My New Blog

We have 3 great homes Open tomorrow from 2-4pm.

Come on out and see us and join us for homemade cookies a great homes!!

8007 Winston
10608 Elgin
6111 10th Dr

For a complete list of Coldwell Banker's open house visit www.lubbockopenhouse.com.

There are some great things going on at Vintage Township. Oscar (my associate) and I have just completed an extensive training course at the information center. WOW, this is going to be a great development for Lubbock.

Everything in this development has been design with a specific purpose. Once you see why thing are designed and laid out the way they are you will be sold on the concept.

Why is it so expensive?
The reality is that it is not as expensive as you think. If you are going to compare dollars for dollars then you have to compare product for product. Not only is this something that Lubbock has never seen before, it is a new way of building homes that Lubbock has never seen either. All of the materials that are used are quality materials. Cutting corners in Vintage is simply not allowed. Building codes is strictly enforced and builders are required to start over if construction is not done to spec! When you purchase your home in Vintage you will start out with a full landscape package. Trees will be planted in the front yard and in the alley, shrubs, yard and sprinkler system.

This is truly something that Lubbock has NEVER seen. This is going to be a neighborhood experience that all of Lubbock will enjoy

If you are interested in learning more about Vintage Township please feel free to give me a call and we can set an appointment to meet.

These are the Lenders that I have used in the past and have had great success with.

Mortgage Lenders

Coldwell Banker Mortgage
(866) 890-6159

Tammi Wood
American State Bank
(806) 741-2632

David Fouse
Gateway Mortgage
(806) 687-0901

Edith Roe
People's Bank
(806) 794-0044

Insurance Agents

Both of these agents have shown outstanding customer service skills that we like to associate ourselves with. Call for your quote.

Michael Berg
Michael Berg Insurance Agency (Farmers)
806-794-2584

Peter Griffith
State Farm
806-785-4456

College students are strapped for cash!  Students not only spend money on tuition, fees, books, and supplies, they also pay for expensive student housing.  A one bedroom apartment in Lubbock can cost up to $675 per month!

There is a solution to this problem: Student Home Loans.  Student Home Loans offer students of Texas Tech University, Lubbock Christian University, and South Plains College a chance to own their own home.  Instead of throwing money away on rent, a student can spend equal or less money on a house payment and earn equity! 

Other benefits for students who purchase homes:
*With a Student Home Loan, students take advantage of a owner-occupied interest rate that is lower than investment property rates.
*Students establish a valuable credit history.
*Students earn equity and increase net worth.
*Students and parents can take advantage of several tax benefits.
*Students learn to care for and maintain a home
*After graduation:
    -Students can rent the property to others to make some extra money
    -Students can sell the property at an appreciated value (5% - 25%) and earn a profit

According to an article in the "Lubbock Avalanche Journal," Capital Morgage Services offers Student Home Loans.  Any student wishing to purchase a home should obtain qualification for a loan and contact Velma Medina at vmedina@coldwellbanker.com to look for homes close to school. 

What happens when the people giving you money goes out of business? It's happening in the "non-conforming" or "sub-prime" market. The sub-prime/non-conforming cater to people who have bad credit or want to do loans that don't fit the normal mold.

So what straw broke the camel’s back? Lenders lending 100% to people with bad credit, and allowing sellers to pay 6% of the buyers total closing costs. In essence what this did was opened the home ownership to people who in past years would have never been qualified to purchase homes. This is not a bad thing, but many of these new home owners defaulted on their loans because nothing invested in the home purchase. (There was a reason these borrowers had bad credit.) So to them there was not a difference in renting and home ownership.

So what happens now? Many companies are putting freezes on all current loans, and new applications are not being taken. This will affect the buyers’ ability to close on homes they have under contract. The time of sub-prime 100% loans has come to an end.

This will change the dynamic of the market but to what extent is hard to say. The best advice that I could give is for sellers to question the stability of the companies that their buyers are using.

If you have any comments or questions please do not hesitate to post.

People always ask how our market is. I always respond with the same response. FANTASTIC!! In 2006 Lubbock had more homes sell than in 2004. 2004 is often regarded as the Golden Year of real estate in Lubbock, Texas. It's looks like 2006 took that title.

"But my neighbor’s house took 3 months to sell. My other neighbor sold his house in 2 weeks a couple years ago. Why is that?"

-Simple. Our market is not a seller's market like it was a few years ago, it is a balanced market. This means there are the same number of buyers that we had a few years ago, but more sellers. In today's market a home has to be in fantastic condition or priced accordingly. Well priced homes in great condition will still sell quickly. Overpriced homes will stay on the market for a while.

If you have a real estate question just ask.