Effective today, there are new disclosures that must be used when applicable.
According to Tom Morgan, Texas Association of Realtors Senior Counsel, the new disclosures must be completed with any contract that is executed on or after September 1. The new forms are available on zipforms or on the TAR website. There is also a TREC version of the form that is available on the TREC website, but, in my opinion, the TAR form is a little more user friendly.
I am told that the changes regarding smoke detectors were a compromise with another lobby group who wanted stronger legislation that would make Realtors more involved in bringing properties that we sell up to code. While the new disclosures are an inconvenience, they are better than what the alternative might have been.
Lori Levy, Associate Counsel for the Texas Association of Realtors, wrote a good article on the changes that was published in the last association newsletter. To view a copy of it, go to this link:
http://texasrealtors.com/web/3/25/topics.htm
Please be sure to get the new form signed with all contracts after today and enjoy your holiday weekend.
Friday, August 31, 2007
Bush acts to provide relief and home prices up!
Today President Bush announced that he has a plan to offer some relief for the struggling mortgage industry in an effort to stem the tide of foreclosures.
I have not studied the plan in detail, but Wall Street seemed to like the ideas.
In other news, the Dallas Morning News reported today that Dallas area home prices were up 5% year over year at the end of the second quarter.
Once again, there is far more good news on the local landscape than bad.
Here is the entire article:
HOMES – Dallas prices rise 5% in 2nd quarter
12:00 AM CDT on Friday, August 31, 2007
By STEVE BROWN / The Dallas Morning News
A benchmark federal report shows that Dallas-area home prices are still gaining ground.
Home prices in the Dallas area were up about 5 percent at midyear compared with the second quarter of 2006, according to the Office of Federal Housing Enterprise Oversight's quarterly report that was released Thursday.
The report was the second this week to show Dallas home prices still going up.
Nationwide, there was a 3.2 percent gain for the same period – the lowest increase in 10 years. And U.S. home prices were up just 0.1 percent from the first quarter.
"House prices were basically flat in the second quarter despite tightening credit policies, rising foreclosure rates and weakening buyer sentiment," federal housing office director James Lockhart said in a statement.
The region that includes Texas, Oklahoma, Arkansas and Louisiana had the strongest home price gains in the second quarter. All the Texas cities in the report had price increases.
El Paso had the seventh biggest one-year increase in the country – up 12.49 percent. In the Austin area, prices were up 10.76 percent, and in Beaumont-Port Arthur, they rose 10.62 percent.
The Fort Worth area showed a 3.57 percent gain from last June.
Out of the 287 markets in the federal housing report, 61 saw price declines in the second quarter. The largest losses were in California.
The Office of Federal Housing Enterprise Oversight bases its quarterly report on information from loans made by the country's two largest mortgage sources: Fannie Mae and Freddie Mac.
Analysts who prepared the in-depth housing data warned that the latest figures do not reflect "the extent of recent mortgage market instability."
Those effects won't show up until at least the third-quarter report, they say.
Dallas had only modest increases in previous Office of Federal Housing Enterprise Oversight reports.For the last five years, home prices in the Dallas area have risen 18.77 percent, compared with 50.76 percent nationwide.
Everyone spread the good news and thanks to Chelsea Alexander of Republic Title for sharing this article with me.
I have not studied the plan in detail, but Wall Street seemed to like the ideas.
In other news, the Dallas Morning News reported today that Dallas area home prices were up 5% year over year at the end of the second quarter.
Once again, there is far more good news on the local landscape than bad.
Here is the entire article:
HOMES – Dallas prices rise 5% in 2nd quarter
12:00 AM CDT on Friday, August 31, 2007
By STEVE BROWN / The Dallas Morning News
A benchmark federal report shows that Dallas-area home prices are still gaining ground.
Home prices in the Dallas area were up about 5 percent at midyear compared with the second quarter of 2006, according to the Office of Federal Housing Enterprise Oversight's quarterly report that was released Thursday.
The report was the second this week to show Dallas home prices still going up.
Nationwide, there was a 3.2 percent gain for the same period – the lowest increase in 10 years. And U.S. home prices were up just 0.1 percent from the first quarter.
"House prices were basically flat in the second quarter despite tightening credit policies, rising foreclosure rates and weakening buyer sentiment," federal housing office director James Lockhart said in a statement.
The region that includes Texas, Oklahoma, Arkansas and Louisiana had the strongest home price gains in the second quarter. All the Texas cities in the report had price increases.
El Paso had the seventh biggest one-year increase in the country – up 12.49 percent. In the Austin area, prices were up 10.76 percent, and in Beaumont-Port Arthur, they rose 10.62 percent.
The Fort Worth area showed a 3.57 percent gain from last June.
Out of the 287 markets in the federal housing report, 61 saw price declines in the second quarter. The largest losses were in California.
The Office of Federal Housing Enterprise Oversight bases its quarterly report on information from loans made by the country's two largest mortgage sources: Fannie Mae and Freddie Mac.
Analysts who prepared the in-depth housing data warned that the latest figures do not reflect "the extent of recent mortgage market instability."
Those effects won't show up until at least the third-quarter report, they say.
Dallas had only modest increases in previous Office of Federal Housing Enterprise Oversight reports.For the last five years, home prices in the Dallas area have risen 18.77 percent, compared with 50.76 percent nationwide.
Everyone spread the good news and thanks to Chelsea Alexander of Republic Title for sharing this article with me.
Thursday, August 30, 2007
What is happening with our market?
I get asked daily what is going on with the real estate market locally.
I am not an economist or a statistician, but I do know that in the Dallas-Fort Worth area, we are having one of the best years in real estate ever when viewed in historical terms.
General economic conditions remain favorable and job growth is steady. Median home prices are actually up and home ownership continues to out perform the stock market as a long term investment.
Don't buy into the hype that the national media is portraying regarding the doom and gloom of the market. BUSINESS IS GOOD!
I am not an economist or a statistician, but I do know that in the Dallas-Fort Worth area, we are having one of the best years in real estate ever when viewed in historical terms.
General economic conditions remain favorable and job growth is steady. Median home prices are actually up and home ownership continues to out perform the stock market as a long term investment.
Don't buy into the hype that the national media is portraying regarding the doom and gloom of the market. BUSINESS IS GOOD!
Wednesday, August 29, 2007
Welcome to my blog
I have been looking for a way to share my experiences with others and recently it came to me that I might be able to create a blog that would discuss things that I have learned or encountered that might help other real estate agents be better at what they do.
This blog will be dedicated to just that. As I travel to real estate conferences, read articles from the industry, or experience real life situations in this business, I will share them with others via this blog.
I have been with my company, Century 21 Judge Fite, since 1999. I have been licensed since 1996. In the last 10 months I have grown an office from 2 agents to 24. I currrently manage the Fort Worth, Texas branch for our company and I am current Chairman of the Board for the Arlington Board of Realtors.
This blog will be dedicated to just that. As I travel to real estate conferences, read articles from the industry, or experience real life situations in this business, I will share them with others via this blog.
I have been with my company, Century 21 Judge Fite, since 1999. I have been licensed since 1996. In the last 10 months I have grown an office from 2 agents to 24. I currrently manage the Fort Worth, Texas branch for our company and I am current Chairman of the Board for the Arlington Board of Realtors.
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