Based on the most recent “Monthly Review of the Texas Economy”, provided by Real Estate Center of Texas A&M. Texas, aided by a robust private sector, gained 225,200 nonfarm jobs from June 2010 to June 2011, an annual growth rate of 2.2 percent compared with 0.9 percent for the United States. The state’s private sector added 251,900 jobs, an annual growth rate of 3% percent compared with 1.7% for the nation’s private sector.
Texas’ seasonally adjusted unemployment rate increased to 8.2 percent in June 2011 from 8.1 in June 2010. The nation’s rate decreased from 9.5 to 9.2 percent.
The state’s mining and logging industry ranked first in job creation and posted an annual employment growth rate of 16.8 percent from June 2010 to June 2011.
The state’s construction industry ranked second in job creation, adding 30,900 jobs from
June 2010 to June 2011, a 5.4 percent rate increase
The state’s professional and business services industry gained 57,200 jobs from June
2010 to June 2011, an annual growth rate of 4.5 percent
Texas Metropolitan Statistical Areas
Five Texas metro areas (Killeen-Temple-Fort Hood, Wichita Falls, San Angelo,
Brownsville-Harlingen and Abilene) had fewer jobs in June 2011 than in June 2010. Longview ranked first in job creation, followed by Odessa, Dallas-Plano-Irving, Laredo, College Station-Bryan, Midland, and Corpus Christi.
The Austin-Round Rock-San Marcos metro area’s annual employment growth rate from
June 2010 to June 2011 was 1.2 percent, ranking it 16th.
Monday, August 15, 2011
How to Buy a House Before Your Other House Sells
In a buyer's market, the inventory of homes for sale can be astounding. Deciding on a home to buy is difficult enough, but what happens when you have one to sell beforehand? Many times, especially in a soft real estate market, a buyer may get into a situation where they find a new house before their current house sells. Acting as a buyer and a seller in separate transactions can be tricky business, especially if you need the equity from your current home to pay for the new home. Luckily there are some best practices that can help show you how to buy a house before your other house sells.
Consider a Bridge or Home Equity Loan. There are many financing options available when it comes to home buying, and bridge loans can be an easy way to finance a new home sale before your existing home closes. A bridge loan is one that is used to provide funds needed for a short period until another source of funds becomes available. Sometimes called a "swing" loan, it allows a homebuyer who needs the equity in his old home to pay for the new one to close on the new home purchase before closing on the old home sale. The interest rates on these loans are typically high. However, because the loan will be paid off in a short period of time, this should not be a huge problem for buyers. In a similar vein, you might consider a home equity loan on the house you already own. This is a bit riskier, but provides the same benefits.
Rent your current home. If you can find short-term or month-to-month tenants who are willing to rent your current home until it sells, you can avoid having to worry about the house sitting vacant while you are moving into the new home. This can help you avoid having to winterize or de-winterize the property and stage the home for showings. You will also be able to apply the rental income to your existing mortgage on the house, to alleviate the financial burden of paying two mortgages.
Work with the Seller. In a soft market where buyers are limited, sellers are often willing to work with the buyer on a purchase agreement that works for both parties. If you've already found the house you want to buy, but haven't yet sold your existing home, it may be possible that the seller will allow you to make a small down payment with a signed contract that permits you to wait to make the purchase until your old house sells.
Consider a Bridge or Home Equity Loan. There are many financing options available when it comes to home buying, and bridge loans can be an easy way to finance a new home sale before your existing home closes. A bridge loan is one that is used to provide funds needed for a short period until another source of funds becomes available. Sometimes called a "swing" loan, it allows a homebuyer who needs the equity in his old home to pay for the new one to close on the new home purchase before closing on the old home sale. The interest rates on these loans are typically high. However, because the loan will be paid off in a short period of time, this should not be a huge problem for buyers. In a similar vein, you might consider a home equity loan on the house you already own. This is a bit riskier, but provides the same benefits.
Rent your current home. If you can find short-term or month-to-month tenants who are willing to rent your current home until it sells, you can avoid having to worry about the house sitting vacant while you are moving into the new home. This can help you avoid having to winterize or de-winterize the property and stage the home for showings. You will also be able to apply the rental income to your existing mortgage on the house, to alleviate the financial burden of paying two mortgages.
Work with the Seller. In a soft market where buyers are limited, sellers are often willing to work with the buyer on a purchase agreement that works for both parties. If you've already found the house you want to buy, but haven't yet sold your existing home, it may be possible that the seller will allow you to make a small down payment with a signed contract that permits you to wait to make the purchase until your old house sells.
Wednesday, August 10, 2011
Thinking About Moving?
Compare where you live to a new location or multiple areas using current information on community summaries, market stability, schools, listing vs. sold price, buyer vs. seller market, and even smoking bans. It's an easy to use tool that provides valuable information.
Monday, August 8, 2011
Understanding Federal Government Grants for Home Improvements
In today's economy, it may not be an easy choice to make improvements to your home. From basic necessities like a new roof to luxury enhancements such as an upgraded kitchen, deciding how much money to spend in a tightened economy can be a difficult decision for many homeowners to make.
Luckily, there are some federal government grants for home improvements available if you meet certain criteria. And for those that don't qualify, you might be able to deduct home improvements from income taxes.
Federal Government Grants for Home Improvements
Below are some of the most popular federal government grants for home improvements and who may qualify:
Rehabilitation and Repair Loan - Also known as the Section 203(k) program, this loan is the Department of Housing and Urban Development's main program providing assistance for repairing and rehabilitating single family properties. To be eligible, the property must be a one- to four-family dwelling that has been completed for at least one year.
Property Improvement Loan - Also known as Title 1, this program insures loans to finance the light or moderate rehabilitation of properties as well as the construction of nonresidential buildings on the property. This program may be used to insure such loans for up to 20 years on either single- or multifamily properties. The maximum loan amount is $25,000 and only lenders approved by HUD can qualify.
Rural Area Loans - The Department of Housing and Urban Development offers a number of single family housing programs to low- and moderate-income rural Americans through various loan, grant, and loan guarantee programs. Certain income and credit restrictions apply and should be verified with HUD.
Native American Loans - The Section 184 Indian Home Loan Guarantee Program is a home mortgage specifically designed for American Indian and Alaska Native families, Alaska Villages, Tribes, or Tribally Designated Housing Entities. Section 184 loans can be used for new construction, rehabilitation, the purchase of an existing home, or a home refinance.
HOME Program - The HOME program provides grants to communities in partnership with local nonprofit groups to fund a wide range of activities that build, buy, and/or rehabilitate affordable housing for low-income people.
Community Development Block Grant - This program provides homeowners with resources to address a wide range of development needs, benefiting low and moderate income households through the elimination of slums and addressing urgent community needs.
For those that don't qualify for any of the above grants, you can also check out the U.S. Department of Housing and Urban Development (HUD) website for additional home improvement programs. New programs are updated and added on the government website on a routine basis. If you're planning to deduct home improvements from income taxes, the IRS website is a great resource to see which improvements might qualify for a deduction. Generally, you can deduct expenses such as construction loan interest and sales tax on building materials. If you operate a home-based business or use part of the home as a rental, you can even deduct a percentage of all home improvement costs on your tax return.
Between all the government grants and tax return deductions available, you can be well on your way to enjoying an updated and improved living space that won't put a strain on your bank account.
There is many homes in the Austin area that qualify for these types of loans, if you would like to find out more, please contact me.
Luckily, there are some federal government grants for home improvements available if you meet certain criteria. And for those that don't qualify, you might be able to deduct home improvements from income taxes.
Federal Government Grants for Home Improvements
Below are some of the most popular federal government grants for home improvements and who may qualify:
Rehabilitation and Repair Loan - Also known as the Section 203(k) program, this loan is the Department of Housing and Urban Development's main program providing assistance for repairing and rehabilitating single family properties. To be eligible, the property must be a one- to four-family dwelling that has been completed for at least one year.
Property Improvement Loan - Also known as Title 1, this program insures loans to finance the light or moderate rehabilitation of properties as well as the construction of nonresidential buildings on the property. This program may be used to insure such loans for up to 20 years on either single- or multifamily properties. The maximum loan amount is $25,000 and only lenders approved by HUD can qualify.
Rural Area Loans - The Department of Housing and Urban Development offers a number of single family housing programs to low- and moderate-income rural Americans through various loan, grant, and loan guarantee programs. Certain income and credit restrictions apply and should be verified with HUD.
Native American Loans - The Section 184 Indian Home Loan Guarantee Program is a home mortgage specifically designed for American Indian and Alaska Native families, Alaska Villages, Tribes, or Tribally Designated Housing Entities. Section 184 loans can be used for new construction, rehabilitation, the purchase of an existing home, or a home refinance.
HOME Program - The HOME program provides grants to communities in partnership with local nonprofit groups to fund a wide range of activities that build, buy, and/or rehabilitate affordable housing for low-income people.
Community Development Block Grant - This program provides homeowners with resources to address a wide range of development needs, benefiting low and moderate income households through the elimination of slums and addressing urgent community needs.
For those that don't qualify for any of the above grants, you can also check out the U.S. Department of Housing and Urban Development (HUD) website for additional home improvement programs. New programs are updated and added on the government website on a routine basis. If you're planning to deduct home improvements from income taxes, the IRS website is a great resource to see which improvements might qualify for a deduction. Generally, you can deduct expenses such as construction loan interest and sales tax on building materials. If you operate a home-based business or use part of the home as a rental, you can even deduct a percentage of all home improvement costs on your tax return.
Between all the government grants and tax return deductions available, you can be well on your way to enjoying an updated and improved living space that won't put a strain on your bank account.
There is many homes in the Austin area that qualify for these types of loans, if you would like to find out more, please contact me.
Handling the Stress of an Unaffordable Mortgage Payment
Whenever I research the latest foreclosure and distressed property statistics, the sheer number of Americans facing the stress of losing their homes amazes me. It is my goal to help as many homeowners I can either stay in their homes or relieve the burden of their mortgages. Knowing that there are so many that need my help is a driving force for me to continue doing what I do.
In fact, I just released another report that I’ve made available on my website today. It explains the CDPE designation and lists 10 options that homeowners can take advantage of to relieve the stress that comes with owing their mortgage lenders more money than they can afford to pay.
The report also draws a contrast between short sales and foreclosures. Unfortunately, there’s a growing trend of “strategic defaulters” who think it’s smart to let their home go into foreclosure. As any one who follows this blog knows, there is nothing strategic about foreclosure; it’s one of the most long-lasting, negative financial challenges you can go through.
I’m excited about acting as a resource for more homeowners who have questions about what they should do. As always, if you know homeowners who may need my help, have them contact me immediately! Together, we can put them back on the path to financial stability.
In fact, I just released another report that I’ve made available on my website today. It explains the CDPE designation and lists 10 options that homeowners can take advantage of to relieve the stress that comes with owing their mortgage lenders more money than they can afford to pay.
The report also draws a contrast between short sales and foreclosures. Unfortunately, there’s a growing trend of “strategic defaulters” who think it’s smart to let their home go into foreclosure. As any one who follows this blog knows, there is nothing strategic about foreclosure; it’s one of the most long-lasting, negative financial challenges you can go through.
I’m excited about acting as a resource for more homeowners who have questions about what they should do. As always, if you know homeowners who may need my help, have them contact me immediately! Together, we can put them back on the path to financial stability.
Friday, August 5, 2011
Preston Oaks - Opportunity is Knocking!
Buyers in the market are looking for two things. A great house & a great deal. This listing hits both of the marks. The owner has taking incredible care of this home in Preston Oaks and it shows great.
Homeowners in the area can take advantage of getting their errands done quickly by having access to local grocery stores and retail shopping minutes away. There is also easy access to the Domain and major employers such as AMD, Dell, Seton & St David. Also easy access to Palmer, MoPac, 183 & 45.
If you would like to set up a showing please contact me.
Homeowners in the area can take advantage of getting their errands done quickly by having access to local grocery stores and retail shopping minutes away. There is also easy access to the Domain and major employers such as AMD, Dell, Seton & St David. Also easy access to Palmer, MoPac, 183 & 45.
If you would like to set up a showing please contact me.
Tuesday, August 2, 2011
The Austin Area Market Snapshot
The number of active listings are down 18.98% from last year during the same week, but new listings are up less than 1% this week compared to the same week last year.
Pending sales are up this week 30.90%. Current number of pending sales are 3,161 with an average list price of $255,151.
Sold residential units are up 46.47% compared to the same week last year.
Pending sales are up this week 30.90%. Current number of pending sales are 3,161 with an average list price of $255,151.
Sold residential units are up 46.47% compared to the same week last year.
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