Mortgage Rate History

Below is a memo sent to the entire Ebby Halliday organization by President & CEO Mary Frances Burleson that we thought you might also enjoy.

Be sure and check out the Home Team Mortgage interest rate chart above. If you’d like more information about a home loan or refinancing, contact Eileen Austin at Home Team Mortgage, 469-330-1062.

THE BEST TIME EVER TO BUY A HOME!

Tired of the recent negative press and ‘gloom and doom’ predictions surrounding today’s real estate market?

Consider this…

Interest rates are at historic lows!

Many lenders are quoting 30-year fixed rate mortgages below 4.5%, and 15-year mortgages may be had in the 3.75% range.

Home prices are comparatively low!

Sale prices have fallen from the inflated values of a few years ago. And, even more savings may be found in a glut of foreclosed properties.

Listing inventories are high!

The selection of properties on the market today is greater and more diverse than it has been for many years. Finding the ‘perfect’ home has never been easier.

Today’s real estate market actually offers buyers unprecedented opportunity, and perhaps the best time ever to buy a home!

Mary Frances

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Living rent-free vs. foreclosure?

By Alana Semuels

RISMEDIA, March 27, 2010—(MCT)—It’s been 16 months since Eugene and Patricia Harrison last paid the mortgage on their Perris, Calif., home. Eleven months since the notice got slapped on their front door, warning that it would be sold at auction.
A terse letter from a lawyer came eight months ago, telling them that their lender now owned the house. Three months later, the bank told them to pay up or get out by the end of the week.

Still, they remain in the yellow ranch-style home they bought seven years ago for $128,000, with its views of the San Jacinto Mountains. They’re not planning on going anywhere.

read more here

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The foreclosure landscape is littered with buyers who didn’t do their homework, and as a result either didn’t get a great deal or worse, lost their life savings.

It doesn’t have to be that way. Watch the following news story by Stacy Johnson…LINK: Why NOT to buy a foreclosure at auction

read more

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5411 Victor in Dallas

Now available for lease:  nearly 1300 sf in Dallas Historic District. 

5411 Victor in Dallas Dining Room

This Craftsman-style home has granite tile countertops in the kitchen, updated appliances, jetted bathtub, new tile, and extensive wood flooring. 

5411 Victor in Dallas Kitchen

Original French doors seperate dining and living areas.  Dining area has bay window with storage under seat bench. 

5411 Victor in Dallas Master Bath

Relax on the shaded front patio, or on the wood deck in the back yard.  Oversized utility room with full-size washer and dryer connections. 

5411 Victor in Dallas Living Room

 This property is listing for $1200/month with additional security deposit, pet deposit, and application fees.  Inquiries, call 469-236-9899.

5411 Victor in Dallas bath

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Relax after a hectic day of working and living in the heart of North Dallas, near the Galleria, Addison, Dallas North Tollway, shopping and night life.  This spa-like master bath will welcome you home in this gated condominium complex on Spring Valley (east of the Tollway).

This well-maintained unit has been privately owned since the Casablanca Condominiums were built.  The original owner purchased the unit for his grandmother to live in, and sold the unit to the current owners in 2002.  The master bath is a serene spot, with warm colors and refinished cabinetry, tumbled slate countertops and full slate flooring and shower surround.  The rustic water fixtures pour into a vessel sink.

Provided for your entertainment are the community pool and arbor, and the poolside grill.  This is an amazing value for the location and upgrades.  This would be a wonderful investment opportunity for a rental property, or a great home for a student or professional.

Only 525 square feet to heat and cool, with economically used space for a convenient layout.  Full size washer-dryer connections are tucked away in an accordion-closet.  The bedroom has a large walk-in closet.  Appliances have been replaced (microwave, range/oven) since the new owners took possession.

Sparkling kitchen

Casablanca Community Pool

Master Retreat

Custom slate tile flooring and shower surround

Living Area

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Sting Performing at the 2300-seat Winspear Opera House

Super Bowl XLV Host Committee’s Kickoff Concert Series continues on May 22.  This time, Dallas’ new Winspear Opera House will have the red lights on for 16 time Grammy Award winning rock icon, Sting.

Think about this – this is an opportunity to see a living legend perform in the incredibly beautiful and intimate Winspear Opera House (there are only 2,300 available seats).  Talk about the hottest ticket in town!

How do you get in?  Don’t worry, we can help.

To celebrate our 65th Anniversary Year, Ebby Halliday is proud to be an official North Texas Super Bowl XLV Host Committee Sponsor.  And to make it a super year for you, too, we will be giving away five sets of tickets to the concert, plus admission to the exclusive VIP Pre- and Post-Concert Receptions. Coming soon, you’ll be able to register up to once per day at ebby.com to win your tickets.

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By George Ratiu, Research Economist

Broadstone Woodbridge in Wylie, TX

The economy concluded 2009 with a positive level of activity. Gross domestic product advanced at a better-than-expected 5.9 percent rate. Other economic indicators also pointed towards a continued recovery. At the same time, commercial real estate concluded the year with mixed results. Fundamentals remained weak, investments were down and the volume of distressed properties increased. Contracting credit and a tightened lending environment added to the pressure.
In the broad landscape of commercial properties, the multifamily sector has fared comparatively better. Demand for space was modest but positive. Net absorption closed the year at 105,458 units. Yet, there are factors which caused adverse impacts in the sector.
Household formation seems to be one of those factors. More precisely, the prolonged recession of the past two years has taken a toll on the number of people starting a household. Based on household formation data from the Census Bureau, the 10-year average of new households being formed has been 1.3 million per year. However, this number decreased significantly in both 2008 and 2009. From a decade-high of 3.5 million in 2001, household formation dropped to 772,000 in 2008 and only 398,000 in 2009.

Household Formation

It is not surprising that many people delay forming households considering the current employment environment. Except for a solitary 0.6% rise in November 2009, payroll employment has been declining for two years. Over this period, 8.4 million jobs have been cut, leading many job seekers into longer job searches, and causing others to discontinue their attempts altogether. The number of people receiving unemployment benefits reached the 4.6 million mark this past week.
In addition, the multifamily sector has experienced pressures from increased sales activity in residential housing. Growing foreclosures coupled with declines in values have prompted banks and homeowners to turn existing houses into rental properties, increasing rental supply. In addition, rising sales combined with lower housing formation have reduced demand for rental properties. Existing home sales rose during the second half of 2009, posting a strong performance during the fourth quarter. On a yearly basis, following a 7.0 percent decline in activity in the first quarter and a 2.9 slide during the second quarter, sales rebounded 5.7 percent in the third quarter and jumped 27.2 percent in the fourth quarter of the year.
Demand for apartments, as measured by net absorption, weakened in 2009. In the fourth quarter of the year, net absorption reached a modest 12,501 units. The first quarter 2010 is expected to see absorption at the 18,500 mark. Based on improved economic conditions, the sector is expected to provide a year of mixed performance.
On the supply side, the number of new units outpaced demand throughout 2009. For the year, there were 177,589 new apartment units completed. The number of completions is expected to decline noticeably in 2010. However, the high level of new space pushed vacancy rates higher. Apartment vacancy closed 2009 at 7.4 percent. Curtailing new construction is expected to moderate availability in 2010.

Multifamily Fundamentals

Regionally, a stronger economy and lower supply volume are keeping vacancy rates lower in certain metro areas. The lowest availability rate for the first quarter is in San Jose, followed by Pittsburgh and Washington, DC. Other markets with low rates are Northern New Jersey, Boston and San Diego.
At the top of the availability range, Jacksonville, Phoenix and Houston are posting vacancies of 12.3 percent, 11.3 percent and 11.0 percent, respectively. They are followed by Atlanta (10.5%), Fort Worth (10.3%), Dallas (10.0%) and Las Vegas (10.0%).
In light of growing vacancies, rent growth at the national level has been on a steady decline. After a 1.2 percent decline in the second and 1.3 percent in the third quarters, the fourth quarter posted a 1.0 percent decline in rent, closing the year with a 3.6 percent drop. Rent is projected to decline an additional 1.0 percent in the first quarter. For 2010, rent is expected to decrease 3.4 percent. While the apartment sector maintained more resiliency through the recession, it has not escaped unscathed.

Lowest Multifamily Vacancy Rates

Copyright National Association of REALTORS®, Reprinted with permission.

Lofts at Mockingbird Station in Dallas

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Beautiful drive-up at this home in Provence at Firewheel

Wow, this move-in ready home in Provence of Firewheel could not possibly be priced any lower.  With recent neighborhood home sales at $375 – $439, this home is an amazing find.  Look at this view!

Backyard View at 1209 Howard

Elegant Kitchen

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The buyer’s representative will help you in many ways:  not only by searching for properties and “opening the door”, but also in negotiations, disclosures, navigating the process, loyalty, knowledge of material facts related to the sale, and confidentiality.  We are well-trained at Ebby Halliday in how to best represent buyers and sellers.  Without representation, even when dealing with a new home builder, the sales person speaking with you is legally bound to serve the best interest of the selling party.  Be sure when you tour that you have fun, get design ideas, explore the possibilities for homeownership in that area, and that you keep your own information confidential until you have secured your own representation. 

You not only want the best house for your money, but the best value and terms as well!

Happy house-hunting, and call on me when you are ready for your own representation.

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