Welcome to The Pescatore/Avrit Team blog. After reading the Dallas Morning News report about the top picks for Buyers and Sellers in the DFW market, we felt that it would be exciting to share the results with you, the bloggee!

A new consumer curvey asked buyers and sellers to rank national residential sales companies and guess who came out on top?? Okay, Keller Williams and Coldwell Banker!!

J.D.Power measured customer satisfaction by asking about experiences with individual agents, the company's office, and additional services provided. They found that the agent is still the most important driver of overall satisfaction. (We coulda told you that!)

The research also showed that more than half of homebuyers are now first timers. The government tax incentives have been doing their job. That is encouraging news for the market and indicates that the market is returning to more normal activity, with fewer spectators.

Anyway, the survey used a 1000-point scale and heres how we faired:

Coldwell Banker   815

Keller Williams     801 (whoohoo!)

Re/max                   784

Century 21            770

Prudential             753

Remember, if your in need of real estate services, Call us, the Pescatore/Avrit Team and we will provide you with stellar service!

The Pescatore/Avrit Team is excited to let you know about the changes to the Tax Credit! As many of you probably know, the government has decided to extend the Homebuyers Tax Credit! YAY! The dynamics of the new tax credit extension has changed somewhat.  Here is what we know about it...call us if you have any questions...

1.  The tax credit is is now available to move-up buyers as well as 1st time home buyers.

2.  Now extended to homes purchased after November 6, 2009 and before May 1, 2010.  However, home purchases subject to a binding sales contract signed by April 30, 2010 will qualify for the tax credit provided closing occurs prior to July 1, 2010.

3.  Refundable tax credit of up to $8,000 for first-time buyers (must not have owned a home within the last three years)

4. Move-up buyers who have owned and lived in the same home for at least five of the last eight years are eligible for a tax credit of up to $6,500

5. The maximum income to qualify for the tax credit has been increased to $225,000 for married couples filing a joint return and $125,000 for those who file single or head of household.  Married couples who earn between $225,000 and $245,000 or single / head of household taxpayers who earn between $125,000 and $145,000 are eligible to receive a partial tax credit.  The credit is not available to taxpayers who earn more than these income limits.

6. For military homebuyers serving on qualified official extended duty service outside the U.S. for at least 90 days after December  31, 2008 and before May 1, 2010, the deadline for the tax credit is extended an additional year (through May 1, 2011)

7.  To qualify for the tax credit, the purchase price must be less than $800,000. All homes qualify including newly constructed or re-sale and single family detached, townhomes or condominiums.  However, the home must be used as the customers primary residence as second homes and investment properties do not qualify.

8. All U.S. citizens who file taxes are eligible to participate in the program.

9.. The tax credit is a true credit and does not have to be re-paid unless thecustomer sells or stops using the home as their primary residence within 3 years after the purchase.

As you can see, this is great news!

Dallas ranks fifth among the top cities that are considered "recession-resistant" compared to many other cities in the United States.

Despite a global economic downturn, Texas paves the way alongside Oklahoma with several cities that are more likely to emerge from the economic downturn first according to a recent study by the Brookings Institution.

 While the economy appears steady for Texas cities, the report does mention that even though Texas cities have managed to stay ahead of most hard hit recession cities, Texas based cities have not yet returned to a pre-recession state of employemnt or output. 

TOP 10 Recession-Resistant cities:

1. San Antonio, TX

2. Oklahoma City, OK

3. Austin, TX

4. Houston, TX

5. Dallas, TX

6. McAllen, TX

7. Little Rock, AR

8. Baton Rouge, LA

9. Tulsa, OK

10. Omaha, NB

 It is an encouraging report!! Keep in mind that our sales prices havent been hit nearly as hard as the rest of the country either. If your considering selling or buying a home, we would love to earn your business!!

 Regards,

The Pescatore/Avrit Team

Do you know someone who has been thinking of buying their first home? How about someone who is ready to get back into home ownership after a three year period?

Jane and I have been working with a fabulous husband & wife lending team, David and Lisa Ann Lowe of W.R. Starkey. They're fantastic people and we've seen them work "miracles" for our clients. Recently we've had a buyer that needed to sell his house in order to buy with us. Lisa Ann and David took over a loan in the las minute in order to get his home sold and turned everything around in about 48 hours!

Here is some information from Lisa Ann about the new 90 Day Down Payment Assistance Program:

So if you, or someone you know, is looking to purchase a home have them give us a call to help them find it and David or Lisa Ann to finance it!

It's hard to believe that we're almost to the Fourth of July. Where oh where has the year gone?

On June 27thAllen will be one the first local city to celebrate our Nation's Birthday with it's all day spectacular Allen USA event. The festivities begin at noon on Saturday the 27th at Celebration Park, Allen's 106 acre community park. Since 1995 when Allen first started their largest event it's only grown larger and larger with an estimated 65,000 people attending the lively, fun event.

The best part of Allen USa, besides all the attractions, entertainment and the grand fireworks show, is that admission and parking are FREE! In our current economy, what's better than being able to enjoy an event like this for FREE? 

With the expected crowds the City highly recommends using the free shuttle service from Allen High School to the event. If you want to park your car and walk to the event, you can park at Anderson Elementary or Story Elementary and walk to the event, although walking from Story will be a bit of a hike. 

Gates Open at noon and the Kid Zone, Activity Zone and Food Court Vendors will open for business. Right now you can buy all inclusive wristbands for the Kid Zone inflatables and Kid Kraft Tent for just $20 at Joe Farmer Recreation Center or the Rodenbaugh Natatorium. If you purchase these wristbands on the day of the event it will cost you a little more, $25. or you could just pay for individual tickets at 50 cents apiece but most activities will cost you between 2-4 tickets. 

Allen USA will provide two different stages for musical and entertainment acts throughout the day. On the Main stage you'll be able to listen to performances by Katrin, Cody Jinks, Shaylen and the Black Box Station, Moving Colors and the featured performers this year are Smashmouth on the main stage at 8:30. 

At approxiametly 10pm the event will come to it's grand conclusion with a fantastic 30 minute fireworks show!

So if you're looking for free entertainment and  a safe family friendly enviroment we highly suggest this great party. Our hats off to the City of Allen, the Parks and Rec department and all the sponsors who make this happen.  

By now you should have received your annual tax valuation statement from you county appraisal district.

Where you shocked when you opened it? Some of our clients have seen in increase in their property values, one had their value go UP a whopping 8%!!!

In these tough economic times the counties are searching for any way they can to increase revenue and it may just come at your expense. But you can at least try to do something about it.

Below is a list of several counties appraisal district websites where you can find the forms necessary to file a protest of your appraised value.

Collin County Appraisal District                   www.collincad.org

Dallas County Appraisal District                 www.dallascad.org

Denton County Appraisal District              www.dentoncad.org

Ellis County Appraisal District                       www.elliscad.org

Rockwall County Appraisal District            www.rockwallcad.org

Tarrant County Appraisal District                     www.tad.org

You must file this form and have it postmarked no later than June 1st, just 16 days from now.

The first step is to start gathering evidence about your property, photos or statements that document structural problems the appraiser may have missed such as plumbing problems or foundation issues.

Then you'll want to get "comps" from a Realtor that is familiar with your neighborhood. This information will contain recent sales about properties that are similar to yours. Our client who saw that large increase should be able to fight his appraisal because of the three houses that sold in his neighborhood two of them were foreclosures, a sad fact in these times.

You may even want to spend a little extra money and hire a independent appraiser to value your home. This could bolster your case and allow you to ask the county appraiser how they came up with the higher value.

Lastly, remember that a county appraisal is purely factual and is governed by professional standards. This is not personal so don't be emotional in your protest, just state the facts as Joe Friday used to say on Dragnet.

If you need any help with obtaining your neighborhood comparables drop us an email. You can reach Terri at tprealtor@hotmail.com or Jane at javrit@msn.com

As always we're here to help you achieve your real estate goals, even if it's to fight your taxes!

This Saturday, May 2nd from 1-4pm, our team will be shining a spotlight on the Woodland Park neighborhood in Allen. This wonderful community consists of homes built by Grand Homes and Mercedes Homes and offers some of the best values in Allen.

It's proximity to Allen's Celebration Park, access to major thoughfares, wonderful schools and convenient shopping make Woodland Park a great place to live.

If you, or anyone you know, is looking for a family friendly neighborhood have them visit the Woodland Park Open House Weekend!

Our two listings include 802 Cascades, a gorgeous 4 bedroom, 2 1/2 bath 3 car garage home with so many upgrades and additions you won't believe it. The home sits on a tremendous lot next to a greenbelt, has a professionally added sunroom and sparkling pool! At 3640 square feet this home offers great space for an affordable price!

Our next house is located at 1003 Rushmore and is brand new on the market. This 3 bedroom, 2 1/2 bath, 2 car home has 2513 square feet and a wonderful floorplan to suit anyone's needs. The home features beautiful hardwood flooring, a large open kitchen, updated paint, a great backyard and so many other extras.

So if you've got some time on Saturday why not drop in a view these two fantastic properties. We'd look forward to seeing you!

Wow, it's spring time in Allen. The weather is getting warmer, last weekend not withstanding. The trees and lawns are turning green, however mine are still mostly weeds (I'm working on it)!

And then the realization hit me. Schools out in a little over two months. A quarter of the year is already gone! In two months time I'll have a high school graduate (one who finally got a job, thanks Bill from Saxby's Coffee) and a Junior at Allen High. Good Gravy I'm getting old.

I don't have to worry about summertime avtivities to keep my kids busy but many of you do.

I'd like to make a suggestion to investigate all the wonderful programs that the City of Allen Parks and Recreation department makes available to our community.

Starting with the annual Eggcellent Family Adventure this coming Saturday, April 4th. This event will take place at the Allen City Hall Civic Plaza and will feature an egg hunt, local community organizations and businesses giving free information and goodies, crafts, bounce houses and face painting. The event will take place between 9am and noon.

Since we're all trying to stretch a dollar these days another fun, free event put on by the city is the Summer Sounds concert series at the Joe Farmer Recreation Center Hillside Amphitheatre. This great, and did I mention FREE, concert series will be held each Monday evening at 7pm starting May 18th and running until June 22nd.

You can visit the Parks and rec website below for more information including the lineup.  http://www.cityofallen.org/departments/parks_recreation/special_events/summer_sounds.html

Also be sure to reserve June 27th for the City of Allen's largest celebration: Allen USA Celebration.

Held each year to celebrate the 4th of July, this event is the earliest celebration of our national holiday in the area. Besides the spectacular fireworks show, this years musical entertainment will feature Smashmouth, a act that's sold over 10 million records. This years celebration, to be held appropriately at Celebration Park, will be FREE and lots of fun.

Also while we're talking of summer time planning, you'll definatly want to investigate all the low cost activities to keep your children occupied over the summer. I always dreaded hearing those two little words, "I'm Bored"! Again, the Parks and Rec department will offer a wide range of programs, enough to fit anyone's need. Registration will be on April 20th starting at 8am. You can view a complete guide at:

http://www.cityofallen.org/departments/parks_recreation/pdfs/Activity%20Guide.pdf

As always, if you or anyone you know need to buy or sell real estate, have them give us a call. We'll take care of them like family!

We get so many questions from Buyers and Sellers about timing of the market.

Let me tell you that this is a myth! No one can "time" a market, the market is what the market is!

Sure there are factors that help set the market, consumer confidence, employment factors, interst rate, etc...

But you should never try to "time" the market, it's just impossible to do.

News flows too fast in today's society and it seems like the market is changing minute by minute.

On one hand we have the doom and gloom of rising foreclosures in Collin County, up to almost 700 filings for April auction. But on the other hand we have the new $8000 tax credit for 1st time buyers and interest rates reaching lows we haven't seen since 1965! According to Freddie Mac the nationally averaged 30 year fixed rate was just 4.98%

So if you know of a friend, family member or co-worker who's ready to take the plunge into home ownership, have them give us a call.

The latest Allen real estate statistics were recently released by the Collin County Association of Realtors and here are the numbers,

New listings in February were just 162, down 19.4% from the same time last year.

The number of Closed Sales was 57, down 45.7%. The Average Sales Price was $217,571 down just 4.5%

it is however taking longer to sell a home, 134 days on market, up nearly 29%.

The number of active listings was down to just 453 single-family detached properties.

So why should you consider listing right now? Well the number of listings is down so that means less competition.  If you have equity in your home now is the perfect time (a combination of prices and interest rates) for you to consider "moving up" in the market.

We want you to be an informed home buyer or seller and that is why it's so important for you to consult with us before making your next move.

Right now the Senate is debating the latest version of the Economic Stimulus Bill proposed by President Obama. We as Realtors support the passage of of this provision of the bill.

Reprinted here is an outline first detailed by the Keller Williams Realty International Office:

Fix Housing First Act

· Through lower mortgage rates, provides the equivalent of more than a $400 per month tax cut for 30

years to more than 40 million creditworthy American homeowners.

· Provides an additional $15,000 tax credit for the purchase of a new home.

· Includes targeted income and business tax cuts to help create new jobs.

How it Works

4.0 to 4.5% Fixed-Rate 30-Year Mortgages

· New and refinanced mortgages would be available for 4.0 to 4.5% -- providing a monthly savings of more

than $400 for the average homeowner's mortgage payment.

· Banks would issue these lower fixed-rate mortgages on primary residences - both for new home

purchases and for refinanced mortgages for responsible homeowners.

· To encourage banks to issue these mortgages, the government will direct Fannie Mae and Freddie Mac to

purchase these newly originated loans. Homeowners already holding loans from Fannie and Freddie

would also qualify.

· The new, lower rate would be roughly between 4.0 to 4.5% today. The rate would be calculated based

upon the historic spread between the 10-year Treasury bill and the 30-year fixed mortgage rate.

· The program would not be for "jumbo" loans.

· These mortgages would be available only until the end of 2010 - the time period of a targeted stimulus.

· The cost of the program is capped at $300 billion, though economists believe it would actually be much

less.

$15,000 Homebuyer Tax Credit

· The proposal expands the current first-time homebuyer tax credit to make it more attractive and

effective.

· Specifically, the size of the tax credit is doubled from $7,500 to $15,000 (or 10% of the purchase price,

whichever is less) and the program is expanded to cover all primary residences and all homebuyers, not

just first time homebuyers and vacant or foreclosed properties.

· Available for purchases made between January 1 and December 31, 2009.

· The cost in lost revenue to the government is about $20 billion.

Loan Modifications

· Privately securitized mortgages are at the core of the housing crisis. They account for more than 50% of

all foreclosure starts, despite accounting for only 15% percent of all outstanding mortgages.

· This provision could substantially limit foreclosures at an estimated cost between $9B and $12B by:

o Temporarily (for 3 years) compensating servicers who modify privately held mortgages to allow

homeowners facing foreclosure to pay lower monthly payments.

o Temporarily (for 3 years) eliminating legal barriers to loan modification and creating a "safe

harbor" from lawsuits for servicers who act in good faith to do loan workouts.

A Real Stimulus: More Bang for the Buck

· At a cost to taxpayers of only $300 billion, the 4% mortgage plan could provide up to $6.1 trillion in

savings to homeowners over the course of the 30-year loans - up to $150,000 for the average

homeowner.

· That's over $5,000 each year they can spend on other priorities for their families - spending that will spur

job creation.

Restoring Homeowner and Financial Security

· The economic downturn began with a collapse of the housing market; no stimulus plan will work if we fail

to address housing. If we don't fix that problem, we'll only be treating the symptoms.

· More than 860,000 properties were repossessed by lenders in 2008, more than double the 2007 level.

· The Fix Housing First Act will bring security to homeowners, thereby stabilizing the housing market and

financial markets:

o Increases home sales by lowering costs for new homebuyers, reducing the extensive backlogs of

housing inventories

o Decreases foreclosures by allowing eligible homeowners to refinance into more affordable

mortgages and by incentivizing mortgage servicers to do loan workouts

o Helps stabilize housing prices by increasing the number of homes sold and decreasing

neighborhood foreclosure effects

o Helps facilitate loan modifications for struggling homeowners

o Eliminates the uncertainty for the value of securitized mortgages held by financial institutions,

lowering their need to hoard capital and increasing their ability to lend

o Stabilizes credit markets by providing new cash flow to financial institutions.

While the enormity of the stimulus package is overwhelming, these are extraordinary times we find ourselves in. The housing sector of the economy must be fixed in order to see any type of economic recovery.

We are hopeful that the two political parties can put aside their posturing and move this Economic Stimulus Bill through to passage.