Jan. ‘09 Newsletter: Houston Dwell Market Update/ Foreclosure List

In this issue:

-Forbes Article: America’s 25 Strongest Housing Markets

-So Long McMansions: Says Downsizing Homebuyers

-Texas Home Prices at Least Risk

- First Time Home-Buyer Credit.

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INVESTOR’S CORNER

The “List”…
Houston Innerloop Foreclosure List (Updated Daily).

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Forbes Article: America’s 25 Strongest Housing Markets

Houston Housing Market tops out among the country’s strongest real estate markets.  Thanks in part to the fact that these markets never really partook in a housing price bubble/ boom.  The January edition of Forbes Magazine ranks America’s 25 Strongest Housing Markets. 

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Top 10 Priciest Real Estate Markets in the Nation
 
More than 43% of sellers of luxury homes have had to reduce their prices, according to one study of high-end home sales.  See a list of the country’s most expensive housing markets and their astounding price per square feet! More…

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HOME BUYER’S CORNER

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Home Buyer Tax Credit: How it Works
 
First-time homebuyers in 2008/9 may take an income-tax credit on their purchase, thanks to passage in Congress earlier this year of the first-time home buyer tax credit.

The definition of first-time homebuyer is generous. To get the credit, the homebuyer cannot have owned a home in the previous three years. The home must be a principal residence and purchased between April 9, 2008 and July 1, 2009. Get the details here…

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U.S. News & World Report Article: Top 5 Blunders of Internet Home Buying
 
How to avoid the common pitfalls of online real estate searching…
 
According to the 2008 NAR (National Association of Realtors) Profile of Home Buyers and Sellers, 87% of home buyers used the Internet to search for homes in the past year.  To help make your online real estate searching more effective, here’s a look at the top five Internet home-buying blunders and what you can do to avoid them. Detailed Article…

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So Long McMansions, Say Downsizing Homebuyers
 
Economic realities have an increasing number of American consumers rethinking supersized homes. 

An online survey conducted Better Homes & Gardens found that what homeowners want in 2009 are homes that are right-sized, organized and economized.  Owners are ready to give up the McMansions, the trophy homes, and the redundant rooms that have no use for homes that are the right size and arrangement for how they live now.

When asked how their next home will compare in size to where they live now, 32 percent of the survey respondents said they expect a new home to be either somewhat smaller or much smaller. And that home will be family-focused. 56% of respondents said they prefer a combined kitchen-dining-family room, what Butler referred to as the “lifestyle triangle.”
 
Despite the trend toward downsizing, additional private bathrooms held strong at 66%, as did home offices (59%).  Consumers also want to cut down on luxuries and go green.

90% plan to have energy efficient heating and cooling systems in their next homes, and 31% plan to have geothermal heat.  Finally, 69% of respondents would prefer having no wasted space. They also want more storage, indicating that being organized is fast becoming an important issue to homeowners.

 Source: Better Homes & Gardens, @ International Builder’s Show.

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HOME OWNER’S (SELLER’S) CORNER

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Rising Property Taxes Really Hit a Nerve
 
Politicians all over the country are preparing legislation in response to angry homeowners who are demanding property tax rollbacks even as municipalities move to raise those same taxes.

 ”People are just astounded that this year, of all years,” the assessed value “of their property has increased,” said Georgia Rep. Larry O’Neal, a Republican and chair of the state’s House Ways and Means Committee. More…

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Texas Home Prices at Least Risk
 
Amidst a nation of MSAs (Metropolitan Statistical Area) hosting tumbling home prices, the Lone Star State’s own metropolitan areas have held tight to their home values, in a 12-month period ending in September 2008.

 According to PMI Group’s Winter 2009 Risk Index, Dallas, Houston and San Antonio were the least likely large MSAs in the country during third quarter 2008 to experience lower home prices in the next two years. Each had a risk index of less than one. 
 
Overall, Texas MSAs averaged a 2.8% increase in home prices between September 2007 and the same month in 2008.

 PMI’s U.S. Market Risk Index uses economic, housing and mortgage market factors (including home price appreciation, employment, affordability, excess housing supply, interest rates and foreclosure activity) to determine the probability of lower home prices in the future.

For the full study, including more rankings for Texas MSAs, see PMI Group’s Risk Index. 
 
Source: PMI Group

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QUICK LINKS

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2009′s Top 9 Design Winners:
AIA (American Institute of Architects) selects top 9 building projects

From U.S. Dept. of Energy:
Ten Ways to Cut Energy Bills this Winter
 
Top 10 Home Improvement Paybacks:
See chart of the Top 10 Home-Improvement project paybacks here

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Please join our Mailing List.

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Wishing you a 2009 filled with success!

 
Ruby Thomas Wadhwa, Founder. 
www.HoustonDwell.com