January 2010

CB Jeni Homes - Luxury Townhomes on Sale

8611 Naomi, Plano, TX 75024 | 3 Bedrooms | 2.1 Baths | 1905 SF

Master bedroom downstairs with 2 bedrooms up. Upgraded cabinets, granite countertops, stainless steel appliances, and much more!

Was $213,075 - Now $195,990

8613 Naomi, Plano, TX 75024 | 3 Bedrooms | 2.1 Baths | 2319 SF

Master bedroom downstairs with 2 bedrooms up. Island kitchen with upgraded cabinets, granite countertops, and much more!

Was $244,445 - Now $225,990

Source: CB Jeni Homes

New Listing - 2109 Michelle Creek, Little Elm, TX

4 Beds | 2 Baths | 2 Car Garage | 2110 SF

Better than new! Large single story home in sought-after Paloma Creek. Open floor plan with plenty of space for entertaining with 2 living and 2 dining areas. Upgrades include new paint with designer accent walls, new carpet throughout, custom lighting, full sprinkler system, full gutters, 42-inch cabinets, and Corian countertops. HOA includes access to 4 sparking pools, 2 state-of-the art fitness centers and 3 fully equipped amenity centers.

Click here for more details.

Source: NTREIS

6 Surprising Facts About the Buyer Tax Credit

The homebuyer tax credit is not as simple or straightforward as you might think. Here are some nuances that will affect homebuyers who plan to use it.

- To qualify for the move-up tax credit, a home owner must have occupied the same principal residence for five of the last eight years consecutively.

- Buyers can elect to claim the credit on either their 2009 or their 2010 tax return, whichever is best for them.

- Buyers who claim the credit in 2009 can’t file electronically because the Internal Revenue Service hasn’t put the required forms on line. The wait for a refund is three or four months.

- The home can be a mobile home or travel trailer that is fixed to land owned or leased by the home owner. A mobile home or travel trailer that is actually mobile doesn’t qualify.

- The home can't be purchased from a close relative, including a parent, spouse, child, grandparent or grandchild.

- A buyer who earns no taxable income or doesn’t owe any federal income tax can qualify for the tax credit and file a tax return just to claim it.

Source: Bankrate.com, Marcie Geffner (01/21/2010)

New Listing - 9506 Sugarberry, Dallas, TX

3 Beds | 2 Baths | 1 Car Garage | 1450 SF

Preforeclosure home on a large lot. Super clean and well-maintained. Eat-in kitchen has black appliances and plenty of storage space. Second living area upstairs can be used as an office or study. Huge fenced backyard. Oversized storage building to remain. Easy access to Highway 67 as well as major shopping and entertainment venues. For water enthusiasts, nearby Joe Pool Lake provides hours of outdoor fun.

Click here for more details.

Source: NTREIS

Homebuyer Tax Credit: No E-File and Four-Month Delays

NEW YORK (CNNMoney.com) -- Good news homebuyers: You can file for your $8,000 first-time buyer tax credit again.

Bad news: You still can't e-file your taxes if you want the cash. And there are long delays.

On Thursday, CNNMoney revealed that buyers who purchased their properties after Nov. 6 were unable to claim the refund because the Internal Revenue Service had yet to release a new form and instructions. But on Friday, the IRS finally posted the new form 5405.

The two-month delay was frustrating to Florida resident Charles Teschke. "We are not broke or anything, but nevertheless we were still counting on getting the tax refund to help pay for the appliances and stuff we needed for our new home," he said. "The IRS told me they estimate it will take four months for me to get my refund!"

Click here to read the entire story.

Source: CNN Money

Ask Chuck and George - Federal First-Time Homebuyer Tax Credit

Federal First-Time Homebuyer Tax Credit
Answers to real estate questions as appearing in the Houston Chronicle

Dear George: A friend of mine is an Australian citizen who has legally worked in the United States for the past 3 years and files a U.S. tax return. He's never owned a home. Is he eligible for the first-time homebuyer tax credit?

Answer: Maybe. The IRS states: "Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase." Your friend should determine if he meets the IRS definition of nonresident alien, which he can read on page 4 of IRS Publication 519, U.S. Tax Guide for Aliens.

Source: Texas Association of REALTORs® (texasrealestate.com)

New Listing - 3916 Mullins, Dallas, TX

3 Beds | 2 Baths | 2 Car Garage | 1778 SF

Preforeclosure Renovation Property. Appears to be structurally sound but is in very rough condition. Needs a complete renovation. All exterior doors damaged including garage door. Exterior will need new fence, some new siding, and fresh paint. Interior will need to be taken back to the walls. No appliances. HVAC was operational at time of listing. Cash offers only.

Click here for more details.

Source: NTREIS

Dallas-Fort Worth Home Foreclosure Filings Ease Slightly Over Last Year

Home foreclosure filings have eased slightly in the Dallas-Fort Worth area. Lenders posted 4,695 homes for forced sale next month ? 4 percent less than a year ago. And foreclosure filings in the four-county area were 20 percent lower than the almost 6,000 postings recorded last month, according to Foreclosure Listing Service.

?This is a very good sign that we could be leveling off,? George Roddy, CEO of the Addison-based foreclosure tracking firm said Thursday. ?But you can?t get too excited because any decline from last month looks good.

?And one month does not make a trend,? he said. ?We will just have to wait to see what happens next month.?

Still, it was the first time monthly foreclosure filings in the D-FW area were down on a year-to-year basis since October 2007.

Click here to read the entire story.

Source: Steve Brown, The Dallas Morning News

Record Number of Foreclosures in 2009

Total foreclosures in 2009 reached 2.8 million, a 21 percent increase over 2008 and a 120 percent rise compared to 2007, according to foreclosure sales Web site RealtyTrac in a year-end report released Wednesday.

RealtyTrac also reported that fourth quarter foreclosures decreased 7 percent from the third quarter, although they were up 18 percent compared to 2008. December 2009 foreclosures were up 14 percent over December 2008.

The 10 states with the highest foreclosure rates in 2009 were: Nevada, Arizona, Florida, California, Utah, Idaho, Georgia, Michigan, Illinois, and Colorado.

California, Florida, Arizona, Illinois account for 50 percent of the foreclosures. The other 10 states with the largest numbers of foreclosures are Michigan, Nevada, Georgia, Ohio, Texas, and New Jersey.

?A massive supply of delinquent loans continues to loom over the housing market, and many of those delinquencies will end up in the foreclosure process in 2010 and beyond as lenders gradually work their way through the backlog,? says RealtyTrac CEO James Saccacio.

Source: The Associated Press (01/14/2010)

New Listing - 1816 San Leanna, Allen, TX

4 Beds | 4.1 Baths | 3 Car Garage | 3785 SF

Gorgeous Huntington with stone elevation and hand scraped hardwoods. Gourmet kitchen with granite, travertine, double oven, tumbled marble, maple cabs and commercial grade apps. Living area overlooks private flagstone courtyard. All bedrooms have private baths. Golf course view from upstairs. Plantation shutters, faux finishes, and upgraded fixtures. Media room and living area up with sink and mini fridge. Walk to golf, tennis, swimming and more!

Click here for more details, photos, and a virtual tour.

Source: NTREIS

Tom Branch Meets Dave Liniger, RE/MAX Co-Founder and Chairman

I had the rare opportunity to meet and hear from Dave Liniger, RE/MAX® Co-Founder and Chariman of the Board on January 7th.

Despite the frigid air and ice-covered roads, I made it to Grapevine to hear a 2-hour presentation by one of the most influential visionaries in the real estate industry. Among many things, Dave covered the state of the economy and its impact on the real estate market as well as a number of new government regulations that will drastically improve the way we handle short-sales and pre-foreclosures.

Photo Credit: RE/MAX of Texas

Dallas-Fort Worth home sales swing to negative territory

After two months of solid gains, North Texas home sales fell back into the negative in December - down 1 percent from a year earlier.

The best news in the monthly report on pre-owned home sales was that median prices were up 2 percent from December 2008.

Pre-owned home sales in North Texas fell below the 5,000 mark last month for the first time since February, according to figures released Thursday by the Real Estate Center at Texas A&M University and the North Texas Real Estate Information System.

Click here to read the entire story

Source: Steve Brown, The Dallas Morning News

The Branch Team Named RE/MAX Texas Agents of the Quarter

Plano, TX - January 5, 2010 - RE/MAX of Texas has announced that Tom and Gina Branch, The Branch Team, of RE/MAX Dallas Suburbs has been named as an “Agent of the Quarter” for the fourth quarter of 2009 by the RE/MAX Reporter Magazine.

The Branch Team consisting of husband and wife teammates Tom and Gina Branch represent a special class in the real estate world; they are owners turned associates. After retiring from the Air Force where he worked in recruiting, Tom worked in Human Resources for the private sector until joining Gina (a former Corporate Communications Manager licensed in 1992) in real estate in 2002. In 2004, he became a licensed broker and the two opened their own Dallas brokerage growing it into a very successful local brokerage.

Towards the end of 2008, Tom and Gina looked to expand by leveraging a national brand. After giving serious thought to purchasing a RE/MAX franchise, the pair joined RE/MAX Dallas Suburbs in 2009 and have been named one of the top listing teams in the office for the first, second, third and fourth quarters of 2009.

Source: RE/MAX Texas Reporter

Tom Branch Joins NexBank

Tom Branch recently joined NexBank as a Senior Loan Specialist. NexBank, headquartered in Dallas, Texas, aims to serve professionals, entrepreneurs, business leaders or any individual craving a personalized banking relationship.

Whether your needs are for a purchase or refinance, NexBank's expert Loan Specialists know how to craft the right solution every time. You will also be glad to hear we fund loans from our own balance sheet and can accommodate personal mortgages of nearly any amount. We do not rely on other financial institutions in order to fund your loan.

Purchasing or owning a home is the ultimate American Dream. At NexBank we help make those dreams come true with a wide array of mortgage products to fit almost any home ? from a starter home in the burbs, to an uptown loft, to the vacation home in the hills to just about anything You can dream.

Call Tom at 972-419-0524 for all your residential mortgage needs.

Tax Information For New Homeowners

As a new property owner, you are required to pay property taxes on this real estate. It is taxed each year by a variety of jurisdictions including the county, city and school district. As a 2009 purchaser, you need to notify the taxing authorities of your ownership so that the tax rolls will reflect the change.

Click here for the entire letter in PDF format.

Source: Gayle Essary, Republic Title