The year 2003 turned out to be a better year for real estate than many
feared. In our area, some communities saw a decline in sales volume but
prices have generally remained stable or even increased. I'm optimistic
about 2004. Interest rates are low and I'm seeing a real increase in my
website activity.
If you're thinking of selling, now is the time to start getting your
home ready; we are quickly approaching the busiest season in real
estate.
If you're thinking about buying, interest rates are great right now. Get
out there and take advantage of this opportunity.
Call me at 817-230-4008. I can help!
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Real Estate Highs And Lows
DallasNews.Com & Star-Telegram.com
Low interest rates (averaging 5.5% with one point loan origination fee
as this newsletter is written) continue to encourage Texans to purchase
homes. 65,568 single family homes were sold in the Dallas/Fort Worth
area in the first 11 months of 2003, 3% more than in the same period a
year ago. The year-to-date median price of $139,000 is up 3% from a year
ago.
At the same time, residential foreclosures in the Metroplex hit the
highest level in 2003 since the real estate bust of the 1980's.
Foreclosures were up 34% in 2003, with more than 28,000 homes posted for
foreclosure in Tarrant, Dallas, Denton and Collin counties. The
delinquency rate for mortgage payments in Texas was the third highest in
the nation, according to the Mortgage Bankers' Association, with only
Louisiana and Mississippi having higher rates.
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A National Look At Real Estate
WASHINGTON, D.C. (Realtor.org) - The national median existing home price
was $177,000 during the third quarter, up more than 10 percent form
third quarter 2002, according to the National Association of Realtors
(NAR).
The metro area with the strongest price increase was Riverside-San
Bernardino, Calif., where the median existing home price of $228,900 was
26.5 percent higher than last year.
The most expensive area was the San Francisco Bay Area, where the median
price was $568,200. The least expensive was Buffalo- Niagara Falls,
where the median-priced house cost $90,600. Beaumont-Port Arthur, Texas,
was the second least costly area at $93,400.
Total existing home sales activity in the third quarter was the highest
on record, with 48 states and the District of Columbia posting increases
from a year ago, according to NAR. The NAR survey showed that
nationwide, the seasonally adjusted annual rate of existing
single-family, apartment condominium and co-operative home sales totaled
7.4 million units in the third quarter of this year, up 18.7 percent
from the third quarter of 2002.
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Texas Real Estate Specialists Cautiously Optimistic
COLLEGE STATION, Texas (tamu) - Texas real estate professionals are less
optimistic about how real estate markets will perform in first quarter
2004 than they were last quarter or last year. However, panelists
surveyed in four of the five sectors are positive in their outlook.
Overall, the latest Texas Real Estate Confidence Index (TRECI) for first
quarter 2004 is slightly positive at .52. The index is constructed from
responses of real estate industry expert panelists to questions about
what they think about their market area in the coming quarter. TRECI
ranges from 0 to 1, with .50 being neutral. Numbers above .50 reflect
positive feelings about a market.
More detailed information can be found on the Real Estate Center's
website, http://recenter.tamu.edu.
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New Construction Warranties
The revised Residential Construction Liability Act adopted in the last
regular session of the Texas Legislature establishes two new warranties
for new construction and repairs.
The first warranty sets minimum requirements for new construction, home
improvements and repairs. Workmanship and materials are covered for one
year, plumbing, electrical, heating and air conditioning for two years,
and structural components for ten years.
The second warranty covers anything having a direct, adverse effect on
the habitable areas of the home. In effect it ensures that the home or home
improvements are safe, sanitary and fit for humans to inhabit.
Beginning March 1, 2004, all Texas builders must obtain a certificate of
registration from the commission, and builders must register each new
home, home repair or home improvement.
Those who must register include anyone who constructs, supervises or
manages the construction of a new home, who materially improves a home
(other than repairing or replacing an existing roof) or who improves the
interior of an existing home at a cost exceeding $20,000.
Steps to resolve a complaint about home construction are:
- Contact the builder to remedy the problem.
- If not satisfied, contact the Residential Construction Commission, which assigns a 3rd party inspector to see if the work complies with warranties.
- If the inspector finds a defect, he/she makes a recommendation to correct it.
- If either party is dissatisfied with the recommendations, he/she may appeal to a panel of three state inspectors.
If the issue is still unresolved, the homeowner can take the builder to
court or seek arbitration. The new warranties will supercede all
existing implied construction warranties. They cannot be waived, but the
contract between the builder and the homeowner may be made tougher.
Also, the new warranties do not apply to construction begun before
September 1, 2003. Work done before that date is covered by the existing
warranties in place at that time. "Fixin' What's Broke," Judon
Fambrough. Download the PDF reprint at
http://recenter.tamu.edu/pdf/1644.pdf.
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Large Suburban Cities In West Are Fastest Growing (Recon)
WASHINGTON, D.C. (U.S. Census Bureau) - Large suburban cities in the West
dominated the list of America's fastest-growing cities, according to
population estimates released by the U. S. Census Bureau.
Between April 1, 2000, and July 1, 2002, Gilbert, Ariz., was the
fastest-growing of 242 cities with populations of 100,000 or more. The
estimates show no change in the rankings of the ten largest cities since
Census 2000. The ten largest U.S. cities as of July 1, 2002, in order of
population were New York, Los Angeles, Chicago, Houston, Philadelphia,
Phoenix, San Diego, Dallas, San Antonio and Detroit.
Of the ten largest cities, Phoenix and San Antonio grew the fastest from
2000 to 2002, followed by San Diego, Houston and Los Angeles.
Austin was the only one of Texas' 20 largest cities to lose population
between 2000 and 2002. Its population shrank by 1,100.
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What Boomers Want
WASHINGTON, D.C. (nahb.org) - Baby boomers and seniors may have more
leisure time in their golden years than when they were younger, but they
are not planning on spending that time doing home maintenance chores.
The survey of home builders and developers reveals that three-quarters
of buyers aged 50 and older are searching for a home that provides yard
or grounds service and exterior home maintenance.
The study also found that the majority of boomers buying homes are
likely to choose a home located close to their current home. Nearly half
the buyers surveyed indicated a desire to be closer to children,
grandchildren and family. Other features boomers are looking for in a
new home are safety (street lights, home security systems), technology
(highspeed Internet access, intercom, entrance phones) and convenience
(proximity to shopping, church and medical facilities).
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Online Coloring Book Teaches Kids About Homebuilding
(I checked out the website below. If you have younger children and
web access, take a look. It's really kind of cute.)
LAS VEGAS, Nevada (NAHB.org) - Kids can learn about the homebuilding
process with the National Association of Home Builders' (NAHB) Homes of
Our Own online coloring book. The virtual coloring book, located at
www.nahb. org/coloringbook, allows children with Internet access to
participate in the program, where they learn the process of building
homes, discover how builders protect the environment and draw and color
pictures of their own homes.
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Honor
(I recently came across this in RISMEDIA. I enjoyed it and thought you
might too.)
"Real integrity is doing the right thing, knowing that nobody's going to
know whether you did it or not." - Oprah Winfrey
"Be not ashamed of thy virtues; honor's a good brooch to wear in a man's
hat at all times." - Ben Jonson
"The difference between a moral man and a man of honor is that the
latter regrets a discreditable act, even when it has worked and he has
not been caught." - H. L. Mencken
"Don't look for more honor than your learning merits." - Jewish Proverb
"An honor is not diminished for being shared." - Lois McMaster Bujold
"What is left when honor is lost?" - Publilius Syrus
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