"Action is a great restorer and builder of confidence. Inaction is not only the result, but the cause, of fear. Perhaps the action you take will be successful; perhaps different action or adjustments will have to follow. But any action is better than no action at all."
- Norman Vincent Peale
"I'm told that even as a ship or airplane moves from one port to another that it is off target over 50% of the time and continually has to make adjustments if it's going to arrive. The main thing is to make sure that you have an idea of where you want to go and get started and continually correct course until you get there.
~ Gordon Fox
Thursday, April 22, 2010
Tuesday, April 13, 2010
Cinco Ranch named #1 in the Nation
Cinco Ranch is the #1 top selling community in the nation. IF you have ever been in the area, just from the looks of it, you can tell why. This is an area that is continuously growing and well kept. This area is what I like to call… BOOMING. I find my self advocating this area a lot to my buyers. They are developing state of the art hospitals along side I10. The school systems are top of line, which is much of a priority for young families. Cinco Ranch and Seven Lakes are two exemplary high schools. The community is growing so quickly that they have proposed to build a NEW high school with a stadium because of the areas popular demand. This new high school is just a few short miles from Cinco Ranch and Seven Lakes high school. The new and old construction of the Cinco Ranch neighborhoods are very appealing and enjoyable to drive through on your route home. The landscaping and trails make this suburban area perfect for family bike rides or walks. Not to mention the investment in this area just seems to keep growing in the right direction, despite the down economy. Who wouldn’t want to live here? They have also developed a beautiful “town center” with great shopping and restaurants. A favorite of mine is Kenzo Sushi. My daughter and I love getting the seared beef sashimi…yumm. Here is the link… http://www.kenzosushi.com/
Tuesday, April 6, 2010
Great Real Estate Deals That Won't Last
"Federal subsidies, low interest rates, falling home prices--find out how to get on board before these benefits run out.
Purchasing a home is one of the biggest decisions a person makes. Because of the serious financial commitment involved, most buyers are interested in securing the best deal possible when purchasing a home. As the economy continues to wreak havoc on our jobs and plans for retirement, many people are wondering when will be the best time to purchase a house.
Much like timing a move in the stock market, potential homebuyers are waiting for the time when they can maximize their investment. Lower home prices, low interest rates and federal subsidies have all led to better deals in real estate, but these perks may not last much longer.
Lower Home Prices
Since the real estate bubble burst, many real estate markets have seen a dramatic price drop in median home value. While this can be devastating to home sellers or homeowners who are underwater with a mortgage that is worth more than their home, it can be a great opportunity for the home buyer.
In many markets across the U.S., it is truly a buyer's market as prices continue to be well below levels from just several years ago. With many homes now going into foreclosure or short sales (where the lender agrees to sell the property at a moderate loss in order to avoid foreclosure), opportunities abound for the qualified buyer; that is, one who can still secure a loan.
While some experts believe that home prices should start to increase by summer, others think that it's likely the prices will simply stabilize. Either way, for buyers this means it may be a good time to purchase a home. With the large number of homes currently on the market, there is a relative balance between supply and demand. As more people become willing to purchase homes, prices may reach a turning point.
Low Interest Rates
Over the past year, the Fed has been buying billions of dollars' worth of mortgages every month, boosting the market. The mortgage-backed securities (MBS) market is similar to the stock market. When there is a high demand for a stock, the price rises; when there is a high demand for mortgage coupons, those prices rise.
Mortgage securities prices and interest rates are inversely correlated: as prices go up, mortgage rates fall; and when prices drop, mortgage rates increase. The Fed has purchased large quantities of mortgage-securities, keeping prices artificially high and mortgage rates low. Analysts believe that once the Fed ends its purchase program at the end of March, prices will fall, resulting in increased interest rates.The Mortgage Bankers Association (MBA) expects the rate on a 30-year fixed rate mortgage to increase to 6.1% by the end of the year. This is up from an average of 4.91% for the week ending March 19, 2010.
To put this into perspective, a $180,000 30-year mortgage (excluding taxes and private mortgage insurance) at 6.1% will require a monthly payment of $1,091, with total interest paid equal to $212, 685. The same loan at a lower 4.91% rate will create a $956 monthly payment (saving $135 per month) with total interest equal to $164,305 (a substantial savings of $48,380 over the course of the loan). Rate changes as little as 0.5% can have a significant impact on the overall cost of a home.
Federal Tax Credits
The federal home buyer tax credits will cease at the end of April. Created by The Worker, Homeownership and Business Assistance Act of 2009, these credits include the $8,000 first-time buyer credit and the $6,500 credit for current home-owners purchasing a new principal residence (repeat home buyers). The credits apply to sales occurring by April 30, 2010--or June 30 if there is a binding sales contract in place by the April 30 deadline.While the program has provided financial incentive and relief for many home buyers, there is no indication that it will be extended beyond April 30. Buyers who want to take advantage of the credit will have to act quickly."
Information provide by Forbes.com- Jean Folger, 04.02.10, 11:14 AM EDT
Purchasing a home is one of the biggest decisions a person makes. Because of the serious financial commitment involved, most buyers are interested in securing the best deal possible when purchasing a home. As the economy continues to wreak havoc on our jobs and plans for retirement, many people are wondering when will be the best time to purchase a house.
Much like timing a move in the stock market, potential homebuyers are waiting for the time when they can maximize their investment. Lower home prices, low interest rates and federal subsidies have all led to better deals in real estate, but these perks may not last much longer.
Lower Home Prices
Since the real estate bubble burst, many real estate markets have seen a dramatic price drop in median home value. While this can be devastating to home sellers or homeowners who are underwater with a mortgage that is worth more than their home, it can be a great opportunity for the home buyer.
In many markets across the U.S., it is truly a buyer's market as prices continue to be well below levels from just several years ago. With many homes now going into foreclosure or short sales (where the lender agrees to sell the property at a moderate loss in order to avoid foreclosure), opportunities abound for the qualified buyer; that is, one who can still secure a loan.
While some experts believe that home prices should start to increase by summer, others think that it's likely the prices will simply stabilize. Either way, for buyers this means it may be a good time to purchase a home. With the large number of homes currently on the market, there is a relative balance between supply and demand. As more people become willing to purchase homes, prices may reach a turning point.
Low Interest Rates
Over the past year, the Fed has been buying billions of dollars' worth of mortgages every month, boosting the market. The mortgage-backed securities (MBS) market is similar to the stock market. When there is a high demand for a stock, the price rises; when there is a high demand for mortgage coupons, those prices rise.
Mortgage securities prices and interest rates are inversely correlated: as prices go up, mortgage rates fall; and when prices drop, mortgage rates increase. The Fed has purchased large quantities of mortgage-securities, keeping prices artificially high and mortgage rates low. Analysts believe that once the Fed ends its purchase program at the end of March, prices will fall, resulting in increased interest rates.The Mortgage Bankers Association (MBA) expects the rate on a 30-year fixed rate mortgage to increase to 6.1% by the end of the year. This is up from an average of 4.91% for the week ending March 19, 2010.
To put this into perspective, a $180,000 30-year mortgage (excluding taxes and private mortgage insurance) at 6.1% will require a monthly payment of $1,091, with total interest paid equal to $212, 685. The same loan at a lower 4.91% rate will create a $956 monthly payment (saving $135 per month) with total interest equal to $164,305 (a substantial savings of $48,380 over the course of the loan). Rate changes as little as 0.5% can have a significant impact on the overall cost of a home.
Federal Tax Credits
The federal home buyer tax credits will cease at the end of April. Created by The Worker, Homeownership and Business Assistance Act of 2009, these credits include the $8,000 first-time buyer credit and the $6,500 credit for current home-owners purchasing a new principal residence (repeat home buyers). The credits apply to sales occurring by April 30, 2010--or June 30 if there is a binding sales contract in place by the April 30 deadline.While the program has provided financial incentive and relief for many home buyers, there is no indication that it will be extended beyond April 30. Buyers who want to take advantage of the credit will have to act quickly."
Information provide by Forbes.com- Jean Folger, 04.02.10, 11:14 AM EDT
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