The Bains

How men & women differ in the homebuying process -
1. how long to find the right house – 70% of women said right away, but 62% for men,
2. 55% of women wanted to be closer to extended family than job, but 37% of men,
3. 64% of women said if found house of dreams, security a concern, but 51% of men agreed,
4. both men & women said use spare 12×12 room for bdr, office/study & family rm,
5. 8% said turn that extra room into an entertainment center, most men said of course (like 4x
more).
International Communications Research did the survey with 1,000 individuals.

Just 11.9% of Americans changed residences in 2008, the lowest move rate on record since 1948,
according to the U. S. Census Bureau. By region, people in the South & West were likeliest to move,
with rtes of 13.5% & 13.2% respectively. The move rate in the Midwest was 11.1%, while the
Northeast’s was 8.2%. In 2008, renters were 5 times more likely to move than hmeowners.

The median national home price today is $169,000 – in Tyler area $133,000, down 14% from a year
ago & 30% from its peak. Foreclosures & short sales comprise about 50% of transactions today,
but not in the Tyler or TX areas. This is distorting otherwise stable nieghborhoods. We only see
these transactions & those could be down 20%. For this reason, maybe 1/3 of homeowners are
underwater, but some of these are OK financially, but cannot get credit. Affordability & low interest
rates make it a good time to buy, but credit needs to get moving again. Until then markets will be
distorted by the disproportionate number of short sale & foreclosed properties for sale.

325 homes in July in Tyler with 308 sold in July 2008. First time homebuyers with their $8,000 tax
credit is contributing, but they must close a home BEFORE December 31, 2009, unless Congress extends that time. That means getting a home under contract not much later than November 1.
The tax credit also appliesto those who have NOT owned a homes in the last three years. With more sales, median prices & inventory have decreased, according to Greater Tyler Association of
Realtors figures. July medium sales prices were $131,500 down from $133,000 a year ago. Inventory is at 2,975.

the process easier for homeowners renovating homes. If passed by the City of Tyler Council, the
Preservation Board can approve historical landmark designation by itself. Any building older than
50 years of age, needs a certificate of appropriateness or demolition. This is for any remodeling,
add onto or demolition. Still must also have City Council approval, as required by state law. This
hopefully will reduce the steps a propert y owner has to go through. Final vote within a month.

MOST SHOULD BE HANDLED ON AN INDIVIDUAL BASIS. Some lenders want to tack on late payments, charges & attorney fees which ups the monthly payment. Some want to work with the
HOPE FOR HOMEOWNERS program, which trirs to work with owners in refinancing at a new, low interest rate. Remember some owners have more in their home than they can receive on the market at the present time & these are the ones more likely to default. Working with these owners can be beneficial. Everyone knows the mortgage crisis MUST BE WORKED AT, which takes diligent
lenders & owners.