The Bains

Iridescent light bulbs, low-flow plumbing & energy-efficient windows are among the new considerations for building a home these days.  GREEN realestate is more ecologically sound & environmentally friendly is resonating with a new generation of home buyers concerned with environmental impace & utility costs.  Need to stretch our dollars.  The demand for GREEN realestate will continue to grow as ecological awareness increases & improvements in technology offer new ways to lower utility costs, reduce emissions & leave less of a carbon footprint.Sales of existing single-familly homes in TX were down 12% last month from a year ago, when we still had the tax credit.  So the economy is hopefully holding its own without the credit.  Median price rance remained unchanged at $144,100 with a TX inventory at 7.6.  Tyler’s inventory is more like 11.8%, which is not good.  This according to Dr. Charles Gilliland, Economist with the Real Estate Center at TX A&M.

The TX economy continues t0 outperform the U. S. economy, according to the Real Estate Center’s latest MONTHLY REVIEW OF THE TEXAS ECONOMY.  From March 2010 to March 2011, TX gained 237,900 jobs, an annual growth of 2.3% , but during the same period U. S. nonfarm employment rose 1%.  The state’s seasonally adjusted unemployment rate fell form 8.2% to 8.1% and the nation’s decreased from 9.7 to 8.8%.  All TX industries except financial activities & information industries had more jobs during that year period.  Odessa ranked 1sr in job creation followed by Midland, Longview & Dallas-Plano-Irving.  Midland had the lowest unemployment rate followed by Amarillo, College Station, Lubbock and San Angelo.

TX is fortunate as it has the best affordable housing policy, which allows builders to build on demand.  Other states have regulations that artifically set quotas, etc.  TX is also seeing a hugh migration of people because of jobs & the warmer climate.  The HOUSING MARKET IS DRIVEN BY JOBS.  A year ago we had the tax credit, which spurred home sales, but this year number of homes sold is same as 2010, but NO STIMULUS.  Shows the market is climbing back on its own power.  People are holding back, thinking prices will fall more, but people should buy homes on normal factors,  such as whether it meets their lifestyle.  All of this according to Dr. Lawrence Yun, chief economist for the National Association of Realtors.  Mortgage rates are low, but lenders have tight underwriting standards & this is holding back the market.  Lenders have plenty of cash, but are reluctant to take risks.  Banks need to lend again, but could be more stringent.  Interesting, the foreclosure rate for HABITAT FOR HUMANITY  is LOW.

ranch or timberland!  PRODUCTIVITY APPRAISAL is based on ability to produce crops, livestock or timber – not its market value.  Can be a substantial savings.  Must apply before May 1 or an extension could be done.  You must show that the land produces income or will in the future.  Usually do not have to reapply each year, unless a status change. For more information call Smith County Appraisal District at 903-510-8600 OR Texas Comptroller Susan Coombs, Property Tax Assistance Division in Austin at 800-252-9121, Ext. 2.