Tanya Redic

How do I stress the importance of not letting the Banks win? Homeowners, don't let your bank or lender strip you of your equity in your home. If you have been in your home for a 5 years or more, you should have equity.

What is a short sale? A short sale allows your bank or lender to accept an offer for less than what you owe on your home. Your lender has to approve a short sale. If you have received a notice that your home will be auctioned on the courthouse steps soon, call your lender and then give me a call so that we can get the process going.

The listing price has to be close to market value and several steps are taken to determine market value or an estimated value that your home will sell for in 30 days or so.

That is where my expertise comes into play. I specialize in foreclosures and bank owned properties. Give me a call to discuss your options before you receive a knock on the door from your home's new owner.

The current real estate market is tough but in East Texas, it is not as bad as other areas. We have seen a decline in sales and home values and the unemployment rate is increasing due to some major manufacturing job layoffs.

It has been my experience that Homebuyers are being more selective now and want the most for their money. I always recommend to sellers that they can offer incentives like $500 gas card or plasma TV in lieu of decreasing their listing price. This tactic has worked and is a win-win for both buyers and sellers. Sellers are able to sell their home and help the neighborhood values to stay strong and buyers are not only getting a new home but are gaining a new piece of equipment to go along with their new home.

An incentive that a seller recently offered was a $500 gift card from Brookshires (which could be used to stock the refrigerator or for gas) and a $1500.00 gift card to a Home Improvement store of their choice (Lowe's, Home Depot or Don's TV & Appliances).

The real estate market is getting tough, don't let it knock you out!

The real estate market in East Texas is still alive and well. Although there we have seen a decrease in sales, overall our home values are about the same as last year and new construction and new developments continue to pop up.

New construction in our area averages about $100 sq ft but depends on the location, amenities and builder. Some of the common amenities in our area include: granite countertops, stainless steel appliances, wood floors, oil rubbed bronze or nickel fixtures (anything but brass and shiny silver).

Upper scale neighborhoods are seeing more outdoor living spaces to include built in kitchens complete with grills, ponds or water features, chimneys or fireplaces and more. Exterior material usually consists of brick veneer and sometimes accented by stone and/or stucco.

Energy efficient appliances are another hot item to help keep utility costs low. We even have some builders who import marble from outside of the U.S. Most spec or custom homes will come complete with a wooden privacy fence, sodded front yard and landscaping.

I have been a New Home Specialist for quite some time and have noticed the trends of new construction over the years. Call me for a referral to one of the many fine homebuilders in East Texas.

The United States Department of Housing & Urban Development (HUD) just increased its FHA Loan limits. As of March 5, 2008, the loan limits for Smith County was raised to $271,050 for single family residences. This is a significant increase from the previous loan limits. Fannie Mae & Freddic Mac also raised their loan limits to $417,000 for single family.

Data from Greater Tyler Association of REALTORS show that the median sales price in Smith County for January 2008 was $145,000. The average sales price for the same period was $180,251.

What does this mean for potential homeowners? This means that more will have the opportunity to become homeowners, especially those living in high cost areas. To find how the new loan limits in your area, click here select your state and then enter your county.

I guess we can thank President Bush for signing the Economic Stimulus Package Bill.

Smith County is ranked #25 out of 254 Texas counties and covers 932 square miles. Smith County is in the heart of East Texas with Tyler, Tx being its county seat. Smith county contains several other growing cities:

• Arp
• Bullard
• Chapel Hill
• Flint
• Gresham
• Lindale
• Troup
• Whitehouse
• Winona

Many of the above cities, have seen substantial growth within the last 5 years and have many new subdvisions. The population of Smith county is well over 170,000 and still growing. According to Greater Tyler Association of REALTORS, the average sales price for Smith County in 2007 was $170,119.

Smith County is an excellent place to retire with several cities designated as "Retirement Communities".