Archive for August, 2010

Come Home to Liberty in Melissa, Texas

August 29th, 2010

Liberty PoolAre you looking for a place away from all of the hustle and bustle?  Liberty in Melissa, Texas near Dallas/Fort Worth, just east of Highway 75 and off of State Highway 121 (exit 45) is a new community that offers a secluded haven.   Melissa, Texas offers an idyllic setting with its small town charm, top-notch education with Melissa ISD (a TEA Exemplary School District), unique shops , rolling landscapes, and access to nearby businesses and entertainment centers.

Liberty is a new homes community which offers houses designed and built by the industry’s best builders.   You can choose from Highland Homes, Standard Pacific Homes and Drees Custom Homes to build a unique residence in this quiet, serene neighborhood.  Owners can choose from a variety of architectural choices from traditional to neo-traditional styles all which will remind you of the simple life complete with large front porches on which to relax and entertain.  There are plenty of lots and a variety of lot from which to choose.

Highland Homes offers homes from the 150’s and features 34 floor plans with one and two story options and square footage ranging from around 1,700 square feet to well over 3,000 square feet.  Standard Pacific offers home designs ranging from 1,800 to over 3,600 square feet with a variety of available upgrades and options and prices starting in the $165′s.  Drees offers homes on ¼ acre homesites with 25 plans to choose from with base prices ranging from $194,900 to $301,900.

The neighborhood comes complete with a beautiful entry lake and a lovely gazebo overlooking it,  walking and jogging trails throughout the neighborhood, and a clubhouse.  The amenity center features an adult pool, toddler pool, tot lot, playground and soccer field.  A basketball court will also round out the amenities.  For the young ones, the neighborhood is home to the elementary school, which is within walking distance and features a smaller student to teacher ratio than the average Texas school.

If you are anxious to be a part of a small-town community with all of the conveniences of the big city, then Liberty might just be the place you’ll want to call home.

Need help finding your new home in the Dallas/Forth Worth area?  Visit SaveOnANewHome.com today.

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Posted in New Home Communities

Weak Home Sales Hide The Facts

August 22nd, 2010

Cluster of For Sale SignsThe weak economy, unemployment rate, tightened lending practices, and high foreclosure numbers have not helped the housing market in 2010.  In August, The National Association of Realtors said that its seasonally adjusted index of sales agreements for previously occupied homes fell 2.6 percent to a reading of 75.7.  This was the lowest on record since 2001 and down almost 19 percent during the same month last year.

But according to Dr. Mark Dotzour, the chief economist at the Real Estate Center at Texas A&M, “The year-over-year decline in existing home sales will be the result of comparing months when there was no tax credit with those from a year earlier, when the tax credit was artificially increasing sales.”

In 2009 the government offered first-time home buyers an $8,000 tax credit that went into effect in January of 2009.  It was offered through November 2009 and then late in the year, it was extended to include home sales with contracts written until April 30, 2010, and closed by June 30 (extended to September 30).  Also, in November of 2009, a $6,500 tax credit was offered for qualified move-up/repeat home buyers which allowed for home sales with contracts written until April 30, 2010 and closed by September 30, 2010.

After home buyers and real estate agents fully understood the tax credit, response grew and home sales flourished in September, October and November 2009.  After the tax credit was extended to April 2010 and more people were included with the addition of the $6,500 existing repeat home buyer credit, sales for the spring of 2010 rose dramatically with March up 18 percent, April up 28 percent and May up 18 percent over the same months in 2009.

But in May 2010 the market saw a dramatic fall of pending home sales.  June and July saw a considerable drop in home sales as well.  For example, in July 2010 sales in Texas were down almost 25 percent from July of 2009.

Unless another housing tax credit is instituted, Dr. Mark Dotzour predicts that an accurate reading of the housing market conditions may not occur until June or July of 2011.

Now is a perfect time to buy a home. If you are in the market for a new home, check out SaveOnANewHome.com. We can save you thousands.

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Posted in First Time Homebuyer Tax Credit, Housing Bubble

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Reverse Mortgage Pros and Cons

August 22nd, 2010

House With a tough economy, lowered social security benefits and weak retirement accounts, many Americans are turning to reverse mortgages for extra cash.  A reverse mortgage is a special type of home loan that allows you to take a piece of the equity from your home and convert it into cash.  No repayment is required until you no longer use the home as your principal residence (i.e. move or die).

According to Dr. James Gaines, research economist for the Real Estate Center at Texas A&M University, “Reverse mortgages are based on the home’s current value, borrower’s age and existing interest rates.  Borrowers can choose to receive loan proceeds in a single, lump-sum payment, as periodic predetermined payments, a line of credit or both.”  But before rushing into the lure of this “free cash” there are risks that need to be considered.

AARP offers up five questions to ask before considering a reverse mortgage:

1.            Do you really need a reverse mortgage?

2.            Can you afford a reverse mortgage?

3.            Can you afford to start using up your home equity now?

4.            Do you have less costly options?

5.            Do you fully understand how these loans work?

Understanding the pros and cons of a reverse mortgage need to be considered before moving forward.  The Real Estate Center at Texas A&M Unversity offers the following list of pros:

  • A reverse mortgage has no fixed due date.
  • No repayment is required as long as the home remains the borrower’s principal residence.
  • Loans become payable upon death, sale, ceasing to live in the home or failure to keep taxes, insurance or maintenance current.
  • Borrowers cannot be foreclosed on.
  • Reverse mortgages are nonrecourse loans. The amount owed can never exceed the selling price.
  • Borrowers continue to hold title to the property.
  • There are flexible payment options.
  • Loan proceeds are not taxable.
  • Underwriting and approval do not depend on the borrower’s current income or employment status.
  • Would-be borrowers are required to meet with an independent financial counselor prior to getting a loan.
  • The lender’s lien on the property is removed if the lender fails to make loan advances according to the agreement.

Even though there are many positive aspects of the reverse mortgage, it isn’t always the right fix and there are many negatives associated with a reverse mortgage.   Truly, reverse mortgages should not be entered into lightly and people thinking about moving forward with one, need to realize that when they die, whoever inherits the house will be responsible for paying off the reverse mortgage including all interest and costs associated with the loan.   Also homeowners must be at least 62 years old and either have a high home equity or own the home outright.   Reverse mortgages can be complicated since they are very different than forward purchase mortgages.  Also these mortgages often require high up-front costs and borrowers will need to stay in the home longer to reap the benefits.   Homeowners are still responsible for the home and all of the upkeep, maintenance, utility bills, insurance and taxes associated with it.  Also, a home can still be foreclosed on if the homeowner ceases to live in the home for 12 consecutive months or defaults on taxes, insurance, etc.

Homeowners considering a reverse mortgage should weigh all of their options, consult with their family members, and understand the risks associated with any loan process.

Are you interested in finding a home in Texas?  Search our extensive new homes database for free at SaveOnANewHome.com!

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Posted in Mortgages

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San Antonio, Texas – Family Destination

August 3rd, 2010

In the 2010 U.S. News & World Report’s list of the “Best Family Vacations in the USA” San Antonio came in at number two just behind San Diego but beating out Disney World and the Grand Canyon.  Other Texas cities made the list too, with Austin ranking in at eight and Dallas making the list at number twelve.

San Antonio has so much to offer a family.  Of course, a trip to San Antonio wouldn’t be complete without a visit to the Alamo.   Visitors will get to walk through the old mission and learn the history behind the famed Battle of the Alamo.  Docents are often on hand to tell the story of the Alamo and to answer questions from visitors.

San Antonio RiverWalk

San Antonio Riverwalk

The San Antonio Riverwalk has recently been expanded to include more walking area and more to see and do.  With restaurants, shops, entertainment and hotels, there is plenty to keep a family busy just in the downtown area alone!  For those looking for a thrill, the Tower of the Americas offers some spectacular views of the city from its observation deck.  La Villita is also just steps away and it is full of cultural goodies.  Shops, galleries, restaurants and the Church of the La Villita are all within walking distance.  The area also is home to the Magik Children’s Theatre offering plays for the entire family.

San Antonio is also home to Sea World of Texas and Six Flags Fiesta Texas.  Sea World is home to Shamu and all of his friends including dolphins, penguins, sea lions and fish from all over the world.  Water rides and roller coasters offer an added thrill and fireworks light up the sky at night.  Fiesta Texas offers thrill rides, entertainment, and a water park for an all day adventure -fun for the entire family.

With its Southwest flair, San Antonio offers a culturally rich, diverse setting perfect for any family to relax, kick back and enjoy something truly unique.

For more information on San Antonio or to research hotels, flights and great travel deals visit Travel Zoo’s Destination of the Week: San Antonio.

Interested in finding a home in San Antonio?  Start your search now.

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Posted in San Antonio

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Foreclosure Prevention May Not Be the Answer for Many Homeowners

August 1st, 2010

With foreclosures still a major concern for many homeowners, the government’s foreclosure prevention program seemed to be just the ticket. Hundreds of thousands of desperate homeowners have flocked to the program hoping for relief. Considering the housing market is still very fragile and that many more foreclosures could be on the horizon, the program seemed like just the plan to help the housing market realign and set things straight. Foreclosured Home

In fact, permanent loan modifications are on the rise and according to CNN Money, over 50,000 homeowners received long-term mortgage modifications in June, bringing the total to 389,198. With a low delinquency rate and most modifications being “sustainable” it appears that the program is working for many. However, on closer inspection, many homeowners were dropped from the program and are still facing foreclosure.

Over half a million people who entered the program have been removed during the trial modification phase since the program began in the spring of 2009. With foreclosure rates holding steady and predicted to rise again by some economists, the government modification program doesn’t seem to be making a dent in the foreclosure debacle. Though families have been helped, many more have been canceled, turned away or simple left to fend for themselves.

Until the unemployment rate returns to “normal”, foreclosure modification may be a wasted effort. Even when some homeowners receive help, loans can only be modified so much, and for those without work, the mortgage may not be a realistic option, no matter how low the rate adjusts. Many facets of the economy will have to regain a strong foothold before the foreclosure issue is resolved and the housing market stabilizes for good.

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Posted in Foreclosures

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