Ann Cordes

Sales in the Waco area are down from last year, but still doing well considering the state of the housing market. There were a total of 221 sales in August with a total sales of $29,003,842. The average sales price was $131,600 and average days on the market was 137.

Compare that to 265 in August of 2008. The total sales volume was $32,441,214. The average sales price was $122,419 and average days on the market was 119. So our DOM is up, but so are sales prices.

Here's a little further breakdown of sales by price range:

0-$50,000 = 28 units sold

$50-$100,00 = 71

$100-$150,000 = 55

$150=$200,00 = 30

$200-300,000 = 25

$300 - $400,000 = 11

$400,000 and up = 2

Every year on Labor Day Weekend, the city of West (about 20 miles from Waco on I35 South),has it's 34th Annual Westfest. It is a fun weekend of celebrating that areas' Czech heritage attended by an estimated 20,000 people. They have Polka Bands, Kolaches , dancers and lots of beer!

Hours of operation are 11:00a.m. to 12;30 p.m. Saturday and Sunday on the West Fair and Rodeo Grounds. There is a sneak preview Friday from 5:30 to 12:30. Admission for the preview party is $12.

Other special events are:

Crowning of Miss Westfest, 7 p.m. Friday

Westfest Parade 10 A.M. Saturday

Kolache 5000k Fun Run, 8 A.M. Sunday

Polka Mass, 10:15 a.m. Sunday

Parking is $3 per car and tickets are $8 for adults,$4 for seniors, military personnel and students. Children under 5 are free.

These properties are posted to be auctioned off at the Mclennan county Courthouse tomorrow, September 1^st. Not all properties posted actually end up being sold. Some owners work out a settlement with their bank and keep the property.

6330 Old Dallas Rd, Elm Mott Texas, 76640. This is a commercial building, 7400 square feet, built in 1983. Currently appraised at $148,700

1615 Washington, Waco. This is an apartment complex built in 1920. Currently appraised at $303,000

705 N. Davis in West, Texas 76691. This is a 1284 square foot home built in 1925. Currently appraised at $52,200

316 Dixon in Hewitt, Texas 76643. A 1677 square foot home built in 1973. Currently appraised at $97,500

Today I attended the "Hour Economy", a quarterly luncheon the Waco Chamber of Commerce holds to keep members of the business community up to date on what is happening in McLennan County. I am happy to report that our unemployment rate is 7.2 compared to 5.1 last year, but the Waco Metropolitan Area has only lost 800 jobs from this time last year. That is still 2.5 % below the national unemployement level.

And many new jobs will be created in the next few months. The Waco VA Hospital just held groundbreaking ceremonies for a new post traumatic stress disorder research unit that will employ 200. The VA is also opening a national pharmacy call center in Waco which will employ 224 by next spring. L-3 Aviation, which refurbishes military aircraft, just opened a new hanger and will be hiring another 100 employees. And Allied Health Products will be opening a new diaper-making plant which will employ 115 people.

Jobs will also be created by a major face lift of the Waco Convention Center which will begin in October and take about 17 months to complete.

This time the keynote speaker was Liz Taylor from the Waco Convention and Visitors Bureau, who reported on tourism statistics. She reported that visitor spend an average of 2 days in Waco, 55% of them visiting friends and relatives, the other 45% on business. 6% come to look for real estate! They pump 5.7 million into the Waco economy and create over 4,700 jobs for hotels, restaurants and other tourism related jobs. About 77% come from within Texas and travel an average of 250 miles.

And what are they mainly coming to see? The Texas Ranger Museum, the Dr. Pepper Museum and Cameron Park Zoo . She said most international visitors come to see the Armstrong/Browning Museum and Library located on the Baylor campus.

Kind of makes you proud you live in Waco, doesn't it?

Everyone plays a key role in making sure a transaction closes on time

Homebuyer:

Obtain a letter of pre-approval before you start looking for a home. Lock in your rate at least 10 days before closing. Changes in mortgage rates could impact your closing date. You will still need to get pre-qualified before closing. This is where your lender looks more closely at your financial situation than they did for a pre-approval.

The type of loan you are getting also affects your closing date. FHA typically takes 30 days, but conventional loans could take up to 45 days.

Realtor:

Let your clients know upfront how long it will take to close so they will not be surprised. Stay current on changes in the mortgage industry. New regulations that took effect July 31 require at 7 business days before a transaction can close. And you must allow 3 business days if a new TIL (Truth in lending) form has to be signed by the buyers. This can be avoided by locking in their interest rate.

Mortgage Broker:

Help homebuyers understand their options and make them aware of the pro's and con's of each. Unless the initial disclosure is handed to the client on the same day you took their application, application fees cannot be collected for 4 business days. If the interest rate changes more than .125%, a new TIL must be issued.

Title Company/settlement agent:

Make sure any third party fees are accurate. Provide a preliminary HUD Settlement statement to lender 10 days prior to closing. This will give lenders time to provide a new TIL to the buyers.

And the best way to insure a timely closing: Communication between all parties. Don't wait until the day you need something to let the other party know you need it.