Gratitude felt good today

I'm a referral based business. I don't make cold calls or sit in an office answering phones trying to drum up business. I rely on the referrals of past clients and friends. Thankfully it has worked well for me. And each referral I see as a 'thank you' from a previous client.

Today though I got a written thank you, not the first - but it has been a very busy stressful couple of days, navigating some challenging deals. So for some reason when it arrived it meant alot.

Thought I'd share:

August, 2009

Jennifer,

Working with you was a pleasure and even though our search for a house was filled with disappointments and challenges your confidence and constant reassurances as well as hard work has left us in a house that I feel is truly a great investment for us to improve and make our own.

Thank you again!

Respectfully,
A very cool client (name withheld)

That made me feel good today.

PS:
I have a stack of articles I want to share excerpts from for this/my real estate blog...maybe when the market slows down a bit I'll get to it. (Sorry for those of you in bad markets, but we are busy around here)

Texas Real Estate Will Sidestep a Deep Decline

From Houston business wire:
June 24, 2009 11:59 AM Eastern Daylight Time
Texas Real Estate Will Sidestep a Deep Decline, According to Lewis Realty Advisors
HOUSTON--(BUSINESS WIRE)--Real estate prices in Texas are generally stable and fears of major declines in property values, similar to what occurred in Texas in the 1980s, are unfounded, according to Lewis Realty Advisors, one of the nation's leading eminent domain consultants and real estate advisory firms.

A decline in the number of transactions and the scarcity of real estate loans have generated a strong belief in the community that values are down sharply, but that is not the case, says David Lewis, chief executive officer of Lewis Realty Advisors.

"National lenders have diminished their lending activity in Texas real estate markets and it is taking longer for buyers to close transactions and receive loans for the deals that do go to completion. However, real property values are not on a great downward slide in the Lone Star State,” said Lewis. “Demand for property in the Texas real estate market is generally good and overbuilding has not been widespread.”

Although there have been some declines in Texas commercial real estate, rental rates have not suffered significantly in most market segments.

While the Texas economy has reported some mild jobs losses, the employment picture in the state outshines the rest of the nation. The major cities of Texas – Houston, Austin, Dallas, and San Antonio have been among the nation’s leaders in job creation over the last year. Furthermore, in the most recent report from the Bureau of Labor Statistics, Austin was the only large city in the nation to report an increase job growth over the last 12 months.

“Texas realty prices did not appreciate wildly like the Californian and East Coast properties did a few years ago. So there is no big decline or correction coming to Texas,” Lewis said.

“Texas real estate markets are definitely softer than they were a few years ago, but the declines are nowhere near the disastrous meltdown of the 1980s and a rebound could be coming as soon as 2010,” Lewis said.

Lewis is a founding board member of the Harris County Appraisal District, a former member of the City of Houston Planning Commission and a past president of the Houston Chapter of the Appraisal Institute. He holds the most distinguished professional designations for real estate consultants and appraisers as Senior Residential Appraiser (SRA) and Member Appraisal Institute (MAI).

Founded in 1961, Lewis Realty Advisors, as noted on www.LewisRealty.com, has handled a wide variety of appraisal and consulting assignments for private property owners and governmental entities. The Houston-based company provides eminent domain counseling, property tax consulting, estate and investment analysis, as well as other counseling and appraisal services.

More about the $8000 tax credit

I want to see all first time homebuyers take advangate of this!

Excerpt from Realtor Mag
The Basics: 2009 First-Time Home Buyer Tax Credit

Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Breaking news: HUD Secretary Donovan announces that the $8,000 tax credit may be used as a downpayment.

Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.



The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

First time home buyers credit, wow!

There are always first time home buyer credits that the govt has but this one is the best I've seen. An attempt to stimulate the economy, an $8000 tax credit. Thats a credit not a deduction. Website below.

Here is information about the govt first time home buyers program. Its awesome!
http://www.federalhousingtaxcredit.com/2009/index.html

Austin’s housing decline not as severe as others

Friday, January 30, 2009, 12:33pm CST | Modified: Friday, January 30, 2009, 12:57pm
Austin’s housing decline not as severe as others
reprinted from : Austin Business Journal
While Austin has seen a drop in housing starts, its decline from the market’s peak has been relatively gentle compared to other cities, according to research from Houston-based Metrostudy.

A study released Jan. 29 from the housing industry research firm said Austin has experienced a 66 percent decline in housing starts from its peak in the third quarter of 2006 to the end of 2008. That’s the smallest decline out of the 81 markets Metrostudy researched.

“South Florida’s quarterly starts declined 96.5 percent from their peak, and Naples-Fort Myers’ quarterly starts dropped 92.9 percent from their peak, as of the end of the fourth quarter of 2008,” said Brad Hunter, national director of consulting for Metrostudy.

The report also said the U.S. Department of Commerce’s latest reading on new home sales, which show that sales have fallen to the lowest level on record, understate the nationwide problem.

The U.S. Department of Commerce’s numbers showed 331,000 new homes sold at an annualized rate.

“The government’s new-home sales numbers ignore cancellations of contracts by reluctant home buyers,” said Hunter. “Buyers who have signed contracts to purchase homes are either unwilling or unable to close on those homes, and this trend is worsening in some markets because of the economy.”

According to Metrostudy’s research, the pace of new-home absorption has slowed sharply in almost every housing market in the country.

“Even markets that didn’t experience a price bubble, such as Texas and North Carolina, are getting hit by consumer panic, and homebuilders are suffering,” Hunter said.

Top ten sellers' markets; we made the list ya'll

Top Sellers' Markets
1. Raleigh, NC
2. San Francisco, CA
3. Austin, TX
4. San Antonio, TX
5. St. Louis, MO
6. Houston, TX
7. Portland, OR
8. Dallas, TX
9. Denver, CO
10. Baltimore, MD

This came from Yahoo Real Estate which sited Business Week 1/6/2009

I've heard from many clients; "If only I would have sold last year..." Yes the market is a bit softer, but on the other hand... it is also a bit of a perfect storm, if you will. Let me explain.

If you're looking to upgrade homes, perhaps you'll have to sell for a little less then you would have last year but look at the trade offs from last year

1. Builder's incentives are amazing. Builders are dropping their prices as much as 20% in some cases. So you lower your price 5 %, but get a much better deal on the other side. I have seen $500,000 inventory homes drop $120,000. These builders need to liquidate their inventory.

2. Interest rates are incredibly low, even lower then a few years back when everyone was refinancing. What you give up in sales price on your house, you could easily make up in an incredible interest rate.

3. More homes on the market to choose from, especially foreclosures and sellers needing to sell quick.

Most realtors, including yours truly, will cut their commission on the sale of your home if you are buying another home from them.

Just some things to consider....

From small town to boom town

Liberty Hill defies real estate downturn with many new neighborhoods
By Charles Ealy

AMERICAN-STATESMAN STAFF


Sunday, November 30, 2008


At least one area in Central Texas is thriving these days despite the real estate slowdown: Liberty Hill, the small town just north of Cedar Park and Leander.

In fact, Liberty Hill is in the only real estate zone in Travis, Williamson, Bastrop and Hays counties where more homes have sold this year than last. Through October, 150 homes have sold there, with a median price of $217,000. That compares with 112 homes sold through October 2007, with a median price of $229,840.

"We're not growing as much as we were, and sales are flattening out a bit," says Shane T. White, a broker/owner of ReMax Town & Country in Liberty Hill. "But we're still doing OK."

And he thinks the area is "on the verge of explosive growth" once the economy bounces back, mainly because of its proximity to Austin, which is about 40 minutes away if you drive down the new 183-A tollway. "183-A opened us up as a bedroom community," he says.

White and other real estate agents say one of the big draws for the area is the quality of schools. The Texas Education Agency rates the district as "recognized," which means that 75 percent of all students taking TAKS exams earned a passing grade, with a high school completion rate of 85 percent and an annual dropout rate of no more than 2 percent. Less than 23 percent of the state's school districts have that rating, and less than 3 percent of districts get the higher "exemplary" rating.

"Our family moved out to West Texas for a year, and I can tell you that the Liberty Hill schools are far more advanced," says Christie Weems of City Real Estate and Mortgage.

"There's a real sense of community here, and everyone turns out for the high school football games, even people who don't have children in school," she says. Part of the reason, of course, may be that the Liberty Hill Panthers are two-time Class 3A state champions.

Neighborhoods spread like wildflowers

But there are other reasons for Liberty Hill's growth. A big factor: More subdivisions are going up in what was once a rural area.

Christie Weems and her husband, Ronnie, are working on their own Liberty Hill development, Stone House Estates, with 29 lots of about 5 to 6 acres each. Six of those lots back up the North San Gabriel River and sell for $189,000 to $235,000. Lots that aren't on the waterfront start at around $80,000.

"To my surprise, we've had much more interest so far in the more expensive lots on the waterfront," Christie Weems says. "I guess it's because waterfront lots in Central Texas are so rare these days."

The development is off County Road 200, about six miles north of Texas 29. Its centerpiece is a remodeled ranch house with an old red barn, as well as a recently remodeled guest house.

The 3,300-square-foot house with the barn is on the market for $423,000, while the smaller house, with 2,370 square feet, is listed for $365,000. Weems has both listings.

While Stone House Estates is still in the early stages of building, other new developments are also being built, with some near completion. They include:

* Cierra Springs, with 36 lots of about one acre and houses built by Drennan Day Custom Homes . Lots are priced from about $30,000 to $45,000. Drennan Day homes typically start at about $200,000. Cierra Springs is on County Road 214.

* Cierra Vista, with 80 lots of about 1 acre, also being developed by Drennan Day. It's along County Road 200, the same road that leads to Stone House Estates. Houses go for about $235,000 to $320,000. White has a listing for a four-bedroom house with 21\/2 bathrooms at 204 Howard Lane in Cierra Vista. The asking price: $290,000.

* Sundance Ranch, another Drennan Day development off of County Road 200. It's a gated equestrian community with more than 270 lots of about 5 acres each. Only a few lots are still available.

* Gabriel's Overlook, a Drennan Day development about halfway between Georgetown and Liberty Hill, off Texas 29. It's also gated, with lots of 1 to 4 acres, some overlooking the San Gabriel River and others abutting Avery Lake. Home prices range from the $200,000s to the $400,000s.

* Stonewall Ranch, with a first phase of 37 home sites and houses ranging from about $139,000 to $161,000. When complete, the master-planned community owned by Buffington Capital Holdings and built by Texas Classic Homes will have more than 1,000 houses.

* Rio Ancho Ranch, between Liberty Hill and Bertram, along the San Gabriel River, near the intersection of County Road 322 and Texas 29. Lots go from the $50,000s to the $90,000s.

Other communities include Boulderwood Park, Carrington Ranch, Deep Lake, Durham Park, High River Ranch, Indian Oaks, Post Oak Ranch, Quarry Lake Estates, San Gabriel Oaks, Saratoga Springs, Silver Creek, Stable Oaks, Stage Coach and the Overlook. Summerlyn, a 169-acre development on U.S. 183 in North Leander, is just south of Liberty Hill.

Small-town charm but thinking big

Despite its recent growth, Liberty Hill still has a small-town feel. The historical downtown area has cozy shops and dining spots, a quaintness that survives despite the nearby bustle along Texas 29.

And land along the highway is poised for even more rapid development, mainly because a new sewer system is going in, which is expected to bring an influx of fast-food restaurants and other establishments, White says.

"McDonalds has already bought the Star Burgers site," Weems says of a funky-looking local burger joint off of Texas 29.

Not everyone is excited about the growth prospects. Proposals to widen Texas 29 from Georgetown to Liberty Hill have stirred up controversy in recent months, and some landowners are worried about whether they'll be forced to sell their property.

But construction probably won't begin for 20 to 25 years, Williamson County officials say, and they expect that wider roads will be necessary because most of the county's growth is expected to be along Texas 29, west of Interstate 35.

Whatever happens, Liberty Hill residents probably won't have to drive so far to get to the city in 20 years. It looks like the city is coming to them.