Are things really different in Texas?  What is the Texaplex?  View this video and see why there is a mass exodus from other parts of the country to Texas.  See what elements are coming together to fuel the boom to come.  Is Texas truly the land of opportunity?

VIP Realty Platinum is a Dallas Real Estate Brokerage Firm that offers many exclusive benefits to its clients and now adds another “Value Added Service”.  They now provide a Human Edited Home Market Analysis at no cost to any Dallas area homeowner.  To obtain a home market analysis a Dallas home owner needs only to go to the VIP Realty Platinum web site, click on “Selling” and then click on the “Sellers Page” fill out the electronic form and click on submit.  Within 24 business hours the Home Market analysis will be completed and e-mailed directly to the homeowner, free of cost and obligation. 

VIP Realty Platinum Broker, Harry Ridge, tells his clients not to waste their time with sites like Zillow.com, HomeValues.com and the like because these automated services rarely provide home owners and home seekers with the correct values of homes.  To prove this point click here: Zillow Data Coverage and Zestimate Accuracy and see the numbers for yourself.  You will find a high degree of inaccuracy.  *As of 10/2009 Zillow’s Median ERROR is 34.2% in the Dallas/Ft. Worth area. 

Each market area can differ by thousands of dollars for similar types of houses, even houses located only a few blocks away.  Ridge goes on to say that there are only two ways to get the actual market value.  One way is to obtain an Appraisal from a duly licensed Appraiser costing in excess of $400.  The other way for a Dallas area homeowner is to have one of VIP Realty Platinum’s experienced, professional Realtors complete a comprehensive market analysis for them.         

 VIP Realty Platinum implements another “Value Added Service” for our seller clients. VIP Realty Platinum allows our seller clients to view their home showings and their home showing report right from the Sellers Page on our website and at no cost. Our clients get their own log on ID and password so they can log on any time to see upcoming scheduled showings on their homes, the time of the schedule showings and the name of the showing agent.  One of the best features of this program is that our sellers can view any comments the prospective buyers or the showing agent have about their home! This is valuable information for any seller. If there is an overlooked repair, a bad smell, or if the price is to high then the seller will get the information directly and can make the appropriate adjustments adjustment to help their home sell faster at a higher price.

Are you thinking about buying a home?  ACT FAST!  The $8,000 first time home buyer federal tax credit expires December.1^st, 2009.  This program is available to residents who have not owned a home as a primary residence in the last three years.  This program allows for a tax credit of up to 10% of the purchase price of a home for a maximum benefit of $8,000.  The income qualifications for this program are as follows:  Individuals with a modified adjusted gross income (MAGI) of up to $75,000 per year qualify for the full tax credit.  The benefit for individuals begins phasing out at $75,001 and is not available to those whose annual  modified adjusted gross income exceeds $95,000.  Couples can receive a full credit if their MAGI is less than $150,000, with the phase-out beginning at $150,001 and ending at $170,000.  The tax credit does not have to be repaid unless you sell the house within 36 months of the purchase date.   If you are considering buying DFW Real Estate contact one of of our Professional DFW Realtors today!

It is common that many first-time homebuyers get nervous about making the commitment to purchase a home.  After all, your are committing to pay a large sum of money for up to 30 years. This is a big decision that leaves many first-time homebuyers wondering if they should take that leap of faith or not.  I assure you it is normal to be nervous about purchasing your first home. To ease your nerves, Plano Realtors have provided a list of the benefits of homeownership.

Whenever you feel nervous searching for your first home, on the Plano MLS , make sure to keep in mind the many benefits of home ownership:

1. Appreciation – Real estate, even going through a down cycle, consistently appreciates. A home is also an investment, a investment in your future.

2. Pride of Home Ownership – The main reason that first-time home buyers purchase a home is because they want to experience the pride of being homeowners. When you own your own home you have the freedom to paint the rooms any color, increase the volume of your radio without worrying, decorate any way you want and so much more. Home ownership means freedom from landlords and all their restrictive rules.

3. Deduct the Interest on your Mortgage – There are several tax benefits to home ownership that includes deducting the interest you pay on your mortgage. This is great news since interest is the biggest part of a mortgage payment.

4. As you pay on your home loan, you are building the equity in your home, which you can tap into at any time. If you ever need a loan to pay for college, expenses, credit card debt, or for other various reasons, then equity is a great financial resource to have.

5. The $8,000 tax credit is another reason to invest in your own home now.  This credit is a true credit and does not have to be paid back.  But hurry, this program ends November 30, 2009!

Home ownership is an incredible feeling. If you are a first-time home buyer do not be nervous about taking the invigorating plunge into home ownership.  The benefits will far outweigh the risk.

The 30 year fixed mortgage is the lowest since records began in 71′.  Rates fell this week to 4.86%.  Mortgage rates are a full point lower than where they were a year ago.   It’s a great time to buy.  Click here to get started now.

The truth is, Yes the Texas Real Estate Market is different.  This is attributed to much of the following:

• Texas is the number 1 top state to relocate: According to Allied Van Lines’ 41st Annual Magnet States Report, Texas is the No. 1 destination state for residential relocations for the 4th year in a row. New data from the U.S. Census Bureau confirms that Texas gained more residents (484,000) between July 2007 and July 2008 than any other state.
• Texas continues to have steady job growth: According to the U.S. Bureau of Labor and Statistics, Texas added 153,700 jobs (1.5% increase in employment) from December 2007 to December 2008, while during the same time the national unemployment rate rose 2.3%.
• Texas benefits from a strong, diverse economy: Texas is strong in industries that are still growing (such as professional & business services, education & health services, government) and has the second largest economy in the nation by GDP according to the U.S. Bureau of Economic Analysis.
• Texas homes have appreciated steadily. Home-price appreciation in Texas has not fallen below zero in the last 16 years.
• Texas has steady home value appreciation. and Texas housing  prices have remained relatively steady.
• Most Texas borrowers are approved for financing. According to a report by the National Association of REALTORS®, 91% of buyers in Texas were Not rejected by lenders last year.
• Texas real estate remains a strong long-term investment. The average home sales price in Texas has increased $15,600 from December 2004 to December 2008; over the same four years, median sales prices increased $8,600.
• Texas has a balanced market. Statewide, there was 6.4-month inventory of homes for sale at the end of 2008. Economists at the Real Estate Center at Texas A&M say that about 6 ½ months of inventory is a balanced market, where homes are being sold and prices continue to increase at a moderate pace.

This is good news for Texas homowners, both curent and future.  Keep informed of your homes value.  As steady as she goes…  

Home loan applications shot up 21.2% to an 8 week high in the week ended March 13, said the Mortgage Bankers Association.  Refinancing demand vaulted 29.6% as the 30 year fixed rate mortgage rate fell to 4.89%.  Applications for mortgages to buy homes rose 1.5%.  This should help stabilize the real estate market and home values as more people are able to enter the market and more people are able to refinance their homes and possibly avoid foreclosure.

• In this competitive housing market it is important to follow All of these tips so your house stands out among the many, many houses potential buyers will look at in your area.  These tips will also ensure that your home value stays high.
• ·      Leave the house. The buyer won’t feel comfortable taking the time and talking openly about the house if you are there.
•    ·  Set the thermostat cool when it is hot outside and warm when it is cold outside.  You want the temperature inside to be comfortable and to give the buyer more of a reason to linger, especially on hot or cold days! 
•   ·   Create a mood.  Light a fire in the fireplace and turn on soft music.    If you have water fountains, turn them on. They are especially useful for drowning out traffic noise.
•   ·   Keep your home clean and odor free but don’t try to cover up the smell with a strong deodorizer as many people are allergic to them.  It is best if you can bake cookies or simmer spices such as cinnamon on the stove prior to the showing.
•   ·    Light up the house.  Open all the blinds and curtains.  Turn all the lights on and set the ceiling fans on low.
•   ·    Remove clutter and as many personal items as possible and clean, clean, clean.
•   ·    Make sure the yard is well groomed and that you have excellent curb appeal.
•   

If you follow all these tips your house will make a impression on potential buyers and your chances of selling your house will skyrocket!

It is a Great Time to Buy Plano Real Estate!  Many people are still afraid to buy a home in times like these, with the economy faltering and home prices continuing to fall. But if you are smart enough and brave enough, you may just be in for the best home-buying opportunity of a lifetime.

As a savvy home buyer ask for price reductions, improvements, closing costs, etc and the seller, motivated and desperate to get their home sold, is most likely to work with you. When the market starts improving, your negotiating power will start to diminish. With so much home inventory available you can get all of what you need and most of what you want.

If you’re able to invest in your own home now, the purchase makes sense for your situation and you’re prepared to live in that home for at least five years, there are five reasons why you may find the perfect home and a great deal!

1. Affordability is better than ever

According to the National Association of Realtors housing affordability index, homes were more affordable in December 2008, than at any other point since the group started the index in 1970. The affordability index is a measure of the relationship between home prices, mortgage interest rates and family income.

2. There is a large inventory to choose from

In many places it is taking months to sell a home, creating loads of inventory — from new homes to existing homes to foreclosures.  There was a 9.6-month supply of unsold existing homes in January given that month’s sales pace, according to NAR. For new homes, the inventory hit a 13.3-month supply at the end of January, according to the Commerce Department.

A large selection gives buyers more choices and drives down prices. And home sellers have gotten in tune with reality.  It’s nearly impossible to time the exact bottom of the housing market and even if you do there’s no guarantee housing values will rise quickly to their former heights.

3. Builders are offering big discounts

Home builders are getting even more aggressive with their pricing.  Take a look at completed new homes first because builders are offering such steep discounts. Plus, you’d have a warranty not only on the home itself, but also on the home’s appliances.  Builders want to save their credit, their brand, their reputation and they want to clear out their inventory.

 4. Mortgage rates are historically low

It’s not just the price of the home that will affect affordability; mortgage terms will also affect your monthly payments. Earlier this year, rates on the popular 30-year fixed-rate mortgage hit a level not seen in decades, and rates have stayed relatively near that low for weeks. 

 5. You can get a federal tax credit  There’s now a federal credit of up to $8,000 for home buyers who haven’t owned a home in at least three years. Unlike the previous credit, this is money that doesn’t have to be paid back.  The extra cash will come in handy for buyers as the average first-time home buyer spends about $6,000 in the first six months of owning a home.