Here is a couple of clips from an article in the Collin County Business Press!

Local housing market emerging from the doom

By Stewart James,

The cities of Allen, Plano, Frisco and McKinney all experienced an increase in home sales for November, said Betty

Magee, owner of Plano-based Magee and Associates.

“We have not gone down that much, so we should be one of the first to rise in values,” Magee said. “Our economy is

stronger here although we are going to be slow in coming back as well, but think we will still be one of the first to really

recover.”

Another sign values will increase is the low inventory of Collin County and homebuilder properties, Magee said.

Short sales and foreclosures remain major challenges facing the housing market in 2010, Magee said.

“Banks are making it very difficult to get answers when offers are submitted and buyers are very put off by it all, after

waiting two months to get an answer and then having to compete for the property when the banks seem to wait around for

multiple offers,” Magee said. “The lenders are causing us problems with getting these loans closed.”

“For the government wanting to get housing off the ground, they need not to swing so far to the other side of the

pendulum,” Magee said. “Underwriters are making rules that FHA [Federal Housing Administration] is not requiring.”

“Sales were up in November across the board since most buyers and lenders were told that the $8,000 tax credit would

end on December 1,” Magee said.

“We still need more buyers out to take advantage of it,” Magee said. “It will be tough at the rate we are going.”

Magee said now is the time to buy.

“But I don’t see the rush out there as we should,” Magee said. “This is a unique opportunity with prices flat and down,

interest rates below 5 percent, and the extra incentives from the government. Buyers act like it will last forever. I predict a

lot of buyers will kick themselves next summer.”