Texas Poised to Outpace Nation (Again) By Nancy McQuistion, Managing Editor, Real Estate Center at Texas A&M University
Jan. 4, 2012/Release No. 11
COLLEGE STATION, Tex. (Real Estate Center) – Texas’ economic outlook for 2012 is positive. Job growth is occurring in several sectors, and a low cost of living is enticing businesses to move to the Lone Star State.
It will be tougher going for the nation, however, because of several factors. The housing market needs to clear a high number of foreclosures. Consumers need to pay off their debt. The banking system needs to write off bad debt. Small businesses need to start hiring again.
Writing for the January issue of Tierra Grande magazine, Real Estate Center Chief Economist Dr. Mark Dotzour says, “Fortunately, Texas is poised to outperform the U.S. averages. Home sales volume in Texas should show modest improvement over 2011, and prices should be stable throughout 2012.” Dotzour’s economic outlook is titled “Texas Sails On: Nation Battles Headwinds.”
Other articles detailing findings from the nation’s largest publicly funded real estate research organization are in the issue scheduled for mailing in late January.
• “Beyond a Reasonable Drought” by noted agricultural expert Dr. Joe Outlaw and Center Research Economist Dr. Charles Gilliland. Farmers, ranchers and service businesses that support them are suffering negative effects of the drought. To make matters worse, federal agricultural programs are on the chopping block to reduce the deficit.
• “The Great Recession: Why Intensity and Duration Varied” by Center Research
conomist Dr. Ali Anari. Why did some Texas metros fare better in the Great Recession? Results from the Center’s business cycle research program pinpoint several reasons. These included shares of employment in the government sector, education and
health services industry, mining and construction industry, and the metro’s level of
educational attainment.
• “Dialing Down Debt: Road to Recovery Begins at Home” by Center Research Analyst Gerald Klassen. It will hurt, but American households will have to liquidate their assets and reduce debt if they want the economy to recover. This means selling luxury items including vacation homes, boats and RVs, as well as selling investments, declaring bankruptcy or suffering through foreclosure.
• “For the Record: When to Toss Old Tax Records” by Center Research Fellow Dr. Jerrold Stern. At a minimum, tax records should be kept three years. However, a period of seven or more years is recommended. Tax and nontax factors play a role in the
decision.
• “Vested Rights: Project Protection for Developers” by Houston attorney Reid C. Wilson. Vested rights freeze land use regulations affecting property classification, building size, lot size-dimension-coverage and certain other matters once the owner or developer files a permit application for that project.
• “The Trouble with Troubled Assets” by Center Research Economist Dr. Harold Hunt. The volume of distressed property sales was expected to be much higher by this time. So far, everyone is still waiting. However, according to commercial real estate insiders, distressed sales are on the way up.
• “Terminated: Transfer Fees Outlawed” by Center legal expert Judon Fambrough.
Transfer fees, money paid for transferring interest in real property, were implemented in
2007 legislation. Four years later, that law was repealed, prohibiting any future transfer
fees and terminating existing fees that do not comply with the new legal requirements.
Tierra Grande is a quarterly magazine published by the Real Estate Center at Texas A&M University. Texas real estate licensees pay for it through their annual state fee. Subscriptions to nonlicensees are $20 for one year or $13 each for two or more years.
Sunday, January 8, 2012
Wednesday, September 21, 2011
Greetings,
Alas, the hotter days of summer have past! Fall is here and while we still have our share of warmer days here in Texas, it is great to get out and about more in the cool mornings and evenings. With the end of summer comes more economic activity in general, more home improvement projects and plans for moving. I've put a couple of good articles on such from our HouseLogic site for your enjoyment.
To give you an idea of what is actually going on, here are the numbers.
Sold or Pending so far this year by city; (Active For Sale )
Dallas; 6,676 (5,039)
Addison; 82 (59)
Garland; 1,442 (800)
Richardson; 692 (395)
Sachse; 229 (129)
Roweltt; 524 (318)
Wylie; 480 (280)
Carrollton; 884 (473)
McKinney; 1,868 (824)
Frisco; 1,890 (856)
Farmers Branch; 180 (98)
Steady news for those wanting to make a move this year. With interest rates at all time lows, there are still plenty of lenders providing loans. While most of the zero-down options are no longer available, the VA still has zero-down loans, FHA offers 3.5% down and of course conventional loans are still available with a variety of terms. The key is just not to bite off more than you can chew comfortably and remember you don't want to get so much house that you don't have maintenance costs, emergency funds,savings and quality of life costs available so you can enjoy your home vs. scrambling to stay in it.
I hope you all have a pleasant autumn and of course check out the Featured Homes and MLS searches of all available homes in North Texas at my website. I am currently offering a superbly layed-out condo in Lake Highlands and a terrific 3 bedroom home in Lockwood North, both updated and ready for occupancy.
Best Regards,
Greg Foster
469.358.8569
www.GregFosterHomes.com
Alas, the hotter days of summer have past! Fall is here and while we still have our share of warmer days here in Texas, it is great to get out and about more in the cool mornings and evenings. With the end of summer comes more economic activity in general, more home improvement projects and plans for moving. I've put a couple of good articles on such from our HouseLogic site for your enjoyment.
To give you an idea of what is actually going on, here are the numbers.
Sold or Pending so far this year by city; (Active For Sale )
Dallas; 6,676 (5,039)
Addison; 82 (59)
Garland; 1,442 (800)
Richardson; 692 (395)
Sachse; 229 (129)
Roweltt; 524 (318)
Wylie; 480 (280)
Carrollton; 884 (473)
McKinney; 1,868 (824)
Frisco; 1,890 (856)
Farmers Branch; 180 (98)
Steady news for those wanting to make a move this year. With interest rates at all time lows, there are still plenty of lenders providing loans. While most of the zero-down options are no longer available, the VA still has zero-down loans, FHA offers 3.5% down and of course conventional loans are still available with a variety of terms. The key is just not to bite off more than you can chew comfortably and remember you don't want to get so much house that you don't have maintenance costs, emergency funds,savings and quality of life costs available so you can enjoy your home vs. scrambling to stay in it.
I hope you all have a pleasant autumn and of course check out the Featured Homes and MLS searches of all available homes in North Texas at my website. I am currently offering a superbly layed-out condo in Lake Highlands and a terrific 3 bedroom home in Lockwood North, both updated and ready for occupancy.
Best Regards,
Greg Foster
469.358.8569
www.GregFosterHomes.com
Sunday, September 11, 2011
Friday Five: Mortgage Relief, Refi Proposal, and More
Home ownership policy highlights of the week: Read
How to Inspect Windows, Doors to Stop Air and Water Leaks
Inspect windows and doors regularly to stop air leaks and water seeps that create high energy and repair bills. We’ll show you how. Read
Saving Money with Salvaged Building Materials
Salvaged building materials allow you to improve your home inexpensively—but might require an extra investment of time and energy. Read
Visit houselogic.com for more articles like this.
Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®
Friday, July 15, 2011
The Market's Ups and Downs
Greetings,
I don't think it can get much hotter before we all melt. Yesterday my A/C went on the blink so I had a nice sweltering evening under the ceiling fan chugging along at high speed. Thankfully my HVAC guy was out this morning by 10 a.m. and repaired it with just a replaced capacitor (whatever that is) and is finally back to normal.
Which brings up a very important point for home sellers. When you decide to sell it's wise to spend a little money before you put your house on the market to make sure all of your critical systems are in perfect working order. There is nothing more frightening for a buyer than to have their inspector find that the HVAC is not cooling properly during the option period after the contract to purchase is signed, as one of my clients found out recently. The inspector discovered that not only was the A/C condenser too small for his expanded square footage, but that the electrical box was of an outdated and recalled system from the '60s. Most buyers aren't interested in taking on those kind of additional expenses or risks. A lot of folks will take hints from their favorite HGTV home improvement show to spruce up the cosmetics but ignore the primary systems of the home that are the biggest drawback to getting a home sold, especially in today's marketplace. Be prepared with a pre-sale professional home inspection. They're well worth the few hundred dollars to show you what can be a deal killing surprise for a home buyer. And don't forget to keep your foundation watered this time of year. About a foot all around the footprint of the house once a week for 30 minutes will help prevent damaging and expensive foundation shifts.
In terms of the market, it's been a wild couple of years as we have seen ups and downs in the last 2 years unlike no other. While the spring of 2009 brought some relief with the $8,000 buyer credit from Uncle Sam, then the expected dip afterwards and a slight resurgence in late 2010, this year is certainly bringing the hammer down once again. As I research my 5 principle market areas, I see many neighborhoods that normally have about a 5-6% annual turnover rate drop to 1-2%. Excruciating for sure, so even more important to properly maintain your home year-round. Since even in normal market conditions,40-50% of homes that go on the market do not sell due to more competitively presented homes; now that number is rising considerably. I've always been able to boast at least a 90% sales rate on homes I market simply because I can be selective in the homes I choose to work with, and of course in this market, that means having to avoid a lot of homes that aren't in the best shape. So keep an eye on the details.
And as always, please contact me for all your real estate needs and visit my site for featured homes, all current MLS listings and more!.
Best Regards,
Greg Foster
469.358.8569
www.GregFosterHomes.com
I don't think it can get much hotter before we all melt. Yesterday my A/C went on the blink so I had a nice sweltering evening under the ceiling fan chugging along at high speed. Thankfully my HVAC guy was out this morning by 10 a.m. and repaired it with just a replaced capacitor (whatever that is) and is finally back to normal.
Which brings up a very important point for home sellers. When you decide to sell it's wise to spend a little money before you put your house on the market to make sure all of your critical systems are in perfect working order. There is nothing more frightening for a buyer than to have their inspector find that the HVAC is not cooling properly during the option period after the contract to purchase is signed, as one of my clients found out recently. The inspector discovered that not only was the A/C condenser too small for his expanded square footage, but that the electrical box was of an outdated and recalled system from the '60s. Most buyers aren't interested in taking on those kind of additional expenses or risks. A lot of folks will take hints from their favorite HGTV home improvement show to spruce up the cosmetics but ignore the primary systems of the home that are the biggest drawback to getting a home sold, especially in today's marketplace. Be prepared with a pre-sale professional home inspection. They're well worth the few hundred dollars to show you what can be a deal killing surprise for a home buyer. And don't forget to keep your foundation watered this time of year. About a foot all around the footprint of the house once a week for 30 minutes will help prevent damaging and expensive foundation shifts.
In terms of the market, it's been a wild couple of years as we have seen ups and downs in the last 2 years unlike no other. While the spring of 2009 brought some relief with the $8,000 buyer credit from Uncle Sam, then the expected dip afterwards and a slight resurgence in late 2010, this year is certainly bringing the hammer down once again. As I research my 5 principle market areas, I see many neighborhoods that normally have about a 5-6% annual turnover rate drop to 1-2%. Excruciating for sure, so even more important to properly maintain your home year-round. Since even in normal market conditions,40-50% of homes that go on the market do not sell due to more competitively presented homes; now that number is rising considerably. I've always been able to boast at least a 90% sales rate on homes I market simply because I can be selective in the homes I choose to work with, and of course in this market, that means having to avoid a lot of homes that aren't in the best shape. So keep an eye on the details.
And as always, please contact me for all your real estate needs and visit my site for featured homes, all current MLS listings and more!.
Best Regards,
Greg Foster
469.358.8569
www.GregFosterHomes.com
Sunday, April 24, 2011
-
Home Improvement Apps for iPhone, Android, and BlackBerry: Your Digital Toolbox
Downloadable iPhone and Android apps offer ways to maintain, improve, and save money on your home. Read
-
Appliance Maintenance: Heating, Venting, and Air Conditioning (HVAC)
Keep your HVAC systems running efficiently and reliably with this simple maintenance routine. Read
Visit houselogic.com for more articles like this.
Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®
Wednesday, March 16, 2011
Market News
As we begin to wind down in the 1st quarter we still see good signs for our local housing markets. One of the strongest areas in the state, the northeast Dallas metro area continues to see a slight uptick in overall sales and some significant sales price gains for the Plano area. I have been getting much more traffic at my open houses than in the past, with a lot of folks beginning their search with expectations of making their moves in early summer. Additionally, I have been seeing more out of state home shoppers, a further reminder of how many areas are still flocking to Texas for our favorable economy and of course our great climate and quality of life.
The state is helping with some significant economic development initiatives that look to be having some positive effects. Richardson this week hosted a visit from Gov. Perry and announced another business expansion in Richardson as a result of those intiaitives that will contribute to building new jobs and adding revenues. Plus, sales tax revenues in general are up, so all in all, there are a lot of good indications for all of our communities.
Brookdale Living: Chambrel at Club Hill
I'm giving a little landlord information presentation this month for Chambrel at Club Hill, in Garland, an independent living and assisted living community for seniors. I'll be discussing options available to help folks that want to simplify their lives but need to hang on to their homes, either waiting for stronger market price improvements in order to sell or looking to use their homestead as rental income to maintain the stability of their estates. I'll be covering the pros and cons of being a landlord and help you determine if this option is right for your particular circumstances.
Whether you're ready for downsizing yourself, or maybe your parents have thought of it but are a little apprehensive, you'll want to stop by and visit. Chambrel is unlike most independent living facilities around Dallas. With plenty of trees and open spaces, complete community facilities, recently remodeled homes with large clubhouse and award winning chefs & dining facility, I am very confident you'll find it a must to consider.
My presentation will be Wed., March 23rd from 6:30 p.m. - 7:30 p.m. Refreshments and tour of facility available so please be my guest and come visit if you're interested. Generous veteran assistance available. Chambrel at Club Hill, 1245 Colonel Dr., Garland, 75041 RSVP to Cheryl @ 972-278-8500.
Visit Chambrel at Club Hill
Best Regards,
Greg Foster
469.358.8569
The state is helping with some significant economic development initiatives that look to be having some positive effects. Richardson this week hosted a visit from Gov. Perry and announced another business expansion in Richardson as a result of those intiaitives that will contribute to building new jobs and adding revenues. Plus, sales tax revenues in general are up, so all in all, there are a lot of good indications for all of our communities.
Brookdale Living: Chambrel at Club Hill
I'm giving a little landlord information presentation this month for Chambrel at Club Hill, in Garland, an independent living and assisted living community for seniors. I'll be discussing options available to help folks that want to simplify their lives but need to hang on to their homes, either waiting for stronger market price improvements in order to sell or looking to use their homestead as rental income to maintain the stability of their estates. I'll be covering the pros and cons of being a landlord and help you determine if this option is right for your particular circumstances.
Whether you're ready for downsizing yourself, or maybe your parents have thought of it but are a little apprehensive, you'll want to stop by and visit. Chambrel is unlike most independent living facilities around Dallas. With plenty of trees and open spaces, complete community facilities, recently remodeled homes with large clubhouse and award winning chefs & dining facility, I am very confident you'll find it a must to consider.
My presentation will be Wed., March 23rd from 6:30 p.m. - 7:30 p.m. Refreshments and tour of facility available so please be my guest and come visit if you're interested. Generous veteran assistance available. Chambrel at Club Hill, 1245 Colonel Dr., Garland, 75041 RSVP to Cheryl @ 972-278-8500.
Visit Chambrel at Club Hill
Best Regards,
Greg Foster
469.358.8569
Thursday, January 20, 2011
Market News
The new year looks to be starting off fairly strong. Despite a wintry brew of weather, a lot of activity is beginning in the new and existing home markets around here. As interest rates begin going up again, a lot of buyers are getting off the fence.
One area I have been looking at recently is the expansion the Wylie area and eastern Lake Lavon are experiencing. With new commercial developments in the area, residential communities are continuing to grow around the lake. One area of particular interest I visited this week is D.R. Horton's Grand Heritage master planned community in Lavon.
I was very impressed with their country club type community building, professional style exercise wing and their terrific pools with Olympic swimming laps. For folks looking to live away from the suburban hubs, these master planned communities offer many of the amenities you would not otherwise be able to find in smaller communities. D.R. Horton has always been one of my favorites for an excellent reputaton with my clients for their warranty and after sale service.
And they are still available for the USDA 100% loans in Lavon, but time is quickly running out for that program as this area grows out. If you'd be interested in exploring this community give me a call and I'll be happy to arrange a first class tour for you.
Of course for those wanting something closer to the metro area the eastern corridor of the new George Bush Turnpike continues to bring new jobs and development to Rowlett and Garland. If you hear of anyone wanting to make a move soon I have a couple of terrific homes I 'm marketing now in Plano and a great rental in N. Garland.
Best Regards,
Greg Foster
.
One area I have been looking at recently is the expansion the Wylie area and eastern Lake Lavon are experiencing. With new commercial developments in the area, residential communities are continuing to grow around the lake. One area of particular interest I visited this week is D.R. Horton's Grand Heritage master planned community in Lavon.
I was very impressed with their country club type community building, professional style exercise wing and their terrific pools with Olympic swimming laps. For folks looking to live away from the suburban hubs, these master planned communities offer many of the amenities you would not otherwise be able to find in smaller communities. D.R. Horton has always been one of my favorites for an excellent reputaton with my clients for their warranty and after sale service.
And they are still available for the USDA 100% loans in Lavon, but time is quickly running out for that program as this area grows out. If you'd be interested in exploring this community give me a call and I'll be happy to arrange a first class tour for you.
Of course for those wanting something closer to the metro area the eastern corridor of the new George Bush Turnpike continues to bring new jobs and development to Rowlett and Garland. If you hear of anyone wanting to make a move soon I have a couple of terrific homes I 'm marketing now in Plano and a great rental in N. Garland.
Best Regards,
Greg Foster
.
Subscribe to:
Posts (Atom)
