Real Estate Information

I would to thank Joe Tom white for having me on his show again this morning...always a great time. See link below to listen to this morning's show.

http://riseandshine.texomacountry.com/2009/03/02/monday-march-2-2009.aspx

www.TexomaListings.com - Buyers

www.TexomaHomeValue.com - Sellers

Set your sights on the 2009 Texoma Farm & Ranch Show as the event to attend to fulfill all of your farming and ranching needs.

In its 15th year, the Texoma Farm & Ranch Show promises to once again provide a complete gathering of suppliers serving the needs of producers in the Wichita Falls, Texas region. Meet with more than 100 companies displaying the latest in farm and ranch equipment and supplies.

In conjunction with the Texas Cooperative Extension, the Texoma Farm & Ranch Show features a multitude of educational seminars, houses the annual Grower’s Breakfast and offers CEU training.

Event Profile:
The Texoma Farm & Ranch Show is one of five Cygnus Farm Shows produced by Cygnus Expositions.The Texoma Farm & Ranch Show is an indoor farm show that was created to provide a forum for Farmers and Ranchers to gather and share information on a successful farm operation.

Highlights:
There is also a Grower's Breakfast which takes place the first day that offers free breakfast and keynote speakers.

Visitor's Profile:
Trade Visitors - Professionals from agricultural, dairy, poultry, flowerticulture, horticulture related activities, Farmers, contractors, garden contractors, industry representatives, authorities and the general public are meeting each other.

Exhibitor's Profile:
Profile for exhibit include Food Processing Industries, Arboriculture - Horticulture Livestock & Poultry, Dairy and agro products, Floriculture, Sericulture, Processed foods, Dairy and Agri research, & other related industries.

The Artist-Lecture Series will present Justice Alan Page at 7 p.m. March 25  in Akin Auditorium.  Page is a former NFL player and is a member of the Pro Football Hall of Fame.  Long before Page’s football career came to a close, he was laying the groundwork for his future role as a justice with the Minnesota Supreme Court.  While playing professional football full time, Page attended the University of Minnesota Law School, from which he earned his law degree in 1978.  Following graduation, he worked with the law firm of Lindquist and Vennum in Minneapolis from 1979 to 1984. In 1985, Page was appointed Special Assistant Attorney General, and was soon thereafter promoted.  Tickets are $20 for the general public; $18 for senior citizens, active-duty military, and MSU alumni; free to MSU students with ID.  Tickets are available at the Information Desk at Clark Student Center beginning Wednesday, March 11.  For more information, call (940) 397-4291 or the ticket desk (940)397-4223.

Midwestern State alumni Hollis R. and Donna Sullivan announced a $1 million gift allocated solely for athletics during a recent luncheon.  The gift is the largest in the history of Midwestern State Athletics.  Sullivan earned a Bachelor of Business Administration degree from MSU in 1979 and worked briefly for Cobra Oil before starting an oil business with his father.  He formed Hollis R. Sullivan, Inc. in 1990.  "This is where I got started," he said. "I am a big fan of Wichita Falls and realize the importance MSU has in the community. I am really humbled to be able to do this."   The gift will allow a number of much needed, student-athlete friendly projects to come to fruition.   Furthermore, “it could not have come at a better time because of the renovation of the coliseum and the necessity of setting back funds for future scholarships," MSU President Jesse Rogers said.  The renovation of the 40-year-old D.L. Ligon Coliseum will expand the facility to accommodate Midwestern State's 12-sport athletic program which has grown substantially since the school became an NCAA Division II member institution in 1995.  The gift will allow for growth in other important areas outside of the competition arena.  For a complete story click on msumustangs.athleticsite.com/article.  The Sullivan’s are proud parents of a daughter, Lindsey, and two sons, Parker and Houston. Houston is a December 2008 graduate of Midwestern State.

The Texas Higher Education Coordinating Board approved a new program for Midwestern State University in the field of nursing.  A Psychiatric Mental Health Nurse Practitioner Program will begin fall 2009.  Students in the program will earn a Master of Science in Nursing with a major in Family Psychiatric Mental Health Nursing.  The degree will be offered online -the only one of its kind in Texas.  The clinical part of the program will be offered in sites close to where the students live, including rural areas that typically have not been reached.  For program information please contact Dr. Karen Palvado at (940) 397-3254 or at karen.palvado@mwsu.edu.

TIMES RECORD NEWS
Local market ranks in nation's top
By Lee Anderson
Wednesday, February 25, 2009

There's no doubt that local housing experts hit the nail on the head month after month last year when they insisted the marketplace in Wichita Falls is stable and a prime place to live.

The National Association of Home Builders and Wells Fargo Housing recently released data showing that five Texas markets - including Wichita Falls - were among the 10 most affordable housing markets in the South during the last quarter of 2008.

The housing opportunity index reported that Wichita Falls ranked fifth at 82.6 percent of new and existing homes sold during the quarter to middle-income earners.

Sherman-Denison hit the 87 percent mark, ranking the city third in the region. San Angelo was seventh at 79.8 percent, Fort Worth-Arlington was eighth at 79 percent, and Beaumont-Port Arthur rounded out the top nine at 77.5 percent.
Nationally, 62.4 percent of all new and existing homes were affordable to families earning the national median income ($61,500), which was an increase from the previous quarter, which was 56.1 percent, and 46.6 percent in the last quarter of 2007.

After examining information from the Real Estate Center Online News (RECON), broker Danny Steed remarked, "The housing affordability index recently published by the National Association of Home Builders just confirms what we have been saying about Wichita Falls area real estate for quite some time. Our local market is holding up very well in comparison to housing markets across the country, especially California, Florida, Arizona and Nevada. Although our home prices have continued to increase moderately, our market remains very stable and balanced."
Ditto from realtor John Wilson.

"I see this as continued evidence that Wichita Falls has always been an affordable community in which to live. New home prices are reasonable compared to other parts of the state and nation. We continue to see a gradual increase in property values as opposed to the unrealistic and dangerous rise and fall of values in other parts of the country," he pointed out. "We experienced the sudden rise in property prices after April 10, 1979 (tornado), and many people suffered for years after that.

"Our present trend of slow but steady growth has allowed us to escape the horrors of California, Florida and Nevada."

Garnel Construction owner Jose Garcia, who moved to building more homes in the $100,000 range about three years ago, agreed.

"I am not surprised," Garcia, said, referring to the city's ranking. "I know we are not overpriced, and neither is the state as a whole.

"I saw it coming about three years ago. There were a lot of people that needed a home but couldn't afford $200,000 and $300,000 homes, but could afford $100,000."

A story on the National Association of Home Builders Web site quoted NAHB chairman as saying, "Falling home prices and very favorable mortgage rates both contributed to the housing affordability gains we saw in the fourth quarter of 2008."

The Wichita Falls Association of Realtors Multiple Listing Service reported that in December, 13 homes were sold in the $100,000 to $120,000 bracket, followed by 10 each in the $70,000 to $80,000 and $120,000 to $140,000 range. Seven sold in the $160,000 to $180,000 category. The average sales price in December was $102,484. The numbers were similar last month, and the average sales price was $104,502.

All three local housing experts stressed that now is an extremely good time to buy a home or other real estate.  "I believe investing in a home or other real estate venture in Wichita Falls or North Texas is still a great move; and with interest rates at an all-time low, the timing could not be better," Wilson said.  Steed echoed the comments.

He said, "With mortgage interest rates declining to their lowest levels in decades, and with prices holding the line, homeownership is within the reach of more and more people. Although the national media will lead you to believe that loans are hard to get, local mortgage lenders are making extremely affordable loans every day, and still with relatively small outlays of cash.
"None of us know what the near-term financial condition of our economy truly is or will be for many months to come. But, for folks who are wanting to and can afford to make a home purchase for the long-term, this could be the best opportunity we've seen in a long time."

© 2009 The E.W. Scripps Co.

Numerous people have been calling and emailing with questions and concerns about the local Real Estate economy of Wichita Falls. Fortunatley, we find ourselves in a very protected part of the country that is not dealing with what the other parts of America are dealing with.

Our January numbers were essentially identical to a year ago, and we are seeing numerous buyers and sellers have success in their transactions. Interest rates continue to stay at historical lows, and the inventory of homes is as good as its ever been.

If you are considering a home purchase in the Wichita Falls area, please see www.TexomaListings.com . This site has become the best site for Wichita Falls buyers and you will see why. It emails you every home within your criteria, and then every morning emails you the last 24 hours of activity within your price range.

If you are considering selling a home in the Wichita Falls area, please see www.TexomaHomeValue.com . You will receive a CMA within 48 hours of submitting your information.

If you have any other questions, please call me at 940.224.0881.

GOVERNMENT  LOAN PRODUCTS

FHA/VA 

6.000% 0.00 +0.00     30 YR 

5.500% 0.00 +0.00     15 YR 

CONVENTIONAL LOAN PRODUCTS

(All Conventional Quotes assume a min. credit score of 740) 

FIXED RATE  ($50,000 MIN – $417,000 MAX) 

5.500% 0.00 + 0.00     30/20 YR 

4.750% 0.00 + 0.00     15/10 YR

CASH-OUT REFINANCE LOANS

5.250% 0.00 + 0.00     30 YR 

4.750% 0.00 + 0.00     15 YR 

(Over 70% LTV add .50 Discount Point) 

                                    (Minimum Credit Score 740) 

INFORMATION PROVIDED TO REAL ESTATE PROFESSIONALS & IS NOT

AN ADVERTISEMENT TO EXTEND CREDIT UNDER REG Z

RATES ARE SUBJECT TO CHANGE WITHOUT NOTICE 

RATES SUBJECT TO CHANGE WITHOUT NOTICE

Rates posted are based on owner occupied properties – 30 day quote

http://www.anbhomeloan.com

(MORTGAGE RATES POSTED DAILY)

Short Sales offer the homeowner many more benefits than going through a Foreclosure.  In the case of a short sale, the benefits to the homeowner are:

• Only late payments on the mortgage show on a credit report and after the sale of the home, the mortgage will be reported as paid or negotiated.  This could lower a homeowner’s credit score by as little as 50 points if all other payments have been made.  The affect of a short sale can be as brief as 12 to 18 months.
• A Short Sale is not reported on a credit history.  There is no specific reporting item for ‘short sale.’  The loan is typically reported as ‘paid in full, settled.’ 
• A Short Sale on its own does not challenge most security clearances whereas a foreclosure does.
• A Short Sale is not reported on a credit report and is therefore does not present a challenge to employment.
• In some successful short sales it is possible to convince the lender to give up the right to pursue a deficiency judgment against the homeowner, (i.e., payment of the shortfall or the difference between what was owed and what the bank received.)
• Under the Mortgage Forgiveness Debt Relief Act of 2007, if a deficiency is forgiven or cancelled, the home is a principal residence, and it is worth less than $2 million, the tax on the deficiency will be forgiven.  This benefit applies to homes that are the subject of a Short Sale and a Foreclosure.

Click the links below for more details about The Mortgage Forgiveness Debt Relief Act of 2007

• A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed mortgage after only 2 yrs.

• An Investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed investment mortgage after only 2 years.

If you feel you are near foreclosure, please contact me, Ashton Gustafson of The Bishop Group.  I can help you decide what your options are and explain what is in your best interest.

What is the Texaplex?
David Winans coined the term “Texaplex” to describe the triangular region of Texas that contains 75% of the state’s population. Watch the video and see why everyone is talking about the Texaplex.

The Texaplex Project
The global financial crisis is a vicious cycle. The more we hear and talk about it, the worse it gets. However, in spite of all the national bad news, Texas is prospering! Texas, and in particular the Texaplex, has some pretty impressive facts that most Texans weren’t even aware of. This video is part of the Texaplex project which has set out to change that.

Did you know that the Texas Real Estate market is one of the strongest in the nation? Did you know that half of all new jobs created in the US were in Texas?

See this link for an incredible video on the Texas economy. http://www.texaplex.com/