1. Not checking your credit report and score

 Review your credit report a few months before you begin your house hunt, and you’ll have time to ensure the facts are correct and dispute mistakes before a mortgage lender checks your credit. You can access a free copy of your credit report at annualcreditreport.com once every 12 months.

 2. Not getting preapproved

After you’ve assessed your credit report, it’s time to establish with a qualified lender how much you can afford. “First-time home buyers need to take the time to get an approval from their lender before looking at homes,” advises Ray Boss Jr., a six-year licensed Realtor with RE/MAX Realty Group in Maryland. “This includes getting a credit check and giving their lender a copy of W-2s, pay stubs, and bank and brokerage statements.” Getting preapproved can help you save time by looking for homes that you know you can afford instead of lusting after something out of your price range. And it will put you in a better position over another bidder with no preapproval.

3. Not creating a long-term budget

 A good rule of thumb is to devote no more than a third of your monthly household income to housing costs, which include mortgage principal, interest, taxes, and insurance. “A good number would be 30 percent,” Zandi says. “If you are over 35 percent, you are really pushing the envelope.” There are several work sheets available online to help you figure out how your income, debts, and expenses affect what you can afford each month for the next 15 or 30 years.

 4. Forgetting about the hidden costs

 You grossly underestimated what you can afford to pay each month. You factored in the purchase price of the home but didn’t consider the cost of taxes, insurance, utilities, and fees. There are several hidden costs that first-time home buyers neglect to prepare for. They can be anything from the closing costs to appraisal fees, escrow fees, homeowner’s insurance fees, property taxes, and even moving costs. Another factor is the cost of repairs and maintenance.

5. Not using professional help

 Sure, it’s possible to go out and buy a home without the aid of a professional real estate agent. But think about how much time and stress a good agent can save you. For starters, Realtors have access to all the homes on the market through the multiple listing service, or MLS, plus all the ones that are under contract and have been sold. A specialist has time to sift through all of these listings, says Boss, and make the appointments to show you the houses, create comparative market analyses to determine proper pricing, and meet with necessary inspectors. Foremost,” says Bossa realtor is ”Someone who knows the contracts, who has experience negotiating, and who can walk me through the entire process smoothly–step by step–and make sure I get the house that’s right for me.”

 6. Picking your real estate agent and lender blindly

First-time home buyers, Boss says, are generally more time-consuming than the average buyer and require more attention. A good real estate agent will be friendly and accommodating, show only homes that fit your parameters, and help you with strategies during the bidding process–but never pressure you into something you’re not comfortable with. “It’s important that the Realtor be experienced with first-time buyers, understand their wants and needs, and be able to connect with them well,” says Boss.

Similarly, the buyers should feel at ease with and have complete confidence in their mortgage lender, and they should fully discuss and understand their financing options with that lender. “Don’t apologize for asking questions,” says Vanderwell, who stresses the importance of knowing what you’re getting into. “There’s a pretty substantial chunk of people who are in really rough straits right now and would not have been had they done their homework.”

7. Thinking you’ll get everything on your “wish list”

Another mistake people make is being too close-minded while searching for their home, says Boss. He suggests sitting down with your real estate broker before searching for a home and creating a need/want list. Some of the items you might want to include as “must haves” or deal breakers are the towns you’d want to live in, square footage, or accessibility to transportation.

8. Not keeping your feelings in check before hiring a home inspector

You’ve already chosen the perfect paint color to match your living room set. But hold on: Before you start picking out accent pillows for your sofa, you need to bring in a home inspector to check the safety of your potential new home. Inspectors will evaluate the structure, construction, and mechanical systems of the home and will give you the approximate price of repairs that may be needed. They will examine everything from the electrical system, water heater, and HVAC system to the foundation and floors.

9. Not researching your neighborhood

You may be living in your dream home, but your neighborhood’s a nightmare. Or you may have children or are planning to have children in the near future, but you didn’t consider the quality of the school districts or parks in the vicinity. You should ask yourself a number of questions during your home search, such as “Are there good schools nearby?” and “Do I feel safe coming home at night?”

Boss suggests that if schools are an important factor, you should go check them out personally. Speak with the principals or the parents waiting on the steps outside to pick up their kids. To learn more about the community, open up the local newspaper, Boss says. You can find out about community events or even how good the local high school football team is. Today’s buyers can gather all sorts of neighborhood information from real estate blogs and websites like Zillow and Trulia. (U.S. News has a partnership with Trulia.) “It is the responsibility of the buyer to check crime reports, school options, churches, and shopping,” says Boss. “Remember, you can change your house, but you can’t change the neighborhood.”

10. Not considering the resale value of your home

When the time comes to put your house on the market, will your home be easy or difficult to sell? While you’re on the hunt, it’s a good idea to account for preferences of the typical home buyer. Just because you love to landscape or enjoy a bright-pink backsplash doesn’t mean a prospective buyer will. “How we make our plans initially has a big impact on our ability to adjust those plans and to deal with whatever comes our way,” says Vanderwell.

The National Association of Realtors said Tuesday its seasonally adjusted index of sales agreements rose 1 percent from November to December to a reading of 96.6. That was a bit lower than the 97.1 level analysts expected, according to Thomson Reuters.

The index has risen for nine out of the past 10 months as buyers work to take advantage of an $8,000 first-time homebuyer tax credit.

The credit had been set to expire Nov. 30 before Congress extended it to April 30. Lawmakers also added a $6,500 credit for current homeowners.

“These swings are masking the underlying trend, which is a broad improvement over year-ago levels,” said Lawrence Yun, the Realtors’ group chief economist.

1. Retouch the front shell: If your property’s exterior isn’t appealing, no one will want to see your newly remodeled kitchen. So property sellers must first ensure that their home projects a cozy, inviting feeling. “The shell–the outside front–is probably the most important area for improvement, the area where you can make the biggest improvement with the smallest amount of cash.”

2. Trim the greenery: Ensuring that the lawn, hedges, and flowers are well maintained helps make your home more alluring to prospective buyers as well. Property owners can hire professional landscapers or break out the lawn mower and get busy themselves.

3. Paint the interior: Putting a fresh coat of paint on the home’s interior is a cost-effective way for sellers to make their home more appealing to buyers.  Homeowners are best off using neutral colors.

4. Don’t forget the floors: Improving the condition of a home’s flooring is also a smart move for sellers–and you don’t need to refinish wood floors or install new carpets to make them more attractive. “If it’s a hardwood [floor], has the floor been buffed?” “If you have carpets, have the carpets been cleaned?”"If you have carpets, have the carpets been cleaned?”

 5. Make all major repairs: Because tighter lending standards demand higher down payments, today’s home buyers won’t have much cash left over for improvements once they’ve made their purchase. So it’s imperative for sellers to make all major home repairs–fixing the leaky roof, rebuilding the front stoop–before they put the property on the market. “Repairs can’t be ignored, because nobody has any extra money.”

6. Put appliances under warranty: To give buyers more confidence in a home’s appliances sellers should put them under warranty. Sellers can buy home warranties–which cover repair and replacement costs for many home appliances–from several different firms.

8. New light fixtures: Replacing old or broken light fixtures with new ones can also be a low-cost way to add value. Installing a nice new light fixture in the foyer near the home’s entrance can be a particular benefit because it can make a strong first impression on would-be buyers.

9. New stove in the kitchen: While some homeowners might think the only way to jazz up a dated kitchen is a full-on remodeling job. A much less costly alternative: buying a new stove. “If there is an updated stove in the kitchen, it is amazing how that draws people in. Property owners in neighborhoods where most homes have granite countertops can consider making this upgrade as well.  The project makes sense only for homeowners with extremely dated kitchens that are going to serve as a serious impediment to finding a buyer. A real estate agent withexperience in the local market can help you determine whether or not the upgrade is essential.

10. Freshen up the bathrooms: Getting rid of mildew stains on the bathroom caulking can boost a home’s appeal as well. Such stains “scream, ‘These people haven’t taken care of this house. It’s going to be a money pit.”  Use a razor blade to remove the old caulk, and replace it with new, mildew-resistant caulk. And rather than remodeling the entire space, homeowners can reinvigorate a worn-down bathroom by replacing cracked sinks.

WASHINGTON (Reuters) – After hitting an all-time low in early December, the average rate on a 30-year, fixed-rate mortgage rose to 5.05 percent this week and could climb to 6 percent by the end of 2010, the Washington Post reported on Saturday, citing U.S. mortgage financier Freddie Mac’s latest survey.

Meaning that if you want to buy a home or even “considering” buying a home, I recommend pulling the trigger at the latest by March 30th 2010 so you can close by April 30th. Why? 3 BIG reasons:

1. get the $8000 or $6500 tax credit (m0ney)

2. Interset rates are still in the low 5% (not 6% YET)

3. House prices still low.

What other motivation do you need???

You will save more money now than  at ANY FUTURE TIME. This is not the time to hem and haw and after April 30th is passed say, “wow I Should have bought that home.” Wrong.

Think carefully and save lots of money now.

Call your Smart realtor and discusses it (me)

Premiere Cinema Corp., a Big Springs-based chain with 18 cinemas in Texas, has signed a lease for a theater with six or seven screens and more than 850 seats, said Andy Sarwal, lead developer of the 23-acre University Park at Interstate 35 and East Avenue.

Largest population growth of all 50 states

2008 Population: 24,326,974

2007 Population: 23,843,432

Year-over-year Increase: 2.03%

The Lone Star state’s proximity to Mexico keeps the population from contracting. From 2000 to 2008, Texas’ population increased by 16.7%.

The Austin area unemployment rate fell in November, but job losses deepened, according to the Texas Workforce Commission.

The jobless rate in November was 6.9 percent, down from 7.2 percent in October but up from 4.9 percent a year earlier.

The region lost 4,300 jobs from November 2008 to last month, a loss rate of 0.6 percent.

Statewide, employers added 17,300 jobs from October to November, the second month-to-month gain in a row.

The jobless rate was 8 percent, down from 8.3 percent in October.

Annual Economic Forecast, Nov. 23^rd, 2009

Expect 2010 to be Good, not Great

-          Expect slow steady GDP growth, around 2%.

-          Consumer spending remains sub-par due to high debt levels

-          Unemployment levels will hover at 10% in 2010, down to 9% in 2011.

-          Inflation will remain subdued by high unemployment.

-          Interest rates will stay low.  Any increases by the federal reserve are unlikely until the 4^th quarter of 2010.

-          The dollar will weaken into 2011.

-          Corporate earning will accelerate in 2010.

o    Look for a 30% increase year-over-year S&P 500, up to an average of $74 per share in 2010.

o    Investors waiting for top line sales to improve before getting back in the market will miss their moment. Top line revenues typically lag behind corporate earnings by about 3 months.

 October 19, 2009 - According to the September 2009 Multiple Listing Service report by the Austin Board of REALTORS®, activity in the Austin-area real estate market has shown signs of improvement from September 2008.

 In September 2009, 1,780 homes were sold, a six percent increase from 1,673 homes sold in September 2008. The median home price for Austin in September 2009 was $185,250, up two percent from the same month the prior year.

 “This spur in activity compared to last year is a good sign,” said Jay Gohil, chairman of the Austin Board of REALTORS®. “It shows the Austin-area real estate market is healthy and has remained stable.”

September 2009 Statistics

• $431,530,740 was the dollar volume of single-family properties sold, a seven percent increase from September 2008.

$185,250 was the median price for single-family homes, a two percent increase from September 2008.

 9,148 was the number of active single-family home listings on the market, a ten percent decrease from September 2008.

 1,780 was the number of single-family homes sold, a six percent increase from September 2008