The Great Pumpkin


It seems strange Halloween is on a Sunday? Doesn't it?  Anywho, enjoy the festivities and Go Texas Rangers!  Plano Homes and Land wishes everyone a Happy Halloween!  Candy Up!
[75093,Plano,Texas,Happy Halloween]

Texas Home Sales Down Double Digits

The Texas Real Estate Center is an excellent source of information for accurate real estate information and data.  I get periodic emails from them and you'll find the most accurate sales information is distributed at the end of the month for the previous month.  This information is sourced from the Texas Multiple Listing Service (MLS).

Total Texas homes sales were down 18% from September 2009 to date.  Ask anyone one out there and they'll say it's tough but buying and selling still goes on.  The positive spin is the median price is about the same at $147,700.  The inventory of homes continue to increase at 7.9.  You can take a look at the chart below to see other Texas cities, Dallas, Ft Worth, Austin and Houston are in a similar range of: down 18% to 28%.  I personally don't see this changing anytime soon.  If you're a buyer this possibly could be the very best time to buy your first home or move up.  For sellers the right price and a lot of patience is needed.

	Sales	Change from Last Year	Median Price	Change from Last Year	Months' Inventory
Abilene	124	down 3%	$121,400	up 9%	6.5
Austin	1,393	down 28%	$193,300	up 5%	6.8
Beaumont	124	down 15%	$121,100	down 8%	11.7
Bryan-College Station	122	down 5%	$149,300	down 2%	8.8
Dallas	3,066	down 24%	$159,300	up 2%	7.2
Fort Worth	608	down 18%	$109,200	down 3%	7.3
Houston	4,296	down 19%	$154,400	no change	7.9
Kerrville	41	up 2%	$190,000	up 27%	22.8
Longview-Marshall	173	down 7%	$128,600	up 1%	9.1
Lufkin	36	down 22%	$124,000	up 3%	9.3
McAllen	125	down 31%	$102,300	down 2%	12.7
San Antonio	1,434	down 11%	$149,400	up 2%	8.2
Texarkana	85	up 18%	$123,800	up 27%	9
Victoria	71	up 15%	$118,600	down 15%	8.2
Waco	136	down 25%	$100,000	down 15%	8.7
Texas	15,199	down 18%	$147,700	no change	7.9

You're Fired!


Can You Fire Your Agent?

Your home has been on the market for almost 6 months and it hasn't sold.  You're not too happy with your agent and quite frankly you don't hear from them or don't think they doing anything to sell it.  You signed a listing agreement but don't know what to do.

Sound familiar?

This is probably one of the most misunderstood facts about taking your home off the market. Yes, you can fire your agent even with a listing agreement in force.  Most professional Realtors or agents will let you out of a listing agreement if you're not happy.  If you can't get your agent to respond call the broker to release you from the contractual obligation.  You're listing agreement is through them not the individual agent.

You and the broker will have to sign a termination form and make sure the listing is cancelled on the MLS so you can move on to your next step.  If an agreement is withdrawn instead of cancelled you will still owe the original agent and broker a fee if you sell your home.  Something you should be aware of but probably aren't.

[75093,Plano,TX,listing agreement]

Seven Things Your Mortgage Lender Will Expect You to Know

Planning to apply for a mortgage?  Before you do, there are a few things you should know.  Lenders ask a lot of questions.  The answers you provide will help your lender determine whether you are a good credit risk or a bad one, and this, in turn, will determine whether or not you get a loan.  Make sure you know the following things.

1.  Your current living situation.  Lenders will want to know whether you own a home or rent.  A current homeowner has already established significant financial responsibility.  A renter has established some, but not as much.

2.  Your employment status.  Are you currently employed?  Have you changed jobs often in the past few years?  Lenders want to see stable employment.  Try to stick to one job for at least a year or two before you apply for a loan.

3.  Your income.  This one is obvious.  The more money you make, the more money you'll qualify to borrow.

4.  Your current debts.  This is another big one.  If you have a lot of unpaid debt, lenders may hesitate to loan you money.  Lenders want to see solvency.  The more debt you have, the less solvent you are.  Pay off as much of your current debt as possible before you apply for a loan.

5.  Your credit history.  Have you made any late payments?  Have you been through bankruptcy?  Your credit score will outline much of this, but your lender may ask you deeper questions during the application process just to get a full understanding of your history.

6.  Your assets and resources.  Financial assets, such as investments and other properties that you own, can help convince your lender you are a good credit risk.

7.  Your ownership goals.  Will the home you purchase serve as your primary residence, or is it an investment property?  This will affect the loan amount lenders are willing to provide.  Some loan programs require that the home you purchase be your primary residence.  Lenders will want to know facts like this.  What are your ownership goals?

You need to know these things and be able to answer your lender's questions convincingly before you head to the bank.  If you don't, you risk blowing the application.  Take the time to outline how you'll respond to your lender beforehand and you should have no trouble proving your creditworthiness.

About the author: This guest post was provided by Kyle Chezum, a content specialist at www.Lender411.com.  Lender411.com helps home buyers compare mortgage rates, find local lenders, and locate the best mortgage packages available.

Plano Safest City in America


Well, we finally made a Forbes list.

This was based on populations of 250,000 and includes data from reported police reports and traffic accidents.  Plano was the only Texas city on the list.  The article depicts Plano as:

"residents of this wealthy Dallas suburb enjoy the lowest violent crime rate of all big American cities, and have a much lower rate of fatal car crashes. In fact, this "All-American City" tops our list of America's Safest Cities.

If you live in Plano I know you'll find this true or at least I hope you do: Plano is safe, secure, has great schools & wonderful city services compared to Dallas.  I attribute the red light cameras to less traffic accidents. Yes, there is one more reason to make Plano home.

[75093,Plano,TX,America's safest city]

New 2010 Property Tax Rates:

It's good to know if you live in Plano or Frisco taxes remain relatively the same.  Dallas is a different story, see tax rates below:

Plano: 2.1683
Frisco: 2.1813 - Collin County - 2.1289 - Denton County
Dallas: 2.658141

Although there was no increase this year, I'm sure next year will be different.  Two things always remain the same, death & taxes....

The numbers are total tax rates, one thing you might find interesting is the tax rate for the Park Cities:

Highland Park: 1.95833
University Park: 2.05178

Even though housing is more expensive the exemplary school system and city services could spoil anyone.  That's why rentals are always a great investment in the highly desirable Park Cities.

[75093,75205,75225,2010 property tax rates]

Like you, I'm always looking for good information on the internet and one that's consumer driven.  Lender411 is a loan portal that let's you compare mortgages and a good place to start the process.  They were kind enough to review our site, PlanoHomesandLand.com and it's nice to get an outside opinion of what we're trying to do:

"Their blog covers a variety of topics useful to homebuyers and investors.  Terry writes about everything from the local weather patterns to financial news and macroeconomic trends.  A recent post included a chart that visually represents where mortgage rates have been over the past few years.  Still another analyzed the areas around Plano, TX, where home prices are appreciating most.  This is highly valuable information, especially if you're planning to purchase a home in the northern Dallas area."

In fact, watch for a future guest post to learn more about the lending process.

[75093,Plano,TX,Lender411,mortgage portal]