July 2009 Archives

Fort Worth City Magazine has a great piece in the July edition about real estate.  It gives a very accurate (I believe) evaluation of our current local real estate market.   It has also selected this year's "Great 8" Places to live in Tarrant County.  Both Southlake and Keller made it to the list!

I think you will enjoy reading the whole piece.  Find it here:  http://tiny.cc/DJCzC 

Applying for a mortgage is an integral part the home buying experience.  I encourage all of my buyers to get preapproved for a loan as early in the process as possible. However, be aware  that there is a hazard connected with this process.  When you apply for a home loan, the credit bureaus often flag your file and then sell your personal information to the highest bidder: normally mortgage companies, some of which are not the most reputable.  This information can include addresses, phone numbers, mortgage history and even FICO scores.  You will then be barraged with phone calls and mail offers from these mortgage companies.  At present, there is nothing illegal about this process, but there is a way that you can protect yourself and your informaton.  Prior to starting the loan process, visit www.optoutprescreen.com; you can opt out of the process up front and avoid the whole problem. I encourage you to do so.

Here are the sales numbers for the first half of this year versus the first half of 2008.  As we saw in the first quarter, there was a significant drop in the number of homes sold in most areas.  Prices are are fairly stable.  And as we saw in the first quarter, days on market are up  for the more expensive areas and down for the less expensive.

Now that the busiest part of the year is over, I'll be looking to see if there is price erosion as the owners of homes that did not sell decide what to do.  I've seen some folks take their homes off the market and wait until next year, and I've seen others cutting their price because they need to sell.

MLS Activity Report for Selected Areas - First Half 2009

City	# of Sales	% Change vs. Prior Year	Avg Sales Price	% Change vs. Prior Year	Median Price	% Change vs. Prior Year	Avg Days on Market	% Change vs. Prior Year
Bedford	206	-25%	$171,856	0%	$154,350	-6%	55	-20%
Colleyville	135	-34%	$504,467	3%	$420,000	2%	90	17%
Denton County Southeast	1,450	-24%	$234,302	-2%	$190,000	-2%	71	0%
Euless	170	-23%	$157,549	0%	$153,500	0%	63	5%
North Central Tarrant	758	-28%	$153,515	-4%	$145,450	-2%	74	-4%
Grapevine	170	-40%	$252,896	2%	$237,400	0%	58	14%
Hurst	209	-26%	$137,111	-8%	$132,000	-4%	60	-42%
Keller	307	-26%	$311,991	-5%	$289,300	3%	88	7%
N Richland Hills / Richland Hills	301	-21%	$166,683	2%	$136,250	5%	75	10%
Roanoke	86	-1%	$161,405	-6%	$146,000	-9%	74	-13%
Southlake	183	-28%	$615,855	0%	$503,500	-6%	97	45%
Trophy Club / Westlake	74	-6%	$442,555	-11%	$287,500	9%	102	26%
Watauga	143	-15%	$97,248	-4%	$95,000	-5%	56	-14%

Note: All Information is from North Texas Real Estate Information System (NTREIS) and is believed but not guaranteed to be accurate.

Rather than trying to keep up with the myriad of financing options available, I refer my clients to several excellent local lenders who have served my clients very well.

However, I follow the lending situation closely since it is such an important part of the real estate business.  And I've notice that FHA loans have become an increasingly important option for many buyers.

Here's an article by Mary Frances Burleson, president of Ebby Halliday, REALTORS® on this subject.

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The recent tightening of mortgage lending standards makes FHA financing more attractive than ever for many buyers.

FHA is a great loan for first-time buyers, and is also a good choice for others as well. Here's why...

Low Down Payment

A down payment as low as 3.5 percent from the buyer's own funds is usually required. However, in many cases, the lender may allow the buyer's down payment to be a gift from a relative.

Modest Credit Scores

Buyers with credit scores between 620 and 740 may obtain a lower rate and lower fees than with conventional financing.

Payment History

FHA is often more lenient regarding a borrower's previous payment history. Even a past bankruptcy may not disqualify a borrower from obtaining a loan.

Seller Contribution

The seller can often contribute as much as 6 percent of the purchase price toward the buyer's closing costs, as well as prepaid taxes and insurance.

Refinancing

If an opportunity to refinance comes up, FHA allows a streamlined refinance into a new FHA loan with only minimal documentation.

Assumable Loan

When it's time to sell, buyers may assume the loan at the original interest rate provided they qualify for a new FHA loan. If interest rates rise, this can make the home more attractive to many buyers.

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Call me for the names of several loan officers who can provide complete details on FHA loans, qualifying requirements and current interest rates.

In today's market, your best financing option may be an FHA loan!

Keller is #7 on Money's 2009 list of best places to live!  Affordable homes, low crime, great schools were important factors.  This is a well earned distinction, Keller is indeed a great place to live!

Here's a link to the Money Magazine article.

The photos are now back where they belong!

Plus, we now have links to all virtual tours.  This has been the biggest request of our visitors. 



If a home has a virtual tour, a button will be shown next to the Gallery and Map buttons, right under the photos on the listing page.

NTREIS made some changes to the MLS today that in a very round about way caused us to lose our photos (our fault, not theirs).  They'll be back soon!