Decision Time Draws Near for First Time Buyer's Credit

Decision Time Draws Near for First Time Buyer's Credit

While the economy continues to show signs of improvement and many housing markets are beginning to heat up, scores of would-be buyers are still waiting on the sidelines for further positive housing trends. But for first-time buyers, time is running short on the federal government's $8,000 tax credit.

Though the official expiration date of the credit is December 1, in reality on-the-fence buyers will need to make a decision one way or the other fairly soon. The reason: in order to qualify for the credit, the home purchase must close by December 1st. Merely having loan approval, an accepted offer or a signed contract won't be enough to qualify for the Housing and Economic Recovery Act.

Decision-Making Timeline - While each transaction is unique, closing a real estate deal is no speedy matter. On average, closing takes place 45 to 60 days after the date that the contract is signed. In order to meet the December 1st deadline, this would mean having a signing date in late September or early October. Those who consider the tax credit an important incentive but are still unsure about entering the market will need to make a decision one way or another before many more summer days pass.

To have any chance at finding a home and having an offer accepted by early October, buyers will want to wade into the home buying process right away. The immediate steps include making a final list of desired home attributes, scouting favorite neighborhoods and areas, starting the mortgage pre-approval process and beginning the home search process online.
Potential for Delays - Buying a home is a complicated process, and it is not unusual for purchases involving first-time buyers to take slightly longer than those involving experienced buyers. Some of the delays that first-time buyers may face over the coming months:

1. Competition with Other Buyers: While home may be selling at a lower rate than in years past, in many areas changes in inventory have created extremely competitive buying environments.
2. Foreclosures or other homes with greatly lowered asking prices are particularly sought after, and in many cases investors are very active in the marketplace.

3. Disclosures & Contingencies: The seller is obligated to disclose any material facts about the property, including any property defects or any lawsuits regarding claim to ownership on the property. Disclosures can stall negotiations and delay the contract signing depending on their nature and severity. Contingencies (written clauses in the sales contract that give protection to both the buyer and the seller of a home) can also result in some delay in negotiation, particularly if the contingency requires the seller to make specific repairs.

4. Appraisal: The lender will arrange for appraisal of the property, which will include a thorough inspection of the home's interior and exterior. The appraiser's report will describe the physical characteristics of the property and comparable property values will be used to determine the value of the property. If the appraisal of the home's value is lower than the agreed upon sales price, the buyer's chance of loan approval can be in jeopardy. In addition, recently added rules for appraisers have been causing some delays based upon anecdotal evidence.

5. Loan Approval: While interest rates remain advantageous for buyers, lenders are being much more fastidious during the approval process. Obtaining pre-approval can help prevent many delays.

6. The Holiday Season: Buyers who submit an offer in mid-fall may likely run into another roadblock to a pre-December 1st closing date: the approaching holiday season. Closing a real estate sale requires the work and attention of a number of professionals; from real estate agents to attorneys to bankers. Like many Americans, it is not uncommon for individuals in these fields to use up vacation time in the last few weeks of November. Securing a closing date during Thanksgiving week may be something approaching miraculous.

7. Additional Delays for Short Sales and Foreclosures: Buyers who make an offer on a short sale property or bank-owned foreclosure may find that it takes a significantly longer time to receive a reply than expected. Overall, buying these types of properties is a longer process than buying homes listed on the market by individual owners.

Key Elements of the First-Time Home Buyer Tax Credit:

The tax credit only applies to first-time home buyers. The law defines a "first-time" buyer as any buyer who has not owned a home within the previous three tax years. For married couples, the homeownership history of both individuals must meet this qualification.

The tax credit is only available for homes purchased between Jan. 1, 2009, and Dec. 1, 2009. For the purposes of this credit, the purchase date is the date when closing occurs and the title to the property transfers to the new home owner.

As long as the property is purchased by a qualified buyer for use as a principal residence, any type of home, including single-family detached homes, townhouses, condominiums and manufactured homes can qualify for the credit.

The tax credit does not have to be repaid provided that the buyers use the home as their principal residence for at least three years.

The full tax credit is only available for individuals with an adjusted gross income of up to $75,000 and for married couples with a combined adjusted gross income of up to $150,000. The tax credit phases out for anyone above those income thresholds.

The tax credit applies for up to 10 percent of the home's purchase price, with a maximum of $8,000. For example, a first-time buyer of a $50,000 home would be eligible for a tax credit of $5,000 while a buyer of a $150,000 home could receive a tax credit of a maximum of $8,000.

The 2007-2009 Recession is Over

The 2007-2009 Recession is Over

We received this from our broker it is very interesting.

This is the statement this morning from Dennis Gartman, one of America’s leading and respected economists. He was the leading economist that stated in 2007 that America had entered the recession in December, seven months before the Federal Government acknowledged that fact. He is now saying the recession ended in July 2009. He does emphasize that we will have a couple more months of “bad news,” but all indicators are indicating upward movement.

He uses the following indicators:
1. Jobless claims began dropping in March and have dropped each week from 658,000 to the present 584,000.

2. The nation’s unemployment rate dropped in July to 9.4%, a slight decrease from June’s 9.5%, but still an extremely positive sign.
America’s industrial production has now reversed itself and is on the increase again.

3. America’s housing market is now under going dramatic improvement. June 2009 was the best reported month in years, and a similar report is expected for July 2009.

4. America’s home prices are stabilizing in some parts of the country.
Recessions almost always end in July – beginning with the Great Depression of the 1930s that ended in July.

* Dennis Gartman has correctly identified the start and end on America’s recessions for the past 35 years. His expertise is well respected.

On a side note, the major concern for the future will be rising interest rates. The huge issue of debt by our Federal Government is unsustainable and it could force interest rates to rise. The United States experienced the same scenario in the early 1980s recession when the government issued massive debt, and shortly thereafter home loan interest rates jumped from 6% to 14%. All predictions indicate that this recession will not have such a huge spike. Further, there is no change in interest rates expected for the remainder of 2009.

Buyers and sellers need to be aware that the Fall of 2009 is a great time to sell and buy real estate.

Open Houses August 9, 2009

Come over and check out these great listings!

Open House 2-4 PM Sunday Aug. 9th

608 Wellington Rd., Coppell & 9001 Laredo, Irving

This is your opportunity to view these wonderful homes. We look forward to seeing you tomorrow.

I'm Back.....

I'm Back......

The past few months have been very busy in the Hoenig house. Rita had two surgeries in May on the same knee! All my extra time has gone to helping her by cooking, cleaning, shopping, taking her to doctors and therapy. I please to say she is healing nicely and walking again.

Ron’s selling them as quickly as he lists them!

What is the latest in Coppell Real Estate?

Ron’s selling them as quickly as he lists them!

It is HOT, HOT, HOT! The experts say buy low - sell high and the word is spreading fast that real estate has probably hit bottom. With very low interest rates, this is the best time to buy or sell. Every mortgage person we speak to is telling us the same thing, rates should begin to rise in about six months…so buy now!

Ron just listed a wonderful home in the Coppell Greens, 146 Kilmichael Dr. It hit the market last Wednesday morning and by Wednesday night, it was under contract for over asking price! The sellers were very happy and agreed to allow Ron to share their good news.

9427 Vista Circle, Irving TX (Valley Ranch) is a stunning home! Listed for $345,000 this four bedroom home has almost everything builders are putting in their high-end homes. There is even a custom-built media room with full HD capabilities and an outdoor living room. Check out the link to see the full list of improvements and additions. You just have to see the inside!

150 Kilmichael Dr., Coppell TX is also in Coppell Greens subdivision. It is a wonderful one story with a game room upstairs. Large spacious rooms, gas cook top and split bedrooms are just some of the amenities. The seller just replaced the carpet and painted some of the rooms. Just minutes from my favorite, Market Street, and Hwy 121 this is a great location.

Buying or selling, Ron is here for you. Call him – 214.316.0404!

Animal Services - FREE Microchipping & Low Cost Vaccination Event

Cancelled by the City - Animal Services - FREE Microchipping & Low Cost Vaccination Event


The Coppell Animal Services & Adoption Center is hosting a FREE microchipping day! All Coppell residents are encouraged to bring their pets to the Coppell Animal Adoption Center on March 21, 2009 between 1 and 4 p.m. to have their dog or cat microchipped and registered with 24 HR Petwatch. Donations to the Coppell Donation Fund are greatly appreciated.

Dr. Stan Brandon, D.V.M will be on hand to offer low cost vaccinations. A complete vaccination package will be available for dogs and cats for $40. For more information, please call 972-304-3515. The Adoption Center is located at 821 S. Coppell Rd.


This is a wonderful service! Both of our 4-legged children are "chipped" for safety. Our two are bird watching in this photo. Sophie, our little girl, was a gift from a friend and client. She was the result of an accidental encounter due to a loose board in the fence between Cathy's Shih Tzu and the neighbor's Dachshund.

Buddy is a re-home. His original owner died. Buddy was a California boy. We named him Buddy and we think he loves his new Texas home. We were lucky enough to find him through the The Bichon Frise Club of Dallas, Texas. Both are a true blessing!

Another New Listing - 925 Brown Trail, Coppell Texas

This is another new listing - 925 Brown Trail, Coppell Texas. Locating a three-car garage and an oversized backyard can be difficult. This stunning 4 bedroom, 3 bath, 3 living area home has both! From the moment you enter this home you know it is very special. The floor plan is open and spacious. Easy care slate tile in the entry coordinates with the slate tile accents around the fireplace. Lovely formals are on either side of the entry. The kitchen is updated with beautiful thick slab granite, fixtures, hardwoods and ceramic cook top with pop-up vent. The kitchen, breakfast room and family room are all open to each other for great fun. This floor plan also makes for great entertaining. A bedroom downstairs with companion bath is just off the family room.

Upstairs is the Master Suite, a game room and two other bedrooms. The Master suite is very large with ample room for a sitting area. Elegant is the best way to describe the master bath. His and Her vanities, a large jetted tub and a graceful arched window are just a few of the amenities in the master bath. The game room divides the Master from the other bedrooms. Wonderful French doors can enclose the game room.

This home is located on the curve of a U-shaped street. The street widens to a cul-de-sac shape in front of the house. Close to shopping, Hwy. 121 and Interstate 35 it is a great location. It is move-in ready!

New Listing In Valley Ranch - Irving, Texas

Things are picking up! Ron has listed two outstanding homes in the past week. The first one is 9427 Vista Circle, Irving. This Valley Ranch home was been extensively remodeled in 2006 to include a state of the art Media Room and an Outdoor Living Room. This is the beautiful pool and spa in the backyard. To view the interior of this spectacular home, double click on the photo of the pool.

The Multiple Listing Number of this home is 11163200.
While the home is in Valley Ranch/Irving, Coppell is the school district. It is 2905 square feet by a recent appraisal by the Wilson Group.

There is easy access to 635, shopping and restaurants. This home is stunning!

The following is a list provided by the seller on improvements:

9427 Vista Circle, Irving Texas
Remodel & Updates

Master Bedroom
Hand scraped hardwood floors installed
French doors leading to the outdoor living area room added
Fresh Paint

Master Bathroom
Granite countertops installed
Travertine tile floor added
Replaced hardware
Fresh paint
Replaced mirrors

First Floor Living Room Enlarged
Hand scraped hardwood floors installed
42” fireplace installed
French doors leading to the outdoor living room installed
Skip Trowel texture and paint added
Crown moldings installed
Recessed lighting added

First Floor Powder Bath
Hand scraped hardwood floors installed
Metallic paint

Outdoor Living Area
Wood burning fireplace added
Natural gas stem for fireplace and grill installed
Cable outlet for a mounted television installed
Rod-Iron child protective fencing installed
Recessed lighting added
Stained wood ceiling added
Two speakers controlled by downstairs remote tied to media closet upstairs

Second Floor Bathroom
Enlarged
Tile flooring added

Second Floor Office/additional bedroom
Hand scraped hardwood floors installed
Outlets for date and phone installed
Cable TV connection installed
Access to centralized media closet installed

Media Room Added
Hand scraped hardwood flooring installed
Recessed lighting added
Custom cabinet bar with granite countertops installed
96” screen
High definition Enfocus projector
Denon surround sound receiver
Polk Audio (5) surround sound speakers
2 RF remotes that can control all systems (1 for media room and 1 for downstairs TV and audio system)
Wired data ports in upstairs office and in living room that can be routed through the media closet upstairs

Additional items updated

Carpet installed in second floor bedrooms and media room
Granite counter tops and slate flooring added to the kitchen
Heated pool and spa
Air Duct cleaning recently done
Energy survey conducted by TXU and patches completed to ensure the house is sealed.
Stainless Steel appliances in the kitchen

If you would like to see this stunning property in person...call Ron at 972.393.9685. Out of state, call toll free 888.455.3534 for questions.

Understanding the Housing Recovery Plan

Understanding the Housing Recovery Plan

The recently announced Homeowner Affordability and Stability Plan is a sweeping effort to stem the national tide of foreclosures and to help as many as 9 million homeowners stay current on their mortgages. Here's a look at what the plan will entail and who will be eligible for assistance.
Basics of the Plan

The nationwide foreclosure problem has caused a ripple effect of lowering home values throughout individual communities. The Obama administration's plan marks the largest government response since the beginning of the housing crisis.

At its core are three main strategies:
1. Secure refinancing for as many as four million responsible homeowners, with the goal of making monthly payments more affordable
2. A $75 billion stability initiative to encourage lenders to modify loan terms for three to four million mortgages at risk of foreclosure or already in foreclosure.
3. Additional financial support for Fannie Mae and Freddie Mac.

Housing Affordability

Under traditional rules, homeowners who owe more than 80 percent of their home's value cannot easily refinance their mortgage. Many homeowners who have paid money down and are current on their monthly payments have seen their home's value drop enough that they lack the necessary equity to qualify for refinancing.

Under the Housing Affordability and Stability Plan, qualifying homeowners would be able to refinance their mortgages to current rates, making monthly payments more affordable. For those borrowers who are currently facing high rates following an ARM reset, the plan offers a chance to switch to a lower fixed rate mortgage.

Who Qualifies - In order to qualify for this portion of the plan:
1. Borrowers must have mortgages guaranteed by Fannie Mae or Freddie Mac.
2. Homeowners must owe more than 80 percent of their home's current appraised value.
3. Homeowners must not owe more than 105 percent of the home's current appraised value.
4. Borrowers must be current on monthly mortgage payments.

Homeowners with second mortgages will also be eligible but with additional restrictions. Along with the 105 percent limit, borrowers must be able to prove that they can still meet payment terms on the original loan and the lender must agree to keep the original loan in "primary position" in terms of monthly payments.

Who Doesn't - While some details of the plan have not yet been released, initially it appears that the following groups of borrowers may not qualify for this portion of HASP:
1. Borrowers who owe significantly more money than their home is worth.
2. Most borrowers whose mortgage exceeds the $417,000 conforming limit.

Housing Stability

The second portion of the plan is designed to provide relief to homeowners whose loan payments have risen to 40 or even 50 percent of their monthly income. The plan's goal is to reduce the total monthly mortgage payments for struggling homeowners. To do so, the Financial Stability Plan has allocated a total of $75 billion in incentives that should encourage lenders to modify loan terms.

Some components of the plan include:
Shared Modification Responsibility: lenders will be responsible for modifying loans so that the borrower's payment is reduced to 38 percent of their monthly income. Following that point, the initiative will match further reductions dollar for dollar down to 31 percent.

"Pay for Success" Incentives for Servicers will be awarded when borrowers stay current on a modified loan, in addition to an up-front incentive paid at the time a loan is modified under the program's guidelines.
Borrower Incentives will entail a monthly balance reduction payment applied to the loan's principal as long as the borrower remains current on payments/
Early action incentives will include payments to both the servicer and borrower when an at-risk loan is modified before payments become delinquent.

Who Qualifies -
1. Borrowers whose combined mortgage balance exceeds the current market value of the home
2. Individuals with high debt/income ratios

Who Doesn't - The administration has indicated that the following categories of borrowers will not qualify for this portion of the plan:
1. Borrowers who do not live in the home
2. Speculating investors or home flippers
3. Borrowers whose mortgages exceed the Fannie Mae/Freddie Mac conforming limits

Support for Fannie and Freddie

Using money authorized by congress in 2008 under the Housing and Economic Recovery Act, the Treasury Department is increasing its funding commitment to Fannie Mae and Freddie Mac by $200 billion total. Specifically, Treasury will increase Preferred Stock Purchase Agreements to $200 billion each (from the previous level of $100 billion each).

The overall goal behind this move is to increase confidence in the two mortgage giants and by doing so support the continuation of low mortgage rates.

Other Provisions in the Plan

$1.5 billion in relocation and other assistance for renters displaced as a result of landlord foreclosure. $2 billion in neighborhood stabilization funds.

Coppell - DFW Area Economic Update

Coppell and the DFW area are doing well compared to the rest of the nation. Check out what the Dallas Business Journal said...

DFW Economic Update - Dallas Business Journal, February 27, 2009

· DFW Area had net gain of 91,100 jobs in 2008 – biggest gain of any metro region in USA.
· Texas job growth in 2008 was 153,600. DFW area had 60% of all job growth in the state.
Texas was the only state in USA to have job growth.
· DFW area unemployment rose in 2008 from 4.2% to 5.8%. Even with the 91,100 net job
growth, the population gain outpaced job growth.
· First quarter 2009 there will be net job loss for the first time since 1987-1989.
· Remaining quarters of 2009, it is expected that there will be stagnation or segmented job
growth.
· Beginning in early 2010 the region will experience steady job creation again.
- Lyssa Jenkins, Chief Economist, Dallas Regional Chamber & Jeff Bounds, Staff Writer, DBJ

Looking For A Job?

US Census Bureau 2010 Census Jobs Available

The City of Coppell is trying to help the U.S. Census Bureau get the word out about jobs they have available in the Dallas region. Conducting the census is a huge undertaking and the Census Bureau will need to recruit hundreds of census workers for office support staff, to update address lists, to conduct interviews with community residents, and to help recruit. Please call the Census Bureau at 866-861-2010 to schedule a basic employment test. Please refer to the Planning Department's web page for a link to the the Census Bureau.

Have a great day,
Rita

EXTRA! EXTRA! READ ALL ABOUT IT!!!

Friday, February 20th is a special day for me, its Dad’s birthday. Happy 83rd Birthday Dad! We have a fun lunch planned today to celebrate this special man.

It is a little on the nippy side this morning. I thought a nice cup of tea would be just the thing while I finished reading the funnies this morning. It hit the spot. After the funnies, the neighborsgo section of the paper caught my eye. The entire back page is advertizing FREE ANTIBIOTICS from Market Street Pharmacy. That is right…FREE! The ad reads, “Free to feel better”. Market Street is an awesome new grocery store and pharmacy. What a way to support the community of Coppell, Texas and its neighbors. The ad continues, “At the Market Street Pharmacy, we are proud to offer 60 different generic antibiotics free of charge at our pharmacy with a doctor’s prescription.” If you have not been to Market Street, check them out. They are located at the corner of Denton Tap and Hwy. 121.

Look for the Sunshine today and it will find you…
Rita

For Sale - 150 Kilmichael, Coppell Texas

Are you looking for a wonderful home in Coppell, Texas? I have another listing for in the Coppell Greens subdivision, 150 Kilmichael.















This wonderful four bedroom - two bath home features split bedrooms and an upstairs media-game room. It has open and spacious rooms, fresh paint, ceramic tile, gas cook top, tons of storage and counter space in the kitchen. The back of house overlooks an open greenbelt. The Seller has already inspected and made repairs according to the inspection, it is ready for a new owner. It is a great location with easy shopping and major highways.

MLS 11137104 - $240,000

Coppell, Texas Continues Its Work To Be Green!

Coppell, Texas Continues Its Work To Be Green!
Keep Coppell Beautiful - Clean Coppell 2009 Event!

Clean Coppell 2009 is rapidly approaching! This is the city's largest cleanup event of the year. Clean Coppell will kick off its cleanups on Saturday, March 14 and continue through Saturday, March 28. Gather your friends, family, business or organization and clean up a piece of the city - participate in a cleanup, work with the Friends of the Coppell Nature Park, assist a senior citizen with their yard work. For more information and to download a registration form, click here. Hurry! Registration ends March 4!

Rita and I are very excited and thankful to our city for the new 65-gallon recycling carts! They are wonderful!

Each single-family home in Coppell was given a cart earlier this month. These blue recycling carts replaced our small 18-gallon recycling bins.
Recycling diverts waste from the landfill to save resources, energy, landfill space and reduce pollution. The Recycling Service is included in the Refuse Rate so we are encouraged to take advantage of the curbside recycling service using the residential recycle cart.
Coppell’s goals are to increase the number of Coppell households that recycle from 50% to 65% and to double our diversion rate. The diversion rate is the amount of waste (in pounds) that is recycled instead of going into a landfill. We can make our cart count by taking advantage of the larger containers and the new convenience that the new carts provide.

Recycling Guidelines for Coppell, Texas
Waste Management, 972-315-5400, provides residential Curbside collection service.
We place our recycling cart at the end of our driveway for once a week pick-up on our recycle day. Recycling Zone Maps are available from the Coppell Water Billing Department at 255 Parkway Blvd. or click here for the printable version of the city’s recycling zone map.
We use only our recycle cart provided by Waste Management. Other containers are collected as trash.

ACCEPTABLE RECYCLABLES FOR SINGLE STREAM CURBSIDE PICK-UP ARE:
Paper - All paper can be recycled, including magazines, cardboard, paperboard and phonebooks.
Plastics #1-7 (Number on bottom recycle triangle) - Remove bottle caps. No plastic bags, styrofoam, juice boxes, milk cartons, straws, egg cartons or meat trays.
Aluminum: Cans only - No aluminum foil.
Metal: Tin cans, empty aerosol cans, empty paint cansGlass - All colors, food and drink containers only. No mirrors/windows.

Coppell Texas

Why live in Coppell, Texas? It is an awesome place to live! Centrally located in the Dallas/Fort Worth Metroplex, we are close to everything. Moreover, this beautiful city really cares about it citizens from the youngest to the oldest.

We even have a community garden in Coppell Texas used to grow organic produce that is donated to the local food bank. The mission of Coppell Community Garden is to cultivate a healthy community, where the garden activity promotes social cohesiveness, civic awareness and service, nutritional and food production benefits, environmental stewardship, and opportunities for education, therapy and recreation.

Ron and I chose Coppell as home over ten years ago when we began our real estate careers. If you are looking for a new home in Coppell Texas check out our website, http://www.dfwhomesbyron.com/. You will be glad you stopped by for a look.

As you can see, we do not always stay in Coppell. Ron and I traveled to Hawaii in 2008 for the International Certified Residential Specialist Convention. Talking with the best of the best, sharing ideas and learning about the latest in real estate is just one way we choose to set ourselves apart from other agents. Only about 3% of all Realtors obtain the CRS designation. It is called the PhD of Real Estate within the industry. We both hold the designation. We strive to be the best for our clients!