FHA Loans - Take Another Look

Suzanne Smith of HNB Mortgage has an interesting article on her website this month outlining the advantages of an FHA loan and what the government has done recently to expand loan limits in many parts of the country. If you are in the market to purchase a home you should seriously look at an FHA loan. For the complete story follow this link:
http://www.hnbmortgage.com/Newsletter.htm

Don't forget the tax deadline April 15th!!
~Sandy

Downtown Project - Permian Plaza

Basic Energy Services, Inc. has announced a $10 million dollar project to house it's national headquarters in downtown Midland. The project includes the demolition of the "Belt Buckle Building" to make way for a parking structure and the renovation of two other downtown buildings to create Permian Plaza 1 and Permian Plaza 2. The project will add an addition 65, 525 sq. ft of office space. For more information on this project click here:
http://recenter.tamu.edu/mnews/mnsearch.asp?AID=16
~Sandy

Housing Permits Rise in 2007

New statistics for housing permits were release recently for the year 2007. The City of Midland issued 28 single-family building permits with a total construction value of $3,430,812 in December 2007. The city issued the same number of permits in December 2006. The city granted 514 new residential permits in 2007 and 470 in 2006.
courtesy of the City of Midland, TX

Don't forget Improv at the Yucca Friday and Saturday
~Sandy

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