Prosper Home Update
Prosper Texas Still Growing
Slow as the housing market is, Prosper is still welcoming 40 to 50 new residents per month! The good news is the recent opening of the Dallas North Toll road. Most of us can now exit and enter at Prosper Trail avoiding traffic and lights. Other good news includes the Prosper Awareness Campaign which will be launched in late February.
If you are interested in keeping current on the Town of Prosper, you need to know about this Awareness Campaign. A group of developers and builders are planning to spend about $300,000 to blitz the Dallas area media with the benefits of moving to Prosper.
Melissa did this with great success a few years ago. In December, I will give you their website address which is currently under construction.
Have you seen Saddle Creek or Whispering Meadows or Whitley Place? I won’t name them all here but Prosper now has a smorgasbord of custom homes that one needs to see to believe. And, all them are upscale, quality homes. So, Prosper is ready to boom. We all know they are coming and the question is when. The economy has stalled growth all over the country but Texas is one of the healthiest environments for a recovery.
Mortgages
Did you know that mortgage money is in great supply? All the news about credit markets drying up and no money available for loans is exaggerated. The big difference today is the amount of documentation required to get mortgage approval…no matter what type of loan.
According to my friend Bart Gurley at Metropolitan Home Mortgage, you can still get a 90-95% mortgage but you will need a 670+ credit score. If you are self employed and do not have pay stubs and a W2 the lenders will want income tax returns, higher credit ratings and other detailed docs to prove your qualifications.
Other good news is the current popularity of FHA mortgages. This type of loan is insured to the lender by the Federal Housing Administration. They recently raised the maximum limit to $271,050. Because these loans are insured you may get a lower interest rate but a competitive rate for sure. Believe it or not FHA loans usually require lower credit scores than a conventional loan and only 3% down is normally the minimum down payment!
Prosper Stats
According to the Collin County Association of Realtors, here is what transpired for January and February 2009:
New Listings 105 down from 138 last year or -24%
Homes Sold 42 down from 44 last year or -4%
Median Sales Price $322k verses $271k or +9%
Average Days on Market 226 verses 160 last year +41%
These are good times for first time buyers and buyers that trade up into more expensive homes. “Interest rates are low; house prices are low; inventories are high; now is the time to buy” We all know that this is a very tough time to sell a home. No doubt about it. It will be that way for several more months, maybe a year or two
Bill Remington www.billremington.com
Bill Remington is a seasoned realtor in the North Dallas suburbs. Presently, President of Prosper Chamber of Commerce. Key markets are Plano,Frisco,McKinney and Prosper. Espert in short sales, REOs and foreclosures. www.billremington.com
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