(1) walk-in closet in mst bdr, (2) separate lalundry room, (3) insulated front door, (4) Great Room,
(5) low-E windows, (6) linen closet, (7) programmable thermostat, (8) energy-efficient appliances
and lighting, (9) separate shower and tub in mst bdr, (10) nine-foot ceilings on 1st floor. Tall ceilined entryways are are energy-guzzlers. Water-saving toilets are popular. This according to National Association Home Builder’s Survey Research Conomics and Housing Policy Group and told at the
International Builders’ Show. The LEAST likely will be in Friday’s blog and next Tuesday’s will be
wants of older buyers from others.
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The U.S. economy is compared to an armored vehicle, well made, equipped & manned by talented
operators, but the drivers have 4 land mines ahead, like in Afghanistan, according to the Chief
Economist for the Real Estate Center at TX A&M Mark Dotzour. The question is how the vehicle will
perform as each mine explodes. (#1) is the budget crisis faced by states, cities & school districts, the result of falling tax revenues. (#2) is the pervasive contraction of credit occurring in the U. S.
as business loans, mortgage loans & consumer credit continue to fall. (#3) is what will happen to mortgage rates when the Federal Reserve stops buying all of the new U.S. mortgages at the end of
March. (#4) Congress changing the rules for taxes, capital gains taxes, cap & trade, possible windfall profits taxes & new regulations of financial institlution. ” THE DANGERS MUST BE CONFRONTED BEFORE JOB GROWTH RESUMES IN A MEANINGFUL WAY.”
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according to economist Ray Perryman. This is the worst economic meltdown since the Great Depression. Will be slow & marked by ups & downs. In Tyler, it will take to the year end for
construction, employment & manufacturing to steadily improve. Better off than last year. Perryman
says the key to Tyler’s economic future lies in the hands of the education community, an asset he
calls “THE KNOWLEDGE ECONOMY”. Tyler has the potential to be a technology & biotechnology hotbed, but other communities are developing this also. The competition makes this a tough road.
The natural gas industry will be boost for East TX. The stable banking community has helped Tyler
from slipping deeper into the recession.
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1,138,070 live in homes valued at $300,000 or LESS or 90% live in homes under $1 million. 403,211
millionaries live in homes valued at $1 million or more. 67,000 live in mobile homes. 41% of homes
valued at $1 million or higher are owned by folks with an annual income of $200,000 or more. 27% of
homes vlued at $1 million or higher are owned by millionaires. All this from STOP ACTING RICH …..
AND START LIVING LIKE A REAL MILLIONAIRE by Thomas J. Stanley, PhD.
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10 years ago 37% of buyers used the Internet in their home seach and now 90% us the Internet,
according to the National Assoc. of Realtors. Married couples bought 68% of homes 10 years ago &
now 60% with single men purchasing 10% of homes in 2009 , but 7% in 1999. Single women now
buy 21%, up from 15% 10 years ago. Most still consider a home an investment in the future. Over
past 10 years home prices increased 25% in the U. S. from $137,600 to $172,600 now. Tyler & area
home average prices in 2009 are at the lower figure, which is why WE ARE A GOOD AREA TO BUY IN.
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It is the HOME VALUATION CODE OF CONDUCT guidelines to track appraisal rules & agreed by
Fannie Mae, Freddie Mac & NY State Attorney General. HVCC was founded to keep an arm’s length
between the lenders ordering the appraisal & those who benefit on a commission basis from the outcome of that appraisal. Nowhere does it say you have to (1) us an appraisal management company, (2) pay the appraisers less or (3) get appraisers to drive to a remote location where they
don’t understand that market. It says the appraiser should be from the local area & should understand the area, which is required by the Uniform Standards of Professional Appraisal Practice
anyway. This brief from a longer article by David H. Stevens, President Obama’s assistant secretary for housing-federal housing commissioner at the U.S. Department of Housing & Urban Development.
This code is being hailed by most in the industry as improving the HVCC.
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(1) Tidy up kitchen cabinets & use roll-out organizing trays. (2) Add or replace tile in kitchen and
baths as can be inexpensive. (3) Add a breakfast bar & can do by cutting away some of cabinets to
open to living area. (4) Install granite tile instead of a slab as is cheaper. (5) Freshen up a bathroom without retiling with new fauce, light fixtures, vanity, French door, etc. (6) Freshen up
the playroom with paint, shelves, etc. (7) Add a room, but get help from a contractor or designer.
(8) Spruce up cabinet fronts by polishings, putting on new hardware, etc. (9) Replace light fixtures
in foyer, baths, kitchen & taken out tract & overhead lights with recessed canned lights. (10)
Tech-up the garage with a remote touchpad entry system. Done economically can add dollars to your sales price.
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(1) When a homeowning parent of an adult child co-signs for a mortgage & both names appear on the note, the first-time homebuyer can qualify for the $8,000 credit, but the parent doesn’t qualify
for any portion of the credit. (2) if the child hasn’t owned a home during the 3 years preceding the
current purchase & can qualify based on income, he or she can get the entire credit. (3) When
unmarried individuals co-purchase a home & only one is eligible for the credit, the full $8,000 can be
allocated to the eligible buyer.
Have a blessed Christmas & a wonderful holiday from The Bains
thebains Uncategorized
223 homes sold last month, compared to 164 sold November 2008 - a 36% INCREASE, according to
the Greater Tyler Assoc. of Realtors. 4th best November ever. A 28.8% increase in October. Median sales prices increased to $129,000 from $120,750 a year ago. October saw median prices at
$137,900, so a decrease there. Tyler inventory fell to ll.8 months. However, the TX A&M Real Estate Center says a balanced inventory is 6 months. Wood County saw similar figures, but in smaller numbers. The $8,000 Tax credit drove some of this + the hopefully to be passed $6,500
credit for existing homeowners. Some of buyer reluctance is consumer fear & the “wait for the price to bottomout” attitude, but Texas has affordability & jobs. Since prices did not appreciate rapidly,
the the bottoming will be less obvious. Sales will increase because of record low interest rate (now
average 5.05%), continuation of tax credits, affordability & great selection.
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To consider - what is your home worth? Ask us at Bain Real Estate & we can help you. Now
how much do you owe on your house? Look on your monthly statement or call your lender, but have
your loan number handy. Get the loan-to-value ratio by substracting what you owe from what your
house is worth (you owe $80,000 on a $100,000 valued home, then your loan-to-value ratio is 80%).
Do you have a 2nd lien? If the loan-to-value ratio is 100%+, then call your mortgage servicer & be a
candidate for the Home Affordable Refinance Program. If less than 90% then talk to your servicer &
see what they have to offer on a refinance before going to other lenders. They will want to know all
your other accounts to see what interest rate they will charge. Also if you have paid your loan off
for 5 years on a 30 year mortgage, then refinance for 25 years to be finished at the same time. While going through this process do NOT buy another major item. Wait until the refinance closes.
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