Fixed mortgage rates dropped to a new low for the year. The 30-year fixed rate mortgage averaged 4.55%, down from 4.60% the prior week.

Toll Brothers, an upscale homebuilder, has contracted to purchase part of the historic Haggard Farm. They plan to build custom homes on the tract of land near Custer and Park. Complete plans for the project and the purchase are still a ways away. Last year, the City of Plano purchased a 51 acre tract of the Haggard farm near Alma and Park. That land is to become a park.

The Medical Center of Plano received its official designation as a Level II trauma Center. The hospital is the first, and only, in Collin County and the third in the Metroplex capable of treating major surgical trauma cases 24 hours a day.

New home starts in the Dallas/Ft Worth area are up more than 50% this year from the first six months of 2009. In addition, the number of new homes sold is also rising. The northern suburbs, including Frisco and McKinney, have shown the largest increases in starts.

Plano’s economy is holding strong despite the economic challenges in 2009. Plano ranked 5th in household spending, department store shopping, health care and restaurants. This is not the only strong news for Plano, the latest census data shows that Plano’s median household income is $84,493, the nations highest. Plano’s highly ranked schools, educated workforce, and employment opportunities have helped to keep the future looking strong.

Data through October 2009, released today by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, show that the annual rate of decline of the 10-City and 20-City Composites improved compared to last month’s reading. This marks approximately nine months of improved readings in these statistics, beginning in early 2009.” The 1 year change for the Dallas area was -0.6%. Due to this slowing of housing price declines, the real estate market should stabilize this year.

10.  The worst mistake you can make is to not find, and use, a good Buyer’s Agent. Purchasing a home is the largest investment most people will make.  You need to have a qualified Buyer’s Agent with you every step of the way.  He can help you understand every aspect of the home buying process – financing, contracts, inspections, and closing.  He will look out for your best interests and help you find the home of your dreams.

9.  Doing too much too soon.  You’ve just moved into your new home and you’re ready to put your style stamp on it.  Don’t go into debt to do so.  Instead, create a plan and budget and make those changes when you can afford it.

8.  Failing to include an option period or contingency clause in the contract.  Always include a financing contingency clause in a real estate contract in case something happens and you don’t qualify for the loan or the house doesn’t appraise for the purchase price.  Also, in some states, there are option periods – typically a 7 to 14 day time period to allow the purchaser to have the house inspected.  A fee is paid for the unrestricted right to terminate the contract – no reason needed.  These clauses prevent the purchasers losing their earnest money.

Check back later for more.

7.  Skipping the Inspection.  Sellers aren’t likely to tell a Buyer what’s wrong with a home.  They probably aren’t even aware of some of the things that need to be repaired  To protect yourself, hired a qualified, licensed inspector to do a thorough inspection on the home you wish to purchase.  It will be worth it.