Thursday, March 27, 2008

FOLKS MOVING TO TEXAS!

This from US News and World Report:

"People are running away from unaffordable housing, from the economic slowdown," said Karl Eschbach, a state demographer in Texas. "I would expect Texas to stay at the top of a slowing game."

Sixteen percent of all families moving from one state to another move to Texas where housing is much more affordable. That's the top state in the nation. And Tyler's housing is more affordable than the average home in the state. Tyler Texas real estate, http://www.johncmartin.com/, is ready to help you find your dream place right here in East Texas!

Wednesday, March 19, 2008

THE FED'S RATE DECREASE

The fed's latest rate decrease is not a decrease in mortgage rates! It's to provide cheap liquidity to banks. It has generated a run on stocks, but it will do litle to lower interest rates to new borrowers. Perhaps it will push them down a little temporarily but, historically, they'll go back up to something approximating where they are now. To those who got into homes with ARM loans during the past two to three years, their scheduled increases will be abated. So I guess it's good for those who have suffered through some sharp increases in their interest rates.

Mortgage loans are still historically cheap, though. 6% to 6 1/2% is an excellent interest rate. And Tyler Texas real estate is already off to another excellent year. Email me at http://www.johncmartin.com/

Wednesday, March 12, 2008

OVERBLOWN?

There are numbers of gloom and doom folks out there.....especially many in the media. But is the economy in "crisis" due to foreclosures? NO. Check this out from MSN Money:

The rate of foreclosure was still only 1.033%. Because about 30% of all homes are owned mortgage-free, this means that for all the noise about a crisis, only seven-tenths of 1% of all (mortgaged) homes were in foreclosure.

Folks, this is NOT a crisis. It's just that some WISH it to be. So this is the motivation: "If it 'might' be a crisis, shouldn't we print some more money?"

We're doing quite well at Tyler Texas Real Estate, http://www.johncmartin.com/. We don't need a bail-out; and we don't need anybody to "prop up" our economy.

Friday, March 07, 2008

MARKET BOTTOM?

Only two percent of the mortgages approved in 2006 and 2007 are in foreclosure or near foreclosure. And the vast majority of that two percent are in six markets around the country. Investment bankers are projecting that those six markets haven't bottomed out yet, and probably won't until, maybe, late 2009.

Many other markets, such as Tyler Texas Real Estate and East Texas Real Estate, have stable, or near stable, prices; and foreclosures are near zero. Availability of properties to buy is up about ten percent, so it's a great time to hunt for your ideal home or ranch. http://www.johncmartin.com/ is ready to serve you in your hunt!

Monday, March 03, 2008

BUY A SECOND HOME!

Many taxpayers know that home-mortgage interest is one of their most valuable deductions. They're less likely to be aware that IRS allows deducting interest paid on a vacation dwelling!

To qualify for this tax break, the Internal Revenue Service insists that you have fun. You can't just be all business all the time.

In other words, for a second property to qualify for the home-mortgage-interest deduction, the taxpayer must use the additional home for personal purposes during the year.

Suppose a couple has a second home they rent out all year, and they never use it for their own vacations. Sorry -- no fun, no tax break. The property wouldn't qualify as a second home for the purpose of the home-mortgage-interest deduction.

So hurry up and buy that second home; and get that big tax deduction! And, by the way, Tyler Texas Real Estate is a great place to have a second home!

Saturday, March 01, 2008

FIRST TIME HOME BUYER

Here are seven tips for the first time home buyer:

1) Have your realtor check for recent comparable sales in the area in which you wish to live.
2) Talk to your realtor and a loan broker about what you can afford.
3) Ask your loan broker to calculate what your total monthly costs would be for the home you've chosen, including insurance and taxes.
4) Ask your loan broker for a full disclosure as to your total closing costs.
5) Determine whether your housing costs exceed 30% of your income. More than 30% is risky!
6) Question your realtor about the real estate climate and prospects.
7) Be aware of unanticipated events which might make your property investment more expensive, and incorporate them into your total view.

The integrity of your Tyler Texas Real Estate agent is the single most important factor when considering the purchase of a home or other property. If you need help, call an experienced realtor. You'll get it!