Tanya Redic

Texas Veterans are sitting on a gold mine but may not know it. The Texas Veterans Land Board (VLB) will finance at least an acre of land for Texas Vets. The maximum amount that can be financed has increased from $60,000 to $80,000.

This benefit is only available to Texas Veterans. The land will be financed by the VLB at a low interest rate with the Veteran contributing 5% down. Aside from the 5% down payment, the Veteran is also responsible for the appraisal and contract fee of $325 and this fee is paid upfront, during the application.

The loan term is 30 years and there is no pre-payment penalty. For more information on this and other Texas Veterans benefits, contact Tanya Redic with Harold Carter, REALTORS at Tanya@SoldByTanyaRedic.com or (903) 360-7568.

An updated Market report was recently released by the Real Estate Center at TAMU. As expected, sales continue to decline in every city listed since last year. In my opinion, this will continue to happen throughout 2009. In our market, I have witnessed several builders/develops go out of business and new construction has slowed considerably. Now is definitely not the time to sell your home but it is the time to purchase your first home or buy investment properties. Is your home losing value?

EXISTING HOME SALES, PRICES DROP IN NOVEMBER

TEXAS (Real Estate Center, MarketWatch) - A total of 12,816 existing homes were sold in Texas last month, a 32.9 percent decline from November 2008, according to MLS data compiled by the Real Estate Center at Texas A&M University. The median price dropped 5.4 percent to $136,900 during the same period, and the state finished the month with a 6.8-month inventory of existing homes.

Here is how select Texas cities fared in November (data current as of Dec. 23, 2008):

Nationally, sales of existing single-family homes and condos dropped 8.6 percent last month to a 4.49 million seasonally adjusted annual pace, according to the National Association of Realtors. At $181,300, the median sales price was down 13.2 percent from a year earlier. Inventory was at 11.2 months.

Meanwhile, sales of new homes nationally were at 407,000 in November, down more than 35 percent from a year ago, according to the U.S. Commerce Department. The median sales price was $220,400. At the current sales pace, there was an 11.5-month inventory.

It is official, we are in a recession! Just from looking at the real estate market in Texas, it appears that the recession started months ago. Very few Texas cities didn't have a decline in home sales and/or an increase in median price. Tyler, TX sales were down over 20% but the median sales price increased to $139,000.

Information obtained from Real Estate Center, MarketWatch and CNNMoney indicates that a total of 16,711 existing homes were sold in Texas last month, a 17 percent decline from October 2007, according to MLS data compiled by the Real Estate Center at Texas A&M University. The median price dropped 0.8 percent to $142,300 during the same period, and the state finished the month with a 6.8-month inventory of existing homes.

Here is how select Texas cities fared in October (data current as of Dec. 2, 2008):

The real estate market has slowed and will continue to do so in the Tyler area due to more announced layoffs. It is definitely a buyer's market and homes are staying on the market longer.

It has officially been announced that "We are in a Recession" and it is apparent in some real estate markets across Texas. While some market have been hit hard, others are still booming. Below is a snapshot of cities across Texas.

Note that Tyler sales were down over 20% from last year but the median sales price rose to $139,000.

Here is how select Tyler and other Texas cities fared in October (data current as of Dec. 2, 2008):

TEXAS (Real Estate Center, MarketWatch, CNNMoney) - A total of 16,711 existing homes were sold in Texas last month, a 17 percent decline from October 2007, according to MLS data compiled by the Real Estate Center at Texas A&M University. The median price dropped 0.8 percent to $142,300 during the same period, and the state finished the month with a 6.8-month inventory of existing homes.

I am the managing broker for Harold Carter, REALTORS - Tyler. Harold Carter, REALTORS is the exclusive HUD Listing Broker for 22 Counties in Northeast Texas.

What is a HUD Home? A property that has been acquired by the government (U.S. Department of Housing & Urban Development) after the owners defaulted on their FHA (Federal Housing Administration) Loan. An FHA loan is a loan guaranteed by HUD that allows first time homebuyers to purchase a home to live in for 3.5% down and at a low interest rate. After the government repays the lender or bank, they then sell the home "as is".

Who can purchase a HUD Home? Anyone can purchase a HUD Home but HUD gives first priority to those that will occupy the properties or live in them. As an owner occupant, you must live in your HUD Home for a year. Investors can also purchase HUD Homes to resell or for rentals.

What counties do you cover? As HUD Listing Broker, we service the following counties: Bowie, Camp, Cass, Collin, Delta, Fannin, Franklin, Gregg, Harrison, Hopkins, Hunt, Lamar, Marion, Morris, Rains, Red River, Rockwall, Smith, Titus, Upshur, Van Zandt and Wood but our expertise and knowledge allows us to sell HUD Homes throughout Texas.

As HUD Listing Brokers, we help market and manage the HUD properties. We visit the property after it is acquired by HUD and take photos and help to determine an "as is" value on the properties. Generally, it takes about 2 weeks for the property to get listed for sale.

If you are in the market to purchase a foreclosure or HUD Home, let Tanya Redic with Harold Carter, REALTORS guide you through the process.