Trophy Club Real Estate Blog

Fall Fantom Fest

2010-10-12T11:01:00.000-07:00

Don't miss the Fall Fantom Fest. This is a great event for the kids in a safe environment. Thank you again to the City, and the school for planning such a great event.

It’s that time again boys and girls (dads and moms too), time again for this year’s Fall Fantom Fest.

The Town of Trophy Club and Lakeview Elementary are cooking up something fun, spooky and just terrifyingly terrific for everyone. Once again families can adventure inside the school and discover Captain Terrible’s Cavern of Mischief!!! Outside there will be inflatable rides of all types, music, Phantom vendors, costume and pumpkin decorating contests, good food, a haunted hay ride and, of course, good fun for all.

So join us on Saturday, October 23 from 6:30 until 9:30 p.m. as we celebrate the Fall season, say goodbye to summer, the heat and get just a little scared.

Please check back for additional information and Festival updates.

8 Tips for Adding Curb Appeal and Value to Your Home

2010-05-28T10:04:00.001-07:00

Curb appeal has always been important for homesellers. With the vast majority of today’s homebuyers starting their search on the Internet, the appearance of your property is more critical than ever. You only have a few seconds to catch their attention as they scroll through listings online to get them to stop and take a closer look.

But the role of curb appeal goes beyond just making a good first impression. The way your house looks from the street can impact its value. It can also shorten the time it takes to sell your house

1. Paint the house.
Hands down, the most commonly offered curb appeal advice from our real estate pros and appraisers is to give the exterior of your home a good paint job. Buyers will instantly notice it and appraisers will note it on the valuation

2. Have the house washed.
Before you make the investment in a paint job, though, take a good look at the house. If it’s got mildew or general grunge, just washing the house could make a world of difference,

3. Trim the shrubs and green up the yard.
Put a lot of emphasis on landscaping, such as cutting down overgrown bushes and replacing them with leafy plants and annuals mulched with beautiful reddish-brown bark.
You also don’t want bare spots. Take the time to fertilize the yard, throw out some grass seed, and if need be, add some sod.
3. Trim the shrubs and green up the yard.
California real estate agent Valerie Torelli says she puts a lot of emphasis on landscaping, such as cutting down overgrown bushes and replacing them with leafy plants and annuals mulched with beautiful reddish-brown bark. “It runs me $30 to $50,” says Torelli. “Do you get a return on your money? Absolutely. It sucks people in.”

You also don’t want bare spots. Take the time to fertilize the yard, throw out some grass seed, and if need be, add some sod.

4. Add a splash of color.
It could be a flower bed of annuals by the mailbox, a paint job for the front door, or a brightly colored bench or an Adirondack chair.

5. Add a fancy mailbox and house numbers.
An upscale mail box and architectural house numbers or an address plaque can give your house a distinctive look that stands out from everyone else on the block.
6. Repair or clean the roof.
Springfield, Va.-based home inspector and former builder Reggie Marston says the roof is one of the first things he looks at in assessing the condition of a home. He’ll look at other houses in the neighborhood to see if there are a lot of replaced roofs and see if the subject house has one as well. If not, he’ll look for curls in the shingles or missing shingles. “I’m looking at the roof for end-of-life expectancy,” he says.

You can pay for roof repairs now, or pay for them later in a lower appraisal; appraisers will mark down the value by the cost of the repair. That could knock thousands of dollars off your appraisal. According to Remodeling Magazine’s 2009-2010 Cost vs. Value Report, the average cost of a new asphalt shingle roof is more than $19,000.

“Roofs are issues,” Lucco says. “You won’t throw money away on that job. You gotta have a decent roof.”

Stains and plant matter, such as moss, can be handled with cleaning. It’s a job that can often be done in a day for a few hundred dollars, and makes the roof look like new. It’s not a DIY project; call a professional with the right tools to clean it without damaging it.

7. Put up a fence.
A picket fence with a garden gate to frame the yard is an asset. A fence has more impact in a family-oriented neighborhood than an upscale retirement community.

8. Perform routine maintenance and cleaning.
Nothing sets off subconscious alarms like hanging gutters, missing bricks from the front steps, or lawn tools rusting in the bushes. It makes even the professionals question what else hasn’t been taken care of.

“A house is worth less if the maintenance isn’t done,” Lucco says. “Those little things can add up and be a very big detractor. When people say, ‘I’d buy it if it weren’t for all the deferred maintenance,’ what they’re really saying is, ‘I’d still buy it if you reduce the price.’”

Fed Pulls Plug; World Does Not End

2010-03-31T19:05:00.000-07:00

Fed Pulls Plug; World Does Not End

Don't Wait !

2010-03-02T09:17:00.000-08:00

Daily Real Estate News | March 2, 2010 | Share
Buyers Who Wait May Lose a Lot
Potential home buyers who delay have a lot to lose.

First-time home buyer and move-up tax credits worth $8,000 and $6,500, respectively, expire April 30. Buyers who qualify get a dollar-for-dollar reduction in taxes or a cash payment if they don’t pay enough taxes to cover the credit.

Other factors that should spur buyers:

Low mortgage rates. If the Federal Reserve stops buying mortgage-backed securities at the end of March, 30-year rates will almost certainly rise to more than 6 percent.

Rising prices. About 30 percent of markets are already experiencing price increases. Prices are falling in 12 percent of markets, says Fiserv (but that only helps if you want to live there).

Source: Money Magazine, Beth Braverman (03/02/2010)

Browse all of today's news

Rising Sales in Most States !

2010-02-18T13:44:00.001-08:00

Rising Sales in Most States, and Rising Prices in Many Metros (at Last!)
by NAR Research Staff

There was good news for most states in the 4th quarter of 2009. Existing-home sales rose from the 3rd to 4th quarter in 48 states and the District of Columbia. In fact, 32 states experienced double-digit quarterly gains. On a year-over-year basis, resales were higher in 49 states and the District, with all but three posting double-digit annual increases.

According to the latest quarterly statistics released by NAR Research, total state existing-home sales, including single-family and condo, jumped 13.9 percent to a seasonally adjusted annual rate of 6.03 million in the fourth quarter - up from 5.29 million in the third quarter. Existing-home sales rose 27.2 percent from their 4th quarter 2008 pace of 4.74 million units. As a further sign of housing market stability, distressed properties accounted for 32 percent of fourth quarter transactions; that is down from

37 percent a year earlier.

Trophy Club Residential Development .

2010-02-01T09:03:00.000-08:00

There are many available options if you and your family want to call Trophy Club Home, and I am here to help you with your search. Please contact me if I can help.

Trophy Club Residential Development
Trophy Club offers its residents hundreds of acres of natural beauty and a prestigious country club with 36 holes of golf. Known for its heavily wooded homesites and wide, gently winding streets, Trophy Club was rated 7th best suburb and 2nd best home value in the Metroplex by "D" Magazine. Offering homeowners a wide variety of homes in various price ranges, Trophy Club truly has something for everyone.

Available Communities:
Churchill Downs
Eagles Ridge Phase II
Hogan's Glen
The Knoll
Turnberry (Highlands Neighborhoods 3 & 4)
Coming Soon!
Canterbury Hills
Highlands, Neighborhoods 1 & 5
Royal Troon (Highlands, Neighborhood 9)
Water's Edge at Hogan's Glen
Whitworth Hills (Highlands Neighborhood 2)

Existing-Home Sales Record Another Big Gain, Inventories Continue to Shrink

2009-11-30T10:17:00.001-08:00

Washington, November 23, 2009

Driven by the first-time buyer tax credit, existing-home sales showed another big gain in October with a strong uptrend established over the past seven months, while inventories continue to decline, according to the National Association of Realtors®.

http://www.realtor.org/press_room/news_releases/2009/11/record_big

Christmas Parade.

2009-11-17T12:52:00.000-08:00

Christmas Parade,
Tree Lighting and Reception
Saturday, December 5
5:30 p.m. - 8:00 p.m.

Bring your friends, family and neighbors to watch our first Christmas Parade! The parade will begin in the Tom Thumb parking lot at 5:30 p.m. and run down Trophy Club Drive to the Clock Tower. Sit anywhere along the parade route to see the Byron Nelson High School Marching Band and Colorguard, student and community organizations, decorated floats and more. Stick around until the end to see Santa and his motorcycle-riding elves!

If your group would like to participate in the parade, download the Parade Packet* and submit the entry form. There is no fee for community groups to participate.

Follow the parade up to the Clock Tower to join us for the annual Tree Lighting Ceremony and Reception. The ceremony will begin shortly after the conclusion of the parade, at approximately 6:30 p.m.

The Medlin Middle School, Beck and Lakeview Elementary School Choirs will delight us with carols, followed by the reading of traditional Christmas stories and the lighting of the Town tree. Stay warm with free hot chocolate and coffee compliments of Starbucks!

Immediately after the ceremony enjoy free desserts and refreshments compliments of the Town, Starbucks and Lake Cities Church of Christ.

There will be crafts for the kids, and don't forget to get a picture with Santa! Pictures are free with a donation of 2 canned/boxed goods or a new, unwrapped toy. Donations will benefit the Community Storehouse.

Don't procrastinate, use the tax credit now.

2009-11-16T14:24:00.001-08:00

Start your house search now. Getting an early start will give you a better chance of finding the right house before the credit deadline.

When first-time buyers thought that the credit would expire Nov. 30, people scrambled to find properties in September and October.

Before you start house hunting, get preapproved for a mortgage, and do a realistic assessment of what you can afford.

Buyers who have to sell an existing home should price it aggressively from the beginning to drum up interest and get a buyer as soon as possible.

Don't count on another extension.

First Time Buyer Tax Credit Extended.

2009-11-09T08:32:00.000-08:00

It's official.

The President signed the bill that contained the extension of the popular $8,000 credit for first-time home buyers.

The credit will be available through next June as long as you sign a binding contract by the end of April.

Existing Homes Included

The law includes a $6,500 credit for existing homeowners who buy a home after living in their current residence at least five of the last eight years.

The Dallas/Fort Worth Metroplex, has one of he best Real Estate Markets !

2009-11-03T20:03:00.000-08:00

Source: www.texaplex.com
Welcome to the Texaplex! Free online search of every home for sale in Austin, Dallas/Fort Worth, Houston and San Antonio. If you are moving to Texas or within Texas you've come to the right place.

November Bond Election.

2009-10-29T12:49:00.000-07:00

November Bond Election
On November 3, 2009 there will be an election to decide whether to authorize the issuance of $5 million in general obligation bonds. Proposition No. 1 will read as follows: THE ISSUANCE OF $5,000,000 GENERAL OBLIGATION BONDS FOR PARK, OPEN SPACE AND RECREATION IMPROVEMENTS AND LAND ACQUISITION THEREFOR, AND THE LEVYING OF A TAX IN PAYMENT THEREOF.
[ ] FOR [ ] AGAINST
Early voting for residents living in Denton County will be held on Thursday and Friday, October 29 and 30 from 7:00 a.m. to 7:00 p.m. Early voting will take place at the Trophy Club Municipal Building at 100 Municipal Drive, Trophy Club, Texas. To view the Election Notice, please click here*. To view more information regarding the Election, including Estimated Financial Impact* and Proposed Park Bond Amenities/Projects* please click here.

Home Sales Are Up!

2009-08-05T08:44:00.001-07:00

RISMEDIA, August 5, 2009-Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 3.6% to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7% above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was in July 2003.

Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains. “Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who’ve been on the sidelines. Activity has been consistently much stronger for lower priced homes,” he said. ”Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30.”

The Pending Home Sales Index in the Northeast rose 0.4% to 81.2 in June and is 5.8% above a year ago. In the Midwest the index increased 0.8% to 89.9 and is 11.6% above June 2008. The index in the South jumped 7.1% to 100.7 in June and is 8.9% higher than a year ago. In the West the index rose 2.9% to 100.4 but is 0.2% below June 2008.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, is hopeful that a recently elevated level of contract cancellations will ease. “Last month, Freddie Mac and Fannie Mae clarified that appraisals should be done by professionals with clear local expertise,” he said. “This should mitigate the situation of many valuations done by out-of-area appraisers coming in below the price negotiated between buyers and sellers. Hopefully, in the months ahead, we’ll see an even closer relationship between contract activity and closed transactions.” McMillan said NAR is continuing to press the appraisal issue. “We have asked Congress and the Federal Housing Finance Agency to immediately implement an 18-month moratorium on the new appraisal rules to further address unintended consequences of the new guidelines,” he said.

NAR’s Housing Affordability Index (HAI) remains very favorable. The affordability index stood at 159.2 in July, down from record peaks in recent months but it remains 36.6 percentage points above a year ago. Under these conditions the typical family would devote 15.7% of gross income to mortgage principal and interest, well below the standard allowance of 25%. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.

“A monthly rise in home prices and somewhat higher mortgage interest rates led to a modest decline in affordability in June, but it was still the sixth highest index on record dating back to 1970,” Yun said. “Because housing is so affordable in today’s market, job security and the first-time buyer tax credit are bigger factors in influencing home sales.”

A median-income family, earning $60,700, could afford a home costing $289,100 in June with a 20% downpayment, assuming 25% of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80% of what a median-income family can afford. The affordable price was much higher than the median existing single-family home price in June, which was $181,600.

Yun expects existing-home sales to gradually rise over the balance of the year, with conditions varying around the country. “It appears home sales are on a sounder footing and inventory is gradually being absorbed.”

Read more: http://rismedia.com/2009-08-04/pending-home-sales-up-for-fifth-consecutive-month/#ixzz0NK80N0IR

Hurry $8,000 Tax Credit Will Soon End!

2009-08-04T11:43:00.000-07:00

RISMEDIA, August 3, 2009-TheAssociation of Realtors is encouraging those considering buying a home for the first time to act quickly, as there is very limited time to qualify for the $8,000 first-time homebuyer tax credit. As of August 1, there were only 121 days for first-time purchasers to take advantage of the credit. In order to qualify, the transaction must close before 11:59 p.m. on November 30, 2009.

“November might seem like it is far enough away, but potential buyers need to account for the time it takes to shop for a home, present an offer on the property of their choosing, and manage the various contracts and logistics that are required in a real estate transaction,” said 2009 NJAR President Diane Dilzell. “Starting the process now should allow just enough time to reach closing before the expiration of the credit.”

Prospective buyers, particularly first-time buyers, should factor in the following steps that are typically involved in the purchase of real estate: shopping for and securing a mortgage, finding a Realtor, creating a list of preferable features for the home, searching for homes that fit that criteria, settling on a home, presenting an offer, obtaining a home inspection, shopping for homeowners insurance, and closing. Buyers should factor in extra time to allow for unforeseen circumstances and any additional steps that may be necessary in their particular transaction.

Dilzell added, “The clock is also ticking for buyers to maximize their purchasing power in this market. Affordable prices and low interest rates are aligning right now with the $8,000 credit to form an unprecedented opportunity that is not guaranteed to last much longer.”

All transactions vary, and there are different circumstances for each of them that could lead to a longer buying process. NJAR has compiled testimonials from real New Jersey consumers at www.realstorynj.com/news/real-stories that detail their individual experiences.

“Unique circumstances can be encountered in any transaction so it is important to get started early to account for those factors,” Dilzell said. “Since numerous third parties are involved, delays can often be expected no matter how swiftly you act. That wait time can be very detrimental if it is the difference between $8,000 and nothing.”

The tax credit is available to buyers who have not owned a principal residence during the three-year period prior to the purchase. The credit does not have to be repaid, and it must be claimed on your federal income tax return.

Buyers are finding that the credit is allowing them to take advantage of opportunities they might not otherwise consider. For example, the $8,000 can be applied toward repairs and renovations in fixer-uppers that buyers might not otherwise have been able to afford. The extra funds can be invested for future use, or applied to new furniture and appliance purchases.

July 4th Celebration !

2009-06-29T16:40:00.000-07:00

The Town of Trophy Club proudly presents a day of fun, food and family-oriented activities as we celebrate our nation's independence on Saturday, July 4, 2009. The day begins at 7:00 a.m. with the
5k Run/3K Walk and free Pancake Breakfast. At 9:30 a.m. our annual 4th of July Parade will wind its way through town. Community groups, floats, elected officials and more will entertain parade-goers. Join the end of the parade and head over to the Community Pool to hear the parade category winners announced and see the trophies distributed. Click here for more.

Job Opportunities in Texas !

2009-05-06T09:37:00.000-07:00

This video shows the growth and opportunity here in Texas. The stats are real and Texas is not only the perfect place to live but the perfect place to have a job. With times as they are we as real estate agents are seeing more and more out of state home buyers who are relocating to either find new jobs or their actual headquarters moved to Texas. That says a lot. We hope you enjoy this video

You can view the video on youtube.com at

http://www.youtube.com/watch?v=FC16-4fh-Qc

The Top 10 U.S. Cities with the Most Green Buildings

2009-04-21T09:59:00.000-07:00

The top ten city rankings based on the number of Energy Star-qualified buildings in 2008 are:

1) Los Angeles, CA
2) San Francisco, CA
3) Houston, TX
4) Washington, D.C.
5) Dallas-Fort Worth, TX
6) Chicago, IL
7) Denver, CO
8) Minneapolis-St. Paul, MN
9) Atlanta, GA
10) Seattle, WA

To read the full article click the link below
http://lifestyle.msn.com/your-life/living-green/articledg.aspx?cp-documentid=18711707

Half of American Households Can Now Afford A Home!

2009-04-08T08:18:00.001-07:00

RISMEDIA, April 8, 2009-Thanks to record low mortgage rates and declining home prices, 55 million families - or half of all U.S. households - can afford today’s $200,000 median-priced new home, according to figures released by the National Association of Home Builders (NAHB). “That’s an increase of 17 million households from conditions just two years ago and the best housing affordability number we have seen in years,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. “We are now seeing the first signs that buyers are returning to the marketplace.”

Based on data from the U.S. Census Bureau comparing home prices, mortgage rates and minimum income needed to purchase a median-priced home in February 2007 and February 2009, a typical family today can purchase a house with $20,000 less in household income and save nearly $500 per month on their principal, interest, taxes and insurance. The number of households that can afford to purchase a home today is 55.4 million, compared with 38.4 million two years ago, according to figures compiled by NAHB.

“With affordability up dramatically, reports from our builders in the field indicate that foot traffic in new homes is on the rise and consumer interest is increasing with each passing day. These are encouraging signs that the housing market may be finally reaching a bottom,” said Robson.

Entering the crucial spring home buying season, there are other signs that buyers are starting to return to the market.

Single-family permits were up 11% in February 2009, new and existing home sales also posted gains and the huge inventory backlog is being slowly whittled down. In a survey for Century 21 Real Estate last month among prospective first-time home buyers who indicated they were likely to purchase a home in the next two years, a majority - 78% - said that now is a good time to buy a home. Of those responding to the online poll, 68% said that now is a better time to buy than six months ago.

Another sign that consumers are considering jumping back into the housing market is the growing interest in the $8,000 first-time home buyer tax credit included in the recently enacted economic stimulus package. During February and March 2009, 1.5 million visitors logged on to NAHB’s consumer website, www.federalhousingtaxcredit.com, to learn more about the tax credit. Further, a new survey commissioned by Move, Inc. found that nearly 20% of those who plan to purchase a home this year are doing so to take advantage of the tax credit, which expires at the end of November.

“With home values in many markets at the lowest level since 2003, an $8,000 tax credit available to first-time home buyers, fixed-rate mortgages under 5%, and an outstanding selection of homes to choose from, buyers are starting to recognize that this has the makings for a one-time opportunity to break into the market,” said Robson.

Housing is a critical component of the U.S. economy, accounting for about 15 cents of every dollar spent in this country, so any upturn in the housing market should be viewed as good news for the overall economy, said Robson.

Construction of an additional 500,000 single-family homes - the difference between today’s anemic construction rate and one that would move closer to meeting the underlying demand for housing - would generate 734,000 jobs and $35 billion in wages in the construction industry and another 790,000 jobs and $37.7 billion wages in manufacturing, trade, and service sector jobs, he noted.

Additionally, another half-million housing starts would bolster the tax base for government, generating $45 billion in federal, state and local tax revenues. And the benefits go well beyond the completion of each home. Within the first year after buying a home, those half million households will spend about $2.5 billion more on appliances, furnishings and property alterations.

“Clearly, housing will be central to any economic recovery we experience in the months ahead,” said Robson.

2009-03-27T11:29:00.001-07:00

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New $8,000 Tax Credit for First Time Buyers !

2009-03-25T19:50:00.000-07:00

Great news for first-time home buyers in 2009! The stimulus plan that President Obama signed into law contains a new $8,000 tax credit for qualified first-time home buyers. And, unlike the $7,500 tax credit from last year, this credit does NOT have to be repaid to the government, as long as you stay in the home for at least 36 months after the purchase date.

Remember, a tax credit is much more valuable than a tax deduction. A tax credit reduces dollar for dollar the amount of tax you owe. A deduction merely reduces the amount of your income that is taxable. This means the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset.

Who?
First-time buyers or anyone who hasn't owned a home in the 3 years prior to a purchase of a primary residence may qualify for a tax credit of up to 10% of the purchase price or $8,000, whichever is less. To qualify for the full credit, the buyer's modified adjusted gross income must be less than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. Partial credit is proportionally reduced for incomes under $95,000 (single) or $170,000 (married). For married taxpayers, the homeownership history of both the home buyer and his/her spouse are taken into account. This means if you or your spouse has owned a principal residence in the last 3 years, neither you nor your spouse qualifies for the credit.

What?
According to the IRS, a primary residence is the one you live in most of the time. It can be a house, houseboat, housetrailer, cooperative apartment, condominium, or other type of residence. If you constructed your main home, you are treated as having purchased it on the date you first occupied it.

When?
The $8,000 tax credit is available for qualifying home purchases made from Jan. 1, 2009, until Dec. 1, 2009. This is not a typo. To receive the credit you must purchase a qualified home before December 1st, 2009 – not the end of the year.

How?
Unfortunately, you can NOT use the credit as a down payment. To receive the credit, you must purchase a qualified home first and then claim it on either your 2008 or 2009 taxes. If you make a qualified purchase after April 15, or after having already filed your 2008 taxes, you and your tax professional can submit an amendment to your return. To claim the credit, use form 5405.

Why?
The current combination of lower home prices and lower interest rates makes for an amazing opportunity to buy real estate. Add to that this $8,000 gift from the government, and renting a home just doesn't make much sense.

Rates Dropped .75%

2009-03-25T19:32:00.001-07:00

Surprise, surprise, surprise. Fed Chairman Ben Bernanke and the other members of the Federal Open Market Committee stunned the credit markets with their announced plans to buy up to an additional $750 billion of mortgage-backed securities.

Market participants were further shocked by the Fed’s plan to buy up $300 billion of longer-term U.S. government debt over the next six months. This event is nothing but mortgage market friendly and virtually assures mortgage interest rates will stay unusually low for an extend period of time

Home Ownership Benefits!

2009-02-20T10:32:00.001-08:00

Ownership Has its Benefits
If you or someone you know are still paying a landlord's mortgage instead of building equity of your own, see what you're missing. Check out some of the other financial benefits of being a homeowner.

Typical Tax Deductions for Homeowners

Mortgage interest – One of the biggest tax incentives to owning a home is that the interest you pay on your mortgage is tax-deductible, up to $1 million. This deduction applies to any kind of home, including a second home under certain conditions.
Real-estate taxes – As a homeowner, you can deduct the local property taxes you pay each year, too. This applies to both your principal home and any others you may own.
Points – If you (or even the seller) paid points to the lender to secure your mortgage, you may be able to deduct those points on your taxes.
New and Temporary Deductions

$8,000 for First-time Buyers – Just when you were figuring out the $7,500 tax credit for first-time buyers, Congress changed the rules and is now offering an $8,000 tax credit – and guess what? Buyers won't have to repay it unless they sell their homes within three years.
Mortgage Insurance Premiums – Thanks to Congress, MI premiums can be deducted in most cases by home buyers for mortgages issued after 2006 and before 2010 (although Congress may extend this provision). This one has income limits, so ask your tax professional for help.
New Standard Deduction – Prior to 2008, only taxpayers who itemized their deductions could deduct state and local property taxes. New legislation changes this for 2008 and 2009. Qualifying tax payers who don't itemize but pay property tax, get up to a $500 extra deduction; married filing jointly get up to $1,000.
Special Incentives

Tax-Free Profits on Sale – When you sell your primary residence, you can make up to $250,000 in profit if you're a single owner, twice that if you're married, and not owe any capital gains taxes.
Other Benefits – Ask your tax professional about Penalty-free IRA payouts for first-time buyers, home improvement deductions, energy credits, and even moving expense deductions.

Mortgage Rates Hold Steady !

2009-02-20T10:21:00.001-08:00

Mortgage Rates Hold Steady
RISMEDIA, February 20, 2009-Mortgage rates were largely unchanged from one week ago, with the average 30-year fixed mortgage rate remaining at 5.34%. According to Bankrate.com’s weekly national survey, the average 30-year fixed mortgage has an average of 0.41 discount and origination points.

The average 15-year fixed rate mortgage sank below the 5% threshold to 4.93% and the average jumbo 30-year fixed rate dipped to 6.92%. Adjustable rate mortgages were mixed, with the average 1-year ARM pulling back to 5.47% and the 5/1 ARM holding at 5.37%.

Mortgage rates finished where they started one week ago after yo-yoing up and down in the days preceding President Obama’s housing announcement. With the government committed to keeping mortgage rates low and recession fears continuing to grip investors, mortgage rates may head lower in the weeks to come. But an opposite force that cannot be ignored is the risk that foreign central banks that buy so much U.S. government debt will turn away amid the surge in issuance by the Treasury. If foreign banks do curtail their purchases, that would drive interest rates higher for government, corporate, and consumer borrowers.

Mortgage rates remain significantly lower than six months ago. Back in August, the average 30-year fixed mortgage rate was 6.66%, meaning a $200,000 loan would have carried a monthly payment of $1,285.25. With the average rate now at 5.34%, the monthly payment for the same size loan would be $1,115.58, a savings of $170 per month for a homeowner refinancing now.

Survey Results

30-year fixed: 5.34% — unchanged from last week (avg. points: 0.41)
15-year fixed: 4.93% — down from 5.03% last week (avg. points: 0.41)
5/1 ARM: 5.37% — unchanged last week (avg. points: 0.45)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

For more information, visit http://www.bankrate.com/mortgagerates.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Don’t miss other real estate headlines on RISMedia.com, see:

The NTTA Board of Directors voted to set a 70 mph speed limit on the 121 Tollway.

2009-02-11T20:21:00.000-08:00

Official 70 mph speed limit set on
121 Tollway

The NTTA Board of Directors voted during its Jan. 30 meeting to set a 70 mph speed limit on the 121 Tollway.

The Board acted after receiving the results of a speed limit study on Segment 2 of the 121 Tollway, which opened to traffic Aug. 31 and stretches from Old Denton Road in Denton County to Hillcrest Road in Collin County.

Drivers are already accustomed to the 70 mph speed limit on the main lanes of the 121 Tollway as it’s the same as the state-mandated default speed limit, known as the “prima facie limit,” which already was in effect.

The NTTA assumed responsibility of the 121 Tollway corridor from the Texas Department of Transportation (TxDOT) on Sept. 1, per a project agreement. The agreement called for TxDOT to conduct a speed limit study on the toll road’s main lanes after Segment 2 opened.

An NTTA consultant conducted the study using TxDOT procedures, which involved tracking and documenting the speeds of 125 random vehicles. Measurements were taken every one-half mile during weekday off-peak hours during good weather to assess free-flowing traffic.

The information on traffic speeds was then calculated to determine the 85th percentile speed – which is the speed that 85 percent of vehicles travel at or below. The 85th percentile speed is considered the most characteristic representation of safe and reasonable traffic speeds.

Segment 1 of the 121 Tollway – from Denton Tap Road in Dallas and Denton counties to Old Denton Road in Denton County – was built by TxDOT and opened to traffic in summer 2006. TxDOT conducted its initial speed study on that stretch of the toll road in March 2007 and set the speed limit as 70 mph.

The Board’s action means that the speed limit on the entire 121 Tollway corridor that is open to traffic is set at 70 mph.

FHA Loan Incentive. What Do You Think?

2009-02-10T14:15:00.000-08:00

FHA has a 203KS loan that will give a buyer money added to the mortgage to repair and or update a home being purchased, that is in need of some TLC.
Here is some information on what qualifies under this loan.
For help finding a home that will qualify give me a call.

What improvements are eligible under the new Streamlined (k) program?

The Streamlined (k) program is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are not required. The Streamlined (k) program includes the discretionary improvements and/or repairs shown below:

• Repair/Replacement of roofs, gutters and downspouts
• Repair/Replacement/upgrade of existing HVAC systems
• Repair/Replacement/upgrade of plumbing and electrical systems
• Repair/Replacement of flooring
• Minor remodeling, such as kitchens, which does not involve structural repairs
• Painting, both exterior and interior
• Weatherization, including storm windows and doors, insulation, weather stripping, etc.
• Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
• Accessibility improvements for persons with disabilities
• Lead-based paint stabilization or abatement of lead-based paint hazards
• Repair/replace/add exterior decks, patios, porches
• Basement finishing and remodeling, which does not involve structural repairs
• Basement waterproofing
• Window and door replacements and exterior wall re-siding
• Septic system and/or well repair or replacement

What are the minimum and maximum amounts for repair costs under this program?

Given the need for homeowners to make minor repairs without exhausting personal savings, and in consideration of the increasing cost of materials, the minimum repair cost of $5,000 is eliminated and the ceiling is now raised to $35,000. This revised maximum repair/rehabilitation amount recognizes the cost of making older homes more energy efficient. Note that as described below, when the repairs exceed $15,000, the mortgagee must perform or obtain an inspection to determine that all listed repairs were completed.

Can this program be used for repairs and improvements on purchases of HUD Homes?

Like the regular Section 203(k) program, Streamlined (k) may be used for single-family housing sold by HUD. REO properties that have been designated by FHA’s Management and Marketing contractor (M&M) as “insurable” with repair escrow ($5,000 or less in required repairs) or “uninsurable” (with more than $5,000 but no more than $35,000 in required repairs) are eligible for the Streamlined (k) program provided that the repairs qualify as eligible work items outlined in this Mortgagee Letter.

For questions give me a call or send an e mail. I will be happy to help you find a home, or help you find a great lender.

Have a great week,
Kelly
817-881-1612

cancercrushers.com

2009-02-02T13:34:00.000-08:00

Our Office is a drop off site for cans. We are located at
213 South Elm Street
Keller, Texas 76248

Recycle for a CURE!

Do you live in the Fort Worth area? If so, we need your help. We are the CANcer Crushers. We are a group of kids (ages 7-9) participating in the Northwest Tarrant County Relay For Life in Saginaw, Texas on April 17, 2009. To raise money, we are collecting and recycling aluminum cans. We would love to have your support.

Find out how you CAN help...
http://cancercrushers.com/

Google 411

2009-02-02T12:22:00.000-08:00

News You Can Use

Here's a number worth putting in your cell phone, or your home phone speed dial: 1-800-goog411 or 1-800-466-4411. This is an awesome service from Google, and it's free -- great when you 're on the road. Don't waste your money on information calls and don't waste your time manually dialing the number. Imagine... driving along in your car and you need to call a golf course, your favorite store or restaurant -- you don't know the number. You hit the speed dial for information that you have programmed (1-800-goog411). The voice at the other end says, "Say the name of the business and the City & State." you say, "Gaylord Hotel, Grapevine, Texas." He says, "Connecting," and The Gaylord answers the phone. How great is that?

Works on cell and land line phones. You can also text 46645 and then enter the business name, city and state .

This is nationwide and it is absolutely FREE!

Click on the link below and watch the short clip for a quick demonstration.

http://www.Google.com/goog411/

Downpayment Assistance = Economic Impact

2009-01-31T15:16:00.001-08:00

Downpayment assistance (DPA) programs in the U.S. had a major beneficial impact on the economy last year, creating $38.6 billion in revenues, 235,000 jobs, and $4.6 billion in total tax revenues, according to an economic-impact study done by two well-respected California economists, Dr. Robert Waste and Dr. Robert Fountain.

Some highlights of their research:

More than 200,000 new and existing homes were sold last year with DPA. (The research covered the 12 months from December 2007 through November 2008.) Roughly 40% of all loans originated by the Federal Housing Administration used DPA.
Nehemiah's DPA program helped families purchase more than 78,000 new and existing homes last year. More than 25% of those sales were on foreclosed homes, effectively taking them off the market.
About 40% of the borrowers were households headed by minorities and more than one-third were headed by females.
Of 235,000 new jobs created last year, 195,000 came from new-home construction and the rest from new-home sales. DPA also accounted for $4.6 billion in total tax revenues last year.
Fact Sheet
Study Summary

Support H.R. 600

The Waste/Fountain Study supports the passage of H.R. 600 - FHA Seller-Financed Downpayment Reform Act of 2009, a bi-partisan bill introduced by Representative Al Green (D-TX). Reformed DPA will play a key role in generating homeownership at no cost to U.S. government or taxpayers, according to a Congressional Budget Office (CBO) report.

Send a letter to your elected officials in support H.R. 600 and DPA.

Companies Remember Employees

2009-01-26T09:08:00.000-08:00

In the mist of all the negative press on CEO's there are still uplifting stories that keeps hope alive.

David Weekley, the founder and CEO of David Weekley Homes, Inc. generously gave to all his employees nationwide a PERSONAL check of up to a maximum of $1000 depending on years of service. His letter sent with the check stated that not only did he appreciate the hard work during a trying time but that he and his family felt very fortunate and wanted to share with his David Weekley family.

Having worked for David Weekley Homes for many years as a lead sales consultant,I am proud now as a Realtor to sell David Weekley Homes and to have my company name next to them as well. If your next step is buying a new home, I highly recommend David Weekley Homes. I will be happy to help you build your dream home with them. They have mastered the building process.

The CEO of Best Buy also shared his good fortune with his staff. The board offered him an additional bonus which he refused. He decided the money should be given to the employees that keep the company moving forward every day. I will continue to shop at Best Buy and probably will not even check out the competition.

If the executives of these two companies care that much about the people who help run the business then I can only imagine how wonderful they treat their clients.

Federal Tax Credits for Energy Efficiency Extended in 2009

2009-01-05T08:41:00.001-08:00

Do you have some things that need to be done to your home to sell it? Here are some things that you can get Federal Tax Credits for.

Federal Tax Credits for Energy EfficiencyOn October 3, 2008, President Bush signed into law the “Emergency Economic Stabilization Act of 2008.” This bill extended tax credits for energy efficient home improvements (windows, doors, roofs, insulation, HVAC, and non-solar water heaters). Tax credits for these residential products, which had expired at the end of 2007, will now be available for improvements made during 2009. However, improvements made during 2008 are not eligible for a tax credit.

The bill also extended tax credits for solar energy systems and fuel cells to 2016. New tax credits were established for small wind energy systems and plug-in hybrid electric vehicles. Tax credits for builders of new energy efficient homes and tax deductions for owners and designers of energy efficient commercial buildings were also extended.

Go to

www.irs.gov.com

Custom Homes in Texas.

2008-12-16T09:42:00.001-08:00

Ever notice how most homes are designed to fit the average family, with average needs and average incomes? But what happens if you're not average? …………..Sterling Oak is a custom home builder in the North Tarrant, South Wise and South Denton Counties. We believe that houses can be beautiful, but the owner's taste and unique selections make houses homes. And when your house reflects your personality, you feel at home. At Sterling Oak, we want to help you create your dream home regardless of the size or your budget.
At Sterling Oak each home is constructed the old-fashioned way – through quality construction and a commitment to serving our clients. It is the way homes used to be built and the way Sterling Oak builds them today - with pride and attention to detail. Yet, we rely on our state-of-the-art processes and technology to get you the best products and prices. We are committed to the highest standards in new home construction. That is why we are designated as a Graduate Master Builder by the National Association of Home Builders and a Texas Star Builder by the State of Texas. Our goal is to build a home you will love every day you live there.
We offer innovative designs that are not only flexible, but can reflect your distinctive tastes. And if you want to start from scratch, we can do that as well.
We urge you to visit any one of our models and compare us to those of other builders. Once you do, we're confident that you will discover the unbeatable value Sterling Oak offers.

Interest Rates. Feds Meet Tomorrow !

2008-12-15T15:14:00.000-08:00

We've reached a juncture in the credit markets where it really doesn't matter how low interest rates go -- banks are refusing to lend and consumers either have no desire to borrow – or they are in such troubled financial straits they can't meet the qualification criteria for a loan.

So what's the Fed to do? Many believe the Fed will announce in their post-meeting statement tomorrow afternoon (2:15 p.m. ET) that the answer to rekindling economy growth is actually quite simple – print money like crazy.

In a nutshell the idea here is that by flooding the economy with money – banks will ultimately find themselves bursting at the seams with capital – and they will essentially have no other option than to start lending. As the short-term credit market swings back into action, business confidence will rise, employment will improve and the engines of commerce will roar back to life.

Let me know what your thoughts are.

Texas has some of the Richest Cities in the USA !

2008-12-14T19:07:00.000-08:00

Let me help you find your home near or in The Richest Citie in the United States.

Click on the link below to view the list.

http://www.chron.com/disp/story.mpl/metropolitan/6161683.html

Extreme Home Make Over !

2008-12-09T10:07:00.000-08:00

Click on the link below to see Extreme Home Make Over build a home for a Keller family.

http://frontburner.dmagazine.com/2008/12/08/extreme-makeover-house-revealed/

Lower Mortgage Rates !

2008-12-09T08:37:00.001-08:00

Treasury Department Considers Plan to Lower Mortgage Rates

Financial industry lobbyists are urging the Treasury Department to take steps to lower rates on 30-year mortgages to 4.5 percent.
WASHINGTON -- Financial industry lobbyists are urging the Treasury Department to take steps to lower mortgage rates and help stabilize the battered U.S. housing market.

Under one proposal, Treasury would seek to lower the rate on a 30-year mortgage to 4.5 percent by purchasing mortgage-backed securities from Fannie Mae and Freddie Mac, Scott Talbott, chief lobbyist at the Financial Services Roundtable, said Wednesday.

If enacted, such a plan would be an unprecedented opportunity for anyone with good credit and a solid income who could qualify for a mortgage at the lowest rates on records dating to the early 1960s, said Keith Gumbinger, senior vice president at financial publisher HSH Associates.

"You would have the mother of all re-fi booms," said mortgage industry consultant Howard Glaser.

The goal of the industry's proposal would be to take advantage of the unusually large difference, or spread, between mortgage rates and yields on government debt. On Wednesday, the yield on the 10-year Treasury note yield sank as low as 2.65 percent, while the national average rate on a 30-year fixed rate mortgages was 5.75 percent, according to HSH Associates.

In recent years, there has been about a 1.8 percentage point difference between the yield on a 10-year Treasury note and a 30-year mortgage rate, but that spread currently hovers around 3 percentage points.

Analysts said that the government could use its ability to borrow money at low rates to in essence flood the market for mortgage-backed securities. This increased demand would tend to push down the yield on mortgage securities sold by Fannie and Freddie, which now average about 5.5 percent because of investor concerns about default risks. Once those yields fall, the theory goes, lower mortgage rates should follow.

That would have two benefits for the economy: Immediately adding money to the pocketbooks of homeowners who can refinance their mortgages and reduce their monthly payments, and eventually help arrest the slide in home prices since much lower mortgage rates would allow more potential buyers to qualify for loans.

"The goal is drive mortgage rates so low that home prices not only stop falling but begin to rebound," said Greg McBride, senior financial analyst at Bankrate.com.

If the government does buy up mortgage securities, it would be similar to the effort announced last week by the Federal Reserve to purchase up to $500 billion of mortgage-backed securities from Fannie and Freddie. The two mortgage giants, which were seized by federal regulators in September, own or guarantee about half of the $11.5 trillion in U.S. outstanding home loan debt.

The Fed, however, did not announce a specific target for mortgage rates, which plunged about a half percentage point after the announcement.

That caused new mortgage applications to more than double last week, according to the Mortgage Bankers Association's weekly survey released Wednesday. Refinance volume more than tripled, and made up for nearly 70 percent of all applications.

Still, the industry plan is not likely to help borrowers whose credit is so damaged that banks don't want to lend to them.

"It doesn't do anything to help all the borrowers facing foreclosures," said Guy Cecala, publisher of Inside Mortgage Finance, a trade publication. "It's going to benefit the people who have equity in their home, who have decent credit and can refinance."

Treasury is considering several options, and could announce a decision as early as next week, industry sources said.

Treasury spokeswoman Brookly McLaughlin said she would not comment on speculation about actions the department may take in the future.

The proposal was reported Wednesday afternoon on The Wall Street Journal's Web site.
Treasury could make such a proposal as part of a request for the second $350 billion of the $700 billion financial rescue fund, industry sources said.

Treasury Secretary Henry Paulson has been criticized by members of Congress for using the bailout money to shore up Wall Street banks, while not doing enough to help homeowners facing foreclosure.

In recent weeks, a diverse set of industry groups from real estate agents to carpet makers have called on lawmakers and the incoming administration of President-elect Barack Obama to subsidize lower mortgage rates and beef up tax credits to help stimulate housing demand.

The National Association of Realtors has been pushing a plan under which the federal government would spend $50 billion to lower mortgage rates. It says doing so would yield about 500,000 more home sales.

Meanwhile, the National Association of Home Builders is leading a new "Fix Housing First" coalition to push for aid to the ailing housing sector, including a tax credit of up to $22,000 for anyone who buys a home before the end of 2009.

Click here to read more in The Wall Street Journal.

Lisa Warren

Branch Manager

Rates Go Down !

2008-11-25T10:37:00.001-08:00

AP story

The Federal Reserve said Tuesday it will buy up to $600 billion in mortgage-backed assets in another attempt to deal with the financial crisis.

The Fed said it will purchase up to $100 billion in direct obligations from mortgage giants Fannie Mae and Freddie Mac as well as the Federal Home Loan Banks. It also will purchase another $500 billion in mortgage-backed securities, pools of mortgages that are bundled together and sold to investors.

The $600 billion effort on mortgages came as the Fed also unveiled a new program to help unfreeze the market that backs consumer debt such as credit cards, auto loans and student loans.

The program on consumer debt will lend up to $200 billion to the holders of securities backed by various types of consumer loans. Treasury Secretary Henry Paulson had said recently that the government was working on the new program, which will be supported by $20 billion of credit protection provided by the $700 billion bailout fund.

The Fed said that the $600 billion effort to support the mortgage market was being taken to reduce the cost of home mortgages and increase their availability. It said the purchases of the mortgages and mortgage-backed securities would take place over a number of months.

The severe financial crisis that is rocking global markets at the moment began more than a year ago with rising defaults on subprime mortgages, loans provided to borrowers with weak credit histories.

The billions of dollars of losses financial institutions have suffered on their mortgage loans have caused banks to stop making new loans of various types, which almost certainly has helped push the country into a deep recession.

The First Time Buyer $7,500 IRS Tax Credit

2008-11-10T07:41:00.000-08:00

The First Time Buyer $7,500 IRS Tax Credit: Why Isn’t There More Excitement?
By David Fialk

RISMEDIA, Nov. 10, 2008-What is a potential home buyer to do? There is widespread negative publicity about the future of real estate values. There is negative publicity regarding the difficulty in obtaining mortgage financing, the problems with sub prime mortgages, home foreclosures and the collapse of financial institutions. They are experiencing an astronomical drop in the value of their stock portfolios. They have concern with job security. Can you blame buyers for slowing down and not rushing into a long term financial commitment, such as purchasing a home?

With that said, there are buyers setting appointments daily to see homes. There are buyers who are in situations where buying a home is a necessity, or is more preferred than continuing to rent. While total sale transactions may be down in many real estate markets, home purchases and real estate closings continue.

The mindset of buyers has changed. There is no reason to rush to purchase a home immediately because of rising real estate values. There is no reason for a buyer to rush into making an offer on a home they just looked at and seemed to like. There are just too many other homes on the market they haven’t seen yet. Maybe mortgage rates will drop? Maybe real estate values will drop further?

So why isn’t there more enthusiasm, more excitement and more publicity in the Realtor community with the $7,500 First-Time Buyer IRS Tax Credit included in the Housing and Recovery Act of 2008?

Throughout 2008, Realtors have tirelessly promoted the benefits of purchasing a home in the current real estate market (favorable mortgage interest rates, lower real estate values, available listing inventory, etc). Where is the effort in promoting the benefits a tax credit like this can be to first-time buyers? Combined with favorable interest rates, a wide selection of homes for sale and more affordable home prices, this tax credit may be just the stimulus and financial assistance many first time buyers need to move forward and make a commitment to purchase a home now, rather than just look at homes and wait for a better time to buy.

The $7,500 First-Time Buyer IRS Tax Credit applies to first-time buyer home purchases of a principle residence between April 9, 2008 and July 1, 2009. It is a tax credit and not a tax deduction. A tax credit is a reduction in income taxes owed! In other words, when a buyer files their income taxes for the year the home was purchased (2008 or 2009), they may be able to subtract $7,500 from the amount of federal income tax liability, which will either increase their tax refund or reduce the amount of tax still owed.

However, this tax credit is not free. It has to be paid back. Repayment begins two years after the credit is claimed, and must be repaid within 15 years. That’s $500 per year. Yes, it would have been much better if there was no repayment provision, but an interest-free loan for 15 years is not such a bad thing, is it? That’s right; there is no interest on the tax credit received.

To help clients understand the tax credit and how it may help them, Realtors need to promote it and know the details. They need to be able to provide buyers with information that is easy to understand. I have provided links to various articles with more detailed information below, including income limits, definition of first-time buyer and more.

While many have questioned the benefit of this type of tax credit, which requires repayment, take a look at the benefits a $7,500 income tax credit provides. More first-time buyers than not leave the closing table and have little left in savings after the purchase of their home. As new homeowners, they are now confronted with a mortgage payment that exceeds what they were accustomed to paying in rent. They have a home to furnish, with more rooms to fill with furniture than their apartment in most cases. They may also need to spend money on painting, some redecorating, carpeting and window coverings. In addition, there are other home ownership necessities such as a lawn mower, ladder, garden tools and the like that must be purchased, not to mention the expense of making any costly repairs or improvements the home may require.

More often than not these purchases are made with a charge card, with interest rates that are upward of 17%. These additional monthly expenses for home-related purchases are in addition to the large monthly mortgage payment they now have. So why wouldn’t a buyer be excited about obtaining the $7,500 tax credit, and having the benefit of repaying it over 15 years without interest?

What if a first-time buyer really liked a home they saw that needed some major repairs or renovation, a home that represented a great buying opportunity? But after much consideration, they decided against buying it. They just didn’t have the financial resources after the closing to accomplish the type of repairs required, such as a new furnace or new roof or new siding or new windows. Wouldn’t the opportunity to obtain $7,500 in an income tax refund possibly be the answer to this type of concern?

Talk about savings. Let’s assume a first-time buyer will have cash reserves after closing and is financially prepared for the purchase of the various items mentioned above. Why would a $7,500 tax credit, which has to be repaid, be beneficial to them?

Let’s assume a $300,000 mortgage was needed in the home purchase at 6.5% interest for 30 years. What if the $7,500 tax credit refund was used to pre-pay the mortgage? Using simple math that would be an annual interest savings of $487.50, just about equal to the $500 per year repayment obligation.

The truth in the matter is that the savings is much greater than the simple math calculation. Pre-paying the mortgage by $7,500 will not reduce the monthly mortgage payment of a fixed rate mortgage. That remains the same. The real benefit is this: The outstanding mortgage balance is reduced by $7,500 and each future mortgage payment results in savings in mortgage interest and increased principal mortgage reduction. With each monthly mortgage payment more money goes to reducing the mortgage balance and less is applied to interest. Together these savings will exceed the $500 cost of repayment of the tax credit. The benefit over the term of the mortgage in interest savings and mortgage reduction will be quite surprising.

What if the buyer prefers obtaining an adjustable rate mortgage or some type of a step down mortgage loan where the mortgage interest rate is lower in the first year and increases in the second or third year? If the $7,500 tax credit is used to pre-pay the mortgage, the new monthly mortgage payment in the rate adjustment year will be lower than it would have originally been as the outstanding mortgage balance has now been reduced by the $7,500 pre-payment.

What if the home is sold prior to repayment of the tax credit? Another provision requires repayment of the balance of the tax credit owed in the event of a sale of the home prior to full repayment. However, special provisions do provide for circumstances where the balance owed is greater than the gain in value or when there is a loss in value. If the gain on the sale is less than the amount owed, part of the balance owed will be forgiven. If there was no gain, or even a loss, then the remaining balance would not need to be repaid.

As a Realtor, I am excited for buyers who are eligible for this IRS $7,500 First-Time Buyer Tax Credit. Qualified first-time buyers should be excited too!

This represents another valid reason why “Now is a Great Time to Buy a Home.” Don’t forget to reach out to past sale clients who may be eligible and closed on their purchase after April 9, 2008. I am sure they would appreciate obtaining information and the opportunity of receiving a $7,500 income tax credit

2-Acre Lots Coming to E. Blue Mound

2008-11-10T07:38:00.000-08:00

By Mark Wright
Contributing Writer
A 64-acre property on East Blue Mound Road could soon be developed into a subdivision with homes on lots of 2 acres or larger.

The Haslet City Council on Monday unanimously approved an ordinance that changes the site’s zoning designation from agricultural to R-9 planned development. Before houses appear on the proposed Triple Seven Ranch development, Vogue Realty will need to have site plans approved by the city.

The city’s comprehensive land-use plan calls for houses on 5-acre lots in that part of the city. But Councilwoman Lynnda McCoy said the planned development allows Haslet to provide a quality neighborhood on a piece of land that she characterized as unappealing to most developers.

"They’re doing the best they can with it," McCoy said of Vogue Realty. "It’s a good way to bring some nice homes into our community."

Plans call for the subdivision to include 27 houses of 2,600 square feet or larger. The lots would cost $135,000 apiece with homes valued at $420,000. In a memo to council members, Vogue Realty manager Farrukh Azim characterized large homes on 2-acre lots as "a hard sell in current market conditions and this economy." Vogue had originally requested that the neighborhood feature 1-acre lots.

"I will work very hard to create a high quality product which will be better than any other residential subdivision in Haslet," Azim stated in the memo.

City staff members said the development will be required to include retaining ponds that would prevent the development of the neighborhood from placing lower-lying areas at a greater risk of flooding.

Staff members also said a proposed turn lane leading into the neighborhood sufficiently addresses their concerns about traffic dangers caused by vehicles turning into and out of the subdivision.

News | Business

Trophy Club Seals Land Deal with NISD

2008-11-10T07:36:00.000-08:00

By A. Lee Graham
Staff Writer
Securing Trophy Club’s next water tower took precedence this week as town officials approved $113,000 to purchase 1.7 acres from the Northwest school district.

By unanimous vote, the Town Council approved the purchase but delayed acting on a related motion that would provide access to district athletic fields.

"You can approve the land purchase, but can always address field usage at a later date," said Town Manager Brandon Emmons, explaining the two options to council members.

The council opted to purchase 1.7 acres at the planned Byron Nelson High School site but delayed entering into an agreement for field access. The decision shaved $52,000 from the deal – at least for now.

Northwest school trustees are expected to consider the town’s offer at a board meeting later this month.

Despite delaying a proposal that would give the town access to athletic fields, the council hopes to pursue the option in the future.

"We’ll probably reexamine it in the spring," Emmons said.

By approving the proposed interlocal agreement with the school district, Trophy Club would gain football, baseball and soccer fields "almost immediately," said Emmons. "That’s a positive."

Mayor Nick Sanders focused on the property purchase.

"I’m more in favor of, 'let’s buy the land,’" said Sanders, preferring to leave scheduling and other field issues to area athletic associations and Northwest schools.

Mayor Pro Tem Phil Sterling agreed.

"Let’s just get the water tower on the ground first," said Sterling.

Despite mounting demand for field space among area athletic associations, officials put the land purchase ahead of those concerns. That’s because bidding for water-tower construction begins on Nov. 10.

"We do need to move forward with the purchase of the property," said Emmons.

So the council approved purchasing the property for $113,000 or a price not to exceed the value of the land.

Still, officials acknowledge the mounting need for athletic field space. A memo between the town and school district emphasizes that urgency.

"The town staff believes the town’s residents have a need for additional shared sports facilities that will allow programs that will benefit the youth of the communities served by [Byron Nelson High School]," reads a portion of the memo.

In other business, the town agreed to provide a school resource officer for Lakeview and Samuel Beck elementary and Medlin Middle schools.

"This is the first time we’ve had such an agreement," said Sanders.

Under the deal, Trophy Club will provide a peace officer as well as uniforms, radio, vehicle and other gear for that individual. In return, the school district will pay the town up to $21,024 for the maintenance of that position.

"The town shall remain responsible for the balance of the funding required to maintain the officer’s salary and standard town employee benefits package," reads a portion of the interlocal agreement.

The agreement remains in effect for the 2008-09 school year, ending in late July, defined by the contract as the "initial term." At that point, the agreement may be renewed annually for five additional terms of one year each.

Meanwhile, the town approved Brian Hall of Keller to handle animal euthanasia and disposal services. The 12-month contract sees the town pay Hall, a private contractor, for those services based on the weight of the animal: $5 per puppy or $30 for an adult dog exceeding 30 pounds, for example.

You Can Finance a New Home !

2008-10-29T14:42:00.000-07:00

URGENT!! Don't let the media spook you!! You do not have to have 20% down to obtain a home loan, we are financing people with a minimum of 3% down and even 0% down on special programs and areas. Right now is the perfect time to buy a home, it is the largest investment you and your family will make. If you do not own a home or are interested in moving to a new one please call us. We can find a program that will best suit your needs.

Lisa Warren
Branch Manager

For More Information Contact
Kelly Martin
Direct 817-881-1612

Governor discusses Tex. economyDallas Business Journal - by W. Scott Bailey

2008-10-28T14:21:00.001-07:00

The current state of the national economy has left its fiscal and political scars on people and places across the United States.

But in Texas, Gov. Rick Perry says the Lone Star State has managed to absorb the one-two punch of a national economic crisis and a devastating hurricane — Ike, which rolled through Texas in early September.

Perry was sworn in as the 47th governor in December 2000. Achieving economic success, he says, has not been easy.

In early 2003, Perry says Texas lawmakers were dealing with an unexpected $10 billion budget shortfall. And that’s when he says state leaders knew they had to make some tough financial decisions.

“We lowered taxes, we prioritized spending and we focused on the essentials,” Perry says.

He says that effort helped build the foundation for the economic stability Texas has enjoyed at a time when other states are struggling with the fallout from the economic meltdown.

“Today, we’re the number-one exporting state in the nation,” Perry says. “And we are now the home to more Fortune 500 companies than any other state in the nation. That’s a powerful statement.”

Perry points to what happened in 2003 as a game-changer for Texas.

“That’s when we really sent a powerful message to the people who risk capital, create jobs and create wealth that we were not going to be like other states,” he says.

Eyes wide open
Perry has his share of critics. Some of them question why Texas still leads the nation with the highest percentage of uninsured. Roughly one in four Texans lack health insurance.

And Texas has not been entirely immune to the national economic woes. Early this year, D’Ann Petersen, an economist with the Federal Reserve Bank of Dallas, raised some red flags when she warned that Texas’ housing industry was in for a tough 2008.

A Federal Reserve report published earlier this month suggests Texas experienced a September slowdown affecting retailers, the auto industry and real estate leasing activity.

In recent days, Perry has called upon state agencies in Texas to take measures to cut as much discretionary spending from their budgets as possible. He has also pledged to push for more budgetary transparency.

Texas Comptroller Susan Combs says the Lone Star State took in nearly $1.7 billion in sales tax revenues last month — a nearly 4 percent increase over September 2007 collections.

“While growth remains positive overall, sectors such as construction, retail trade and restaurants are showing signs of slowing down,” Combs says.

Some suggest Texas may need to tread more cautiously in the days ahead.

“We continue to be somewhat exempt in Texas from the national problems — especially in San Antonio,” says Bill Ozer, vice president of San Antonio-based NAI REOC Partners. “But we need to be careful in the investments we make moving forward. We can’t grow blindly.”

Says Perry, “The fact of the matter is that there are some concerns. But we shouldn’t bury our heads in the sand. We shouldn’t go hide in the closet and wait for the financial bogey man to go away.”

Still standing
Perry believes Texas leaders have already taken some proactive steps, which have helped to shield the state from some of the economic storm surge that has hit other parts of the country.

One example was Texas’ decision to enact stronger guidelines for home-equity borrowing and lending. Perry says that has resulted in Texas having one of the lowest levels of mortgage defaults among the nation’s top 10 most populous states.

Area Schools Recognized

2008-09-10T10:49:00.000-07:00

Two area school recognized by U.S. Department of Education
By MARK AGEE Two area schools are being recognized for academic excellence by the U.S. Department of Education.The Northwest district's Samuel Beck Elementary School and St.

What the Federal Takover of mortgage giants means to you.

2008-09-08T12:12:00.000-07:00

What rescue means for mortgage rates
Bailout of mortgage giants should result in lower mortgage costs and make credit more available. But lending standards will stay tight and risky borrowers will still pay extra fees.
NEW YORK (CNNMoney.com) -- Mortgage applicants rejoice!
Sunday's federal takeover of Fannie Mae and Freddie Mac will likely translate into lower mortgage rates and greater availability of credit, experts said. Rates could drop by 1 percentage point from the stubbornly-high 6.39% for a 30-year fixed rate mortgage.
"This could be good for would-be homeowners," said Tom LaMalfa, managing director, Wholesale Access, a research and consulting firm. "It would reduce the cost of financing at the new and improved Fannie and Freddie."
The government bailout is aimed at making mortgages easier to obtain and afford. By shoring up the mortgage financing giants, they can continue buying mortgages from lenders and injecting much-needed cash into the system.
"Fannie Mae and Freddie Mac are crucial to turning the corner on housing," said Treasury Henry Paulson. "Therefore, the primary mission of these enterprises now will be to proactively work to increase the availability of mortgage finance. Our economy and our markets will not recover until the bulk of this housing correction is behind us."
But the news isn't all good. With Friday's report that foreclosures and delinquencies are at all-time highs, Fannie and Freddie are expected to maintain - if not ratchet up - tighter lending standards. And the fees they have introduced for borrowers with weaker credit histories won't go away anytime soon.
High borrowing costs
Mortgage rates borrowers pay are dependent on the yields that investors demand when buying mortgage-backed securities from Fannie and Freddie.
Investors' doubts about the companies' viability have sent interest rates on those securities soaring. Despite regulators' July promise that they would step in to save the mortgage companies, investors are still demanding rates of 2.25% to 2.45% above Treasuries, LaMalfa said. Historically, the spread has been 1.25%.
With the government now taking over the companies and minimizing the risk associated with their debt, investors may be willing to ease off their need for higher rates.
High borrowing costs have led, in part, to a decline in mortgage borrowing. Applications are down 27% from a year ago, according to the Mortgage Bankers Association.
Also Fannie (FNM, Fortune 500) and Freddie (FRE, Fortune 500) will likely reverse their recent pullback from the mortgage markets. In early August, when they reported just over $3 billion in combined second-quarter losses, both said they would scale back their purchases of mortgage securities to preserve their capital.
Tight standards and fees will remain
Borrowers, however, shouldn't expect the ever-tightening lending standards to ease. With defaults and delinquencies multiplying and home prices falling, Fannie and Freddie will likely keep a close eye on underwriting practices. Lenders are demanding credit scores above 700 these days, up from 620 in the past, and downpayments of 20%, up from zero in some cases, experts said.
The mortgage titans have also increased their fees in hopes of shoring up their finances. Just last month, Fannie Mae announced higher surcharges for loans to weaker borrowers. For instance, applicants with credit scores between 640 and 659 who are putting down 15% to 20% will pay an additional 2.25% charge.
The same borrower would pay 1.7 percentage points mor e because of higher fees and rates for the same loan today as he or she would have paid 18 months ago, LaMalfa said.
If the market continues to worsen, standards could further tighten and fees could rise more, he said.
"We may have more stringent standards over the next few weeks because of the continued deterioration," he said. "We don't know where the bottom is yet. It's a falling knife."
Also, while investors have initially cheered regulators' moves in the past, their confidence has been short-lived. It remains to be seen whether and for how long Sunday's action will placate them, said Kurt Eggert, law professor at the Chapman University School of Law. And if investors' spook again, rates will rise.
"If I were an investor, I'm not sure this would be enough to make me want to jump in with a lot of money," Eggert said.
First Published: September 7, 2008: 2:53 PM EDT

Trophy Club Country Club

2008-09-05T12:56:00.001-07:00

Trophy Club Country Club is nestled in the Dallas/Fort Worth's rolling and picturesque countryside and is home to the only course golf-great Ben Hogan ever designed. Woven through the surrounding native landscape of decades old oak trees, it is demanding and serene at the same time. Trophy Club offers an exclusive country club tradition and an active family-oriented environment. Along with the 18 holes of golf masterminded by Hogan, Trophy Club is also home to the equally challenging Kathy Whitworth Golf Course designed by Arthur Hills. Trophy Club Country Club is proud to be the home club of legendary LPGA golfer and Golf Hall of Fame Member, Kathy Whitworth, for more than 20 years. The Club houses the majority of Kathy's trophies from her 88 tour victories, which still holds the record as the most tour victories by any professional golfer, male or female. Displayed in a beautiful trophy case in the main dining area are pictures, trophies and other incredible memorabilia from her years on tour with the LPGA. If you are more inclined to spend time off the course, our tennis programs are unprecedented in the Metroplex. You can also find yourself relaxing by our Jr. Olympic-sized pool, sweating it out in the fitness center with a personal trainer or hosting a meeting in our private meeting space. Members can look forward to entertaining in either formal or casual dining rooms with a golf course view and exceptional dining offerings. Or, a simple cold drink and snack after coming off the course or the courts is sometimes the best way to relax. Trophy Club Country Club is a place to meet new friends and strengthen ties with old friends. Social activities for the entire family abound! Come be a part of our great heritage and tradition. The Members and staff at Trophy Club Country Club invite you to join us. You are cordially invited to participate in the world's largest one-day charity golf and dining event, The ClubCorp Charity Classic: Celebrating a Legacy. Read more or sign up! createHeader( "medium_header.swf", "Club Happenings", "club_happenings_title1", "#AA6016", 165, 15, "h3" ); Friday, September 5 Prime Rib Night Sunday, September 7 Sunday Brunch Friday, September 12

Click On the Link Below to go directly to Trophy Club Country Club
http://www.clubcorp.com/club/scripts/section/section.asp?NS=PCH&MFCODE=TRCCC&SUBGRP=15

Local Media Sources

2008-09-05T12:39:00.000-07:00

Texas USA News Media

Find Texas newspapers, magazines, radio and TV stations by city below, or see all:
Texas newspapers
Texas TV stations
Texas news radio stations
Texas major media
Click Link Below to see all the Mondo Times has to offer!

http://www.mondotimes.com/1/world/us/43

A Look at Northwest ISD's Second High School

2008-09-05T11:53:00.001-07:00

Name: Byron Nelson High School

Location:
2007 Marshall Creek Rd.
Trophy Club
(Northeast of Medlin Middle School)

Mascot:
Bobcats

Colors:
Royal blue and black

Construction Began:June 2007

Opening Date: August 2009

Grade Configuration: Freshman and Sophomore classes in August of 2009, adding a freshman class each year until all four grade levels are complete.

Building Architects: Corgan Associates

Construction Manager: Charter Builders

To read more about the new high school visit,
http://www.nisdtx.org/12071042616198250/blank/browse.asp?a=383&BMDRN=2000&BCOB=0&c=64446

Northwest ISD

2008-09-05T11:45:00.001-07:00

Welcome to the Northwest ISD Web site
Northwest ISD is rapidly becoming one of the fastest growing school districts in the state. Located north of Fort Worth and west of the Dallas metroplex, Northwest ISD has a vision of becoming the best and most sought-after school district in Texas.
The Northwest Independent School District covers more than 232 square miles and serves 14 communities. The district of about 11,940 students is expected to double in size during the next five years and have as many as 93,000 students by 2027.
Northwest ISD has one high school, three middle schools, 13 elementary schools, a special programs center and a community-based youth residential program.

Click on the link below for the rest of North West ISD information.

http://www.nisdtx.org/northwest/site/default.asp

Community Information

2008-09-05T11:39:00.001-07:00

http://www.trophyclub.com/#start

City Information

2008-09-05T11:14:00.000-07:00

http://www.trophyclub.org/