Monday, December 29, 2008

Wednesday, December 24, 2008

How to Choose a Home

Here are some tips to help determine which house is best for you.
Once you've settled on a couple of neighborhoods for your search, it's time to pick out a few homes to view. Your wish list can remind you which features are absolute requirements and which amenities you'd like to have if possible. When narrowing down your home search, consider:

  • Types of homes
  • Home purchase considerations
  • Home comparison chart
  • What to do when you’ve found the right home for you

Types of homes
In addition to single family homes (one home per lot), there are other forms of home ownership:


Multifamily homes: Some buyers, particularly first-timers, start with multiple family dwellings, so they'll have rental income to help with their costs. Many mortgage plans, including VA and FHA loans, can be used for buildings with up to four units, if the buyer intends to occupy one of them.


Condominiums: With a condo, you own "from the plaster in" just as you would a single house. You also own a certain percentage of the "common elements" -- staircases, sidewalks, roofs and the like. Monthly charges pay your share of taxes and insurance on those elements, as well as repairs and maintenance. A homeowners association administers the development.


Co-ops: In a few cities, cooperative apartments are common. With those, you purchase shares in a corporation that owns the whole building, and you receive a lease to your own apartment. A board of directors supervises management. Monthly charges include your share of an overall mortgage on the building.

Home purchase considerations
Most buyers' first consideration, after neighborhoods are chosen, is the number of bedrooms. As you begin to view homes, keep the following purchase and resale considerations in mind:

  • Weigh your needs, budget and personal tastes in deciding whether you want a home that’s a newly constructed home, an older home or a home that requires some work -- a "fixer-upper."
  • One-bedroom condos are more difficult to resell than two-bedroom ones.
  • Two-bedroom/one-bath single houses generally have less appeal than houses with three or more bedrooms, and therefore less appreciation potential.
  • Homes with "curb appeal" (a well-maintained, attractive, and charming view-from-the-street appearance) are the easiest to resell.
  • When resale is a possibility, don't buy the most expensive house on the street, or anything that is unusual or unique. The best investment potential is traditionally found in a less expensive, more moderately sized home on the street.

Home comparison chart
While house-hunting, it's a good idea to make notes about what you see because viewing several houses at a time can be confusing. Use our home comparison chart to help you keep track of your search, organize your thoughts and record your impressions.


When you’ve found the right home
Before you begin the home buying process, resolve to act promptly when you find the right house. Every REALTOR® has stories to tell about a couple who looked far and wide for their dream home, finally found it, and then revealed that "we always promised my Dad we'd sleep on it, so we'll make an offer tomorrow." Many times the story has a sad ending -- someone else came in that evening with an offer that was accepted.


Resolve at this point that you will act decisively when you find the house that’s clearly right for you. This is particularly important after a long search or if the house is newly listed and/or under-priced.
Copyright © by Move, Inc.

Tuesday, December 2, 2008

Tuesday, November 25, 2008

NAR Says Fed's Buying of Fannie, Freddie Debt Will Drive Down Interest Rates and Help to Stabilize Housing


WASHINGTON, November 25, 2008
Great news for home buyers, home sellers and the U.S. economy is how the National Association of Realtors® greeted this morning’s announcement by the Federal Reserve that it will purchase housing-related debts of Fannie Mae and Freddie Mac, thus freeing up mortgage money on Main Street.

“This is one of the key actions we’ve been advocating ever since the Treasury altered its course on how it would use the $700 billion recovery package passed in September. This is great news for home buyers and sellers and we applaud the Fed for taking this historic step,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “Housing recovery is the key to economic recovery in this country and it always has been.”

In a four-point plan submitted to Congress last month, NAR called for the Treasury Department to purchase mortgage-backed securities (MBS) from banks to provide price stabilization for housing. Today the Fed said it would purchase mortgage-backed securities from Fannie Mae, Freddie Mac, and Ginnie Mae for up to $500 billion. “This will be critical to a housing recovery,” McMillan said.

Lawrence Yun, NAR chief economist, said purchasing debt obligations of Fannie and Freddie is an important move. “We commend the Fed decision because it will directly bring down long-term interest rates,” he said. “The level of investment should be aggressive enough to bring interest rates down in a meaningful manner. As we've seen in past recessions, home sales rise when mortgage interest rates fall.”

Yun said that given the present state of the mortgage market, interest rates on 30-year fixed-rate mortgages are too high. “If Fed action brings down mortgage interest rates by even 1 percentage point, it would increase homes sales by 500,000 units. That should help to draw inventory down and stabilize prices.”

Yun said higher home sales are critical now to absorb inventory and stabilize prices. “Only with stabilization in home prices can we have a healthy housing and economic recovery,” he said.

In its announcement, the Fed said it will purchase up to $100 billion of GSE debt from primary dealers through a series of competitive auctions to begin next week. Purchases of up to $500 billion in MBS will be conducted by selected asset managers before year-end. Both the direct obligations and MBS purchases are expected to take place over several quarters.

Monday, November 10, 2008

First Time Buyers Tax Credit

The tax credit may be enough of an incentive for potential buyers to jump off the fence. That is, if they know about it.
By Robert Freedman | November 2008
The $7,500 home ownership tax credit that the federal government created earlier this year as part of the Housing and Economic Recovery Act (H.R. 3221) is another tool at your disposal to encourage potential buyers to jump off the fence and get into the real estate market.

When you combine the tax credit with today’s low interest rates, wide selection of for-sale inventory, and affordable home prices, many of the pieces are in place for your customers to buy now. But tax credits can be confusing. To help your clients understand how the credit works and why it would help them, you must learn the details.

Here are 6 things you should be able to explain to prospects and clients:

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, so if your customers wait to buy in the first half of 2009 they can take the credit on their 2009 tax return. Taxpayers can take the credit on their 2008 tax return if they bought their house this year after April 9.


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. And the NATIONAL ASSOCIATION OF REALTORS® has asked Congress to expand the credit to all buyers, not just those who haven't owned a primary residence in recent 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 your clients 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. NAR is pushing congress to remove the repayment provision, making this tax credit a true tax credit rather than an interest-free loan.


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.


NAR Asking Congress to Expand Credit

As mentioned above, NAR has asked Congress to do away with the repayment provision of the first-time buyer tax credit and expand the credit to all home buyers, not just first-timers. The proposals were part of a four-point housing stimulus plan the association submitted in mid-October.

“Housing has always lifted the economy out of downturns, and it is imperative to get the housing market moving forward as quickly as possible,” said NAR President Richard F. Gaylord. “It is vital to the economy that Congress take specific actions to boost the confidence of potential homebuyers in the housing market and make it easier for qualified buyers to get safe and affordable mortgage loans.

Article courtesy of Realtor Magazine

Wednesday, October 29, 2008

Newest Case Shiller Data shows only slight change for Dallas Market

The latest data from the Case-Shiller report on home prices shows that while home prices in the 20 largest markets continues to decline, the Dallas market has shown a slow down in the rate of decline and is in fact up for the year to date. The Dallas market continues to be one of the most stable markets in the country.

The Dallas market enjoys a 2.3% job growth rate which is well above last year's U.S growth rate of 1.5% . The Dallas area leads the nation along with other Texas cities. The job growth rate would appear to be strong for the remainder of 2008 and into 2009.

Dallas new home starts are down 34.8%. This represents a concerted effort by builders to keep inventories at low levels when compared to years past. This will continue to support the re-sale market in the area. When looking at existing home sales it is important to break the Dallas metroplex into it's smaller community parts. When we do this we see that there can be a wide swing in home sales from north to south or east to west.

The DFW foreclosure rate is also low at 1.4%. Again, you must look at particular communities in order to get a true picture of how the foreclosure rate is affecting the area.

The pink elephant that is in the room with us is the U.S economy. Many consumers are frozen because of the media's portrait of an economy where credit is unattainable. This is not the case at all. Frankly, it is no harder to obtain a mortgage today than it was two months ago. If you are a borrower with good credit, a job, and have some money for a down payment then you can obtain a mortgage at historically low interest rates. With home prices on the lower end when compared to recent years, it is an excellent time to make a purchase or to move up into a larger home. If you have specific questions about your personal situation please contact your local Keller Williams Office. We will be more than happy to help with the decision making process.

-Taken from http://www.planomarketwatch.com/ as posted by Bill Webb

Wednesday, October 22, 2008

DFW is a LOW Risk Market!

This listing of the U.S. real estate markets ranks each on the likelihood for future price devaluation. DFW’s strong local economy, continued employment growth, housing affordability, stable home prices and steadily increasing home appreciation make it a very low risk real estate market.


Tuesday, October 7, 2008

Republic Title Happy Hour

Thanks to Republic Title!!! They hosted Happy Hour for our office on September 30th at Culpepper Steak House. We had a great time. Here are some pictures of the event...

Stumped about the ever-shifting market?

Hello Rockwall!


Wow, when they called today’s real estate market a "shifting market," they were right on target. It keeps shifting, and shifting, and shifting ... Every time we turn on the news there’s a new development that affects our economy and therefore the ability of buyers to "buy" and the sellers to "sell."

SHIFT, the most recent book by Gary Keller, co-founder and Chairman of Keller Williams Realty Inc., begins with the following paragraph: "The Real Estate Market has shifted drastically and dramatically. Sales volume and the number of transactions have dropped significantly. Inventory has reached an all-time high. Buyers have never been more reluctant. Fear is rampant, anxiety is high, and people are getting out of the business left and right. Sounds familiar? Sure it does. The year was 1979!"

Does it make us feel better to know that this has happened before? What did we learn from it in 1979? Fast forward to 1987 and it happened again. Changing tax laws this time had a disastrous affect again. Well guess what? History repeats itself. Now we are faced with this again, in 2008 but this time there are real differences.

In 1979 mortgage interest rates topped 18 percent. Last week buyers were still getting approved at under 6 percent through local lenders. That is a huge difference! Today’s sellers, with the help of their real estate agents, are becoming realistic with today’s pricing, bringing our market back on track.

The real estate business is "cyclical." An experienced real estate agent and a mortgage broker will understand this and be prepared to give counsel that is in tune with the current market. Remember though, the news you heard last week is "old news," so stay in touch with your local, trusted real estate agent for updates on this ever changing market.

We are participating in seminars, conference calls, webinars, and many other training events to stay on top of the game to better assist you.

Real estate remains your single most valuable asset if handled correctly.

We are experienced and ready to help. Give our office a call today for a free consultation at 972-772-7000!

Amber

Friday, October 3, 2008

Tuesday, September 30, 2008

Sailing with Scott

North American Title sponsored an evening of Sailing with Scott on the Sea Wolf. We had such a great time! Thank you North American Title!!! Here are some pictures of the event...

Tuesday, September 23, 2008

FHA Loan Changes

I mentioned earlier that many of the changes to FHA would be clearer in the near future and some of those changes are being presented now.
Here is what we have so far:

The base loan amount will be 96.5% of the sales price (as long as the house appraises for at least the sales price).
The closing costs/prepaids up to 6% of the sales price can be rolled into the price, appraisal permitting.
Any buyer paid closing costs will not be applied to reach the 3.5% down payment threshold….If buyer is paying closing costs they will be in addition to the 3.5% down payment.
I will continue to keep you updated!


tricia


Monday, September 22, 2008

Help For Hurricane Victims



With the exception of the loss of the Galveston market center – which will re-open in a temporary space – most of the market centers that were in the path of Hurricane Ike are intact and slowly returning to business as power is restored. Some areas of Houston and Conroe will be without power for a longer period of time as major electrical transformers are being rebuilt.


By and large, our associates living in Galveston still have not been able to return to assess the damage to their homes. Many of our associates in Houston and along the Texas Gulf Coast have suffered devastating losses.

KW Cares is providing financial assistance to Keller Williams evacuees and other associates who are experiencing financial hardship due to the storm. The outpouring of support has been particularly strong among our Gulf States region.

How can you help?

1. Donate to KW Cares!
2. If you have temporary housing to offer, please contact us at www.kwcares.org
3. Adopt a hurricane victim. Please let us know if your market center can help a hurricane victim through fund-raisers, donated items or moral support.
4. Send a gift card from Wal-Mart, Target, Lowe’s or Home Depot to KW Cares, c/o Chris Streppa, 807 Las Cimas Pkwy, Suite 200, Austin, TX 78746. These would be extremely appreciated to help evacuees replace lost items.

Thursday, September 11, 2008

Advanced Sales Tips for Real Estate Agents During a Slow Market

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It no longer takes just a license and knowledge of current laws and regulations to become a successful real estate agent. Considering the condition of the current market experiencing a downturn, we can’t be sure it’s even hit bottom yet.
The good new is, people are still buying houses and they always will. Hard work will be needed to get the job done. A Savvy Real Estate Agent can compete in the current housing climate by locating buyers and focusing on giving them what they want. Here are some advanced sales tips for generating a profitable year.

Conduct buyer seminars. Offer to give informational (and free!) classes at our office or at your local civic or religious center, updating people on the current market conditions. You can teach them how to buy a house even if they’ve been turned down before, and give advice or referrals on how to repair credit. This will not only position you as an expert in the field, is also gives you access to a fertile, pre-qualified group of potential buyers.

Solicit apartment complexes and tenant-occupied properties. While this may seem fairly obvious, it’s important that you have marketing materials targeted to this audience (e.g., showing them how and what they can own for the same payments as their rent) and a strategic approach to contacting these potential home owners.

Buddy up with title companies. Often they’ll have deals that fell apart, and many of those deals were attempted without a Real Estate Agent involved. Gaining access to that list will yield names of interested motivated buyers and sellers.

Solicit FSBOs. FSBOs are very often newbie’s in the real estate game and aren’t really sure what they need to provide potential buyers who come to look at their house. Offer FSBOs helpful documents, such as floor plans, sell sheets, etc., in return for prospects that didn’t like the FSBO’s house for whatever reason. And the FSBO may eventually call you to give you their listing, if they get frustrated by long sell times, as is prevalent in this market.

Talk to agents going out of business. According the National Association of Realtors (NAR), there are more than 2 million registered real estate agents. And the NAR also estimates that between 40-80% of new Real Estate Agents quit the business before their first anniversary, and 90% by year three. Despite their struggles, many of those have built a list of interested buyers that would be worth adding to your database.

Establish your own website. Face it: it’s the 21st century. Most people do some of their research on major purchases online, and a Website that displays your personality, not to mention your listings, is a necessity. It’s easy and inexpensive to get started and is simply a must.

Market your previous clients. This is another seemingly obvious tip that all too many Real Estate Agents overlook. Your past clients are your most fertile ground for referrals (and repeat sales) but can only do that if they remember your name! Sending a regular newsletter updating part clients on your latest success will remind them what being a Real Estate Agent is all about and let them know you are still making your clients happy.

Partner with a reputable mortgage brokers. Mortgage brokers lately have had their requirements tightened by their lending partners, and probably have said “no” more times than in the past few months than in the two or three prior years. Partnering with a reputable mortgage broker can offer a win-win situation. In return for access to the list of turn-downs, you offer them help in a monitored credit repair situation, who then become buyers who may possibly qualify for a loan from that same mortgage broker.

By focusing on how to find buyers and in some instances, how to help buyers help themselves a Real Estate Agent can have a prosperous year even in a down market.
*Source: Mind, Body & Sales for the Real Estate Professional

Monday, August 11, 2008

Keller Williams Launches a Commercial Division!



Commercial Division Comes to Keller Williams Realty!

We are pleased to announce that 2008 will mark the launch of the Keller Williams Realty Commercial Division!

Our goal is to make Keller Williams the commercial real estate platform of choice by providing our commercial associates the technology, marketing tools, and resources to succeed in their commercial businesses. We want to create synergy and referrals between the residential and commercial sides of Keller Williams Realty, increasing the income and production potential of all our agents. And we look forward to adding to our associates' profit sharing through increased profitability of our Market Centers.

We are also honored to announce that Buddy Norman, a true leader in commercial real estate, has joined the Keller Williams family to spearhead this new venture.

Buddy has more than 15 years of experience in the commercial real estate industry - including leadership within international commercial firms, such as Cushman & Wakefield and The Staubach Company. He has built new divisions and trained commercial brokers all over the U.S. - including Dallas, Atlanta, Washington D.C. and San Diego. A consistent top producer, Buddy has averaged more than 400,000 square feet per year of commercial leasing and sales transactions over the last 10 years.

Buddy will serve as the President of Keller Williams' Commercial Division, and will be working closely with a Commercial Advisory Council (CAC) of top commercial brokers within our company that will guide the launch and implementation of this new division.

Our plan is to launch Keller Williams Commercial this fall. And as an agent-centric company, we want to ensure that we build this division for our agents and by our agents. We ask that you take a few moments to fill out the short survey below. If you are a commercial agent or have interest in commercial real estate, please share your input on how we can build this new venture to be a true win-win for our offices and our associates:

We know that with the leadership of Buddy, our Commercial Advisory Council, and your input, we can truly build a Commercial Division that will create the commercial real estate platform of choice! If you have any questions or would like to find out more about the KW Commercial Division, please contact us at commercial@kw.com.

For more information, call Amber Boyd at 972-772-7000.

Sunday, August 3, 2008

Close the Museum, Patch the Cracks


The sellers on HGTV’s “Secrets That Sell” rarely have a clue about why their house hasn’t sold. To the rescue of these desperate sellers comes the mother-daughter team of Donna and Shannon Freeman.

In a recent episode, the Barbozas are told to “close up the museum”—to get rid of the painting of the family patriarch over the fireplace and hang a flat-screen TV in the space instead. They also are instructed to pack up their collections, including the cute chickens and roosters in the kitchen. Fortunately, they aren’t the family pets, simply a decorating theme that had overtaken the cooking area.

In addition to getting rid of their bold colors and figurines, the Barbozas are told that they need to patch the cracks in the ceilings. And with the addition of the flat-screen TV over the living room mantel, they solve the problem of the dated television set nesting in the built-in living room cabinet (so ’80s). This move also frees up space for storage.

One tip I had never heard of before was to make sure each bathroom has a full roll of toilet paper. This is a subtle and inexpensive detail when adding finishing touches.

As with so many reality shows, the pregnant pauses here that precede the “reality” moment with the sellers are just irritating. But a larger question in my mind remains: How active were the prior agents these people hired to sell their house? It’s also possible the owners had been trying to sell the property without representation. Except for being told the number of days the property had been on the market, we never quite know as viewers what transpired before Donna and Shannon were invited over for a friendly chat.

Besides giving the owners specific advice, Donna and Shannon seem to be delivering an unspoken but useful message to our industry: A service-oriented practitioner has a clear understanding of the inventory at that moment, grasps the nature of the buyer pool for that product, and works with sellers to show them what it will take to get the property ready for market on time and on budget. This same practitioner will also have the confidence to decline an opportunity that would otherwise only lead to frustration and unmet expectations for all involved. Now, that’s the reality that leads to successful sales.

Contributed by Marilyn Schumacher, e-PRO, SRE, Harbor Bay Realty, Alameda, Calif.

Monday, July 28, 2008

One of Our Agents in D Magazine!

On stands now in D Magazine is one of our very own agents! Shelley Dudley made the short list of the "Best Real Estate Agents in Dallas". The D Magazine list of the Best Real estate Agents in Dallas is produced in partnership with Crescendo Business Services, an independent research and services firm. Crescendo mailed nearly 15,000 nomination ballots to area residents who recently purchased homes and 4,500 nomination ballots were sent to D Magazine subscribers. An additional 250 ballots were sent to mortgage and title companies, who are often best able to judge a real estate agent's technical skills and knowledge.
On the ballots, recipients were asked to nominate only real estate agents whom they knew through personal experience and to evaluate them based upon nine criteria: customer service, communication, finding the right home, integrity, negotiation, marketing the home, market knowledge, closing preparation, and overall satisfaction. Only original ballots - no copies - were accepted as valid.
Crescendo scored and screened each nominee with the Texas Real Estate Commission dtabase to make certain that licenses were up to date and the agent had no disciplinary action. Then, before the list was finalized, nominated real estate agents were reviewed by a blue-ribbon panel of local industry experts. The panel consisted of realty company executives, professional and trade association officers, and others directly involved in housing-related businesses.
Although panelists' comments were incorporated into the final score, safeguards were built into the review process to reduce the ability of panel members to influence the composition of the final list on the basis of company affiliation. the resulting list represents slighly more than 1 percent of licensed agents in the Dallas area.
Congratulations to our other Keller Williams agents who are also featured: Cindy Baglietto, Mark Baglietto, Arlene Balady, Rick Brooks, Kurt Buehler, Paul Carper, Jane clark, Roxanne De Berry, Susanne Forbers Dicker, Connie Lee Fife, Kimberly Goodman-Hartley, Steve Habgood, Sharon Hagen, Dani Hanna, Daniel Harker, Mary Beth Harrison, Clennie Hawthorne, Kathy Hewitt, Eve Holder, Grant Hudson, Jane Idzi, Gail Kennedy, Pete Kerrigan, Sharon Ketko, Fred B. Lanham III, Debi Leavitt, Jill Long, Britt Lopez, Bill Mays, Stan McDonald, Holly Milstead, Mechelle Moore, Ron Moore, John D, Murray, Joy Nees, Mary M. Paschali, Cynthia Reed, Carla Reeves, Russell Rhodes, Tonya Riggs, Laura Robertson, Shad Thornhill, Marybeth Tiemeyer, Donna Trayler, Barbara Van Poole, Seychelle Van Poole, Phillip Walker, Dori Warner, Cheryl Lynne Webb, Doug Wieser, Jeanne Wieser, Pete Willis, Judi Wright, Lisa Wyatt and Mary Jane Young.

Saturday, July 26, 2008

8 Steps To Selling Your Home



1. Define your needs.

Write down all the reasons for selling your home. Ask yourself, “Why do I want to sell and what do I expect to accomplish with the sale?” For example, a growing family may prompt your need for a larger home, or a job opportunity in another city may necessitate a move. For your goals, write down if you’d like to sell your house within a certain time frame or make a particular profit margin.

Work with your real estate agent to map out the best path to achieve your objectives and set a realistic time frame for the sale.

2. Name your price.

Your next objective should be to determine the best possible selling price for your house. Setting a fair asking price from the outset will generate the most activity from other real estate agents and buyers. You will need to take into account the condition of your home, what comparable homes in your neighborhood are selling for, and state of the overall market in your area. It’s often difficult to remain unbiased when putting a price on your home, so your real estate agent’s expertise is invaluable at this step. Your agent will know what comparable homes are selling for in your neighborhood and the average time those homes are sitting on the market. If you want a truly objective opinion about the price of your home, you could have an appraisal done. This typically costs a few hundred dollars.

Remember: You’re always better off setting a fair market value price than setting your price too high. Studies show that homes priced higher than 3 percent of their market value take longer to sell. If your home sits on the market for too long, potential buyers may think there is something wrong with the property. Often, when this happens, the seller has to drop the price below market value to compete with newer, reasonably priced listings.

3. Prepare your home.

Most of us don’t keep our homes in “showroom” condition. We tend to overlook piles of boxes in the garage, broken porch lights, and doors or windows that stick. It’s time to break out of that owner’s mindset and get your house in tiptop shape. The condition of your home will affect how quickly it sells and the price the buyer is willing to offer.

First impressions are the most important. Your real estate agent can help you take a fresh look at your home and suggest ways to stage it and make it more appealing to buyers.

A home with too much “personality” is harder to sell. Removing family photos, mementos and personalized décor will help buyers visualize the home as theirs.

Make minor repairs and replacements. Small defects, such as a leaky faucet, a torn screen or a worn doormat, can ruin the buyer’s first impression.

Clutter is a big no-no when showing your home to potential buyers. Make sure you have removed all knickknacks from your shelves and cleared all your bathroom and kitchen counters to make every area seem as spacious as possible.

4. Get the word out.


Now that you’re ready to sell, your real estate agent will set up a marketing strategy specifically for your home. There are many ways to get the word out, including:

The Internet
Yard signs
Open houses
Media advertising
Agent-to-agent referrals
Direct mail marketing campaigns

In addition to listing your home on the MLS, your agent will use a combination of these tactics to bring the most qualified buyers to your home. Your agent should structure the marketing plan so that the first three to six weeks are the busiest.

5. Receive an offer.

When you receive a written offer from a potential buyer, your real estate agent will first find out whether or not the individual is prequalified or preapproved to buy your home. If so, then you and your agent will review the proposed contract, taking care to understand what is required of both parties to execute the transaction. The contract, though not limited to this list, should include the following:

Legal description of the property
Offer price
Down payment
Financing arrangements
List of fees and who will pay them
Deposit amount
Inspection rights and possible repair allowances
Method of conveying the title and who will handle the closing
Appliances and furnishings that will stay with the home
Settlement date
Contingencies

At this point, you have three options: accept the contract as is, accept it with changes (a counteroffer), or reject it. Remember: Once both parties have signed a written offer, the document becomes legally binding. If you have any questions or concerns, be certain to address them with your real estate agent right away.

6. Negotiate to sell.

Most offers to purchase your home will require some negotiating to come to a win-win agreement. Your real estate agent is well versed on the intricacies of the contracts used in your area and will protect your best interest throughout the bargaining. Your agent also knows what each contract clause means, what you will net from the sale and what areas are easiest to negotiate. Some negotiable items:

Price
Financing
Closing costs
Repairs
Appliances and fixtures
Landscaping
Painting
Move-in date

Once both parties have agreed on the terms of the sale, your agent will prepare a contract.

7. Prepare to close.

Once you accept an offer to sell your house, you will need to make a list of all the things you and your buyer must do before closing. The property may need to be formally appraised, surveyed, inspected or repaired. Your real estate agent can spearhead the effort and serve as your advocate when dealing with the buyer’s agent and service providers. Depending on the written contract, you may pay for all, some or none of these items. If each procedure returns acceptable results as defined by the contract, then the sale may continue. If there are problems with the home, the terms set forth in the contract will dictate your next step. You or the buyer may decide to walk away, open a new round of negotiations or proceed to closing.

Important reminder: A few days before the closing, you will want to contact the entity that is closing the transaction and make sure the necessary documents will be ready to sign on the appropriate date. Also, begin to make arrangements for your upcoming move if you have not done so.

8. Close the deal.

“Closing” refers to the meeting where ownership of the property is legally transferred to the buyer. Your agent will be present during the closing to guide you through the process and make sure everything goes as planned. By being present during the closing, he or she can mediate any last-minute issues that may arise. In some states, an attorney is required and you may wish to have one present.

After the closing, you should make a “to do” list for turning the property over to the new owners. Here is a checklist to get you started.

Cancel electricity, gas, lawn care, cable and other routine services.
If the new owner is retaining any of the services, change the name on the account.
Gather owner’s manuals and warranties for all conveying appliances.

Thursday, July 10, 2008

7 Steps to Buying a Home




Seven steps to buying your home

1. Define your needs.

Congratulations on your decision to purchase a new home! It is important to select a professional real estate agent to work with you before you begin house hunting, so that your agent can help you define what kind of home and neighborhood would best suit your desires and needs. The finer the details on your wish list, the more effective your home search will be. To further define your needs, you may want to divide your lists into negotiable and non-negotiable items, so your agent can operate with some flexibility when scouting for homes on your behalf.



2. Get preapproved.

Now that you know what you want in a home and neighborhood, you need to find out what you can afford. The best way to do this is to get prequalification or preapproval for a home loan. Your real estate agent can refer you to a mortgage broker to begin the process. In most markets, preapproved buyers are preferred by sellers over those who are prequalified. Your preapproved status lets the seller know:

You have gone through an extensive financial background check.
A lender is willing to do business with you.
The likelihood of unexpected obstacles regarding financing is minimal.
3. Let the house hunting begin!

Now you are ready to embark on your home search — an endeavor that can prove overwhelming if not approached with some forethought. The most efficient route is to allow your real estate agent to do the initial scouting for you. Using your wish list as a guide, he or she will alert you of new and existing listings that have strong potential. If these listings pique your interest, your agent will arrange home tours at your convenience. Many agents send alerts via email — sometimes as often as daily, depending on the available inventory in your market. Let your agent know how you’d like to receive these alerts, whether by phone, email or fax.



You also can do some research on your own. Read local real estate publications, contact your local neighborhood associations, visit the local chamber of commerce, surf the Internet, or drive around your favorite neighborhoods. While these methods certainly can lead to your dream home, it’s important to note that 82 percent of home sales are the result of agent connections.* That means it’s more likely your agent will find your dream home through being in the real estate business than you driving around on the weekends.



* National Association of REALTORS®



4. Make an offer.

When you’re ready to make an offer on a home, your real estate agent will help you determine the offer price by reviewing recent sales of homes similar in size, quality and amenities. With your input, your agent will draft a written contract that outlines what needs to be done by both parties to execute the transaction. If the seller accepts the offer, the document becomes a binding agreement, so it is imperative that you carefully review it with your agent and speak up if anything is not clear to you. It’s important to note that if the seller changes any aspect of the offer, it is not a binding agreement until the buyer agrees to the seller’s changes.



5. Strike a deal.

Sometimes, you get lucky and the seller accepts your offer as is. However, in most instances, the seller will make a counteroffer. This is where your real estate agent’s experience in negotiations will be invaluable. Keep in mind almost everything is negotiable when you are buying a house. This can give you a great deal of leverage in the buying process — that is, if you have adequate information and you use it in an appropriate manner.



Some items you may negotiate:

Price
Financing
Closing costs
Move-in date
Repairs
Appliances and fixtures
Landscaping
Painting
Remain in close contact with your real estate agent so you can quickly review any changes from the seller. Remember: Bargaining is not a winner-take-all deal. It is a business process that involves compromise and mutual respect.



6. Prepare for the closing.

When an offer becomes a binding agreement, your real estate agent will help you tackle the checklist of action items that you, as the buyer, have agreed to perform prior to closing. Depending on how the responsibilities are divvied up in the agreement, this is typically when you will:

Conduct a home inspection.
Get an appraisal and finalize your financing.
Secure title insurance.
Shop for a home warranty.
Having these procedures done in a timely and professional manner is a must, as any delays could threaten a successful closing. A first-rate real estate agent should be able to serve as your “one-stop shopping” referral source for service providers. Your agent also should serve as your advocate, helping to coordinate activities and making sure the vendors have access to the property to perform their jobs.



7. Close the deal.

Congratulations! The moment you’ve been anticipating has arrived. The closing is where home ownership is legally transferred from the seller to the buyer. It is a formal meeting that most parties involved in the transaction will attend. Closing procedures usually are held at the title company’s or lawyer’s office. The closing officer will coordinate all the document signing and the collection and disbursement of funds.



In advance of your closing date (24 hours at minimum), your lender will send a final closing statement that outlines your closing costs, if applicable. Your real estate agent will review this document with you to ensure its accuracy, as well as help you gather any necessary documentation that you’ll need to bring to closing.

Are you feeling a shift? Take control of your real estate career!




Are you going to make it happen
or wait for it NOT to happen?


One of the many great things about Keller Williams is our phenomenal continuing education. I've included a link below to our monthly training calendar. Don't miss our training events for new agents and experienced agents.

Education Calendar

You are welcome to attend any of the courses you see for FREE of charge. All companies welcome! Go ahead, try it!

For the latest market stats or to hear more about agent opportunities, visit: www.rockwallrealestatecareers.com .

Amber Boyd
Team Leader
Office: (972) 772.7000
Email: amberboyd@kw.com


TO LEARN ABOUT A CAREER WORTH HAVING, VISIT http://www.rockwallrealestatecareers.com .

Wednesday, June 25, 2008

Texas leads nation in FHA-backed home loans


10:49 PM CDT on Thursday, June 19, 2008
By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com
Texas continues to lead the country in the volume of home loans insured by the Federal Housing Administration.
And Fort Worth and Dallas still have some of the highest volumes in the country, FHA Commissioner Brian Montgomery said Thursday while visiting Dallas.
"Dallas is the No. 3 county for FHA volume in the entire country," he said.
"Tarrant County is the No. 1 county for the whole country for FHA."
With the shakeout in the mortgage industry, federally backed FHA loans have dramatically increased in volume.
These mortgages provide consumers with long-term, fixed-rate financing insured by the government.
FHA market share has jumped from about 3 percent in 2005 to about 12 percent.
"Our volume in Texas for the first quarter of calendar year 2008 was up almost 90 percent from the previous one," Mr. Montgomery said.
"This is the state with the largest FHA volume, which we thought was a pretty amazing statistic."
He was in Dallas to tour Bank of America's regional government lending center.
Since 2005, Bank of America has increased its FHA and Department of Veterans Affairs loan business from around $800 million annually to an anticipated $5 billion this year.
Fundings from the Dallas office – which employs about 150 – were up 35 percent in May compared with the same month last year, according to Bank of America.
Bank of America is the fourth-largest producer of FHA-backed loans in the country, according to bank officials.

"I certainly see that the FHA market is going to be strong for 18 to 24 months," said Allen Jones, who heads the bank's government lending program.
"We will look to continue to grow our FHA capacity."
Bank of America early this year converted a wholesale loan operation it had in downtown Dallas into the FHA-VA loan-processing center.
Dallas was chosen because the bank identified Texas as a key market for FHA-VA lending, Mr. Jones said
He said the FHA will continue to be a major player in the U.S. loan market until credit conditions stabilize.
"At a point in time those who are sitting on the sidelines today will gain comfort and come back into the market," Mr. Jones said.
The overall U.S. housing market still has a long recovery period ahead, Mr. Montgomery said.
"I don't see it getting dramatically worse, but I still think it's 2009 or maybe 2010 before you see it mostly stable," he said. "In Texas and parts of the South, you are seeing things start to get a little better."
As much as 45 percent of the loans the FHA insures are people refinancing from mortgages – including subprime loans with rising interest rates, causing the payments to increase.

"FHA has been there for them and softening the crash," Mr. Montgomery said. "Unfortunately, we are not going to be able to save everyone.
"A lot of these loans should have never been made in the first place."
The FHA currently insures almost 5 million U.S. home loans.
Since September 2007, the FHA has provided more than $76.1 billion in mortgages.
The number of FHA-based refinancing loans is up threefold from the same time last year, he said.
"We've had 230,000 new FHA refi customers since last October," Mr. Montgomery said.
"The vast majority of those were subprime."

Tuesday, June 17, 2008

How to Keep Your Focus Despite Summer Attractions/Disctractions...

One of the greatest things about being in Sales, and especially Real Estate Sales, is the flexibility of your schedule. For many, this is one of the most appealing factors in their decision to go into this industry. With that comes a certain responsibility to both your company and yourself. And as we arrive at the start of summer already (where did the time go!), a definite amount of self-discipline needs to be put forth in order to keep focused on being the best performer you know you can be. Summer can be riddled with distractions and temptations. With a few short tips, you can keep your eye on the ball and have fun, too!
Everyone knows that they need to stay focuses and remain hungry for success, even in the summer. But knowing and doing tend to be two different things for many people. In fact they can be polar opposites. So even though you may know this, just think of it as a little refresher to keep you on track and strengthen your resolve.
For most of us, summer presents limitless opportunities for outdoor activities. Everything from picnics, running, golf, swimming, walking, relaxing or just worshipping the sun…and so many more. These are wonderful ways to spend our time and enjoy ourselves, but it has to be kept in mind that there is a time and place for all of this fun, and we need to be very smart about it.
Self-Discipline. Self-Control. Focus. These are the things that will separate you from your competition this summer. Those who don’t have the same commitment as you will wind up late in August complaining about how slow the summer was. If you do what you’re supposed to, you won’t be partaking in that conversation.
When it’s time to play, play and have a great time. Do what you love to do. Have fun. Have adventures. Relax. Whatever it is, do it and enjoy it fully. When it’s time to work, get to it and get results. Don’t just go through the motion, like showing up where you’re supposed to be, but wishing you were somewhere else. That type of approach is not only transparent to other people but it’s cheating yourself and your clients. Winners are those who do what they’re supposed to do, and more, with an attitude of expectation and purpose. They engage those around them and success is never far away.
This awareness of your mental focus and mindset is very powerful and the timing couldn’t be better right now. This realization is key to being at the top of your game this summer. In addition, here are 5 things you can do to give yourself and edge this summer (as the competition starts “happy hour” earlier and earlier each week):
Revisit and Keep Fresh in your mind the Goals you set for yourself at the start of the year.
-Many people start off the New Year like gang busters, being attentive to their goals, but after a few months that excitement and attention can fade. Get back to them and re-commit.
Keep visual “Focus” reminders nearby and in plain view.
-Whether it’s post-it notes on the side of your computer monitor with motivational reminder or it’s pictures of that Porsche SUV as the background of your cell phone, find visual reminders that say to you, “This is what we’re fighting for.
Daily Practice
-Start off your day with a plan before you even set foot out the door. This will develop consistency and train your mind to set goals each day that build on one another.
Exercise
-Yes we had to sneak this one in there! You already know it increases your energy and makes you feel better…along with a multitude of other benefits. It also builds a habit of doing and that translates into other areas of your life. It lets you mind know that laziness of any kind will not be accepted.
Commit
-Set out to have a terrific summer with lots of fun and realize how much more enjoyable it will be with tremendous Sales numbers to back it up.
Remember, the summer should be fun and one of the most exciting times of the year. But if it’s all fun and no productivity, there will come a time when you regret the summer and you’ll be playing catch-up in the Fall. It doesn’t have to be that way. Having a plan to succeed in the summer is a powerful idea for successful people, and one that will surely benefit you and your company. Stay Confident, stay Motivated, stay Focused and have a memorable summer full of Great Times and Abundant Sales!!!
*Source: Mind Body & Sales for the Real Estate Professional 6.08

Tuesday, June 10, 2008

FHA Updates...

“Did you know that FHA financing is quickly becoming one of the most utilized mortgage product in the marketplace today? In fact, the FHA Commissioner’s office recently announced that they project FHA loan originations to increase by 168% in 2008. This is due to a number of factors:
1) FHA loan limits have been raised to $271k in our area
2) FHA still allows a low 3% total investment by the buyer
3) FHA still allows for approved down payment assistance programs such as Genesis and Nehemiah Gifts
4) FHA’s credit requirements are much softer than fanniemae conventional at this point and
5) FHA offers some of the best rates/terms in the marketplace today.

To learn more about how FHA can bolster your business, come by my office to discuss!”
tricia




Thursday, June 5, 2008

How Can a Real Estate Agent Help Me?



Whether you’re in the market for a primary residence, an investment property or a second home, purchasing real estate involves many important considerations and decisions. A real estate agent can provide the focus, due diligence and expertise needed to help you find the home of your dreams.



A real estate professional will:


Assist in determining how much house you can afford and help you get prequalified or preapproved for a loan.
Simplify your search by helping you define home and neighborhood criteria.
Screen new listings daily and alert you of homes that match your criteria.
Keep you abreast of local market conditions, so you can make informed decisions.
Gather in-depth detail on each home, schedule tours and point out the advantages and possible drawbacks of each property.
Work with you in drafting an appropriate offer and serve as your representative when presenting it to the seller.
Negotiate a contract that considers your goals and leads to a successful closing.
Personally refer you to proven service providers, such as inspectors, appraisers, title companies, warranty providers, insurance agencies, attorneys, carpenters, movers and more.



IMPORTANT TO NOTE: Real estate professionals can represent the buyer, the seller or both. When agents represent both parties, it is called dual agency. In some states, dual agency affects the real estate professional’s fiduciary responsibilities to the seller. Keep in mind that real estate laws differ from state to state and even from locale to locale. For more in-depth answers, talk with a knowledgeable real estate professional and ask about local practices.

Tuesday, May 27, 2008

Show Me The Money - Keller Williams Realty Power Hour

Keller Williams Realty's Power Hour: Ready...Set...Dial!





READY....SET....DIAL!

MAPS Institute is bringing you a new productivity boosting challenge, Power Hour!


The idea is simple. Each morning between 9 a.m. and 10 a.m., every member of the Keller Williams Realty family starts the day with an hour of focused lead generation. The results are simple too: you close more deals and make more money.

Watch the daily warm-ups hosted by VP of MAPS Institute Dianna Kokoszka in your market center every morning to gear up for Power Hour. These videos include new scripts, new prospecting ideas and new tools to get you into action.

Does that mean you should cut short your three hours of prospecting? No way!
It just means that for one of those three hours, you’ll be smiling and dialing along with Keller Williams leadership and associates across the United States and Canada.
Click on the player belowto learn all about what Power Hour is from with Dianna Kokoszka.

**Must Create a KWU Guest Account To Access Videos**


Every morning, Power Hour kicks-off at 8:45 a.m. with a Power Up with MAPS KWConnect video from Vice President of MAPS Dianna Kokoszka. These daily videos get you in gear for Power Hour and include new scripts, new prospecting ideas and new tools to get you into action.

Why Run YOUR Real Estate Business At Keller Williams Realty?

Monday, May 19, 2008

Our Pam got engaged!!!

Congratulations to our very own MCA, Pam for getting engaged last Thursday night. We are very happy for Pam and Mark. Make sure you stop by her office and tell her congrats! Here are a few photo's from their special night:

Keller Williams to launch a Commercial Division!

Keller Williams is on a mission to launch a new commercial division. The new division will provide associates with the technology, marketing tools, resources and expertise needed to succedd in the commercial real estate industry. Read more about this venture in the new issue of OUTFRONT magazine. Here is a small portion of the article:


NEW Mega Agent from Coldwell Banker Joins KW!!

I read an article about another Mega Agent Joining Keller Williams and I thought you might like to read it. It's a little blurry but you can find the whole article in the OUTFRONT KW magazine.




Tuesday, May 13, 2008

The Rockwall Real Estate Market...

We hear a lot of "doom and gloom" in the media about the housing market. I would like to share an article with you that was published by Forbes magazine. I think you will find it very interesting.

Daily Real Estate News May 2, 2008
Markets That Are Doing Just Fine, Thanks

Some cities aren’t feeling the pain of falling home prices or rising unemployment. Despite the national slowdown, they're doing just fine.

To identify the economically healthiest cities, Forbes magazine examined key measures in the country’s 50 largest metros. The magazine studied unemployment and job-growth data from the Bureau of Labor Statistics, home price data from the NATIONAL ASSOCIATION REALTORS®, and information on gross metropolitan product growth provided by the U.S. Conference of Mayors.

Here are the 10 cities that Forbes sees as practically recession-proof, along with the percentage of growth for median-priced homes in the past year.

Oklahoma City, Okla. Median home price: +8.2 percent
San Antonio, Texas +7.9 percent
Austin, Texas +6.4 percent
San Jose, Calif. +11.2 percent
Raleigh, N.C. +4 percent
Salt Lake City +2.5 percent
Houston +1.1 percent
Seattle +1.2 percent
Charlotte, N.C. +3.3 percent
Dallas-Fort Worth +.5 percent

Source: Forbes, Matt Woolsey (04/29/2008)


To see all the recent local market stats in your area, call us at 972.772.7000 or visit my website for a full list of up to date market stats at www.RockwallRealEstateCareers.com.

Thursday, May 1, 2008

Intoducing the MREA book club and Networking Group!



We have had a phenomenal response of RSVP's. It's not too late to be a part of the book club and networking group!


Please join us for a weekly bookclub and Networking Group!
Based upon the models and systems in the National Best Seller
"The Millionaire Real Estate Agent"

LEARN TO THINK LIKE A MILLIONAIRE!
ADOPT THE MINDSET OF A MILLIONAIRE REAL ESTATE AGENT!
PUT MASSIVE LEAD GENERATION AT YOUR FINGERTIPS!
LEARN THE 7 LEVELS OF REAL ESTATE WEALTH!
LEARN TO LEVERAGE PEOPLE AND TEAM BUILD!
AND MUCH MORE....
Drinks and Or'dorves will be served.

Time: Monday's 6:00pm-8:00pm
Place: 144 Old Vineyard Lane, Heath, TX 75032 (Cobblestone Farms Subdivision)



"Whether you are just getting started or are a veteran in the business, this is the step-by-step handbook for seeking excellence in your profession and in your life" ~ Mark Hansen, co-creator "Chicken Soup for the Soul", co author "The One Minute Millionaire"

We will be meeting weekly beginning Monday, April 21st from 6:00-8:00 p.m. for 14 weeks, to discuss and mastermind taking all of our businesses to the next level.

Contact me for your FREE personal copy of "The Millionaire Real Estate Agent" and to sign up for the book club, amberboyd@kw.com or call me at 972.772.7055.

Feel free to invite a friend or spouse to join you in this journey. This is NOT a recruiting event but rather a chance to mastermind with other agents and build businesses.

Spouses are welcome. Can you make it?

I am looking forward to "growing" with you.
Yours in Growth,

Amber