What's In, What's Out with Home Buyers in 2009?

Mark Nash, author of four real estate books, has completed his annual survey of 839 real estate agents in all fifty states in the US and the eight provinces of Canada.

What's in, what's out with Homebuyers illuminates what's popular or what sours homebuyers in both the home purchase or sale transaction and home decor. Compiled annually from-the-trenches, it offers a spectrum of tips that cover reality of buying a home and design no-no's for home sellers and buyer must-haves.

What's In

Sidelined home buyers
Family or lifestyle additions or changes made in buyers households in the last three years are forcing those waiting out the market transition to finally get off the fence and say, it's time for our family to buy the new home that suits our new needs.

Home uplifts
Not a big renovation, but some new finishes that can visually holdover stay-put home sellers. Not a gut rehab to the studs new kitchen, but new flooring, countertops and appliances.

Collaborative home pricing
The old days of home sellers configuring a homes price are out. What's new is that the seller with their agent look at closed comparables, set a price, then the buyer and their agent agree or disagree, but in the end, a mortgage lender and their appraiser will set the price, as they are assuming the most risk in the transaction.

Balanced reporting by real estate and personal finance journalists
Consumers learned in 2008 that the 'doom and gloom' residential real estate market headlines don't apply to all markets. What's been lost in the foreclosure hype is that there are still stories of homes selling in short market times (in as little as 3 days), homes selling at full price and some selling with multiple contracts on the table. Existing home sales will be 5.02 million versus 5.652 million for 2007, a decrease of just over eleven percent, considerably less that the recent correction in the U.S. stock market, plus a realistic view that over five million people purchased a home despite the headlines in 2008.

Creative home seller financing
Exhausted home sellers are turning to self-financing to move properties. Installment sale contracts and lease to own are the most popular and effective ways for sellers to begin to receive income from a property that has languished on the market in 2008.

Property tax appeals
With home prices dropping, many savvy home owners are appealing their property taxes. This is especially attractive to those looking to sell their home in 2009. With a competitive marketplace, those with the most realistic taxes are more likely to offer buyers an overall lower expense in home ownership.

House therapists
Divided partners in a home are increasingly relying on an independent third party (house therapist or coach) to bring household relationships to common ground on such prickly issues such as to stay or move, how much to spend on remodeling or decorating, or spending nothing at all. Third parties can outline the benefits and pitfalls of over-spending on a new larger home or weighing in on a spouses desire to over-improve for the neighborhood. With less equity and with the financial stakes higher smart couples hire a home therapist to wrangle concessions and agreements out with their significant other instead of doing damage to their relationship by going head-to-head with them.

Architectural overhead garage doors
After years of bland vanilla garage doors, the architecture has permeated the door most people look at the most. Traditional styling has arrived with mullioned windows, faux wrought iron hinges and latches that provide the original non-overhead garage door look. Contemporary looks now include the adjacent siding applied over the door for a seamless look, much like the panels installed on refrigerator doors to complement cabinets in a kitchen.

Loveseats
A pair or trio is gaining acceptance as the functional way to rearrange a living or family room. Consumers appreciate the ease at which they can rearrange them, move an extra one to another room, or provide long-term furniture flexibility in future homes. Plus, they're tired of sitting miles away from others on over-sized sectional sofas.

The master bed as a throne
With consumer spending down and more nesting at home, home owners are focusing on making their bed like an at-home luxury hotel experience. Posh linens, pillows and mattresses create a getaway without leaving home.

Older war-horse appliances
Collectable, working appliances form the 1940's through the late 1980's have found a new niche among homeowners who appreciate their rock-solid construction and durability. Harvest gold double ovens from the 1970's have been repainted a metallic red and go from boring to bold. Cold spot refrigerators from the 1950's refinished in sky blue perks up the butler's pantry in suburban home. And, the early 1960's dryer that looks like it's from a Jet son house painted pink to match punches up the in-unit laundry room in a condominium.

Dining chairs that don't match
With consumers watching their non-essential spending closely and electing to stay home to entertain friends, many have found a quick pick-me-up for their dining room suite, mismatched pairs or single chairs. Feedback from friends or family has been favorable to this easy and cost effective way to say welcome to my cutting edge table.

What's OUT

Fixer-upper homes
With larger down payments required by mortgage lenders and consumer credit cards mixed out, home buyers want a home in move-in condition. The DIY days are on the wane as buyers want to inherit new kitchens and bathrooms.

Foreclosure fluff
The foreclosure rate nationally in 2008 was just under 3 percent. In the Great Depression it was just over forty-percent.

Home buyers endless "circling" prospective short-list properties
Overly optimistic thinking by buyers to circle a preferred property indefinitely, often for months, waiting for further price reductions or to wear out long weary sellers. This practice has backfired for buyers who practice this style of pre-negotiating. They often loose their short-list dream home and frustrate savvy price-right sellers. Ditto the bottom-feeder buyers.

Home staging
A recently over-used low cost marketing band-aid for vacant or occupied homes with longer than normal market times. Buyers have said enough of the non-professional usage of assorted leftover props placed around a for-sale home to make it supposedly homey. Buyers say, market it as it is and clear out the tired silk flowers and stale potpourri.

Indoor-outdoor carpet
The staples of quick-fix home sellers for basements, balconies, screened porches and lanai's, buyers have said enough. Many have told agents that inexpensive indoor-outdoor carpet is visual pollution and often masks flaws in a home.

Track lighting
Thought of by homeowners to be a quick way to get an art gallery look, many prospective buyers usually take them out and discount their appeal. As one Gen-X home buyer said to me "Why do sellers install them up when they don't really have any interesting artwork or architectural features to spotlight? They bring undue attention to nothing."


Written by Mark Nash

In Texas Things Are Different!

Thankfully, better

National media reports about real estate have been gloom-and-doom for many months now, painting a bleak picture for prospective homesellers and buyers alike.

Texas REALTOR® Michael Scudder thinks those reports should end in three words … “except in Texas.” Scudder, 2008 president of the New Braunfels/Canyon Lake Board of REALTORS®, says the mortgage and housing crises affecting other parts of the country have left Texas nearly unscathed.

“The market (here) is a lot better than many believe.” With low housing prices, low interest rates, high employment levels, and a strong economy, Texas real estate has weathered the national storm fairly well, confirms Brooke Hunt, 2009 chairman of the Texas Association of REALTORS®.

“The national news media likes to talk about what’s happening in New York, Washington D.C., Florida, and L.A. – and they’re probably pretty accurate about what’s going on there,” Scudder says. “But they don’t ever talk about Texas unless we have a hurricane or something. We’re doing pretty well.”

Source: New Braunfels Herald-Zeitung

Euless is right next door to the Christmas Capitol of Texas

Euless is just a hop, skip, and a jump away from all these Activities Around Town
Winter Escape at Great Wolf Lodge
Bass Pro Shops Outdoor World

Breakfast with Santa
The Annual Firehouse Pancake Breakfast with Santa in his helicopter! Saturday, December 6, 20087:00 a.m. - 10:30 a.m.Fire Station 1601 Boyd DriveSanta arrives in his helicopter at 8:00 a.m.Donations will benefit the Grapevine Honor Guard and Buckets' Safety Brigade (Clowns). Bring the kids for a fun morning!!

Hyatt Regency DFW North Pole Express Exhibit
A culinary display made entirely out of gingerbread, chocolate and other holiday candies. Santa Claus is riding on the front of the candy-adorned North Pole Express as it exits a gingerbread-bricked tunnel. The North Pole Express display is constructed of 530 pounds of chocolate and gingerbread, 200 pounds of rock candy, rice krispies treats and nearly 50 pounds of Royal icing. Exhibit starts December 2 in the lobby. Seasonal Duck Rides aboard the Duck Boat Spend some quality time with friends, family or treat your employees to a seasonal Christmas light duck ride. Enjoy all the sights and sounds of the season with a duck boat tour in the "Christmas Capital of Texas". This is a great way to see the spectacular light displays and get right into the Christmas spirit.Your duck trip will make a short trip to the Gaylord Texan to enjoy the holiday lights and festivities at the fourth annual Lone Star Christmas event. While aboard the duck boat you will get Free hot chocolate, and candy canes for the children and plenty of Christmas carols for all the jolly folks aboard. Light tours operate by reservation only and book up quickly. So don't miss out on this uniquely festive experience with a wonderful new Christmas memory for all aboard the decked out duck boat. More info and reservations call Tammy on the Duck Line or visit www.DuckRiders.com/carols.html and make your online reservations. Also, seats are still available for the Dec 4, Christmas parade on Main Street and the Dec 6 parade of lights on Lake Grapevine.

3rd Annual Grapevine Township Holiday Decoration Contest
Tis the season to get into the holiday spirit -- Deck your house with Christmas decor! The Grapevine Township Revitalization Program and the Grapevine Convention & Visitors Bureau will recognize decorated homes within the Township.Applications for the 3rd Annual Grapevine Township Holiday Decoration Contest are being accepted until Dec. 5. Judging will take place on Dec. 8, 9 & 10. All decorated homes within the Grapevine Towhship will be reviewed on design, number of lights, coordination/theme, color, and variety.The top three winners will receive a stocking stuffer of $1,000, $500, or $250!To register, please call 817-410-3585 or visit http://www.grapevineheritagefoundation.org/

Delaney's "Holiday in the Vineyard"
The public is invited to enjoy a picturesque Holiday in the Vineyard at Delaney Vineyards, Saturday, December 6, 11am-4pm. Guests will help light the 40-foot Christmas Tree during the 2pm Tree Lighting Ceremony and sip on toasty mulled wine and warm apple cider. Local choirs will be on-hand singing festive carols of the season, sure to warm everyone’s spirits and usher in the holiday season. Bring the cameras! Delaney Vineyards is the perfect setting to capture those family holiday photos. Special holiday- and wine- themed areas will be set up for families to take photos in, free of charge. Also, the public is encouraged to bring a new, unwrapped toys that will be donated to families of the U.S. troops. In addition, guests can enjoy a fun-filled day of wine tasting (extra cost, must be 21) and complimentary tours of the vineyard.If your group is interested in performing during Holiday in the Vineyard, please call 817.481.5668.

Grapevine Mills
On Black Friday Grapevine Mills will be giving away $1,000.00 Simon Visa Gift Cards every hour on the hour starting at 1am - noon. Registration starts at Midnight. There will be registration tables throughout the mall including the food court where KSCS will be hosting the event and giving away a package of Six Flags Holiday in the Park tickets . Santas arrives Saturday, November 15. His hours are Monday - Saturday 10 a.m. - 9 p.m. He feeds his reindeer from 1:00 p.m. - 2:00 p.m. and 5:15 p.m. - 6 p.m.On Sunday he'll be there from 12 p.m - 6:00 p.m. reindeer feeding is from 2:00 p.m. - 3:00 p.m. He will be located in Entry 1 near Sun & Ski Sports. He will depart December 24 to go deliver toys.

A COLD HEARTED CHRISTMAS
The Gaylord Texan Resort & Convention Center and Lagniappe Productions are pleased to announce the return of our yuletide Lone Star Murder Mystery "A Cold Hearted Christmas" on Friday, November 14, 2008. This will be the fourth and final year this much-loved holiday production will be presented. Lone Star Murder Mysteries' performances are every Friday & Saturday evening in the Riverwalk Cafe of the Gaylord Texan located at 1501 Gaylord Trail, Grapevine, Texas 76051. Tickets are $55 and include dinner at the all-you-can-eat market style eatery, show, tax, gratuity, and self parking. Early show seating begins at 4:30 p.m. with the show starting at 5 p.m. Late show seating begins at 7:45 p.m. and the show begins at &1,5 p.m. Due to frequent sell-outs during the holiday season, reservations are strongly recommended. Call (817) 778-2215 for reservations. Additional information is available online at www.lonestarmurdermysteries.com. Grapevine Convention & Visitors Bureau * One Liberty Park Plaza * Grapevine, Texas 76051 * 800-457-6338 * GrapevineTexasUSA.com

One Of My Favorite Receipts For Thanksgiving Dinner

Spiced Waldorf Salad
A spiced version of a popular Waldorf salad, made with apples and walnuts.

Ingredients:
2 cups coarsely chopped apples,
about 2 medium apples
1 1/4 cups chopped celery
1/2 cup coarsely chopped walnuts
1/3 cup mayonnaise(or yogart)
2 teaspoons sugar
dash allspice
1 teaspoon lemon juice

Preparation:
To make Waldorf salad, place chopped apple, celery and walnuts in a bowl.
Combine mayonnaise, sugar, allspice and lemon juice.
Toss mayonnaise mixture with apple mixture.

Serve waldorf salad over salad greens if desired.
Waldorf salad serves 4 to 6.

Don't Miss The Texas Gaylords Ice Exibit

Begining November 14

The truly spectacular 14,000-square-foot "ICE!" exhibit, presented by Coca-Cola and sponsored by Nissan, Reliant Energy, and Sylvania, will feature a variety of magical holiday scenes and sculptures hand-carved by 40 visiting artisans from Harbin, China.

Visitors will feel as though they have been transported to the North Pole as they bundle up in warm parkas and enter this winter wonderland created with TWO MILLION pounds of ice and kept at a wintry 9 degrees.

This year, "ICE!" will showcase several new additions including Old Man Winter blowing snow, dazzling colored ornaments, a winter forest with an ice skating pond, a life-size Santa's lap to sit on, a candy land full of tempting treats, and an entertaining animal band. Returning favorites will include the thrilling ice slides, 25-foot angel, icicle canopy, and breathtaking Nativity.

The exhibit is open 10:00 a.m. - 9:00 p.m. on Sunday - Thursday and 10:00 a.m. - 10:00 p.m. on Friday and Saturday. While there, visitors can also shop in the "ICE!" retail shop offering holiday gifts for children and adults.

On Monday - Thursday, ticket prices are $20 for adults, $10 for children 4 - 12, $18 for seniors 55 and up, and free for children 3 and under. On Friday - Sunday, tickets prices are $23 for adults, $12 for children 4 - 12, $20 for seniors 55 and up, and complimentary for children 3 and under. Complimentary self-parking is included in the ticket price. Order your tickets today...

Calling all ghosts and goblins

Come join the fun at the Midway Recreation Center in Euless, 300 W. Midway Drive.

The Parks and Community Services Department will host the "Halloween Thing" for children from 10:00 am-1:00 pm on Saturday, October 30th.

This event is BYOB – Bring Your Own Bag, and make sure it’s big! There will be plenty of candy for all.

The event will host carnival games, a bounce house, as well as a puppet show and magician on the main stage. Other city departments will be involved also.

The Police and Fire departments will be on site displaying equipment and the Library will have a scary story teller for all to enjoy.

The Halloween Thing is sponsored by Fort Worth Community Credit Union and First National Bank of Mid-Cities.

This event is free and open to the public. For more information please call (817) 685-1666.

Proposed Economic Stabilization Act

A Summary: What's At Stake?
The House has defeated the Emergency Economic Stabilization Act (EESA) on a vote of 205 – 228. NAR supported the package. Media reports about it did not present the case for the many ways it would have supported the real estate industry. The summary below presents all the bill’s provisions, condensed into some general subject headings. Many of these provisions are likely to survive in whatever legislation comes next.

Help Homeowners and Borrowers
The legislation responded to the criticisms that lenders have been slow and/or unwilling to work with homeowners and borrowers. It encouraged negotiation in short sales and consumer efforts to refinance or reconfigure existing mortgages. When the Treasury (or other federal agency that holds mortgages) acquires troubled existing mortgages from financial institutions, agencies are required to work with lenders and mortgage servicers to find ways to avoid foreclosures. All federal agencies are required to work with servicers to facilitate loan modifications that will consider the net present value of the mortgage. Similar refinancing and foreclosure prevention requirements apply to mortgages involving owners of multi-family properties. Policy goal is to assure that tenants don’t lose their residence when an owner has problems with the mortgage. Changes to existing mortgages can include (but are not limited to) revisions in principal, interest rate and period for repayment.

Get Money into the Financial System Quickly
The credit markets are nearly frozen. Lenders can’t lend because they are receiving no payments on existing loans. The legislation allowed the government to buy troubled loans and mortgage securities. The funds that the institutions received when the government purchased the existing portfolios were to be available to issue new mortgages with more carefully specified and monitored lending standards. Provisions includeCreate a Troubled Asset Relief Program (TARP) to purchase and guarantee the troubled assets from the financial institutions that hold mortgages and/or mortgage-backed securities. A new Office of Financial Stability within the Treasury to operate TARP, with input from the Federal Reserve, Federal Deposit Insurance Corp (FDIC – the agency that works with failed and failing financial institutions to insure and protect consumers), the Comptroller of the Currency (bank regulator), Office of Thrift Supervision (regulator of former savings and loan companies) and the Secretary of Housing and Urban Development. Timing for TARP purchases designed to assure that all the authorized $700 Billion is not released at one time. First release of funds to purchase troubled assets will be $250 Billion. Second release of up to $100 Billion must be authorized by the President. Final $350 Billion can be issued only on Congressional approval. Congress given 15 days to act.

Follow, Protect and Watch Over the Money
Congress will keep a tight rein on TARP. Congress will have the assistance of numerous agencies charged with specific tasks and reporting responsibilities. TARP Oversight Board at Treasury -- monthly activity reports to Congress. Secretary of Treasury -- detailed reports to Congress for each $50 Billion in transactions as the transactions are completed. Government Accountability Office (Congress’s auditor) -- financial reports about TARP activities every 60 days. Judicial Review Federal courts may issue injunctions when there is a finding that the Secretary of the Treasury has acted in a manner that is arbitrary, capricious or outside the law. Create a new Inspector General (IG) for TARP. An IG might be viewed as the “cop on duty” who has authority to investigate TARP’s activities. IG will make quarterly reports to Congress. Appoint a Congressional Oversight Panel – receive and process all these reports to keep Congress apprised of the state of financial markets, activities of the regulatory system and the use of TARP’s asset acquisition and disposition authority. Federal Reserve--provide reports to Congress on utilization of the lending authority created earlier this year. That authority was intended to assist ailing financial institutions.

Put Brakes on the Bad Guys
Congress wanted to curtail perceived “bad acts” of executives who made big bets and lost.Assure that skilled asset managers who buy and sell TARP assets have no conflicts of interest with prior employers or firms. No golden parachute or severance payments to executives of companies that sell assets to TARP. If a company that sells assets to TARP does make any post-employment payments (other than retirement compensation), the executive (not the company) must pay a 20% excise tax. If a company sells assets to TARP, then no tax deductions for salary or other compensation will be allowed if a worker’s compensation package is more than $500,000. All financial regulatory agencies are required to cooperate with the FBI in its investigations of fraud, misrepresentation or malfeasance in the selling or advertising of financial products.

Give the Taxpayers a Stake in the Profits
Historically, when the government has intervened to shore up a company’s or government’s financial dealings (such as the loan guarantees made to Chrysler and the aid given to New York City during a fiscal crisis), the long-term effect has been that the government has made money back on the deal. The legislation provided an “upside” benefit for taxpayers
Any profits generated when the government subsequently sells TARP assets would be used to pay down the national debt. The government will receive warrants in the companies that participate in TARP. The warrants are similar to stock, but do not grant any voting authority to the government. If the participating company pays dividends at some future time, the warrants would allow the government to receive the dividend. Similarly, if the government sells its stake in the company, the warrants would entitle the government to any appreciation.

Recoup What’s Still Owed
If, after five years from the date of enactment (the date the President signs a bill), the program has lost money, the sitting President will be required to present a plan to Congress for ways to recover the funds from the financial institutions that benefited from the TARP relief.