Ken Lampton's Blog

According to the 2009 Profile of Home Buyers and Sellers published by the National Association of Realtors®, first-time buyers accounted for a record 47% share of home sales over the past year.

This number is up from 41% in the 2008 Profile.

The share has risen steadily since a cyclical low of 36% in 2006.

It is certain that the $8,000 Tax Credit for first-time home buyers must have boosted this number in 2009. But there is another factor that is helping to boost the number of first-time buyers: lack of money for so-called nonconforming loans. These are the loans that exceed the limit imposed by Fannie Mae and Freddie Mac. This limit is $417,000 in Dallas. Many potential repeat buyers are staying on the sidelines if they need to borrow more than $417,000 to buy their next house .

The housing market won't be healthy until mortgage money is available on reasonable terms for higher-end buyers.

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Ken Lampton, CRS
RE/MAX About Dallas
www.m-street-dallas.com

One of the enjoyable aspects of living in the M-Streets is the access to boutique shops in the Knox/Henderson district.Take a stroll down candlelit Henderson Avenue Wednesday, November 18, 6 to 9 PM.

Come check out the neighborhood and get into the Holiday mood on Wednesday, November 18 from 6 PM to 9 PM.

Take part in the annual Holiday Candlelight Walk to celebrate the start of the Holiday shopping season. As you browse from door to door you will enjoy culinary treats, drinks, and music while shopping for unique gifts at discounted prices. 

The evening is hosted by these shops:
Jones Walker Home
Needless Necessities
Another Time & Place
La Mariposa
Art is Art
Pandemonium Ltd.
Again & Again
The Gypsy Wagon
Again Design Studio
Sputnik Modern
Form
We Are 1976.

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Ken Lampton, RE/MAX About Dallas
CRS (Certified Residential Specialist)
CDPE (Certified Distressed Property Expert)
www.m-street-dallas.com
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Here are some interesting statistics regarding FHA Home Loans from the Department of Housing and Urban Development (HUD):

1) In the 12 months ending Sept. 30, FHA insured 995,590 purchase loans and 836,528 refinances—almost 30 percent of total purchase loans and 20 percent of total refinances in the housing market.

2) Nearly 80 percent of FHA-backed purchase loans were to first-time home buyers, and in the second quarter of 2009 nearly 50 percent of all first-time buyers in the entire housing market used FHA-insured loans, HUD said.

FHA loans have grown in popularity because it is so difficult these days to get a conventional loan if you have less than 20% down payment. FHA permits down payments as low as 3.5%. The maximum amount of money that can be borrowed on an FHA loan is $271,050 (Dallas-Plano-Irving Metropolitan Division). 

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Ken Lampton, RE/MAX About Dallas
CRS (Certified Residential Specialist)
CDPE (Certified Distressed Property Expert)
www.m-street-dallas.com

The annual Lakewood Home Festival will be celebrated November 13th, 14th and 15th.with a Candlelight Tour on November 13th from 5:30 to 7:30 p.m. and the Home Tour and Market on November 14th and 15th between 10:00  a.m. and 5:00 p.m.

The home festival is sponsored by the Lakewood Early Childhood PTA (LECPTA) as a fundraiser for Lakewood Elementary, J. L. Long and Woodrow Wilson High School.  With part of last year’s funds Woodrow Wilson is working to establish their International Baccalaureate program.

Six spectacular homes will be on tour during the festival. The intimate candlelight event will provide a first glimpse into the homes.  The Market, held at Lakewood Elementary offers the opportunity to shop with over 60 unique vendors and enjoy food and beverages from local restaurants.

Get a jump on holiday shopping.  There is something for the whole family.  For more information and ticket purchase visit www.lecpta.org. 


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Ken Lampton, RE/MAX About Dallas
CRS (Certified Residential Specialist)
CDPE (Certified Distressed Property Expert)
www.m-street-dallas.com

A great deal of confusing and contradictory information has been appearing in the media regarding the newly expanded Federal Home Buyer Tax Credit program. Some of it is just plain wrong.

Here's the best source I've found for reliable answers to questions about the program: http://www.federalhousingtaxcredit.com/.

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Ken Lampton, RE/MAX About Dallas
CRS (Certified Residential Specialist)
CDPE (Certified Distressed Property Expert)
www.m-street-dallas.com

REALTORS® all over America have been holding their breaths for the last few weeks, hoping Congress would extend the Home Buyer Tax Credit beyond the scheduled end date of November 30. Now we can start breathing again.

The new legislation, passed by both houses of Congress in the past few days and signed by President Obama this morning, not only continues the original program, it opens up the program to more affluent buyers.. And it sets up a similar tax credit program for people who already own a home.

Highlights:

1) The tax credit program covers qualified buyers who put a home under contract prior to April 30, 2010. (The purchase must close by June 30.)
2) A couple buying their first home qualify for up to $8,000 Tax Credit if their income is less than $225,000.
3) A couple who has owned a home for 5 consecutive years during the last 8 years qualifies for up to $6,500 Tax Credit if their income is less than $225,000.

Under the previous version of this program, the income limit was only $150,000 for couples and only first-time home buyers were qualified to receive a tax credit. It is hoped the new program will stimulate "move up" sales.

The new program does not provide any tax credit to investors. Homes bought for more than $800,000 do not qualify.

Both the National Association of Home Builders and the National Association of REALTORS® lobbied aggressively for the new program.

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Ken Lampton, RE/MAX About Dallas
CRS (Certified Residential Specialist)
CDPE (Certified Distressed Property Expert)
www.m-street-dallas.com

I am a proud resident of Belmont Addition in the M-Street area of Dallas. I'm pleased that the people here share a strong sense of neighborhood identity.

One way they express that identity is by holding neighborhood get-togethers from time to time throughout the year.

If you'd like to get a feel for the M-Streets, I recommend you attend the sixth annual Belmont Addition Conservation District Fall Party.
 
What: Belmont Addition Fall Party
When: Sunday, November 8, 2009 from 1PM to 5 PM
Where:Corner of Palo Pinto Avenue and Delmar

The Fall Party is always a lot of fun. The event raises money for neighborhood projects like tree plantings, sign toppers and possibly some monument markers.

Bring your own drinks. Ice tubs will be provided for keeping them cold. Hot dogs will be available. There will be a Chili Cook-off, Sugary Showdown and Brew-off Contest. A bounce house and sidewalk art will entertain the kids. 

Since this is a fundraiser for the neighborhood there will be a silent auction. Lots of great prizes have been donated. There will also be a spin-a-street-prize wheel. Most activities are free but since this is a fund-raiser donations are appreciated.

For additional information visit http://www.belmontconservation.com/.

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Ken Lampton, RE/MAX About Dallas
CRS (Certified Residential Specialist)
CDPE (Certified Distressed Property Expert)
www.m-street-dallas.com