Archive for May, 2010

Now’s the Time to Buy, Investment Firm Says

Saturday, May 29th, 2010

Corpus  Christi Realtors agree when you compare the real estate downturn to the real estate market in the 1980s, Blumberg Capital Partners, which provides real estate investment management, finds similarities that lead the company to think now is an optimal time to buy.  The Coastal Bend and more specifically Corpus Christi Homes were recently featured as a great place to invest in real estate.

Its analysts point out that the recession of the 1980s lasted 16 months, running from July 1981 to November 1982. Unemployment peaked in November of 1982 at 10.8 percent. From that point it took 38 months for the economy to recover fully and for unemployment to fall below 7 percent. It was another 10 months before unemployment was consistently below 7 percent.

Philip Blumberg, CEO of Blumberg Capital Partners, said in a note to investors that the real estate cycle is still three or four years from an optimal selling period, so now is the time for investors to buy.
Source: Blumberg Capital Partners (05/19/2010)

As for local Corpus Christi Homes, there were 302 homes sold during March 2010 by Corpus Christi Realtors.  This continues the trend of drops over a two year period as 320 homes were sold during March 2008.  It is the first increase over 2009’s sales this quarter.  March 2009 had 283 sales, so 2010 had a 7 percent increase.

Prices increased for the first time this quarter.  The average home price for March was $157,400, which is 7 percent higher than $147,500 from last year.  The median home price was 13 percent higher than last year at $137,600. This information was found at www.corpuschristirealestatemarket.com

Randy Farrar, DBA Miramar Homes

Tuesday, May 25th, 2010
The Amy Willis Team was very helpful and everything was done in a very professional manner.  The color flyers were the best that I have ever seen.  I certainly plan to use them in the future.

Existing-Home Sales Up 7.6% in April

Tuesday, May 25th, 2010

Corpus Christi realtors reported that existing home sales rose again with buyers motivated by the tax credit. The NATIONAL ASSOCIATION OF REALTORS® stated that improving consumer confidence, and favorable affordability conditions also fueled the increase in sales

 Existing-home sales — completed transactions that include single-family, townhomes, condos, and co-ops — increased 7.6 percent to a seasonally adjusted annual rate of 5.77 million units in April from an upwardly revised 5.36 million in March, and are 22.8 percent higher than the 4.70 million-unit pace in April 2009. Monthly sales rose 7.0 percent in March.

Lawrence Yun, NAR chief economist, said the gain was widely anticipated. “The upswing in April existing-home sales was expected because of the tax-credit inducement, and no doubt there will be some temporary fallback in the months immediately after it expires, but other factors also are supporting the market,” he said. “For people who were on the sidelines, there’s been a return of buyer confidence with stabilizing home prices, an improving economy, and mortgage interest rates that remain historically low.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 5.10 percent in April from 4.97 percent in March; the rate was 4.91 percent in April 2009.

Total housing inventory at the end of April rose 11.5 percent to 4.04 million existing homes available for sale, which represents an 8.4-month supply at the current sales pace, up from an 8.1-month supply in March. Raw unsold inventory is 2.7 percent above a year ago, but remains 11.6 percent below the record of 4.58 million in July 2008.

“Although inventory levels remain above normal and much of the gain last month was seasonal, the housing price correction appears essentially over,” Yun said. “In fact, a majority of the markets have seen price gains recently. A return to old-fashioned responsible lending and buying will help the housing market avoid disruptive and painful bubble-bust cycles.”

 

— NAR

Larry and Susan Webb

Wednesday, May 19th, 2010

We appreciated their hard work helping us find a new home.  Their efforts before, during, and after the sale were fantastic.  They definitely steered us in the right direction at every turn – areas to look at, financing, helping get the closing scheduled/done, etc.  Miranda was great too, helping with selection of colors, tiles, etc!

Alex Davies

Friday, May 14th, 2010

“Working with Amy Willis has been a wonderful experience. I hope she is still in the Real Estate business when we move in 10-20 years. Amy is great because she is extremely friendly, she is very honest, and she helped us get an incredible deal on a home.  One of the best things you get with Amy is her whole team. Because she works with her husband, Jeff Willis and Miranda Cadle there was always someone there for us when we needed help with anything.  Somebody always answered our phone calls and got us the help we needed right away which was important for us because we were first time home buyers and they made everything very simple.  Amy worked with the listing agent to get every minor thing done to our house that added up to save us a lot of money. She was there from the first day we looked at houses to the closing day when we signed our names on the title.  If we had questions they explained them in everyday lingo that we could understand. I would truly consider Amy, Jeff, and Miranda friends after all they did to help us through the long and sometimes overwhelming process of buying a home.”