Tuesday, December 23, 2008

From Cedar Creek Lake - Kitchens: The Power of Fit and Finish


MERRY CHRISTMAS! From Robin Moon and Cedar Creek Lake!
I hope you enjoy this article. The kitchen is the focal point of the Holidays.
RISMEDIA, Nov. 17, 2008-As the weather turns cooler, creating a warm and inviting kitchen can make a big difference in a home’s overall appeal. With a few well-chosen finish updates, you can shift tone and mood and purchase interest.
Fifty years ago, the American kitchen was pretty predictable-a sink, a refrigerator and a range, and for a lucky few, a dishwasher-connected by simple cabinets and countertop. As long as basic conveniences and functionality were covered, there was little need-or demand-for more. The house I grew up in was designed by my dad, who integrated new ideas and features into our compact kitchen-a “breakfast bar” for casual dining and a stainless steel cook top and wall oven. The lively yellow, brown and knotty pine scheme was warm and welcoming and it was our favorite hang-out space for cooking and conversation.
Today, the kitchen has migrated to one of the most experiential rooms in the house, where gourmet cooking rides along with bill paying, crafting and homework. And as the social hub for family and friends, it’s more important than ever to buyers and sellers alike that this key room be fresh and inviting. If the kitchen is outdated and tired, the whole house can feel that way, so a few simple updates can make all the difference in getting the green light on the buying decision.
Fit and finish in a room convey quality-or lack of-so it’s important to look around and pay attention to details. Color and light are the easiest, most cost-efficient elements to add warmth to the kitchen, and you need go no further than the vegetable bin or spice cabinet for inspiration. A scheme of natural greens, yellows, mustards and russets washed with dimmable overhead and under-cabinet lighting can add energy as well as create a level of calm-a kitchen for any mood. If the existing cabinets are sturdy but the finish is sending out a distress signal, a well-executed paint job can turn it around. Mismatched appliances and worn flooring are other leading visual cues, so if the budget permits, replace them.
Last but not least, add sparkle and a new point of view to the kitchen by replacing the metals palette-cabinet hardware, faucet, lighting and outlet covers. A few thoughtfully chosen, simple finish updates can seal the deal.

Wednesday, December 17, 2008

History of the Wreath


Those lovely, welcoming wreaths that today decorate doors, fireplaces and walls have a noble history that reaches into Greek mythology and ancient Rome. In fact, wreaths were first created in ancient cultures to adorn the bonnets and noggins of the rich and royal. In the ancient cultures of Persia, Partha and Greece, the wreath was known as a diadem, from the Greek work diadema, or "thing bound around," A diadem worn on the head or bonnet in these cultures was a symbol bearing royal and even spiritual significance. According to Rob Pullen, author of The Wreath Book (Sterling Publishing, 1988), the diadem was regarded as so lovely that other cultures, and other classes, soon adopted it as a headdress to celebrate not only status, but also festive mood and occasions. The Romans initially scorned the diadem as a symbol insulting to their belief in democracy, but soon were crowning their own military and athletic champions with a diadem of laurels. Later this laurel crown went upscale when gold and jewels were added and became the prototype corona, or crown. Somewhere along the line the wreath became a door and wall ornament and the maker's choice of materials said a lot about what the wreath meant. A wreath made with holly and mistletoe might be intended to shelter a home from the spirits of cold and winter. A wreath of birch given by a woman to a man meant she accepted his advances as a lover. Today, wreaths may reflect the personality and spirit of the maker, who can use natural ingredients of dried herbs, weeds and flowers combined with ribbon or even some of the fabulous fake flowers and leaves widely available at craft and art stores. Whatever the material, wreaths today continue to symbolize welcome, eternity and a joyful spirit.

Saturday, December 6, 2008

Cedar Creek Lake Fishing Report for December 2008


Hope you enjoy the Cedar Creek Lake fishing report for December. Water stained; 53-58 degrees; 2.3 ft low. Black Bass are fair on firetiger crankbaits, jigs, and Carolina rigged 6 inch lizards. White bass are fair to good on chartreuse/white slabs. Hybrid striper are slow to fair on live shad and Sassy shad. Crappie are fair on minnows and jigs. Catfish are fair to good on noghtcrawlers and cut shad.

Sunday, November 23, 2008

THANKSGIVING


FROM MY FAMILY TO YOURS... HAPPY THANKSGIVING!!

Thursday, November 20, 2008

Pampered Pets of Cedar Creek Lake

The Pampered pets of Cedar Creek Lake calendars for 2009 are out now and available to purchase at the following merchants/organizations

Solar Screens on HWY 198, Hydrangea House on Market St. in Mabank, Bluebonnet Emporium in Gun Barrel City, Aprils Pet Place in Tool, and the Chamber of Commerce office on Third St. in Mabank.

This is an important fund raiser for Friends of the Animals at Cedar Creek Lake low cost spay/neuter clinic. The calendars are $10 and feature some the lake areas pets and their owners.

If you are a pet lover, you will enjoy these calendars!

Friday, November 14, 2008

A History of Thanksgiving from Cedar Creek Lake


It's a good thing that our country was founded by people who believed in God. Their faith has given us one day of the year to think about our blessings and to think of them humbly and with gratitude. Thanksgiving Day reflects our deep-seated knowledge that a country's strength depends on a force greater than any individual or group. Throughout the history of America, people have known this to be true. The first designated Thanksgiving Day celebrated in North America occurred more than 400 years ago at Berkeley Plantation on the James River in Virginia. It was held on December 4, 1619 and observed annually thereafter. Two years later, the Pilgrims of New England celebrated a Thanksgiving Day in gratitude for both their survival and the bountiful harvest. Half of the Plymouth Colony had died of starvation and cold during the previous winter. They were thankful that the coming winter would be easier, thanks to the good harvest. Governor William Bradford called for a festival to thank God for simple things, the bountiful harvest, wild game for hunting, and life, the most important gift. The day was celebrated for the next century and a half before President George Washington issued a proclamation in 1789 making Nov. 26 a national day of thanksgiving in the new United States. In 1863, President Abraham Lincoln designated the last Thursday in November to be "a day of thanksgiving and praise to our beneficent Father." In 1941, Congress passed a law making the fourth Thursday in November Thanksgiving Day, a legal holiday.

Friday, November 7, 2008

Thought for the Day!

Last Respects

Author Unknown

With all the events occurring in the news, and the impact the events have had on all of our lives, we wanted to share this story:
One day not too long ago the employees of a large company in St. Louis, Missouri returned from their lunch break and were greeted with a sign on the front door. The sign said: “Yesterday, the person who has been hindering your growth in this company passed away. We invite you to join the funeral in the room that has been prepared in the conference room.”
Everyone was sad to hear that one of their colleagues had died, but after a while they started getting curious about who this person might be. The anxiousness grew as the employees arrived at the conference room to pay their last respects. Everyone wondered: “Who is this person who has been hindering my progress? Well, at least they're no longer here!”
One by one, the employees got closer to the coffin and when they looked inside it, they suddenly became speechless. They stood over the coffin, shocked and in silence, as if someone had touched the deepest part of their soul. And slowly, each stepped away. When each looked inside the coffin, they saw their own reflection...a mirror had been placed within the coffin, and everyone who looked inside it could see only themselves. There was also a sign next to the mirror that said: “There is only one person who is capable to set limits to your growth: it is YOU.”
You are the only person who can revolutionize your life. You are the only person who can influence your happiness, your realization and your success. You are the only person who can help yourself. Your life does not change when your boss changes, when your friends change, when your parents change, when your partner changes, when your company changes. Your life changes when YOU change, when you go beyond your limiting beliefs, when you realize that you are the only one responsible for your life.

Monday, November 3, 2008

Cedar Creek Lake Fishing Report for November 2008

I hope you enjoy the November Cedar Creek Lake Fishing Report.
Water lightly stained; 64-70 degrees; 2.23 feet low. Black Bass are fair to good on spinnerbaits, Rat-L-Traps and Texas Rigs. White bass are good on slabs. Hybrid striper are fair to good on large slabs jigged vertically. Crappie are good over brushpiles. Catfish are fair to good on nightcrawlers.

Tuesday, October 28, 2008

Quote of the Day!


If you want to catch something, running after it isn't always the best way. Lois McMaster Bujold


Monday, October 20, 2008

Cedar Creek Lake Fishing Report update for October 2008


Water lightly stained; 1.93 ft low. Black bass are fair to good on Yellow Magics early, later switching to spinnerbaits, Texas rigs and shaky head rigs. White bass are good to excellent on slabs. Hybrid striper are fair to good on large slabs jigged vertically. Crappie are fair to good over brushpiles. Catfish are fair to good on nightcrawlers.

Sunday, October 5, 2008

Cedar Creek Lake Fishing Report for October 2008


Hope you find the Cedar Creek Lake fishing report useful!


Water is lightly stained; 74 - 80 degrees; 1.67 ft low. Black bass are fair on topwaters early, later switching to Carolina rigs fished in and around creeks. White bass are good on slabs. Hybrid striper are fair on large slabs jigged vertically. Crappie are fair to good over brushpiles. Catfish are fair drifting cut shad.

Wednesday, October 1, 2008

Quote of the Day! October 1, 2008



Humor is the great thing, the saving thing. The minute it crops up, all our irritation and resentments slip away, and a sunny spirit takes their place.~Mark Twain

Friday, September 19, 2008

Quote For the Day! September 19th, 2008

You have to learn that if you start making sure you feel good, everything will be okay. - Rubin Studdard

Monday, September 8, 2008

Cedar Creek Lake Fishing Report for September 2008



Hope you enjoy the Cedar Creek Lake Fishing Report for September. Fall is in the air and this is a beautiful time of the year!



Water lightly stained; 79-86 degrees; 1.19 ft low. Black Bass are good on Ribbits early, later switching to Texas Rigs, spinnerbaits and Carolina Rigs. White bass are good on Humdingers and topwaters. Hybrid striper and are fair on live shad and Storm Wildeyes. Crappie are fair to good on minnows and jigs over brushpiles. Catfish are good on prepared bait.

Thursday, August 28, 2008

Labor Day 2008

Well this is Labor Day Weekend!
Hope you all have a great fun time planned. If not, come on down to Cedar Creek Lake and enjoy our beautiful lake and Hospitality. Labor Day is when we celebrate for all our hard work. Americans work harder and longer. We deserve a day to be set aside for us to celebrate our freedom and way of life. Labor Day is also the unofficial end of summer and the beginning of a new school year.

Hope you all have a great Labor Day and enjoy the Labor Day recipe I have included for you.

AvocadoChicken SaladIngredients:4 Soft wheat flour tortillas1/2 lb. smoked Chicken1 1/2 tbsp. cocktail or chile sauce1 sectioned, pink grapefruit peeled1 skinned Avocado seeded and diced1/8 cup toasted Pecans chopped1 packaged salad mixDirections:Preheat oven to 400 degrees F. Spray both sides of tortillas with vegetable spray, then press each into large muffin tins or custard cups. Bake for 10 minutes or until golden. Remove from heat and cool. In a medium bowl, combine chicken, dressing and cocktail sauce. Cover and chill for 20 minutes. Stir in grapefruit, avocado and pecans. To serve, arrange greens in tortilla cups and spoon salad on top.

Saturday, August 16, 2008

Cedar Creek Lake Fishing Report for August 16,2008


Hope you find the Cedar Creek Lake Fishing report interesting and useful.
Water lightly stained; 83-89 degrees; 1.25ft low. Black bass are good on Pop-R's early, later switching to Texas rigs, drop shot rigs and shad pattern crank baits. White bass are good on Humdingers and topwaters. Hybrid striper are good on large road runners and swim baits. Crappie are fair to good on minnows and jigs over brushpiles. Catfish are good on prepared bait.

Monday, August 11, 2008

Dog Days of Summer


Well Folks,
We are in the dog days of summer here at Cedar Creek Lake. This is a great time to buy a lake home! You can enjoy as the summer starts to wind down and do any fixups or honey do's during the fall and winter to get ready for next Spring! Hope to see you soon!

Monday, August 4, 2008

Cedar Creek Lake Fishing Report for August 2008

Hope you find the Cedar Creek Lake Fishing report interesting and useful.

Water lightly stained; 81-87 degrees; .79 low. Black bass are good on Ribbits early, later switching to Texas rigs, Senkos, and spinnerbaits(pitching spinnerbaits to docks has been productive) White bass are good on Humdingers and topwaters. Hybrid striper are good on swim baits. Crappie are fair to good on minnows and jigs over brushpiles. Catfish are good on prepared bait.

Wednesday, July 30, 2008

Cedar Creek Lake Fishing Report


Hope you find the Cedar Creek Lake fishing report helpful.


Water lightly stained; .79ft low. Black bass are good on Ribbits early, later switching to Texas rigs, Senkos and spinnerbaits(pitching spinnerbaits to docks has been productive). White bass are good on Humdingers and topwaters. Hybrid striper are good on swim baits. Crappie are fair to good on minnows and jigs over brushpiles. Catfish are good on prepared bait.

Tuesday, July 15, 2008

Thinking of Investing in Real Estate at Cedar Creek Lake?

Avoid These Mistakes

Investing in real estate provides many owners with positive cash flow, tax benefits and the satisfaction of making an impact in others’ lives. Like any investment, real estate has market trends that, if ignored, can cause an investor tremendous headaches.

Many first-time investors part with their hard-earned money without taking the time to study their investment. They rely on traditional trends and gut feeling. Before you risk your money, take the time to learn all you can about your market. By aligning yourself with the right professional, you can avoid these twelve common mistakes and ensure an excellent return on your money.

1. Failure to determine your time needs. Money, capital appreciation, tax benefits, loss of management, equity pay down and simple pride of ownership are a few of the things that must be addressed before you make that first investment. A service-minded real estate professional can be a tremendous asset by taking the time to evaluate your needs and make sure you’ve got all your bases covered.

2. Not checking out the seller or seller’s agent’s numbers. Claims of extremely high rates of return run rampant in real estate investment. Don’t get caught up in a wave of excitement regarding a property. Check every detail - rents, payment history, taxes, expenses, deposits, future modifications - everything regarding the finances of a potential investment. Be certain you are working with a good agent - it’s like an insurance policy against overlooking all the seemingly insignificant but very important details.

3. Don’t get emotionally attached, it’s just business. Owning investment property carries with it a great potential for creating and holding wealth, but you may also be forced to make potentially difficult decisions. Evictions, re-investment into the property, and time management all need careful consideration. Real estate investment is not a “hand’s off” type of business - it will require your vigilance.


4. Avoid negative cash flow. Property that eats cash every month can drain your working capital rapidly. This can create stress, frustration and become painful over a period of time. Expecting constant appreciation and positive cash flow may be unrealistic for a novice investor. A strain on your bank account may cause you to sell the investment before the benefits of ownership are ever fully realized.

5. Failure to do a thorough inspection. Look everywhere! Hire a professional inspector. Ask the tenants about pest problems, structural damage or recurring problems and don’t overlook anything. A value-driven real estate professional will help you find the right inspector and can help you avoid costly mistakes.

6. Failing to have adequate insurance. Investment properties bring liabilities such as tenants, cars, parking lots, cleaning facilities, property liability - the list can be both extensive and daunting. Adequate insurance coverage is an absolute must. Be sure to consult with an insurance professional to protect your assets.

7. Inspect, approve, and confirm all documents. The list of documents that need to be proofed can be overwhelming to the first-time investor. Building permits, zoning laws, rental and lease applications, health licenses, inspection reports, title policies - the list is long and you can’t risk oversights on any of these. The right real estate professional will work with you to make sure nothing gets overlooked.

8. Get a bill of sale for all personal property involved. Many types of personal property (appliances, furniture, draperies, fixtures, etc.) can be involved with an investment sale. Be very detailed and know who owns what.

9. Charge fair rents. Vacancies, turnovers and lease terminators are your biggest expenses. Charge fair rent, treat your tenants with respect and respond quickly to their needs. It’s a lot less costly in the long run to take care of the little problems while they are still little rather than waiting. A vacant property doesn’t make you money.

10. Select qualified, good tenants from the start. You must take the time to check references. Previous landlords, employers, financial references, credit and judgments are all vitally important. If there are any questions, do a thorough investigation. Drive by their previous residence. A little work up front can save you all sorts of problems later on.
11. Make sure you get estoppel letters. Get letters from the tenants confirming the status of tenancy. Make sure their version of the rental agreement or lease corresponds with the seller’s interpretation.

12. Don’t spend positive cash flow. Most successful investors have free and clear properties. Be sure to re-invest your positive cash flow back into the property payment and speed up the amortization schedule. This decreases your debt load and increases your equity, which in turn increases your net worth.

Investment property can be one of the most rewarding aspects of your financial portfolio. Be sure to be as knowledgeable as possible before risking your money. Do your homework! Consult with a professional real estate agent and protect yourself from the hidden troubles that can plague first-time investors.

13. Choose your agent wisely. Working with a full-time professional real estate agent is a must. Choose your agent by asking questions of him or her. Find out how knowledgeable they are about houses currently for sale in your price range and also of houses that have recently sold. Does your agent work with a good lender that has the reputation of excellent service and low rates to assist you in obtaining financing? Does your agent ask questions of you in order to have a full understanding of what you are looking for and to help you to find the best property for you?

For prompt, courteous, professional service, call Robin Moon:
Office: (903) 887-7899
Cell: (903) 880-5351

Visit my web site at: www.robinmoon.com
E-mail: robin@robinmoon.com
Have questions, need advice you can count on or just want to discuss this further?
Don’t waste any more time; pick up the phone and call me now! I’m here to help!

I appreciate you as a client and a friend. I appreciate your business, your loyalty, trust and your referrals. It is my goal to provide the very best counsel, advice and service possible for your real estate needs. If I may ever be of assistance to you, a relative, friend or co-worker please don’t hesitate to call me. I look forward to the opportunity to serve you.™

Saturday, July 5, 2008

Cedar Creek Lake Area Fishing Report for July


Hope you enjoy the Cedar Creek Lake fishing report. Water is lightly stained. Temp. is 80-86 degrees. It is currently .4 foot low. Black bass are good on buzzbaits, jigs, and Texas rigs. White bass are good on Humdingers and topwaters. Hybrid striper are good on swim baits. Crappie are fair to good on minnows and jigs over brushpiles. Catfish are good on prepared bait.

Saturday, June 21, 2008

Investors! Check out this Report!


FREE REPORT # 25 From Robin Moon


INVESTORS: The Best Way To Invest In Real Estate Today!


Purchasing a rental property may be for you - especially in today’s real estate market - if you are looking for a way to increase your personal wealth. Of course, we can’t expect sky-high appreciation rates all the time and one thing about real estate, particularly land, they’re not making it any more! With the continued increase in population and area growth demand, values will continue to increase. And how many times have you heard someone say, I wish I had bought property back when prices were low? Today we must look at a residential market in which a well-chosen, well-managed rental property of one to four units can be the “shining star” in any investor’s portfolio. The key to success is doing your homework and making sure that the numbers work in your favor. If you bought your own home, you already have realized the financial advantages of real estate ownership. The following report will give a brief overview of the many ways you can profit from owning rental real estate today.


1. Investment properties can lower your taxes. Investors tax incentives can be substantial. Some investors can use deductions from rental property assets to offset some of their wage income. Other investors, while not eligible for the offset, can avoid owing taxes on their rental income by showing adequate expenses and deductions. Even if rental payments do not cover the investor’s expenses, tax breaks may actually make up the difference or more. As an investor, you can claim deductions for actual costs you incur for financing, managing, and operating the rental property. That means mortgage interest payments, real estate taxes, insurance, maintenance, repairs, property management fees, travel, advertising, and utilities if not paid for by the tenant, can all be deductions. All can be subtracted from your adjusted gross income when figuring your personal income taxes up to the amount of real estate income you receive. Also, don’t forget about depreciation. The tax code assumes buildings and improvements wear out over time. These losses are deductible from income, regardless of the property’s actual market value.
2. Have a positive cash flow. Positive cash flow results when the rent you receive exceeds the total you pay for the mortgage, taxes, insurance, maintenance, and other costs. That’s not at all as hard as it sounds. First, decide whether you need a positive cash flow before or after taxes. A pre-tax positive cash flow translates into current income, a goal of many retired investors and others with current expenses. Properties yielding a pre-tax positive cash flow are harder, but certainly not impossible, to find. Be aware that not all properties will yield rental income which is high enough to cover your expenses. Make sure you know how much rent to expect by researching rents for similar units nearby, the property’s current rental fee, and that of the last increase.A positive after-tax cash flow can come from a negative pre-tax cash flow. Generally, the depreciation deduction makes up the difference. If you meet the eligibility test, you’ll be able to use the depreciation to shelter some of your taxable income and reduce your tax bill. Second, you’ll want to ensure your tenants make timely rent payments and take care of the property. Of course, a positive cash flow is impossible without income. A thorough credit, employment and landlord check of any potential tenants is a must and will help you track down the best renters.

3. Use leverage. As an investor, you magnify the returns on your investment by borrowing a large part of the purchase price using the bank’s money! That is, by limiting the amount of cash you invest, you make your cash go farther. Leverage means using borrowed money to increase equity. And equity - the difference between what the property is worth and the balance owed on the mortgage - is what’s important when figuring out whether your dollars are wisely invested.
4. Benefit from growing equity. Even at a modest rate of appreciation, real estate will yield a higher return on the cash investment than most other financial investments, such as bonds or long-term CD’s. Each mortgage principal payment you make is a payment to yourself. You build equity as your mortgage principal is paid down, even if your investment property doesn’t increase in value. Although homes in different parts of town may appreciate at entirely different rates, the key is to have a knowledgeable professional carefully guiding you through the steps. Know how much equity you have and learn to use it to leverage into other properties; then watch your real estate portfolio and your personal wealth grow!

Choose your agent wisely. Working with a full-time professional real estate agent is a must. Choose your agent by asking questions of him or her. Find out how knowledgeable they are about houses currently for sale in your price range and also of houses that have recently sold. Does your agent work with a good lender that has the reputation of excellent service and low rates to assist you in obtaining financing? Does your agent ask questions of you in order to have a full understanding of what you are looking for and to help you to find the best property for you?
Thank you for requesting a copy of this “FREE REPORT”

For prompt, courteous, professional service, call Robin Moon:
Office: (903) 887-7899
Metro: (972) 971-6868
Cell: (903) 880-5351

Visit my web site at: http://www.robinmoon.com/
E-mail: robin@robinmoon.com
Have questions, need advice you can count on or just want to discuss this further?
Don’t waste any more time; pick up the phone and call me now! I’m here to help!

I appreciate you as a client and a friend. I appreciate your business, your loyalty, trust and your referrals. It is my goal to provide the very best counsel, advice and service possible for your real estate needs. If I may ever be of assistance to you, a relative, friend or co-worker please don’t hesitate to call me. I look forward to the opportunity to serve you.™

Thursday, May 29, 2008

Cedar Creek Lake Memorial Day 2008


We had a great turn out for our open house on Memorial Day weekend! The lake was buzzing with people. Hope to have a great summer and hope to see you here!

Sunday, May 18, 2008

Cedar Creek Lake in the summer


My Uncle Elzie says,: Come see Cedar Creek Lake! It is beautiful in the summer and the fishing is great!

Tuesday, April 22, 2008

Quote for the week of April 26,2008

He has achieved success who has lived well, laughed often and loved much, who has gained the respect of intelligent men and the love of children, who has filled his niche and accomplished his task, who has left the world better than he found it, whether by an improved poppy, a perfect poem, or a rescued soul, who has never lacked appreciation of earths beauty or failed to express it, who has always looked for the best in others and given the best he had, whose life was an inspriation, whose memory a benediction. - Bessie Stanley

Monday, April 7, 2008

Quote for Week of 4/11/08

Vacations are wonderful social equalizers. People come back just as broke as their neighbors who couldn't afford to go.

Tuesday, April 1, 2008

Joke or Quote of the Week for Aprils Fools Week!

Fallen!
I recall a time when my son was about 18 months old... I had him strapped in a backpack and was rushing to catch the bus. Apparently I misstepped and fell down an entire flight of stairs, (13 to be exact). I was bruised, bleeding and I had torn my jeans... but my main concern was, naturally for my child.
My fears were alleviated though, when from behind me I heard a gleeful giggle followed by, "Again!"

Inner Peace
"The way to achieve inner peace is to finish all the things you've started."
So I looked around the house to see all the things I started and hadn't finished....and before getting to my work this morning I finished off a bottle of red wine, a bottle of white, the Bailey's, Kahlua and Wild Turkey, my Prozac, some valium, my cigarettes and a box of chocolates.
You have no idea how freakin good I feel.... You may pass this on to those you feel are in need of Inner Peace...

Thursday, March 27, 2008

A Good Time to Buy! An article from the Wall Street Journal

A Good Time to Buy a HouseIf You Can Afford One
By Shelly Banjo From The Wall Street Journal Online
Finally, it's a buyer's market out there.
For years rapidly rising prices kept many first-time home buyers out of the housing market. But as home values slide further downward and interest rates hover at relatively low levels, it may be time to start looking to buy that first house.
That is, if you have a secure job, can afford higher down payments than were required a few years ago and can meet lenders' much stricter income and credit requirements.
Related Articles
Should first-time buyers jump into the market?
No Money Down? You're Out of Luck
"Lenders aren't cutting everyone off. They're reverting to sanity after years of making bad loans," says Dick Lepre, senior loan officer at Residential Pacific Mortgage, in San Francisco.
The U.S. median home price was $201,000 in January, down 4.6% from January 2007. The S&P/Case-Shiller national home-price index for the fourth quarter was down 8.9% from a year earlier, the biggest drop in its 20 years. Prices have plunged 10% to 12% in troubled markets like Florida and California, and many economists predict an overall slide of 20% or more before the housing market bottoms.
There was a 10-month supply of existing homes for sale in January, up from just under five months during boom times.
If you are about to get into the housing market, this is all good news. But before you begin visiting open houses, recognize that the old home-buying rules no longer apply. You want to approach buying your first house with a financially realistic point of view.
Remember: You're investing in a place to live, not speculating in the stock market or even putting money into a savings account. So keep it simple. Buy smarter. Buy cheaper.
Determine what you can afford. "The days of easy money are over," says Jeff Bogue, a financial planner in Wells, Maine. Mortgage lenders have tightened their standards and are requiring larger down payments. Typically, they want buyers to spend no more than 28% of their gross monthly income on mortgage payments, real-estate taxes and home insurance.
To figure out how much you can afford, use online calculators at realestatejournal.com, dinkytown.com or bankrate.com and "get preapproved or preauthorized for a loan," Mr. Bogue says.
Be sure you also have cash for closing costs like legal fees and title charges. The total typically reaches 2% to 3% of the house price, but differs by state and mortgage product, says Ilona Bray, co-author of "Nolo's Essential Guide to Buying Your First Home." Also be prepared to pay for moving expenses and ongoing maintenance.
Know your market. Gone are the days of "sure thing" home purchases when buyers would bid up prices and then watch the values of their houses soar like tech stocks in 1999. Today, if buyers are bidding at all, they're far more likely to insist on lower prices and to walk away if they don't get what they want.
Now more than ever, location is crucial, down to the neighborhood and street level. Focus on good school districts, crime statistics and any impending construction or public works that could increase or decrease the value of a home. Conduct preliminary research online at Web sites like Zillow.com, Trulia.com and greatschools.net.
"Eighty percent to 90% of housing prices can be explained by what's happening in local economies. Take a hard look at job growth and neighborhood conditions," says Patrick Newport, an economist at Global Insight in Waltham, Mass.
Make your dollars count. Although conditions vary by market, look for a home that is significantly lower than its 2004 price. (You can ask real-estate agents for information and check estimated historical values at Zillow.) "From the peak to trough, home prices in some markets will drop 35% to 40%," says Christopher Thornberg, a principal at Beacon Economics, a consulting and research firm in Los Angeles.
Haggle. Don't assume the seller is even in the right ballpark with his asking price. Most real-estate agents and sellers only look at comparable sales prices, or "comps," of similar homes in similar neighborhoods. Take a lesson from property investors and appraisers instead and check out prices from other angles as well.
Consider what it would cost to buy land and build a comparable structure. Insurance companies can provide general cost estimates, but for a thorough assessment consider hiring an appraiser (search online by zip code at AppraisalInstitute.org).
Also compare your estimated monthly costs for the mortgage, taxes and other expenses with the cost of renting a similar place nearby. If you can rent virtually the same house for a much lower cost, the seller is asking too much.
Builders, sellers and banks are eager to unload unoccupied houses, giving the buyer more leverage to ask for lower prices or incentives. And don't overlook REOs ("real estate owned" properties) held by lenders, says Patrick Carey, executive vice president of default and retention operations for Wells Fargo.
Buy for the long haul. "Most first-time home buyers don't buy the house they're going to end up in," says Ilyce Glink, author of "100 Questions Every First-Time Home Buyer Should Ask." But experts suggest that in a downward market, people should purchase a home only if they intend to live there for seven to 10 years.
"Historically, housing bubbles have taken several years to deflate, but it's hard to tell if we'll see prices drop a lot in the next two or three years or see moderate drops over the next 10 years," says Mr. Newport, the economist.
If you're not planning to stay in the house for long, he notes, "it may be wise to watch from the sidelines."
Email your comments to rjeditor@dowjones.com.

Sunday, March 23, 2008

Out of the mouths of babes

Here are some quotes for you today!

What Does Love Mean???
A group of professional people posed this question to a group of 4 to 8 year-olds, "What does love mean?" The answers they got were broader and deeper than anyone could have imagined. See what you think:
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ "Love is like a little old woman and a little old man who are still friends even after they know each other so well." ...Tommy - age 6 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ "During my piano recital, I was on a stage and I was scared. I looked at all the people watching me and saw my daddy waving and smiling. He was the only one doing that. I wasn't scared anymore." ...Cindy - age 8 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ "My mommy loves me more than anybody. You don't see anyone else kissing me to sleep at night." ...Clare - age 6 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Love is when Mommy gives Daddy the best piece of chicken." ...Elaine - age 5

Saturday, March 22, 2008

Easter

Happy Easter Weekend! Please remember me for all your Real Estate Needs! Her is my Joke of the day!

A Sunday school teacher was discussing the Ten Commandments with her five and six year olds. After explaining the commandment to "honour" thy Father and thy Mother, she asked, "Is there a commandment that teaches us how to treat our brothers and sisters?" Without missing a beat one little boy (the oldest of a family) answered, "Thou shall not kill."

Monday, March 3, 2008

Spring is in the Air!

Well this year is sure going by! It is already March and Spring will be here before we know it! Just want to remind everyone to forward your clocks one hour on March 8th before going to bed. Time change is on March 9th. The real estate market is still holding steady in Texas and interest rates are low, so now is the time to buy! Looking forward to a busy summer at the lake this year.