By Tom Branch, on November 10th, 2011 We’re pleased to announce the addition of a Lifestyle Home Search! While traditional home searches are based upon location and features of the homes, our new search allow buyers to search for home based upon their lifestyles.
The search is completely map-based and allows the user to not only see homes for sale but also to overlay data on the map.
Want to know where the schools are located? Add them to the map. Want to know more about a school? Click on the school and you can view details about the school including number of students enrolled, full-time teachers, student-to-teacher ratio, and much more.
Houses of worship, shopping, transportation, dining, hospitals, recreation, and a host of other data can be added to the map.
Start a Lifestyle Home Search.
By Tom Branch, on November 8th, 2011 This month I broke out the market data for Plano by price range. The ranges used are: under $165k, $165k-$220k, $220k-$319k, and $319k and above. Click on any chart for a larger view.
The Median Sales Price shows a modest 1 percent growth in sales prices in the upper two groups, a.3 percent increase in the $165k to $220k group, and a 1.5 percent decrease in the Under $165k group. While foreclosures are not a large part of the market, the lower two groups have a higher percentage of distressed sales which drags down housing values.
The Days On Market continues to climb. The good news is that all four groups are still under 180 days on market. The lower three groups average about 85 days on market while the highest priced group averages about 120 days on market. The National Association of REALTORS® considers a 6 month supply of housing to be a balanced market. Areas with supplies under 6 months are a seller’s market, and supplies over 6 months are a buyer’s market.
The impact of the Federal Homebuyer Tax Credits can be seen in The Percent of Original List Price Received charts. The rise in the percentage during the first two quarters of 2010 was caused when buyers were scrambling to get homes under contract and closed in order to qualify for the tax credits.
The housing market in Plano, TX remains relatively stable. The lower prices of the lowest group combined with low mortgage rates makes this a good time for first time home buyers and cash-flow investor to purchase property.
Source: NTREIS on November 7, 2011
By Tom Branch, on October 31st, 2011 
I answered an online question today. The writer was preparing to give a Texas property to his child and wanted to know if he should use a Quit Claim or Gift Deed.
While a Quit Claim Deed might get the property transferred, it will likely become problematic somewhere down the line when the child goes to sell the property. Texas title insurers usually will not accept a Quit Claim Deed. If the original owner cannot be found or has passed away, it can create title issues.
While I would suggest a Special Warranty Deed, it would be best to speak with a title company or attorney about this situation.
See our list of Dallas Fort Worth Title Companies.
Photo: Licensed from iStockPhoto
By Tom Branch, on October 30th, 2011 75025 in Plano Texas continues to see a steady rise in days on market and the months supply of available homes.
Days on Market:
Months Supply of Housing:
The National Association of REALTORS® considers a 6 month supply of housing to be a balanced market. Areas with supplies under 6 months are a seller’s market, and supplies over 6 months are a buyer’s market. So while both have continued to rise, the market remains relatively balanced.
The good news is that the sales price per square foot has risen considerably since January 2010 and is only slightly below January 2007.
Sales Price per Square Foot:
As we enter into the winter months (typically a slower sales period), I expect we will see these trends continue until early 2012. While mortgage interest rates remain at all-time lows and Plano has a stable economy, it appears that both conventional and investor buyers are taking a “wait and see” approach to home buying.
Data Source: NTREIS on October 30, 2011
By Tom Branch, on October 29th, 2011 
It’s that time of the year again! The record-breaking heat of the North Texas summer has given way to cooler fall temperatures. We’re all breathing a sigh of relief and enjoying the change of seasons.
The cooler fall temperatures will fade into winter. It’s not unusual for North Texas to experience freezing temperatures. While this might simply be an inconvenience to many of us, it can be a disaster if you have a vacant home.
If your vacant home is not heated, you really need to consider having the property winterized. The winterization process is relativity inexpensive (a couple of hundred dollars) and can save you thousands in damage and repairs that result from freezing pipes.
One local resource in the greater Dallas area is Kissee Inspections. Mark has winterized a number of vacant homes for us over the years and does quality work at reasonable prices. Mark is offering a Winterization Special. Click on the ad below for larger version.
Don’t wait until we have that inevitable cold snap as the few contractors who do this kind of work will be swamped.
Photo – Copyright 2011 Tom Branch
By Tom Branch, on October 23rd, 2011 
This is a common question among distressed homeowners we work with. It’s an easy question to ask, but the answer is complicated and constantly changing.
There are many variables involved when trying to figure out when someone will be able to purchase a home after a foreclosure or a short sale; however, the general guidelines that FHA, Fannie Mae and Freddie Mac follow when considering a loan after a short sale or foreclosure are:
Short Sale with FHA loan
• Can purchase right away with no mortgage default/late payments
• 3 year wait if in default or late payments at the closing
• Reduced wait if the borrower has re-established good credit and can show more qualifying circumstances *
Short Sale with Fannie Mae Loan
• 2 year wait if the borrower puts 20 % down
• 4 year wait if the borrower puts between 10% to 20% down
• 7 year wait if the borrower puts less than 10% down
• 2 year wait if the borrower can show extenuating circumstances and puts more than 10% down *
Short Sale with Freddie Mac Loan
• 4 year wait before being able to get a loan
• 2 year wait if the borrower can show extenuating circumstances *
Foreclosure with an FHA Loan
• 3 year wait before being able to get a loan
• Reduced wait if the borrower can show extenuating circumstances and re-establishes good credit *
Foreclosure with a Fannie Mae Loan
• 7 year wait from the completed foreclosure sale date
• 3 year wait if the borrower can show extenuating circumstances. Additional underwriting requirements apply for 4 years after a 3 year waiting period.
• 7 year wait for a 2nd home, cash out re-financing, or an investment property
Foreclosure with a Freddie Mac Loan
• 5 year wait from the completed foreclosure sale date
• 3 year wait if the borrower can show extenuating circumstances *
*Qualifying/Extenuating circumstances are not applicable in most situations
This list does not cover all circumstances so always talk with an experienced mortgage professional about your specific situation.
Source: Townsquare Financial
By Tom Branch, on October 19th, 2011 
Vote For Proposition 2 to Make Sure Texas Has Enough Affordable, Clean Water for Our Future.
The population of Texas is projected to double over the coming decades, yet our water systems are deteriorating and can’t keep up. If we don’t do anything, experts agree we won’t have enough water to meet our needs.
Proposition 2 will save taxpayer dollars on water projects in the greater Dallas Fort Worth Metroplex and allow our water supplies to keep pace with demand.
Listen to the podcast at TexasRealEstate.com
Don’t Let Texas Run Out of Water. Vote FOR Proposition 2 on November 8th.
Photo: Licensed from iStockPhoto
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