The Tax Credit Extension for Homebuyers is Official!

Obama has officially signed the bill that extends the first time homebuyer tax credit of up to $8,000 through June 2010 as long as the homebuyer executes a contract by April 30, 2010. This new legislation expands the tax credit program to include an up to $6,500 tax credit for existing homeowners who buy another home as long as they have lived in their current residence 5 years or more.

The bill caps the eligibility for the credit to homes costing less than $800,000 and raises the current income limit from $75,000 per year for a single person or $150,000 per year for a couple filing jointly to $125,000/single and $225,000/jointly.

For all future homebuyers that have been waiting for this, visit www.bwhometeam.com for all your homebuying needs!

Voters Strongly Support All 11 State Amendments

Yesterday, with expected low turn out, Texans approved all 11 Texas Constitutional amendments on the ballot Tuesday.

Voters approved three amendments related to Texans' property taxes that the Texas Taxpayers and Research Association said will lead to "the most signifigant property tax reform in 30 years."

The specific results on these 3 propositions are as follows:

Proposition 2, which requires tax appraisals of a person's primary residence be appraised to the property's value as a homestead instead of the "highest and best use" standard, including a property's potential value as a commercial site: For - 68 percent / Against - 32 percent

Proposition 3, which allows the state to enforce uniform property appraisal standards across all of Texas' 254 counties: For - 65 percent / Against - 35 percent

Proposition 5, which lets adjoining counties consolidate review boards that hear appeals to appraisals: For - 61 percent / Against - 39 percent

Tax Credit Inches Closer To Being Extended Through April AND New Tax Credit For Repeat Buyers!

Senators agreed yesterday in an 85 - 2 vote to extend the $8500 tax credit for first time homebuyers through April 2010 to a final vote. Senior members of congress expect the bill to pass next week.

Even bigger news is the tax credit may expand to repeat buyers that have owned their current home for at least 5 years, allowing those homebuyers to receive a tax credit of up to $6500.

Qualifying home buyers who are in an executed contract by April 30, 2010 will have through the end of June 2010 to close on their next homes and be eligible the tax credit if the measure is passed.

Stay tuned for more information!!!!

Our Agents KNOW New Construction! Way to go Jeannette!

If you are interested in buying a new construction home in Prosper or anywhere else in the Metroplex, we have the some of the most knowledgable agents in the area! Click Here to see Jeannette Rohan of Team Rohan, who was one of the agents featured in this past Sunday's Hot On Homes! television show, discuss D.R. Horton Homes at the Glenbrooke Subdivision in Prosper.

Way to go, Jeannette!

Vote YES for Property Tax Appraisal Reform Nov 3rd!

There will be a statewide election on November 3, 2009 to pass much needed appraisal reform into law. The Texas Association of REALTORS along with others have been fighting hard to help homeowners by seeking reform to reign in various unfair property tax appraisal methods.

The following propositions are on the ballot:

Proposition 2 - Ensures that a residential property is appraised as a residential property, not a hypothetical value based on "highest and best use".

Proposition 3 - Allows the state to have oversight of central appraisal districts and enforce uniform appraisals standards across the state.

Proposition 5 - Allows two or more adjoining appraisal districts to have a combined appraisal review board to ensure qualified and knowledgeable board members.

All propositions on the November 3 Ballot require a majority vote to amend the Texas Constitution.

Remember, VOTE YES! 2 + 3 = 5

October 19, 2009 - First Day of Early Voting

October 30, 2009 - Last Day of Early Voting

November 3, 2009 - Election Day

For more information about real estate trends in the Dallas/Fort Worth area visit http://www.bwhometeam.com/ .

The Case For Purchasing Real Estate Assets in the DFW Market NOW As A Hedge Against Inevitable Inflation

As I speak with my agents I am told the same story time and time again regarding clients who are still on the fence about purchasing a home in the DFW area. They are either waiting for the real estate market to drop further in order to get a better deal or they are just indecisive and haven’t come across that “dream home” yet. Each time I am told one of these stories I am concerned and the concern isn’t necessarily directed where you might think. Yes, I am concerned for my agents and want them to continue to make a living, but my biggest and most grave concern is for the people in our market that have some desire to buy, but keep waiting. Why is this so? The reason is twofold.

First, according to the Case-Shiller home price index, the Dallas/Fort Worth real estate market IS recovering. The latest released housing market snapshot released in September 2009 shows that home prices in DFW were up from June 2009 to July 2009, marking the fifth consecutive month of increases in our market. The July figure is also the highest point in the home price index since September 2008, right before the first big government bailout. The Case-Shiller data backs up other numerous reports that home price declines bottomed out in North Texas in early 2009.

"The rate of annual decline in home price values continues to decelerate, and we now seem to be witnessing some sustained monthly increases across many markets," Standard & Poor's David Blitzer said in the report. "These figures continue to support an indication of stabilization in national real estate values."

These figures point to the fact that the longer a home buyer waits in the DFW market, the more they will end up paying for their next home or investment property. However, increasing sales prices alone are not the only thing that will raise a future homebuyer’s expenses, which leads me to my second point. Rising interest rates in the face of inflation.

Interest rates today, as many of you have heard being touted numerous times from television and radio advertisements, are at their lowest in years. History and today’s current economic policies prove that this will soon not be the case. How? The answer is inevitable inflation. Most people mistakenly believe that inflation is simply rising prices. The true definition of inflation is when the supply of money outpaces the production of goods and services. It is a simple case of supply and demand. When more and more money is being printed and the supply of goods and services remains the same, the influx of new money causes all money to be worth less, resulting in the increased price of goods and services. In other words, rising prices are only a symptom of inflation and the end result of a monetary trend. Congress has recently opened the non-existent coffers and more and more money is being spent every day on stimulus packages and bailouts. We have never seen this type of government debt in our country’s history. How does the government plan to pay for this additional spending? They may raise taxes but in a declared recession, that would be political suicide. Their answer: crank up the printing presses. This, along with rising gold prices due to fear of a weakening dollar and falling bond markets (when U.S. creditors begin to worry about inflation they demand a higher rate of interest on their loans to our government. As these interest rates rise, treasury bond prices fall.) show that inflation for the United States is unavoidable.

How does this affect mortgage interest rates? Throughout history we can see examples of how rising inflation has caused mortgage interest rates to rise substantially. If you take a look at the most recent inflationary period, the late 1970s and early 1980s, inflation was extensive. The 10-Yr treasury rate reached its peak in 1982 at 15% and the price of commodities skyrocketed. During inflationary times lenders who want to survive are forced to charge more interest in order to cover the losses they experience from the devaluation of the dollar. Mortgage rates averaged around 17% during this last inflationary period. Not a good sign for things to come. Interest rates do not need to rise by much to affect your purchasing power. What does a mortgage rate increase of only 3% mean for you? A mortgage for $150,000 today at 5% interest equates to a monthly payment of $805.23 principle and interest. The same mortgage at 8% interest equates to a monthly payment of $1100.65 principle and interest. That is an increase of nearly $300 per month and over $3500 per year! Looking at this another way, to get the same $805 monthly payment at 8% interest, your mortgage could not exceed $109,500. You would have to purchase a house that is priced $40,500 less for that same payment! Talk about throwing your money away!

For an even clearer example let’s take these two mortgage balances and figure in a 10% down payment on each. Considering the interest rates discussed previously, monthly payments for principle and interest would be $805 per month for both of these homes! You would go from a:

Kitchen in a Lewisville home priced at $165,000 @ 5% interest

to a Kitchen in a Lewisville home priced at $119,500 @ 8% interest

Take an assessment of your wants and needs list. Are you willing to give up the walk-in closet, separate shower and bathtub, or the open kitchen? If the answer is NO, please consider the facts above.

Remember, a mortgage is a long-term, fixed rate debt on a valuable asset that historically increases in value over time. Fixed rate debt can be an advantageous monetary tool during inflationary times. I know of no other legal way to borrow a dollar and only pay back 50 cents. The key however is to get that fixed rate BEFORE interest rates rise. That, along with an initial low purchase price, can be your hedge against inflation and your chance to own the most home with the most amenities for the money for years to come.

Just Released! Dallas/Fort Worth Home Prices Fall By Less Than 2% In Latest Measure

DFW home prices fell by the smallest percentage amount in almost two years, with a 1.6% decline in July 2009 from a year earlier, according to the just released housing market snapshot by the S&P/Case-Shiller home price index.

Local home prices were up from June to July, marking the fifth consecutive month in a row that Dallas/Fort Worth home prices rose. Another ray of sunshine is the fact that the July figure is also the highest point in the home price index since September 2008. These Case-Shiller numbers indicate that our market has seen the bottom, with most figures indicating it was hit in the early part of 2009.

Case-Shiller tracks the price in different metropolitan areas of the typical single-family homes sold in that area. The index does not include townhomes or condominiums or new construction single family homes.

"The rate of annual decline in home price values continues to decelerate, and we now seem to be witnessing some sustained monthly increases across many markets," Standard & Poor's David Blitzer said Tuesday in the report. "These figures continue to support an indication of stabilization in national real estate values."

The moral of the story is, if you were trying to time the real estate market in DFW, you need to get on the bandwagon NOW in order to get the best pricing. What about if your a seller? Gray skies are finally clearing up and all systems are go!

BW Home Team Signs Are Popping Up Everywhere!

Check out our new billboard at I-35E and 407!

Customer Satisfaction of New Home Construction Gains Ground

I read an interesting article on CNNMoney this morning that should be of some interest to anyone considering purchasing a new construction home this year, especially those interested in taking advantage of the $8000 first time homebuyer tax credit. According to the 2009 J.D. Powers and Associates U.S. New Homebuilder Satisfaction Study, although less new construction homes are being built, overall customer satisfaction increased for the second year in a row, up 32 points to 811 on a 1,000 point scale. Fierce competition amongst builders has lead to benefit for home buyers. Only the strongest builders have survived and they have survived by offering better home construction quality, more upgrades, and functional floorplans all at a discount from previous years. Also, of special interest to first time homebuyers, there are many homes at the finish out stage or almost there, that can be closed on by the November 30th deadline to qualify for the new homebuyer tax credit. To read more, click here.

Darling Homes tops the builder satisfaction study for the Dallas/Fort Worth area. Drees Homes and Ashton Woods homes follow Darling in the number two and three spots.

Looking for a new construction home? Visit our website's new construction home search for the Dallas and Fort Worth area! See floorplans, community information, and many homes that you won't find on the MLS.

Top Dallas/Fort Worth home builders
Based on 2009 survey of consumer satisfaction with 1,000 being a perfect score:

1. Darling Homes 876
2. Drees Custom Homes 865
3. Ashton Woods 864
4. Pulte Homes 860
5. Standard Pacific Homes 858
6. David Weekley Homes 850
7. Highland Homes 849
8. Horizon Homes 836
9. Ryland Homes 816
10.K Hovnanian 813
11. Del Webb 811
D-FW average 809
12. Lennar 805
13. Meritage Homes 800
14. D. R. Horton 792
15. KB Homes 783
16. Beazer Homes 779
17. Centex Homes 774
18. Grand Homes 761
19. First Texas Homes 752
20. Fox & Jacobs 752
21. History Maker 749
22. Toll Brothers 716
SOURCE: J.D. Power and Associates 2009 New-Home Builder Customer Satisfaction Study

DFW Area Sees Decline in Number of Homes Sold, But Prices Hold Steady

12:00 AM CDT on Thursday, September 10, 2009
By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com


North Texas home sales fell by double digits in August from a year earlier.
But despite the steep decline, prices are holding up.

Local real estate agents sold 6,338 pre-owned homes though their Multiple Listing Service last month – a 15 percent falloff from August 2008, according to the latest statistics from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems Inc.

For the first eight months of 2009, home sales are down 19 percent compared with the same period last year. But median sales prices have fallen only 2 percent and were unchanged last month at $150,000.

The latest data is in line with recent national reports that show only modest declines in local home values – unlike the big drops still being experienced in many U.S. markets.

But analysts say it's probably too early to say for sure that North Texas residential values won't go a bit lower.

Any home price rebound will depend on a recovery of the local job market and the number of foreclosed homes coming on the market, said James Gaines, a research economist with the Real Estate Center at Texas A&M.

"So far, the D-FW market has absorbed these kinds of sales [foreclosures], and while there are individual neighborhoods or subdivisions where prices have fallen dramatically, the effect has not shown up as a major impact on the total market," Gaines said.

"Naturally, job loss is a primary cause of foreclosures and distressed sales, so the real culprit is the local economy.

"Dallas – like most of the rest of Texas – has sustained job losses since the first of the year," he said. "The losses need to stabilize and then reverse into gains for people to feel good about buying a home and having the income to do so."
The best news in the current local housing report is that the number of homes for sale continues to decline from year-ago levels.

At the end of August, 38,166 homes were listed for sale in the area, 14 percent less than a year earlier. That's about a 6.5-month supply.

"The key to house price stability is that there is not a surplus of listings," analyst Ted Wilson of Dallas-based Residential Strategies said. "Many households have elected not to put their houses on the market, and that has gone a long way to keeping prices firm.

"When there is an excess supply of housing for sale, on average it takes longer for a house to sell and, as a result, there is a tendency is for the seller to drop the price to garner buyer interest."

It currently takes 78 days on average to sell a house in North Texas. That's 3 percent longer than in August 2008.

So far this year, the smallest declines in home sales have been in properties priced below $80,000.

Sales of pre-owned homes with price tags of $600,000 and more have dropped more than 30 percent.

Agents and builders say that the federal homebuyer tax credit aimed at first-time purchasers has caused an uptick in sales of low- and moderate-price housing.
The tax credit expires at the end of November.

A second report released Wednesday predicted that despite continued sales declines, the Dallas area will be one of the top home markets in the country this year.
Fort Worth, Houston, San Antonio and Wichita Falls also are on the list of what are expected to be the 10 top-performing housing markets, according to analysts at Local Market Monitor.

The study identified home markets where residential values are expected to remain level, that didn't have a housing boom and that have had modest employment declines.

"This means that Dallas-Plano-Irving will fare among the best over this next year, a factor that bodes well considering the state of the national housing crisis," a representative of the research firm said.

New Forecast States Dallas, Houston, and San Antonio Will Be in Top 10 Home Markets for 2009

A little more good news about the housing market in Texas courtesy of Local Market Monitor and Steve Brown with the Dallas Morning News!

Despite continued sale declines, a new forecast predicts the Dallas, Houston, and San Antonio areas will be in the Top 10 Markets in the U.S. this year.

Dallas, Fort Worth, Houston, San Antonio, and Wichita Falls are all on the list of what are expected to be the 10 top-performing housing markets, according to a report released today, Wednesday, September 9, 2009, by analysts at Local Market Monitor.

To read the full article from the Dallas Morning News Click Here.


For more sales trends for the Dallas Fort Worth real estate market click here and find your favorite home, and click on sales trends.

Texas Tops U.S. in Housing Affordability

According to first quarter 2009 Texas Housing Affordibility Index (HAI) complied numbers, the Real Estate Center at Texas A & M University states that Texas is number 1 in the country when it comes to housing affordability.

The numbers reflect the ability of a median-income family's ability to afford a median-priced existing home in their area.

"The slowdown in the housing market nationally and within Texas has led to signifigantly increased housing affordability everywhere, and Texas continues to maintain its place as the most affordable high-growth state in the country," said Jim Gaines, research economist with the center.

Plano School Board Approves Tax Rate Increase

Do you live in a home that feeds into the Plano ISD? If so, you will soon be paying slightly higher property taxes. The Plano ISD school board unanimously approved a 2.5 cents tax increase last night, September 1, 2009, to help pay down debt. This vote comes as Plano ISD has started to selling more than $100 million in debt to fund campus renovations and school construction.

This increase will change the tax rate for homeowners whose homes feed into Plano ISD from 1.3034 percent to 1.3284 percent for public school taxes. This increase will mean a homeowner whose home's tax appraisal is $200,000 will have to start paying $50.00 per year more than before.

Click here if you are interested in purchasing a home in Plano or the Plano ISD!

New Lewisville Lake Toll Bridge Opened This Past Weekend

Commuters now have a new, alternative way to commute to Dallas from the NE side of the metroplex. The new Lewisville Lake Toll Bridge opened this past weekend to a lot of fan fare but unfortunately no 5K race due to the weather. Residents of Little Elm, Frisco, Prosper, and McKinney will benefit greatly by the new bridge by being able to cut across Lewisville Lake instead of having to commute around it. The same goes for residents on the western side of the metroplex commuting east.

If you have thought about purchasing a home in Frisco or Little Elm before but changed your mind due to the commute, now is the time!

New U.S. Home Sales Rose by 11 Percent in June (from foxnews.com)

It looks like the real estate market is starting to pick up on a national scale!



The government says new U.S. home sales rose by the largest amount in nearly nine years last month, in another sign that the housing market is finally bouncing back after the worst downturn in decades.

Washington - New home sales in June posted the fastest increase in more than eight years as buyers took advantage of bargain prices, low interest rates, and a federal tax credit for first-time homeowners.

While prices are still falling, the figures released Monday were another sign the housing market is finally bouncing back. Earlier this month, the govenrment reported that new home construction rose to the highest level since last fall, and data out last week showed home resales rose almost 4 percent in June, the third straight month increase.

To read more: Click Here

Contact one of our real estate agents today to find out more about our local, Dallas Fort Worth housing market and homes for sale in our area!

Texas Leads Nation in Homebuilding!

Just released from the Dallas Morning News:

In an article released at 1:47 PM CDT today, The Dallas Morning News states that Houston and Dallas-Fort Worth are the top two markets in the country for new building permits on single-family homes, based on numbers for a 12 month period, ending in May 2009. Also according to the article, Texas had more homebuilding permits than California or Florida combined.

Texas still has a growing population, with more people seeking a lower cost of living lifestyle and safe communities to raise their families in. You can view new construction and preowned homes in the Dallas - Fort Worth areas through the BW Home Team website!

Two New Programs to Help TX First Time Homebuyers!

Texas homebuyers who qualify for the federal first-time buyer tax credit have two new programs from the Texas Department of Housing and Community Affairs that enable them to turn that credit into cash for a downpayment.

• The 90-Day Down Payment Assistance Program enables buyers to receive 5% of the first-lien mortgage amount up to $7,000 for downpayment or closing costs as a 90-day no-interest loan.
• The Mortgage Advantage Program works in conjunction with the 2009 Texas Mortgage Credit Program and the Texas First Time Homebuyer Program. Eligible buyers could receive 5% of the first lien mortgage amount up to $6,000 for downpayment or closing costs as a 120-day no-interest loan.

Both programs require buyers be eligible for the federal first-time buyer credit, complete homebuyer education, and file an amended 2008 federal tax return. Funds are available on a first-come, first-served basis for qualifying purchases made before Dec. 1, 2009. For more information and full details about both TDHCA's programs click here!

Still looking for a 100% Financing loan? You might consider the USDA!

Yes, you read that right, the United States Department of Agriculture is offering government insured loans in "rural areas" with 100% financing, that you can obtain through a mortgage broker. A rural area is classified as an area with a population below a certain number based on the 2000 census. In the DFW area, those areas include Hickory Creek and Lake Dallas along with other small towns scattered across the metroplex. The home must be located in a town or city with between 10,000 to 25,000 residents or open country and places with a population of less than 10,000. There are loan limitations and income restrictions, but this is something definitely worth looking into! You may be surprised.

Contact us today for a referral to a lender that handles USDA loans. Click here to search for homes in Hickory Creek or homes in Lake Dallas.

Sprouts has just opened in Coppell!

Coppell I believe is the winner for best groceries stores in the DFW area within a 5 mile radius. They already have a Whole Foods in close proximity to Costco and now a Sprouts Grocery just opened last week! It is located at the intersection of Sandy Lake and Denton Tap. They are even having a demonstration on Thursday, June 11th titled "Fantastic Foods for Glowing Skin" at 7 PM!

If you want to live in a community with great groceries stores like Sprouts, visit our website to view homes in Coppell, Texas!

E.P. Rayzor Elementary in Lantana now rated as Exemplary!

I have a special spot in my heart for this school, as my son goes there. EP Rayzor has been working really hard to get bumped up from Recognized to Exemplary status and with this years TAKS scores they made it! Congratulations Wolves!

If you would like to see homes listed in Lantana, Texas you can visit our website!