TIPS TO CLIP!

Do you someday dream of achieving financial independence? Do you dream of someday being able to finance your mission in life without having to work? Do you want the biggest life possible? And are you seeking a way to finance that vision?
If you have answered yes to any of these questions then I invite you to take advantage of the first in a series of investment seminars being offered by Keller Williams Realty Southlake. These seminars are designed to enhance your wealth building process by offering guest speakers, classes and industry resources.
For more information please call or email
The Koester Team to reserve a spot.
817-472-9120
callus@thekoesterteam.com

Buy or Rent???

Due to the economy and several other factors this question has been on a lot of minds. In today's blog I reveal the Top 10 cities where it is best to buy vs. rent. Our very own Arlington, TX makes the list at #2. Minneapolis tops the list of U.S. cities where home prices have become so affordable that it makes more sense to buy a home than rent one, according to the recent Rent vs. Buy Index published by online real estate listing service Trulia. The index’s price-to-rent ratio is calculated using the average list price compared with the average rent on a two-bedroom apartment, condo, or townhome listing.

The Top 10:

1. Minneapolis, MN 6. Mesa, AZ
2. Arlington, TX 7. Jacksonville, FL
3. Miami, FL 8. Phoenix, AZ
4. Fresno, CA 9. El Paso, TX
5. San Antonio, TX 10. Las Vegas, NV

Is Bigger Better?

Moving on UP!
More residents moved in 2009 than in 2008, according to a new report by the U.S. Census Bureau. Data from Geographical Mobility: 2009 shows that 37.1 million people changed residences in the United States within the past year, up from 35.2 million people who moved in 2008. More than two-thirds (67.3 percent) moved within the same U.S. county, 17.2 percent moved to another county in the same state, 12.6 percent moved from another state, and 2.9 percent moved to the United States from abroad.

Among unemployed residents age 16 and older, 20.9 percent lived in a different residence a year ago, compared with 12.5 percent of those who were employed. Nearly half of those who moved said they did so because they wanted to own a home or live in a better neighborhood, while 26.3 percent moved because of family concerns and 17.9 percent moved due to changing employment needs.

So when people move, Is Bigger Better?

Homes built since 2007 are generally larger, more expensive, feature more bedrooms and bathrooms and are more likely to include amenities such as central air conditioning than home built before 2007, according to data from the US Department of Housing and Urban Development's 2009 American Housing Survey. Newer homes have a median size of 2,300 square feet, compared with 1,610 square feet in 1973. Four out of five newly built homes (80 percent) have three or more bedrooms, up from 48 percent of homes in 1973. A majority of newly built homes (89%) have two or more bathrooms, compared with 19% in 1973.

The survey also find that 86 percent of the more than 130 million residential properties in the U.S. are occupied; 68 percent are owner-occupied. The median age of a typical U.S. home is 36 years.

The latest survey includes enhanced data from five metro areas, Chicago, Detroit, Philadelphia, New York and northern New Jersey. It also include two independent metro studies of New Orleans and Seattle. Lat conducted in 2004, the New Orleans survey provides an in-depth look at the city's redevelopment progress following the devastating hurricanes of 2005. For the first time ever, the survey includes data on the disability status of household members.

It's All About The Eats!

It's All About The Eats!

Visit the Dallas Farmers Market:

From 7 a.m. to 6 p.m. seven days a week (except special holidays), local farmers display and sell a mouth watering and eye-pleasing selection of fresh fruit and vegetables, herbs and floral plants at the Dallas Farmers Market. A perfect open-air market to leisurely stroll, take in the colorful, glorious sights.
Where: 1010 S. Pearl St.
When: 7 a.m.-6 p.m. daily
Phone: 214-939-2808
Kids Eat Free

ALSO:

The Dallas area is filled with restaurants that offer free or reduced meals for kids. Check out the following restaurants for more information: Applebee’s, Boston Market, Chili’s, Denny’s, Golden Corral, Macaroni Grill, On the Border, Tony Roma’s.

FOR OUR GULF COAST FRIENDS:

Please sign the petition for Restore The Gulf. Sign the Petition Here

Check our the video featuring a lot of great celebrities willing to help. Be The One

REFINANCING

TO REFINANCE OR NOT TO REFINANCE...THAT IS THE QUESTION?

Interest Rates are historically low. BUT, this doesn't necessarily mean you should refinance? To determine if you should refinance, you want to establish your BreakEven point.

To determine your BreakEven point you need to ask yourself:
How many years it will take to re-coup the cost of my refinance through lower interest payments?

If you anticipate selling prior to the BreakEven point (even if your interest rate was at 1%), it doesn't always make financial sense to refinance your loan.

But, if you plan on owning your home beyond BreakEven, taking advantage of today's historically low interest rates is likely a prudent decision. Rates today are hovering around 4.25% (4.34% APR) for a 30-year fixed loan and 3.75% (3.875% APR) for a 15-year fixed loan.

Contact us to learn your BreakEven and to determine if now is a good time to refinance your current loan in order to take advantage of these interest rates if you are not in the market to buy.

Quick Takes for YOU!

Quick Takes- Industry headlines, statistics and trends

American DREAMS

Despite the unsteady economy and the recent housing down-turn, many Americans still value home ownership and consider it to be more than a simple financial investment, according to a recent survey.

Here are some other findings:

- 8 out of 10 American believe home ownership is important to the economy

- 64% think it is a good time to buy a house, compared with 66% who said it was a good time to bu in 2003, before home prices peaked.

- 37% of Americans think housing prices will rise and 36 percent think prices will stay the same over the next 12 months

- 60 percent believe buying a home today is harder than it was for their parents, and 68% think it will be even harder for their children.

- 7 out of 10 homeowners say they believe buying a home continues to be one of the safest investments available, while 74% believe putting money into a savings or monkey market account is safe.

-65% say they prefer owning over renting, citing non financial reasons, such as neighborhood safety and quality of local schools.

-93% of homeowners with fixed rate loans and predictable payments say they are more satisfied with those than with other types of mortgages.

New Headline on Realty Times: Home Buyers Tax Credit Deadline Extended

Did You KNOW?

Did you know that

First Time Home Buyers Tax Credit has been extended for over 180,000 home buyers?

"The home buyer tax credit now has an extended closing deadline, thanks to Congress. The new deadline is set for September 30, 2010. This new legislation, bill H.R. 5623 will allow for thousands of home buyers to take advantage of the $8,000 and $6,500 tax credits that saw their previous deadline pass on June 30th. The National Association of Realtors (NAR) has been encouraging of its passage. "We know that up to 180,000 home buyers eligible for the tax credit are rejoicing this morning. And we all thank both houses of Congress for their work to ensure the passage of both bills," said NAR president Vicki Cox Golder.

Who is eligible for this deadline extension? If you are first time or "step up" home buyer who had a ratified contract in place as of April 30, 2010, but was unable to close by the previous June 30th deadline, then you're in luck. You are considered a first time home buyer if you have not owned your own home in the last three years. The same income restrictions and rules apply for the extension as were in place for the previous June 30th deadline."

-Carla Hill, Realty Times

This is great news! If you have any questions about the extension or if you are looking to buy or sell a home, give us a call at The Koester Team - phone: 817-472-9120

You can also view our website at http://www.thekoesterteam.com/

Today's Did You Know???

Did You Know? That never before have mortgage rates been this low. 30 year fixed mortgage rates are at 4.25% for well-qualified consumers paying a standard .07 to 1 point origination fee shows FreeRateUpdate.com research of wholesale lenders' rate sheets for brokers. 15 year fixed mortgage rates, also at a record low, are at 3.75%.

Did You Know? FHA mortagage rates today are nearly identical to those of conforming mortgages. Todady's FHA 30-yr fixed rate is also 4.25%. That being said, MI and other FHA fees make the closing costs higher on an FHA loan, even with the same note rate.



For example: A $25,000 30-year fixed rate mortgage at an interest rate of 4.25% has a monthly prinicpal and interest payment of $1,229.85 per month. That is less than my niece's rent in New Orleans for a one bedroom shotgun home!!!



Helpful Hint To Check Out: Wells Fargo is advertising a conventional 30 year fixed rate of 4.625% as of today with an APR of 4.812% (from the Wells Fargo Website)



That's it for today's Did You Know!



For more information visit Ed ferrara's article at : http://realtytimes.com/rtpages/20100630_rateupdate.htm

Tip To Click #1
Get The Facts On Seller Financing

In July 2008 the Secure & Fair Enforcement of Mortgage Licensing Act (SAFE Act) was signed into law. This law has an effect on seller financing. This law required minimal licensing for loan originators. There has been confusion regarding who must be licensed and who is exempt. Hopefully we can help. Here are the facts:
Under the current law if the property you are selling is not your primary homestead or you are not selling the property to a family member you, as the seller, must hold a residential mortgage loan originator license (RMLO) to sell a property using seller financing.

2. In August 2010, there is pending legislation to return to the previous statute, which allowed a seller to sell 5 or less properties in a 12-month period without holding a RMLO license.

3. A cute twist was that a RMLO license was never required for a seller to provide seller financing for commercial or unimproved property.

We will keep you advised as to the passing of the statute mentioned in #2.



I hope you enjoyed this Tip To Click! Become my follower and keep yourself up to date about the real estate market in your area.

Holly Koester

817-472-9120

callus@thekoesterteam.com

www.thekoesterteam.com