Great news: In case you haven't heard, the Home Buyer Tax Credit ($8,000 in free money) was extended through April 30, 2010. This is for first time buyers or those who haven't owned in the past three years. HOWEVER, they extended it to give $6,500 to those buyers who have lived in the same home for 5 of the last 8 years. They also relaxed income requirements so more people will qualify! So, it's a GREAT time buy AND a great time to move-up as well!

People were worried that the program was not going to be extended... combine that with interest rates that are still incredibly low, and a great selection of available homes, and you can see why the National Association of REALTORS (NAR) says that North Texas pre-owned home sales surged in October — up 11 percent from a year ago. It was the first double-digit gain in more than a year. NAR also that said that sales prices in the Dallas-Fort Worth (DFW) area were up 0.2 percent from a year ago. It's the first time DFW prices have been positive since the fourth quarter 2007. So, don't wait for prices to increase more... get out there and get your free money to buy your first home ($8,000) or move-up to your next ($6,500)! The tax credit can be claimed almost immediately by filing an amended tax return; you do not have to wait until filing the next year's taxes. A great resource for info. can be found here:
http://www.federalhousingtaxcredit.com/

Let me know if you have any more questions or comments...

Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com
 

I found this interesting little blurb (below) in a Collin Country Association of Realtors email. It's interesting because Buyers think they should be able to get a steal on homes because of the "real estate crisis" and "falling prices" they hear about on the news. In actuality, Texas didn't see much of a crisis (or many prices falling significantly). It's also interesting because some Sellers think they may not be able to sell due to the same news (still others think that their home value has continued to increase significantly). The truth is: While our home prices haven't really been on the rise in most parts of Texas, they haven't fallen significantly (if at all) in many areas. In most cities you can still buy, or sell, for fair market values that aren't much differnt than they were in 2007 or 2008. Enjoy...
          ---
Texas Economy still outperforming the rest of the country
Six of the top 11 cities listed as top performing cities are Texas cities. San Antonio outperformed the nation’s largest metro areas through the first quarter of 2009. The Brookings Institution report measured changes in employment totals, unemployment rates, housing prices, the values of goods and services produced by cities, and other factors.
Other Texas cities listed as top-performing metro areas include:

• Austin (third),
• Houston (fourth), 
• Dallas (fifth), 
• McAllen (sixth) and 
• El Paso (11th).
  

---
Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com
 

Even in rough real estate times, Keller Williams Realty continues to thrive (see article below). Why does this matter to you? Well, whether a potential buyer, seller, new Real Estate Agent, or even an existing Agent looking for something more... you probably want to work with a very successful real estate company. Keller Williams (KW) continues to be that, but it's so much more than just the stats and figures below... KW has training that's second to none and a "culture" that can hardly be described, much less duplicated. You've got to visit an office to understand what I'm talking about. Thankfully, most KW offices open their doors to more than just clients. Agents from all companies are generally welcome to stop-in and check out our training for free. Stop by and you'll see Agents helping Agents... even though many are technically "competitors" of one another, we share ideas and receive training from our top Agents; you'll see Agents helping their community... the KW "culture" has always kept our offices plugged into community service and philanthropic endeavors. Recently, we had our greatest community service triumph with thousands of agents from hundreds of offices across the U.S. and Canada participating in "Red Day" on May 14th.  So, in case it doesn't show, I'm proud to be a very successful Agent with, and (in no small part) because of, the very successful company that is Keller Williams Realty... affectionately known to those within simply as "KW". The article below is just further proof of what most KW Agents and Staff already knew...
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We are proud to announce that two of the most prestigious research and media organizations in our industry have confirmed what we believe is one of the most awesome trends in real estate: As our competitors slip backwards, Keller Williams Realty is gaining ground.

The annual RISMedia Power Broker Survey and the REAL Trends 500 Report, recently released, offer definitive proof of this trend.

This year, Keller Williams Realty had more brokerages — based on closed transactions and closed volume — on both lists than any other real estate franchise. We also outranked all others on the reports in terms of number of agents added and total closed transactions.

On RISMedia’s Power Broker Survey, Keller Williams Realty again had the largest majority on the list — accounting for 35 percent of all the brokerages listed — 57 percent higher than any other real estate company.

As for REAL Trends: 143 Keller Williams franchises made the cut. We represent 25 percent of the entire report.  Click here to see our official press release on these results.

Let there be no doubt, the tide is turning toward Keller Williams Realty.
---
Like I said, I'm proud to be a part of such a great company. I love it here, and not because our corporate office tells us KW is great, but because of the "culture" and teh feeling I get when I go to work each day. I love my office and the friendships I've formed there, I love our training and sharing of ideas, I love giving back to our community with my friends/co-workers, and I love our regional and international events with KW Agents from all over sharing and growing together. I love the KW "culture"!

If you have questions about KW, or are thinking about getting your real estate license or moving brokerages, give me a call just to talk. No pressure, I promise... but no matter where you live or work (i.e. even if it's not even in Texas), I'd love to share why KW Agents are so passionate about helping Buyers, Sellers, our communities, and even other Agents.

Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com

I just got this relatively good news from the Collin County Association of REALTORS (CCAR). It makes me wonder: Has the economy finally bottomed out? Have the number of foreclosures finally stabilized and is the market finally absorbing them? Is the real estate market finally taking steps towards appreciation sometime in the next year or two? Feel free to post your comments below...
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 Collin County Foreclosures Down Over Same Time Last Year
For the first time in several years, the number of new residential foreclosures is down in Collin County and surrounding areas. The first quarter of 2009 showed an 11.9 decrease in the number of new foreclosures over the same time last year, reports CCAR. In addition, more than one-fourth of all closed sales in the first quarter were foreclosure listings - up 19 percent from the same time last year.

"If we continue to see a decrease in new foreclosure listings while foreclosure sales are brisk, the market will eventually absorb most of those listings. This is an important component to a return to a more normal market," says Steve Haid, CCAR member services director.
---
I guess only time will tell, but this is certainly one of a few positive signs recently (i.e. let's hope the Dow Jones keeps stable/increasing too).

Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com
 

So, just how bad is the local real estate market? You might be surprised to learn it's doing fine... "local" being the key word. It's very important to note that real estate is local... very local. Real estate related stories on the news are generally WAY to broad to mean anything about your home. Even the Collin County stats below may not tell the true tale or your home or neighborhood (you need a good Real Estate Agent for this). However, they do indicate that, on average, things aren't really as bad as you might have heard. This is especially true if you rely on the "local" news for your real estate info. (or big conglomerate websites like CNN, MSN, Google, etc.). They are all notorious for reporting just the "doom and gloom" around the nation with very little local data that is meaningful to you. So, take a look at the charts below showing this October compared to last. The averages show that, while around 16% fewer homes appear to have sold, those that are selling are doing so for slightly higher than last year. However, we still have some of the most affordable housing in the nation here in Texas. [If you want to see Sold prices and days on market for comparable homes in your neighborhood, check out the MLS Market Snapshot (below the menu to the right).] Combine the stable pricing with the recent dip in interest rates and it's a fantastic time to be buying and selling real estate around here. Most experts agree that prices, and interest rates, won't stay this low forever.

October 2007 - 996 Properties Sold
	Square Feet	Bedrooms	Full Baths	Half Baths	List Price	Sale Price	Price per Square Foot	Days on Market
Min	575	1	1	0	$19,900	$20,000	$17	0
Avg	2563	3	2	0	$243,083	$233,685	$91	75
Max	9372	7	6	2	$3,500,000	$3,500,000	$373	422

October 2008 - 835 Properties Sold
	Square Feet	Bedrooms	Full Baths	Half Baths	List Price	Sale Price	Price per Square Foot	Days on Market
Min	809	1	1	0	$26,000	$25,000	$21	0
Avg	2682	3	2	0	$259,178	$247,771	$92	76
Max	9313	6	6	3	$3,300,000	$2,500,000	$390	644

Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com

Wow... If you want to know what's going with home sales around your home, or in a neighborhood or area you really like, you've GOT to check out the MLS Market Snapshot...

What is the MLS Market Snapshot?

It's just what the name says: a snapshot of the current market. Have you ever wondered what that house down the street sold for? You remember the list price, but how much did they really get? Sales prices aren't public record in all states, and even when they are, it can be tough to analyze trends. Texas, for example, is a non-disclosure state. Sales prices are not public information and the local Multiple Listing Service (MLS – read more below) is generally the only place to find them. The trouble is that local MLS are maintained and paid-for, and thus only accessible, by Real Estate Agents... until now. The MLS Market Snapshot will allow you to see what nearby homes are for sale for (list prices/asking prices), how much they actually sold for (sales prices/sold prices), how long they were on the market (Days on Market or "DOM"), plus graphically illustrate these and other stats along with great community and school data.
Click here to check out the MLS Market Snapshot!
(Note: If you want a Snapshot for an area outside of North Texas, contact me and I'll get you fixed up.)

Why is Our MLS Market Snapshot a "Trusted Resource"?
 (and not just another "market reporting tool")

Most market reporting services offer generalized information, pulled from various places such as public/county records and tax rolls, with a focus on national or regional statistics, with estimates (or averages) of sales prices. Our MLS Market Snapshot offers a "one of a kind" solution that gives consumers extremely local market information direct from their local MLS, giving you a competitive advantage from Ryan Cave, The “Caveman” and The Cave Realty Team that others just don't offer.
Click here to check out the MLS Market Snapshot!

How Else is the MLS Market Snapshot Different?

Our MLS Market Snapshot is a premiere program that maintains a special partnership with area Multiple Listing Services (MLS). This means all of our market data is fresh, real-time information, right from your local MLS database - The primary source of real estate listing, transaction and market data. The MLS is the very place that Real Estate Agents upload all of their listings (real estate for sale); this is the same source that hosts and/or feeds most home searches on Agent websites. Only now, our MLS Market Snapshot will allow you to access the "SOLD" information (such as sales prices and DOM) that was previously only available to Real Estate Agents.

Unlike other sources, the Snapshot can keep you aware of real estate that is For Sale plus that which is SOLD. Also included is great community and school data! Our Snapshot will show data all around a given home, or area, and provide consumers a clear picture of that extremely local real estate market... which is the way it should be. After all, who cares if prices in your region, or even your city, are up 5% if your neighborhood is down 4% (or vice-versa)? You simply can't beat the accuracy and up-to-the-minute data... it's the most comprehensive trend, statistic and market analysis information I've ever seen! If there's anything else like it, I not aware of it (and I try to keep my ear to the ground on stuff like this). Keep in mind, the MLS Market Snapshot is NOT just for Sellers. It's also great for Buyers who want to know what's REALLY going on with home sales in a given neighborhood or area they are interested in.

The best part is that we just need a few seconds of your time, and a few pieces of information, and we'll compile your market data and send your MLS Market Snapshot directly to your inbox for FREE! It is generally sent to you in just about 5 minutes. A potential Seller told me: "The Market Snapshot tool is very cool!... Definitely user friendly... Thanks for keeping me in the loop." (from Joel; Sachse, TX)

I’ve set-up lots of clients with our MLS Market Snapshot and received very positive feedback. It allows them to keep an eye on what’s going on with the market around their home (or the market in their desired area). Now you too can sign-up for FREE and never miss what's happening in your market, or any area that interests you! Plus, you'll also get a free, updated Market Snapshot about once a month with the option to get it more or less frequently (you decide)... or you can cancel it all together. So, what are you waiting for? There's even a sample Market Snapshot you can view... check it out... I know you won't be disappointed.
Click here to check out the MLS Market Snapshot!

Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com
 

The TAKS test rankings are in from the spring of 2008. Would you like to know how your local school (or district) stacks up? Check out the rankings below (additional school/disctrict info. at link below):

Key:
E = EXEMPLARY - 90% passing in each TAKS subject
R = RECOGNIZED - 75% passing in each TAKS subject
A = ACCEPTABLE -  70% passing in reading, 65% writing and social studies; 50% in math and 45% in science
U = UNACCEPTABLE - Below acceptable standards

ALLEN ISD - RECOGNIZED DISTRICT
E - ALVIS C STORY ELEMENTARY
E - BOLIN ELEMENTARY SCHOOL
E - CARLENA CHANDLER ELEMENTARY
E - DR E T BOON ELEMENTARY
E - FLOSSIE FLOYD GREEN ELEMENTARY
E - FRANCES E NORTON ELEMENTARY
E - GEORGE J ANDERSON ELEMENTARY
E - JAMES AND MARGIE MARION ELEMENTARY
E - KERR ELEMENTARY SCHOOL
E - MAX O VAUGHAN ELEMENTARY
R - ALLEN HIGH SCHOOL
R - D L ROUNTREE ELEMENTARY
R - ERECKSON MIDDLE SCHOOL
R - GENE M REED ELEMENTARY
R - LOWERY FRESHMAN CENTER
R - W E PETE FORD MIDDLE SCHOOL
R - WALTER & LOIS CURTIS MIDDLE SCHOOL
A - ALTON BOYD ELEMENARY

See more results here: http://www.tea.state.tx.us/student.assessment/reporting/ 

Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com
 

I just ran across another recent article that supports the belief that our area isn't doing poorly as the national news indicates most of the country is. In fact, while we've been fortunate to have area prices that have been fairly flat for the last year or two (they've been falling in much of the US), the article by the Collin County Assoc. of REALTORS (CCAR) indicated that in July area home prices were up almost 2% over July of last year! I don't know that this one finding means we're on the fast-tract to recovery, but at least this indicates that the worst may be behind us and home values may be again ready to rise. Of course, some experts disagree and feel that the rise is just an anomaly and the waves of adjustable rate mortgages adjusting over the next year or two, among other factors, could continue to suppress area home prices and fan the flames of foreclosure for quite some time. I'm hopeful that recent federal government actions to correct these issues, and the continuing strong local job market and economy, will help keep the local housing market headed in the right direction. The entire article is posted below (FYI) from the CCAR e-newsletter (8/29/08):

July Home Sales Prices Up Nearly 2 Percent in Collin County and Surrounding Areas

The median sales price of homes in Collin County and surrounding areas hit $183,500 in July 2008, up 1.9 percent over the same time last year, according to CCAR.

“This is very positive news for home sellers in the area,” says Steve Haid, CCAR Member Services Director. “Unfortunately, the rest of the market news is not as positive, as the number of new listings, listings under contract and closed sales are all down, compared to 2007.”

The CCAR Pulse, which delves into the real estate markets of 36 local communities, also reports that it took 91 days to sell a home last month, as compared to 69 days in July 2007. In addition, mortgage rates continue to rise slightly, but still remain very attractive at 7 percent, compared to 6.9 percent at this time last year.

North Texas is still experiencing a relatively balanced real estate market. This news is especially good for sellers, since there is not a large oversupply of homes on the market, unlike many other places in the nation. For buyers, a relatively low inventory, a high affordability index, and stable interest rates mean that the local market remains very affordable compared to most other areas of the country.

“While our local real estate market is not as brisk as recent years, it is still very strong and will likely rebound before too long,” notes Haid. “We have a strong local economy, a growing population, attractive interest rates, and very affordable housing. That combination is the recipe for a healthy real estate market.”
---

So, while we're not out of the woods yet, things might just be looking up. It should be noted that some of CCAR's article (based on July numbers) is already out of date with mortgage rates falling again slightly in recent weeks closer to 6.5% (rates have been very volatile of late). So, check with a knowledgeable REALTOR and a solid mortgage professional to get the latest scoop on home prices and rate trends in your local area.

Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com

I just read another article that says that our economy in Texas is doing well, especially in comparison to most of the nation. Economy.com rates most major metropolitan areas in Texas, like Dallas, Austin, Houston, San Antonio, with their strongest rating of "Expansion" rather than much of the country which is listed as "In Recession", "At Risk", or "Recovery". The entire list of states and metro areas with current ratings can be found here at Economy.com. Check out the article and Texas ratings as of this blog entry's publish date below:

U.S. Regional Recession Status

Stay abreast of the recession with Recession Watch

Moody's Economy.com classifies the current economic status of U.S. states and metro areas using four categories: "In Recession", "At Risk", "Recovery", or "Expansion". The evaluation of recession status is based on a six month test of either contraction or expansion. The six month test compares the six-month moving average in the current period to the six-month moving average in the period six months ago.

For a geography to be considered "In Recession", the six month test must show it to be in contraction. Furthermore, the coincident indicator cannot have yet reached a trough. If a trough has been reached, the economy has shifted from "In Recession" to "Recovery".

If the six month test shows the geography to be in expansion, then its status is either "Expansion" or "At Risk". The economy is only in "Expansion" when the coincident indicator has yet to reach a peak. If it appears that a local peak may have been reached and the coincident indicator is increasing but at a decreasing rate, then the economy is placed "At Risk".

Given the current slowing in growth driven by waning housing markets and weakness in manufacturing, it helps to have a gauge for where these fault lines are developing as there are varying levels of vulnerability across the country. This metric of recession status is just one of many ways of seeing where these problems lie.

Texas	Expansion Rating
Abilene, TX Metropolitan Statistical Area	Expansion
Amarillo, TX Metropolitan Statistical Area	At Risk
Austin-Round Rock, TX Metropolitan Statistical Area	Expansion
Beaumont-Port Arthur, TX Metropolitan Statistical Area	In Recession
Brownsville-Harlingen, TX Metropolitan Statistical Area	At Risk
College Station-Bryan, TX Metropolitan Statistical Area	Expansion
Corpus Christi, TX Metropolitan Statistical Area	Expansion
Dallas-Plano-Irving, TX Metropolitan Division	Expansion
El Paso, TX Metropolitan Statistical Area	Expansion
Fort Worth-Arlington, TX Metropolitan Division	Expansion
Houston-Sugar Land-Baytown, TX Metropolitan Statistical Area	Expansion
Killeen-Temple-Fort Hood, TX Metropolitan Statistical Area	Expansion
Laredo, TX Metropolitan Statistical Area	Expansion
Longview, TX Metropolitan Statistical Area	Expansion
Lubbock, TX Metropolitan Statistical Area	At Risk
McAllen-Edinburg-Mission, TX Metropolitan Statistical Area	Expansion
Midland, TX Metropolitan Statistical Area	Expansion
Odessa, TX Metropolitan Statistical Area	Expansion
San Angelo, TX Metropolitan Statistical Area	At Risk
San Antonio, TX Metropolitan Statistical Area	Expansion
Sherman-Denison, TX Metropolitan Statistical Area	Expansion
Texarkana, TX-Texarkana, AR Metropolitan Statistical Area	Expansion
Tyler, TX Metropolitan Statistical Area	Expansion
Victoria, TX Metropolitan Statistical Area	Expansion
Waco, TX Metropolitan Statistical Area	Expansion
Wichita Falls, TX Metropolitan Statistical Area	At Risk

So remember, while the local news may be all doom and gloom in the economic and housing market, their information is generally based on national statistics... but real estate is local. What's going on around the country doesn't mean that same thing is happening in your city. In fact, real estate is so local that what is going on in another neighborhood just a few miles away may be vastly different than what's happening your neighborhood. To find out what's really going on in your area, ask an expert... a knowledgeable, trustworthy REALTOR®.

Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com