McKinney's Weather Forecast: Snow!

Our Texas Christmas may not feature snow, but snow is coming to McKinney on Dickens weekend! If you can’t make it to the mountains this winter, come and enjoy our snow tubing hill.

Enjoy an old fashioned, Victorian atmosphere with horse drawn carriages, strolling carolers, visits with Santa Claus, the Christmas tree lighting and activities for all ages. Don't forget to visit the tubing hill which will be in th square all three days.

Come visit downtown McKinney, Texas this November 28, 29 & 30 for our 28th annual Dickens of a Christmas festival!

For full schedule of events visit www.dickensofachristmasfestival.com.

Giving Thanks

The point of Thanksgiving is to remember the things we have to be grateful for. It's our special time to give thanks... not just for the obvious, like food, but for the thousands of fortunate moments, the multitude of blessings that we receive each year.

That's not always as easy as it sounds. We tend to remember the bad things much more easily than the good. That's where this article comes in. using the tips below; you can make thankfulness an everyday habit. It's a skill that will benefit you throughout the year.

Begin by keeping a gratitude journal. Don't write down negative things; only positive ones. For example, "I'm grateful that I made it through that heavy rush hour traffic safely." "I'm grateful that I got to see a beautiful sunset." "I'm grateful that I have a class at school that I really like."

Think of all the good things that happened because something bad happened first. For example, "If that slow driver hadn't pulled in front of me, I would have gotten a speeding ticket." "If I hadn't tripped on the playground, I would never have met such a nice person." "If I hadn't experienced unemployment, I would never have acquired the skills that got me a more fulfilling job."




Don't focus on what you don't have. Focus on what you do have. For example: "I'm so fortunate to have a warm place to sleep in the winter." "I'm so fortunate to live in a safe neighborhood where I can take walks." "I'm so fortunate to be able to see the beauty around me."





Think about people you've known that have made you thankful for their existence. They can be family, friends or simply people that you've read about or seen on television. Imagine how many other people there are who might be equally as wonderful. You just haven't met them yet.





Think about people who have made life hard for you. Now think about the things you accomplished because of them. Did you finish something because they said that you couldn't? Did you get better at something because they made fun of you when you did it badly? Did their cruel actions make you vow never to treat others that way? Even the negative forces in your life can be hidden blessings, worthy of your gratitude.





Think about the animals that have given you joy: Dogs that love you with every inch of their hearts, cats that think your lap is the best place to nap in the whole world, birds whose songs uplift your spirit, squirrels whose antics put a grin on your face and so on.




Think about the places that make you smile: A favorite hangout, a wooded trail, an exciting city, a great spot from which to view the sky, a hill that you once rolled down. Give thanks for all these things.




Now pass it on. True gratitude involves action. Lend a hand. Pitch in. Make a gift. Give your time. Listen. Give back as often as you can. Even a friendly greeting can make all the difference in the world.

What Exactly Does "Rent to Own" Mean?

In a lease-purchase, you are effectively a renter for some time until you decide to purchase the home. While you lease the property you have to review the document in light of the landlord-tenant relationship. You have to decide who will have to pay for the cost to maintain the property with a view towards those major components of a home that can have problems and then deal with the minor maintenance items.

As a tenant of the property, you need to remember that you do not own the property. You should not invest in the home, make improvements to the home or spend much money on the home until you decide to buy the home and exercise your rights under the lease-purchase and have closed on the home.

When the document deals with the purchase side of the deal, you need to be quite careful. If you are putting money down to assure your seller that you will buy the home, you need to know that your down payment is safe. You also need to make sure that the seller will have the ability to close on the deal when you decide to exercise your rights to purchase the home.

So what do you need to look out for? As a general rule, you need to make sure that the person you are dealing with owns the home and can sign documents with you as both landlord and seller of the home. You also have to negotiate the manner in which the owner will take care of the property and won't take actions that will disturb your living in the home. It won't do you much good to live in the home if the seller treats the home as his and deprives you of your privacy and joy of living in the home.

The owner has to maintain the home until you close on the purchase. If you take care of the ordinary and routine maintenance of the home, your documentation needs to set up a mechanism for you to make sure that (1) the owner has homeowners insurance to pay for damage caused to the home by a casualty, (2) the owner is current on his mortgage payment to avoid losing the home to the lender, and (3) the owner is current on his real estate tax payments and homeowner association fees and dues to avoid losing the home to the taxing authorities or association.

If the owner fails to keep any of these items current, you could find yourself homeless in the future even if you have been a model tenant.
If the owner maintains the home, pays the real estate taxes, mortgage and homeowner association payments, you should be in a good position to close when you decide to purchase the home in the future.

But you also need to treat the home as a purchase at some point in time; your documentation for the lease-purchase might require the seller to provide you with a title insurance report. Depending on the lease-purchase arrangement and how serious you are about buying the home, you might be better off knowing early on whether anything affects the title to the home now rather than later.

If you lease the home and wait a year or two to review the title to the home, you might be surprised by what you find. While you might not be obligated to purchase the home if the title report shows something you don't like on the title, you will not have wasted a year or two in a home you can't or won't purchase.

Lastly, any money held by the seller for the purchase of the property should be held by a third party that can hold the money and would not disburse that money until the deal closes, or if you decide not to purchase the home, the deal dies and you move somewhere else.
These are just some of the issues to look out for; work closely with your real estate professional when you are drafting the documents to avoid any surprises later on.

For further information feel free to contact donna@donnabthomas.com.

Dickens of a Chirstmas Festival

Come Visit Downtown McKinney November 28, 29 & 30
for the 28th annual Dickens of a Christmas festival!

Downtown McKinney’s premier festival, the 28th annual Dickens of a Christmas, is right around the corner. An old fashioned, Victorian atmosphere with horse drawn carriages, strolling carolers, visits with Santa Claus, the Christmas tree lighting and activities for all ages. Come and enjoy Christmas music, Dicken's era dress, food and children’s activities provided by local not-for-profit organizations.

Center stage this year is our snow tubing hill. Bring your family and enjoy the weekend tubing, visiting the many great shops and restaurants on the historic square, and entertainment. It's the perfect start to the holiday season.

Santa Claus always enjoys the Dickens festival and coming in person! He will be available to see your children to hear there requests and for picture taking all three days during his vacation from the North Pole. Catch him at the MPAC building in the center of McKinney square.

Children will also have an opportunity to write letters to Santa to be sure Santa won’t forget the wish list!

It all starts on the 28th with the tree lighting ceremony, a message from our Mayor, the lighting of the tree and candlelight shopping until 8:00 p.m

Periodically during the month of December, the shops in downtown McKinney will stay open for extended hours so that customers have a chance to finish all of that holiday shopping in one place with over 100 boutiques, art galleries, bookstores, apparel, gifts and exquisite antique stores. Visitors can find unique and special gifts that they won’t find anywhere else. This magical event is free to the public. CART will provide free shuttle service from First Baptist Church of McKinney to the Historic Downtown.

For additional information and the full schedule of events go to: www.dickensofachristmasfestival.com.

Housing Market Is In Recovery

With all the bad economic news in the headlines lately, you can easily lose perspective on what's really going on in the real estate market.

Here is something to keep in mind: The stock market is NOT the housing market. The Stock Market is on a whole different set of tracks and it's been in a highly volatile state for more than a month.

Housing, on the other hand, has already endured its painful correction for two and a half years … is now pretty much stabilized … and is slowing moving toward its cyclical recovery.
For example, new mortgage applications increased last week by 12 percent, according to the Mortgage Bankers Association. Applications from people looking to buy houses with FHA loans were up by 15.3 percent, while applications from purchasers seeking conventional mortgages rose by six and a half percent.

How could that be, with all the grim economic news? Well, remember that there is a huge pent-up demand simmering away out there for housing -- especially from first-time buyers who want to scoop up low-priced deals. This along with the $7,500 Homebuyer Tax credit and the drop in interest rates buyers are staring to come out and are ready to shop for a home.
Fixed thirty year rates fell from six and a half percent to 6.24 percent during the week. Fifteen year rates broke below six percent to 5.9 percent, down from 6.14 percent.

Another piece of positive news you may not have noticed: Pending home sales were higher than year-earlier levels for the second straight month -- 1.6 percent higher than September 2007.

All these facts add up to some good news for buyers and sellers which translates to good news for our economy!

For more information contact donna@donnabthomas.com.

NEW TAX LAW IMPACTS THOSE THAT TURN RENTAL PROPERTY INTO FAMILY RESIDENCE

Property owners need to be aware of the tax law change that will go into effect January 1, 2009. This new law changes the how one is taxed when they turn a rental property into a primary residence.

Currently, if the property is sold at least 2 years after the date of the original purchase, and it is owner occupied at the time of the sale, you may apply the full $250,000 exclusion against the gains.

Under the new tax law this would not be the case. You are still eligible for an exemption if you sell a property at least 2 years after the date of original purchase, and it is owner occupied. However, you may be subject to capital gains based on the percentage of time the property was used as a rental. You will also have to pay tax on depreciation recapture.

One of the great things about building a real estate portfolio is that when life changes occur it gives you more options. Making the decision to live in a former rental property is an excellent solution to many situations. However, you do need to be aware of the tax implications when making such financial decisions. This is especially significant when it is a divorce situation. When determining the value of the properties at the time of the division of real estate, these tax consequences need to be accounted for to ensure a true accounting of the value of the assets to be divided. There is more to the value of a home than an amount determined by an appraisal.

Donna Thomas is an expert in navigating clients through complex real estate transactions. For more information please contact her at donna@donnabthomas.com.

The Heard Ropes Course Grand Opening

Open to the Public All Day
November 15, 9 AM – 5 PM

The Heard Natural Science Museum now offers a new High and Low Elements Ropes Course located within a beautiful deciduous forest tree canopy.

• Rock Climb: The 110 foot high rock climb is no ordinary wall. It is nestled within a two hundred year old Bur Oak Tree; you won't find anything like this around!
• Team Power Pole: Choose a partner and tackle the 40 foot high team pole together, then finish with a leap towards the trapeze!
• Zip Line: Enjoy a ride on our 500 foot zip line and soar through the tree canopy with the wind in your hair!

Adults and children ages 7 and older.
Children must be accompanied by an adult
General admission:
$25/per person
First come first serve

Five Financial Mistakes Married Women Make

Here are five common financial mistakes married women make — along with some advice on how to avoid them.

1. Mistake: Handing Over the Purse Strings By not engaging in the family finances, women set themselves up for potential hardships. Many women who managed their finances perfectly well while they were single, fail to stay informed after they got married which could lead to financial hardship.

Solution: Pay Attention to the Household Finances Both partners should attend the meetings with insurance agents, accountants, financial planners and lawyers. Women should also look over monthly bank statements and credit card bills and couples should make a list of all bank and brokerage accounts and insurance policies and keep it with other important documents, such as wills and medical directives.

2. Mistake: Losing Your (Financial) Identity Many women close out their old accounts and use joint accounts. Although there is some practicality to this it may result in you losing your own individual credit rating.

Solution: Maintain Some Individual Accounts You always want to maintain your own credit identity. It is recommended that couples keep three bank accounts (his, hers and ours) and maintain separate credit cards.

3. Mistake: Walking Away From Your Career While you might welcome the chance to stay home with your kids, the longer you're out of the work force, the harder it can be to jump back in. Women often face low ball wages or lower job titles when they try to return to work after a long hiatus.

Solution: Keep Your Skills Fresh It might be hard to do when you're up to your eyeballs in dirty diapers, but unless you're independently wealthy, you should always be aware that you might someday return to the work force for one reason or another. (Kids, after all, do grow up.) So don't lose touch completely. Try to take on consulting projects during your industry's busy season and attend professional networking events. Even charity work can give you a leg up when you start applying for a new job.

4. Mistake: Not Saving for Retirement Many married women don't make retirement-saving a priority. If the husband is the primary wage earner, the wife often trusts her spouse to save enough for their collective golden years.

Solution: Penny-Pinch Now for Your Future Make saving for retirement a priority even if it means stashing away less for your children's college education. If you're working, save as much as you can in your company's retirement plan, or in an IRA. If you're not employed, contribute to a spousal IRA.

5. Mistake: Asking for the House During a Divorce Women often focus so intently on winning custody of the children or keeping the house that they lose sight of the bigger financial picture. Many fail to look at the entire financial picture including what their life will be like after the divorce.

Solution: Get Financial Guidance When women are going through a divorce, they need to determine which assets will help them pay their bills and reach their long-term goals. Some women might want to consult a financial planner as well as a real estate professional that specializes in these situations.

Donna Thomas is a Realtor who has expertise in advising and guiding people through complex real estate transactions. For more information contact donna@donnabthomas.com

The Samaritain Inn - The Only Homeless Shelter In Collin County

As the holiday season approaches and we begin the preparations for our family celebrations we need to also remember those in need. The Samaritan Inn provides, at no cost, a secure and clean place to live. Their building has separate living areas for men, women, and families. They also have playrooms and a fully equipped playground. They serve three well-balanced meals daily and provide personal hygiene products. If necessary, clothing, coats and shoes are also available. Within this nurturing environment, experienced case managers assess each resident and their needs to develop an individual program plan with a goal of independence.

Referrals are made for support programs; legal and financial counseling; and mental and physical health services. They also offer classes in a variety of life skills- such as parenting, budgeting, job training. Individual program plans are reviewed regularly to insure that all of the necessary steps are being taken along the way to reach independence in the future.

Residents who “graduate” from the Samaritan Inn receive all the necessary items to set up their own households- from furniture and bedding to lamps, linens and cleaning supplies. On going support is also provided, for as long as necessary, to insure long term, permanent independence.In addition to their traditional program, the Samaritan Inn also provides short-term emergency shelter for those individuals who find themselves in a crisis. This may be for a single night or up to a few days. Emergency shelter residents also receive three meals, clean clothing and use of the shower and laundry facilities.

The Samaritan Inn is in need of donations of good and time for those that are able to give. Donations are accepted and greatly appreciate for items such as food, clothing, cleaning products, toiletries and household goods. If you have some spare time you could also assist with meal serving or child care.

To learn more about the Samaritan Inn, see a full list of items needed or obtain a volunteer application please visit http://www.thesamaritaninn.org/

Veterans Day Ceremony this Saturday

Bring the entire family to a fun filled event and see the progress being made at the site of the new Veterans Memorial Park.

McKinney`s Veterans Day Ceremony will be held on Saturday, Nov. 8 at 11 a.m. and the admission is free. It will be held at the future site of the Veterans Memorial Park in McKinney on Weiskopf Avenue one block south of the Clubhouse at the TPC at Craig Ranch.

The McKinney North High School choir will perform as will the McKinney Fire Department Pipe and Drum Corps. Speakers will be Congressman Sam Johnson, Mayor Bill Whitfield, Bill Dowdy, and McKinney veteran and author R.D. Foster.

For additional information about this new park and drawings of what it will look like visit http://www.ccfreedomfighters.com/mckinney%20veterans_memorial.htm.

Facts about the $7,500 Home Ownership Tax Credit

What You Need to Know About the $7,500 Home Ownership Tax Credit--

When you combine the tax credit with today’s low interest rates, wide selection of inventory, and affordable home prices, many of the pieces are in place for you to buy now.

Here are 6 things you should know about the $7,500 how ownership tax credit:

1. Buyers have until July 2009 to make a purchase that qualifies.
The tax credit was passed in July of this year as part of the Housing and Economic Recovery Act (H.R. 3221). It’s worth up to $7,500 and can be taken in a single tax year. Authorization for the credit ends July 1, 2009.

2. Buyers don't really have to be "first-timers."
The tax credit is actually available to any individual or household that hasn’t owned a home for at least three years.

3. Even if buyers exceed the income limit, they can benefit from the credit.
The actual credit amount is set as a percentage of the home purchase amount. That percentage amount is 10 percent, so your customers can get 10 percent of the home price credited against their tax liability, up to a maximum $7,500. Sounds like a great deal. But what if you make more money than the income limit of $75,000 for individuals and $150,000 for households? Good news: Individuals whose income exceeds the $75,000 limit but don't make more than $95,000 can still take the credit but on a reduced basis. The same thing applies to households earning up to $170,000. By the way, any house is eligible as long as it’s a primary residence and is in the United States.

4. Think of it as an interest-free loan.
The federal government requires the tax credit to be paid back in small, 6.67-percent increments over 15 years, although repayment will be no more than $500 yearly and payments will not start until 2011. For that reason, some analysts have likened the credit to a 15-year, interest-free loan to help make home buying affordable.

5. You don't have to be authorized before making a home purchase.
There is no pre-purchase authorization, application, or other approval process. Eligible buyers simply have to claim the credit on their IRS Form 1040 tax return and/or any form that the IRS might devise.

6. New-home construction qualifies.
For a home that a buyer constructs, the purchase date is the first date the buyer occupies the home.However, any home that is not a primary residence, such as a vacation home or income property, does not qualify.

If you would like additional information feel free to contact Donna@donnabthomas.com.

Dallas Real Estate is Still a Good Investment

Dallas-Fort Worth still most stable area for home prices

Although North Texas home prices fell 2.7 percent between August 2007 and August 2008, it is still the nation’s most stable area, according to figures released Tuesday by the S&P/Case-Shiller home price indices.

Prices in the 20 metro areas surveyed nationwide fell an average of 16.6 percent.
"The real difference between D-FW and the rest of the country are the levels of inventory," said Ted Wilson, partner at Residential Strategies, a Dallas-based housing tracking service. Existing and new inventories are not as out of tandem with demand as in other areas of the country, he said.

The steepest declines from a year ago were seen in Phoenix (minus 30.7 percent) and Las Vegas (minus 30.6 percent).

"The downturn in re- sidential real estate prices continued, with very few bright spots in the data," David Blitzer, chair- man of the index commit- tee at Standard & Poor’s, said in a statement. He noted that it’s the fifth month in a row for negative annual returns.
Talk of recession, turbulence on Wall Street and the uncertainty of the election season are all contributing to buyers’ wait-and-see attitude, Wilson said.
"We’re hopeful that next spring, we’ll see a renewed interest in the market," he said.
Housing prices North Texas fared better in home prices than all other metro areas between August 2007 and August 2008. But all 20 metro areas surveyed in the S&P/Case Shiller home price indices posted a decline in prices.