2214 Royal Oaks, Irving, Texas

This beautiful starter home is in move-in-condition. Mature landscaping, recent interior paint upgrades, large bedrooms, ceramic tile and a huge secondary living area are just some of the amenities that make this home one of the best values in the area. The seller is also willing to pay up to $3,000.00 of the buyers closing costs with a full-price offer in addition to the many amazing features that this light, bright and airy home has to offer. Priced to sell at $135,000.00.

Sellers: To make repairs or offer credits...

Sellers who anticipate losing money if they sell their home may wonder why they should spend a dime fixing the place up for sale. Isn't this throwing good money after bad? Even sellers with plenty of equity in their homes often figure the way to get the most out of the sale is to cut sale costs to a minimum.

This attitude is directly contrary to the notion that the way to make the most money on the sale of a home is by pricing the property appropriately for the market, and by making cost-effective improvements that will result in a higher sale price in a shorter time.

Job applicants don't show up for an important interview in tattered old clothes if they want to make a good impression, particularly if there were plenty of other qualified applicants. Likewise, if you wanted to get top dollar from the sale of a car you would have the car detailed so that it looked its best. The same principal applies to selling single-family homes.
Today, many housing markets have plenty of homes for sale and far too few buyers. For years, buyers competed with one another in order to buy a house. Now, in general, sellers are being forced to compete with other sellers in order to get their home sold.

Consider the competitive nature of the market when deciding if you're going to improve your home before selling it, and how much you'll invest. Keep in mind that the point of fixing up a home to sell is to maximize your return from the sale. Don't waste money on improvements that have little or no value to buyers.

Big gains for overnight real estate rates

30-year fixed rate at 5.42%; 10-year Treasury yield at 3.71%
Friday, January 25, 2008
Inman News
Long-term mortgage interest rates rose sharply Thursday, and the benchmark 10-year Treasury bond yield gained to 3.71 percent.
The 30-year fixed-rate average jumped to 5.42 percent, and the 15-year fixed rate climbed to 4.89 percent. The 1-year adjustable rate gained to 5.17 percent.
The 30-year Treasury bond yield was up at 4.39 percent.
Rates and bonds are current as of 7:15 p.m. Eastern Standard Time.
Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states. Points on these mortgages range from zero to 3.5.
In other economic news, the Dow Jones Industrial Average rose 108.44 points, or 0.88 percent, finishing at 12,378.61. The Nasdaq jumped 44.51 points, or 1.92 percent, closing at 2,360.92.
Stock figures are current as of 7:30 p.m. Eastern Standard Time.
***

Inspections

I can never stress enough, the importance of doing "due dilligence" when buying a home. Buying a home is most Americans largest purchase. It is imperative that you protect that investment by getting a home inspector to look at your upcoming purchase.

U.S. real estate a 'bargain' for foreign buyers

Many paying cash as dollar falls in value
Wednesday, January 23, 2008
By Tom Kelly Inman News

Two years ago, while attending a home-builder convention in Orlando, Fla., a top-producing local real estate agent was bubbling over the interior design features of a vacation home.
"All of my international buyers are just going to love this," the agent said. "I can't wait to tell them what's now available."
I was intrigued. How many international buyers did she have?
It turned out that more than 60 percent of the agent's clients were buyers from overseas. And, she is not the only real estate professional cultivating the foreign market. According to the National Association of Realtors, 65 percent of Florida Realtors had at least one international customer, and the trade group's "Profile of International Home Buying Activity" indicated that at least 7 percent of home sales in Florida were to foreign purchasers.
"When you consider how the U.S. dollar has slid in value compared to other international currencies, you begin to understand why investors are purchasing real estate in this country," said Mitch Creekmore, senior vice president of Stewart Title Co. "Real estate prices here are a bargain compared to many areas in western Europe and Asia."
The currency environment probably played a major role in the proportion of foreign buyers who paid cash for their homes. The cash group (28 percent) was much greater than that of the general U.S. home buyer population (8 percent). In addition, international buyers who can afford a home abroad often are from wealthier households with higher monthly incomes and cash reserves. Also, the tax benefits of mortgage-interest deductions may not apply -- depending on the buyer's home country's tax code -- which lowers the incentive to take out a mortgage.
Buyers come from around the world to buy different types of properties at various prices. They plan on using the U.S. property for different reasons. Here are some common factors from NAR:
The typical international buyer purchased a single-family home or townhouse. The primary purpose in purchasing the home was as a vacation venue for family and friends.
The median sales price paid by the typical foreign buyer was $299,500, and the purchase was financed through a mortgage loan.
The typical foreign buyer in the U.S. spends 4.2 months in his or her U.S. property. U.S. visa rules allow nonresidents (unless under a student or work visa) to remain in the country for only six months. Because foreign buyers are nonresidents of the U.S., most of them plan to spend less than six months in their U.S. home. A small percentage -- 6 percent -- spend less than two weeks. Forty-four percent intend on using their U.S. property for one to six months.
While the top three state destinations for foreign home buyers in the NAR study were Florida, California and Texas, significant overseas buyers surfaced in all areas of the country. Dolly Lenz, a New York City residential specialist who led all salespersons with $748.3 million in gross sales in 2007, reported that approximately 35 percent of her customers were second-home buyers and about 50 percent of that group lived outside the U.S.
The median price foreign buyers paid for a home was $299,500 in 2006 -- significantly greater than the national median sales price of $221,900. More than 20 percent of international buyers purchased a home that cost between $200,001 and $300,000. Fourteen percent of foreign home buyers paid more than $750,000 for their U.S. property, according to the NAR study.
Among international clients, the top five countries of origin were Mexico, the United Kingdom, Canada, India and China. Although more than two-thirds of Realtors report that their international clientele accounts for about the same level of business during the past five years, fully a quarter of them indicate that their international business has increased. Despite the recent slowdown in the U.S. housing market, U.S. real estate is still a popular option for many people outside of the country.
Foreign buyers from the United Kingdom and China paid the most for their U.S. property -- a median of $335,000 and $340,000, respectively. Those from Mexico paid the least -- $227,300. Buyers from Canada were more likely to have purchased homes priced over $1 million. The median price of homes purchased by Indian buyers -- $292,000 -- was closest to the overall median price paid by all foreign home buyers.
The American dream of home ownership is more popular than ever -- especially overseas.

Refi applications climb 16.9%

Refi applications climb 16.9%
Lower rates fuel rush, but tighter credit could deny many
Wednesday, January 23, 2008
Inman News
Applications for home loan refinancings jumped by double digits last week as interest rates continued to fall, the Mortgage Bankers Association reported today.
The group's market composite index, a measure of home loan application volume, got an 8.3 percent boost last week on a seasonally adjusted basis from the second week of January as refinance applications climbed 16.9 percent during the period. Filings for purchase loans, however, fell 4.6 percent, MBA reported.
Since the beginning of November 2007, refinance applications have risen 92 percent and purchase-loan applications are up 7 percent, according to Jay Brinkmann, MBA's vice president of research and economics. "With tighter credit conditions we do not know how many of these applications will become loans, but it is clear that borrowers are responding to the 40- to 80-basis-point drop in rates we have seen since Nov. 2 across products."
Borrowing costs on all loan products sank again last week, as the average contract interest rate on 30-year fixed-rate mortgages fell to 5.49 percent from 5.62 percent; the average rate on 15-year fixed loans dropped to 4.96 percent from 5.07 percent; and average rates on the one-year adjustable-rate mortgage (ARM) tumbled to 5.51 percent from 5.77 percent.
Points, or loan-processing fees expressed as a percent of the total loan amount, averaged 1.07 on the 30-year loans, 1.22 on the 15-year, and 1.01 on one-year ARMs. These points include the origination fee and are based on loan-to-value ratios of 80 percent.
According to MBA, the refinance share of applications increased to 66 percent last week from 62.7 percent the previous week, and the ARM share grew to 9.3 percent from 9.2 percent.
The Mortgage Bankers Association survey covers approximately 50 percent of all U.S. retail residential mortgage originations, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts.

Mortgage rates mixed

Long-term mortgage interest rates were either flat or slightly higher Thursday, and the benchmark 10-year Treasury bond yield fell to 3.62 percent.
The 30-year fixed-rate average edged up to 5.43 percent, and the 15-year fixed rate stayed at 4.93 percent. The 1-year adjustable rate was up at 5.3 percent.
The 30-year Treasury bond yield dropped to 4.25 percent.
Rates and bonds are current as of 7:15 p.m. Eastern Standard Time.
Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states. Points on these mortgages range from zero to 3.5.
In other economic news, the Dow Jones Industrial Average plummeted 306.95 points, or 2.46 percent, finishing at 12,159.21. The Nasdaq tumbled 47.69 points, or 1.99 percent, closing at 2,346.9.
Stock figures are current as of 7:30 p.m. Eastern Standard Time.
***

Shh! Don't tell anyone....this is our secret!

Local builder announces their intent to leave Texas

An area home builder has announced their intent to withdraw their homebuilding venutres in the State of Texas.

With these plans, the homebuilder is having a blow out "fire sale" to get all their inventory sold within the next 30 days.

This is great news for local buyers who can capitalize on instant equity. Homes with hard surface counter tops, ceramic tiles, stainless appliances and large and open floorplans are up for sale at drastic discounts.

In one instance, there was a 2700 sf home listed at $240k sold to a lucky buyer for only $170k. Don't miss out on this great opportunity. Call 972-254-2011 for more information.

Sellers: Prepare to negotiate

The dream scenario for someone selling his or her home is a long line of prospective buyers shouting at the top of their lungs in a protracted bidding war for the home. Unfortunately, that rarely happens. Since the odds are against that taking place, it is best to have a firm grip on what you will consider an acceptable offer for your home.

Here are some questions to ask when evaluating offers:
Is the offer at or near the asking price? Is the offer above the asking price?
Has the buyer included money-eating discounts and costs in the fine print of the offer?
What are the alternatives to the buyer's offer?
Is there time to wait for other offers?
What if no other offers are received?
What if several offers are received?

The best way to sort through the questions is to rely on the advice of a real estate professional, someone who is familiar with the market and the factors that influence it.
Buyers (and sellers) have three choices in any proposed real estate transaction:
No thanks
I'll take it
I'm interested, but here's my offer.

The third choice, the one most frequently used, will initiate a series of counteroffers between the buyer and seller. A counteroffer is nothing more than a new offer. Negotiating is a natural part of any real estate deal. Unlike traditional negotiations, there should not be a "winner" or "loser" in the process. Both sides need to be ready to compromise. Remember, it's not winner take all, and a seller should not take personally any comments made by a buyer. It's just business, pure and simple.

Buyers should be treated with respect, and homeowners should never lose sight of their best interest or their baseline transaction requirement, the standards unique to each owner and which must be met for the home to be sold.

You want your home to attract multiple offers, giving you some flexibility when it comes to choosing a buyer. It is important if you use a real estate agent to make sure your listing agreement provides that your home be included in the Multiple Listing Service (MLS) within 24 hours.

A buyer is not obligated to accept the highest offer. You might want to sell to a better-qualified buyer or seek more attractive terms.

You are free to counter as many offers as you want, but experts advise caution. If you accidentally accept more than one offer, you'll legally be obligated to sell the home to two buyers. Experts advise using a standard counteroffer form that stipulates the counteroffer isn't accepted until the buyer signs it and you accept it.

Mortgage applications up 28%

Mortgage applications up 28%
Mortgage Bankers Association says the number of people filing applications rose sharply last week; seasonal volatility and falling interest rates both factors.

WASHINGTON (AP) -- Mortgage application volume skyrocketed for the second consecutive week, rising 28.4 percent during the week ending Jan. 11, according to the Mortgage Bankers Association's weekly application survey.
The MBA's application index rose to 906.4 from 706 the previous week, which was shortened due to the New Year's holiday. Mortgage volume slows during the winter, which can lead to greater volatility. Application volume jumped 39 percent during the same week a year ago.
Refinance volume rose 43.4 percent, while purchase volume jumped 11.4 percent. Refinance volume accounted for 62.7 percent of total application volume, compared with 57.7 percent the previous week.
The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom.
An index value of 100 is equal to the application volume on March 16, 1990, the first week the MBA tracked application volume. A reading of 906.4 means mortgage application activity is 9.064 times higher than it was when the MBA began tracking the data.
The survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50 percent of all residential retail mortgage originations each week.
Applications rose as interest rates continued to fall. The average interest rate for traditional, 30-year fixed-rate mortgages fell to 5.62 percent from 5.73 percent. The average interest rate for 15-year fixed-rate mortgages -- which are typically used to refinance loans -- fell to 5.07 percent from 5.21 percent.
Rates for one-year adjustable-rate mortgages fell to 5.77 percent from 6.04 percent.

Top things to know about home insurance

Top things to know

1. You're a statistic.
To an insurer, you're not a person; you're a set of risks. An insurer bases its premium (or its decision to insure you at all) on your "risk factors," including your occupation, who you are, what you own, and how you live.
2. Know your home's value.
Before you choose a policy, it is essential to establish your home's replacement cost. A local builder can provide the best estimate.
3. Insurers differ.
As with anything else you buy, what seems to be the same product can be priced differently by different companies. You can save money by comparison shopping.
4. Don't just look at price.
A low price is no bargain if an insurer takes forever to service your claim. Research the insurer's record for claims service, as well as its financial stability.
5. Go beyond the basics.
A basic homeowners policy may not promise to entirely replace your home.
6. Demand discounts. Insurers provide discounts to reward behavior that reduces risk.
However, Americans waste some $300 billion a year because they forget to ask for them!
7. At claims time, your insurer isn't necessarily your friend.
Your idea of fair compensation may not match that of your insurer. Your insurer's job is to restore you financially. Your job is to prove your losses so you get what you need.
8. Prepare before you have to file a claim.
Keep your policy updated, and reread it before you file a claim so there are no surprises.

Money 101 - CNN.com

$3000 paid for buyers closing costs by seller

This beautiful starter home is in move-in-condition. Wonderful mature landscaping , recent interior paint upgrades, large bedrooms, ceramic tile and a huge secondary living area are just some of the amenities that make this home one of the best values in the area. The seller is also willing to pay up to $3,000.00 of the buyers closing costs with a full-price offer in addition to the many amazing features that this light, bright and airy home has to offer.

For more information call:

1-800-284-0913 x 3069

5164 Mimi Court, Let the seller pay your closing costs.

Property Description: ZERO CLOSING COSTS! This magnificent home is Bright, light and airy on a wonderful large corner lot. The home has been kept in excellent condition. Original owner has customized with designer paint colors, wonderful curb appeal and pride of ownership makes this brilliant home shine. Property features ceramic tile entry, wonderful corner fireplace, large master bedroom all situated on one of the largest lots in the community.

30-year fixed rate at 5.55%; 10-year Treasury yield at 3.78%

Long-term mortgage interest rates continued to fall Tuesday, and the benchmark 10-year Treasury bond yield dipped to 3.78 percent.

The 30-year fixed-rate average sank to 5.55 percent, and the 15-year fixed rate slid to 5.06 percent. The 1-year adjustable rate, however, was up at 5.34 percent.

The 30-year Treasury bond yield slipped to 4.31 percent.

Rates and bonds are current as of 7:15 p.m. Eastern Standard Time.

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states. Points on these mortgages range from zero to 3.5.

In other economic news, the Dow Jones Industrial Average tumbled 238.42 points, or 1.86 percent, finishing at 12,589.07. The Nasdaq lost 58.95 points, or 2.36 percent, closing at 2,440.51.

Stock figures are current as of 7:30 p.m. Eastern Standard Time.

Inman News

Pay no closing costs! $0 move In. Prime Real Estate in Dallas.

Bedrooms: 3 Tot Baths: 2.0 Liv Areas: 2 Dining Area: 1 Story: 1 Pool: No
Fireplaces: 1 Full Baths: 2 Levels-1st: 2nd: 3rd: Bsmt:
Sec Sys: No Half Baths: 0 Levels-1st: 2nd: 3rd: Bsmt:


SqFt: 1,439* / Tax Yr Blt: 1962 / Preowned HdcpAm: No
# Gar Spaces: 2 Gar Size: 20X20 # Carport Spaces: 0 Cvrd Park: 2
Acres: 0.217 Lot Dimen: 75X126 Will Subdiv: No
Media: 10 / 0 / 0 PAR:Y HOA: None HOA Dues: $ /

Property Description: SELLER TO PAY UP TO $5,000 CLOSING COSTS FOR BUYER WITH A FULL PRICE OFFER!! Original owners have painted, carpeted, put in laminate wood & vinyl floors. New appliances, New garage doors, mini-blinds, bathroom mirrored-cabinets and closet organization pieces have also been added. Relax in the shade of a COVERED PORCH and mature pecan trees. Keep the garage clean by using the 10x12 STORAGE SHED and other storage areas throughout the home.
Directions: From I-35, Exit 67 South, West on Loop12(Ledbetter), Right on Rugged, Right on Windchime.

FREE Service

Hot Spots, Cold Spots

According to CNN Money, the market for the Dallas/Fort Worth region looks like we will continue to see an increase in our housing market.

"The housing market looks healthy for the [South] region, which may boast 12 of the 20 hottest markets for 2007."

The Dallas-Irving area had a projected price change of +4.1% for 2007 and is expecting to increase another 3.9% in 2008 with the median home price at $161,210.

For those in Fort Worth-Arlington area, the projected price change for 2007 was +4.4% and an increased 3.8% for 2008 with the median home price at $127,470.


For those of you who are looking to sell your home this new year, don't get discouraged. Our market only continues to increase while others--like California--are expecting another year of major decline in the housing market.

For those of you who are looking to buy, it continues to stay a buyer's market because of the overall national housing market, so don't think you can't get the best deal for your dream home.

For more information on this click here or call J.J. at 972-254-2011.


lh

378 Elk Trl. in Melissa

Price: $125,000
Bed/Bath: 3/2
Size: 1,618 sq.ft.
Click photo for more info.

FREE Special Report

A Critical Guide to Home Loans

Your Options and How They Affect Your Future

These tips are to help assist you in evaluating which mortgage is best for you. For further details on each of these guidelines, please call our hotline at

1-800-284-0913 x 5078.



1. First Things First -- Know What You Can Afford.

You can save yourself a lot of time and trouble if you take a few minutes to figure out the loan amount you can afford.


2. Avoid Unpleasant Surprises.

Once you know about any potential porblems, you can work on clearing them up before you apply.


3. Shopping for a Mortgage Lender.

Something also to remember- a mortgage broker is the legal agent of his or her client and does not work for the lending institution.


4. What a REALTOR Can Do For You.

A good real estate professional has long-standing relationships with home mortgage professionals and can point you in the right direction to answer any questions you have.


5. Which Loan Is Right For You?

With Adjustable-Rate Mortgages, ALWAYS assume the "worst case" scenario: Assume that your loan will always rise the maximum amount.

Fixed-rate mortgages make the most sense when interest rates are low and if you're planning to stay put for the next seven or more years.

Graduated-payment mortgages are more of a risk. Your early payments are so low that they don't cover the interest due, which results in negative amortization.

If you're a first-time homebuyer who plans to trade up before the loan comes due, you might ask your REALTOR about a balloon mortgage.

"The smart buyer makes sure to know exactly how much he or she can afford to borrow before beginning to look at homes."

For more information on selling or purchasing a home, feel free to call the hotline: 1-800-284-0913 x 5078