To get local home sales go to our website     RealEstate@theBains.com           , then look under HELPFUL TYLER AREA LINKS ( left hand side of screen), then go to GTAR MLS Residential Data for Tyler & East Texas.          Statewide 8.46% more homes sold during 4th quarter of 2014, then in the same quarter 2013.  This is from Real Estate Center Research Economist Dr. Jim Gaines.  He also said under 4% interest rates have helped.  Now fewer homes on the market and prices will begin to slowly rise, with a shrinking inventory.  In the last 2 years Texas home prices increased 10%, but will be slower during 2015.  AGAIN WITH INTEREST RATES DOWN, NOW IS A GOOD TIME TO BUY!!

before Congress AGAIN.  Please contact your congressman,woman to be specific in this new bill on (1)  schools accountable for demonstrating that they are meeting educational goals;  (2)  funds ONLY SPENT ON PUBLIC EDUCATION and NO vouchers;  (3)  ANNUAL statewide assessments that measure each student’s progress toward meeting the state’s college and career-ready standards;  (4)  required schools to collect and break-down data on students’ performance by subgroups and cross-tabulated by gender;  and (5)  reauthorizes and fully funds the Women’s Educational Equity Act to provide resources to FULLY IMPLEMENT TITLE IX.  It is URGENT that you contact your local congressional representative NOW.

Mortgage rates are largely determined by the interest rate on the 10-year U. S. Treasury bond.  The rates are is on the average about 1.8% higher than the prevailing Treasury rate.  The Treasury rate is influenced largely by the expected rate of inflation.  The U.S. had low rates of inflation for the first 14 years of the 2000s.  Real estate professionals who want to follow mortgage rate trends should keep an eye on the 10 year bond rate and the outlook for future inflation.  The mortgage rates are likely to be SOMEWHERE BETWEEN 1.5 AND 2% MORE THAN THE CURRENT TREASURY RATE.  This according to Dr. Dotzour, chief economist with the Real Estate Center at Texas A&M U.

Evaluate where is a NEED or WANT.  First look at curb appeal, acceptable wall colors, kitchen and bath finishes and floor coverings.  Change these if they need doing.  Be sure the roof and mechanical components are working as they should.  You may have to replace those.  If you go into major renovations to increase the price of your home – YOU MAY NOT GET THAT RETURN ON YOUR DOLLAR.  If you want to do renovations and plan to live there for several more years that is fine.  Remember a buyer has to pay for an appraisal, which may not reflect all the money you put into renovations.  Just look UPDATED and offer a home warranty to cover the mechanical items for usually a year.

The drop in gasoline prices is equivalent to $100 per month or a $1,200 annual pay raise for the average driver, according to economist Dr. Ray Perryman, president of the Waco-based economic research firm, the Perryman Group.  He predicted Tyler and East Texas’ economy would show a 2.3% increase in employment in the next 5 years and about a 4.6% increase in output.  Perryman said strengthening of the dollar, politics, OPEC decisions and issues between Russia and Ukraine are contributing to this.  Since our area is so DIVERSIFIED we should proceed along as he  predicted.

For those living in any kind of Homeowner’s Association, when selling that property always clarify who pays various fees.  Some HOAs charge no fee to give out information, such as restrictions, financial status of association, plat of subdivision and other documents for a buyer to understand the situation with the HOA.  Some associations charge a fee for this and it needs to be determined as the offer is written on the property.  Also if any of the information has to come from a title company, what do they charge.  IT IS IMPORTANT TO KNOW AS MUCH AS POSSIBLE ABOUT AN HOA BEFORE BUYING.

40% of all U. S. oil and gas jobs are located in Texas, employing 411,600 workers, an increase of 23,000 or 6% since 2013.  The Rainy Day Fund is supported almost entirely by the oil & gas industry – helps to fund public education, water & road infrastructure projects & disaster recovery, + others.   Currently 2.5 million royalty owners in TX with 95% of Texas counties having production of oil & natural gas.  Everyone of Texas’ 36 congressional districts, 150 House districts & 31 Senate districts include counties where people are employed in the oil & gas industry.  SUCH A BLESSING FOR THE STATE IN 2015!!

Fitch ratings view Texas prices as approximately 11% overvalued with price in Houston, Austin & Dallas growing over 20% since 2011.  Fitch, a New York-based financial ratings firm said in its report.  The growth in Texas is more than national improvement, but a drop in oil prices can drive the economy down.  Dr. Jim Gaines of the TX A&M Real Estate Center says, yes, prices have increased in Texas markets.  The 3 markets specified have an above average growth in employment, incomes & overall prosperity which is reflecting in upward home prices.  Gaines does agree the energy sector could slow the rate of increase.  WE ARE EXPECTING HOME PRICES TO CONTINUE TO INCREASE IN 2015, but at a slower rate.

New home sales cannot keep up with demand right now.  300 houses sold November 2014 as compared to 253 units sold a  year ago, according to Greater Association of Realtors (GTAR).  November sales were actually an 18.7% slump from October 2014.  It is a good time to buy as interest rates still LOW, but the inventory is low.  It is a 7.6 month inventory to sell a house in November or 9.5 months a year ago.  To build, building costs are on the rise 14.2 % from a year ago.  A median price home for November was $159,450.  Most homeowners are buying the “right way” by putting down 10 to 15%.  IF YOU NEED TO BUY, NOW IS THE TIME & CALL BAIN REAL ESTATE AT 903-561-4346.

Homes over  $500,000 or more are 11.6% of sales, UP from 10.8 a year ago.  Homes under $100,000 were 20% of sold homes in 2013 and now 17.5% in 2014 of market.  National Association of Realtors attributes it to low inventory and rising home prices.  Sales in the lowest price tier fell by 12% nationally from a year ago, while sales in higher priced categories were up by a much as 5% from April 2013.  Again JUST GET YOUR REALTOR TO HELP YOU WITH THE MARKET IN THE AREA YOU ARE BUYING OR SELLING.