COLLEGE STATION (Real Estate Center) – Chief Economist Dr. Mark Dotzour is crisscrossing the nation delivering his economic message and collecting valuable data for the Real Estate Center at Texas A&M University.
Among the comments he heard this week at meetings of the National Association of Business Economics in Washington, D.C., were:
• “Clearly there is virtually no threat of inflation in the next two years.”
• “There’s virtually no chance of the Fed increasing interest rates (maybe a symbolic small move aside).”
• “The last recession, the Fed waited until unemployment was 5.5 percent before tightening.”
• “We won’t get to that level for several years.”
• “The threat is for deflation across the globe, with the exception of China.”
• “China’s money supply is up 30 percent from last year. Our M3 (the Fed’s measure of the money supply) is virtually unchanged from a year ago, and available credit is less than last year.”
“The Congressional Budget Office said the United States is going to be unable to pay for the social contract with America,” said Dotzour. “It’s only a matter of when and how the adjustments for failed promises have to take place. Medicare, Medicaid and Social Security cannot be funded at current levels of spending.”

1. Get rid of clutter. Throw out or file stacks of newspapers and magazines. Pack away most of your small decorative items. Store out-of-season clothing to make closets seem roomier. Clean out the garage.

2. Wash your windows and screens to let more light into the interior.

3. Keep everything extra clean. Wash fingerprints from light switch plates. Mop and wax floors. Clean the stove and refrigerator. A clean house makes a better first impression and convinces buyers that the home has been well cared for.

4. Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Open the windows.

5. Put higher wattage bulbs in light sockets to make rooms seem brighter, especially basements and other dark rooms. Replace any burnt-out bulbs.

6. Make minor repairs that can create a bad impression. Small problems, such as sticky doors, torn screens, cracked caulking, or a dripping faucet, may seem trivial, but they’ll give buyers the impression that the house isn’t well maintained.

7. Tidy your yard. Cut the grass, rake the leaves, trim the bushes, and edge the walks. Put a pot or two of bright flowers near the entryway.

8. Patch holes in your driveway and reapply sealant, if applicable.

9. Clean your gutters.

10. Polish your front doorknob and door numbers.

Reprinted from REALTOR Magazine Online by permission of the National Association of Realtors, Copyriht 2005, All rights reserved.

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EBBY STILL PARTYING AT 99!

DALLAS (Dallas Morning News) – The buzz around town is not about the Mavericks or the Cowboys this week, but about local real estate legend Ebby Halliday and her 99th birthday.
Although her birthday is today, the celebration began Friday and will continue until tomorrow.
The founder of Ebby Halliday Realtors, which began in 1945 and is now a $4 billion business, wanted a low-key birthday, but Dallas did not think that was suitable.
The festivities began Friday night at the Dallas Mavericks game, where her favorite player, Dirk Nowitzki, presented her with an autographed team ball, and have continued on party buses, in church, at the Winspear Opera House and with lunch with T. Boone Pickens.
“If I live to be a hundred, and the celebration is any faster or more furious, I won’t be able to stand it,” Halliday said.

DALLAS (Dallas Business Journal) – By the end of 2009, 10.3 percent of Texas home loans were delinquent — up 0.5 percent from the third quarter — but the number of loans 30-60 days delinquent fell 11 basis points to 4.43 percent, according to the Mortgage Bankers Association.
A loan is considered delinquent if one or more payments are past due.
Nationally, the delinquency rate declined 17 basis points to 9.47 percent, and the rate for loans 30-60 days delinquent fell 46 basis points to 3.36 percent.
“This shows a significantly improved housing market, even from 90 days ago,” said Scott Norman, vice president of the Texas Mortgage Bankers Association.
The year concluded with 2 percent of Texas home loans in foreclosure, compared with 4.58 percent nationwide.

Increase your chances of getting your dream house instead of losing it to another buyer, with these easy steps.

1.  Get prequalified for a mortgage.  You’ll be able to make a firm commitment to buy and make your offer more desirable to the seller.

2.  Stay in close touch with your real estate sales associate to find out first about new listings that come on the market.  And be ready to go see a house as soon as it goes on the market.

3.  Scout out new listings yourself.  Look at Internet sites, newspaper ads, and drive by the neighborhood frequently.  Maybe you’ll see a brand-new “for sale” sign before anyone else.

4.  Be ready to make a decision.  Spend lots of time in advance deciding what you must have so you won’t be unsure when you have the chance to make an offer.

5.  Bid competitively.  You may not want to start out offering the absolute highest price you can afford, but don’t try to go too low to get a deal.  In a tight market, you’ll lose out.

6.  Keep contingencies to a minimum.  Restrcitions such as needing to sell your home before you move or wanting to delay the closing until a certain date can make your offer unappealing.  In a tight market, you’ll probably be able to sell your house rapidly.  Or talk to your lender about getting a bridge loan to cover both mortgages for a short period.

7.  Don’t get caught in a buying frenzy.  Just because there’s competition doesn’t mean you should just buy anything.  And even though you want to make your offer attractive, don’t neglect inspections that help ensure that your house is sound.

Reprinted from REALTOR Magazine Online by permission of the National Association of REALTORS.  Copyright 2005.  All rights reserved.  http://www.REALTOR.org/realtormag.

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