Read Dawn Enoch's blog post about the SAFE Act and what precautions you should take as a real estate professional:
Beginning June 1, 2010, the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), a Federal law which was implemented by the 2009 Texas legislature, requires persons originating loans on residential real property intended to be used by the Buyer/Borrower for personal, family, or household use to obtain a license to originate the loan. The Act includes the process of taking a mortgage loan application or offering or negotiating the terms of a mortgage loan, in the definition of loan origination.
The purpose of the SAFE Act is to protect residential borrowers who intend to use the property for personal, family or household purposes from unscrupulous lending practices. A violation of the SAFE Act is subject to both criminal and civil penalties.
The impact on Seller financing is significant. Seller financed transactions will have to be negotiated using the services of a licensed Residential Mortgage Loan Originator. There is a narrow exemption from the Act’s licensing requirements for a Seller who negotiates the terms of Seller financing on a property used by the Seller as a primary residence and who has not sold another residence in the last 12 months.. Note, the exemption is for the Seller, not the listing agent.
Real estate agents must be careful NOT to negotiate the terms of a residential mortgage in any event, unless they are licensed as mortgage originators. Although the Act also excepts from its license requirement “a real estate broker or agent who is not compensated by a lender, mortgage broker, or Residential Mortgage Loan Originator”, under careful reading, this does not except a real estate broker or agent who is compensated by the Seller. In a Seller financed transaction, the Seller is the lender. And, it is important to remember that most buyers’ agents are also compensated through the listing agreement and thus the Seller/Lender.
The TREC Broker/Lawyer committee has already proposed new language be added to the TREC Seller Financing Addendum form to advise and protect against unauthorized use of the form. However, the revised addendum is not yet available.
Friday, May 28, 2010
Wednesday, May 26, 2010
Freedom Is Not Free
I watched the flag pass by one day.
It fluttered in the breeze.
A young Marine saluted it,
and then he stood at ease.
I looked at him in uniform
So young, so tall, so proud,
He'd stand out in any crowd.
I thought how many men like him
Had fallen through the years.
How many died on foreign soil?
How many mothers' tears?
How many pilots' planes shot down?
How many died at sea?
How many foxholes were soldiers' graves?
No, freedom isn't free.
I heard the sound of TAPS one night,
When everything was still
I listened to the bugler play
And felt a sudden chill.
I wondered just how many times
That TAPS had meant "Amen,"
When a flag had draped a coffin
Of a brother or a friend.
I thought of all the children,
Of the mothers and the wives,
Of fathers, sons and husbands
With interrupted lives.
I thought about a graveyardAt the bottom of the sea
Of unmarked graves in Arlington.
No, freedom isn't free.
Kelly Strong
It fluttered in the breeze.
A young Marine saluted it,
and then he stood at ease.
I looked at him in uniform
So young, so tall, so proud,
He'd stand out in any crowd.
I thought how many men like him
Had fallen through the years.
How many died on foreign soil?
How many mothers' tears?
How many pilots' planes shot down?
How many died at sea?
How many foxholes were soldiers' graves?
No, freedom isn't free.
I heard the sound of TAPS one night,
When everything was still
I listened to the bugler play
And felt a sudden chill.
I wondered just how many times
That TAPS had meant "Amen,"
When a flag had draped a coffin
Of a brother or a friend.
I thought of all the children,
Of the mothers and the wives,
Of fathers, sons and husbands
With interrupted lives.
I thought about a graveyardAt the bottom of the sea
Of unmarked graves in Arlington.
No, freedom isn't free.
Kelly Strong
Monday, May 24, 2010
TDHCA Texas First Time Homebuyer Program (Bond Program 77)
Effective May 2010, the Texas Department of Housing and Community Affairs (TDHCA) announced the release of $500 million in funding for first time homebuyers. The program is designed to assist low to moderate income homebuyers who are interested in purchasing their first home. Two types of mortgage loans are available.
“Assisted loans” are 1st lien mortgage loans made available at a an interest rate slightly above the current market interest rate and provide down payment and closing cost assistance. The amount of down payment and closing cost assistance is 5% of the mortgage amount and is available in the form of a 2nd lien, 30-year, 0% interest loan. Although no monthly payments are required, the amount of assistance is due and payable in full upon sale, refinance or repayment of the 1st lien mortgage. Assisted loans are available to borrowers earning up to 115% of the area median family income (depending on family size) and up to 140% of the area median family income (depending on family size) if purchasing in a targeted area. Please review the “Combined Income and Purchase Price Limits Table” for additional detail.
“Unassisted loans” are available at an interest rate slightly below the current market interest rate and do not include funds for down payment and closing cost assistance.
All 1st lien mortgage loans are available at a 30-year fixed rate. The interest rates offered under the program will change periodically depending on the industry market rates at the time the loan is registered.
Information from http://www.tdhca.state.tx.us/homeownership/fthb/down-payment-assistance.htm
“Assisted loans” are 1st lien mortgage loans made available at a an interest rate slightly above the current market interest rate and provide down payment and closing cost assistance. The amount of down payment and closing cost assistance is 5% of the mortgage amount and is available in the form of a 2nd lien, 30-year, 0% interest loan. Although no monthly payments are required, the amount of assistance is due and payable in full upon sale, refinance or repayment of the 1st lien mortgage. Assisted loans are available to borrowers earning up to 115% of the area median family income (depending on family size) and up to 140% of the area median family income (depending on family size) if purchasing in a targeted area. Please review the “Combined Income and Purchase Price Limits Table” for additional detail.
“Unassisted loans” are available at an interest rate slightly below the current market interest rate and do not include funds for down payment and closing cost assistance.
All 1st lien mortgage loans are available at a 30-year fixed rate. The interest rates offered under the program will change periodically depending on the industry market rates at the time the loan is registered.
Information from http://www.tdhca.state.tx.us/homeownership/fthb/down-payment-assistance.htm
RED Day with Kevin Carroll
Kevin Carroll left a mark on Keller Williams during his keynote address at Family Reunion in New Orleans, La., three months later, Keller Williams Realty left a mark on him. On May 14 Carroll felt the Keller Williams culture first hand as he participated in the Sacramento market center’s RED Day activities.
Their “Give Back & Play” theme focused on the youth in their community. Carroll visited school children around the community (ages 6-16) and spoke as part of his mission to help them determine what their passion is.
Afterward, Carroll addressed associates, saying: “You all need to know how unique you and your culture are.” View the video for his full address.
Their “Give Back & Play” theme focused on the youth in their community. Carroll visited school children around the community (ages 6-16) and spoke as part of his mission to help them determine what their passion is.
Afterward, Carroll addressed associates, saying: “You all need to know how unique you and your culture are.” View the video for his full address.
Friday, May 21, 2010
Now is the Time to Buy, Investment Firm Says
Daily Real Estate News | May 20, 2010
When you compare the real estate downturn to the real estate market in the 1980s, Blumberg Capital Partners, which provides real estate investment management, finds similarities that lead the company to think now is an optimal time to buy.
Its analysts point out that the recession of the 1980s lasted 16 months, running from July 1981 to November 1982. Unemployment peaked in November of 1982 at 10.8 percent. From that point it took 38 months for the economy to recover fully and for unemployment to fall below 7 percent. It was another 10 months before unemployment was consistently below 7 percent.
Philip Blumberg, CEO of Blumberg Capital Partners, said in a note to investors that the real estate cycle is still three or four years from an optimal selling period, so now is the time for investors to buy.
Source: Blumberg Capital Partners (05/19/2010)
When you compare the real estate downturn to the real estate market in the 1980s, Blumberg Capital Partners, which provides real estate investment management, finds similarities that lead the company to think now is an optimal time to buy.
Its analysts point out that the recession of the 1980s lasted 16 months, running from July 1981 to November 1982. Unemployment peaked in November of 1982 at 10.8 percent. From that point it took 38 months for the economy to recover fully and for unemployment to fall below 7 percent. It was another 10 months before unemployment was consistently below 7 percent.
Philip Blumberg, CEO of Blumberg Capital Partners, said in a note to investors that the real estate cycle is still three or four years from an optimal selling period, so now is the time for investors to buy.
Source: Blumberg Capital Partners (05/19/2010)
Thursday, May 20, 2010
Home Repair Tips | 4 important home maintenance tips for the summer
Easy tips for summer home maintenance
05/20/10
Summer with its warm breezes brings many maintenance concerns and seasonal chores for homeowners. In addition to the inevitable mowing, tree trimming, and other yard work, summer is also a great time to step up maintenance efforts around the home.
#1 Turn off your HVAC System and check your air-conditioning filter. make sure that your filter is dust free and clean or replace it with a new one. Some filters are washable and can be washed in your backyard. In that case simply remove wash and let it dry and put it back in place.
#2 Clean and repair gutters. For clogged downspouts, try using barbecue tongs to reach in and remove leaves. To repair gutters with loose nails, consider replacing them with extra-long lag screws. The lag screws are stronger, hold better, and can easily be installed with a cordless drill equipped with a nut driver bit.
#3 Caulk exterior joints around all windows and doors. Caulking helps keep the house weather-tight and reduces energy bills. It can also help keep insects and vermin out of the house. As well as prevent the water to penetrate through small cracks
#4 The heat and humidity in summer can cause wooden windows and doors to swell and stick. To repair a sticky door or window, first mark where it is sticking. Then, remove the door or window, and carefully remove any excess material with a hand plane. For sliding windows, the surrounding trim is often the culprit. Usually, it must be removed and reinstalled to allow for greater movement. To keep windows and doors from sticking in the first place, make sure that they are sealed with a good coat of paint, including the tops and bottoms. Be careful not to paint the channels where windows need to slide, though—instead, use a light coat of linseed oil as a sealer.
If you are not feeling comfortable doing this maintenance, it is highly recommended to hire a handy person to do it for you. Failing to do keep up with your maintenance could cost you a lot of money down the road.
Information from www.articlebase.com
05/20/10
Summer with its warm breezes brings many maintenance concerns and seasonal chores for homeowners. In addition to the inevitable mowing, tree trimming, and other yard work, summer is also a great time to step up maintenance efforts around the home.
#1 Turn off your HVAC System and check your air-conditioning filter. make sure that your filter is dust free and clean or replace it with a new one. Some filters are washable and can be washed in your backyard. In that case simply remove wash and let it dry and put it back in place.
#2 Clean and repair gutters. For clogged downspouts, try using barbecue tongs to reach in and remove leaves. To repair gutters with loose nails, consider replacing them with extra-long lag screws. The lag screws are stronger, hold better, and can easily be installed with a cordless drill equipped with a nut driver bit.
#3 Caulk exterior joints around all windows and doors. Caulking helps keep the house weather-tight and reduces energy bills. It can also help keep insects and vermin out of the house. As well as prevent the water to penetrate through small cracks
#4 The heat and humidity in summer can cause wooden windows and doors to swell and stick. To repair a sticky door or window, first mark where it is sticking. Then, remove the door or window, and carefully remove any excess material with a hand plane. For sliding windows, the surrounding trim is often the culprit. Usually, it must be removed and reinstalled to allow for greater movement. To keep windows and doors from sticking in the first place, make sure that they are sealed with a good coat of paint, including the tops and bottoms. Be careful not to paint the channels where windows need to slide, though—instead, use a light coat of linseed oil as a sealer.
If you are not feeling comfortable doing this maintenance, it is highly recommended to hire a handy person to do it for you. Failing to do keep up with your maintenance could cost you a lot of money down the road.
Information from www.articlebase.com
Wednesday, May 19, 2010
Builder Confidence Hits Highest Level Since 2007
Daily Real Estate News | May 18, 2010
Home builder confidence reached 22 in May, the highest point since August 2007, on the National Association of Home Builders/Wells Fargo Housing Market Index.
This was the second consecutive month confidence was up, gaining 3 percentage points. Scores lower than 50 are still considered pessimistic.
Analysts said they were surprised by the increase because the home buyer tax credits expired at the end of April.
Weiss Research analyst Mike Larson said the tax credit provided some optimism, but the real driver behind the increase is a sense that the market is actually improving. “Even with the credit in the rear-view mirror, real, underlying demand remains for housing," Larson said.
Source: The Wall Street Journal, Shara Tibken (05/17/2010)
Home builder confidence reached 22 in May, the highest point since August 2007, on the National Association of Home Builders/Wells Fargo Housing Market Index.
This was the second consecutive month confidence was up, gaining 3 percentage points. Scores lower than 50 are still considered pessimistic.
Analysts said they were surprised by the increase because the home buyer tax credits expired at the end of April.
Weiss Research analyst Mike Larson said the tax credit provided some optimism, but the real driver behind the increase is a sense that the market is actually improving. “Even with the credit in the rear-view mirror, real, underlying demand remains for housing," Larson said.
Source: The Wall Street Journal, Shara Tibken (05/17/2010)
Tuesday, May 18, 2010
Comfortable Laundry Rooms Are a Must-Have
Daily Real Estate News | May 17, 2010
Convenient and comfortable laundry rooms are an increasingly popular feature among home buyers.
Tom Byrne, president of Rockville, Md.-based Chadsworth Homes Inc., says they are more popular than such features as studies and media rooms.
"In the past few years, 30 percent of the homes we build ... have a laundry room with granite countertops, a single-level kitchen-style faucet, and the laundry tub will be an undercounter sink," Byrne says.
Stephen Melman, director of economic services for the National Association of Home Builders, concurs.
"These rooms are becoming larger and more multifunctional, with organizers, a table for folding, ironing stations, and windows with a view," Melman says.
Source: Washington Times, Carisa Chappell (5/14/2010)
Convenient and comfortable laundry rooms are an increasingly popular feature among home buyers.
Tom Byrne, president of Rockville, Md.-based Chadsworth Homes Inc., says they are more popular than such features as studies and media rooms.
"In the past few years, 30 percent of the homes we build ... have a laundry room with granite countertops, a single-level kitchen-style faucet, and the laundry tub will be an undercounter sink," Byrne says.
Stephen Melman, director of economic services for the National Association of Home Builders, concurs.
"These rooms are becoming larger and more multifunctional, with organizers, a table for folding, ironing stations, and windows with a view," Melman says.
Source: Washington Times, Carisa Chappell (5/14/2010)
Monday, May 17, 2010
Second Annual RED Day exceeds all expectations
With many of our regions reporting 100 percent market center participation in RED Day, last week's event proved like never before that the compassion in our company is exceeded only by the imagination. Tens of thousands of us gave blood, stocked shelves, planted flowers, picked up trash, read to children in schools, repaired shelters, raised money for charity, visited nursing homes, and thousands of other initiatives to Renew, Energize and Donate within our communities.
Last year, the inaugural RED Day was one of the biggest collective community service events in real estate history, with more than 130,000 hours of service work performed in one day.
“A busy as our lives are, it is important to turn off the phone, step away from the office and give back to the community that supports our agents and offices," said Mark Willis, CEO of Keller Williams Realty, Inc. “We feel so fortunate to have associates that don’t see this as a dollar lost in a day off from work, but much more gained in the community."
“Our culture is what defines us as a company and part of that means taking time to remember what is most important, our communities," said Mo Anderson, vice chairman with Keller Williams Realty, Inc. “I am so proud to see how our associates have adopted RED Day and are making an incredible difference across North America. With our agents’ dedication and hard work, I’m looking forward to seeing us outdo last year’s tremendous effort!"
“When we decided to move forward with RED Day, we were thrilled that our associates embraced the day with such excitement and tenacity. They have truly shown us what community is all about," added Mary Tennant, president and COO with Keller Williams Realty, Inc.
The McKinney KW office had 45 agents/staff participate in prepping & painting a home for Habitat for Humanity in Far East McKinney. We had so many people helping that day that the home, which was 2 weeks behind schedule, is now right on schedule for completion! Our wonderful Core Service Partners, Service First Mortgage, Stonebridge Insurance, and American Home Shield, along with local title co's - Republic Title & Hexter-Fair Title - fed and supported our crew the entire day. We are blessed to have so many great agents, staff, and vendor partners!
Can't wait until next RED Day in 2011!
Friday, May 14, 2010
Find Home-Buyer Assistance Programs
Source: Texas Association of Realtors - May 13, 2010
The federal tax credit may have expired, but there are still many programs in Texas available for home-buyers. That's why the Texas Association of REALTORS® created TxHomePrograms.org, a searchable online database of homebuyer-assistance programs.
You can find programs, such as downpayment assistance and below-market interest rates, available only in Texas. Many, though not all, of the programs depend on household income and whether the consumer has owned a home in the last three years. TxHomePrograms.org also has a glossary of real estate terms, outlines the homebuying process, and provides information on issues that affect many first-time buyers, such as predatory lending and credit repair.
And this summer, look for more housing initiatives, thanks to NAR's Ira Gribin workforce housing program. Texas REALTORS® University will roll out classes on the ever-changing FHA rules, manufactured housing, TxHomePrograms.org, and more.
The federal tax credit may have expired, but there are still many programs in Texas available for home-buyers. That's why the Texas Association of REALTORS® created TxHomePrograms.org, a searchable online database of homebuyer-assistance programs.
You can find programs, such as downpayment assistance and below-market interest rates, available only in Texas. Many, though not all, of the programs depend on household income and whether the consumer has owned a home in the last three years. TxHomePrograms.org also has a glossary of real estate terms, outlines the homebuying process, and provides information on issues that affect many first-time buyers, such as predatory lending and credit repair.
And this summer, look for more housing initiatives, thanks to NAR's Ira Gribin workforce housing program. Texas REALTORS® University will roll out classes on the ever-changing FHA rules, manufactured housing, TxHomePrograms.org, and more.
Thursday, May 13, 2010
Keller Williams Realty Takes the Day Off for 2nd Annual RED Day
More than 77,000 associates encouraged to volunteer on May 13
AUSTIN, TEXAS (May 12, 2009)—On Thursday, May 13, Keller Williams Realty associates across the United States and Canada will take the day off for the company’s second annual day of service, RED Day. Last year, the inaugural RED Day was one of the biggest collective community service events in real estate history, with more than 130,000 hours of service work performed in one day.
“A busy as our lives are, it is important to turn off the phone, step away from the office and give back to the community that supports our agents and offices," said Mark Willis, CEO of Keller Williams Realty, Inc. “We feel so fortunate to have associates that don’t see this as a dollar lost in a day off from work, but much more gained in the community."
On the company’s Facebook page, many Keller Williams offices have shared their plans for RED Day including: Woodbridge, Virginia, where the local office has partnered with Habitat for Humanity to build a home; Syracuse, New York, an office will be creating a community vegetable garden and pumpkin patch with assistance from the parks and recreation department; in Redondo Beach, California, offices will be cleaning up Redondo and Hermosa beach; Toronto, ON, has teamed up with police and local businesses to remove graffiti and repaint buildings in need; and many offices including Atlanta, Georgia, Phoenix, Arizona, Ottawa, Ontario, and Bernardsville, New Jersey, plan to hold food drives and blood drives.
Keller Williams in McKinney, TX is sending over 30 agents to work on a Habitat for Humanity home for a deserving, hard-working family in Far East McKinney. The agents & office staff participating are excited to give back to the community that means so much to them!
“Our culture is what defines us as a company and part of that means taking time to remember what is most important, our communities," said Mo Anderson, vice chairman with Keller Williams Realty, Inc. “I am so proud to see how our associates have adopted RED Day and are making an incredible difference across North America. With our agents’ dedication and hard work, I’m looking forward to seeing us outdo last year’s tremendous effort!"
“When we decided to move forward with RED Day, we were thrilled that our associates embraced the day with such excitement and tenacity. They have truly shown us what community is all about," added Mary Tennant, president and COO with Keller Williams Realty, Inc.
About Keller Williams Realty, Inc.:
Founded in 1983, Keller Williams Realty Inc. is the third-largest real estate franchise operation in the United States, with 679 offices and more than 77,000 associates in the United States and Canada. The company, which began franchising in 1990, has an agent-centric culture that emphasizes access to leading-edge education and promotes an economic model that rewards associates as stakeholders and partners. The company also provides specialized agents in luxury homes and commercial real estate properties.
For more information, or to search for homes for sale visit kwmckinney.com.
AUSTIN, TEXAS (May 12, 2009)—On Thursday, May 13, Keller Williams Realty associates across the United States and Canada will take the day off for the company’s second annual day of service, RED Day. Last year, the inaugural RED Day was one of the biggest collective community service events in real estate history, with more than 130,000 hours of service work performed in one day.
“A busy as our lives are, it is important to turn off the phone, step away from the office and give back to the community that supports our agents and offices," said Mark Willis, CEO of Keller Williams Realty, Inc. “We feel so fortunate to have associates that don’t see this as a dollar lost in a day off from work, but much more gained in the community."
On the company’s Facebook page, many Keller Williams offices have shared their plans for RED Day including: Woodbridge, Virginia, where the local office has partnered with Habitat for Humanity to build a home; Syracuse, New York, an office will be creating a community vegetable garden and pumpkin patch with assistance from the parks and recreation department; in Redondo Beach, California, offices will be cleaning up Redondo and Hermosa beach; Toronto, ON, has teamed up with police and local businesses to remove graffiti and repaint buildings in need; and many offices including Atlanta, Georgia, Phoenix, Arizona, Ottawa, Ontario, and Bernardsville, New Jersey, plan to hold food drives and blood drives.
Keller Williams in McKinney, TX is sending over 30 agents to work on a Habitat for Humanity home for a deserving, hard-working family in Far East McKinney. The agents & office staff participating are excited to give back to the community that means so much to them!
“Our culture is what defines us as a company and part of that means taking time to remember what is most important, our communities," said Mo Anderson, vice chairman with Keller Williams Realty, Inc. “I am so proud to see how our associates have adopted RED Day and are making an incredible difference across North America. With our agents’ dedication and hard work, I’m looking forward to seeing us outdo last year’s tremendous effort!"
“When we decided to move forward with RED Day, we were thrilled that our associates embraced the day with such excitement and tenacity. They have truly shown us what community is all about," added Mary Tennant, president and COO with Keller Williams Realty, Inc.
About Keller Williams Realty, Inc.:
Founded in 1983, Keller Williams Realty Inc. is the third-largest real estate franchise operation in the United States, with 679 offices and more than 77,000 associates in the United States and Canada. The company, which began franchising in 1990, has an agent-centric culture that emphasizes access to leading-edge education and promotes an economic model that rewards associates as stakeholders and partners. The company also provides specialized agents in luxury homes and commercial real estate properties.
For more information, or to search for homes for sale visit kwmckinney.com.
Wednesday, May 12, 2010
Census: More People on the Move in 2009
Daily Real Estate News | May 12, 2010
Americans stayed put for about a year after the housing bust, but now they are back on the move, according to U.S. Census figures.
About 12.5 percent of the population, or 37.1 million people moved to a new home in 2009, up from 11.9 percent or 35.2 million in 2008, the census found.
About 25 percent of adults ages 25 to 34 moved in 2009. That’s up slightly compared to 2008, but down substantially from 32 percent in 2000. Older Americans also stayed where they were with long-distance migration falling to below 2 percent for people older than 60.
"Overall, there is nothing here that suggests a light at the end of the tunnel in the continued slowdown of long distance migration in the U.S.," said William H. Frey, a demographer at Brookings Institution who analyzed the numbers. "States and communities hoping to see renewed migration gains in college graduates, retirees and families as a spark to their economic growth will continue to be disappointed."
Source: The Associated Press, Hope Yen (05/10/2010)
Americans stayed put for about a year after the housing bust, but now they are back on the move, according to U.S. Census figures.
About 12.5 percent of the population, or 37.1 million people moved to a new home in 2009, up from 11.9 percent or 35.2 million in 2008, the census found.
About 25 percent of adults ages 25 to 34 moved in 2009. That’s up slightly compared to 2008, but down substantially from 32 percent in 2000. Older Americans also stayed where they were with long-distance migration falling to below 2 percent for people older than 60.
"Overall, there is nothing here that suggests a light at the end of the tunnel in the continued slowdown of long distance migration in the U.S.," said William H. Frey, a demographer at Brookings Institution who analyzed the numbers. "States and communities hoping to see renewed migration gains in college graduates, retirees and families as a spark to their economic growth will continue to be disappointed."
Source: The Associated Press, Hope Yen (05/10/2010)
Tuesday, May 11, 2010
Landscaping in Texas
Information from www.essortment.com - May 11, 2010
Texas has a wide variety of climates and soil. The most important things to learn about growing plants in your area of Texas are what your climate and soil are like. What is your hardiness zone? Do you have alkaline or acid type soil? Is it sandy soil or does it have lots of clay in it? These are the questions you will want to answer.
Join a garden club in your area to learn more about local growing conditions. Purchase books on growing plants in your area of the state. Texas is so large that there are several different hardiness zones and many different types of growing conditions.
Look at local nurseries to see what plants they have growing best. Most nurseries have native plants labeled “native to Texas”. These are the plants that will take the most abuse. Native Plants don’t mind drought conditions or heat, both of which are common in most parts of Texas. Nurseries will also have plants that like the sun, located in the sun. They will have plants that prefer shade, located in the shade. Be aware of these things when you visit a nursery and purchase plants. After you purchase a plant or plants from a nursery, take them home and let them slowly get used to their new home before you transplant. This will prevent transplant shock. After you transplant your new, you will need to water them well, while they are getting established.
Some plants, such as herbs, are not necessarily native, but have adapted so well that they are very easy to grow in Texas. Many herbs come from the Mediterranean, which has a similar climate to Texas. Put herbs in your landscape and you will have many years of easy, low maintenance plants. Herbs will give you pleasure in many ways, such as the aroma and the many varied uses they offer.
Plant both perennials and annuals for a good variety of plant material. Variation and diversity of plant material will bring in more beneficial insects and also help prevent plant diseases. Be aware of your plants condition. Walk among your plants and look them over to see if disease or insects are becoming a problem. Check to see if they need more water or maybe a certain plant would do better in a different location.
Every yard has microclimates. The humidity, temperature etc. will vary in different areas of your yard. If your plants prefer moist conditions, then locate them in more shady areas or in areas that do not tend to dry out as quickly. When you purchase a plant and the plant tag says “full sun”, that usually means “dappled shade” in Texas. Full sun, in the state of Texas, is very hot and intolerable to most plants. Some plants like the heat, but be sure yours can take it, before placing it in “full sun”.
If you live in a rocky area, you will need to remove as many rocks as you can before planting. You will most likely not get rid of all the rocks, so your best bet may be to build raised beds in those rocky areas. Add some good compost and topsoil to your raised beds and mix it in with some of the already existing soil.
It is always a good idea to mulch, for many reasons. Mulch will keep weeds to a minimum and also save water. So mulch, mulch, mulch. Choose the right plant for the right location and water deeply. There are many resources for gardening in Texas. The Master Gardner program has a hot line in most counties to answer all of your gardening questions.
Texas has a wide variety of climates and soil. The most important things to learn about growing plants in your area of Texas are what your climate and soil are like. What is your hardiness zone? Do you have alkaline or acid type soil? Is it sandy soil or does it have lots of clay in it? These are the questions you will want to answer.
Join a garden club in your area to learn more about local growing conditions. Purchase books on growing plants in your area of the state. Texas is so large that there are several different hardiness zones and many different types of growing conditions.
Look at local nurseries to see what plants they have growing best. Most nurseries have native plants labeled “native to Texas”. These are the plants that will take the most abuse. Native Plants don’t mind drought conditions or heat, both of which are common in most parts of Texas. Nurseries will also have plants that like the sun, located in the sun. They will have plants that prefer shade, located in the shade. Be aware of these things when you visit a nursery and purchase plants. After you purchase a plant or plants from a nursery, take them home and let them slowly get used to their new home before you transplant. This will prevent transplant shock. After you transplant your new, you will need to water them well, while they are getting established.
Some plants, such as herbs, are not necessarily native, but have adapted so well that they are very easy to grow in Texas. Many herbs come from the Mediterranean, which has a similar climate to Texas. Put herbs in your landscape and you will have many years of easy, low maintenance plants. Herbs will give you pleasure in many ways, such as the aroma and the many varied uses they offer.
Plant both perennials and annuals for a good variety of plant material. Variation and diversity of plant material will bring in more beneficial insects and also help prevent plant diseases. Be aware of your plants condition. Walk among your plants and look them over to see if disease or insects are becoming a problem. Check to see if they need more water or maybe a certain plant would do better in a different location.
Every yard has microclimates. The humidity, temperature etc. will vary in different areas of your yard. If your plants prefer moist conditions, then locate them in more shady areas or in areas that do not tend to dry out as quickly. When you purchase a plant and the plant tag says “full sun”, that usually means “dappled shade” in Texas. Full sun, in the state of Texas, is very hot and intolerable to most plants. Some plants like the heat, but be sure yours can take it, before placing it in “full sun”.
If you live in a rocky area, you will need to remove as many rocks as you can before planting. You will most likely not get rid of all the rocks, so your best bet may be to build raised beds in those rocky areas. Add some good compost and topsoil to your raised beds and mix it in with some of the already existing soil.
It is always a good idea to mulch, for many reasons. Mulch will keep weeds to a minimum and also save water. So mulch, mulch, mulch. Choose the right plant for the right location and water deeply. There are many resources for gardening in Texas. The Master Gardner program has a hot line in most counties to answer all of your gardening questions.
Monday, May 10, 2010
Most Americans See Home Prices Stable or Rising: Seventy-two Percent Think Now is a Good Time to Buy a House
by Dennis Jacobe, Ph.D., chief economist, GALLUP
Lower but stabilizing home prices combined with continued low mortgage interest rates have persuaded 72% of Americans that now is a “good time” to buy a house – essentially the same percentage as a year ago, but up 19 points from 2008.
Better Price Expectations
More importantly, Americans’ expectations about housing prices have improved markedly from last year – potentially encouraging prospective buyers to take advantage of the current homebuying opportunity, and thereby making it easy for homeowners to sell. Thirty-four percent of Americans expect the average price of houses in their area to increase over the next year – up 12 points from last year, and the highest such expectations in Gallup’s monitoring since June 2007.
When this is combined with the 43% expecting house prices to stay the same, a total of 77% of Americans see housing values in their area stabilizing or moving higher during the year ahead. To the degree that potential homebuyers agree, this should significantly reduce their fear that the homes they buy could decline in value shortly after purchase.
Expectations for housing prices are best in the East and the West, followed closely by the South; they are poorest in the Midwest.
Commentary
Americans’ recognition that now is a good time to buy a house is good news not only for everyone associated with the real estate business but also for the economy overall. Even better, it appears that in many local real estate markets, housing price expectations are for stable or increasing prices over the next 12 months, giving prospective homebuyers in these areas another reason to buy now. Further, mortgage money from the federal government continues to be available at historically low rates through such agencies as Fannie Mae, Freddie Mac, and FHA/VA, although today’s underwriting standards are more stringent than those during the housing boom.
While an overhang of foreclosures and distress sales continues to depress some areas, the basic problem facing housing in 2010-2011 is the same as that challenging the overall economy: jobs. Buying a home is the most important purchase and largest financial commitment most people make during their lives. For most Americans, it is hard to feel financially secure enough to make such a commitment in an economy in which 20% of the U.S. workforce is underemployed
Lower but stabilizing home prices combined with continued low mortgage interest rates have persuaded 72% of Americans that now is a “good time” to buy a house – essentially the same percentage as a year ago, but up 19 points from 2008.
Better Price Expectations
More importantly, Americans’ expectations about housing prices have improved markedly from last year – potentially encouraging prospective buyers to take advantage of the current homebuying opportunity, and thereby making it easy for homeowners to sell. Thirty-four percent of Americans expect the average price of houses in their area to increase over the next year – up 12 points from last year, and the highest such expectations in Gallup’s monitoring since June 2007.
When this is combined with the 43% expecting house prices to stay the same, a total of 77% of Americans see housing values in their area stabilizing or moving higher during the year ahead. To the degree that potential homebuyers agree, this should significantly reduce their fear that the homes they buy could decline in value shortly after purchase.
Expectations for housing prices are best in the East and the West, followed closely by the South; they are poorest in the Midwest.
Commentary
Americans’ recognition that now is a good time to buy a house is good news not only for everyone associated with the real estate business but also for the economy overall. Even better, it appears that in many local real estate markets, housing price expectations are for stable or increasing prices over the next 12 months, giving prospective homebuyers in these areas another reason to buy now. Further, mortgage money from the federal government continues to be available at historically low rates through such agencies as Fannie Mae, Freddie Mac, and FHA/VA, although today’s underwriting standards are more stringent than those during the housing boom.
While an overhang of foreclosures and distress sales continues to depress some areas, the basic problem facing housing in 2010-2011 is the same as that challenging the overall economy: jobs. Buying a home is the most important purchase and largest financial commitment most people make during their lives. For most Americans, it is hard to feel financially secure enough to make such a commitment in an economy in which 20% of the U.S. workforce is underemployed
Friday, May 7, 2010
'Cash-in' Refinances Plug Equity Drains
Daily Real Estate News | May 6, 2010 |
Freddie Mac says a third of borrowers who refinanced in the fourth quarter of 2009 brought a check to settlement, marking a record high rate of "cash-in" deals as cash-out refis hit a record low of 27 percent.
Cash-in refis release homeowners from underwater mortgages and free up equity.
Experts say their popularity can be attributed to falling home prices that make borrowers ineligible for refis without fronting some cash, as well as the desire to avoid mortgage insurance or higher jumbo loan rates.
Source: Realty Times, Broderick Perkins (05/06/10)
Freddie Mac says a third of borrowers who refinanced in the fourth quarter of 2009 brought a check to settlement, marking a record high rate of "cash-in" deals as cash-out refis hit a record low of 27 percent.
Cash-in refis release homeowners from underwater mortgages and free up equity.
Experts say their popularity can be attributed to falling home prices that make borrowers ineligible for refis without fronting some cash, as well as the desire to avoid mortgage insurance or higher jumbo loan rates.
Source: Realty Times, Broderick Perkins (05/06/10)
Thursday, May 6, 2010
Top 10 Places for New Grads to Live and Work
Daily Real Estate News | May 6, 2010 |
Apartments.com and CareerRookie.com, CareerBuilder’s college job search site, have identified the 10 best cities for recent college graduates to both find a job and an affordable apartment.
The list was compiled by identifying the top U.S. cities with the highest concentration of young adults, the largest inventory of jobs requiring less than one year of experience, and the most apartments affordable on a median new graduate’s salary.
Here’s the list of selected cities and the cost of renting a one-bedroom apartment.
1. Atlanta, $723
2. Phoenix, $669
3. Denver, $779
4. Dallas, $740
5. Boston, $1,275
6. Philadelphia, $938
7. New York, $1,366
8. Cincinnati, $613
9. Baltimore, $1,041
10. Los Angeles, $1,319
Source: CareerRookie.com and Apartments.com (05/05/2010)
Apartments.com and CareerRookie.com, CareerBuilder’s college job search site, have identified the 10 best cities for recent college graduates to both find a job and an affordable apartment.
The list was compiled by identifying the top U.S. cities with the highest concentration of young adults, the largest inventory of jobs requiring less than one year of experience, and the most apartments affordable on a median new graduate’s salary.
Here’s the list of selected cities and the cost of renting a one-bedroom apartment.
1. Atlanta, $723
2. Phoenix, $669
3. Denver, $779
4. Dallas, $740
5. Boston, $1,275
6. Philadelphia, $938
7. New York, $1,366
8. Cincinnati, $613
9. Baltimore, $1,041
10. Los Angeles, $1,319
Source: CareerRookie.com and Apartments.com (05/05/2010)
Wednesday, May 5, 2010
Pending Home Sales on an Upswing
Daily Real Estate News | May 4, 2010
Pending home sales increased again in March, affirming that a surge of home sales is unfolding for the spring home buying season, according to the National Association of REALTORS®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, rose 5.3 percent to 102.9 from 97.7 in February, and is 21.1 percent above March 2009 when it was 85.0; this follows an 8.3 percent increase in February. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.
Lawrence Yun, NAR chief economist, said favorable affordability conditions have been working with the tax credit. “Clearly the home buyer tax credit has helped stabilize the market. In the months immediately following the expiration of the tax credit, we expect measurably lower sales,” he said. “Later in the second half of the year, and into 2011, home sales will likely become self-sustaining if the economy can add jobs at a respectable pace, and from a return of buyer demand as they see home values stabilizing.”
Regional Numbers
The PHSI in the Northeast declined 3.3 percent to 75.1 in March, but remains 27.2 percent higher than March 2009.
In the Midwest the index increased 1.2 percent to 98.9 and is 18.5 percent above a year ago.
Pending home sales in the South jumped 12.7 percent to an index of 121.2, which is 28.3 percent higher than March 2009.
In the West the index rose 1.9 percent to 99.9 and is 8.8 percent above a year ago.
“Another encouraging sign is the improvement in the availability for jumbo and second-home mortgages,” Yun said. “As bank balance sheets strengthen, it is just a matter of time before lending of non-government-backed mortgages steadily opens up.”
Source: NAR
Pending home sales increased again in March, affirming that a surge of home sales is unfolding for the spring home buying season, according to the National Association of REALTORS®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, rose 5.3 percent to 102.9 from 97.7 in February, and is 21.1 percent above March 2009 when it was 85.0; this follows an 8.3 percent increase in February. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.
Lawrence Yun, NAR chief economist, said favorable affordability conditions have been working with the tax credit. “Clearly the home buyer tax credit has helped stabilize the market. In the months immediately following the expiration of the tax credit, we expect measurably lower sales,” he said. “Later in the second half of the year, and into 2011, home sales will likely become self-sustaining if the economy can add jobs at a respectable pace, and from a return of buyer demand as they see home values stabilizing.”
Regional Numbers
The PHSI in the Northeast declined 3.3 percent to 75.1 in March, but remains 27.2 percent higher than March 2009.
In the Midwest the index increased 1.2 percent to 98.9 and is 18.5 percent above a year ago.
Pending home sales in the South jumped 12.7 percent to an index of 121.2, which is 28.3 percent higher than March 2009.
In the West the index rose 1.9 percent to 99.9 and is 8.8 percent above a year ago.
“Another encouraging sign is the improvement in the availability for jumbo and second-home mortgages,” Yun said. “As bank balance sheets strengthen, it is just a matter of time before lending of non-government-backed mortgages steadily opens up.”
Source: NAR
Tuesday, May 4, 2010
Texas Housing Market Shows Signs of Stabilization in Q1 2010
05/03/2010 BY: BRITTANY DUNN
The Texas housing market may be on the road to recovery. According to the latest Texas Quarterly Housing Report released Monday by the Texas Association of Realtors, both sales and prices for homes in the Lone Star State increased on a year-over-year basis in the first quarter of this year.
Sales volume for existing single-family homes was 42,682 for the first three months of 2010, up 4 percent from the same period in 2009. In addition, the median home price jumped 3.13 percent from $137,200 in the first quarter of last year to $141,500 in the first quarter of this year. “First quarter 2010 figures were up compared to 2009, despite sales being down in January and February,” said Jim Gaines, Ph.D., an economist with the Real Estate Center at Texas A&M University, which compiled and analyzed the data for the quarterly report.
Gaines noted that the positive year-over-year gain was due solely to significant March sales being strong enough to bring up the whole quarter. “With March’s increased figures we are cautiously optimistic that we’ll continue to see positive results in the second quarter,” he said. According to Gaines, several local multiple listing services reported a larger percentage of sales coming from foreclosed properties. However, he added that Texas has maintained a near-balanced market of 6.8 months of inventory, statistically unchanged from 2009. Additionally, he said the market is showing strength by maintaining property values, indicating that the market is absorbing foreclosed properties and not experiencing an excess of supply.
“We are seeing gradual improvement in the Texas housing market and managing our foreclosure rates well compared to national rates,” Gaines said. “Other states, such as California and Florida, are seeing significant foreclosure increases due to high unemployment rates in combination with exotic mortgage-financing options such as option ARMs. Texas is not experiencing the same levels of pressure in these areas.”
Bill Jones, chairman of the Texas Association of Realtors, said Texas’ home-equity lending laws have provided homeowners across the state with some of the strongest consumer protections in the nation, which is why Texas has been able to avoid drastic foreclosure increases compared to other states. He explained that many of the states facing the highest foreclosure rates and largest drops in real estate values are the same states that allow homeowners to borrow 100 percent or more of their home value.
Looking forward, Gaines said the next two quarters will determine the real strength of the market for 2010. He thinks the second quarter should continue to show positive improvement due to increased demand and government incentives, namely the federal homebuyer tax credit, which expired April 30. And he said the third quarter, typically the best quarter of the year, “will show us how well the market can sustain itself.”
The Texas housing market may be on the road to recovery. According to the latest Texas Quarterly Housing Report released Monday by the Texas Association of Realtors, both sales and prices for homes in the Lone Star State increased on a year-over-year basis in the first quarter of this year.
Sales volume for existing single-family homes was 42,682 for the first three months of 2010, up 4 percent from the same period in 2009. In addition, the median home price jumped 3.13 percent from $137,200 in the first quarter of last year to $141,500 in the first quarter of this year. “First quarter 2010 figures were up compared to 2009, despite sales being down in January and February,” said Jim Gaines, Ph.D., an economist with the Real Estate Center at Texas A&M University, which compiled and analyzed the data for the quarterly report.
Gaines noted that the positive year-over-year gain was due solely to significant March sales being strong enough to bring up the whole quarter. “With March’s increased figures we are cautiously optimistic that we’ll continue to see positive results in the second quarter,” he said. According to Gaines, several local multiple listing services reported a larger percentage of sales coming from foreclosed properties. However, he added that Texas has maintained a near-balanced market of 6.8 months of inventory, statistically unchanged from 2009. Additionally, he said the market is showing strength by maintaining property values, indicating that the market is absorbing foreclosed properties and not experiencing an excess of supply.
“We are seeing gradual improvement in the Texas housing market and managing our foreclosure rates well compared to national rates,” Gaines said. “Other states, such as California and Florida, are seeing significant foreclosure increases due to high unemployment rates in combination with exotic mortgage-financing options such as option ARMs. Texas is not experiencing the same levels of pressure in these areas.”
Bill Jones, chairman of the Texas Association of Realtors, said Texas’ home-equity lending laws have provided homeowners across the state with some of the strongest consumer protections in the nation, which is why Texas has been able to avoid drastic foreclosure increases compared to other states. He explained that many of the states facing the highest foreclosure rates and largest drops in real estate values are the same states that allow homeowners to borrow 100 percent or more of their home value.
Looking forward, Gaines said the next two quarters will determine the real strength of the market for 2010. He thinks the second quarter should continue to show positive improvement due to increased demand and government incentives, namely the federal homebuyer tax credit, which expired April 30. And he said the third quarter, typically the best quarter of the year, “will show us how well the market can sustain itself.”
Monday, May 3, 2010
MONEY 101: BUYING A HOME
Monday, May 3, 2010
Provided By CNN
Top things to know
1. Don't buy if you can't stay put.
If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner - even in a rising market. When prices are falling, it's an even worse proposition.
2. Start by shoring up your credit.
Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.
3. Aim for a home you can really afford.
The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you'll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.
4. If you can't put down the usual 20 percent, you may still qualify for a loan.
There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a down payment as small as 3 percent of the purchase price.
5. Buy in a district with good schools.
In most areas, this advice applies even if you don't have school-age children. Reason: When it comes time to sell, you'll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.
6. Get professional help.
Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.
7. Choose carefully between points and rate.
When picking a mortgage, you usually have the option of paying additional points -- a portion of the interest that you pay at closing -- in exchange for a lower interest rate. If you stay in the house for a long time -- say three to five years or more -- it's usually a better deal to take the points. The lower interest rate will save you more in the long run.
8. Before house hunting, get pre-approved.
Getting pre-approved will you save yourself the grief of looking at houses you can't afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.
9. Do your homework before bidding.
Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that's about eight to 10 percent lower than what the seller is asking.
10. Hire a home inspector.
Sure, your lender will require a home appraisal anyway. But that's just the bank's way of determining whether the house is worth the price you've agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.
Provided By CNN
Top things to know
1. Don't buy if you can't stay put.
If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner - even in a rising market. When prices are falling, it's an even worse proposition.
2. Start by shoring up your credit.
Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.
3. Aim for a home you can really afford.
The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you'll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.
4. If you can't put down the usual 20 percent, you may still qualify for a loan.
There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a down payment as small as 3 percent of the purchase price.
5. Buy in a district with good schools.
In most areas, this advice applies even if you don't have school-age children. Reason: When it comes time to sell, you'll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.
6. Get professional help.
Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.
7. Choose carefully between points and rate.
When picking a mortgage, you usually have the option of paying additional points -- a portion of the interest that you pay at closing -- in exchange for a lower interest rate. If you stay in the house for a long time -- say three to five years or more -- it's usually a better deal to take the points. The lower interest rate will save you more in the long run.
8. Before house hunting, get pre-approved.
Getting pre-approved will you save yourself the grief of looking at houses you can't afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.
9. Do your homework before bidding.
Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that's about eight to 10 percent lower than what the seller is asking.
10. Hire a home inspector.
Sure, your lender will require a home appraisal anyway. But that's just the bank's way of determining whether the house is worth the price you've agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.
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