Real Estate Information Archive

12-29-2008 From American National Bank

Wichita Falls Texas Real Estate

GOVERNMENT  LOAN PRODUCTS

FHA/VA 

5.000% 0.00 +0.00     30 YR 

5.000% 0.00 +0.00     15 YR 

CONVENTIONAL LOAN PRODUCTS

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

(Rate lock in fee required on these rates – Call for details)

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

5.375% 0.00 + 0.00     30/20 YR 

5.000% 0.00 + 0.00     15/10 YR

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

Your role during the escrow process should be an active one. Don’t wait for the seller to volunteer information – stay on top of it yourself and take reasonable care, along with me, your agent, to protect yourself.

For example, when you review the Transfer and Disclosure Statement, TDS, keep an eye out for questions answered "unknown" or left unanswered. Ask about them until you are satisfied with the answers.

Let's talk about your specific concerns or plans for the property. Concerned about the open parcel behind the house? Ask about it!

You may also wish to investigate the following non-physical conditions, including:

• Governmental zoning, requirements and limitations
• Governmental permits, inspections or certificates
• Limitations, restrictions and requirements affecting use of the property
• Rent and occupancy control
• Schools
• Proximity and adequacy of law enforcement, crime statistics, proximity of registered sex offenders (see section on Megan’s Law) and other criminals
• Proximity to fire, police and other services
• Proximity to commercial, industry or agricultural activities
• Existing and proposed transportation, construction and development, which may affect noise, view or traffic, airport noise, or odor
• Wild and domestic animals, other nuisances, hazards or circumstances

For Further Protection – Home Warranties: Home warranties have become a more popular option on homes for sale. For protection you may wish to have a home warranty that either you or the seller pays for. (It’s negotiable.) Warranties range in price from $300 - $600 and, for a fixed rate, generally cover limited aspects including plumbing, electrical, pest control and a host of other related areas. If you have a problem, generally you’ll pay $35-$50 to have a professional come out inspect and fix problems that are covered. Warranty agents typically are on hand 24 hours a day, 7 days a week to take your calls in emergencies.

As we approach the last few days of 2008, I would like to take the time to recap the year that was. The Bishop Team was up 5% and I was personally up 27% in a down market. I hit my goal that I set out for 3 years ago. What an honor it was and has been to be named the "Rising Star" for the Wichita Falls Association of Realtors and be selected into a group of the country's top Real Estate agents, Howard Brinton's STARS. And, www.TexomaHomeSource.com was launched and has proved to be the most technologically advanced website for Real Estate in North Texas.
 
None of this would have been possible without the following people: Brynn, Ann, Denny, Deanna, my family, mentors, friends, clients, and vendors. These people are the lifeblood to what I do.
 
We find ourselves in a very fortunate area of the country. While most of the nation is facing terrible loss, we have stayed the course. Wichita Falls has and will always be a safe long term investment in terms of Real Estate. Interest rates are at an all-time low, and our inventory of property is screaming with opportunity.
 
If you have any questions or concerns within the realms of Real Estate in Wichita Falls, please call or email me. I am more than excited about what 2009 will be.

Thinking of Selling - www.TexomaHomeValues.com

Thinking of Buying - www.TexomaListings.com

Fully preparing your home for sale can make considerable difference in the time it takes to sell it. You can help eliminate buyer objections before they arise by making necessary repairs and improvements, some of which are suggested below.

Outdoors
__ Spruce up gardens and lawn; trim shrubbery and replace dead plants.
__ Yard and patio should be neat; outdoor furniture should be clean and in good shape.
__ Clean or paint your front door - remember first impressions last longest!
__ Manicure your front yard, driveway and entry - you can’t sell what you can’t see.

Exterior
__ Check that door numbers, mailbox, and exterior lighting are all in good repair.
__ Touch up with fresh paint as needed.
__ Inspect chimney for cracks or earthquake damage.
__ Repair loose trim, drainpipes and fencing.
__ Clean stains; clean window screens.

Garage
__ Remove clutter; tidy up shelves.
__ Wash floor so it looks clean and spacious.

Living Areas
__ Apply fresh paint as needed…brighten your interiors with neutral-toned paint.
__ Clean draperies and carpets.
__ Replace burned out light bulbs.
__ Clean fireplace, remove smoke stains from wall and mantle.

Kitchen
__ Sinks, appliances and counter tops should sparkle without any clutter.
__ Wax the floor.
__ Clean oven, range and other appliances.
__ Clean tile and grout; replace if necessary.

Bathrooms
__ Clean mirrors, glass, chrome and porcelain surfaces.
__ Replace shower curtain if necessary.
__ Fix any faucet drips or leaks.
__ Clean tile, grout and caulking; replace if necessary.

Closets
__ Doors and drawers should open and close easily.
__ Remove clutter; tidy up shelves and racks.
__ Shoes and clothes should be neatly arranged.

Overall
__ Check the basics around the house. It takes just a minute to check all doors, windows and cabinets to make sure they don’t stick, squeak or are too loose.
__ Clean your furnace & water heater, so buyers know they are looking at a house that has been well maintained.

Homeowners facing possible foreclosure are especially vulnerable to the various schemes employed by today’s con artists. Don’t fall prey to their promises. The best first step is to call your lender at once if you think you may miss your mortgage payment.

Here are some scams to watch out for:

"Sign the deed over to me, and I’ll take care of the rest. It’s all about acquiring control of your property in exchange for various promises. The "investor" may promise to make up back payments owed to your lender or to sell your home to pay back the mortgage. He or she may ask you to move out immediately, or may offer you a rental agreement so you can continue living in the home, or may even offer cash for your equity in the home.

Unfortunately, signing over your home’s deed to a third party does not clear your obligation for the mortgage. Once the deed is signed over, the unscrupulous "investor" can start making money with the property--raise your rent payments to unaffordable levels, evict you, rent the property to someone else or set up a rent-to-own agreement that nets the "investor" a tidy amount of deposit money. Meanwhile, the con artist may not make your back payments or may skip town with whatever money was made from the property. You still owe the mortgage and your lender continues the foreclosure process against you.

"Just file for bankruptcy." Filing for bankruptcy typically only postpones the foreclosure rather than stopping it. However, bankruptcy could give you time to reorganize your finances and possibly save your home. If you decide to go this route, make sure you work with a reputable bankruptcy attorney and you understand the process and the likely outcomes, including the impact on your credit.

"We’ll negotiate with your lender to stop foreclosure. Simply pay our one-time fee." You might pay $500, $1,000 or more for a bogus "service" that may not stop foreclosure or that you could have accomplished yourself--for free--with calls to your lender. There are, however, legitimate organizations out there that really can help: contact the US Department of Housing and Urban Development (HUD) at (800) 569-4287 for a list of HUD-approved counseling agencies or search online at www.HUD.gov/offices/hsg/sfh/hcc/hcs.cfm .

We are glad to release www.TexomaListings.com

If you are looking for a second home or a getaway place to retreat on the weekends, see www.TexomaListings.com . Here you can enter exactly what you are looking for and it will be sent to you each time a new home comes on the market within your criteria.

The North Texas ans Wichita Falls areas are a very affordable place to live and purchase a home. If you would like an information packet sent to you, please email me @ ashton@bishoprealtors.com

Today the Wichita Falls Chamber of Commerce met to discuss the year of 2008 and their advances. Some great information was release from Dr. John Martinez of the MSU Dillard College of Business. Dr. Martinez said in an article released, "It is also interesting to look at the relationship between housing values and household income. For the nation as a whole, the median value for owner-occupied housing units with a mortgage is $208,000 which is almost 3 times the median household income of $71,000.

For Wichita Falls, the same ratio is just over 1.50 ($85,000/$56,000), or about one-half the national average. Thus, local housing values are not as likely to fall as severely as they might nationally."

Dr. Martinez research is great message for the Wichita Falls economy.

If you have any questions concerning this article or the Wichita Falls Real Estate economy, please contact Ashton Gustafson @ ashton@bishoprealtors.com

30 Yr rates dropped to 4.875% this afternoon on conventional 30 yr fixed. 30 day locks.  Improvement in government rates expected this afternoon. This is essentially as good as it will ever get.

If you have your eye on a home or homes that you would like to preview, please call/text me ASAP @ 940.224.0881.

Remember www.TexomaListings.com for all properties in the Wichita Falls area for sale!

Wichita Falls MLS Statistics for November 2008

Total Sales Closed  - 86

Sold Dollar Volume - $10,071,125

Average Sales Price - $117,106

Averge Days on Market - 78

When I see these stats, I see opportunity. From a buyer's perspective this is THE TIME TO BUY. I do not say this to inflate reality, I say this - because it is reality. Rates are now at an all time low and I have numerous properties that are for sale at great prices - prices we may never see again.

Remember, www.TexomaListings.com for Buyers and www.TexomaHomeValues.com for Sellers.

I am continuing to sell property every week - for results, please call me @ 940.224.0881.

I have listed a great home at 4212 Idlewood. $89,900 - 3 bed, 1.5 bath, 1 garage - AND an apartment that is rented for $350. This home should rent for around $850 - it would be a great buy and a great invesment in Wichita Falls. Please call me if you would like more information.

Ashton Gustafson

940.224.0881

www.TexomaListings.com