Real Estate Statistics for Cedar Hill, TX – March 2009

Not all is bad, in fact, real estate is still selling in Cedar Hill as evidenced by the most recent numbers posted by the Texas Real Estate Center at the University of A&M. In March 2009 closed sales were up 12% from a year ago in addition, the Median Price was up 5% from a year ago and Average Days on Market were down 19% to 67 days. This means that homes that sold in March 2009 did so in an average of 67 days. For the year, the average price is up to $151,743 which is a 3% increase over 2008.

Here is some area of opportunity for all of us. In Cedar Hill, New Listings in March were down by 21% and for the year Listings are down by 32%. There is only a 5.1 month supply of inventory which is excellent. So where is the opportunity – if you have been sitting on the fence waiting for the market "to get better" – now is the time to get off of it. There is simply not enough inventory of homes for sale in Cedar Hill and this means if you have a salable home (condition and price) now is the time to sell it. Homes that are priced correctly are selling – isn't it time to take advantage of the market and sell your current home and move into the home you really wanted to buy in the first place?

For a more indepth look at your home, please contact The Bill & Ann Team at 972.723.3822 or AnnWeaver@JudgeFite.com.

Without You We Could Not Have Done It

We wanted to take a minute and thank each and every one of our clients for helping us achieve the Judge B. Fite Award for the Top Team in Adjusted Gross Closed Commission and Closed Units for CENTURY 21 Judge Fite Company in 2008. The Judge B. Fite award is named after the founder of CENTURY 21 Judge Fite Company - Judge B. Fite, who with his lovely wife Dene Fite, founded our company in 1937 with a single office in Oak Cliff. The company is now run by Jim Fite and Jan Fite Miller, Judge and Dene's son and daughter, and our friends. Because of the strong foundation Judge and Dene provided, Jim and Jan have grown our company to 21 offices and over 750 agents and associates.

Without your trust and support we could have never achieved such a high honor. Our promise is to always focus on you and your needs and to assist in any way we can. Please don't hesitate to contact us with any of your real estate needs. Also, remember we can assist any of your friends and family with their real estate needs anywhere in the world due to CENTURY 21 Judge Fite's affiliation with CARTUS - the nation's premier relocation company.

Again, thank you for your support - because without you and your referrals we could have never achieved this.

Real Estate Market Update – Cedar Hill, Texas

The following information is taken from the North Texas Real Estate Information System (NTREIS) quarterly reports and monthly statistical updates. All too often all we hear from the National Media is the absolute worse news available. Here are the facts as they pertain to the local real estate market in Cedar Hill, Texas. And there is plenty of positives to take away.

1. Average home values have increased 19.66% between Q1 2003 and Q4 2008. The average home sale in Q1 2003 was $120,500 and the average home sale in Q4 2009 was $144,200. So if you have lived in your home for five years you almost certainly have seen a great return on your investment.
   
2. Homes in Cedar Hill, Texas now take 87 days on average to sell and sell for 85.2% of the list price. In Q1 2003 homes took 74 days to sell and sold for 95.6% of the list price. This means it takes slightly longer to sell your home than it did five years earlier. It also means unless you price your home correctly you will almost certainly get less money than if you price your home correctly to begin with.
   
3. In February 2009 there were only 75 new listings put on the market or 43% less than a year ago. For the year – there are 33% fewer homes for sale than there were one year ago. This indicates to me that the foreclosures have or are selling and that individual home owners are being cautious before making a sell decision. Right now there is only a 5.3 month supply of listings on the market.
   

In summary, if you have owned your home since 2003 and live in Cedar Hill, Texas – you NEED to list your home today. There is a shortage of inventory. Based on NTREIS trends your house has risen in value by almost 20%. This should allow you to sell your current house and buy the home you meant to buy back in 2003. Interest rates are at all times low.

Call the Bill & Ann Team today for a specific review of your home's value and an action plan to get you in the home of your dreams.

Real Estate Statistics – Midlothian, Texas

The real estate market in Midlothian is solid. Perhaps you have spent some time listening to the news media and heard all of the doom and gloom. Well, let's take a look at what is happening in Midlothian and highlight just a few sub-divisions:

• Home Prices in Midlothian have increased on average 35% from the Q1 2003 to the Q4 2008. Average prices in Q1 2003 were $144,900 and in Q4 2008 they were $196,000.
  
• Average days on market have increased just over 25% in Midlothian over the same time frame – from 63 days in Q1 2003 to 79 days in Q4 2008.
  
• On March 13, 2009 there were only 271 homes for sale in Midlothian with the median asking price of $256,000.
  
• Sellers in Midlothian are getting 91.9% of their asking price based on sales through the Q4 of 2008. If you look at all of Ellis County, sellers are getting 95% of their asking price.
  

Let's look at a couple sub-divisions in the city in terms of listings and see what is happening in those:

1. Park Place currently has 8 homes for sale priced between $97,500 and $157,500. In the last 6 months, 9 homes have sold with an average sales price of $109,361. The homes that sold, sold for 99% of the listing price and took on average 50 days to sell.
   
2. Overlook Estates currently has 12 homes for sale priced between $85,500 to $146,950. In the last 6 months, 14 homes have sold with an average sales price of $108,903 and took on average 92 days to sell. The homes that sold, sold on average for 98% of their asking price.
   
3. Longbranch currently has 6 homes for sale priced between $117,000 and $199,900. In the last 6 months, 3 homes have sold. These homes took on average 169 days to sell and sold for 97% of their list price. (These numbers are not that unusual for a newer sub-division.)
   

So, what do these numbers tell me and more importantly you? First, if you purchased your home 5 years or more ago – it has probably appreciated a huge amount – on average 35%. That is certainly a lot more than the media would have you believe. Secondly, if you price your home correctly in Midlothian – it will sell and do so relatively quickly, in just about 2 and a half months. Third, we need more inventory – especially on the lower end. Now is the time to get your home on the market.

If you would like specific numbers for your sub-division, send us an e-mail or give us a call and we'll get them to you.

Preventing Foreclosures

As many of you may be aware, President Obama's Foreclosure Prevention Program took effect yesterday. One of the keys to resolving the current housing crisis is to reduce the number of foreclosures. To help explain the the plan - we have copied an article directly from today's RISMEDIA Report. Please fell free to call us with any questions. We never want to see a family loose thier home to foreclosure.

How to Help Homeowners Understand Obama’s Foreclosure Plan
Posted By Paige On March 4, 2009 @ 5:11 pm In Best Practices, Today's Marketplace, Today's Top Story, Top 5 Comments Disabled

[1]RISMEDIA, March 5, 2009-If your housing market is anything like my housing market, you are probably fielding plenty of questions about President Obama’s $75 billion foreclosure plan. Most homeowners want to know what it means for them, whether they are likely to qualify, and what they need to do to obtain relief. Although the eligibility requirements and other details are likely to become clearer in the next few weeks, you can glean some information from the Homeowner Affordability and Stability Plan. Here, I highlight some of the key points mentioned in the plan.

The plan’s executive summary clearly states the problems that the Obama administration foreclosure plan is designed to address:

- Due to falling property values, many homeowners cannot refinance into mortgages with lower interest rates.
- Nearly six million homeowners are facing foreclosure, primarily due to the current recession.- The foreclosure epidemic is further depressing property values, with each foreclosure reducing nearby property values up to an estimated 9%.
- The Homeowner Affordability and Stability Plan is designed to help nearly 9 million households restructure or refinance their mortgages to avoid foreclosure. The plan has three key components:
o Provide access to low-cost refinancing options for responsible homeowners suffering from falling home prices.
o A $75 Billion Homeowner Stability Initiative for at-risk homeowners.
o Supporting low mortgage rates by strengthening confidence in Government Sponsored Enterprises (GSEs) such as Fannie Mae and Freddie Mac.

Low-Cost Refinancing

The Homeowner Affordability and Stability Plan recognizes that many homeowners cannot take advantage of historically low interest rates, because their loan-to-value (LTV) ratios are too high for them to qualify for a refinance loan. Most lenders want to see an LTV of 80% or lower before they will consider approving a refinance loan; that is, homeowners must owe no more than 80% of the current value of their property (for example $80,000 or less on a $100,000 home).
Given the fact that property values have dropped as much as 25% or more in some areas of the U.S., many homeowners have seen their LTV’s rise above the 80% cut off. Obama’s foreclosure plan is designed to “help as many as 5 million responsible homeowners who took out conforming loans owned or guaranteed by Fannie Mae or Freddie Mac refinance through those two institutions.”

By refinancing into a loan with a lower interest rate, homeowners can save hundreds of dollars per month and thousands per year - perhaps enough to protect their homes from foreclosure. On a $200,000 30-year mortgage, a reduction from 8% to 6% drops the monthly payment $268.43 - an annual savings of $3,221.16.

$75 Billion Homeowner Stability Initiative

The $75 billion homeowner stability initiative targets at-risk homeowners, many of whom are stuck in adjustable-rate mortgages (ARMs) and have seen their house payments rise to 40 or even 50% of their monthly income. The program offers cash incentives to lenders and borrowers for working out loan modification agreements that result in reasonable, affordable monthly mortgage payments and enable the homeowners to keep their homes. Following are some key points about this component of the plan:

- The primary goal of the initiative is to reduce homeowners’ monthly payments to sustainable, affordable levels.
- Real estate investors need not apply. This initiative is available exclusively to help homeowners retain possession of their primary residence.
- The plan covers households “at risk of imminent default despite being current on their mortgage payments.” In other words, you can qualify even if you haven’t yet missed a house payment.

Under the initiative, the lender is responsible to lower the interest rate so that the homeowners’ monthly mortgage payment is no higher than 38% of their monthly gross income. If the payment is still not affordable at that level, the initiative matches “further reductions in interest payments dollar-for-dollar with the lender to bring that ratio down to 31%.” Lenders will also be able to bring down monthly payments by reducing the principal owed on the mortgage, with Treasury sharing in the costs.

The lower interest rate must remain in place for five years, at which time it can gradually be stepped up to the conforming loan rate in place at the time of the loan modification.
Servicers receive an up-front incentive of $1,000 for “each eligible modification meeting guidelines established under this initiative” plus a monthly incentive up to $1,000 per year for three years as long as the borrower remains current on the loan.

Borrowers receive an incentive of up to $1,000 per year for five years, as long as they stay current on their loan. The money is applied to pay down the balance on their loan; it is not given directly to the homeowners to spend as they wish.

Servicers receive a $500 incentive, and mortgage holders receive a $1,500 incentive for modifying at-risk loans before the borrowers fall behind. This is intended to provide early assistance to borrowers - before they default on their loans.

Mortgage holders receive an additional insurance payment, linked to declines in the home price index, on each modified loan. This is designed to discourage mortgage holders from foreclosing now out of fear that property values will fall even further if they wait to foreclose.

As part of the plan, the Treasury will develop uniform guidelines for loan modifications across the mortgage industry. All financial institutions that receive Financial Stability Plan financial assistance will be required to adhere to the guidelines.

Strong government oversight will be in place to monitor performance and ensure compliance with the plan’s guidelines.

The plan allocates $1.5 Billion in relocation and other forms of assistance to renters displaced by foreclosure and $2 billion in neighborhood stabilization funds.
Low Mortgage Rates

The third major component of the Homeowner Affordability and Stability Plan is to “support low mortgage rates by strengthening confidence in Fannie Mae and Freddie Mac.” To accomplish this goal, the plan calls for the following:

- Increasing the Treasury Department’s funding commitment to Fannie Mae and Freddie Mac to ensure security of the mortgage market. Treasury is increasing its Preferred Stock Purchase Agreements to $200 billion each from their original level of $100 billion each.
- To promote stability and liquidity, the Treasury Department will continue to purchase Fannie Mae and Freddie Mac mortgage-backed securities.
- Treasury will increase the size of the GSEs’ (Government Sponsored Enterprises’) retained mortgage portfolios by $50 billion to $900 billion along with corresponding increases in allowable debt, so Fannie Mae and Freddie Mac can facilitate financing for the mortgage industry.
- The administration will work with Fannie Mae and Freddie Mac to support the efforts of state housing finance agencies in serving homeowners.

For additional details, check out the “Help for homeowners” Q&A post on the White House Blog.
Ralph R. Roberts is a consumer advocate, spokesperson for Federal Loan Modification Law Center, host of KeepMyHouse.com, and author of numerous books, including Foreclosure Self-Defense For Dummies and Loan Modification For Dummies (Summer, 2009). Ralph is based in Sterling Heights, Michigan and can be reached at RalphRoberts@RalphRoberts.com [2].
RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com [3].
Related headlines on RISMedia.com:
Today’s Marketplace - The ‘Good’ News, The ‘Bad’ News [4]
Straight Talking to Distressed Homeowners [5]
We’re All in This Together - What’s Good for Homeowners Is Good for America [6]

Facts About the First Time Homebuyer Credit

Now is the Time to Buy! If you are a First Time Homebuyer or Haven't Owned a Home in Three Years - Huge Benefit for You. Call Us Today!

What Are You Waiting For? The Time Too Sell is NOW!

Wow! Hasn't the National Media done a great job of scaring the daylights out of us. I mean just yesterday they were trying to tell us the sky is falling, the sky is falling! Turns out it wasn't then and it isn't today – especially as it pertains to real estate in North Texas. In fact, they have done such a GREAT job of scaring us in to thinking real estate is bad that I almost fell out of my chair this morning when I sat down to review the numbers for our area. Let me share the REAL NORTH TEXAS Numbers with you – these are taken directly from the Texas A&M Real Estate Center Statistics for our area. I believe you are going to find them surprising.

City	New Listings	% of Change	Active Listings	% of Change	Months Inventory	% of Change
Cedar Hill	99	-32%	324	-31%	5.5	-9%
DeSoto	137	-19%	411	-28%	5.1	-27%
Lancaster	62	-23%	223	-34%	5.1	-12%
Duncanville	83	-42%	332	-31%	5.8	-21%
Ellis County	212	-34%	871	-22%	7.1	-11%

Let's look at a three other reasons why this is such a GREAT time to put your home on the market: 1) The next home you buy will be with a very low interest rate (probably less than 5%). Why – interest rates are at all time lows and should stay between 4.5% and slightly over 5% for the next several months. 2) The next home will be priced right and not over priced and will be in great condition. Sellers who are serious, are pricing their homes to sell – they aren't giving them away, but no longer do they have unrealistic expectations on what they should get for a sales price. 3) Lastly, sellers who are serious have taken the time to ensure their house is in perfect condition and is properly staged. Now – if their home is overpriced and or not conditioned right – it will NOT sell. But trust me – the ones priced right and conditioned right are moving quickly.

If you are thinking about selling – the time for action is now. Call us and we will show you how to put the power of CENTURY 21 Judge Fite and The Bill & Ann Team behind you!