New Plano rental community will offer artist lofts

A new Plano housing community will be constructing in a few months near North Central Expressway. The housing community will offer both apartments and artist lofts. There will be 224 units built on the vacant block to provide affordable housing in the rapidly growing community of Plano.

According to Plano Housing Corp. the 5.6-acre project will mostly be a community of mixed-income individuals; although, over half of the units will be within the budget of a resident based on their monthly income. Also, the development is transit-oriented because the housing community is just less than half a mile from the 15th Street DART station.

Half a dozen apartment buildings will be constructed at the project’s location at G Avenue and 14th Street east of Central. The apartment building will be surrounded by an open space along with public art plazas. A community center and swimming pool will also be constructed along with the apartment buildings. Artist lofts will be located downstairs of the units. Developers plan to install roll-up doors along the street front of the buildings to better accommodate art shows.

The starting rent for the smallest unit (about 800 square feet) in the rental community is less than $500 a month. The rate was set in a manner that the unit will be affordable for working families. Housing intended for working families is a bit scarce not only in Plano but the whole of North Texas in general. With this need, Plano Housing Corp. is simultaneously working on their second development near City Hall.

True to its commitment to expanding affordable housing in the community Plano Housing Corp. will start building 21 townhouses which will be up for sale with seven units for low and moderate income residents. Though the company admits this isn’t much, but seven units is a big achievement towards their goal of expanding housing options for low and middle income working families in Plano and Collin County.

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Texas real estate to see an influx of Chinese buyers

The economic instability in China is driving Chinese buyers, investors and owner occupants alike to look to the U.S. for affordable housing. Texas, in particular, is seeing an influx as demands for U.S. property is increasing amongst the Chinese buyers. The Chinese are the top buyers in US real estate registering about $28.6 billion last year. This figure is more than double the second most active buyers in U.S. real estate, which are the Canadians.

When it comes to states that the Chinese people prefer in the U.S., the top three are California, Florida and Texas. But high prices in California seem to cut the demand. Texas is now the best option for these buyers because of the state’s strong employment and education opportunities. Texas registered about 31 percent sales from Chinese buyers last year second to Latin American and Mexican buyers.

The volatility of Chinese stock market caused them to find refuge in the U.S., not only for their money’s sake but also for better living conditions for them and their family. They seek employment in the U.S. and education for their children. These conditions make the Chinese buyers willing to spend more than the average home buyers. They spend about four times the national median home price amounting to about $831,800.

Texas is tops new home construction in the United States, which Chinese buyers prefer rather than purchasing existing homes. Although California also has massive new home construction development, Texas still outnumbers them in production by twice as many new homes constructed.

Due to this influx of Chinese buyers, U.S. homebuilders are taking into consideration conditions that will be suitable for them. They are looking into building multigenerational homes to attract more immigrant families. They are also considering adopting Feng Shui floor plans to attract Asia clients and boost the real estate industry.

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What is the direction of Mortgage Rates?

Mortgage rates are unexpectedly at a three-year low. Mortgages are important in order to finance a home purchase. Thus, mortgage rates have a great impact on buyers and their buying process. For now, buyers benefit from low rates because it gives them increased buying power.

Rates hasn’t only been down this year, although six of the first nine weeks of the year, rates declined it showed an increase in past two weeks. Following mortgage rates movement is important especially that the peak spring buying season almost here. Buyers shouldn’t be complacent because of the recent movements of mortgage rates.

Potential buyers are greatly affected by these rate movements as it will produce about 1.2% difference on their monthly payment which will affect the monthly budget and their debt-to-income ratio (a critical factor to be considered for a mortgage).

With the given trend the mortgage market increased the buyer’s buying power to about 6% with the low rates but the recent increase diminished 2% to their buying power. Although buyers are still at the advantage, the situation can shift any moment given the recent activity in the market.

As a buyer there are three possible scenarios that’ll emerge from the movement of mortgage rates:

The first scenario depicts a negative view of the economy resulting from global economic weakness and the slump in oil prices from January until early February. This caused the decline of the stock market causing global money to take refuge in the Dollar and U.S. Treasury bonds. As demand for bonds increase, mortgage rates will decrease. With this, rates will remain as they as are now throughout the year.

The second scenario has a moderate view of global economic growth which will result in a fixed rate of 4-4.2% by the end of the year.

The last possible scenario sees increased inflation leading to an increase in mortgage rates to 4.5% and can go up to 5.5% in 2017.

Although these are just possible scenarios, it would be wise to consistently monitor mortgage rate movement in order to prepare for possibilities in the future.

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Real Estate Humor

real estate humorLaughing it up with real estate jokes

An agent was having a difficult time moving a particular property. He finally convinced the owners to move the basement to the 2nd floor. After that was completed, he had absolutely no trouble getting a buyer at full price.

When asked how that worked, he responded: “It’s easy to sell a property when it’s a top cellar.”

You’re groaning now, but you’ll use it later…

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Using The Internet To Find Texas Real Estate

b houseIntеrnеt has brоkеn аll bаrriеrѕ оf infоrmаtiоn ѕhаring. Nоw you саn juѕt роѕt a рiесе of infоrmаtiоn (business оr otherwise) оn a wеbѕitе and it iѕ immediately аvаilаblе to milliоnѕ оf реорlе асrоѕѕ the glоbе. Thе impact оf intеrnеt has bееn ѕееn on аll buѕinеѕѕеѕ and induѕtriеѕ аnd real еѕtаtе induѕtrу is no еxсерtiоn.

Texas Real Estate — Today’s Search

Today if уоu wеrе looking for Tеxаѕ rеаl еѕtаtе, you саn juѕt gеt оn tо the intеrnеt аnd еithеr uѕе a ѕеаrсh еnginе likе Gооglе (оr Yahoo оr MSN) tо find “Tеxаѕ real еѕtаtе” оr just go dirесtlу tо ѕоmе ѕitе thаt specifically dеаlѕ in Tеxаѕ rеаl еѕtаtе (оr juѕt in rеаl еѕtаtе). In seconds, the ѕеаrсh еnginе will come up with ѕеvеrаl search rеѕultѕ for уоu, аll саtеring to Tеxаѕ rеаl estate. And уоu can dо all this frоm the соmfоrt of your home, with соmрlеtе diѕrеgаrd to the wеаthеr оutѕidе. Mоrеоvеr, уоu don’t need to bе in Texas in order tо be аblе to ѕеаrсh fоr Texas rеаl еѕtаtе. Mоѕt ѕitеѕ thаt саtеr to rеаl estate (Tеxаѕ rеаl estate оr оthеrwiѕе) wоuld give you ѕеvеrаl options for сuѕtоmizing your search results fоr Tеxаѕ real еѕtаtе i.е. you can specify уоur rеԛuirеmеntѕ and thе wеbѕitе will thеn bring up оnlу thоѕе results that mаtсh your Tеxаѕ rеаl еѕtаtе requirements. Thаt further takes аwау a big task from уоu. You can juѕt go thrоugh thе rеѕultѕ аnd check thе ones that lооk арреаling to уоu.

Websites and Texas Real Estate

Some wеbѕitеѕ еvеn givе the option fоr ѕtоring your ѕеlесtеd results i.е. уоu саn choose the Tеxаѕ real еѕtаtе search rеѕultѕ thаt seem gооd аnd mаrk them up оn the website for viеwing later. Thеn later уоu can gеt аll thе mаrkеd results in оnе page (or mоrе depending on hоw many ѕеаrсh results уоu have marked) and уоu can further ѕhоrtliѕt those Texas rеаl еѕtаtе listings. Whаt соuld bе bеttеr, you саn еvеn dо your viеwingѕ оf the ѕеlесtеd Tеxаѕ rеаl еѕtаtе liѕtingѕ оn thе intеrnеt аnd уоu don’t need tо mаkе an арроintmеnt even. Sо оnсе you hаvе уоur final ѕhоrtliѕt оf say 10-20 Tеxаѕ rеаl estate listings, you can juѕt see the viеw оr рiсturеѕ оf thе рrореrtу оn thе wеbѕitе itself (nоt аll websites оffеr thiѕ fеаturе and not аll liѕtingѕ hаvе imаgеѕ/vidео available) аnd reach сlоѕе to a dесiѕiоn on whаt Texas real еѕtаtе рiесе уоu wаnt tо gо fоr.

Sо finding Tеxаѕ rеаl еѕtаtе оn thе intеrnеt could rеаllу bе еаѕу аnd a lot fun tоо.

 

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