The Feds Cut Rate Again

The Federal Reserve cut interest rates modestly Tuesday, (a quarter of a percentage point, to 4.25 percent) to a nearly two year low. They left the door open for further reductions if the housing market and the rest of the economy continue to slump. The Dow Jones fell 294 points after the annoucement,Wall Street had hoped for a larger cut. For more on this story check out the following links:
http://www.statesman.com/news/content/news/stories/nation/12/12/1212fed.html
http://www.nytimes.com/2007/12/12/business/12fed.html?hp
http://news.yahoo.com/s/ap/20071211/ap_on_bi_ge/fed_interest_rates
~Sandy

"Property Virgins"

I know the term "Property Virgin" sounds a bit kinky, actually it's a new series on HGTV from Canada about first time home buyers, but if you think about it, "property virgin" hits the nail on the head. First time home buyers are "virgins", that is they are about to make a huge commitment, in an area they probably don't have a lot of experience. If you are a first time home buyer, here are a few of the things you should be aware of:

1. Check out the different areas of your town, are you looking for an area populated mostly by mature homeowners or young families, are there a lot of apartments, car washes, convenient stores etc.. Do you want an area close to downtown or out in the suburbs, is a neighborhood park important?

2. Be sure to ask for a Seller Disclosure Statement. This should tell you anything the present homeowner (good or bad) is aware of about the home.

3. Once you have chosen a home, be sure you get a home inspection. This will insure that you are making a wise investment, and should reveal any problems you may encounter with the home. For example, are there termites, is the plumbing and electrical wiring up to code, will the roof last another 5-10 years or does it need to be replaced now, is the property structurally sound etc...

4. Working with an established realtor can help you with all of the above and provide comps of each area you are interested in to be sure the price of any home you consider is in-line with other homes that have sold in the area recently. A realtor along with a mortgage lender can help determine which price range would be best for your current situation, so that you don't end up biting off more than you can chew!

These are just a few of the things you should consider when buying a home for the first time, or for that matter the second or third time!

Southwest Airlines Drops Another Midland Flight

I don't know if you saw this or not, but Southwest Airlines has yet again dropped another Midland flight. Beginning November 14 we were no longer able to fly to El Paso. However, on January 13, 2008 we will be able to fly to El Paso via Albuquerque in a mere 3 hours and 50 minutes! I don't know about you, but I'm pretty sure I can drive to El Paso faster than this flight would take after figuring in early arrival for baggage check-in, security, and retreiving bags on the other end etc... It seems strange to me that enplanements are up (and have exceed by 1% pre-9/11 numbers) and yet we continue to lose flights.
~Sandy

Besting – Or Better Nesting

A new book out by Bob Waun called “Besting” describes new retirement trends for Baby Boomers. “Besting” essentially is better nesting or an improvement in the quality of housing with amenities and luxuries far beyond traditional retirement. Basically, this isn’t your father’s retirement!

“In 1994 there were approximately 6.4 million second homeowners, by 2020 this number is projected to grow to 8.5 million. Retirement communities of mobile home parks with pleasant weather and simple amenities like shuffleboard are ancient history for the boomer generation.” Baby Boomers who are now empty nesters, but not yet ready for the “old folks home,” want more options, luxuries, and amenities all in fabulous locations!

With this trend comes new innovative ownership options such as: condo hotel, fractional, private residence clubs, timeshare, destination clubs, ship condos, hobby farms, and themed communities all of which will play a role in the Besting stage of life.”
~Sandy

Excerpts from Between Empty Nesting and the old age home - Besting, Better Nesting: The New American Dream by Bob Waun

Housing Recovery

According to John Burns the founder of Real Estate Consulting in Irvine, California the housing market future is looking brighter. In a guest column on Inman Real Estate News Burns said, "Despite the tough times in housing, the economy continues to grow, and that will make the recovery in housing happen much sooner. The energy sector, in particular, is thriving, spurred by a falling dollar and skyrocketing commodity prices."
for the complete story click here
http://www.inman.com/inmannews.aspx?ID=65193
~Sandy

Home Insurance Fraud

The Midland Police Department is currently investigating a case involving a man who is accused of selling insurance policies and then not ever providing the policies.

Anyone who purchased a policy from Bob Moore Insurance should check into their policy. Anyone who was notified by their mortgage company at renewal time that they did not have a policy should contact Midland Police.

To report suspicion of Theft of Business Practice involving Robert “Bob” Moore, contact the Midland Police Department at 685.7108.
For more information click this link.
http://www.midlandtexas.gov/press_release/2007_10/10_31_07.htm
Don't forget to vote today!
~Sandy

Fed Cuts Interest Rate Again

The Federal Reserve, confronted with surging oil prices and a slumping housing market, on Wednesday cut a key interest rate by a quarter-point, the second rate reduction this year.

The central bank lowered the federal funds rate to 4.5 percent in an effort to stimulate economic activity and keep the country from dipping into a recession. The move will make it cheaper for consumers and businesses to borrow money.

The Fed's action came on the same day the government announced that the overall economy grew at a stronger-than-expected 3.9 percent rate in the July-September quarter.
(read the rest of the story here) http://hosted.ap.org/dynamic/stories/F/FED_INTEREST_RATES?SITE=TXMID&SECTION=HOME&TEMPLATE=DEFAULT
~Sandy
Be safe this evening Trick or Treating!

Preparing for Winter - Energy Saving Ideas Part III

Let the sunshine, let the sunshine in! By keeping the blinds and/or drapes on sun exposed windows open during the day you can take advantage of "Solar Power!" Remember to close them in the evening to conserve the heat generated during the day. Be sure to close fireplace dampers when not in use. Dampers are a major source of heat loss.
~Sandy

Preparing for Winter - Energy Saving Ideas Part II

During the winter, reverse your ceiling fan motor so that the blades push air up towards the ceiling. The fan will drive the warm air back down around the edges of the room, resulting in more even heating.

It's also a good idea to check all windows and doors now for air leaks, you don't want to heat the outdoors. Place a thick bead of caulk around any windows that need it and replace weather stripping around drafty doors. ~Sandy
Don't forget the Texas Size Garage Sale Friday, Saturday, and Sunday

Preparing for Winter - Energy Saving Ideas Part I

Did you know using a humidifier can save on your energy bills? By putting additional moisture in the air you can increase the heat index inside your home. (68 degrees Fahrenheit will feel more like 76 degrees) By placing a small portable unit in frequently used rooms such as a bedroom or living area you can save a bundle! The relative humidity in your home should be between 20 to 40 percent.
~Sandy

September Housing Permits

In September 2007, there were a total of 615 building permits filed with the City of Midland. This number is the same as the total for September 2006. Building permits valued $18,008,634 in September 2007 as opposed to $6,035,629 in September 2006. Among the September 2007 permits were 44 single-family residences with a total valuation of $5,632,012.
-courtesy of Real Estate Center-Texas A&M University
Don't forget Old Sorehead Days this weekend! ~Sandy

Getting The Most Money for Your Home - FINAL PART!

Be sure your home is in good order. The kitchen, bathrooms, utility room, floors, windows, door frames, and curtains all need to be cleaned thoroughly. Any leaking faucets or toilets need to be repaired. This is more evidence to a potential buyer that you have taken good care of your home.

Turn on all the lights and open drapes before a potential buyer arrives. Be sure there are clean fresh towels in the bathrooms and no dirty dishes in the sink. Take a short walk or run errands while the agent shows your home. Buyers will feel more comfortable if you are not home.
~Sandy

Getting The Most Money for Your Home Part III

Remove anything that looks like clutter, pack it up and store it until you move into your new home. Less is always more when it comes to personal belongings and selling your home. That means removing the refrigerator art, and clearing the counter tops in the kitchen and bathrooms, cleaning and organizing closets, etc… This will make your home seem larger to potential buyers who need to be able to visualize their personal belongings in the house.
~Sandy

Getting The Most Money for Your Home Part II

Is the exterior paint fading, chipping or dated? If you haven’t painted your home in the last five years, it’s probably time for a touchup. Cruise your neighborhood looking for appealing colors on homes you find attractive. New paint could mean hundreds or thousands of dollars in a sale.

Now that you have the potential buyer wanting to see more, turn your attention to the inside. Again, if your home has not been painted in several years, it’s probably time for a fresh coat on the inside, an off white color is usually best. Don’t forget to patch any holes or damage to walls while you are at it. Not only will painting make your home more visually appealing, it will also make it more scent-sational! Remember, new construction smells good, has new paint and never has holes in the wall!
~Sandy

Getting The Most Money for Your Home Part I

The first key to selling your home for top dollar is “curb appeal.” Ask yourself, “would I be interested in a house like mine? Does it look like it’s been kept up?” To a potential buyer, if the outside looks shabby, it could mean the inside has not been taken care of either. However, creating curb appeal does not have to mean spending lots of money.

The easiest improvement you can make is adding colorful flowers, which create a homey fresh look. Trim the bushes, hedges and trees. Remove any unsightly or broken “yard accessories” (old pots, fountains or damaged hoses). Be sure your lawn is not only cut, but is a nice bright green, buyers will take this as a sign you’ve put effort into keeping up your home.
Look for Part II Monday...
~Sandy

Veterans Honoring Soldiers

I went to pick up my son at the airport Saturday, when I turned the corner toward the baggage claim pickup I saw a long line of motorcycles and a large group of people standing around with American flags.

As I pulled up to the curb they began to line-up facing each other along the crosswalk, with flags unfurled.

and then a young soldier returning from Iraq came out of the baggage claim area and all of these great veterans came to attention to honor, support and protect the young man who has been protecting them and their way of life. What a moving experience!
~Cathie

Gov. Rick Perry and wife to move out of Mansion

AUSTIN (AP) — Gov. Rick Perry and wife, Anita, will move out of the 150-year-old Governor’s Mansion next month and into a three-story, limestone home with four bedrooms, a heated pool and an outdoor cabana.The state will pony up $9,900-a-month in rent for at least a year while the Governor’s Mansion undergoes renovations starting next month. The 6,386 square foot home in a posh west Austin neighborhood has been listed on the market for more than a year, with the most recent asking price $1.85 million. Click here for the rest of the story..
http://www.statesman.com/news/content/gen/ap/TX_Governors_New_Home.html
Click here for pictures http://www.statesman.com/news/mediahub/media/slideshow/index.jsp?tId=37148

~Sandy

Lower Interest Rates

The Federal Reserve cut a key interest rate for the first time in four years in efforts to bolster the slumping housing market. The reaction on Wall Street was immediate. For the full report check out this article

http://www.cnn.com/2007/US/09/18/fed.interest.rates.ap/index.html?eref=rss_us


With the oil industry in an upwards swing, we have not felt the pains of the housing slump like the rest of the nation. Each month this year Midland has experienced an increase in building permits over 2006. In case you missed it, Midland was also ranked 15th in the nation in per capita personal income by the Bureau of Economic Analysis. Both of these articles can be viewed here

http://recenter.tamu.edu/mnews/mnsearch.asp?AID=16


~ Sandy

Alternative Building Method - EarthBlock Technologies in Town

The housing shortage in Midland may get a boost in the near future from an alternative building process. If you haven't already seen this in the MRT, take a look at this link. I think I'll try to get out there and take a few pictures this weekend, see how it's coming along.

http://www.eblk.com/newspdf/texasjul2006.pdf

Dont' forget Trio of Gardens this weekend!