With the changing economy there will be new guidelines regarding FHA loans. The FHA’s tightened lending requirements will no doubt have an effect on the housing market considering that an estimated 40% of all loans are FHA. One of the biggest changes is the increase in the upfront mortgage insurance premium from 1.75% to 2.25%. This will increase closing costs by ½ a percent. Another significant change will be the minimum down payment. The traditional down payment of 3% has been raised to 3.5% and for those whose credit FICO scores are below 580, the amount will jump to 10% down. One last change will be a reduction in the amount of allowed seller’s contributions. While the number was traditionally help at 6%, the new amount will be reduced to 3%. FHA loans have traditionally been used by buyers to be able to purchase homes with as little down as possible and there is no doubt that this will hamper buyer’s ability to purchase homes.

While these changes will affect buyer’s ability to purchase, the first time buyer tax credit, the historically low interest rates and great selection of homes in the Houston Real Estate Market still make buying a home in Houston a good investment and shows why there is no time better than now to buy. If you are looking to buy a home in the Houston area, please call Paul Silverman at Our First Nest Realty for you real estate needs. 

I am proud to announce that I have been appointed to the Houston Association of Realtor's MLS Advisory Council for a three year term. The MLS Advisory Group helps establish and maintain MLS policy that is in the best interest of HAR’s nearly 25,000 members. This will be my fourth year to serve on this amazing group and it empowers me to be part of helping maintain and improve the MLS system. It is exciting every time we pass a rule or enhancement that will help other agents or help consumers find more information on HAR.com.

The latest Houston Housing market statistics show continued signs or strength compared to other major markets across the country. The median home price of $152,550, indicated a 5.25% increase from the previous year. This continued 8 month increase in median price indicates homes in Houston are withholding their value. The average sales price of a single reached $219,214, which is a 15.1 percent versus December 2008. In the foreclosure market, only 21% of all single family homes sold in December were distressed sales down from 34% in January. This drop shows a decreased supply of foreclosure properties which has a significant effect on the housing market as a whole. While number of months of housing inventory rose slightly from 5.6 to 5.8 months, this number is still well under the national average of 6.5 months.

Paul Silverman, owner of Our First Nest Realty and Realtor in Pearland, has earned his second Green Designation. Along with achieving his GREEN designation from the National Association of Realtors, he has now achieved his Certified Green Professional Designation from the National Association of Homebuilders. These two designations help him council buyers and advise them on Green Homes in Houston and Pearland. Not only does he now have the construction knowledge, but also helps buyers of new homes in Houston learn of the economic and health benefits of green building. To learn more about the service he offers, please visit his website at  http://ourfirstnest.com

 

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With the current economic landscape in the country, there is no better place to buy a home than Houston. With our diverse economy, the job market has not seen catastrophic losses as in other cities. Houston still remains one of the most affordable places to live. In June of 2009, Forbes Magazine rate Houston as the #1 city to get ahead. According to Builder Magazine, Houston is ranked as the nations healthiest housing market and Houston was ranked the 8th most affordable city in the country. With major employment centers in the area such as Texas Medical Center, Downtown Houston, The Galleria, Energy Corridor, NASA, The Port of Houston, and many more, there is no wonder why so many people are moving to Houston and we were ranked the best city to live, work and play by Kiplingers.
So with all of these great charecteristics, buying a home in Houston is still a great choice.

Houston Realtor Paul Silverman of Our First Nest Realty has taken green to an all new level. In 2010, all contracts signed by his clients will use the Docusign electronic signature program. This will greatly reduce or eliminate the need for any printing, faxing or any other methods that waste paper, ink and energy consumption. Not only does this help the environment, it provides a great service to the client by not having to print documents and find time to fax or scan. This also helps by eliminating multiple faxes of the same documents which lose resolution every time they are faxed. Recently, he had a client that was on her way out of town and had no access to a printer, fax or scanner. Through the electronic signature program she was able to sign the contracts and submit them within minutes. “Anytime I can help streamline a process, provide an added service to a client and reduce my company’s carbon footprint, it is an easy decision to make” says Silverman.
Along with his commitment to being a green Realtor in Houston, he also has earned two professional designations to support this pledge. He holds the National Association of Realtors GREEN Designation along with the National Association of Homebuilders Certified Green Professional (CGP) designation. “Providing excellent customer service as well as stewardship for our environment is the mission of Our First Nest Realty.”

There are several reason why now is the perfect time to buy a home in Houston, Katy, Pearland, Sugar Land and surrounding areas. The first reason is the extension of the $8,000 First Time Homebuyers tax credit. Not only has the program been extended, but the income limits have also been raised to $125,000 for individuals and $225,000 for couples filing joint tax returns. The next reason to act quickly in buying a home is because the inventory levels are falling. Many people looking to sell their homes have decided not put their homes on the market due to the widespread panic in the real estate market. In addition, builders have cut back on the number of homes being built. All of this means less of a selection and the number of months of inventory is expected to keep declining. While this might limit your selection of homes, it means positive news for the Houston real estate market which is still going strong. Real estate in Houston is still a safe place to put your money.

If you are looking to buy a new home in Houston or the surrounding areas, please contact us to help you in your search. You can also visit the wonderful website www.har.com and www.newhomesource.com to help narrow the list of homes you are interested in.