist with Texas A&M University's Real Estate Center. "So far, most Texas markets are doing well.
"The metroplex probably will do well to have positive overall appreciation, but pockets within the metroplex will have a rough time for a while."
Indeed, Mr. Berson said, the Texas housing market isn't bulletproof.
"There are no sure things," he said.
"It's possible that some parts of Texas will see some declines in the near term."
But overall, the outlook for the local housing market is good, he said.
HOW RISKY IS THE HOUSING MARKET?
Markets with the most and least risk of a home price decline, based on price appreciation, economic growth and affordability according to PMI Group, one of the country's largest mortgage insurance firms. An index of 100 means there is a 100 percent chance of home prices falling in the next two years.
MOST RISKY
Riverside, Calif. 94
Las Vegas 89
Phoenix 83
Santa Ana, Calif. 81
Los Angeles 79
LEAST RISKY
Fort Worth Less than 1
Dallas Less than 1
Pittsburgh Less than 1
Houston Less than 1
San Antonio Less than 1
SOURCE: PMI Group
ALL FORECLOSURES IN FRISCO, TEXAS
HERE IT IS....ALL OF THE FORECLOSURES CURRENTLY LISTED IN THE CITY OF FRISCO, TEXAS - FOR FREE. JUST CLICK ON THE LINK BELOW TO VIEW. ALL LISTINGS ARE UPDATED DAILY.
NEED ANOTHER CITY - JUST ASK ME AND I'LL POST IT FOR YOU FOR FREE ON MY WEBSITE!
PLEASE FEEL FREE TO GIVE ME A CALL ANYTIME AND I WOULD BE DELIGHTED TO ASSIST YOU WITH ANY QUESTIONS OR CONCERNS.
Active Adult Community-Fairview
Heritage Ranch offers an active adult livestyle for ages 55 and up. This stunning community features a 24-hour guarded gate entrance, lakes, creeks lined with mature trees and plenty of amenities to keep you busy.
There is the Heritage Ranch Golf Club, designed by Arthur Hills, which is an 18-hole championship golf course that offers a full-service golf shop, club rentals, locker rooms with showers, driving range and putting green.
You will also find resturants, shopping and a 24,000 square foot Country Club with an outdoor swimming pool, indoor pool and heated spa, 4 tennis courts, restaurant and lounge, business center, library, billiards, fitness center, arts and crafts room, performing arts theater and banquet facilities.
The housing in Heritage Ranch consists of single family detached homes and duplexes. Sizes range from 1,500 - 3,400 square feet and from $175,000 - $500,000+.
As a buyer, it does not cost you anything to be represented by a real estate agent, and it will be in your best interest to have someone looking out for you - EVEN IF YOU ARE BUYING NEW. As a reader of my blog, feel free to ask me about my homebuyers rebate offer, and reduced fee if you plan to buy and sell through me! For more information on this community or any other, please give me at call at 469-951-9588.
Displaying blog entries 141-150 of 151
Categories
- (0)
- (1)
- (0)
- (0)
- 75033 Real Estate (199)
- 75034 Real Estate (201)
- 75035 Real Estate (201)
- Allen Real Estate (176)
- Frisco's Real Estate (231)
- Heritage Ranch in Fairview (43)
- La Cima in Stonebridge Ranch McKinney (43)
- Market Conditions (174)
- Market Statistics (157)
- McKinney Real Estate (151)
- New Communities (65)
- real estate (1)
- Real Estate Tax Tips (52)
- Real Estate Tips (169)