TEXAS OUTPERFORMS NATION IN OCTOBER HOME SALES

Texas is the place to live.  Look what I just read in RECON-Real Estate Center Online News

November 22, 2011

Copyright 2011. All rights reserved.

Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source.


COLLEGE STATION (Real Estate Center) – Sales of existing single-family Texas homes in October were up 8 percent from a year ago, according to the most recent Multiple Listing Services (MLS) data compiled by the Real Estate Center at Texas A&M University.

More than 15,600 existing single-family homes were sold, data showed. The median home price was $147,500, up 2 percent from a year ago, and the state's overall inventory was at 6.9 months.

Meanwhile, the National Association of Realtors (NAR) reported yesterday that, nationally, existing home sales rose 1.4 percent to a seasonally adjusted annual rate of 4.97 million in October from a downwardly revised 4.9 million in September, and are 13.5 percent above the 4.38 million unit level in October 2010.

The national median price for existing homes was $162,500, which was 4.7 percent below October 2010.

Talking about the national numbers, Center Research Economist Dr. Jim Gaines said homebuyers continue to be frustrated by stiff mortgage underwriting and appraisals despite favorable buying factors such as low interest rates, sluggish but positive job creation and lower home prices.

"NAR reported contract cancellations at 33 percent in October, meaning that one in three sales contracts failed to close," Gaines said. "Sales agents should be very circumspect when qualifying buyers for mortgages, rather than being frustrated later because the deal does not close."

October 2011 MLS data for many Texas cities are available on the Center's website. Here is a sampling (data current as of Nov. 21, 2011):

If you know of anyone moving to Texas have them give us a call. 

Posted by:  Barbara Rozier-The RozierTeam
Phone:  281-395-0680
Keller Williams Premier Realty Katy

Buy a Home for $100 down payment

I just got this information from one of the lenders in the area. 

After a short hiatus, the $100 down payment when buying a HUD Foreclosure program is back. This is a great program if you are looking to buy a HUD foreclosure as your primary home. Here are the general rules that you must know to qualify:


1. This program is only when buying a HUD Foreclosure.

2. You must buy the home for the List price or more to qualify for the $100 down payment

3. You will still have closing costs to pay, but you can negotiate with HUD to pay all or some of them

4. This is only when using a FHA loan. So the same great benefits: great rate, low mortgage insurance, etc.

5. $100 is way less than the 3.5% (of the sales price) that FHA normally requires for your down payment.

6. You can ROLL in the cost of some repairs. This is determined on what the home is worth “as is”. So, if sales price is $100k, but the as-is appraised value is $103,000, you could roll in $3000 of required repairs while simultaneously doing the $100 down program.

7. Your lender might be able to use the appraisal that HUD has done for the property, saving you the cost of another appraisal ($400), as long as the appraisal is less than 6 months old.

Not only is buying a foreclosure sometimes a great deal in itself, but buying one with only a down payment of $100 is fantastic news.

Give us a call and we'll help you find your next home. 

David, Barbara and Elizabeth - The RozierTeam
Keller Williams Premier Realty Katy
22762 Westheimer Pkwy, Ste 430
Katy TX  77450
281-395-0680