Yesterday, the Fed put into action a plan to lower mortgages rates. The Fed will spend up to $300 billion to buy long-term government bonds and an additional $750 billion in mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac. This pushed the interest rates on mortgages down 1/2 % in 1 day! Currently, you can get a 30 year loan at 4.625% and 15 year loan at 4.375%. Let me know if you need a good mortgage company to talk to-I have 2 that are extremely competitive on interest rates & fees.
If you are a seller, the current real estate market is very strong in the $100,000 to $150,000 price range. With the new $8000 Tax Credit that is part of the Stimulus Plan, it is a fantastic time to buy your first house and take advantage of the prices, low borrowing costs, and Tax incentives. I think that as homes in the $100,000 to $150,000 range continue to sell that many people will start to move up into the $200,000 to $250,000 range and that market will start to see increased activity.
Also, total inventory of homes for sale is the lowest it has been in many years, so you have much less competition if you are planning on selling.
If you are a buyer, the Tax Credit applies to anyone who has not owned a home in the last 3 years-not just a program for 1st time homebuyers. If you are planning on staying in your next home for at least 3 years, I think you will be rewarded by appreciation in the future and you will have bought near the bottom-at an incredible interest rate.
Let me know if I can help you in any way regarding real estate. You can search every home for sale in North Texas at www.tarrantcountylistings.com. You can do a cool Map Search, save favorites and be notified immediately when new listings come on the market.
Friday, March 20, 2009
Friday, March 13, 2009
How to improve your FICO score in 2 months
As it gets more difficult to get a mortgage lately, I wanted to pass on some tips to improve your FICO score so you will be able to get the best possible interest rate when you buy a home.
35% of your score is based on your ability to pay your bills on time. If you have late payments that you believe are inaccurate-get them updated or removed. The next step is to pay down the balances on your account. 30% of your credit score is determined by your debt to available credit limits. The lower the better! If you have a $5000 credit limit on your credit card, don't carry more than a $1500 balance on the card.
Lastly, you can go to www.optoutprescreen.com and Opt Out from companies that buy lists from credit bureaus. I am not sure exactly how this works, but I assume the scoring model sees that you do not get the "approved offers" in the mail and are less likely to get new credit cards.
35% of your score is based on your ability to pay your bills on time. If you have late payments that you believe are inaccurate-get them updated or removed. The next step is to pay down the balances on your account. 30% of your credit score is determined by your debt to available credit limits. The lower the better! If you have a $5000 credit limit on your credit card, don't carry more than a $1500 balance on the card.
Lastly, you can go to www.optoutprescreen.com and Opt Out from companies that buy lists from credit bureaus. I am not sure exactly how this works, but I assume the scoring model sees that you do not get the "approved offers" in the mail and are less likely to get new credit cards.
Thursday, March 12, 2009
Most Foreclosures in U.S. are in a few counties
More than 1/2 of the nation's foreclosures were in just 35 counties-here is a map...
http://www.usatoday.com/money/economy/housing/2009-03-05-foreclosure_N.htm
http://www.usatoday.com/money/economy/housing/2009-03-05-foreclosure_N.htm
Tuesday, March 10, 2009
4632 Wild Turkey Trail Arlington, TX 76016
Stunning Quail Hollow garden home! Recent architectual updating, wall texturing, kitchen & bath updates. Gorgeous marble & tile floors & extensive granite countertops. Gourmet kitchen with subzero, triple Jenn-air & brick alcove. Former builder's personal home-wine closet, wet bar with fridge & icemaker, cedar closet & library with wood floors & floor to ceiling shelves. Downstairs master has 2 baths! Upstairs has 2 bedrooms & baths & hobby room.
For more info, pictures, and virtual tour, go to http://www.donlawyer.com/custompages_propdetail/82194.htm
Price Reduction in Mansfield, TX
$50,000 less than the seller paid 3 years ago! Knockout Mansfield home in upscale Hunter Oaks. 4 Bedrooms, 3.5 baths, study, gameroom & 3 car garage. Hardy plank wood & slate flooring, Anderson casement windows, beautiful dry stacked fireplace, built-ins everywhere & faux paint. Gourmet island kitchen with granite, upgraded appliances & built-in work station. Fantastic master bath with double head shower & corner jetted tub. Lowest price in the subdivision! Outstanding value for this quality.
For more info, pictures, and virtual tour, go to http://www.donlawyer.com/custompages_propdetail/81937.htm
7148 Hinton Dr. Mansfield TX 76063
Go Green this time! Built by certified Green Builder and is Energy Star Certified. 4 bedrooms, 4.5 baths, 4 car garage & 1 acre lot! All bedrooms on 1st floor along with study. Upstairs has gameroom, wetbar & pre-wired media room. Island kitchen with granite countertops, lots of cabinet space & double oven. Secluded master suite with knockout bath. Oversized 4 car garage. Owner has never had an electric bill over $300!
For more info, pictures, and virtual tour, go to http://www.donlawyer.com/custompages_propdetail/82195.htm
Tuesday, March 03, 2009
Weekend update
A busy weekend with 3 of my listings receiving contracts. Maybe the
new tax credit that is part if the stimulus plan is getting buyers to
write contracts again. The homes that sold were in Southwest
Arlington, Northwest Arlington, and East Fort Worth. Price ranges of
$94,900 to $169,900.
new tax credit that is part if the stimulus plan is getting buyers to
write contracts again. The homes that sold were in Southwest
Arlington, Northwest Arlington, and East Fort Worth. Price ranges of
$94,900 to $169,900.
Don Lawyer
Keller Williams Realty
(817) 657-9159
Friday, February 13, 2009
Tuesday, February 10, 2009
New Mobile Search Tool for Real Estate
You can now search the entire MLS from your cell phone with a new application you can download to your cell phone! Check it out at....
http://www.smarteragent.com/keller_williams/donlawyer/index.html
You can be in any neighborhood and view detailed home information on almost any property for sale in that market at the touch of a button – including sales price, square footage, tax information, beds/baths, interior and exterior features – even pictures!
http://www.smarteragent.com/keller_williams/donlawyer/index.html
You can be in any neighborhood and view detailed home information on almost any property for sale in that market at the touch of a button – including sales price, square footage, tax information, beds/baths, interior and exterior features – even pictures!
Sunday, February 08, 2009
Home Buyer Tax Credit-update
Details...
The tax credit is 10% of the purchase price up to $15,000.The tax credit is for one year (from date of enactment).The credit is available for both new and existing home purchases.
This is for primary residences only, and the home must be owner occupied for two years after purchase.
There is no income cap (the $7,500 tax credit had an income cap of $150,000 per year).Unlike the $7,500 tax credit, the new credit does not have to be repaid over time.The credit is limited each year to the amount of taxes paid in any one year (with the $7,500 tax credit, buyers received the entire credit and a refund if the $7,500 was greater than taxes for the year)Buyers can split the $15,000 into two separate tax credits to be taken in successive years.
The tax credit is 10% of the purchase price up to $15,000.The tax credit is for one year (from date of enactment).The credit is available for both new and existing home purchases.
This is for primary residences only, and the home must be owner occupied for two years after purchase.
There is no income cap (the $7,500 tax credit had an income cap of $150,000 per year).Unlike the $7,500 tax credit, the new credit does not have to be repaid over time.The credit is limited each year to the amount of taxes paid in any one year (with the $7,500 tax credit, buyers received the entire credit and a refund if the $7,500 was greater than taxes for the year)Buyers can split the $15,000 into two separate tax credits to be taken in successive years.
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