We got to experience moments of Spring here and there this week, speaking in terms of weather. We had a huge Spring experience this week in terms of Real Estate. Currently, we've got 12 pending contracts with just 8 days into March. However, this market continues to be a price war and a beauty contest.

We just posted the podcast for March. Click this link to listen in: http://talkrealty.com/ashtongustafson

SPOTLIGHT HOME OF THE WEEK - 5110 Lake Wellington

3 bed + office. Just reduced to $299,900, this is a stunning Wachsman built home in Lake Wellington Estates. This home has it all: Lovely open kitchen, open floor plan, handsome office space, 3 car garage, hardwoods throughout, and large master bath. This home defines "move in ready." Call us today @ 940.691.7355 for an appointment to preview.

REMEMBER THESE SITES:

www.TheFallsHomeFinder.com - Looking to buy?

www.TexomaHomeValue.com - Thinking of selling?

www.WichitaFallsShortSale.com - Behind on mortgage?

www.TexasBankOwned.com - Investing?

Hope all is well. 

May we all live great stories this week.

Ashton

Owner - Bishop Realtor Group                                                

We saw rates tick up a little bit this week, but the market definitely had a great boost of activity. With the current PCS to Sheppard Air Force Base and the news of over 300 new jobs coming to our in the next 3 years, things are looking great. Also, this weekend brought 4 new pending contracts and even more offers still in negotiations. Contrary to what you may hear, we are busy here @ the Bishop Realtor Group.

I also found some great HUD Repo's this morning @ www.SouthwestAlliance.com . Please visit the site, and if you would like to view any of these properties, just let me know. You will see that most of them have bid deadlines, so be sure to be mindful of that.

We are just inches away, again, from saving another home owner from foreclosure this week too. If you know of someone that is behind on their payments, please send them to www.WichitaFallsShortSale.com to view some options. There are many popular opinions right now that claim foreclosure is a suitable option for those behind on their payments - this simply is not true. This site will discuss some other options as well to avoiding foreclosure.

And remember, www.TheFallsHomeFinder.com - this site continues to grow in popularity with 1000's of hits each week. Finding a home and creating a favorites list has never been easier. I invite you to return or create an account to see why over 1500 buyers have registered here.

Make it a great week, and please let me know if I can serve you or anyone you may know.

"Everyone who got where he is had to begin where he was." Richard L. Evans

Hopefully some Spring sunshine is in our very near future - I hear more snow is one the way tomorrow...what a Winter its been!

As we approach this Spring and Summer, our best sales seasons, you may be thinking of moving or know someone that is too.
We have created www.TexomaHomeValue.com for those of you that are looking to sell and wondering what the market around you has done in the last few months. Simply enter your home's information and your contact information, and we'll have a market analysis to you within 24 hours.

January 2010 for us was up over 2009 and we already have 16 new pending for February. Its looking like this will be another GREAT year for the Bishop/Gustafson Team.

This week's Myth Buster:

Myth: "If I price my house high in the beginning, that will give me more negotiating room and the buyer will feel like they're getting a deal."
Fact: This simply is not true - you cannot fool buyers in this market.
The only home that sold over $300,000 in Wichita Falls for the month of January was originally on the market at $875,000 - and it sold for $425,000 908 days later. Pricing high caused this home to be on the market almost 3 years! Had they priced aggressively in the beginning, they probably would have netted more money, and saved almost 3 years in taxes, utility bills, and lawn care.

Please call me this week if I can serve you or anyone you may know.

Wisdom is knowing what to do next; virtue is doing it. David Jordan

Ashton

Owner - Bishop Realtor Group                                                             

mortgage situations are finding it difficult to get

sound advice at a time when they need it most.

That’s why I’m providing an easy-to-understand

comparison of foreclosures and short sales, just

for you at: www.WichitaFallsShortSale.com

This free report will provide you with more

information abot your options in these

challenging times. As CDPE, I am trained

to help homeowners evaluate their

options and come up with a plan. I offer

solutions.

Visit my site and explore what’s

available. It’s time for a new

financial future.

I’m here to help.

Ashton Gustafson - Certified Distressed Property Expert

Bishop Realtor Group - Owner

Wichita Falls, Texas – February 10, 2010 – The annual St. Patrick’s Downtown Street Festival will be taking place Saturday, March 13th (600 block of 8th). Gates will open at 5:30pm and the event will last until 11pm.
 
This event has been taking place over a decade and is designed to bring awareness to historic downtown Wichita Falls and also serves as a small fundraiser for Downtown Wichita Falls Development. Highlights include live music from a variety of bands including native Irish music; a variety of food and specialty vendors; and lots of green to be seen!
 
Ireland ’s Call will be returning direct from Ireland to play a fusion of classic Irish tunes and rock. This year’s addition to the line-up is a band called the Killdare’s out of Dallas , TX . They are known for their brand of hard driving, alternative Celtic rock. The band uses unconventional pairings of screaming, fire-driven fiddle and bagpipes with the wail of electric guitar, bass and drums to create brilliant arrangements. The band’s incredible stage presence is nothing short of awesome.
 
Band line-up includes:
Outside Stage- Direct from Ireland , “ Ireland ’s Call” and special guest from Dallas , TX “the Killdares”.
Inside Stage- “Mike O’Neil & Daddy-O” plus “AA Bottom”
 
Families are welcome and highly encouraged to come. There will be activities for children. People are encouraged to buy tickets in advance to benefit from the discounted prices. Ticket Outlets: United Market Street , SAFB ITT Ticket Office, Iron Horse Pub and DWFD. Ticket Prices:   $9 advance w/ military or student ID, $10 advance for general public, $15.00 at the gate, 12 & under FREE (must be accompanied by an adult).
                              
DWFD is a project of North Texas Visions and is a 501(c)3 organization. DWFD has established a partnership between the public and private sectors that is dedicated to the revitalization and economic development of historic downtown Wichita Falls . DWFD believes a healthy vibrant downtown is the heart of the city. Please visit our web page: www.downtownproud.com,  the DWFD Facebook page or www.myspace.com/wichitafallsshamrockfest
 
719 Scott Street, Suite 418 * Wichita Falls , TX 76301 * 940-322-4525 * 940-322-4526 Fax

Did you know that the Federal Tax Credit for 1st Time Home Buyers and Existing Home Owners is set to expire at the end of April? If you or someone you know has buying a home on their "to-do" list for 2010, now is the time. Interest rates are at historic lows and our local lenders have money to lend. See www.TheFallsHomeFinder.com for information or to make an appointment to view any home for sale in our area.

Great Buy of the Week - 5127 Rock Point - $79,500

This 3 bed 1.5 bath home in Meadowlake is the perfect home for the 1st Time Home Buyer, Newlywed, or small family. Recent paint and crown molding can be found on the inside. The backyard is also complete with a newly installed covered patio and a great shop with power. Call us today @ 940.691.7355 for an appointment to preview.

Word on the Street - Short Sales

Through my experience handling distressed properties at Bishop Realtor Group, I've found that homeowners today have more questions than answers about their circumstances. I have created the site, www.WichitaFallsShortSale.com to help everyone understand the possible solutions to foreclosure, as well as provide a detailed explanation of short sales, which may be the best course of action for some homeowners.

You will also notice that I'm offering a FREE Report to explain options to help one decide on a course of action. The idea of losing a home can be overwhelming, and I feel it is vital for everyone to have all the facts necessary to make an informed decision.

As an agent with the CDPE® Designation, I have a strong and unique appreciation of the factors affecting the market, and know that there are options available to you.

If you would like to know more about your options, please call me at (940) 224-0881. I am here to help … in any way I can.

Quote of the Week

To sensible men, every day is a day of reckoning.  ~John W. Gardner

Let's live great stories this week,

Ashton

Remember that if you or someone you know is looking to buy and get the first time Home Buyer's Tax Credit, they need to be in contract by the end of April and close by the end of June.

This also goes for the $6500 Tax Credit for current home owners. Some have asked about details on this issue. They are as follows:

Its been a great year thus far for the Bishop Team. If we can serve you or anyone you may know this week, please let us know.

www.TheFallsHomeFinder.com - For Buyers

www.TexomaHomeValue.com - Thinking of Selling?

www.TexasBankOwned.com - Investing?

www.WichitaFallsShortSale.com - Mortgage problems?

"Dreams pass into the reality of action. From the actions stems the dream again; and this interdependence produces the highest form of living." Anais Nin

Interest rates took another dip this week back to around 5% for the 30 year fixed and 4.5% for the 15 year fixed. I cannot stress enough how significant these rates, and they really have only one way they can go from here...up! See the graph below for some historical perspective.

While 1% may not seem like much, with a $200,000 loan there is a difference in total payments of $45,360 when comparing rates from 5% to 6%.

Call me today if you would like to set up a time to speak with someone about your next Real Estate loan.

Remember our sites for fast answers:

www.TheFallsHomeFinder.com - Info on all homes in MLS.

www.TexasBankOwned.com - Weekly Foreclosure List

www.TexomaHomeValue.com - Thinking of Selling?

www.WichitaFallsShortSale.com - Behind on your mortgage payment?

www.TalkRealty.com/AshtonGustafson - Market Update Pod Cast

Make it a great week.

"He who says he can and he who says he can't are both usually right." Confucius

www.riseandshine.texomacountry.com/2010/01/22/friday-january-22-2010.aspx    

FHA Announces Policy Changes to Address Risk and Strengthen Finances
New Measures Will Help FHA Better Manage Risk, While Maintaining Support for the Housing Market and Access for Underserved Communities
WASHINGTON – Federal Housing Administration (FHA) Commissioner David Stevens today announced a set of policy changes to strengthen the FHA’s capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities. The changes announced today are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.
The FHA will propose to take the following steps: increase the mortgage insurance premium (MIP); update the combination of FICO scores and down payments for new borrowers; reduce seller concessions to three percent, from six percent; and implement a series of significant measures aimed at increasing lender enforcement. U.S. Housing and Urban Development Secretary Shaun Donovan previewed the changes in December of last year, noting that the FHA would announce additional details before the end of January.
“Striking the right balance between managing the FHA’s risk, continuing to provide access to underserved communities, and supporting the nation’s economic recovery is critically important,” said Commissioner Stevens. “When combined with the risk management measures announced in September of last year, these changes are among the most significant steps to address risk in the agency’s history. Additionally, by continuing to provide affordable, responsible mortgage products, FHA will support the housing market’s recovery. Importantly, FHA will remain the largest source of home purchase financing for underserved communities.”
Announced FHA Policy Changes:
Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending
The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.
If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.
This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing
The initial up-front increase is included in a Mortgagee Letter to be released tomorrow, January 21st, and will go into effect in the spring.
Update the combination of FICO scores and down payments for new borrowers.
New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.
This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.
This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.
Reduce allowable seller concessions from 6% to 3%
The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions.
This change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.
Increase enforcement on FHA lenders
Publicly report lender performance rankings to complement currently available Neighborhood Watch data - Will be available on the HUD website on February 1.
This is an operational change to make information more user-friendly and hold lenders more accountable; it does not require new regulatory action as Neighborhood Watch data is currently publicly available.
Enhance monitoring of lender performance and compliance with FHA guidelines and standards.
Implement Credit Watch termination through lender underwriting ID in addition to originating ID.
This change is included in a Mortgagee Letter to be released tomorrow, January 21st, and is effective immediately.
Implement statutory authority through regulation of section 256 of the National Housing Act to enforce indemnification provisions for lenders using delegated insuring process
Specifications of this change will be posted in March, and after a notice and comment period, would go into effect in early summer.
HUD is pursuing legislative authority to increase enforcement on FHA lenders. Specific authority includes:
Amendment of section 256 of the National Housing Act to apply indemnification provisions to all Direct Endorsement lenders. This would require all approved mortgagees to assume liability for all of the loans that they originate and underwrite
Legislative authority permitting HUD maximum flexibility to establish separate "areas" for purposes of review and termination under the Credit Watch initiative. This would provide authority to withdraw originating and underwriting approval for a lender nationwide on the basis of the performance of its regional branches
In addition to the changes proposed today, the FHA is continuing to review its overall response to housing market conditions, and continuing to evaluate its mortgage insurance underwriting standards and its measures to help distressed and underwater borrowers through FHA/HAMP and other FHA initiatives going forward.
###
HUD is the nation's housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development ad enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.
 

5110 Lake Wellington - $315,000 - 3 beds - office - 2 baths - 3 car garage

Wichita Falls, TX - Lake Wellington

Built by RJ Wachsman, this stunning home found in Lake Wellington is in mint condition and move in ready. It has everything one could look for: open floor plan, hardwoods and tile throughout, office space, sewing closet, 3 car garage, granite countertops, huge master closet, isolated master bedroom, fabulous kitchen...and the list goes on.

For more information call Ashton Gustafson @ 940.224.0881.

Today, 1 out of every 10 homeowners in America is behind on mortgage payments. These are tough and frustrating times. Now more than ever, it's important to identify your options. Foreclosure can be avoided, your credit can be saved, and your financial future can be salvaged.

Through my experience handling distressed properties at Bishop Realtor Group, I've found that homeowners today have more questions than answers about their circumstances. I have created this site to help you understand the possible solutions to foreclosure, as well as provide a detailed explanation of short sales, which may be the best course of action for some homeowners.

You may also have noticed that I'm offering you a FREE Report to explain your options and help you decide on a course of action. The idea of losing a home can be overwhelming, and I feel it is vital for you to have all the facts necessary to make an informed decision.

As an agent with the CDPE® Designation, I have a strong and unique appreciation of the factors affecting the market, and know that there are options available to you.

If you would like to know more about your options, please call me at (940) 224-0881.

I am here to help … in any way I can. See www.WichitaFallsShortSale.com for more information.

Ashton Gustafson

Ashton Gustafson

940.691.7355

ashton@bishoprealtors.com

Ashton Gustafson Earns Real Estate, Short Sale Designation to Help Homeowners in Danger of Foreclosure

Scottsdale, AZ – Jan 12, 2009 – Ashton Gustafson of Bishop Realtor Group in Wichita Falls has earned the prestigious Certified Distressed Property Expert^® (CDPE) designation, having completed extensive training in foreclosure avoidance, with a particular emphasis on short sales. At a time when millions of homeowners are struggling with the possibility of foreclosure, the skills and education amassed by Gustafson will help benefit Wichita Falls-area residents and communities.

Short sales allow the distressed homeowner to repay the mortgage at the price that the home sells for, even if it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

Today, more than 13 percent of homeowners are delinquent on their mortgage or in the foreclosure process. This is occurring across all price ranges, and the fastest-growing category of homes in foreclosure is the luxury home market.

“The CDPE designation has been invaluable as I work with homeowners and lenders on complicated short sales,” said Gustafson. “It is so rewarding to be able to help families save their homes from foreclosure.”

Alex Charfen, co-founder and CEO of the Distressed Property Institute in Austin, Texas, said that agents such as Gustafson with the CDPE Designation have valuable perspective on the market, and training in short sales that can offer homeowners real alternatives to foreclosure, which can be devastating to credit ratings.

“These experts better understand market conditions than the average agent, and can help sellers through the complications of foreclosure avoidance,” he said.

The Distressed Property Institute provides live and online courses to train real estate professionals how to help homeowners in distress, with a strong focus on handling short sales.

“Our goal is to help as many homeowners as possible, by educating as many real estate professionals as possible,” Charfen said. “Gustafson has demonstrated a commitment to struggling homeowners, a commitment that can provide much-needed stabilization to the community.”

We  wanted to remind those of you looking to buy or sell Real Estate in the Wichita Falls, Burkburnett, Iowa Park, and Sheppard Air Force Areas about the sites we've created just for you.

www.TexomaHomeValue.com - For Sellers - 

Complete the required information on your home and you will receive a complimentary Computer Analysis, indicating your home's approximate present value on the market today. You will receive this information quickly, by email, and without having to speak with an agent!

www.TheFallsHomeFinder.com - For Buyers -

www.TexasBankOwned.com - 

Wichita Falls, TX - Real Estate Info You Should Know

Effective January 4th American National Bank will begin accepting loan applications for the above new 1st Time Home Buyers Loan Program.  The rate will be 4.75% with no down payment assistance (DPA) and 5.25% with 3% DPA.  The loan will have a 1% origination fee with standard closing costs.  The program is available under FHA, VA , or RHS (USDA Rural Housing) loans with standard qualifications. Veterans do not have to be first time home buyers to qualify for the program.  Loans may not close until January 18th, 2010 and the origination period is until December 24, 2010.

American National is very proud to be the lead lender in this program with $10MM dollars in funds available and is very happy that they were able to be instrumental in providing assistance to the HFC to insure that there was up to $450,000 in Down Payment Assistance for the program.  We will be providing additional information as it becomes available but please give any of us a call with questions or for application for you under this important program for our community.

What an eventful few days we've had here in The Falls...10 inches of snow and it stuck!!! This has definitely been a week I will never forget, and may never see again.

But here we are. In a few short days, 2009 will be over...and what a year it has been. We've seen the stock market rally back to near all time highs, numerous decisions being made in D.C. that will affect all industries, unemployment near all time highs - every day a new surprise on the front page of all our papers. It has surely been a up and down, "yen and yang" year.
 
I saw most of this coming in October '08. I made the decision January 1 to work harder than ever, get to work an hour early and stay an hour late, and do whatever it took to insure successful Real Estate endeavors for my clients in 2009. And that we did - up over 20% from the year prior.

So how do you measure a year? Click here to see how I have.

How do you measure a year? from Ashton Gustafson on Vimeo.

Happy New Year and thank you, thank you, thank you.

God Bless,

Ashton