Mortgage rates are at a near record low.

This news comes along with the fact that new single family homes constuction continues to rise and resale homes in the Austi Texas area are selling faster than last year at this time. Also, the median price in the Central Texas Area has been steadily increase over the 2012 year as well.

If you are interested in buying a home in the Austin Texas area please contact me and find out more about my home rebate program.

If you are looking to buy a new home anywhere in Texas I also have an excellent New Home Rebate program for you as well.

http://www.RebateOnTexasHomes.com

Austin Energy $50 Old Refrigerator Rebates.

Texas Mortgage Credit Program

What is a Mortgage Credit Certificate?  A Mortgage Credit Certificate  allows the homebuyer to claim a tax credit for some portion of the mortgage interest paid per year.  It is a dollar for dollar reduction against their federal tax liability. Note:  The Mortgage Interest Credit (MCC) is a non-refundable tax credit, therefore, the Homebuyer MUST have tax liability in order to take advantage of the tax credit.

Who is eligible to receive an MCC?  The program is open to those individuals and families who:

  • meet income and home purchase requirements;
  • have not owned a home as primary residence in the past three (3) years;
  • meet the qualifying requirements of the mortgage loan;
  • will use the home as their principal/primary residence.

Note:  The MCC may not be used in connection with the refinancing of an existing loan.  Targeted Areas

Central Texas Real Estate Trends

The end of government tax credits and subsidies is a new trend, the results of which are yet to be observed. Homeowners continue to lose equity on their houses and one in seven are delinquent or in foreclosure. The amount of foreclosures will remain elevated. It is increasingly difficult to obtain a home mortgage, which continues to affect the amount of home purchases possible. These factors have contributed to another trend: people view renting as a more practical option.

There is a low cost of living in central Texas and there are job openings. However, despite available labor, one in six people are unemployed or underemployed. Small business failures have increased by almost fifty percent. These uncertainties in the economy and the potential changes in laws, regulations and taxes, will continue to affect the real estate market into 2011.

Housing prices have continued to drop by about twenty-five percent and commercial real estate has seen a fifty percent dip. Although the plunge in the market is a negative trend, it has also helped to promote central Texas as a desirable place of residence. The combined factors of land prices, housing prices and cost of living, are making the state one of the most affordable and attractive option for prospective home buyers. The region is also becoming a popular retirement option.

So, there are some encouraging signs that things may be turning around and the fate of many industries hangs in the balance. It will become clearer further into 2011 whether the real estate market has bottomed out. Either way, there will be a long and slow recovery process. Predictions are that the housing market will return to a “normal” state between 2013 and 2014, but it will take 5 to 10 years for the market really pick up. A rise in the housing market would benefit many industries aside from real estate, from contracting to moving companies. Luckily, 2011 should see a rise in more positive real estate trends.

Disclaimer

This site is intended for clients that are not currently registered with a Broker. If you have a current Buyers Representation Agreement signed with another Texas real estate Broker, please contact your Agent or Broker. Texas Real Estate Commission Consumer Protection Notice