February saw an improvement in the real estate market of Collin County and surrounding areas, which included Plano, Frisco, Allen and McKinney, reports the Collin County Association of Realtors (CCAR).   Home sales increased by more than 34 percent over January, and the median sales price was 7 percent higher in February ($167,250), than in January ($156,200).

The CCAR Pulse, which delves into the real estate markets of 36 local communities, including Frisco, reports that the average time a house was on the market in February was 111 days, down from 113 days a year ago.

“The good news isn’t just for sellers; local buyers have a great opportunity right now.  Because interest rates are at historic lows and the median family income is 158 percent of what is needed to qualify for the median priced house, the average buyer will be able to find a nice home at an affordable price,” notes Steve Haid, CCAR member services director.

  Can it be that we are climbing out of the slump?

The overall inventory of available homes on the local market remains balanced at 5.9 months.  However, there is an undersupply of houses priced below $200,000 and an oversupply of homes priced above $500,000.

In an effort to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit for first-time home buyers.  The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principle residence on or after January 1, 2009 and before December 1, 2009.

1.  The tax credit is for first-time home buyers only.   The Law defines “First Time Home Buyers” as a buyer who has not owned a principal residence during the three year period prior to the purchase.  For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

2.  The tax credit does not have to be repaid.  This is a true tax credit, however, home buyers must use the residence as their principal residence for at least 3 years of face recapture of the tax credit amount.  Certain exceptions apply, contact the IRS for specifics.

3.  The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000. 

4.  The $8,000 home buyer tax credit can be combined with the MRB home buyer program.   What Does Mortgage Revenue Bond - MRB Mean?  A funding source for home mortgages. Mortgage revenue bonds help low- and middle-income first-time home buyers by offering long-term mortgages at below-market rates.

5.  Prospective home buyers who believe they qualify for the tax credit are permitted to reduce thier income tax withholding.  Reducing tax withholding (up to the amount of the eligible credit) will enable the buyer to accumulate cash by raising his/her take home pay. 

For additional information contact Brian McCauley with Waterford Financial @ 214-975-3218 or e-mail to Brian@waterfordlending.com.   For real estate related questions go to www.TEAMDeCell.com.

Beautiful Coppell TownHome

Absolutely charming 3 bedrooms, 3.5 bath old world town home featuring the finest finishes. Richly appointed master bedroom downstairs along with a wonderful gourmet kitchen; upstairs you will find two large bedrooms, a family room and a large unfinished area that could be a media room.

Community amenities include resort style pool, spacious fitness center, entertainment pavilion with barbecue grill and outdoor fireplace.  To see more pictures go to the website www.705snowshill.com.

**Mention this website and Builder will pay your monthly HOA dues for the first three months AND $2500 in closing costs if Waterford Financial Group is used for the mortgage**

§                            3 bedrooms, 3.5 baths

§                            Luxurious and rich custom finishes and features throughout.

§                            Over 2500sf

§                            3 large bedrooms each with its own bath, plus a 2 car attached garage.

§                            Low maintenance, lock and leave community - great for the active, on-the-go life style.

§                            Community pool & spa, barbecue grill, fireplace and clubhouse with kitchen and exercise room.

§                            Mention this website to receive $$$ for closing cost **

§                            Website: http://www.705snowshill.com/

Contact:
TEAM DECELL
Damian & Craig
214.213.1617 (Damian)
214.924.9539 (Craig)
http://www.teamdecell.com/

Wow!  9397 Windmill Point is my Frisco Home Pick for the day.  I toured this home yesterday and you have got to see it.  This completely updated charming home comes with a brick & stone front with covered front porch.  This 2521 Square foot, one story home is over the top and it’s in the Trails of West Frisco.  New carpet & fresh paint throughout this home, many of the rooms have been skip trowel textured and faux finished. 

Upgrades include new granite counter-tops and stainless appliances in the kitchen with Planning Center.  The kitchen cabinets have been redone and have been antiqued and have oiled rubbed bronze hardware.  Cook top is also plumbed for gas.   New oil rubbed bronze light fixtures, door & plumbing hardware thru-out.   Plantation shutters adorn the front of this home.  The spacious kitchen overlooks the large family room with TV niche & Fireplace. This home also has a separate Formal living & dining room.

The 4th bedroom is set-up with shelves in the closet for a study.   Tile in both baths and double sink in 2nd bath.  The Masterbath has split vanities and a large walk in closet.  Check out the jetted tub and separate shower with the oil rubbed bronze fixtures.

The newly extended patio is just the icing on the cake.  How do you spell BBQ?  Go see this home it is definitely awesome!!!! For Information or to see this home contact Rik and Vik.

“In both Denton County & Collin County, a new monthly record high was reached with April’s home postings. And, in Dallas and Tarrant Counties, home postings for the upcoming auction climbed to the second highest monthly level on record.”

“For the upcoming foreclosure auctions in the D/FW Metro, 5,213 postings have been filed on homes. This was a 27% hike above the 4,108 filed for the same month last year; and, compared to last month’s 4,276 notices, there was a 22% increase.”

“The only other month that residential postings reached above 5,000 was in February of last year when the record level was achieved with 5,315 postings filed.”

“For the last 18 consecutive months, D/FW’s residential posting activity has exceeded 3,600 postings each month.”

“So far this year, home postings were up 7% in the D/FW Metro with almost 18,500 postings filed for the first four auctions of this year.”

“With the various plans announced, you would think that postings might ease; but, that is not the case. At least not yet. We will simply have to wait to see if the outlined plans actually end up helping the average American homeowner or not.”