(1) DEMAND IS STRONG. Many buyers pushed their looking to spring/summer as earlier the weather is often bad. These buyers are ready, willing and able to buy and are out there now!! (2) THERE IS LESS COMPETITION NOW. In many areas inventory is low and helpful when more homes come on the market. Since some sellers could not sell for the past few years as a negative equity situation. With prices moving up, now can put on market. Also NEW construction is on the increase and a Harris Poll revealed 4l% of buyers would prefer a new home while only 21% an existing home and 38% have no preference. CONTINUED IN A FEW DAYS.
It presently seems the paperwork is endless to get a loan to buy a house. Two reasons: (1) government has set new guidelines to be sure the buyer can repay the loan BEYOND ANY DOUBT. Many folks lost their homes as did not qualify for loans. (2) Banks do not want to be in the real estate business. Over the past 7 years banks have had to “eat” lots of loans from borrowers who turned their homes back to the lender. Just be thankful that we can buy a house at HISTORICALLY LOW RATES, even with more paperwork!!
388 homes sold in May compared to 326 in May 2013 according to the Greater Tyler Association of Realtors. Also a 19.75% increase from prior month. Homes in the $135,000 to $200,000 price range in and south of Loop 323 are usually selling quickly. Average price of SOLDS is $149,650 up from $145,000 the month before. With interest rates still LOW and loans a bit easier to obtain, folks are buying for the 1st time or moving up. According to builders folks are moving up and building a home. Rental properties are also moving quickly. Spring is always a good time to sell and buy and this one is particularly good!
The reform envisions repricing some subsidized premiums but, because of the long history of subsidies and grandfathering, insuring agencies don’t have the information needed to adjust premiums with re-evaluating each individual property. To legislate Congress passed the Flood Insurance Affordability Act which delays premium increased for 4 years or 6 months after FEMA proposed policy changed & regulations to address affordability issues. The National Flood Insurance Program is $24 billion in debt in large part to subsidize premiums for some. Watch as Congress works with this in years to come!
but what does it mean? In a new video from the TX A&M Real Estate Center is a 20 minutes video by an expert on the oil/gas extraction method. Go to
and you taken to this center and listen to the video. Helpful
(1) older, mixed-use neighborhoods are more valuable. (2) young & talented people love old buildings. (3) nightlife is more vibrant on streets. (4) more cultural outlets. (5) older business districts offer greater opportunities for entrepreneurship, including women & minorities. (6) older, smaller buildings support the local economy with more non-chain, locally owned businesses. (7) older businesses have more businesses per commercial square footage. There can be a fixture of old and new also. Interesting for folks in cities, but also SMALL CITIES like Tyler and that is happening in TYLER, TX.
There is a growing passion for a smaller footprint. Homeowners are interested in keeping their mortgage lower + utilities and maintenance, to have more money to travel, etc. Gives you freedom to explore the world. Typical American Home is about 2,600 sq ft, while the typical tiny home is 100-400 sf. One bathroom for entire family, but we used to do that! No dishwasher! To get to the loft use a ladder. Stack washer & dryer. NO king-size mattress. Storage is tricky. All of this from Kim Lewis in BSCENE magazine. Because the house is tiny, forces you to spend more time outdoors and visit with neighbors. Try the website on your computer www.thetinylife.com
(6) WHAT TO DO IF YOU HAVE AN ISSUE WITH THE REPORT. An appraiser may only discuss the results of the report with the appraiser’s client (the lender) or parties designated by the client. If you want any changes contact the appraiser’s client in writing. (7) WHAT TO DO IF YOU HAVE AN ISSUE WITH THE APPRAISER. Appraisers are required to be competent in the geographic area where they are working. If you suspect the appraiser is not competent contact the lender who ordered the appraisal to share your concerns. You can also contact the TALCB, the TX Board that governs appraisers. Again remember REALTORS DO CMAs (Comparative Market Analysis) OR BPO (Broker’s Price Opinion) which is often similar to the appraisal in their results. They usually go from different angles to come up with SIMILAR RESULTS.