There are more Texans than ever before – more of all ages, more Anglos and considerably more Hispanics.  Although the population growth rate during the 1st decade of the 2000s was slightly less than that of the 1990s, the state still continues to far outpace the national experience & almost all states, according Dr. James Gaines, TX A&M Real Estate Center.  Four demographic trends to watch:  (1)  the state’s overall rate of growth & urbanization;  (2)  the composition of Texas’ population, especially the growth in non-anglo population groups;  (3)  the principal sources of population growth: and (4) shifts in the population’s age distribution.  By 2050 Dallas, Plano, Irving, Fort Worth & Arlington (DFW) is projected to expand to 16.8 million residents by 2050 or a 164% increase & the Houston, Sugar Land, Baytown (MSA) will expand similarly.

Victory for homebuyers and future of homeownership in this country.  This version of the QRM rule will give creditworthy buyers access to safe and affordable loan products without overly burdensome downpayment requirements.  The new stands are stringent enough to protect consumers from unscrupulous lending practices while also creating new opportunities for private capital to re-establish itself as part of a robust and competitive mortgage market.  Realtors were among the most vocal opponents of the first QRM rule proposed in 2011 which would have required a 20% down to get a loan.  Some even wanted 30%, but would take the average American more than 25 yeas to save enough money for that type loan.  The National Association of Realtors, “The Voice for Real Estate,” is America’s largest tade association, representing l million members in residential and commercial real estate industries.

In 12 years from now GE engineers and designers predict lots of home changes based on trends and technological advancement – appliances that will change our daily lives. (1) thanks to improvements in voice, motion and facial recognition,as well as sensors in your appliances, you’ll get help from virtual chefs, who will be able to interact with you in real time as you cook.    (2)  Hydration from the Tap.  The futuristic faucet used biometric data to tell you how much liquid you need to drink to rehydrated.  Also dispenses carbonated water &  other beverages.  (3)   A City-slicker’s BBQ Dream.  Can mount a compact grill onto a window.  Draws smoke outside.  (4)  Pesticide-free Zone.  How long should you wash an apple before you bite into it?  Integrated sensors in your future sink will alert you when chemicals or bacteria are present, so keep scrubbing.  (5)  Your Very Own 3D Printer.  More affordable, but by 2025 3D printers will be commonplace.  (6)  in the future GE designers say, you’ll shop on your smart phone and have groceries delivered to your front door & a device outside your home to keep food cool or warm till you return.  (7)  End of Ironing.  Sensors on your clothing in washing machine that communicate care instructions.  MANY MORE DEVICES YET TO COME.

in Tyler on the ready-to-build lots in the golf course community on the shores of Lake Bellwood in East Texas and about 5 miles to downtown Tyler.  Convenient location.  Construction will begin immediately on several spec houses with a local builder.  Finished homes will range from 2,100 to 3,000sf and cost $300,000 to $650,000.  Oversized lots will be sold for $55,000 to $150,000 in the retail market, according to the new owners  Sky Walker Property Partners and TSW Alliance LLC.  They acquired a majority of the lots left in the subdivision.

Demand for existing homes in Texas surged again the 2nd quarter 2013.  17.8% more sold as in the same quarter last year & the most sold in a single quarter since Texas Association of Realtors starting quarterly housing reports 4 years ago.  The surge was in 43 of 47 markets, including Tyler and Smith County.  The median price in the 2nd quarter was $177,300, up about 10% and the average price is now $235,075.  Nationally, home values are increasing at around 10%, but primarily these markets dropped more than in TX,  so with our 10% growth then a significant growth in our state.  The housing inventory is shrinking to statewide of  4 .1 months, but over $550,000 are taking longer in our area.  All of this according to Real Estate Center Research Economist Dr. Jim Gaines.  With inventory shrinking, t hen we can expect dramatic increases in price.  In some areas homes hardly get listed, then sold.

The Piney Woods North land, which includes Tyler – Smith County continued with the land market being slow in 2012, but prices remained stable according to Dr. Charles E. Gilliland of the Real Estate Center at TX A&M.  Brokers reported a lack of good property listings and that sellers have high price expectations, but beginning to moderate.  The closer to Dallas prices are higher, but lower as you get further from Dallas.  CROP land is very LIMITED.  Metroplex area investers primarily want pasture land for crop and vineyards and so do local residents.  Hunting and recreation dominate this region’s rural land use.  Purchasers continue to seek tracts of timberland with good interior roads, good surface water and woodlands condusive to hunting.  This strong demand, coupled with the decreasing number of  acres available for lease, caused hunting LEASE RATES to INCREASE.  We have found this to be true with friends and family members looking for inexpensive and close leases to Tyler.

Interest rates have risen  about 1% in the past few months and most folks who were going to refinance have done so.  So the banks still need to make money, so will need to increase loan originations.  To do so, those lenders could ease credit standards away from over-stringent ones to ensure the greatest number of qualified buyers to have access to mortgage interest.  Tell your clients rising interest rates are not necessarily bad news  for real estate if rising interest rates are balanced with OPENING CREDIT TO MORE CUSTOMERS.  We’re hopeful – and it’s more than a glimmer – that if the economy can recover as much as it has under tight credit conditions, it may do even better as credit steadily returns to normal.  All of this from NAR (National Association of Realtors) president, Gary Thomas.

Texas homeowners using the Real Estate Center’s 2012 MARKET REPORTS for home appraisal appeals to their local taxing authority for their new tax value should proceed with caution.  The 1st page under housing is the Home Price Index (HPI).  Put out by the Federal Housing Finance Agency (FHFA), those charts include data from a specific moment in time.  They are not usable now.  Real Estate Center Economist Dr. Jim Gaines said the data is NOT designed for any property or transaction-specific purpose, including tax appeals.  Dr. Gaines said “our general price indication data, like the FHFA Home Price Index data, are not really suited to specific property applications or appraisals”.   Gaines further said “individual property owners should rely on specific, local date, including recent comparable sales, rather our higher-level, aggregate information”.

2 U. S. representatives delayed removal of “grandfathered” flood insurance rates for one year.   The grandfathered and other subsidized flood insurance rates are being phased out under the Biggert-Waters Act that extended the National Flood Insurance Program for 5 years.   The House amendment would delay the phase-out for properties “grandfathered” under older rates in areas remapped into a higher-priced flood zone before 9/30/2014.  The law’s other phase-outs – for older 2nd homes & business properties and for homes purchased after  July 2012 – will continue to take effect 10/1/2013.  Two senators + National Association of Realtors are working on a longer delay and to extend some coverage.  In July, the Senate Banking Committee has agreed to hold a hearing on the affordability of the Biggert-Waters rate  provisions.  The flood insurance is call the National Flood Insurance Program or NFIP.  Some congressmen want the flood programs to pay for themselves and not take money out of the U. S. Treasury.

(1)  Bare windows are better than dated curtains, but wash IN & OUT.   (2)  Use slip covers on outdated upholstered furniture.  Available in many home catalogues.   (3)  Buy new throw pillows or cover existing ones.   (4)   Eliminate anything that epitomized the 1980s or 90s.  Some wallpaper fits in this category, although some is back now.   (5)  Select the RETRO pieces carefully, which can be found at various home stores all over town.   (6)  Fewer, but larger accessories are preferred and put away most family photos, as buyers want to look at photos and NOT the house.   FIRST IMPRESSIONS ARE FORMED OUTSIDE, so tackle curb appeal, then declutter and clean.  Actually we all should do this anyhow, but particularly to put your home on the market!!