March 2008

Consumer Protections Help Curtail Texas Foreclosures

Nationwide, the number of home foreclosures rose nearly 60% from February 2007 to February 2008, while foreclosures in Texas actually decreased 1% during the same period.

Consumer protections help curtail Texas foreclosures

Source: Texas Association of REALTORs

Report: Housing Slump Hitting Second Homes

A nationwide housing recession is putting a big dent in second home sales. Vacation home sales dropped by more than 30 percent last year from 2006, the National Association of Realtors said in a report released Friday. And sales of homes to investors fell by more than 18 percent from a year earlier totals, the real estate trade association found in its annual survey.

Report: Housing slump hitting second homes

Source: Steve Brown - Dallas Morning News

Strong Texas Economy Bucks National Trends

The Texas economy is marching to the beat of its own drummer, despite a national economy that’s singing a different tune. Experts believe a big reason for Texas’ strong position is oil. “Right now, things are looking very well,” the state’s chief revenue estimator, John Heleman, told the Associated Press in March 2008.

Strong Texas economy bucks national trends

Source: Texas Assocation of REALTORs

The Market May Be Shifting

We've all been watching the seller's market of the early 2000s decline sharply into the buyer's market of 2007. In 2000, the demand for homes far exceeded the supply. These were great times for sellers as homes sold fast and with few concessions. Fast forward to 2007 when supply exceeded demand. Homes sat on the market and sellers had to make more concessions since buyers had so many choices when looking for a new home to purchase.

According to statistics from the North Texas Real Estate Information System, new listings have declined significantly over the past six months. Why is this important? New listings add to the supply of available homes on the market. Combine this decrease in supply with an increase in buyer activity and we are edging closer to a seller's market again.

We've both been out showing homes over the past few months and can confirm that there are fewer choices in certain prices ranges. Clean, well-kept, and well marketed homes are selling quickly. Homes that are in poor condition or don't show well continue to sit on the market.

While the market has not totally shifted back in favor of sellers, it is becoming more balanced. If your home is on the market, it needs to show well. Don't forget that the lawn and curb appeal are very important first impression makers. Get your spring flowers planted now and make sure you've done your spring cleaning inside. These will make your house more attractive to home buyers.

Authors: Tom and Gina Branch

Government To Free Up Mortgage Money (AP)

WASHINGTON – The government announced Wednesday that it is freeing up billions of dollars at Fannie Mae and Freddie Mac, money that would be used to help homeowners refinance mortgages on the brink of default.

Government to free up mortgage money 9:00 AM CT

Source: Associated Press via The Dallas Morning News

Ask George and Chuck - Landlord Disputes, Landlord Problems

Dear George: Can I be charged rent for living in a place I co-own?.......

Ask George and Chuck

Source: Answers to real estate questions as appearing in the Houston Chronicle

U.S. Homebuilder Sentiment Remains Low (AP)

The National Association of Home Builders said Monday its housing market index for March was the third lowest reading on record. The index, which gauges builders' perceptions of current conditions, interest from potential buyers and expectations for home sales over the next six months, came in at 20 in March for the second consecutive month.

U.S. homebuilder sentiment remains low

Source: Associated Press Via The Dallas Morning News

Spend Some Time in Your Kitchen

The kitchen could be the most important room in a house. Maybe it’s the warmth and pleasant smells, maybe it’s because there’s always activity, or maybe it’s something else—whatever the case, many of our memories from our homes originate in the kitchen. Buyers are not ignorant to this fact. The kitchen can be of key importance in not only the amount of an offer, but maybe even getting an offer.

Spend some time in your kitchen

Source: Texas Association of REALTORs

White House Offers Plan to Ward Off Credit Crises

WASHINGTON — After months of watching a growing credit crisis made worse by steadily eroding home prices, the Bush administration responded on Thursday with the outlines of a plan that officials emphasized is meant more to prevent future crises than to address the current one.

White House Offers Plan to Ward Off Credit Crises

Source: NY Times - Stephen Labaton

Spring Time in Texas!

We love springtime in Texas! One of the first signs of spring are the pretty, white flowers that bloom on the many Bradford Pear trees in the area. The temperatures are moderate and it’s a great time to enjoy the outdoors.

With spring’s warmth comes not only colorful flowers but ugly weeds of many types. Now is the time to get your lawn treated with a pre-emergent and a spring feeding of fertilizer. With the last of winter’s hard freezes behind us, you can now plant spring flowers like petunias to add color to your landscape. A house with great drive-up appeal extends a warm welcome to family and friends or potential buyers if your house is on the market.

Being broker-owners, we know that houses sell on emotion and emotion starts long before the buyers walk through the front door. The tone of the entire showing starts when a buyer first sees photos of your house. If they invoke emotion, the buyers may well ask their agent to schedule a showing. The real first impression is made when the buyers pull up in front of your house. If your lawn is well-kept, trees and shrubs trimmed, and colorful flowers are in plain view, you have taken the first step in creating positive emotion for the potential buyers. On the other hand, some buyers will refuse to go into a house after pulling up in front and seeing the condition of the yard and the exterior of the house. Many buyers will assume if the yard is not well taken care of that the house hasn't been either. Curb appeal is of utmost importance! Be sure and have your lawn in tip-top shape before your house is photographed for the listing and the entire time it's on the market. This will create that WOW factor before the buyers even step inside your home.

Authors: Tom and Gina Branch

Real Estate and Mortgage Newsletter - March 2008

Our March 2008 Newsletter is now available for viewing.

March's lead story is titled, "Getting Married? Reduce Your Mortgage Now." Marriage is a true union. It's a union of body, mind and soul. Oh yeah, and don't forget about the union of finances. This is one aspect of marriage that few couples seem to remember. All of the debt on one side of the union is automatically adopted by the other. If you're getting married soon, and one of you own a home that the two of you will be living in, then now is the perfect time to consider reducing your mortgage. Not sure how to do it? Read on for a few tips.

Be sure to check out the charts on Page 2. Note these charts reflect trends across the nation rather than in the local DFW market.

Click here for our March Newsletter

Real Estate Cold, Real Estate TV Hot (AP)

House flipping and home renovation programs are still big hits on cable. While "for sale" signs sprout on lawns across the country, TV programmers are like developers who plow ahead with new housing projects anyway.

AP - Real estate may have cooled considerably as an investment, but not real estate television.

Source: Associated Press

Ask George and Chuck - Escaping Leases

Dear George: I signed a lease agreement on Friday. On Sunday, I found out about a much more desirable living situation. Is there a way I can get out of the lease without a penalty?

Ask George and Chuck

Source: Answers to real estate questions as appearing in the Houston Chronicle

Report: Homeowner Equity Lowest On Record

NEW YORK – Americans' percentage of equity in their homes fell below 50 percent for the first time on record since 1945, the Federal Reserve said Thursday.

Report: Homeowner Equity Lowest On Record

Source: AP via Dallas Morning News

Texas Holds All The Right Cards in High-Stakes Real Estate

Affordable housing is the state’s ace in the hole in the predicted future high-stakes real estate version of Texas hold ‘em. In fact, the state’s leading expert on residential real estate is betting housing affordability will be the “most significant growth stimulant” for Texas over the next 25 years.

Texas holds all the right cards in high-stakes real estate

Written By David S. Jones

Study: Dallas-Fort Worth Homes Are Undervalued

While the buzz in the housing market these days is about popping price bubbles, a new national study says that Dallas-Fort Worth has one of the most undervalued housing markets in the country...

Study: Dallas-Fort Worth Homes Are Undervalued

Source: Dallas Morning News - Steve Brown

Learn About Loans

If you are thinking about buying a home, you should take some time to familiarize yourself with the lending process and how different types of loans work. There are many kinds of loans; the one that makes the most sense for you depends on your current situation and your plans for the future.

Learn About Loans

Source: Texas Association of REALTORs

Looking To Get Back Into Shape? Work Out With A Former Marine!

For those of you who made a New Year's resolution to get back into shape, I found an interesting business called Marines PT Boot Camp. The business is owned and operated by a former Marine. Marines PT Boot Camp claims to bring you an experience like no other! The same workouts used by the U.S. Marines to produce the finest fighting soldiers in the world, are now offered to you.

Marines PT Boot Camp is a Dallas Fitness Program based out of Reverchon Park in downtown. They currently offer a range of programs that will meet your fitness goals. The owner was a Captain in the United States Marine Corps that deployed on a Marine Expeditionary Unit to Albaina and Zaire rescuing Americans from our embassy. He then spent 3 years training hundreds of new Marine Recruits at the Marine Corps Recruit Depot in San Diego, CA. This is where he saw the impact and real results of the Marine Corps fitness program.

Now is the time to realize your fitness goals and live a more healthy fitness minded lifestyle. Are you ready? Call Darren Burch at 214-802-8245 or click on the MarinesPT logo to visit their website.