Hilton DFW Lakes
Thursday. April 8, 2010
5:30 - 8:30 pm
$25 in advance, $30 at the event
Tickets are available on line through April 7 and at the door the day of the event.
35+ Restaurants, One Night, One Place! Bon Appetit!
Entertainment provided by "The Rumble Kings".
Includes sampling all foods, souvenir wine glass, plate and tote bag plus one complimentary wine/beer drink.
Cash bar.
(No strollers please)
Thursday, April 8, 2010
Friday, April 2, 2010
Trec warns public of RE Brokerage Scams in DFW
The TREC Standards and Enforcement Services Division (TREC) has received complaints against a group of individuals and companies that have been doing business in the Dallas/Fort Worth area. The individuals and companies named in the complaints represent themselves as real estate agents and real estate brokerage companies but do not hold Texas real estate licenses. The public should be aware, owners of real property, tenants, buyers, and investors claim to have lost large sums of money related to the group's real estate schemes.
Monday, March 15, 2010
Changes to FHA in 2010
The National Association of Realtors® urged Congress and the administration to move cautiously before making changes to the FHA program that has served the needs of millions of American families for more than 75 years without needing a federal appropriation
Monday, March 1, 2010
Not much impact from repeat buyer credit
Not much impact from repeat buyer credit
It sounded like a great idea three months ago: Hand homeowners a $6,500 tax credit to find a new place to live, giving a thrust of energy to the housing market's recovery.
So far, people are staying put.
In November, the federal government extended a tax credit of up to $8,000 for people who hadn't owned a home for three years. This credit had helped boost home sales last summer and fall. Seeking to build on that momentum, the government added a new credit of up to $6,500 for current homeowners, hoping it would transform them into house-hunters this winter and spring.
But real estate agents around the country say the credit is doing little to elevate sales. Reasons vary.
The unemployment rate is still near 10 percent and consumer confidence is falling. Home prices have stabilized in some markets, but are still a third below their 2006 peak. Droves of people who want to sell are stuck because their home is worth less than they paid for it. Harsh winter weather has Americans shoveling driveways instead of preparing their home for buyer visits.
"No one is saying, 'I need to buy something before it expires,'" said Tim Surratt, an agent with Greenwood King Properties in Houston.
The tax credit for current homeowners was intended to help stabilize prices and bolster the economy, but the housing market remains vulnerable. Sales of both new and previously occupied homes dropped in January, and the Mortgage Bankers Association's index of loan applications recently hit a 12 1/2-year low.
Also, the percentage of current homeowners looking to buy was nearly flat from January to February, according to a poll of 1,500 real estate agents by Campbell Communications and Inside Mortgage Finance.
The Obama administration has pumped billions into the housing market, hoping it will lead the nation out of its economic doldrums. Efforts to modify loans facing foreclosure have largely failed. So, hundreds of thousands of discounted homes will hit the market this year, stressing a market desperate to balance high supply with sluggish demand.
"You've got a really big problem that requires big guns, and the tax credit is just not big enough," said Roberton Williams, senior fellow at the Tax Policy Center in Washington.
Agents believe the credit's true test will come in the spring, the busiest home-buying season. Concerns about high unemployment could keep buyers on the fence.
"If you don't have a job, you're not going to be able to buy a new house," said Deborah Farmer, owner of StarLight Realty in Tampa, Fla.
Another problem is that homeowners, in many cases, will need to sell their current home to afford a new one and claim the credit on tax returns. That's a major issue for borrowers who owe more than their home is worth. Nearly one-in-three homeowners with a mortgage is currently in that situation, according to Moody's Economy.com.
Also, $6,500 may not mean much to a buyer with enough equity to sell a property and afford another home. The savings will hardly dent down payments or moving costs. Most sellers employ real estate agents who typically receive 6 percent of the sales price.
It sounded like a great idea three months ago: Hand homeowners a $6,500 tax credit to find a new place to live, giving a thrust of energy to the housing market's recovery.
So far, people are staying put.
In November, the federal government extended a tax credit of up to $8,000 for people who hadn't owned a home for three years. This credit had helped boost home sales last summer and fall. Seeking to build on that momentum, the government added a new credit of up to $6,500 for current homeowners, hoping it would transform them into house-hunters this winter and spring.
But real estate agents around the country say the credit is doing little to elevate sales. Reasons vary.
The unemployment rate is still near 10 percent and consumer confidence is falling. Home prices have stabilized in some markets, but are still a third below their 2006 peak. Droves of people who want to sell are stuck because their home is worth less than they paid for it. Harsh winter weather has Americans shoveling driveways instead of preparing their home for buyer visits.
"No one is saying, 'I need to buy something before it expires,'" said Tim Surratt, an agent with Greenwood King Properties in Houston.
The tax credit for current homeowners was intended to help stabilize prices and bolster the economy, but the housing market remains vulnerable. Sales of both new and previously occupied homes dropped in January, and the Mortgage Bankers Association's index of loan applications recently hit a 12 1/2-year low.
Also, the percentage of current homeowners looking to buy was nearly flat from January to February, according to a poll of 1,500 real estate agents by Campbell Communications and Inside Mortgage Finance.
The Obama administration has pumped billions into the housing market, hoping it will lead the nation out of its economic doldrums. Efforts to modify loans facing foreclosure have largely failed. So, hundreds of thousands of discounted homes will hit the market this year, stressing a market desperate to balance high supply with sluggish demand.
"You've got a really big problem that requires big guns, and the tax credit is just not big enough," said Roberton Williams, senior fellow at the Tax Policy Center in Washington.
Agents believe the credit's true test will come in the spring, the busiest home-buying season. Concerns about high unemployment could keep buyers on the fence.
"If you don't have a job, you're not going to be able to buy a new house," said Deborah Farmer, owner of StarLight Realty in Tampa, Fla.
Another problem is that homeowners, in many cases, will need to sell their current home to afford a new one and claim the credit on tax returns. That's a major issue for borrowers who owe more than their home is worth. Nearly one-in-three homeowners with a mortgage is currently in that situation, according to Moody's Economy.com.
Also, $6,500 may not mean much to a buyer with enough equity to sell a property and afford another home. The savings will hardly dent down payments or moving costs. Most sellers employ real estate agents who typically receive 6 percent of the sales price.
Federal report says that D-FW home prices were up last year
Federal report says that D-FW home prices were up last year
Prices of homes purchased in the Dallas area rose by a smidgen in 2009, according to a federal report released Thursday.
The Federal Housing Finance Agency said that Dallas area home sale prices were up 0.43 percent at the end of last year compared with a year earlier. Nationwide, prices were down 1.2 percent in the same period.
Unlike other home price comparisons, the federal housing study only looks at home purchases financed with mortgages held by Fannie Mae and Freddie Mac – the big government-owned loan investors.
Dallas was one of three top 10 U.S. metro areas that had home price gains in 2009, according to the federal index.
Washington, D.C., had the biggest price increase at 10.55 percent, followed by a 3.71 percent increase in Houston.
Among major cities, the biggest price declines last year were in Miami, down 12.86 percent, and Phoenix, down 12.03 percent, according to the FHFA.
The quarterly federal housing index is different from the recently released Standard & Poor’s/Case-Shiller Home Price Index, which tracks the values of actual houses over time. The Case-Shiller index does not look at new home prices, which are included in the federal price measure.
Case-Shiller said that Dallas-area home prices were up 3 percent at the end of 2009 compared to a year earlier.
Dallas home prices are up about 12 percent during the last five years, the FHFA report said. And since 1991, overall home prices here have risen by more than 74 percent.
The country’s 10 largest home markets averaged a 3.7 percent price drop since 2004, according to the federal index But since 1991, home prices in the top 10 U.S. metro areas are up an average of 96 percent.
Prices of homes purchased in the Dallas area rose by a smidgen in 2009, according to a federal report released Thursday.
The Federal Housing Finance Agency said that Dallas area home sale prices were up 0.43 percent at the end of last year compared with a year earlier. Nationwide, prices were down 1.2 percent in the same period.
Unlike other home price comparisons, the federal housing study only looks at home purchases financed with mortgages held by Fannie Mae and Freddie Mac – the big government-owned loan investors.
Dallas was one of three top 10 U.S. metro areas that had home price gains in 2009, according to the federal index.
Washington, D.C., had the biggest price increase at 10.55 percent, followed by a 3.71 percent increase in Houston.
Among major cities, the biggest price declines last year were in Miami, down 12.86 percent, and Phoenix, down 12.03 percent, according to the FHFA.
The quarterly federal housing index is different from the recently released Standard & Poor’s/Case-Shiller Home Price Index, which tracks the values of actual houses over time. The Case-Shiller index does not look at new home prices, which are included in the federal price measure.
Case-Shiller said that Dallas-area home prices were up 3 percent at the end of 2009 compared to a year earlier.
Dallas home prices are up about 12 percent during the last five years, the FHFA report said. And since 1991, overall home prices here have risen by more than 74 percent.
The country’s 10 largest home markets averaged a 3.7 percent price drop since 2004, according to the federal index But since 1991, home prices in the top 10 U.S. metro areas are up an average of 96 percent.
Monday, January 25, 2010
Repeat Buyers Need to Act Fast to Capitalize on Expanded Tax Credit RISMEDIA, January 23, 2010—By now it is well documented that today’s affordable h
Repeat Buyers Need to Act Fast to Capitalize on Expanded Tax Credit
RISMEDIA, January 23, 2010—By now it is well documented that today’s affordable housing prices, historically low interest rates and federal home buyer tax credit have combined to create one of the most attractive first-time buyer markets in recent memory. What many Americans might not realize is that a recent expansion of the buyer tax credit has created an equally desirable opportunity for existing homeowners.
This past November, Congress elected to expand the home buyer tax credit to repeat buyers after seeing the success the temporary financial incentive had on the housing market and overall economy. As a result, current homeowners who will have lived in their home for 5 consecutive years out of the last 8 may now be eligible to receive a $6,500 tax credit.
“The expanded tax credit offers a great financial opportunity for existing homeowners, particularly those looking to trade up,” said James M. Weichert, president and founder of Weichert, Realtors, one of the nation’s largest independent real estate companies. “Not only can you receive a large sum of money from the government, you’ll also likely purchase your next home for less money and at a lower interest rate than you could have in years past or years to come.”
To qualify for the tax credit, the repeat buyer must have signed a binding contract by April 30, 2010 and close on the home by June 30, 2010. Tax credit eligibility is subject to income limits, $125,000 for single buyers and $225,000 for couples. In addition, the sale price of the home being purchased can not exceed $800,000.
There is no requirement that existing homeowners must have sold their home to be eligible for the $6,500 tax credit. However, Weichert encourages existing homeowners who want to benefit from this incentive to move quickly, particularly those who prefer to first sell their current home before purchasing a new one.
“Typically, it takes three months or longer to sell a home. That’s why it is critical repeat buyers put their home on the market right away. Otherwise they might not leave themselves enough time to both secure a buyer for their current house and find a new home by the April 30 deadline,” added Weichert.
RISMEDIA, January 23, 2010—By now it is well documented that today’s affordable housing prices, historically low interest rates and federal home buyer tax credit have combined to create one of the most attractive first-time buyer markets in recent memory. What many Americans might not realize is that a recent expansion of the buyer tax credit has created an equally desirable opportunity for existing homeowners.
This past November, Congress elected to expand the home buyer tax credit to repeat buyers after seeing the success the temporary financial incentive had on the housing market and overall economy. As a result, current homeowners who will have lived in their home for 5 consecutive years out of the last 8 may now be eligible to receive a $6,500 tax credit.
“The expanded tax credit offers a great financial opportunity for existing homeowners, particularly those looking to trade up,” said James M. Weichert, president and founder of Weichert, Realtors, one of the nation’s largest independent real estate companies. “Not only can you receive a large sum of money from the government, you’ll also likely purchase your next home for less money and at a lower interest rate than you could have in years past or years to come.”
To qualify for the tax credit, the repeat buyer must have signed a binding contract by April 30, 2010 and close on the home by June 30, 2010. Tax credit eligibility is subject to income limits, $125,000 for single buyers and $225,000 for couples. In addition, the sale price of the home being purchased can not exceed $800,000.
There is no requirement that existing homeowners must have sold their home to be eligible for the $6,500 tax credit. However, Weichert encourages existing homeowners who want to benefit from this incentive to move quickly, particularly those who prefer to first sell their current home before purchasing a new one.
“Typically, it takes three months or longer to sell a home. That’s why it is critical repeat buyers put their home on the market right away. Otherwise they might not leave themselves enough time to both secure a buyer for their current house and find a new home by the April 30 deadline,” added Weichert.
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