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Ronnie Foy's Blog

By Ronnie Foy | Broker in Lubbock, TX
  • July and Year to date market showing good results.

    Posted Under: Market Conditions in Lubbock, Home Buying in Lubbock, Home Selling in Lubbock  |  August 14, 2011 10:39 AM  |  380 views  |  No comments

    Ronnie Foy

    "The Other Real Estate Company"

    806-632-7696 

     The July Market Still Showing Good Results.

    Ronnie Foy 

    Properties placed under contract in May were the strongest in number since 2006.  June showed great sales numbers well up from 2010.

    July 2011 properties placed under contract were 309 properties as opposed to 276 properties in July 2010.  The average listed price was up to $161,000 for July 2011 as opposed to $148,000 for July 2010.  Total Listed values under contract for July 2011 was $49,842,000 as opposed to $40,863,000 for July 2010.

    Year to Date

    From January through July 2011, we had 2104 properties placed under contract.  For the same time period in 2010, we had 2008 properties placed under contract.

    Average listed prices for 2011 placed under contract is $149,000 and for 2010 were $143,000.

    Listed values of properties placed under contract January through July 2011 was $315,147,494 and opposed to $287,025,704.

    The total number of single family homes on the market as of July 31st was 1,780, staying around the high for the past year, so this is keeping the market very competitive for sellers, it is a buyer's market in every way.  Excellent values and interest rates.

    Current interest rates for 30 year loans are 3 7/8 % on FHA/VA and 4 1/8 % for conventional.  15 year loans are 3 3/8 % FHA and 3 3/8 % conventional with no discount points.

     

    Feel free to call if you have any questions about real estate or construction.

     

    If it has been a while since you changed your heating and air filters, then you probably should.

     

    Thanks,

     

    Ronnie Foy

     

  • June market showing good strength for Lubbock

    Posted Under: Home Buying, Home Selling  |  June 18, 2011 1:07 PM  |  218 views  |  No comments

    The June Market Showing Good Strength
    by Ronnie Foy

    Properties place under contract in May were the strongest in number since 2006.  June is continuing to show good market strength.  For the first 15 days of June this year, 184 properties have been placed under contract with a total listed value of $25 million and an average listed price of $135,710. 

    For the same time period a year ago, 125 homes were placed under contract for a total listed value of $19.2 million with an average listed price of $153,000. 

    The total number of single family homes on the market as of June 18th was 1,769, staying around the high for the past year, so this is keeping the market very competitive for sellers, it is a buyer’s market in every way.  Excellent values and interest rates. 

    Feel free to call if you have any questions about real estate or construction. 

    If it has been a while since you changed your heating and air filters, then you probably should. 

    Thanks, 

    Ronnie Foy 

    806-632-7696

  • Lubbock real Estate....May by the numbers

    Posted Under: Market Conditions in Lubbock, Home Buying in Lubbock, Home Selling in Lubbock  |  June 3, 2011 12:34 PM  |  382 views  |  No comments

    May 2011 Lubbock Real Estate by the Numbers

    By Ronnie Foy

    The number of single family properties, 409, placed under contract in May of 2011 is only eclipsed by May of 2006 which had 419 properties placed under contact.  May of 2011 eclipsed 2006 by $9,279,928 in listed price total.

     

    Of the 409 properties placed under contract, only 24 showed up as having been repossessed properties, which is only  5.85 % of our total sales and the total $ value of those  24 properties only represented.2.34 % of our total pending sales.

     

    296 Sales closed in May with an average sales price of $142,587 for a total closed volume of $42,205,618.  Properties brought 95.61 percent of the listed price at the time they went under contract.

     

    The average days on the market until closing was 110 days.  There were 432 properties that had price reductions in the month of May, and there were 1,749 single family properties on the market as of June 1.

     

      Price range              under contract              Avg. Price               Dollar volume

     

    $  001 -  25,000                7 properties          $   18,666                   $    130,665

     

    $  25,001-50,000            27                           $    41,613                  $ 1,123,540

     

    $  50,001-75,000            41                           $    65,614                  $ 2,690,180

     

    $  75,001-100,000          60                           $    90,592                  $ 5,435,511

     

    $100,001-125,000          88                           $  113,447                  $ 9.983,304

     

    $125,001-150,000          49                           $  139,073                  $ 6,765,570

     

    $150,001-175,000          37                           $  161,520                  $ 5,976,255

     

    $175,001-200,000          21                           $  188,962                  $ 3,968,200

     

    $200,001-225,000          15                           $  215,640                  $ 3,284,595

     

    $225,001-250,000          13                           $  237,554                  $ 3,088,200

     

    $250,001-275,000            8                           $  263,699                  $ 2,109,590

     

    $275,001-300,000          13                           $  293,750                  $ 3,818,750

     

    $300,001-350,000          12                           $  334,446                  $ 4,013,350

     

    $350,001-400,000            7                           $  379,921                  $ 2,659,450

     

    $400,001-450,000            2                           $  423,000                  $    846,000.

     

    $450,001-500,000            0                           $     0                          $      0.0000

     

    $500,001-600,000            4                           $  558,575                  $ 2,234,300

     

    $600,001-$700,000          2                           $  652,000                  $ 1,304,000

     

    $700,001-1,000,000        1                           $  847,500                  $    847,500

     

    $1,000,000- sky               1                          $1,450.000                  $1,450.000

  • Lubbock May market best since 2006

    Posted Under: Market Conditions in Lubbock, Home Buying in Lubbock, Home Selling in Lubbock  |  June 2, 2011 8:52 AM  |  390 views  |  No comments

    A Very Strong May Market for Lubbock
    Ronnie Foy 

    Considering folks buying a home on a loan today have to actually qualify for the loan, other than just be breathing, our May real estate market was exceptionally strong with more properties being placed under contract than anytime since 2006. 

    And why: There simply has not been a better buyer’s market in history than our current market.  30 year mortgages range from 3.25 to 3.5 %, 15 year mortgages range from 3.5 to 3.75%.  Prices have had from minimal increases of 1% for new homes and certain resale neighborhoods to a loss of value in some neighborhoods back to 2004-2005 values.  Other neighborhoods have been flat in pricing since 2005, so the affordability index is most likely the best it has ever been for Lubbock.  You can own most any home under $150,000 for much less than you can rent it. 

    Our inventory, while way under the inventory levels of 1982-84 is good for a

    Buyer, currently at 1749 single family properties, and buyers can be and are picky, looking at a quite a few properties before choosing the best. 

    The Lubbock economy continues to be amongst the top four in the State of Texas. 

    I continue to believe the leading indicator of the local housing market is the number of properties placed under contract in a given period, and our May market was simply great.  Now is the time to buy!

    The May Market

    Properties placed under contract 

                  Year           # UC               Average Listed Price            Total $ Listed Price 

                   2011             408                   $ 151,174                             $61,678,960 

                   2010           *240                   $ 146,300                            $35,112,115 

                   2009            355                   $ 138,051                             $47,148,719 

                   2008            382                   $ 138,349                            $52,849,485 

                   2007            379                   $ 129,610                             $49,122,284 

                   2006            419                    $ 125,057                            $52,399,032

                   * May 2010, the Federal Tax credit was no longer available

                    Ronnie Foy, Broker since 1976  806-632-7696

                   ronniefoyrealtors,com

     

  • Lubbock's May Market Shaping Up Strong

    Posted Under: Market Conditions in Lubbock, Home Buying in Lubbock, Home Selling in Lubbock  |  May 22, 2011 4:32 PM  |  382 views  |  No comments

    The May Real Estate Market

    Ronnie Foy

     

    A great May in the works for the Lubbock Real Estate Market.  The first twenty days of May, more properties were placed under contract than since the same time period of May of 2006.  Dollar volume was much higher than 2006.  Looking at 2010, our market fell of a cliff following the expiration of the Federal Tax Credit. 

    Properties placed under contract May 1 Through May 20th 

    Ye        Year          # U.C.      Total Listed $        Avg Listed $      Median Listed $ 

    20         2006            298         $35,203,854           $118,134             $ 99,998 

    20         2007            247          $30,989,354           $125,463            $103,500 

    20         2008            255          $34,640,481           $135,845            $107,900 

    20         2009            229          $30,995,894           $135,353            $110,000 

    20         2010            172          $25,889,625           $150,521            $117,950 

    2           2011            281          $41,988,202           $149,424             $117,500

  • New Rules Affecting Mortgage Lending

    Posted Under: Home Buying in Lubbock, Financing in Lubbock  |  April 28, 2011 11:03 AM  |  377 views  |  No comments

    Rules for mortgage lending continue to change in the aftermath of the sub-prime lending fiasco. Many of these changes took us back to the proper criteria lenders should have never deviated from, and I have no problem with that.

     

    Some new rules you should be aware of if you think there is any possibility you may want to refinance your home, or planning to buy another home using a mortgage to provide your financing for the purchase.

     

    These affect your ability to get a loan:

     

    1. You cannot have any credit card that exceeds 45% of any one credit card limit.

     

    Here is why I bring this up: Say you have five credit cards with a balance, and you want to pay off four of them with proceeds from a Zero Interest rate Visa you managed to acquire. This is a prudent thing to do, providing the Visa you use, does not have a balance exceeding 45% of the credit limit when you are done.

     

    Lenders are required to check credit card balances immediately prior to the closing of the mortgage loan, so hold off making any large purchases using credit cards until the loan is closed and funded.

     

    2. Regardless if you are an employee of a Fortune 500 company, you will have to provide copies of the previous two income tax returns. This used to be required only of self employed people.

     

    If you are self employed and you have no trouble getting a mortgage loan, then you are paying way too much tax and need to hire a new accountant.

     

    3. Used to, the rule was "It doesn't matter if you have no credit, as long as you don't have bad credit."  Today, say you have paid off all your cars, credit cards and owe nothing to no one and haven't had any revolving credit balances in a year (what a great position to be in), your loan will be rejected for having no ongoing credit history. This is assenine in my opinion, you should be considered a gold plated excellent risk.

     

    I recently sold a home to a professional couple. She had paid off all her accounts and car well over a year ago, had a 750 + credit score and her income could not be counted on the loan, she was considered a non purchasing spouse. They had to qualify on the husbands income alone.

     

    4. Reserve requirements: In addition to your down payment and closing cost expenses that will be needed verified prior to closing the loan, a borrower would have to have at least two extra months reserves (money) to pay all recurring debts including the mortgage payment.

     

    5.  Unusual circumstances:  All of us have had some unexpected outside circumstance affect us in some way or another, and it usually has a net effect on us finacially, with a temporary inability to pay our bills as promptly as we would normally.  Health issues, unexpected empolyment layoffs, identity theft, the wife ran off with a guitar picker and together they charged up the credit cards; whatever!

     

    In the past, a borrower could write a letter explaining the circumstance, pointing out that good credit history was restored after the bad circumstance had passed.  Today, if it has been less than two years since there has been a credit problem.....No letter writing will do you any good.  Before you apply for a loan, you need to contact any creditors who showed you as past due and see if they will help in removing the blemish from your credit records, and do so with all credit reporting agencies.

     

    Mortgage lending rules have changed immensely since the days when all you had to do was "just be breathing."

     

    I wrote this to encourage anyone who might be thinking of a move or refinancing in the future so you will be prepared.

     

    I try to keep up with new lending regulations, but often hear of them a little later than I want to.

     

    If you are in the Lubbock market and need to discuss with a mortgage loan officer before doing any near term planning, call me and I will recommend a very knowledgeable person.  The Mortgage officer will direct you in what you need to do to get a loan and will help you immensly.  

     

    Ronnie Foy 806-632-7696

  • New Rules Affecting Mortgage Lending

    Posted Under: Home Buying in Lubbock, Financing in Lubbock  |  April 28, 2011 11:03 AM  |  341 views  |  No comments

    Rules for mortgage lending continue to change in the aftermath of the sub-prime lending fiasco. Many of these changes took us back to the proper criteria lenders should have never deviated from, and I have no problem with that.

     

    Some new rules you should be aware of if you think there is any possibility you may want to refinance your home, or planning to buy another home using a mortgage to provide your financing for the purchase.

     

    These affect your ability to get a loan:

     

    1. You cannot have any credit card that exceeds 45% of any one credit card limit.

     

    Here is why I bring this up: Say you have five credit cards with a balance, and you want to pay off four of them with proceeds from a Zero Interest rate Visa you managed to acquire. This is a prudent thing to do, providing the Visa you use, does not have a balance exceeding 45% of the credit limit when you are done.

     

    Lenders are required to check credit card balances immediately prior to the closing of the mortgage loan, so hold off making any large purchases using credit cards until the loan is closed and funded.

     

    2. Regardless if you are an employee of a Fortune 500 company, you will have to provide copies of the previous two income tax returns. This used to be required only of self employed people.

     

    If you are self employed and you have no trouble getting a mortgage loan, then you are paying way too much tax and need to hire a new accountant.

     

    3. Used to, the rule was "It doesn't matter if you have no credit, as long as you don't have bad credit."  Today, say you have paid off all your cars, credit cards and owe nothing to no one and haven't had any revolving credit balances in a year (what a great position to be in), your loan will be rejected for having no ongoing credit history. This is assenine in my opinion, you should be considered a gold plated excellent risk.

     

    I recently sold a home to a professional couple. She had paid off all her accounts and car well over a year ago, had a 750 + credit score and her income could not be counted on the loan, she was considered a non purchasing spouse. They had to qualify on the husbands income alone.

     

    4. Reserve requirements: In addition to your down payment and closing cost expenses that will be needed verified prior to closing the loan, a borrower would have to have at least two extra months reserves (money) to pay all recurring debts including the mortgage payment.

     

    5.  Unusual circumstances:  All of us have had some unexpected outside circumstance affect us in some way or another, and it usually has a net effect on us finacially, with a temporary inability to pay our bills as promptly as we would normally.  Health issues, unexpected empolyment layoffs, identity theft, the wife ran off with a guitar picker and together they charged up the credit cards; whatever!

     

    In the past, a borrower could write a letter explaining the circumstance, pointing out that good credit history was restored after the bad circumstance had passed.  Today, if it has been less than two years since there has been a credit problem.....No letter writing will do you any good.  Before you apply for a loan, you need to contact any creditors who showed you as past due and see if they will help in removing the blemish from your credit records, and do so with all credit reporting agencies.

     

    Mortgage lending rules have changed immensely since the days when all you had to do was "just be breathing."

     

    I wrote this to encourage anyone who might be thinking of a move or refinancing in the future so you will be prepared.

     

    I try to keep up with new lending regulations, but often hear of them a little later than I want to.

     

    If you are in the Lubbock market and need to discuss with a mortgage loan officer before doing any near term planning, call me and I will recommend a very knowledgeable person.  The Mortgage officer will direct you in what you need to do to get a loan and will help you immensly.  

     

    Ronnie Foy 806-632-7696

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