In Austin the Texas Transportation Commission yesterday approved the 2017 Unified Transportation Program (UTP) with $70 billion work of projects to help TxDOT meet the state’s growing transportation demands. The 10 year plan was developed with extensive public input & targets congestion in the state’s most-populated areas & includes projects to better connect the major interstates in rural areas with local roads and highways. MORE TO COME!
Monthly Archives: August 2016
COST of SENDING KIDS to GOOD PUBLIC SCHOOLS
How public schools are rated is important when it comes to purchasing a home. Obviously, ones in “better” schools or with higher ratings may sell for a little more and be on the market less time, so have to act quickly. If selling a home you should be able to get per square foot price if same condition as ones that have sold within the past 6 months. Good schools are defined as at least 1/3 (more or less) above the state average. SCHOOLS ARE IMPORTANT SO WE ALL NEED TO WORK TO KEEP THEM UP!
AN UNEXPECTED OBSTACLE ON WAY TO the AMERICAN DREAM
Buying any place to live in can be a challenge, then add the expense of the title insurance, which in Texas is the 5th highest in the U. S. It can be almost 1% of the sales price. Often paid by the seller, but can be negotiated between the buyer and seller. No legal outlet for price competition, so nothing passed on to the buyer or seller. Texas requires the most comprehensive plan, so no choice for a cheaper option. In no other corner of the Texas economy is a product’s peculiarity and high demand viewed as an excuse to hide from the competitive market. WHY IS TITLE INSURANCE SO DIFFERENT?
STUDENT LOANS FUEL WEALTH GAP – part 2
One important factor is home ownership. Nearly 80% of those over 65 own their homes, as compared to 34% of under 35 year olds. YOUNG FOLKS HAVE IT BAD. Student loan debt is one reason. 7l% of graduates are paying back those loans BEFORE buying a house – hopefully in 5 years. Student loans are charged 7 to 12% interest and rest of borrowing is at a lower interest rate. There needs to be a way to refinance student loans. National Association of Realtors is backing this in Congress to close this gap and make buying a home more reachable for younger folks.
STUDENT LOANS FUEL WEALTH GAP – part 1
During the early 80’s households headed by someone under 35 was $15,260, while households headed by someone over 65 was $120,500. 10-to-l difference, but now it is 20 to l. The typical older houses has $210,500 in wealth compared to $10,500 for a younger household. Nearly 80% of older folks own their home, but those under 35 just 34% & down from 43%. First-time home buyer % is at its lowest point in 30 years, according to Lawrence Yun the NAR chief economist. MORE TO COME IN NEXT BLOG.
A SELLER-FINANCING TRAP?
Since many buyers are “credit challenged” or cannot qualify for a mortgage, CONTRACT FOR DEED, can be a way to go. Sellers can charge any interest rate they want to & can foreclose quickly if one payment is missed, This can be risky + the buyers loose their equity. Look for a local non-profit that deals with these & they will give the buyers credit counseling & help with terms on the contract for deed that are more reasonable, IF the seller will accept that. Contracts for Deed are inherently troublesome; it’s that people don’t always use them appropriately, according to Graham Wood. Get a COMPETENT REALTOR TO HELP YOU!