NORTHEAST TEXAS

Driven by increased activity near Dallas, the area is having remarkable price growth. Up to $4,421 per acres or 11.4% climb. Sales have fallen a big so some buyers will not pay those prices. Property size declined slightly from 114 to 112 acres. Information from Real Estate Center at Texas A&M>

MORE ON TEXAS LAND

The scramble for returns on land investment is now a more attractive place to park capital. Slower economic growth seems to be the consensus forecast, the FED now appears set to cut interest rates in the coming quarters. Barring something unforeseen such as war with Iran, markets SHOULD CONTINUE TO THRIVE!!

INCOMES, HOME PRICES GAP a KEY ISSUE FACING OUR HOUSING MARKET

The affordability of homes starts with the price of the empty lot. A home usually sells for 5 to 6 times what the lots costs. So a $50,000 lot may yield a $300,000 house. Homes are affordable when prices are between 3.2 & 3.8 times a household’s income. Dr. James Gaines, chief economist at the TX A&M Real Estate Center, looks for a 5% downturn in single family homebuilding as lack of affordable retail lots.

HOMEBUYERS in TEXAS

Median age of homebuyer 47 years old & median household income is $101,700. 32% are first-time homebuyers, but 5% of buyers over 50 years of age purchase senior-related housing. 10 weeks is median length of time buyers spent searching for a home & looked at 10 homes. 13% buyers purchased a home for multi-generational family due to aging parents or children over 18 living at home.

3 STEPS NEEDED to BRING REAL PROPERTY TAX RELIEF

(1) LIMIT SPENDING. The Conservative Texas Budget limits spending increases. Limit population growth to 4% & cut property taxes with the rest. (2) IMPOSE REVENUE TRIGGERS. Triggers of 2.5% would limit the escalation of tax of tax bills. (3) ELIMINATE M&O PROPERTY TAXES. That is maintenance & operations. If above 4% state level could eliminate in about 11 years. M&O is about 1/2 of today’s property tax burden.

NOW are YOU PRE-APPROVED?

Pre-approval means your financial situation has been verified by the lender. You have filled out a loan application to show your credit report, employment history, your income as the lender has looked at this & can probably make you the loan. PRE-APPROVAL provides more certainty to a borrower than PRE-QUAL , but still have processes to go through to make the loan.

USED to be LOCATION, LOCATION, LOCATION, now PLC

Now PLC or PRICE, LOCATION, CONDITION! It is still the right home for the right person at the right time! Your experienced Realtor can give you a personalized home assessment & NOT an online database. You get what you pay for & your Realtor can HELP with that. So many factors to buying & selling a home. GET A RELIABLE REALTOR!