Our Texas Economy is Larger than Mexico, India or Australia
courtesy: Dan Henniger, Editorial, The Wall Street Journal, November 3, 2011
Rick Perry says Texas is the most successful state in America. He's right. Texan economic output exceeds Mexico's and Australia's and rivals India's. Rick Perry has been governor of Texas for nearly 11 years. Does the logic of politics lead us to conclude that the governor of the nation's most successful state, ipso facto, is the best man to be president of the economically gasping United States?
We are about to find out. Getting lost, however, among the governor's adventures in the lovely hamlets of New Hampshire is that Texas, with or without him, has a story the rest of the U.S. should hear—the parts of the country that want a better economy than they've got now.
Texas, unlike California, isn't America's most beautiful state. Through October this year, parts of Texas had 90 days of 100+ temperatures. Yet companies and people keep moving into the high heat of Texas.
Rick Perry's argument for himself is rooted in accounts of his efforts to bring companies to Texas. But the desire of businesses to sample Texas trail dust pre-dates Rick Perry. In 1990, one of the world's biggest companies, Exxon Mobil, left New York City for Dallas. Exxon's former CEO, Lee Raymond, says the move in part was indeed about costs and New York State's notoriously overbearing tax authority. But it was also about working amid a culture of competence. "It's just the attitude in Texas of getting things done and doing them well," he says.
Mr. Raymond remarks that the economic policies that in time trapped the Northeast and Rust Belt in spirals of decline never touched Texas. But this is about something beyond low taxes and no unions: "In Texas the people tend to be farmers or individual businessmen, and they have this attitude: We have to make do with what we have and work together to get things done and survive. It's can-do. That attitude permeates everything there."
A more recent corporate immigrant, Alan Boeckmann, until recently CEO of Fluor Corp., the engineering and construction firm, says regulatory and legal hassles pushed Fluor out of California. Congress passed Sarbanes-Oxley, but "California had its own version." There were constant class-action suits over Fluor's benefits. "It could have been settled, but not in California. That's how the game is played there."
When word of the 2006 move got out, "California made no attempt to keep us." In Texas, "things started to happen quickly, without us initiating them." The Irving Chamber of Commerce did orientation sessions for employees and spouses, even helping with new-house searches. Or "little things": Irving on its own renamed a street Fluor Drive, which in California or the Northeast would be laughable. Those Texas rubes!
Ed Trevis, a smaller fish, is also happy. A California-educated Brazilian immigrant and tech entrepreneur in Silicon Valley for 25 years, Mr. Trevis moved Corvalent Corp. to Austin for similar reasons. He had to hire a firm just to do California's compliance. "In California," he says, "you are always doing something wrong."
"What I found in Texas is that from the standpoint of running a business, cost of living, education, the labor pool, quality of life, it just blew other states out of the water." I heard this constantly—people enjoy being in business in Texas.
"Austin," says technology consultant Bob Barker while taking a visitor around the nearby hills, "may have more Ph.Ds driving taxis than any city in the country." Austin's famed population of big and small technology companies has suffered layoffs. "But," said Mr. Barker, "no one wants to leave." They stay, plugging into Austin's numerous business-support networks. In Austin you discover a primary reason beneath Texas' success: It's about competition plus collaboration. It seems everyone in Texas high-tech knows everyone, and if they can help each other, they will.
David Booth, who moved Dimensional Fund Advisors's headquarters to Austin from Santa Monica in 2008, puts Rick Perry's role in perspective: "He understands his job isn't to get in the middle of everything." (Fluor's Alan Boeckmann seconded that.) But Mr. Booth and others said this is also true of the Texas lieutenant governor, its attorney general and the comptroller.
"They are very supportive of business," says Lee Raymond, "in the sense of moving things along. If there is a rock in the road, they want to know what they can do to move it out of the way."
This isn't merely the "pro-business" bias of a Rick Perry or any other governor. Texas' pro-business bias goes back about 175 years—and never died. "It's just that they believe in the whole Horatio Alger myth down here," said Mr. Booth. "It's hard to understand if you haven't lived here."
And so Perry's Paradox: Rick Perry is a success because he nominally presides over an American tiger state, a genuine free-market economy that doesn't much need—or want—his tender loving care. If the job before us is unwinding an unimaginably vast, smothering national government, is Lone Star Gov. Rick Perry the man for that job?
This much is obvious: Texas, not California, better be the American future. Somewhere inside of him, Rick Perry of Texas understands this distinction. He should stick to explaining what he knows. Let voters figure out if he can explain it to Washington.
courtesy: Dan Henniger, Editorial, The Wall Street Journal, November 3, 2011
Thursday, November 3, 2011
Wednesday, November 2, 2011
TODAY’S HEADLINES-Housing Recovery to begin in 2012
Housing Recovery to begin in 2012
Even after the housing market begins its comeback in mid-2012, the recovery is predicted to be modest at best. Nationwide, Fiserv is projecting that home prices will climb just 2.4% between June 2012 and June 2013.
CNN Money, November 1, 2011
DFW Area Foreclosures Drop
“Unless there’s a flood of year-end filings, 2011 will have the fewest home foreclosure postings North Texas has seen since 2008. Through the first 11 months of the year, lenders have posted just over 51,000 Dallas-Fort Worth area homes for foreclosure. That’s 12 percent fewer than this time in 2010, according to Foreclosure Listing Service. And it’s 9 percent fewer than for the same period in 2009. “
courtesy of: Dallas Morning News, November 2, 2011
Even after the housing market begins its comeback in mid-2012, the recovery is predicted to be modest at best. Nationwide, Fiserv is projecting that home prices will climb just 2.4% between June 2012 and June 2013.
CNN Money, November 1, 2011
DFW Area Foreclosures Drop
“Unless there’s a flood of year-end filings, 2011 will have the fewest home foreclosure postings North Texas has seen since 2008. Through the first 11 months of the year, lenders have posted just over 51,000 Dallas-Fort Worth area homes for foreclosure. That’s 12 percent fewer than this time in 2010, according to Foreclosure Listing Service. And it’s 9 percent fewer than for the same period in 2009. “
courtesy of: Dallas Morning News, November 2, 2011
Tuesday, November 1, 2011
Some real estate sellers better off as landlords
Financial factors to consider if you must move now
By Dian Hymer
Inman News™
Inman News™
Share This
November 01, 2011
Hopes of a housing recovery in the second half of 2011 were dashed when low consumer confidence, high unemployment and the debt crisis debacle were exacerbated by Standard & Poor's downgrade of the United States' credit rating. In August, S&P demoted the U.S., Freddie Mac and Fannie Mae (two government-sponsored mortgage entities) from AAA ratings to AA+.
The first-ever downgrade of the U.S. was expected to cause interest rates to rise. Instead, it had the opposite effect. Low interest rates have set off a new surge in refinance applications, but it has done little to help most homebuyers who can't qualify under current strict lender requirements.
Nationally, home prices declined approximately 5 percent between March 2010 and March 2011, according to Fiserv, a company that provides data analysis for the financial services industry. Fiserv expects home prices to decline another 3.1 percent by March 2012 and possibly increase 2.7 percent nationally in the first quarter of 2013.
It's not a great time for home sellers. That is, unless you're a homeowner who in lives in Tacoma, Wash., where Fiserv expects prices to increase nearly 25 percent by March 2013, or near Silicon Valley in the San Francisco Bay Area, which is generating jobs at a rapid pace. Otherwise, what should you do if you want or need to move now?
One option is to sell your home, even though the market is soft. But before going to the expense of preparing your home for sale, find out what your chances are of selling in your local market.
Some sellers in hot niche markets are breaking even, depending on when they bought. Others are bringing cash to closing because they can't sell for enough to cover the loan payoff and closing costs. Others can't sell at all without discounting the price significantly.
Find out how many homes like yours in the neighborhood have sold recently, along with the sale prices and how long it took to sell. If the market is still declining in your area, plan on selling your home for less than the most recent sale.
How many homes like yours are currently for sale? If there are few and buyer demand is high, the odds are in your favor. Keep in mind that listings that sell in this market are usually in move-in condition. If your home isn't in great shape or doesn't show well, are you willing and able to do the improvements that will be necessary to sell?
HOUSE HUNTING TIP: While you're researching selling, consider whether it makes sense to rent the property rather than sell at this time. The rental market is hot in some spots. Even so, make allowances for tenant turnover, vacancies and the possibility of lower rents in the future.
A major consideration should be whether the prospective rent will cover the costs of carrying the property. Will you need to pay each month to make up the shortfall, or will the property generate cash? If you'll take a beating on price by selling but you'll receive a good income from renting, then renting it out might be the best option.
To make sure your property is properly maintained, consider hiring a property manager if you can't manage the property yourself. Find out if there are any rent control ordinances and how they might affect you.
Consider the tax consequences of converting a primary residence into an investment property. Consult with your financial adviser and accountant to understand how this will impact you tax-wise, particularly if the rent does not cover your carrying costs. And, ask you financial consultants for advice on whether it's better for you to sell or rent.
THE CLOSING: Finally, if you're interested in renting only for the short term, you might be better off selling today. The market may stabilize in 2012 or 2013, but it could take a lot longer.
Dian Hymer, a real estate broker with more than 30 years' experience, is a nationally syndicated real estate columnist and author of "House Hunting: The Take-Along Workbook for Home Buyers" and "Starting Out, The Complete Home Buyer's Guide."
courtesy of:
The first-ever downgrade of the U.S. was expected to cause interest rates to rise. Instead, it had the opposite effect. Low interest rates have set off a new surge in refinance applications, but it has done little to help most homebuyers who can't qualify under current strict lender requirements.
Nationally, home prices declined approximately 5 percent between March 2010 and March 2011, according to Fiserv, a company that provides data analysis for the financial services industry. Fiserv expects home prices to decline another 3.1 percent by March 2012 and possibly increase 2.7 percent nationally in the first quarter of 2013.
It's not a great time for home sellers. That is, unless you're a homeowner who in lives in Tacoma, Wash., where Fiserv expects prices to increase nearly 25 percent by March 2013, or near Silicon Valley in the San Francisco Bay Area, which is generating jobs at a rapid pace. Otherwise, what should you do if you want or need to move now?
One option is to sell your home, even though the market is soft. But before going to the expense of preparing your home for sale, find out what your chances are of selling in your local market.
Some sellers in hot niche markets are breaking even, depending on when they bought. Others are bringing cash to closing because they can't sell for enough to cover the loan payoff and closing costs. Others can't sell at all without discounting the price significantly.
Find out how many homes like yours in the neighborhood have sold recently, along with the sale prices and how long it took to sell. If the market is still declining in your area, plan on selling your home for less than the most recent sale.
How many homes like yours are currently for sale? If there are few and buyer demand is high, the odds are in your favor. Keep in mind that listings that sell in this market are usually in move-in condition. If your home isn't in great shape or doesn't show well, are you willing and able to do the improvements that will be necessary to sell?
HOUSE HUNTING TIP: While you're researching selling, consider whether it makes sense to rent the property rather than sell at this time. The rental market is hot in some spots. Even so, make allowances for tenant turnover, vacancies and the possibility of lower rents in the future.
A major consideration should be whether the prospective rent will cover the costs of carrying the property. Will you need to pay each month to make up the shortfall, or will the property generate cash? If you'll take a beating on price by selling but you'll receive a good income from renting, then renting it out might be the best option.
To make sure your property is properly maintained, consider hiring a property manager if you can't manage the property yourself. Find out if there are any rent control ordinances and how they might affect you.
Consider the tax consequences of converting a primary residence into an investment property. Consult with your financial adviser and accountant to understand how this will impact you tax-wise, particularly if the rent does not cover your carrying costs. And, ask you financial consultants for advice on whether it's better for you to sell or rent.
THE CLOSING: Finally, if you're interested in renting only for the short term, you might be better off selling today. The market may stabilize in 2012 or 2013, but it could take a lot longer.
Dian Hymer, a real estate broker with more than 30 years' experience, is a nationally syndicated real estate columnist and author of "House Hunting: The Take-Along Workbook for Home Buyers" and "Starting Out, The Complete Home Buyer's Guide."
courtesy of:
By Dian Hymer
Inman News™
Inman News™
Wednesday, October 12, 2011
An extraordinary opportunity
An extraordinary opportunity … if you are approved
Oct. 10, 2011
Recently, the average rate on a 30-year fixed mortgage fell to 3.94%. That’s not just a low rate; it is the lowest rate ever. If you are considering purchasing a new home or refinancing your current home, it’s a good … no, great time to do so to get a low mortgage rate.
But not all would-be homebuyers and homeowners wanting to refinance will be able to take advantage of this extraordinary opportunity. Last year, more than two million people in the U.S. were turned down for home loans. A Texas REALTOR® can help you understand what you can do to increase your chances of qualifying for a loan. Read this New York Times article for some factors to consider if you are thinking about buying or refinancing a home.
courtesy of : Texas Real Estate
Wednesday, September 28, 2011
For the Haggard farm, one of Plano’s last open tracts, the end is near
For the Haggard farm, one of Plano’s last open tracts, the end is near
Plano’s Last Big Subdivision
An aerial photograph of the Haggard farm (right) shows its proximity to residential development.
By THEODORE KIM , Dallas Morning News
Call it progress. Or unfortunate. Or inevitable. Or maybe all of the above.
The Haggard farm — one of Plano’s first tracts to be settled and a longtime holdout of suburbia’s grip — will soon become a subdivision. Its owners have announced plans to turn the farm, located in the heart of Plano, into a 459-home development that also includes restaurants and retail. The proposal, which has stirred opposition from some nearby residents for traffic and other concerns, still requires city approval. More noteworthy than the project is the demise of the familiar farm at Park Boulevard and Custer Road. It has reached iconic status among locals with its silver windmill, hay bales and llamas grazing by the roadside.
Few tracts might tempt homebuilders more than the flat 119-acre Haggard farm, which is already surrounded by shopping plazas and subdivisions. Yet in a community increasingly defined by its sprawl, the farm offers perhaps the last best glimpse of Plano’s rural roots. “I remember driving down Park Boulevard and seeing families lined up on the fence petting the cows,” City Council member Lissa Smith said. “That’s part of what brought me to Plano. Progress is always there, but we all lament that loss.”
To understand how embedded the Haggard family and farm are in Plano’s history, one must turn back to the 1850s when Clifton Shepard Haggard and his father, John, were among the area’s first settlers. They came from Kentucky and farmed wheat and oats and raised cattle, attracted to the region’s dark soil and prairie. They were here long before the highways were built, before the railroad came, before the Civil War was fought and before Plano was even called Plano.
These days, Rodney Haggard, the great-grandson of Clifton Shepard Haggard, minds the farm, which started in 1884 and still raises crops and cattle. He said the family always planned to sell at some point. Yet even the family grieves the coming changes. “It’s sad in a way. We’ve just been here for so long and we’ve enjoyed it,” said Haggard, 63, who works in real estate. Plano has paid back the family in reverence. There is a Haggard Library, a Haggard Middle School, a Haggard Street and a Haggard Park. The state has recognized the farm as one of a handful in Texas that has operated with the same owners for more than 100 years. Other descendants, many of whom live in Plano, own parcels elsewhere, including much of the city’s open farmland along the Dallas North Tollway. “You can’t talk about Plano without talking about the Haggards,” said Rory Fischer, a neighbor of the Haggard farm. But the farm has always served as home base. It has been the site of countless Haggard family gatherings and Sunday dinners.
Park Boulevard sheep
In some ways, the family’s colorful stories reflect just how much the city has transformed. Rodney Haggard recalls herding sheep along Park Boulevard and Alma Drive as a youngster, an almost farcical idea today as both of those streets are now bustling thoroughfares.
And then there are the farm’s celebrated llamas, which the Haggards brought in years ago to protect their sheep from packs of coyotes. Only three llamas are left, while the sheep are gone.
Now full-time grazers in semi-retirement, the llamas tend to keep close to the roadside, prompting smiles and double takes from the thousands of motorists who travel by the farm daily.
“The farm is a great reminder that not long ago, this was an agricultural community,” Plano Mayor Phil Dyer said. “It’s a reminder of where we came from.”
Its sense of worth and history has only grown as stores and subdivisions have gobbled up the surrounding land.
About 500 acres of undeveloped residentially zoned land is left in Plano, although much of it is scattered throughout the city in small parcels. The Haggard farm represents more than a fifth of that total and is believed to be the largest contiguous piece.
Plano last year agreed to purchase a 51-acre plot of land owned by other Haggard descendants just down the road from the Haggard farm. Plano intends to turn the tract into a park.
Plans for the Haggard farm are more substantial — and controversial.
The preliminary proposal calls for single-family homes, as well as townhouses and easy-to-walk-to shops and restaurants. Builders will develop the land gradually over a years-long period starting on the northern side should the project receive city approval, Rodney Haggard said. Plano’s zoning board discussed the project last week and is expected to take it up again on Oct. 17. Once the board takes action, it will then move to the City Council for a final vote.
The early plans have received mixed reviews. Some homeowners object to building retail on the site, while others are concerned the influx of homes will generate far more traffic than nearby roads are meant to handle. Recent public meetings on the project have drawn scores of neighbors. The concerns have fostered some awkwardness at City Hall since many in Plano, including those opposed to the subdivision’s design, have embraced both the Haggards and the farm as their own. “It’s their property and they have a right to build on it,” said Fischer, who has helped marshal neighborhood groups in reviewing the project. “The Haggards are a great family and part of the overall Plano community. But there are some concerns that neighbors have.”
Life in the big city
But it is becoming clear the farm’s days are numbered as the city engulfs it. Trash often drifts onto the property. Vehicles routinely breach the farm’s cattle fences, while traffic has made it difficult for workers to bring in farm equipment. The family regularly gets phone calls from passing motorists swearing that the llamas and cows appear dead, sick or tangled in the fences. (They almost always are not.)
“Plano’s a big city now and the world is moving so fast,” said Cary Gorman, 56, of Van Alstyne, who manages operations on the farm. “It’s sad to see it. But as they say, they’re not making any more land these days.”
courtesy of: Dallas Morning News
Plano’s Last Big Subdivision
An aerial photograph of the Haggard farm (right) shows its proximity to residential development.
By THEODORE KIM , Dallas Morning News
Call it progress. Or unfortunate. Or inevitable. Or maybe all of the above.
The Haggard farm — one of Plano’s first tracts to be settled and a longtime holdout of suburbia’s grip — will soon become a subdivision. Its owners have announced plans to turn the farm, located in the heart of Plano, into a 459-home development that also includes restaurants and retail. The proposal, which has stirred opposition from some nearby residents for traffic and other concerns, still requires city approval. More noteworthy than the project is the demise of the familiar farm at Park Boulevard and Custer Road. It has reached iconic status among locals with its silver windmill, hay bales and llamas grazing by the roadside.
Few tracts might tempt homebuilders more than the flat 119-acre Haggard farm, which is already surrounded by shopping plazas and subdivisions. Yet in a community increasingly defined by its sprawl, the farm offers perhaps the last best glimpse of Plano’s rural roots. “I remember driving down Park Boulevard and seeing families lined up on the fence petting the cows,” City Council member Lissa Smith said. “That’s part of what brought me to Plano. Progress is always there, but we all lament that loss.”
To understand how embedded the Haggard family and farm are in Plano’s history, one must turn back to the 1850s when Clifton Shepard Haggard and his father, John, were among the area’s first settlers. They came from Kentucky and farmed wheat and oats and raised cattle, attracted to the region’s dark soil and prairie. They were here long before the highways were built, before the railroad came, before the Civil War was fought and before Plano was even called Plano.
These days, Rodney Haggard, the great-grandson of Clifton Shepard Haggard, minds the farm, which started in 1884 and still raises crops and cattle. He said the family always planned to sell at some point. Yet even the family grieves the coming changes. “It’s sad in a way. We’ve just been here for so long and we’ve enjoyed it,” said Haggard, 63, who works in real estate. Plano has paid back the family in reverence. There is a Haggard Library, a Haggard Middle School, a Haggard Street and a Haggard Park. The state has recognized the farm as one of a handful in Texas that has operated with the same owners for more than 100 years. Other descendants, many of whom live in Plano, own parcels elsewhere, including much of the city’s open farmland along the Dallas North Tollway. “You can’t talk about Plano without talking about the Haggards,” said Rory Fischer, a neighbor of the Haggard farm. But the farm has always served as home base. It has been the site of countless Haggard family gatherings and Sunday dinners.
Park Boulevard sheep
In some ways, the family’s colorful stories reflect just how much the city has transformed. Rodney Haggard recalls herding sheep along Park Boulevard and Alma Drive as a youngster, an almost farcical idea today as both of those streets are now bustling thoroughfares.
And then there are the farm’s celebrated llamas, which the Haggards brought in years ago to protect their sheep from packs of coyotes. Only three llamas are left, while the sheep are gone.
Now full-time grazers in semi-retirement, the llamas tend to keep close to the roadside, prompting smiles and double takes from the thousands of motorists who travel by the farm daily.
“The farm is a great reminder that not long ago, this was an agricultural community,” Plano Mayor Phil Dyer said. “It’s a reminder of where we came from.”
Its sense of worth and history has only grown as stores and subdivisions have gobbled up the surrounding land.
About 500 acres of undeveloped residentially zoned land is left in Plano, although much of it is scattered throughout the city in small parcels. The Haggard farm represents more than a fifth of that total and is believed to be the largest contiguous piece.
Plano last year agreed to purchase a 51-acre plot of land owned by other Haggard descendants just down the road from the Haggard farm. Plano intends to turn the tract into a park.
Plans for the Haggard farm are more substantial — and controversial.
The preliminary proposal calls for single-family homes, as well as townhouses and easy-to-walk-to shops and restaurants. Builders will develop the land gradually over a years-long period starting on the northern side should the project receive city approval, Rodney Haggard said. Plano’s zoning board discussed the project last week and is expected to take it up again on Oct. 17. Once the board takes action, it will then move to the City Council for a final vote.
The early plans have received mixed reviews. Some homeowners object to building retail on the site, while others are concerned the influx of homes will generate far more traffic than nearby roads are meant to handle. Recent public meetings on the project have drawn scores of neighbors. The concerns have fostered some awkwardness at City Hall since many in Plano, including those opposed to the subdivision’s design, have embraced both the Haggards and the farm as their own. “It’s their property and they have a right to build on it,” said Fischer, who has helped marshal neighborhood groups in reviewing the project. “The Haggards are a great family and part of the overall Plano community. But there are some concerns that neighbors have.”
Life in the big city
But it is becoming clear the farm’s days are numbered as the city engulfs it. Trash often drifts onto the property. Vehicles routinely breach the farm’s cattle fences, while traffic has made it difficult for workers to bring in farm equipment. The family regularly gets phone calls from passing motorists swearing that the llamas and cows appear dead, sick or tangled in the fences. (They almost always are not.)
“Plano’s a big city now and the world is moving so fast,” said Cary Gorman, 56, of Van Alstyne, who manages operations on the farm. “It’s sad to see it. But as they say, they’re not making any more land these days.”
courtesy of: Dallas Morning News
Tuesday, September 27, 2011
Weatherford is the fifth-best place to retire
Weatherford is the fifth-best place to retire
Sep. 27, 2011
According to Money magazine, Weatherford is the fifth best place to retire. Weatherford is recognized for maintaining its own identity despite the growth of the nearby Dally/Fort Worth area, providing affordable wide-open spaces, and lacking in a state income tax. Also making the list of the “25 best Places to Retire,” Austin and Georgetown ranked at 16th and 25th, respectively. Read more at CNNMoney.
Friday, September 23, 2011
Buying a home a safer bet than buying gold (INFOGRAPHIC)
Buying a home a safer bet than buying gold (INFOGRAPHIC)
Survey: 401(k) ranks near homeownership as favored long-term investment
By Inman News, Thursday, September 22, 2011.Editor's note: The results of a biannual survey, released this week by real estate search and marketing portal Trulia, found that 80 percent of homeowners plan to buy another home, and that most survey participants view homeownership, and placing money in a 401(k) or other retirement account, as the best long-term investments. Market research firm Harris Interactive conducted the survey, which drew responses from 1,392 homeowners and 758 renters, from Aug. 30, 2011, to Sept. 1, 2011.
Source: Trulia American Dream survey.
Source: Trulia American Dream survey.
Thursday, September 22, 2011
August Existing-Home Sales Rise Despite Headwinds, Up Strongly from a Year Ago
Walter Molony 202/383-1177 wmolony@realtors.org
August Existing-Home Sales Rise Despite Headwinds, Up Strongly from a Year Ago
Washington, DC, September 21, 2011
Existing-home sales increased in August, even with ongoing tight credit and appraisal problems, along with regional disruptions created by Hurricane Irene, according to the National Association of Realtors®. Monthly gains were seen in all regions.
Total existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 7.7 percent to a seasonally adjusted annual rate of 5.03 million in August from an upwardly revised 4.67 million in July, and are 18.6 percent higher than the 4.24 million unit level in August 2010.
Lawrence Yun, NAR chief economist, said there are some positive market fundamentals. “Some of the improvement in August may result from sales that were delayed in preceding months, but favorable affordability conditions and rising rents are underlying motivations,” he said. “Investors were more active in absorbing foreclosed properties. In additional to bargain hunting, some investors are in the market to hedge against higher inflation.”
Investors2 accounted for 22 percent of purchase activity in August, up from 18 percent in July and 21 percent in August 2010. First-time buyers purchased 32 percent of homes in August, unchanged from July; they were 31 percent in August 2010.
All-cash sales accounted for 29 percent of transactions in August, unchanged from July; they were 28 percent in August 2010; investors account for the bulk of cash purchases.
“We had some disruptions from Hurricane Irene in the closing weekend of August, when many sales normally are finalized, along the Eastern seaboard and in New England,” Yun said. “As a result, the Northeast saw the smallest sales gain in August, and some general impact is expected in September with widespread flooding from Tropical Storm Lee. Aberrations in housing data are possible over the next couple months as markets recover from disrupted closings and storm damage.”
Yun said an extremely important issue currently is the renewal and availability of the National Flood Insurance Program, scheduled to expire at the end of this month. “About one out of 10 homes in this country need flood insurance to get a mortgage, and we would see significant negative market impacts without it,” he said.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.27 percent in August, down from 4.55 percent in July; the rate was 4.43 percent in August 2010. Last week, Freddie Mac reported the 30-year fixed rate fell to a record low 4.09 percent.
NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said the market is remarkably affordable for people with secure jobs, good credit and long-term plans. “All year, the relationship between home prices, mortgage interest rates and family income has been hovering at historic highs, meaning the best housing affordability conditions in a generation,” he said.
“The biggest factors keeping home sales from a healthy recovery are mortgages being denied to creditworthy buyers, and appraised valuations below the negotiated price. Buyers may be able to find more favorable credit terms with community and small regional banks, and Realtors® can often give buyers advice to help them overcome some of the financing obstacles,” Phipps said.
Contract failures – cancellations caused largely by declined mortgage applications or failures in loan underwriting from appraised values coming in below the negotiated price – were reported by 18 percent of NAR members in August, up from 16 percent July and 9 percent in August 2010.
The national median existing-home price3 for all housing types was $168,300 in August, which is 5.1 percent below August 2010. Distressed homes – foreclosures and short sales typically sold at deep discounts – accounted for 31 percent of sales in August, compared with 29 percent in July and 34 percent in August 2010.
Total housing inventory at the end of August fell 3.0 percent to 3.58 million existing homes available for sale, which represents an 8.5-month supply4 at the current sales pace, down from a 9.5-month supply in July.
Single-family home sales rose 8.5 percent to a seasonally adjusted annual rate of 4.47 million in August from 4.12 million in July, and are 20.2 percent above the 3.72 million pace in August 2010. The median existing single-family home price was $168,400 in August, which is 5.4 percent below a year ago.
Existing condominium and co-op sales increased 1.8 percent a seasonally adjusted annual rate of 560,000 in August from 550,000 in July, and are 8.3 percent higher than the 517,000-unit level one year ago. The median existing condo price5 was $167,500 in August, down 3.3 percent from August 2010.
Regionally, existing-home sales in the Northeast increased 2.7 percent to an annual pace of 770,000 in August and are 10.0 percent above a year ago. The median price in the Northeast was $244,100, which is 5.1 percent below August 2010.
Existing-home sales in the Midwest rose 3.8 percent in August to a level of 1.09 million and are 26.7 percent above August 2010. The median price in the Midwest was $141,700, down 3.5 percent from a year ago.
In the South, existing-home sales increased 5.4 percent to an annual pace of 1.94 million in August and are 16.9 percent higher than a year ago. The median price in the South was $151,000, which is 0.8 percent below August 2010.
Existing-home sales in the West jumped 18.3 percent to an annual pace of 1.23 million in August and are 20.6 percent higher than August 2010. The median price in the West was $189,400, down 13.0 percent from a year ago.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
courtesy of: National Association of Realtors®.
Existing-home sales increased in August, even with ongoing tight credit and appraisal problems, along with regional disruptions created by Hurricane Irene, according to the National Association of Realtors®. Monthly gains were seen in all regions.
Total existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 7.7 percent to a seasonally adjusted annual rate of 5.03 million in August from an upwardly revised 4.67 million in July, and are 18.6 percent higher than the 4.24 million unit level in August 2010.
Lawrence Yun, NAR chief economist, said there are some positive market fundamentals. “Some of the improvement in August may result from sales that were delayed in preceding months, but favorable affordability conditions and rising rents are underlying motivations,” he said. “Investors were more active in absorbing foreclosed properties. In additional to bargain hunting, some investors are in the market to hedge against higher inflation.”
Investors2 accounted for 22 percent of purchase activity in August, up from 18 percent in July and 21 percent in August 2010. First-time buyers purchased 32 percent of homes in August, unchanged from July; they were 31 percent in August 2010.
All-cash sales accounted for 29 percent of transactions in August, unchanged from July; they were 28 percent in August 2010; investors account for the bulk of cash purchases.
“We had some disruptions from Hurricane Irene in the closing weekend of August, when many sales normally are finalized, along the Eastern seaboard and in New England,” Yun said. “As a result, the Northeast saw the smallest sales gain in August, and some general impact is expected in September with widespread flooding from Tropical Storm Lee. Aberrations in housing data are possible over the next couple months as markets recover from disrupted closings and storm damage.”
Yun said an extremely important issue currently is the renewal and availability of the National Flood Insurance Program, scheduled to expire at the end of this month. “About one out of 10 homes in this country need flood insurance to get a mortgage, and we would see significant negative market impacts without it,” he said.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.27 percent in August, down from 4.55 percent in July; the rate was 4.43 percent in August 2010. Last week, Freddie Mac reported the 30-year fixed rate fell to a record low 4.09 percent.
NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said the market is remarkably affordable for people with secure jobs, good credit and long-term plans. “All year, the relationship between home prices, mortgage interest rates and family income has been hovering at historic highs, meaning the best housing affordability conditions in a generation,” he said.
“The biggest factors keeping home sales from a healthy recovery are mortgages being denied to creditworthy buyers, and appraised valuations below the negotiated price. Buyers may be able to find more favorable credit terms with community and small regional banks, and Realtors® can often give buyers advice to help them overcome some of the financing obstacles,” Phipps said.
Contract failures – cancellations caused largely by declined mortgage applications or failures in loan underwriting from appraised values coming in below the negotiated price – were reported by 18 percent of NAR members in August, up from 16 percent July and 9 percent in August 2010.
The national median existing-home price3 for all housing types was $168,300 in August, which is 5.1 percent below August 2010. Distressed homes – foreclosures and short sales typically sold at deep discounts – accounted for 31 percent of sales in August, compared with 29 percent in July and 34 percent in August 2010.
Total housing inventory at the end of August fell 3.0 percent to 3.58 million existing homes available for sale, which represents an 8.5-month supply4 at the current sales pace, down from a 9.5-month supply in July.
Single-family home sales rose 8.5 percent to a seasonally adjusted annual rate of 4.47 million in August from 4.12 million in July, and are 20.2 percent above the 3.72 million pace in August 2010. The median existing single-family home price was $168,400 in August, which is 5.4 percent below a year ago.
Existing condominium and co-op sales increased 1.8 percent a seasonally adjusted annual rate of 560,000 in August from 550,000 in July, and are 8.3 percent higher than the 517,000-unit level one year ago. The median existing condo price5 was $167,500 in August, down 3.3 percent from August 2010.
Regionally, existing-home sales in the Northeast increased 2.7 percent to an annual pace of 770,000 in August and are 10.0 percent above a year ago. The median price in the Northeast was $244,100, which is 5.1 percent below August 2010.
Existing-home sales in the Midwest rose 3.8 percent in August to a level of 1.09 million and are 26.7 percent above August 2010. The median price in the Midwest was $141,700, down 3.5 percent from a year ago.
In the South, existing-home sales increased 5.4 percent to an annual pace of 1.94 million in August and are 16.9 percent higher than a year ago. The median price in the South was $151,000, which is 0.8 percent below August 2010.
Existing-home sales in the West jumped 18.3 percent to an annual pace of 1.23 million in August and are 20.6 percent higher than August 2010. The median price in the West was $189,400, down 13.0 percent from a year ago.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
courtesy of: National Association of Realtors®.
Wednesday, September 21, 2011
Resale store to help aid North Texas
Resale store to help aid North Texas
James Roth/Staff Photo - Volunteers help set up Metrocrest Resale. The grand opening for the store will be Friday at 9 a.m.
By James Roth, jroth@acnpapers.com
Metrocrest Social Services helps families from Addison, Carrollton, Coppell and Farmers Branch in many ways, from providing food and gifts around the holidays to now opening a new resale store to provide clothes and furniture to families.
Formerly known as the Metrocrest Thrift Store, the new Metrocrest Resale store is located at 2661 Midway Road, suite 207, and is scheduled to have its grand opening at 9 a.m. Friday. The new 8,238-square-foot shop will help aid people in need who cannot afford to shop at regular retail stores.
"This store used to be located at Belt Line Road and Josey Lane, but our lease expired at that location," said Rachel Mehl, development director for Metrocrest Social Services. "We are excited for our location. The shopping floor is the same size as our previous store, but our stock room is much larger."
Mehl said since the stock room is bigger, the store can receive more donations that can be sold. Items at the store include racks of clothes of all different styles and sizes, furniture such as sofas, tables and beds and various shoes.
"Many people will buy the furniture we have in stock. Those are very popular items," Mehl said. "Having a bigger space we are able to accept larger furniture donations so it is a win-win for everyone."
Mehl said the process of finding the new location and moving all the items was a process but not a difficult one. Thanks to many volunteers who gave their time, the moving process was quick and efficient.
"We have had so many volunteers lend a helping hand and it made the process much easier," she said. "We are very thankful for their help."
The store is in a prime location for the families that Metrocrest serves. Mehl said many families that they support live in the 75287 zip code which is in close proximity to the store.
"We want to be close to our client base, and it was one of the main reasons we chose this location," she said. "Another reason is that while we help families around this area there are many donors who live close to the store as well. We feel that it is a very centralized location for all."
Mehl encourages anyone to donate items to the store. From luggage and small electronics to clothes and jewelry, almost everything is welcome.
"The only thing we have not been able to take is any children's clothing or children's items," she said. "There was a law passed several years ago that stores like ours must have a machine that detects lead. Older toys with lead paint get on clothes and are not considered safe. We unfortunately are not able to purchase that machine due to our current budget."
Mehl said there is a chance of the law being lifted but it is not official yet.
Store hours for Metrocrest Resale will be 10 a.m. to 7 p.m. Monday through Saturday, closed Sunday. Donations should be dropped off during store hours and receipts are provided to donors for tax purposes.
For information call 972-250-1900 or go to www. metrocrestresale.com.
Article provided by Local Star News
Monday, September 19, 2011
5 bright spots in real estate recession
Mood of the Market
By Tara-Nicholle Nelson
Inman News™
Inman News™
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September 19, 2011
The real estate market meltdown was much more severe and has lasted much longer than even the most bearish housing market observer would ever have predicted. Rather than values taking a dip, they've taken a double dip in many places; and the housing sector drama has infected the job market and the entire world's economy.
Yet, there are some very shiny silver linings to this whole mess -- a handful of ways in which our mindsets, habits, behaviors and approaches to money, mortgage and even life decision-making -- have been changed by this real estate market debacle. As I see it, here are the five best things about this otherwise terrible housing recession:
People now buy for the long term. Even Jeff Lewis, that reality TV house flipper extraordinaire, has declared that he's tapped out of the flipping business for the foreseeable future, trading in his real estate wheeling and dealing for the design business.
Recently, he mentioned having lost six homes in the real estate market crash. While Lewis flipped homes as his business, just five years ago, many Americans -- homeowners and investors alike -- took a short-term view on their homes, buying them with the idea that they could count on refinancing, pulling cash out or even reselling them anytime they wanted, at a profit.
Reality check -- those days are gone. Now, buyers know they'd better be prepared to stay put for somewhere between seven and 10 years (shorter in strong local markets, longer in foreclosure hot spots) before they buy if they want to break even. And this is causing them to take mortgages they can afford over time, and make smarter, longer-term choices about the homes they buy.
Dysfunctional properties are being weeded out and creatively reused. Municipalities like Detroit and Cleveland are demolishing blighted and decrepit properties in dead neighborhoods en masse, intentionally shrinking their cities to match their shrinking populations. These efforts are also eliminating breeding grounds for crime, and focusing resources on the neighborhoods that have a better chance of surviving and thriving in the long term.
In the so-called "slumburbias" of central California, Nevada and Arizona, McMansions are being repurposed into affordable housing for groups of seniors, artist communities and group homes.
American housing stock is getting an energy-efficient upgrade. The news would have you believe that every American has lost his or her home, walked away from it, or is now renting by choice. In fact, the vast majority of homeowners have simply decided to stay put.
Instead of selling and moving on up, homeowners are improving the homes they now plan to stay in for a long(er) haul. And this generation of remodeling is focused less on granite and stainless steel, and more on lowering the costs of "operating" the home and taking advantage of tax credits for installing energy-efficient doors, windows, water heaters and more. And while the first-time homebuyer tax credit is a thing of the past, the homeowner tax credits for energy-optimizing upgrades are in effect until the end of this year.
People are making more responsible mortgage decisions, and building financial good habits in the process. Buyers are buying far below the maximum purchase prices for which they are approved. They are reading their loan disclosures and documents before they sign them. And, thanks to the stingy mortgage market, they are spending months, even years, in the planning and preparation phases before they buy: paying down their debt; saving up for a down payment (and a cash cushion, so that a job loss wouldn't be disastrous); being responsible and sparing in their use of credit to optimize their FICO scores; and creating strong financial habits in one fell swoop.
Our feelings about debt and equity have been reformed. Americans no longer use their homes like ATM machines, to pull out cash, pay off their credit cards and then start the whole overspending cycle over again. Many can't, because their homes are upside down and cannot be refinanced in any event -- much less to pull cash out.
Others have been reality-checked by the recession, and are dealing with their non-mortgage debt the old fashioned way: by ceasing the pattern of spending more than they make, and applying the self-discipline it takes to pay their bills off.
Home equity, in general, is no longer viewed as an inexhaustible source of cash. Rather, we see it as a fluctuating asset to be protected and increased -- not so much through the vagaries of the market, but through the hard work of paying the principal balance down. Many of those refinancing into today's lower rates aren't doing it to pull cash out, as was the norm at the top of the market; instead, they are refinancing into 15-year loans to pay their homes off sooner than planned, or reducing their required payment so their extra savings can be applied to principal.
Of course, it remains to be seen how lasting these changes will be if and when home prices go up and mortgage guidelines loosen up. But since neither of these things look likely to happen in the short term, hopefully there's a chance that these behavior shifts will become part of a permanent mindset reset for American housing consumers.
Tara-Nicholle Nelson is author of "The Savvy Woman's Homebuying Handbook" and "Trillion Dollar Women: Use Your Power to Make Buying and Remodeling Decisions." Tara is also the Consumer Ambassador and Educator for real estate listings search site Trulia.com. Ask her a real estate question online or visit her website, http://www.rethinkrealestate.com/.
Yet, there are some very shiny silver linings to this whole mess -- a handful of ways in which our mindsets, habits, behaviors and approaches to money, mortgage and even life decision-making -- have been changed by this real estate market debacle. As I see it, here are the five best things about this otherwise terrible housing recession:
People now buy for the long term. Even Jeff Lewis, that reality TV house flipper extraordinaire, has declared that he's tapped out of the flipping business for the foreseeable future, trading in his real estate wheeling and dealing for the design business.
Recently, he mentioned having lost six homes in the real estate market crash. While Lewis flipped homes as his business, just five years ago, many Americans -- homeowners and investors alike -- took a short-term view on their homes, buying them with the idea that they could count on refinancing, pulling cash out or even reselling them anytime they wanted, at a profit.
Reality check -- those days are gone. Now, buyers know they'd better be prepared to stay put for somewhere between seven and 10 years (shorter in strong local markets, longer in foreclosure hot spots) before they buy if they want to break even. And this is causing them to take mortgages they can afford over time, and make smarter, longer-term choices about the homes they buy.
Dysfunctional properties are being weeded out and creatively reused. Municipalities like Detroit and Cleveland are demolishing blighted and decrepit properties in dead neighborhoods en masse, intentionally shrinking their cities to match their shrinking populations. These efforts are also eliminating breeding grounds for crime, and focusing resources on the neighborhoods that have a better chance of surviving and thriving in the long term.
In the so-called "slumburbias" of central California, Nevada and Arizona, McMansions are being repurposed into affordable housing for groups of seniors, artist communities and group homes.
American housing stock is getting an energy-efficient upgrade. The news would have you believe that every American has lost his or her home, walked away from it, or is now renting by choice. In fact, the vast majority of homeowners have simply decided to stay put.
Instead of selling and moving on up, homeowners are improving the homes they now plan to stay in for a long(er) haul. And this generation of remodeling is focused less on granite and stainless steel, and more on lowering the costs of "operating" the home and taking advantage of tax credits for installing energy-efficient doors, windows, water heaters and more. And while the first-time homebuyer tax credit is a thing of the past, the homeowner tax credits for energy-optimizing upgrades are in effect until the end of this year.
People are making more responsible mortgage decisions, and building financial good habits in the process. Buyers are buying far below the maximum purchase prices for which they are approved. They are reading their loan disclosures and documents before they sign them. And, thanks to the stingy mortgage market, they are spending months, even years, in the planning and preparation phases before they buy: paying down their debt; saving up for a down payment (and a cash cushion, so that a job loss wouldn't be disastrous); being responsible and sparing in their use of credit to optimize their FICO scores; and creating strong financial habits in one fell swoop.
Our feelings about debt and equity have been reformed. Americans no longer use their homes like ATM machines, to pull out cash, pay off their credit cards and then start the whole overspending cycle over again. Many can't, because their homes are upside down and cannot be refinanced in any event -- much less to pull cash out.
Others have been reality-checked by the recession, and are dealing with their non-mortgage debt the old fashioned way: by ceasing the pattern of spending more than they make, and applying the self-discipline it takes to pay their bills off.
Home equity, in general, is no longer viewed as an inexhaustible source of cash. Rather, we see it as a fluctuating asset to be protected and increased -- not so much through the vagaries of the market, but through the hard work of paying the principal balance down. Many of those refinancing into today's lower rates aren't doing it to pull cash out, as was the norm at the top of the market; instead, they are refinancing into 15-year loans to pay their homes off sooner than planned, or reducing their required payment so their extra savings can be applied to principal.
Of course, it remains to be seen how lasting these changes will be if and when home prices go up and mortgage guidelines loosen up. But since neither of these things look likely to happen in the short term, hopefully there's a chance that these behavior shifts will become part of a permanent mindset reset for American housing consumers.
Tara-Nicholle Nelson is author of "The Savvy Woman's Homebuying Handbook" and "Trillion Dollar Women: Use Your Power to Make Buying and Remodeling Decisions." Tara is also the Consumer Ambassador and Educator for real estate listings search site Trulia.com. Ask her a real estate question online or visit her website, http://www.rethinkrealestate.com/.
Friday, September 9, 2011
Dallas area sees August home sales spike 27%
By STEVE BROWN, Real Estate Editor, Dallas Morning News, September 8, 2011
Related
North Texas home sales surged in August by 27 percent — the biggest gain in more than a year.
Local real estate agents sold more than 6,800 pre-owned single-family homes last month. It was one of the highest monthly sales totals recorded since federal homebuying incentives ended in early 2010.
August was the second month in a row that the area has seen double-digit home sales increases from a year earlier, according to the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.
Condominium and townhouse sales were also up in August, by 34 percent from a year earlier.
Housing analysts had predicted that Dallas-Fort Worth home sales would rebound from last year, after the expiration of homebuying incentives.
“The market really fell apart in July and August of last year,” said Ted Wilson of Residential Strategies, a Dallas-based housing analyst. “It’s kind of hard to sell Christmas trees the day after Christmas, and it was that way last summer for houses when the tax credit expired.”
Home sales fell for 12 straight months after the end of the federal tax credits in April 2010. “It’s great news we are doing better,” he said. “Consumers are finding some good deals out there from a pricing standpoint.” And with home mortgage rates near record low levels, it’s never been cheaper to finance a purchase, Wilson said.
“The low mortgage rates have to be helping,” said James Gaines, an economist with the Real Estate Center. “And Dallas continues to do well businesswise — employment is still going up. “This home sales rebound is a lot better than we thought it would be,” Gaines said. “If the pattern continues, we could be up 10 percent or more for the year.” The last time North Texas home sales were up by August’s rate was when buyers were rushing to take advantage of the tax credits before they ended.
Home sales last month were higher in all but a few Dallas-area neighborhoods. Some of the biggest sales increases from a year ago were in Carrollton-Farmers Branch (60 percent), northeast Dallas (59 percent) and the Park Cities (49 percent). With big jumps in both July and August, North Texas home sales are now down just 4 percent for all of 2011 from the same period last year. Area home sales prices for the year are flat and were up 2 percent in August. The median price of houses sold last month through the Realtors’ multiple listing service was $154,000. August median sales prices were up 54 percent from a year earlier in Oak Cliff , 26 percent in Cedar Hill and 25 percent in Fairview.
The number of homes listed for sale in the 29-county North Texas area is the lowest since early 2010.
The inventory of houses on the market in August was down 17 percent from a year earlier and equaled just over a seven-month supply. Six months of inventory is considered a balanced market.
D-FW home resales update
Comparisons of August sales and prices of pre-owned homes in North Texas with figures from a year earlier:
CategoryHomesChangeCondosChange
Resales6,822+27%385+34%
Median price$154,000+2%$126,500-9%
Average days on market86+10%106+7%
Pending sales5,521+17%344+45%
Listed for sale34,754-17%2,745-28%
SOURCES: Real Estate Center at Texas A&M University; North Texas Real Estate Information S
Related
North Texas home sales surged in August by 27 percent — the biggest gain in more than a year.
Local real estate agents sold more than 6,800 pre-owned single-family homes last month. It was one of the highest monthly sales totals recorded since federal homebuying incentives ended in early 2010.
August was the second month in a row that the area has seen double-digit home sales increases from a year earlier, according to the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.
Condominium and townhouse sales were also up in August, by 34 percent from a year earlier.
Housing analysts had predicted that Dallas-Fort Worth home sales would rebound from last year, after the expiration of homebuying incentives.
“The market really fell apart in July and August of last year,” said Ted Wilson of Residential Strategies, a Dallas-based housing analyst. “It’s kind of hard to sell Christmas trees the day after Christmas, and it was that way last summer for houses when the tax credit expired.”
Home sales fell for 12 straight months after the end of the federal tax credits in April 2010. “It’s great news we are doing better,” he said. “Consumers are finding some good deals out there from a pricing standpoint.” And with home mortgage rates near record low levels, it’s never been cheaper to finance a purchase, Wilson said.
“The low mortgage rates have to be helping,” said James Gaines, an economist with the Real Estate Center. “And Dallas continues to do well businesswise — employment is still going up. “This home sales rebound is a lot better than we thought it would be,” Gaines said. “If the pattern continues, we could be up 10 percent or more for the year.” The last time North Texas home sales were up by August’s rate was when buyers were rushing to take advantage of the tax credits before they ended.
Home sales last month were higher in all but a few Dallas-area neighborhoods. Some of the biggest sales increases from a year ago were in Carrollton-Farmers Branch (60 percent), northeast Dallas (59 percent) and the Park Cities (49 percent). With big jumps in both July and August, North Texas home sales are now down just 4 percent for all of 2011 from the same period last year. Area home sales prices for the year are flat and were up 2 percent in August. The median price of houses sold last month through the Realtors’ multiple listing service was $154,000. August median sales prices were up 54 percent from a year earlier in Oak Cliff , 26 percent in Cedar Hill and 25 percent in Fairview.
The number of homes listed for sale in the 29-county North Texas area is the lowest since early 2010.
The inventory of houses on the market in August was down 17 percent from a year earlier and equaled just over a seven-month supply. Six months of inventory is considered a balanced market.
D-FW home resales update
Comparisons of August sales and prices of pre-owned homes in North Texas with figures from a year earlier:
CategoryHomesChangeCondosChange
Resales6,822+27%385+34%
Median price$154,000+2%$126,500-9%
Average days on market86+10%106+7%
Pending sales5,521+17%344+45%
Listed for sale34,754-17%2,745-28%
SOURCES: Real Estate Center at Texas A&M University; North Texas Real Estate Information S
Thursday, September 8, 2011
How to get rid of your PMI
Private mortgage insurance (PMI) is required for mortgage loans where the buyer contributes less than 20% of the purchase price as downpayment. Lenders require PMI on most conventional mortgages because there's a correlation between borrower equity and default.
The less money a borrower has invested in a home, the greater the probability of default. So, PMI is a financial guarantee that protects lenders against loss in the event that a borrower defaults. Without it, the 20% down payment that lenders typically require shuts many potential homebuyers out of the housing market.
PMI not only puts people in homes — it also allows them to buy the homes where they want to live. Consider that two out of five homebuyers who use PMI may not otherwise be able to buy a home, according to the Mortgage Insurance Companies of America, a mortgage industry trade group.
PMI also allows buyers to get more house. With $15,000 down, the most home you can buy while avoiding PMI is a $75,000 home. If you use the $15,000 to put 10% down with an insured loan, you can buy a $150,000 home. Of course, that assumes you've got the income to handle the mortgage payment.
Cost of PMI
But there is a cost. PMI certainly helps borrowers get into a home, but it's darn expensive. Borrowers usually pay a half of one percent of the loan amount per year. On a $100,000 loan, that's about $500 to $600 to ensure the top $20,000 of the loan you didn't put down in cash.
But there is a cost. PMI certainly helps borrowers get into a home, but it's darn expensive. Borrowers usually pay a half of one percent of the loan amount per year. On a $100,000 loan, that's about $500 to $600 to ensure the top $20,000 of the loan you didn't put down in cash.
And, lenders can charge PMI until you've reached 20% in equity. On a $100,000 loan with 10% down ($10,000), PMI might cost you $40 a month. If you can cancel it, you can save $480 a year and many thousands of dollars over the life of the loan. Check your annual escrow account statement or call your lender to find out exactly how much PMI is costing you each year.
With a 30-year fixed-rate loan, it could take up to 15 years to chisel it down until you have 20% equity, unless you're paying extra on your loan every month. Homeowners can cancel PMI when there's 20% equity in the home, based on the original property value and provided your mortgage payments are current.
How to get rid of your PMI
The good news is that the Homeowners Protection Act of 1998 (which became effective in 1999) established rules for automatic termination and borrower cancellation of PMI on home mortgages. According to the Federal Trade Commission, these protections apply to certain home mortgages signed on or after July 29, 1999 for the purchase, initial construction, or refinance of a single-family home. (Note: These protections do not apply to government-insured FHA or VA loans or to loans where the lender is paying PMI.)
The good news is that the Homeowners Protection Act of 1998 (which became effective in 1999) established rules for automatic termination and borrower cancellation of PMI on home mortgages. According to the Federal Trade Commission, these protections apply to certain home mortgages signed on or after July 29, 1999 for the purchase, initial construction, or refinance of a single-family home. (Note: These protections do not apply to government-insured FHA or VA loans or to loans where the lender is paying PMI.)
For home mortgages signed on or after July 29, 1999, your PMI must be terminated automatically when you reach 22% equity in your home based on the original property value, if your mortgage payments are current.
If you signed your mortgage before July 29, 1999, you can ask to have the PMI canceled once you exceed 20% equity in your home. But federal law does not require your lender or mortgage servicer to cancel the insurance, so it's important to stay on top of it. Here are other points covered by the law:
- New borrowers must be told — at closing and once a year — about PMI termination and cancellation.
- Mortgage servicers must provide a telephone number for all their mortgage borrowers to call for information about termination and cancellation of PMI.
- Even though the law's termination and cancellation rights do not cover loans that were signed before July 29, 1999, or loans with lender-paid PMI, lenders or mortgage servicers must tell borrowers about the termination or cancellation rights they may otherwise have under those loans (such as rights established by the contract or state law).
Contact your lender or mortgage servicer to learn whether you're paying PMI. (You can also look on your mortgage-payment stub to see if it's listed there.) If you are, ask how and when it can be terminated or canceled. For more information, contact the FTC by visiting http://www.ftc.gov/ or call toll-free, 877/FTC-HELP (877/382-4357); TTY: 866/653-4261.
provided by: Texas Real Estate.com
Five Ways to Fight a Low Appraisal
Five Ways to Fight a Low Appraisal
By Steve Cook 
Print Article
Print Article 
What do you do when the appraisal on the dream home you want to buy comes in below the price in the offer the seller has accepted—even as much as 10 to 20 percent below?Chances are that raising the cash for your down payment and closing cost has tapped you out. Finding thousands more to make up the difference between the appraised value and the contracted amount is out of the question.
You’re not the only buyer who has hit the low appraisal snag. This past June and July, 16 percent of real estate pros reported a cancelation in a sale, mostly due to a large number of low appraisals.
However, you don’t have to walk away. In fact, some real estate professionals and economists say that low-ball appraisals are pushing home values down and undermining the housing recovery.
You can fight back. You have options, and chances are you can find a way to make the deal work without increasing your down payment.
Appraisals are largely based on prices recently paid for comparable local properties. Over the past decade, finding “comps” that accurately reflect values has been a challenge as values rose quickly during the boom and fell just as fast during the bust. Discounts paid for foreclosures and short sales have created a dual price structure between “normal” and distress sales.
Finally, today many buyers rely on popular online valuation tools, called AVMs or automated valuation models, instead of a comparable market analysis from a real estate professional. AVMs give fast property value estimates, but they often differ greatly from appraised values because they are determined by algorithms using available local price data, not actual inspections of the property. During this time of record low home values, it’s no wonder that more and more appraisals are coming in below prices that buyers and sellers have agreed on.
It may seem ironic that buyers would want the homes they want to buy to appraise for as much or more than they are willing to pay. Remember, the purpose of the appraisal is not to help you get a better price, but to protect your lender should you default. The lender wants assurance that your home will be worth enough to recoup their investment.
Even if you have a great job, sterling credit, an adequate down payment and money in the bank, your lender will still want a conservative appraisal. In light of losses they have taken on the millions of foreclosures in recent years and the tough times many banks have had on Wall Street, lenders are taking no chances these days. They are more interested in protecting themselves from a loss than they are in giving you a loan.
Here are five steps you can take to save your dream home:
1. Get the seller to lower the price. By far, this is the easiest solution, especially if your appraisal comes in less than 10 percent of the contract price. Obviously, a lower price is a great idea for the buyer, but why would a seller go along? In July, 2011 the average home in America took about 88 days to sell. Demand is soft and time is money. Your seller, particularly if they are selling to buy another home, could be in a real bind if you are forced to back out and they have to put the house on the market again. After all, there is no guarantee that if you walk away, the seller won’t receive a low or even lower appraisal from the next buyer’s lender. Today, many buyers are offering incentives to sellers, such as payment of some or all closing costs. Lowering the price might be a cheaper option for the seller in order to get the deal done on time. Sometimes a bird in the hand is best.
2. Ask the seller to offer to carry a second mortgage for the difference. This solution doesn’t cost the seller anything but the buyer incurs greater debt. If the buyer really wants the home but cannot come up with the difference in cash, making payments or a lump sum payment at a later date to the seller is an option. After the escrow closes, sellers often retain the right to discount the second mortgage, and can sell it for less than face value to an investor.
3. Do your research and dispute the appraisal. Is the contract sales price a fair assessment of the property value based on a well-prepared comparable market analysis (CMA) from your real estate agent as opposed to an online AVM? Was the appraisal done by an appraisal management company that may have used a less-than-expert or out-of-town appraiser?
Disputing the appraisal may sound a little aggressive but you might be the victim of a poorly prepared appraisal. Do some research first and go to war if you have the ammunition.
You have the right to get a copy of the appraisal from your lender and to find out who did it. What is the appraiser’s reputation? Have any complaints been filed with your state appraisal licensing agency? Where is the appraiser based? Did they perform an appraisal in a housing market that they may not know well? Did the appraiser have adequate information about the subject property? If your appraisal was conducted by an out-of-town appraiser unfamiliar with your market, you have every right to demand a new appraisal.
What comparables did they use? Ask your agent and the seller’s agent to put together a list of recent comparable sales that justify the agreed-to sales price. Submit that list to the underwriter and ask for a review of the appraisal. Also, ask the agents to call the listing agents of pending sales to try to find out the actual sales price of those properties. Listing agents do not have to disclose the sales price, but many are happy to help because they could find themselves in the same situation. Pending sales are more current and are not closed, so the original appraiser would not have access to them.
The key to a successful dispute is data. You will need as much data you can get to back up your dispute.
4. Ask the lender for a new appraisal. Should you find that you have a good case that the appraisal wasn’t fair or accurate, ask your lender for a new appraisal, which you may be charged for.
Another strategy is to get two additional, unbiased appraisals and use the average of all three to arrive at a fair price. This is a risky strategy, in light of the fact that another appraisal might not come in higher than your first; it might even be lower if values have fallen.
Depending on how convincing your argument is, your lender has the ability to override the appraisal estimate, which is unlikely, or to order a new appraisal, which is more likely. If a new appraisal is ordered, talk with your agent about somehow splitting the cost with the seller. Perhaps the listing agent and selling agent will split the fee so the buyer does not have to incur additional costs associated with the transaction. Appraisals cost around $400 or so.
5. Get your own, independent appraisal. If you order your own appraisal and your loan is an FHA loan, ask the lender for a list of approved appraisers. Usually the bank will review your appraisal and ask the previous appraiser if they agree or disagree with the newly submitted one.
If the first appraiser disputes your appraisal, the bank may request a third appraisal done by another appraiser, or they may just reject your appraisal.
However, if the first appraiser agrees with the disputes you present, they may adjust their original appraisal and you may get a better price.
If these tactics fail and you cannot make up the shortfall in the appraised value, you may find yourself moving on. If so, be sure that you were protected by a contingency clause in the sales contract, stating that the transaction can be terminated if the home doesn’t appraise at, or above, the sales price.
For more information visit http://www.realestateeconomywatch.com/.
provided by: RISMEDIA
Monday, August 29, 2011
REO, preforeclosure properties selling at a larger discount
REO, preforeclosure properties selling at a larger discount
RealtyTrac: Share of distressed real estate sales dips in Q2
By Inman News, Thursday, August 25, 2011.
And distressed properties are selling at a larger discount these days, RealtyTrac reported:
- The average sales price of a bank-owned (also known as real estate owned or REO) home was $145,211 in the second quarter, which was about 40 percent below the average sales price of a nonforeclosure home. That compares with a 36 percent discount in first-quarter 2011 and a 34 percent discount in second-quarter 2010.
- The average sales price of a preforeclosure home (preforeclosures, which are homes in default or scheduled for sale at public auction, are often sold in a short-sale process) was $192,129 in the second quarter, which is 21 percent below the average sales price of a nonforeclosure home. That compares with a 17 percent discount in first-quarter 2011 and a 14 percent discount in second-quarter 2010.
There were 102,407 sales of preforeclosure homes to third parties in the second quarter of this year, up 19 percent from the first quarter but down 12 percent compared to second-quarter 2010. These sales accounted for 12 percent of sales in the second quarter of this year, flat with the first quarter and up 10 percent compared to second-quarter 2010.
Thursday, August 25, 2011
Lessons from a master negotiator
Ward Lowe | Consumer columnist
Jul. 15, 2011
Are you a good negotiator? My cousin thinks he is and put an offer on a house last week. The house was listed for $355,000, and he offered $315,000. I asked why his offer was so low, and he said, "That's how you negotiate."
Don't make up a number
I asked if there was something wrong with the property or if it was overpriced. He said, "No, it doesn't need much work, and my REALTOR® determined it was priced in line with the neighborhood. But you have to start low if you're ever going to get a good price."
I hope you have time
I called him today to see if he'd gotten a response from the seller, and he said, "Yeah, the guy came down to $350,000 and said it was his final offer. I'm not paying that."
Did I mention that my cousin's been looking for a new house for almost two years?
Be reasonable
It's a good idea to ask for a price reduction when buying a house, but your offer should have some basis in the reality of your real estate market—unless you enjoy wasting time with fruitless negotiations.
More by Ward Lowe Congratulations: You won What to ask the sellers after closing How splitting the difference can cost you Don’t let little flaws scare away buyers
Five of 10 best housing markets in Texas
According to Fiserv, Inc.’s recent analysis of home-price trends, five of the 10 best-performing housing markets in the last five years are in Texas. The two best, Midland and Odessa, saw housing prices grow 42% and 30.3%, respectively from the first quarter of 2006 to the first quarter in 2011. Read more at the Odessa American.
Tuesday, August 23, 2011
Small Miracles
When love is strong and runs deep, it pulsates with an energy that cannot be stopped, not even by death's grip. When two souls are connected and one departs from this world, the separation may seem final, but in truth the relationship transcends time. Love, like a river, flows eternal, and it embraces all those who swim in its streams.
Texas School Rankings
Texas Public K-12 School Rankings are based on data from the Academic Excellent Indicator System (AEIS) provided by Texas Education Agency. There are two sets of rankings:
Notes:
PSK12.com
- Standard Rankings are based on the following:
- Elementary Schools: The percentages of Third graders who passed both Math and Reading Tests, the percentages of Fourth graders who passed All Three (Math, Reading, and Writing) Tests, and the percentages of Fifth graders who passed both Math and Reading Tests.
- Middle Schools: The percentages of Seventh graders who passed both Math and Reading Tests, and the percentages of Eighth graders who passed All Five (Math, Reading, Writing, Science and Social Studies) Tests.
- High Schools: The percentages of Tenth graders who passed All Three (Math, Reading, and Writing) Tests, the percentages of students who took the AP/IP Tests, and the percentages of students who took the SAT/ACT Tests.
- Customized Rankings (Subscribers Only) are based on the following:
- Elementary Schools: Can choose any or all of the followings: Percent passing in: Third Grade Reading, Third Grade Math, Third Grade All Tests, Fourth Grade Reading, Fourth Grade Math, Fourth Grade Writing, Fourth Grade All Tests, Fifth Grade Reading, Fifth Grade Math, and Fifth Grade All Tests.
- Middle Schools: Can choose any or all of the followings: Percent passing in: Seventh Grade Reading, Seventh Grade Math, Seventh Grade All Tests, Eighth Grade Reading, Eighth Grade Math, Eighth Grade Science, Eighth Grade Social Studies, Eighth Grade Writing, and Eighth Grade All Tests.
- High Schools: Can choose any or all of the followings: Percent passing in: Tenth Grade Reading, Tenth Grade Math, Tenth Grade Writing, and Tenth Grade All Tests. Also, Percent Taking and Percent Passing End-of-Course Exams in Biology, Algebra, English II, and US History. Also, Percent Taking the AP/IB/SAT/ACT Tests, the Percent above criterion in AP/IB Tests, and the Average scores in SAT/ACT Tests.
Notes:
- Grade level distributions are not consistent throughout Texas. For example, fifth graders are in Elementary Schools in some areas; but in other areas, they are in Middle Schools. This site classifies Elementary Schools as those with third, fourth, or fifth graders; Middle Schools as those with seventh or eighth graders; and High Schools as those with tenth graders. As such, some schools may be classified in more than one category. Likewise, schools that do not include all grades are not ranked appropriately.
- Results presented on this site are for All Students; we do not break down the results for different racial/gender/economic groups. Also, the results are for the English (not the Spanish) version of the standardized tests.
- Results for AP/IB/SAT/ACT Tests are delayed by one year.
- For the 2002-2003 and 2003-2004 academic years, schools with more than 99% passing are listed as 99% passing. Apparently, this was done to comply with federal privacy requirements.
PSK12.com
Thursday, August 18, 2011
RE/MAX & J.D. POWERS
New Marketing Will Focus on RE/MAX No. 1 Standing
Supported by two major consumer studies that add even more layers to the network’s industry-leading position, RE/MAX will aggressively market itself as the No. 1 brand in real estate, Chairman and Co-Founder Dave Liniger told a crowd of almost 1,000 RE/MAX brokers at the 2011 RE/MAX Broker Owner Conference in Los Angeles a few days ago.
“Do you like this logo, combining the No. 1 and the RE/MAX balloon? We are going to put it on everything,” Liniger announced at the conference’s Opening General Session, noting that RE/MAX was already the clear leader in transactions, advertising, professional education and many other metrics. “We are No. 1 and we ought to be saying it.”
The excitement is fueled in part by the recent J. D. Power and Associates announcement that RE/MAX ranked highest in customer satisfaction among both buyers and sellers. Dave and Gail Liniger received matching trophies during the session. “We accept this on behalf of all RE/MAX Sales Associates, whose high level of service made this recognition possible,” Dave Liniger said. “This honor belongs to them.”
A second study, conducted by national research firm Synovate, adds even more weight to the idea that RE/MAX is No. 1 in the eyes of consumers. In this survey, buyers and sellers ranked RE/MAX highest, by a large margin, in top-of-mind awareness, recalled advertising, firm most likely to work with, firm most likely to recommend, and many other categories.
When asked what real estate company came to mind, 34% of the respondents across the United States said RE/MAX, easily outdistancing Century 21 and Coldwell Banker. Prudential and Keller Williams hardly even came to mind among consumers. Overall, 95% of the participants were aware of RE/MAX.
This type of power brings business to RE/MAX Sales Associates, Liniger said. And when they combine their individual skills and talents with the “800 pound gorilla” of RE/MAX brand marketing, they have an unbeatable edge. “Advertising doesn’t cost; it pays,” said Liniger. “It brings more customers to our agents, makes things easier and generates business for them. And when they follow through with excellent service, they create repeat clients and referrals for life.”
“We are very excited about the new marketing program,” notes Mark Wolfe, president of RE/MAX DFW Associates. “It will bring additional clout and prestige to our agents. We are up 35% in August over one year ago, and we were up 36% in July. The strengthening of the RE/MAX brand is certainly one reason why our agents are excelling in this market.”
RE/MAX DFW Associates has offices in Carrollton, Coppell, Flower Mound, Frisco, Irving and Plano. The firm is the largest RE/MAX franchise in the Southwestern region of the United States.
For more information, visit the firm’s Facebook page or the website at http://www.rmdfw.com/.
Supported by two major consumer studies that add even more layers to the network’s industry-leading position, RE/MAX will aggressively market itself as the No. 1 brand in real estate, Chairman and Co-Founder Dave Liniger told a crowd of almost 1,000 RE/MAX brokers at the 2011 RE/MAX Broker Owner Conference in Los Angeles a few days ago.
“Do you like this logo, combining the No. 1 and the RE/MAX balloon? We are going to put it on everything,” Liniger announced at the conference’s Opening General Session, noting that RE/MAX was already the clear leader in transactions, advertising, professional education and many other metrics. “We are No. 1 and we ought to be saying it.”
The excitement is fueled in part by the recent J. D. Power and Associates announcement that RE/MAX ranked highest in customer satisfaction among both buyers and sellers. Dave and Gail Liniger received matching trophies during the session. “We accept this on behalf of all RE/MAX Sales Associates, whose high level of service made this recognition possible,” Dave Liniger said. “This honor belongs to them.”
A second study, conducted by national research firm Synovate, adds even more weight to the idea that RE/MAX is No. 1 in the eyes of consumers. In this survey, buyers and sellers ranked RE/MAX highest, by a large margin, in top-of-mind awareness, recalled advertising, firm most likely to work with, firm most likely to recommend, and many other categories.
When asked what real estate company came to mind, 34% of the respondents across the United States said RE/MAX, easily outdistancing Century 21 and Coldwell Banker. Prudential and Keller Williams hardly even came to mind among consumers. Overall, 95% of the participants were aware of RE/MAX.
This type of power brings business to RE/MAX Sales Associates, Liniger said. And when they combine their individual skills and talents with the “800 pound gorilla” of RE/MAX brand marketing, they have an unbeatable edge. “Advertising doesn’t cost; it pays,” said Liniger. “It brings more customers to our agents, makes things easier and generates business for them. And when they follow through with excellent service, they create repeat clients and referrals for life.”
“We are very excited about the new marketing program,” notes Mark Wolfe, president of RE/MAX DFW Associates. “It will bring additional clout and prestige to our agents. We are up 35% in August over one year ago, and we were up 36% in July. The strengthening of the RE/MAX brand is certainly one reason why our agents are excelling in this market.”
RE/MAX DFW Associates has offices in Carrollton, Coppell, Flower Mound, Frisco, Irving and Plano. The firm is the largest RE/MAX franchise in the Southwestern region of the United States.
For more information, visit the firm’s Facebook page or the website at http://www.rmdfw.com/.
Wednesday, August 17, 2011
Rules of thumb for judging investment home, cash flow
By Tom Kelly | Investment columnist
Let's assume home values are down in the area where you like to vacation. Truth be told, you wouldn't mind retiring there one day.
If you bought an investment home now and rented out, is there any way of knowing if it will appreciate?
And, is there a break-even formula to use when considering annual cash flow?
One of the better second-home rental formulas now used was developed by Christine Karpinski, author of How to Rent Vacation Properties by Owner. Karpinski's definition of the break-even point is when all of the income (rent) from your vacation rental property is enough to pay all of the bills associated with ownership of the property. In other words, your vacation home should not cost you another dime after your downpayment.
According to Karpinski, if your monthly mortgage payment is equal to or less than one "peak" week rental rate, and if you rent for 17 weeks, then you should be able to achieve positive cash flow.
Consider a property that rents "by owner" for $2,000 per week during the peak season with a monthly mortgage payment of $2,000. There are 12 peak weeks, most or all of which are generally occupied. Then 12 weeks rented equal one year's mortgage payments.
In addition, you'll need to rent five other weeks to pay for incidentals such as power, phone, association dues, minor maintenance etc. If you handle the rental yourself and have 17 weeks booked (33% occupancy), you will have a break-even cash flow. Rent more and you have positive cash flow, according to Karpinski, who serves as the director of HomeAway.com's owner community.
When analysts look at stocks, they often focus on the price-earnings ratio as a measure of whether the stock is overvalued or undervalued. The higher the number (especially relative to either the market as a whole or to historical averages), the more likely the stock is to decline in price over time.
UCLA professor Edward Leamer proposed that real estate be considered in a similar light. In this case, though, the ratio is the price of the investment property to the annual rental it will earn. This calculation will give you a standard by which you can judge the relative potential for appreciation of different properties in different neighborhoods and even in different cities. In other words, it helps to make sound investment decisions by giving you a tool to measure alternative investments against each other. Here's how it works …
Suppose you're looking at a $255,000 property that will rent for $1,500 per month, or $18,000 per year (We can assume no vacancy, but you can figure in whatever you deem to be reasonable.) You are also looking at a $120,000 property that will rent for $850 per month, or $10,200 per year. The price-earning ratio for the first property is approximately 14 (255 divided by 18), and the second is approximately 12 (120 divided by 10.2). The second property appears to be a better candidate for appreciation since it has the lower price-earnings ratio.
For a truly effective comparison of the two properties, you need to make a second calculation. You need to look at the price-earning ratio average for both properties relative to those properties in the same neighborhood. If the ratio for the neighborhood of the first house is 20 while the ratio for the second house is 10, then the first property might be the better buy. It is underpriced relative to its surroundings, while the second property is overpriced.
Although all this might appear complex, it's really quite simple. After all, you already know the prices being asked for the properties you are evaluating, and you should know what rent you can charge once you own them.
All that's needed is to find out the averages for prices and rents in the immediate neighborhood, and you're done. Check county records, or ask a local Texas REALTOR® or property manager to help you out with these two numbers. This is a helpful research process that could propel you to financial success.
Monday, August 15, 2011
Small Miracles
In a society driven by the work ethic, we sometimes find it hard to concede that a major component of success is sheer "luck" or "divine providence." In a way, though, it's a relief to accept that there's just so much we can do, and the rest is up to God.
Small Miracles ~
Small Miracles ~
What Are We Missing in Life?
THE SITUATION
In Washington , DC, at a Metro Station, on a cold January morning in 2007, this man with a violin played six Bach pieces for about 45 minutes. During that time, approximately 2,000 people went through the station, most of them on their way to work. After about 3 minutes, a middle-aged man noticed that there was a musician playing. He slowed his pace and stopped for a few seconds, and then he hurried on to meet his schedule.
About 4 minutes later:
The violinist received his first dollar. A woman threw money in the hat and, without stopping, continued to walk.
At 6 minutes:
A young man leaned against the wall to listen to him, then looked at his watch and started to walk again.
At 10 minutes:
A 3-year old boy stopped, but his mother tugged him along hurriedly. The kid stopped to look at the violinist again, but the mother pushed hard and the child continued to walk, turning his head the whole time. This action was repeated by several other children, but every parent - without exception - forced their children to move on quickly.
At 45 minutes:
The musician played continuously. Only 6 people stopped and listened for a short while. About 20 gave money but continued to walk at their normal pace. The man collected a total of $32.
After 1 hour:
He finished playing and silence took over. No one noticed and no one applauded. There was no recognition at all.
No one knew this, but the violinist was Joshua Bell, one of the greatest musicians in the world. He played one of the most intricate pieces ever written, with a violin worth $3.5 million dollars. Two days before, Joshua Bell sold-out a theater in Boston where the seats averaged $100 each to sit and listen to him play the same music.
This is a true story. Joshua Bell, playing incognito in the D.C. Metro Station, was organized by the Washington Post as part of a social experiment about perception, taste and people's priorities.
If we do not have a moment to stop and listen to one of the best musicians in the world, playing some of the finest music ever written, with one of the most beautiful instruments ever made . . ..
How many other things are we missing as we rush through life?
Enjoy life NOW… it has an expiration date!!!
MAKE IT A GREAT WEEK!
Mark Wolfe - My Broker
In Washington , DC, at a Metro Station, on a cold January morning in 2007, this man with a violin played six Bach pieces for about 45 minutes. During that time, approximately 2,000 people went through the station, most of them on their way to work. After about 3 minutes, a middle-aged man noticed that there was a musician playing. He slowed his pace and stopped for a few seconds, and then he hurried on to meet his schedule.
About 4 minutes later:
The violinist received his first dollar. A woman threw money in the hat and, without stopping, continued to walk.
At 6 minutes:
A young man leaned against the wall to listen to him, then looked at his watch and started to walk again.
At 10 minutes:
A 3-year old boy stopped, but his mother tugged him along hurriedly. The kid stopped to look at the violinist again, but the mother pushed hard and the child continued to walk, turning his head the whole time. This action was repeated by several other children, but every parent - without exception - forced their children to move on quickly.
At 45 minutes:
The musician played continuously. Only 6 people stopped and listened for a short while. About 20 gave money but continued to walk at their normal pace. The man collected a total of $32.
After 1 hour:
He finished playing and silence took over. No one noticed and no one applauded. There was no recognition at all.
No one knew this, but the violinist was Joshua Bell, one of the greatest musicians in the world. He played one of the most intricate pieces ever written, with a violin worth $3.5 million dollars. Two days before, Joshua Bell sold-out a theater in Boston where the seats averaged $100 each to sit and listen to him play the same music.
This is a true story. Joshua Bell, playing incognito in the D.C. Metro Station, was organized by the Washington Post as part of a social experiment about perception, taste and people's priorities.
If we do not have a moment to stop and listen to one of the best musicians in the world, playing some of the finest music ever written, with one of the most beautiful instruments ever made . . ..
How many other things are we missing as we rush through life?
Enjoy life NOW… it has an expiration date!!!
MAKE IT A GREAT WEEK!
Mark Wolfe - My Broker
Texas top-ranked entrepreneur state
Texas top-ranked entrepreneur state
Aug. 9, 2011
According to the State Entrepreneurship Index, which evaluates how states stack up in terms of business formation and innovation, Texas is ninth in the nation for entrepreneurial activity. The Lone Star State moved up 25 spots from its ranking at No. 34 in 2008. Read more at the Houston Business Journal.
Saturday, August 13, 2011
Tips To Selling Your Home
Twelve tips to sell your home
There are few things more frustrating to a seller than a home that sits on the market. It's stressful to keep a house in showing condition, and not selling can cost you lots of money.
Use these tips as a quick guide to better your chances at selling your house in a timely fashion.
- Sit down with your Texas REALTOR® and evaluate your listing price. Visit open houses in your neighborhood. Are similar homes priced lower? An overpriced home is destined to sit on the market too long.
- Do whatever it takes to be away from your home during showings and
open houses. - Ask your Texas REALTOR® for feedback on how your home shows, and ask him to solicit other agents' advice. Feedback from their clients can really help.
- If you intend to hold an open house, consider doing so on a weeknight. Competition may be lower, and you'll attract the interest of buyers who may not be available on the weekend.
- Help promote your property. Talk about your home to everyone you know. Look for other ways to get the word out, too, even if your agent is doing a lot to promote your house.
- If you're really motivated, you can offer perks to buyers, such as a cash bonus or help with closing costs.
- Neutralize your color scheme. Most buyers prefer neutral colors that make it easier to imagine a new home as their own.
- Consider offering an increased commission or a bonus for your listing agent as extra incentive. If you do so, amend your listing contract to reflect the change, and be sure those details are added to the multiple listing service (MLS). Buyer agents will also be inspired to give your house extra attention.
- If your REALTOR® has a video tour of the house, watch the tape as if you were a prospective buyer … you may be surprised at what you see.
- Fix lingering problems, such as the dripping faucet or the door that doesn't quite close right.
- Clean and de-clutter—neat, organized houses sell faster than those that look too lived-in.
- It's not about you. Buyers want to imagine their family in the house. If your house shows an abundance of your personality, it may dissuade the buyer.
There are many other things you can do to hasten the sale of your property, no matter the condition of the housing market. Make sure you consult with your Texas REALTOR® first.
Friday, August 12, 2011
Moving To Texas
Moving to Texas
Get legal
As a new Texas resident, you have 30 days to register your vehicle and get your Texas driver's license. Before you register your vehicle, though, it must pass the state inspection process. In order, here are the three steps to follow:
1. Take your vehicle to a state inspection station. You can find a list of what types of inspections are required in your county and an inspections-station locator at the Department of Public Safety Web site. When you go, make sure you take your current driver's license and proof of insurance. If your insurance policy wasn't issued in Texas, you may need to show proof that you carry the minimum coverage required by the state: $20,000 bodily injury or death to one person; $40,000 bodily injury or death to two or more persons; and $15,000 injury or destruction to other property.
2. When your vehicle passes inspection, the inspection station will give you a verification form to bring to the county tax assessor-collector's office. This is where you obtain a Texas vehicle registration sticker and license plates. You'll need proof of ownership, such as registration or title from your previous home state, as well as proof of insurance. Again, you may need to show that you carry minimum coverage amounts.
3. Apply for a Texas driver's license at the Texas Department of Public Safety (DPS) office in your area. Bring an ID, proof of Social Security number, proof of liability insurance, and proof of Texas vehicle registration. Expect to provide a thumbprint and surrender any valid out-of-state license you currently have.
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