Julie Johnson » Market Updates

Housing Boom in Frisco

Julie — Mon, 20 Jun 2011 00:41:36 +0000

City leaders are considering a plan to add more than a thousand new homes to Eastern Frisco. The 500 acres on the 121 corridor will be called Richwoods and will be near the Rolater/Independence area. Plano based Landon Homes purchased the tract and hopes to build 1,600 new homes. Although nowhere near the boom levels of five years ago when 50,000 new homes were being built in North Texas, analysts see this as another sign that the North Texas housing market is coming back to life and Western Frisco is leading the way.

Dallas is the Fastest Growing City in the U.S.

Julie — Sun, 07 Nov 2010 22:15:17 +0000

The DFW area grew by staggering 25% during the last decade, according to CNNMoney.com. That’s an increase of about 1.3 million people flocking to the prosperous area. Dallas boasts no corporate tax, low building costs and minimal regulations and the state of Texas has no state income tax. Dallas Mayor, Tom Leppert says “It’s a great place to do business, especially attractive for companies from high-tax states.”

Recent additions to the thriving Downtown Dallas area, including a beautiful new arts center, urban park, light rail system and new housing area all adding to the urban appeal. Also, the DFW International Airport, the third busiest in the nation, is well positioned in the south to ensure good weather and central enough to provide good service to the rest of the country and the Latin American markets.

2% Decrease In Foreclosures in February 2010

Julie — Fri, 19 Mar 2010 13:10:03 +0000

Good economic news in February points to a slow down in home foreclosures. RealtyTrac is reporting a 2% decrease from January 2010 in it’s February Foreclosure Market Report. Although it is still 6% above filings from February 2009, it is still the smallest annual increase they’ve seen since January 2009. This is certainly a good indicator of recovery and a leveling of the foreclosure trend,

Pending Sales for Homes Remains Higher Than Last Year

Julie — Fri, 08 Jan 2010 15:53:43 +0000

Great news for existing homeowners who are selling their homes. Not only are home sales higher than last year, but the newly expanded tax credit will allow existing homeowners to also get a tax credit when they purchase their new primary residence. They must have lived in their previous home for 5 years and the new home must be their primary residence. Existing homeowners can qualify for up to a $6500 tax credit! New home buyers can still qualify for up to $8,000.

Pending home sales were more than 15% higher for November 2009 than in 2008. According to Lawrence Yun, National Association of Realtors chief economist, “The fact that pending home sales are comfortably above year-ago levels shows the market has gained sufficient momentum on its own. We expect another surge in the spring as more home buyers take advantage of affordable housing conditions before the tax credit expires.”

You must have your contract written before April 30, 2010 and it must close before July 1, 2010 in order to take advantage of the non-repayable credit.

North Texas Housing Market Fairing Better Than Most

Julie — Fri, 27 Feb 2009 17:56:15 +0000

The S & P has surveyed 20 large metropolitan areas regarding housing values. According to that survey, nationally, home values have plummeted well over 18 percent. In the 20 metropolitan areas that were surveyed, all are reporting decreases and 8 of the top 20 are reporting that values have declined more than 20 percent!

North Texas home values are fairing far better than the vast majority of the rest of the country. Between December 2007 and December 2008, home values in North Texas dropped by only 4.3 percent. North Texas ranks 2nd best in the areas surveyed.

Stimulus package offers real $8,000 tax credit

Julie — Tue, 17 Feb 2009 15:33:34 +0000

The new stimulus package, set to be signed in Denver today by President Barack Obama, will contain some help for first time home buyers. The previous tax credit, which had to be repaid over 5 years, has been replaced by a real $8,000 tax credit that does not have to be repaid.

Homeowners who purchase homes between January 1, 2009 and December 1, 2009 will qualify as long as they haven’t owned a home in the last three years. Additionally, to keep out speculators, you will be required to live in your home, as your primary residence, for three years or the tax credit will have to be repaid.

Individuals who make less than $75,000 or couples making less than $150,000 will qualify for the full $8,000 tax credit amount. Those with higher incomes may still qualify for a partial credit.

Source: CNN.com

Realtors look forward to stimulus

Julie — Mon, 16 Feb 2009 01:27:29 +0000

Recovery in the housing market is key to overall economic recovery and no one knows that better than the National Association of Realtors (NAR). They are looking forward to the implementation of the Presidents stimulus package citing a number of reasons why they back this plan.

According to NAR President Charles McMillan, who is also a Dallas based broker, jobs and tax cuts are going “to help families recover and prosper, and these initiatives will help more people keep their homes and help others become homeowners.” Additionally, the final bill raises the tax credit to $8,000 for first time home buyers plus it no longer requires repayment as stipulated in earlier legislation. NAR estimates more than a quarter of a million additional home sales could be realized , helping to stabilize the value of existing homes.

Also included in the bill are monies slated for neighborhood stabilization efforts to help communities purchase foreclosed properties to be rehabilitated to keep home values up.

Source: msnbc.com

Texas: Still THE place to be

Sandra — Sun, 08 Feb 2009 19:01:40 +0000

While the United States economy is cooling, Texas jobs are still red hot. According to Texas A & M researchers (January 2009 Monthly Review of the Texas Economy), even in these difficult economic times, Texas continues to create jobs with all Texas metro areas experiencing positive growth rates. Last year (2008), while the U.S. economy lost more than 2.8 million jobs, Texas gained more than 154,000 including more than 30,000 in education and health care, 35,00 in government and 9,200 jobs in construction.

Things are picking up!

Julie — Mon, 25 Aug 2008 18:41:09 +0000

Real estate sales went up in July.