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Texas Real Estate Blog

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By Mike Pannell | Broker in Fort Worth, TX
  • Florida Investor Purchases Foreclosed North Dallas Condos

    Posted Under: General Area in Dallas, Home Buying in Dallas, Foreclosure in Dallas  |  October 11, 2012 5:59 AM  |  1,935 views  |  No comments

    The Sorrento condos, built in 2006 in North Dallas, were bought by a real estate investor based in Florida. The buyer, who now owns all the unsold condo units in the North Dallas building, is said to own a luxury hotel, apartment holdings, and resort properties across the US.

    Galic-Sorrento LLC deeded the fifty nine unsold units in the Sorrento condo building on Turtle Creek Blvd. situated north of Northwest Highway. In July, the company foreclosed on the condo building after the Florida investor took over the debt on the remaining units from the lender, Compass Bank.

    Read more about the Sorrenton Condos in Dallas Texas..

  • Pecan Valley San Antonio, TX Homes within Prime Market during Revitalization

    Posted Under: Market Conditions in San Antonio, Home Buying in San Antonio, Foreclosure in San Antonio  |  December 21, 2010 5:38 AM  |  937 views  |  No comments
    Texas roots lead to Spanish settlement, Native American reservations, and great AmericanPecan Valley - San Antonio Texas Golf Course expansion. The entire state has seen many developments, urbanization, preservation, and great expansion methods to create a state that is high in tourism, as well as economic value. The economy in Texas is at a better level than many other states, with jobs available that attract people from all over the country. One of the most visited and growing cities in Texas is San Antonio, also rich in Spanish culture and history, initially developed around a Spanish cathedral that marks the downtown area.

    Traveling through San Antonio, there are several neighborhoods that offer a different flavor within the city, as well as great preservation methods on the outside boundaries of the city. Many of the neighborhoods began very small and during the turn of the century, or the early 1900’s. When growth in the city migrated to the northern sections, the southeast of San Antonio felt the decline, with many neighborhoods losing valor. One such neighborhood is Pecan Valley, started from a single farm and a great deal of ranch land, E.J. Burke began development, building several homes that still remain today.

    Pecan Valley Golf Club in San Antonio TexasDuring the 1970’s, Pecan Valley felt the most decline, with several residents moving to the northern and newer developing neighborhoods, as well as the more affluent neighborhoods in the city. In 2007, the Neighborhood Association of Pecan Valley was established in order to aid in the redevelopment of the neighborhood, creating the scene that is set today, with beautiful homes, reasonably priced with an average below $100,000. The most famous landmark of the community continues to be the Pecan Valley Golf Club, built in 1963 and consuming around 25% of the neighborhood’s land mass. This is also one of Texas’s most noted golf courses, even winning a place in the Top 25 in Texas of Golf Digest.

    Pecan Valley offers a wonderful country atmosphere, optimal for families and retirees of San Antonio that enjoy the great city life of the greater city, but also want the quiet suburban life of the community of Pecan Valley. The average median household income of the area is a bit lower than the rest of the state or the city, at $45,700, but is adequate for the Pecan Valley lifestyle that is offered at such a low cost. The area used to be one of the most desirable of San Antonio, and is receiving revitalization efforts to once again claim that title.

    (C) Copyright, Nu Home Source Realty LLC. All rights reserved
  • Determining How Much You Can Afford in Purchasing your New Home

    Posted Under: General Area in Dallas, Home Buying in Dallas, Foreclosure in Dallas  |  June 11, 2010 6:35 AM  |  498 views  |  No comments

    If you are starting to shop for a home, it is important to know what you can afford.

    Home buying is a detailed process and there is no need to waste time and energy searching for your dream home just to discover that you cannot obtain a loan for the price of the home.  Therefore, before you begin, take the time to determine what you will qualify for and what you can afford to pay.

    For a Dallas Texas New home loan the amount of the loan you will normally be able to obtain depends in a large part on your annual gross income.  It is generally safe to say that you can base the amount you can afford by taking one and a half times your annual gross income and the result should be the amount of the loan you can obtain.  Obviously, there will be other factors taken into consideration as well, such as your debt, your credit rating, etc.

    To determine what you will qualify for, there are many calculators that you can access on the Internet.  These calculators will take a variety of information.  Each calculator may vary from one to another but most will ask for all sources of income such as wages, dividends, alimony, and interest.  They will also ask you for all your monthly expenses such as any vehicle payment, alimony payments, and any other debt such as credit cards.  If you are  currently renting, that is not recorded and not used to determine the amount of loan in which you will qualify.  The calculators will also take the information regarding your new home, such as the down payment, interest rate, loan term, property taxes and homeowner's insurance.

    The calculators can be found by performing a Google search.  If for some reason you discover that you are qualifying for a much less amount than the home price range that you were hoping there are a few things that you can do:

    1.  Increase the amount of your annual gross income.  This can be done in a variety of ways. If you have a raise coming, ask for it or get a second job.  If your spouse is not working, have them seek employment.

    2.  Decrease the amount of your monthly debt.  Begin to pay off your bills.  This may seem as though it is not possible, but each month pay it down.

    3.  Increase the amount of the down payment on the home.  This will decrease your monthly mortgage which will allow you to afford more.

    Always remember as well, that just because you can obtain a loan for "x" amount of dollars, can you really afford it?  If you are someone who spends quite a bit throughout the year eating out, vacationing, or intends to have children, are you going to be prepared to have to conserve due to your monthly mortgage payment?

 
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