BRIAN and MARIE SPRAY - Frisco TX Realtors

Everyone should know by now that the current "First time buyers tax credit" is going to expire on Dec. 1st. People have been wondering if it is going to be extended, modified or left to go away.

THE LATEST WORD OUT OF DC IS THAT IT MAY BE EXTENDED PLUS MODIFIED TO INCLUDE OTHER BUYERS AS WELL.

The "other buyers" I am referring to are existing home owners! To meet the conditions as they currently are written in the bill, you have to have been owning/living in a home for a consecutive 5 out of the last 8 years.

"And eyes continue to be on the tax credit extension, which either prolongs the inevitable or helps the housing market to stabilize and recover, depending on how one looks at it. A Senate committee reached a compromise to extend the credit, and also tacked on a $6,500 tax credit for other primary-home purchasers and raised the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers. Under the Senate panel compromise, buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement, the sources said. The measure still faces votes in the full Senate and the House."

If you're a current home owner that might take advantage of the $6,500 then you better start prepping to sell right now! I'm talking about cleaning, de cluttering, painting, staging - etc so your home sells at the highest possible price! April 30 will be here before you know it! Keep in mind you will be competing with many other home owners looking to take advantage of the very same deal you are!!! Contact a Realtor now for help developing a plan of action!

Remember - this is not "The Deal" yet!!! This has passed a commitee vote but is not voted on by either house or signed into law!

If you love guitars then you better get ready for the annual Arlington Guitar Convention this weekend a the Arlington Convention Center!

This is billed as the worlds largest gathering of guitars and vendors and believe me it is quite a thing to behold! This year you are encouraged to bring your guitar to participate in an attempt to set a world record! At 2:00 pm everyone available with a guitar will play Louie Louie simultaneously to try to set the world record! I've seen how many people and guitars are there - the entire complex is practically full - I bet the record will be set! Will it sound great? I doubt it - but it will definitely be something to remember! Hours are 10 am to 6 pm Sat, and 10 am to 5 pm Sun. Admission is $15.00, children 11 and younger are free "if accompanied by an adult". O.k. I don't know how many children that young would go there un accompanied by an adult but thats what they say! Bring your checkbook because everything there is for sale! There will be people and booths set up from all over the country as well as from all around the world! You want to buy an Italian guitar from an Italian seller? You can do it here! Best day to go? Most variety on Sat, could be better prices but less selection on Sunday.

http://www.texasguitarshows.com/

Here in the northern Dallas area there are several cities that are very beautiful and a pleasure to live in. Collin county has often been high on the nations fastest growing counties list! Here you will find the tax rate for many Collin County cities, as well as the average sale price of homes here.

Tax Rate Average Sale Price (Aug 2009)

Allen .556 $236,989

Frisco .450 $284,220

McKinney .5855 $214,900

Melissa .5186 $197,508

Plano .4735 $250,530

Prosper .520 $361,417

Richardson .575 $184,269

Now, just because a city has a higher"average sale price" doesn't mean that there aren't great values available for everyone including first time buyers because there are! It just means that there were more higher priced homes that sold there than perhaps some other places. A low property tax rate can help keep that home affordable to everyone! It definitely pays to shop carefully and deal with a Realtor that knows the area to help you find the best fit for your new home!!!

I'm seeing this more and more these days - the people who a couple of months ago who were saying

"Yeah, I'm going to buy a home now to take advantage of the great prices and the first time buyers tax

credit, I'd be crazy not to!" Well, its starting to become clear - you are going to miss the boat! It is

already past the middle of August, you haven't started talking to a Realtor, you don't really know what

your credit score is or if its going to be high enough to get you a mortgage approval, you may have some

cash in the bank but unless you pick up that phone TODAY you very well might completely miss out on

this incredible buying opportunity and you will pay more later! Here in the DFW area prices have

stabilized, the well prepared homes in each price point are getting offers in just a few DAYS! Inventory is

lower than in 'normal' markets - this will lead to fewer opportunities for you to find that perfect home, and

prices will start going up due to higher demand and less inventory! Don't forget that the interest rates are

still extremely good! Who knows how long that will last - do you feel like betting they will be low in a

month - or two - or three or more? What about the $8,000.00 tax credit? Well, unless you have closed

the deal on your home by November 30, you lose out! Its gone! $8,000.00 down the drain! No cash

available for down payment? Well, you do need at least 3.5 % for a down payment and a few hundred

dollars for inspections and such and you might not have that much but maybe there is a relative who can

"gift" it to you - you could pay them back out of the $8,000 tax credit you'll get after you do your taxes

and probably still have money left over!

There are options available to you, but unless you pick up that phone or email address and contact a good

Realtor, You are absolutely positively guaranteed to miss the boat!!!

I remember several months ago there were many posts dealing with the housing market asking "are we

there yet?" meaning have we hit bottom and are we about to start seeing a turnaround and improvement

in our lively-hood? Recalling many posts there seemed to be optimism that the bottom was upon us and

better times were right around the corner. Well, I think for most of us we were wrong and the down turn

has lasted much longer than we expected. For me it has thats for sure! I thought by spring things would

start looking up - noticeably. It hasn't happened. There are many reasons why. In fact there have been

hotly debated posts about the "why" that many of us have enjoyed participating in. I'm not here to open

that can of worms now, but I am here to ask - are you noticing anything different yet? Personally I am

noticing some changes. I'm seeing homes selling in 30 days that are the nicest choices in a particular

price point. We have placed offers on fresh listings and end up in multiple offer situations - several times

in the last month! I hear today that housing starts went up in June, 11% up from May - the largest

increase since December of 2000!!! Metrotex assoc of Realtors says the average # of days on the

market in the Dallas area is 77 days! This could be indicating an under supply situation!!! This

could/should affect buyers optimism and bring more out to buy. We are busier right now than we have

been since 2006! I guess my big question for everyone is - how long will this last? Is this 'surge' simply

a result of the $8000 tax credit and will evaporate when the credit does? Most of our buyers are first

timers - looking to cash in on the credit but we do have a couple of other 'investor' type buyers looking for

great deals. I'd like to think things are looking up but I'm not so sure yet.

What are you seeing?