August 2009

9635 Brierwood LN, Dallas, TX 75217

August 14, 2009 by cathy · Leave a Comment

(click on address for more information)

$79,900

Short sale! Must sell!

Has a Section 8 renter paying $ 990 mo. Great investment.

2,120 sqft 3/2/2

Property and Financial analysis: 9635 Brierwood

CMA

Tax

Map

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NOW’S THE TIME TO BUY, IF . . .

August 14, 2009 by cathy · Leave a Comment

I thought this was extremely interesting and wanted to share with you.

COLLEGE STATION— “It appears we are at the bottom of the housing market in most Texas cities,” said Real Estate Center Director Mark Dotzour after reviewing the state’s latest home sale numbers.

Dotzour mentioned two years ago that new home construction needed to fall dramatically to avoid the level of overbuilding that could damage Texas housing markets. He even picked summer 2009 as the bottom of the housing cycle because bankers would constrain credit to homebuilders and developers.

Apparently he was right on all counts. The Texas inventory of unsold new and existing homes is in good shape.

“I feel now is the time to buy a house in most Texas cities,” he said. “Housing affordability has never been higher, and I never thought I would see 5 percent mortgages in my lifetime. If you plan to live in the house for at least two or three years, now is the time to buy.

“If you are planning to build a home to retire to in the near future, now is a great time to do it. Contractors are plentiful, construction costs are lower and mortgage money is cheap,” he said.

Dotzour said mortgage rates should remain low as long as the federal government continues to purchase almost all residential mortgages. When they stop, rates will move up.

The Center’s chief economist is quick to note, however, that everything hinges on one crucial assumption — “that the federal government doesn’t cause further damage to the U.S. economy with higher levels of intervention in health care, taxation, cap and trade and rewriting accounting and legal standards.”

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