Fitch ratings view Texas prices as approximately 11% overvalued with price in Houston, Austin & Dallas growing over 20% since 2011.  Fitch, a New York-based financial ratings firm said in its report.  The growth in Texas is more than national improvement, but a drop in oil prices can drive the economy down.  Dr. Jim Gaines of the TX A&M Real Estate Center says, yes, prices have increased in Texas markets.  The 3 markets specified have an above average growth in employment, incomes & overall prosperity which is reflecting in upward home prices.  Gaines does agree the energy sector could slow the rate of increase.  WE ARE EXPECTING HOME PRICES TO CONTINUE TO INCREASE IN 2015, but at a slower rate.

New home sales cannot keep up with demand right now.  300 houses sold November 2014 as compared to 253 units sold a  year ago, according to Greater Association of Realtors (GTAR).  November sales were actually an 18.7% slump from October 2014.  It is a good time to buy as interest rates still LOW, but the inventory is low.  It is a 7.6 month inventory to sell a house in November or 9.5 months a year ago.  To build, building costs are on the rise 14.2 % from a year ago.  A median price home for November was $159,450.  Most homeowners are buying the “right way” by putting down 10 to 15%.  IF YOU NEED TO BUY, NOW IS THE TIME & CALL BAIN REAL ESTATE AT 903-561-4346.

Homes over  $500,000 or more are 11.6% of sales, UP from 10.8 a year ago.  Homes under $100,000 were 20% of sold homes in 2013 and now 17.5% in 2014 of market.  National Association of Realtors attributes it to low inventory and rising home prices.  Sales in the lowest price tier fell by 12% nationally from a year ago, while sales in higher priced categories were up by a much as 5% from April 2013.  Again JUST GET YOUR REALTOR TO HELP YOU WITH THE MARKET IN THE AREA YOU ARE BUYING OR SELLING.

(7)  If you charge a lot to get points, showing a lot compared to your credit limit, which is a negative.  Lenders can’t sort out when you actually zero-out your balances each month.  (8)  Maintain a variety of credit types, such as auto loan, student loan & credit-card bills, shows you can juggle different types of credit and add 10% to your credit score.  (9)  Get a personal loan to pay off your credit-card debt.  Also interest usually lower.  (10)  Pay off debt in collections.  (11)  Get a secured credit card after a bankruptcy.  A bankruptcy will have less impact on your score over times as long as you do not default on new loans.  Chapter 7 and 13 bankruptcies stay on your credit report of 10 years.  GET YOUR CREDIT STRAIGHTENED OUT!

(1)  Pay bills on time, which is 35+% of your FICA score OR at least pay the minimum.  (2)  Check your reports by requesting free credit report from a different reporting agency every 4 months thru   AnnualCreditReport.com   “Soft pull” is checking your own credit.  More & could indicate you are shopping interest rates for 1 loan.  (3)  Don’t apply for multiple credit cards at once, unless applying for a mortgage, auto or student loans.  Read terms carefully!  (4)  Don’t cancel plastic you don’t use unless it carries an annual fee.  Just keep it.  (5)  Don’t open too many new credit accounts at once, as this will lower the average “age” of your accounts, which can lower your credit score.  (6)  Keep credit balances relative low.  Maintaining a revolving credit balance under 10% is wise.  LAST 5 COMING.