Posted on Jul 14, 2010 | Tagged in: homebuyers , economy
Late last Wednesday, Congress approved an extension for the home buyer tax credit. The extension will give approximately 180,000 potential new home buyers, who signed a purchase agreement prior to the original April 30 deadline, a little more time to close and fund on the property and still receive the $8000 credit.
The Senate approved the measure to extend the deadline until September 30, unanimously on Wednesday, one day after the bill easily passed through the House of Representatives. The President is expected to sign off on the measure soon.
The Senate repeatedly failed to pass the extension over the last few weeks because it was included in a multi-faceted package that was attempting to extended jobless benefits, among other measures. On Wednesday, when their efforts to reinstate unemployment insurance failed, and the Senate made a last minute call to pass the tax credit provision on a standalone bill.
All good news for lenders and real-estate companies, who were previously warned of potential closing delays, especially for those in short sale and new construction situations that are often at the mercy of others to close in a timely manner!
Posted on Jul 6, 2010 | Tagged in: Houston , homebuyers , economy
In a recent study from the Real Estate Center at Texas A&M University new explanations are being offered as to why the Texas housing markets are proving to be much better than other states amidst the current real estate free-fall. And, it further suggests the reasoning behind their belief that the Texas economy will continue to fare better than the rest of the country in the upcoming months.
“Texas’ lower-than-national-average housing cost is one reason for the state’s higher-than-national-average growth rate,” says Ali Anari, Ph.D., one of the study’s authors and a Center research economist. “When Texans are able to spend more on non-housing goods and services, the state’s economy is strengthened and more people attracted.”
Since 1987, the average, per consumer, annual income consumers delegate to their shelter has increased in every major American metropolitan market. But, according to Anari’s research, “Houston and Dallas consumers spent the smallest shares of their incomes on shelter in 2008 (18.6%).”
“These results illustrate one of the key reasons the Texas economy outperforms the United States in terms of job growth almost every year,” says Center Chief Economist Mark Dotzour, Ph.D. “The fact that Texans pay less of their income for housing means they have more to spend on other things that add to the overall quality of life.” Dotzour further explains, “This allows Texas employers to be able to attract workers at a reasonable wage rate that allows them to compete successfully in the global economy.”
Texas data for the study was compiled from the Dallas-Fort Worth and Houston-Galveston-Brazoria metro areas due to the fact that they are among the major metropolitan areas for which consumer expenditure data is available. These two metros accounted for 60.3% of Texas’ labor force last year and 64% of Texas’ gross domestic product (GDP) the previous year.
Posted on Jul 6, 2010 | Tagged in: Houston , homebuyers , HAR , economy
According to the latest monthly data compiled by the Houston Association of Realtors (HAR), sales of all property types in Houston for May totaled 6,659, up 20.3 percent compared to May 2009. Total dollar volume for properties sold during the month was $1.3 billion versus $1.1 billion one year earlier, representing an 18.9 percent increase.
In May, sales of single-family homes in Houston totaled 5,693, up 19.1 percent from May 2009, marking the third consecutive month of increased sales activity. Separated out by individual segments:
- May sales of homes priced from $80,000 and below increased 7.3 percent.
- Those between $80,000 and $150,000 rose by the largest amount of all pricing segments—28.0 percent.
- Those in the $150,000 to $250,000 range climbed 19.2 percent.
- Those priced between $250,000 and $500,000 ae up 13.6 percent.
- Sales of luxury homes—those priced from $500,000 to the millions—edged up 5.1 percent, a dramatic drop compared to a 53.4 percent increase one month earlier.
Local Realtors Credit Ongoing Effects of Federal Homebuyer Tax Credit to the three month increase. HAR goes on to state that “the average price of single-family homes in May was $209,920, down 0.9 percent compared to one year earlier. That followed seven straight months of appreciated average pricing.” The national single-family median price reported by NAR is $173,100, illustrating the continued higher value and lower cost of living that consumers enjoy in the Houston market.
These statistics all point to good news for Houston area builders and developers. Only time will tell if the trend will hold, but for now Houstonians can breath a little easier!
Posted on Jun 21, 2010 | Tagged in: homebuyers , economy
According to the Associated Press and Freddie Mac, mortgage rates on a 30-year fixed loan have fallen dangerously close this week to the all-time low.
Mortgage finance company Freddie Mac states that “the average rate sank to 4.72%, down from 4.79% last week. It was just above the record of 4.71 set last December.” They go on to state that “the average rate on a 15-year fixed-rate mortgage hit 4.17%, down from 4.2% last week and the lowest on records dating back to August 1991.”
Falling rates are thought to be the result of last years Federal Reserve campaign designed to “reduce borrowing costs for consumers [and to] push rates down to extraordinarily low levels.” Although rates were speculated to rise after the campaign, which ended this spring, rates have unexpectedly fallen over the past two months instead.
Guarded investors, still shell shocked from the European debt crisis and turbulent stock market, have shifted their money into the more stable U.S. Treasury bonds, which in turn have pushed down interest rates, or the yield, on U.S. Treasury debt. Fixed mortgage rates have a tendency to follow that yield. Other factors that affect the bond yield include, but are not limited to, the national employment report.
Only time will tell if these historically low interest rates are enough to revive the housing market, but it is definitely good news for customers intending to purchase a new home this summer!
Posted on May 25, 2010 | Tagged in: tips , homebuyers
So you’ve bought your new home and want to add a touch of personal style to it with a splash of color on the walls. Here are a few tips to painting your new walls like a pro!
Figure out how much paint you will really need before you get started. You are much less likely to have color inconsistencies if it is all mixed at once, instead of going back for another can. Most brands suggest their paint should cover about 400 square feet per gallon (that’s one coat of paint on the walls of a 10 by 12 foot bedroom, excluding ceiling, doors and windows). If you are on the fence, buy that extra quart!
Get organized and have everything you need in the room before you start your project so you won’t have to stop mid-project and wash brushes or go buy more paint. And, as basic as it may seem, paint (and complete) one room at a time!
Once you have bought the paint, brushes, rollers, trays, and drop cloths and taped off all the trim boards, you are ready to go. Start at the ceiling first and, with a cutting pad, paint a border about 6 inches wide. Then, use a paint brush to fill in all corners and follow by painting the walls from the top down with a roller. Finish by using the cutting pad along the baseboards. Since some paints dry quicker than others, complete one whole wall before moving onto the next.
Now that you know some of the best kept pro’s secrets – get busy and paint!
Posted on Apr 19, 2010 | Tagged in: Mischer Development , homebuyers
Experts say it’s all about appealing to the homebuyers’ “wish list” – and offering a plan that not only fits their needs, but is also tailored to the way they really want to live.
“We found that homeowners are willing to pay more to get the size home they want – and the features they want,” says Gopal Ahluwalia, vice president of research for the National Association of Home Builders, summarizing NAHB’s annual consumer preferences study at the International Builders Show in February.
Posted on Feb 15, 2010 | Tagged in: Houston , homebuyers
Houston home prices have stayed steady, meaning when you buy a home in the Houston area you can be confident it will hold its value.
According to ZipRealtyInc., a residential real estate firm, Houston homeowners trying to sell their homes during the month of January reduced their home prices less than many other sellers across the U.S. Among 27 U.S. housing markets, housing price reductions ranged from an average of $10,000 in Houston to $44,901 in San Diego.
Posted on Nov 5, 2009 | Tagged in: homebuyers , economy
By STEPHEN OHLEMACHER Associated Press Writer © 2009 The Associated Press
Michael Conroy AP
WASHINGTON — Missed out on Cash for Clunkers? Congress has another deal for you: Buy a home before May 1 and collect up to $6,500 from the government. If you're a first-time homebuyer, get up to $8,000.
As part of the government's efforts to encourage people to spend money to help revive the economy, the House voted 403-12 Thursday to expand a popular tax credit for homebuyers. The bill, which also extends unemployment benefits and expands a tax break for money-losing businesses, now goes to President Barack Obama, who plans to sign it Friday.
