5770 Haverhill Ln
5770 Haverhill Ln, Frisco, TX 75034
Property Features
Beautiful Highland Home with Game Room, Media Room, and Study! PLUS, the community is the ONLY neighborhood in Frisco with DIRECT TOLLWAY ACCESS!
- Price - $416,500
- Sq. Ft. - 3,801
- Stories - 2
- Bedrooms - 4
- Bathrooms - 4
- Living Areas - 5 (including Game Room, Study, and Media Room
- Dining Areas - 2
- Garages - 3
- Master - Downstairs
Schools:
District: Frisco ISD
Elementary: CARROLL
Middle: GRIFFIN
High: WAKELAND
Additional Photos
Mortgage Applications Jump From Prior Week
Mortgage applications rose last week after hitting an eight-year low the previous week.
The Mortgage Bankers Association’s seasonally adjusted mortgage applications index rose 16.8 percent from 408.1 the prior week to 476.6 last week. On an unadjusted basis, the index increased 29.6 percent compared with the previous week, but was down 30 percent compared with the same week last year.
Much of the increase was in refinance applications, which rose 28.5 percent compared with the previous week. The index of conventional purchases rose only 7.9 percent.
Falling mortgage rates encouraged the increase in applications:
- 30-year fixed-rate mortgages decreased to 6.26 percent from 6.28 percent
- 15-year fixed-rate mortgages decreased to 6.01 percent from 6.05 percent
- 1-year ARMs decreased to 6.90 percent from 6.97 percent
Source: Mortgage Bankers Association (10/29/2008)
Read the article here.
Fed Expected to Trim Key Rates Again
The Federal Reserve is expected to lower interest rates before the end of their two-day meeting, which starts today.
If they do, this will be the second time in a month. The Fed is expected to lower the rate by either half a percentage point to 1 percent or, conservatively, make a smaller quarter-percentage reduction to 1.25 percent.
The prime rate, which is used to set home equity loans, certain credit cards, and other floating rate loans, is now at 4.5 percent. These rates will fall commensurately based on the size of the cut. Mortgage rates aren’t so directly affected, but may slip as other rates decline.
Source: The Associated Press, Jeannine Aversa (10/28/08)
Read the article here.
NAR Makes Big Push for ‘Four-Point Plan’
Can the federal government afford to pass yet another stimulus measure, this one aimed directly at getting the housing market moving? NATIONAL ASSOCIATION OF REALTORS® leaders say the government can’t afford not to.
The association has crafted a four-point housing recovery plan and is making an all-out push to get it through Congress. At the REALTORS® Conference & Expo in Orlando next week, NAR members will be wearing “I support the four-point plan” buttons to voice their support.
The House That NAR Built
In addition, REALTORS® will have the opportunity to sign a giant model house on the Expo floor emblazoned with the slogan, "We support the NAR housing stimulus plan."
After the conference, the house will be dismantled, shipped to Washington, D.C., and reconstructed in an as-yet-unnamed spot. It’s a publicity stunt, to be sure, but one that REALTORS® are hoping will get legislators’ attention.
Banks begin receiving cash injections this week as part of the massive $700 billion federal rescue bill, and REALTORS® want that money used for lending to qualified home buyers.
Outrage from Lawmakers
REALTORS® aren’t the only ones concerned about how the banks will use those funds. Senate Banking Committee Chair Christopher Dodd (D-Conn.), who helped fashion the rescue package expressed outrage at a credit-crisis hearing last week, saying: "Those lenders who will be receiving billions of dollars from U.S. taxpayers are considering using those dollars not to make loans, but rather to pursue ’some acquisition opportunities’ and to create a capital ‘cushion’ on which they will comfortably sit while the American consumer and small business person struggles."
The desire to restart bank lending was core to the government’s goal in passing its rescue bill.
In addition to the provision calling on banks to use the funds for lending, NAR’s four-point plan calls for:
- Expanding the $7,500 first-time home buyer tax credit to all buyers and eliminating that program’s repayment requirement.
- Making permanent the prohibition against banks entering real estate brokerage and management.
- Making permanent the high-cost conforming loan limit of $729,750. That limit has been in effect for less than a year and is scheduled to drop to $625,500 on Jan. 1, 2009. NAR analysts say the higher limit, to be effective, needs more time to work.
— By Robert Freedman
Read the article here.
NAR: Home Sales Rise as Affordability Improves
Existing-home sales increased last month as buyers responded to improved housing affordability conditions, according to the National Association of Realtors®.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 5.5 percent to a seasonally adjusted annual rate of 5.18 million units in September from a level of 4.91 million in August. Home sales are 1.4 percent higher than the 5.11 million-unit pace in September 2007.
Lawrence Yun, NAR chief economist, said more markets are seeing year-over-year gains.
“The sales turnaround which began in California several months ago is broadening now to Colorado, Kansas, Minnesota, Missouri, and Rhode Island,” he says. “The South was hampered by much lower home sales in Houston in the aftermath of Hurricane Ike.”
NAR President Richard F. Gaylord says low home prices and low interest rates have helped attract buyers.
“This is the first time since November 2005 that home sales have been above year-ago levels,” Gaylord says. “Credit tightened at the end of September, but the improvement demonstrates that buyers who’ve been on the sidelines want to get into the market to make a long-term investment in their future.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 6.04 percent in September from 6.48 percent in August; the rate was 6.38 percent in September 2007.
Yun says there may still be market disruptions.
“The credit markets are not settled yet, although the mortgage market stabilized with the government takeover of Fannie Mae and Freddie Mac," Yun says. "Inventory remains high, and price declines are pressuring owners."
Yun says that an additional housing stimulus would stabilize prices more quickly and help bring faster stability to Wall Street.
"Removing the repayment feature on the [$7,500] first-time buyer tax credit and permanently raising loan limits would bring more buyers into the market and further reduce inventory,” Yun says.
A Closer Look at the Numbers
- Total housing inventory: at the end of September fell 1.6 percent to 4.27 million existing homes available for sale, which represents a 9.9-month supply at the current sales pace, down from a 10.6-month supply in August. This marks two consecutive monthly declines since inventories peaked in July.
- National median existing-home price: $191,600 in September, for all housing types. That’s down 9 percent from a year ago when the median was $210,500.
“Compared to a fairly small share of foreclosures or short sales a year ago, distressed sales are currently 35 to 40 percent of transactions," Yun says. "These are pulling the median price down because many are being sold at discounted prices. The current market is not being dominated by speculative investors. Rather, 80 percent of current buyers are purchasing a primary residence, which is a bit higher than historic norms.”
- Single-family home sales: increased 6.2 percent to a seasonally adjusted annual rate of 4.62 million in September from a pace of 4.35 million in August, and are 3.8 percent above the 4.45 million-unit level a year ago. The median existing single-family home price was $190,600 in September, which is 8.6 percent below September 2007.
- Existing condominium and co-op sales: were unchanged at a seasonally adjusted annual rate of 560,000 units in September, but are 15.7 percent below the 664,000-unit pace in September 2007. The median existing condo price was $199,400 in September, down 10.2 percent from a year ago.
By Region
Here’s a breakdown across the country of existing-home in September:
- West: sting-home sales in the West jumped 16.8 percent to an annual rate of 1.25 million in September, and are 34.4 percent higher than September 2007. Median price: $253,600, down 18.5 percent from a year ago.
- Midwest: sales increased 4.4 percent to an annual pace of 1.19 million in September, but are 2.5 percent below a year ago. Median price: $152,500, which is 7.9 percent lower than September 2007.
- South: sales rose 2.2 percent in September to a pace of 1.9 million but remain 7.8 percent below September 2007. Median price:$167,200, down 4.1 percent from a year ago.
- Northeast: sales slipped 1.2 percent to an annual pace of 840,000 in September, and are 7.7 percent lower than a year ago. Median price: $246,800, down 5.4 percent from September 2007.
Source: NAR
Read the article here.
Reverse Mortgages Get Boost from Uncle Sam
Starting on Nov. 1, the limit on FHA-backed reverse mortgages, dubbed Home Equity Conversion Mortgages (HECMs), will rise to $417,000 nationwide.
The new rules also will institute a 2-percent cap on origination fees for the first $200,000 of the loan amount or a 1-percent ceiling for higher amounts, with a $6,000 inflation-adjustable limit.
Additionally, seniors will be allowed to use such loans to purchase a new property and extract equity from co-operative properties, and lenders will no longer be allowed to sell annuities and other financial products along with the mortgage.
Presently, 99 percent of new reverse mortgages are HECMs.
Source: Christian Science Monitor, Margaret Price (10/27/08)
Read the article here.
Cobb Hill of Frisco Open House Event!
What: Cobb Hill of Frisco Open House Event!
Who: You and your family and/or friends
Where: Cobb Hill-Frisco (Click here for a map!)
When: Sunday, November 2nd 2-4 p.m.
Why: Come preview one of Frisco most sought after communities. The only neighborhood in Frisco with Direct Toll Way access and 5 minutes from Market Street, Super Target, Best Buy, Chili’s, Pizza Hut Park and more! All three homes will be open to the public for tours. Professional agents will be present to answer any questions regarding these or any other homes of interest. Games, Prizes and refreshments will be provided!
Featured Homes:
| Address | Beds | Baths | Sq. Ft. | Price |
|---|---|---|---|---|
| 12676 Belle Isle Ln | 4 | 4 | 3,932 | $379,000 |
| 12189 Bethel Dr | 4 | 3.1 | 2,791 | $299,000 |
| 12269 Bethel Dr | 5 | 4 | 3,633 | $329,900 |
Six Rules for Selling Fast in a Slow Market
Anyone looking for advice on how to close a deal in a tough market might get some inspiration from William Bronchick and Ray Cooper, authors of How To Sell A House Fast In A Slow Real Estate Market(2008: John A. Wiley & Sons).
Here are some of their most useful ideas:
Position the house in the right price range. Buyers search by price range. Positioning a property in the middle of the range increases the likelihood people will see it.
Have info available. Deals fall apart when the buyer has unanswered questions. Work with the seller to have key information available, including cost of utilities and taxes, neighborhood liens and covenants, and an evaluation of the schools.
Put out a good flier. People are much more likely to read the flier than they are to call the number on the “For Sale” sign.
Market to the neighbors. Market to people who have just listed their own homes in the same areas. Chances are they like the neighborhood and could be persuaded to stay in the area by the right property.
Talk to the seller about offering creative financing. For many people these days finding money is the biggest stumbling block.
Explain the first-offer rule to clients. In this market holding out for a better offer is a big mistake.
Source: Forbes, William Bronchick and Ray Cooper (10/21/2008)
Read the article here.
More Leeway in Revised FHA Refi Program
Hope for Homeowners, the program put in place in July that was supposed to refinance failing home loans, hasn’t proven to be very workable, critics say.
Now it’s being improved.
The program gives the U.S. Department of Housing and Urban Development $300 billion to refinance failing home loans. But the original plan didn’t take into account that first and second lien holders, on mortgages where multiple lien holders apply, would in some cases fight over letting the buyer walk away.
The original legislation demanded that the lender have the property reappraised and then write off 10 percent of the new value. Now the rules have been modified to give HUD more flexibility to set the new loan level, including giving the second lien holder a buyout.
HUD Secretary Steve Preston says the original plan left lenders dealing with uncertainty. The revised version gives them more control. "It will give them an opportunity to have a bird in the hand rather than something possible down the road," Preston says.
Source: Reuters News, Patrick Rucker (10/21/2008)
Read the article here.
12269 Bethel Dr
12269 Bethel Dr, Frisco, TX 75034
Property Features
Beautiful Highland Home with Game Room, Media Room, Study, and 5th Bedroom! Huge Island Kitchen made for entertaining! The kitchen comes complete with granite countertops and stainless steel appliances. Also, a stone fireplace adorns the living room. The house sits across the street from the community park. PLUS, the community is the ONLY neighborhood in Frisco with DIRECT TOLLWAY ACCESS!
Room Dimensions:
- Kitchen - 20×14
- Living Room 1 - 13×12
- Living Room 2 - 17×16
- Living Room 3 - 18×14
- Formal Dining Room - 13×11
- Breakfast - 16×8
- Master Bedroom - 17×16
- Bedroom 2 - 12×11
- Bedroom 3 - 12×11
- Bedroom 4 - 12×11
- Study - 11×11
- Utility - 6×6
- Other Room - 19×13
Schools:
District: Frisco ISD
Elementary: CARROLL
Middle: GRIFFIN
High: WAKELAND
Additional Photos
Contact Us Today!
Please allow us the opportunity to be of assistance. You may feel free to contact us directly via this website or by the preferred method below. Thank you for visiting.
Highers Group Realty
9500 Frisco Street, PMB #4
Frisco TX 75034-2003
Phone: (214) 223-3535
Email: gehrig@highersgrouprealty.com