Provided By Realty Times
Deciding whether or not to sell your house can be a trying time. Many questions pervade your mind. "Is now the best time to make a move?" "Will I make money from this sale?" Will a move disrupt my family's routine?" There are numerous factors that come into play when making this decision. Let's look at just a few to consider.
First and foremost, can you afford to make a move? In many areas of the country, home values fell dramatically during the recession. Homeowners across the nation now find themselves owing more than their home is worth. If you find yourself in this predicament, it is probably not the best time for you to move. If you are able to afford your payments and have no fear of defaulting, then it will be best to stick it out for a while longer, waiting for your home to regain some of its lost value.
Along those same lines is the topic of job stability. Do you have money saved for downpayments and closing costs, as well as an 8 month emergency fund should you get laid off?
Next, consider the impact the move will have on your family. Do you have children? Moving during the middle of a semester can be difficult for children. Will you be able to move and stay in the same school district? If not, they will be coming into a new school in the middle of activities, after bonds and friendships have been established. Timing is everything when it comes to moving with children.
Additionally, research has shown that having strong social relationships can lengthen your lifespan. Consider this strongly before you move away from family and friends. Or consider it as motivation for moving closer if you live far away!
What if you need to move for your health. Warmer climates, less humidity, and even a change of settings can be a boost to some people's health. Some seniors find cold winters too hard on their older bodies. A move for health is always a good decision, since without our health we have nothing.
The bottom line is this. Moving means changing routines, hobbies, and even friends. Be sure to evaluate your decision carefully, weighing all of your options, before jumping into a life changing decision.
Do you have questions about selling your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Friday, December 31, 2010
Wednesday, December 29, 2010
Where does Rockwall rank?
Provided By Michelle Little of Republic Title
Source Dallas Morning News
Below is a graph from the Dallas Morning News – Rockwall’s Median Household income ranks #2 out of the 12 DFW Metroplex counties. Great news!!
Are you ready to purchase your first home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Source Dallas Morning News
Below is a graph from the Dallas Morning News – Rockwall’s Median Household income ranks #2 out of the 12 DFW Metroplex counties. Great news!!
Monday, December 27, 2010
Texas housing market took some hits but is still standing
Provided By Michelle Little of Republic Title
Source Dallas Morning News
By now you've heard about the huge debt problems in Ireland, the protests in London over government cutbacks and the growing financial crisis in Spain.
You can't help but hear about it – on television and every news website. And of course there's the home foreclosure crisis in Florida, cascading unemployment in Michigan. And California is basically broke.
What does all that have to do with Texas? If not for the dire national and international news, we'd be feeling a lot better about our economy and real estate market. Texas is in comparatively good shape when it comes to housing, commercial real estate and unemployment.
But it's hard to feel good about that with all that's going on in the rest of the world.
That's a shame. During the Oil Patch meltdown of the late 1980s, our neighbors to the north and in booming West Coast markets didn't seem to give a whit about our woes here in Texas.
Of course, the downturn is more universal this go-round, and the declines are steeper. But still, the Texas real estate market deserves props for getting through two years of a nuclear economic winter and only catching a cold.
Don't take my word for it. Just this week the Brookings Institution put out its regular economic assessment of major U.S. metro areas, and Texas and Dallas-Fort Worth were near the top of all the lists. D-FW, and most of the other big Texas markets, were included in the top U.S. housing markets during the third quarter, according to the Brookings report. North Texas is among the areas that have seen the smallest home price declines since the nation's housing market fell with a thud.
North Texas also got high marks for being one of the areas with the highest economic output and stronger employment markets.
And D-FW was singled out by Brookings as one of the top overall 20 markets in the country.
The only area where North Texas doesn't outperform the rest of the country is in number of foreclosed homes. And there we are close to the middle of the pack.
Brookings estimates that about four out of every 1,000 D-FW homes with a mortgage is now in lender hands. The average among major U.S. metro areas is closer to six out of 1,000.
So again, things here aren't so bad compared with the rest of the country.
It's just that it isn't easy to get past all the noise about the international financial mess and problems in places like California and Arizona.
And Americans in general – the real estate industry found in a recent survey – are more pessimistic than in previous economic periods.
The weight of all the bad buzz on our real estate market won't be lifted right away.
If you have questions about the DFW real estate market, give us a call at 972-772-7000 or email us at rockwall@kw.com.
But when the chatter about U.S. economic trends improves, don't be surprised if attitudes about Texas' property market turn on a dime. Again, the hole we have to climb out of isn't very deep.
Source Dallas Morning News
By now you've heard about the huge debt problems in Ireland, the protests in London over government cutbacks and the growing financial crisis in Spain.
You can't help but hear about it – on television and every news website. And of course there's the home foreclosure crisis in Florida, cascading unemployment in Michigan. And California is basically broke.
What does all that have to do with Texas? If not for the dire national and international news, we'd be feeling a lot better about our economy and real estate market. Texas is in comparatively good shape when it comes to housing, commercial real estate and unemployment.
But it's hard to feel good about that with all that's going on in the rest of the world.
That's a shame. During the Oil Patch meltdown of the late 1980s, our neighbors to the north and in booming West Coast markets didn't seem to give a whit about our woes here in Texas.
Of course, the downturn is more universal this go-round, and the declines are steeper. But still, the Texas real estate market deserves props for getting through two years of a nuclear economic winter and only catching a cold.
Don't take my word for it. Just this week the Brookings Institution put out its regular economic assessment of major U.S. metro areas, and Texas and Dallas-Fort Worth were near the top of all the lists. D-FW, and most of the other big Texas markets, were included in the top U.S. housing markets during the third quarter, according to the Brookings report. North Texas is among the areas that have seen the smallest home price declines since the nation's housing market fell with a thud.
North Texas also got high marks for being one of the areas with the highest economic output and stronger employment markets.
And D-FW was singled out by Brookings as one of the top overall 20 markets in the country.
The only area where North Texas doesn't outperform the rest of the country is in number of foreclosed homes. And there we are close to the middle of the pack.
Brookings estimates that about four out of every 1,000 D-FW homes with a mortgage is now in lender hands. The average among major U.S. metro areas is closer to six out of 1,000.
So again, things here aren't so bad compared with the rest of the country.
It's just that it isn't easy to get past all the noise about the international financial mess and problems in places like California and Arizona.
And Americans in general – the real estate industry found in a recent survey – are more pessimistic than in previous economic periods.
The weight of all the bad buzz on our real estate market won't be lifted right away.
If you have questions about the DFW real estate market, give us a call at 972-772-7000 or email us at rockwall@kw.com.
But when the chatter about U.S. economic trends improves, don't be surprised if attitudes about Texas' property market turn on a dime. Again, the hole we have to climb out of isn't very deep.
Friday, December 24, 2010
Pros and Cons of Condo Living
Provided By Realty Times
As purse strings tighten across the nation, and aging boomers enter retirement, many homeowners are making the decision to downsize. One popular choice among consumers is condominiums.
Here are some pros and cons of condo living to consider before you make a move.
Pro
1. Affordability: Are you looking to buy in a specific neighborhood? A condo allows many buyers to live in a desired location, even if they can't afford a single family home.
2. Amenities: Many condominiums come with access to such things as fitness centers, pools, and club houses.
3. Low Maintenance: While you are still responsible for the inside upkeep, outdoor and community features such as the roof, foundation, sidewalks, pool, and yard are covered by the association. This means no mowing the yard in 100 degree heat!
4. Reserve Fund: The condo association collects funds and keeps them in reserve for larger repairs and upgrades needed down the road. If your association keeps accurate surveys and books, this means there should be no surprise expenses.
5. Safety: Many condos offer gated parking, security guards, and even doormen.
Con
1. No Storage: You may find the rare condo that offers access to storage lockers, but condo living generally means no storage. If you have items that will need stored, be sure to include a storage facility rental fee into your budget.
2. Lack of Privacy: You will most likely have neighbors upstairs or down, or at the very least right next door. Some people love the sense of community this creates, though!
3. Monthly Association Fees: Nearly all condo units require you pay a monthly fee that pays for upkeep around the community. This means even if you own your condo free and clear, you are still responsible for monthly fees.
4. Rules: Who likes to follow the rules?! But kidding aside, many condos have strict rules about guests, noise, decor, and even subletting.
5. No yard: While some homeowners love the idea of no yardwork, others enjoy planting and growing. Most condos have very little outside space, apart from small patios.
Be sure to take these elements into consideration when deciding whether a condo is the home choice for you.
Do you have questions about renting vs buying? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
As purse strings tighten across the nation, and aging boomers enter retirement, many homeowners are making the decision to downsize. One popular choice among consumers is condominiums.
Here are some pros and cons of condo living to consider before you make a move.
Pro
1. Affordability: Are you looking to buy in a specific neighborhood? A condo allows many buyers to live in a desired location, even if they can't afford a single family home.
2. Amenities: Many condominiums come with access to such things as fitness centers, pools, and club houses.
3. Low Maintenance: While you are still responsible for the inside upkeep, outdoor and community features such as the roof, foundation, sidewalks, pool, and yard are covered by the association. This means no mowing the yard in 100 degree heat!
4. Reserve Fund: The condo association collects funds and keeps them in reserve for larger repairs and upgrades needed down the road. If your association keeps accurate surveys and books, this means there should be no surprise expenses.
5. Safety: Many condos offer gated parking, security guards, and even doormen.
Con
1. No Storage: You may find the rare condo that offers access to storage lockers, but condo living generally means no storage. If you have items that will need stored, be sure to include a storage facility rental fee into your budget.
2. Lack of Privacy: You will most likely have neighbors upstairs or down, or at the very least right next door. Some people love the sense of community this creates, though!
3. Monthly Association Fees: Nearly all condo units require you pay a monthly fee that pays for upkeep around the community. This means even if you own your condo free and clear, you are still responsible for monthly fees.
4. Rules: Who likes to follow the rules?! But kidding aside, many condos have strict rules about guests, noise, decor, and even subletting.
5. No yard: While some homeowners love the idea of no yardwork, others enjoy planting and growing. Most condos have very little outside space, apart from small patios.
Be sure to take these elements into consideration when deciding whether a condo is the home choice for you.
Do you have questions about renting vs buying? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, December 22, 2010
CURB APPEAL IS KING, NAR STUDY FINDS
Provided By RECON
Nine of the top ten most cost-effective projects in terms of value recouped are exterior replacement projects, according to the National Association of Realtors 2010–11 Remodeling Cost vs. Value Report.
Among the report's findings:
The steel entry door replacement is the project that returned the most money, with an estimated 102.1 percent of cost recouped when the home is sold.
The midrange garage door replacement is expected to recoup 83.9 percent of costs.
Upscale fiber-cement siding replacement was deemed the most cost-effective among siding projects, recouping 80 percent of costs.
Upscale vinyl window replacements were expected to recoup the most among window replacement projects, at 72.6 percent.
Wood decks tied with a minor kitchen remodel for the fourth most profitable project, recouping an estimated 72.8 percent of costs.
Meanwhile, here's what the study found inside the house:
An attic bedroom addition costs more than $51,000 and recoups an estimated 72.2 percent.
A basement remodel costs more than $64,000 and recoups an estimated 70 percent.
Improvement projects that are expected to return the least are a midrange home office remodel, recouping an estimated 45.8 percent; a backup power generator, recouping 48.5 percent; and a sunroom addition, recouping 48.6 percent of costs.
In addition, the study found that Texas was among the regions that were consistently estimated to return a higher percentage of remodeling costs when a home is sold.
Are you ready to sell your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Nine of the top ten most cost-effective projects in terms of value recouped are exterior replacement projects, according to the National Association of Realtors 2010–11 Remodeling Cost vs. Value Report.
Among the report's findings:
The steel entry door replacement is the project that returned the most money, with an estimated 102.1 percent of cost recouped when the home is sold.
The midrange garage door replacement is expected to recoup 83.9 percent of costs.
Upscale fiber-cement siding replacement was deemed the most cost-effective among siding projects, recouping 80 percent of costs.
Upscale vinyl window replacements were expected to recoup the most among window replacement projects, at 72.6 percent.
Wood decks tied with a minor kitchen remodel for the fourth most profitable project, recouping an estimated 72.8 percent of costs.
Meanwhile, here's what the study found inside the house:
An attic bedroom addition costs more than $51,000 and recoups an estimated 72.2 percent.
A basement remodel costs more than $64,000 and recoups an estimated 70 percent.
Improvement projects that are expected to return the least are a midrange home office remodel, recouping an estimated 45.8 percent; a backup power generator, recouping 48.5 percent; and a sunroom addition, recouping 48.6 percent of costs.
In addition, the study found that Texas was among the regions that were consistently estimated to return a higher percentage of remodeling costs when a home is sold.
Are you ready to sell your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Monday, December 20, 2010
DFW January foreclosures fall 6%
Provided By Dallas Business Journal
The number of foreclosed Dallas-Fort Worth area homes up for auction in January is 6 percent lower than last year, according to Addison-based Foreclosure Listing Service.
In D-FW, 5,543 homes landed in the January 2011 foreclosure auction pool, down from 5,894 a year earlier.
While Foreclosure Listing Service recorded seven months of falling foreclosure postings in the past 9 months, the company's CEO George Roddy Sr. said the area is not out of the woods yet.
"D-FW residential foreclosure posting activity for January remained on the extreme high end in this foreclosure cycle," said Roddy in a statement. "Until a significant amount of workers begin to be re-employed, there is simply no reason for foreclosure postings to decline. Even re-employment in today's market does not assure that a family's bills will be paid because many workers are being hired at wages far lower than at their previous job."
Would you like to know about your foreclosure options, give us a call at 972-772-7000 or email us at rockwall@kw.com.
The number of foreclosed Dallas-Fort Worth area homes up for auction in January is 6 percent lower than last year, according to Addison-based Foreclosure Listing Service.
In D-FW, 5,543 homes landed in the January 2011 foreclosure auction pool, down from 5,894 a year earlier.
While Foreclosure Listing Service recorded seven months of falling foreclosure postings in the past 9 months, the company's CEO George Roddy Sr. said the area is not out of the woods yet.
"D-FW residential foreclosure posting activity for January remained on the extreme high end in this foreclosure cycle," said Roddy in a statement. "Until a significant amount of workers begin to be re-employed, there is simply no reason for foreclosure postings to decline. Even re-employment in today's market does not assure that a family's bills will be paid because many workers are being hired at wages far lower than at their previous job."
Would you like to know about your foreclosure options, give us a call at 972-772-7000 or email us at rockwall@kw.com.
Friday, December 17, 2010
10 Reasons to Buy
Provided By Realty Times
Owning a home has been a part of the American Dream for decades. If you are still unsure, however, whether or not homeownership is the move for you, be sure to read these ten reasons to buy.
1. Low Interest Rates. It's true! Interest rates are currently at historical lows. This means over the course of your loan, you'll pay less interest. And it also means monthly payments will be a smaller, more manageable amount.
2. Mortgage Interest Deduction: While this deduction may not be available for much longer, for now you can still use this great tax advantage!
3. Stability: Studies have shown that homeownership not only increases community involvement, it also leads to safer neighborhoods, and higher graduation rates.
4. Affordability: Coupled with the low interest rates, affordability is the highest it's been in years. Prices fell in many areas and median incomes rose -- meaning you can get more bang for your buck.
5. Paying Towards Ownership. Instead of paying a landlord, you are making an investment in your future. Every month your payment goes towards something you'll eventually own and that will have worth and value. Renting only makes the landlord richer!
6. Appreciation: Average appreciation rates vary widely depending on the condition of the local market and demand, but anywhere from 4 to 6 percent annually is considered average. This means the longer you stay in your home, the more your home will be worth.
7. Home equity: This building of worth over time (see number 6) means that if you need to make improvements to your home, you will be able to tap into its equity to finance repairs and additions.
8. Gardening: Many households are embracing the organic movement, and families have begun again to raise their own food. Even the White House has its own victory garden. Owning your own home (in most cases) means you will have your own land to cultivate.
9. Roots: Young and old alike seek out places where they belong. Owning a property, and taking your first steps towards putting down roots, can mean the difference between a house and a home.
10. Monthly Payments: Once your home is paid off -- you won't have monthly payments anymore. Apart from insurance, property taxes, and repairs, monthly expenses are minimal. In today's market, many buyers are finding, as well, that their monthly house payments are less than what they'd pay in rent!
Are you in the market to purchase a home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Owning a home has been a part of the American Dream for decades. If you are still unsure, however, whether or not homeownership is the move for you, be sure to read these ten reasons to buy.
1. Low Interest Rates. It's true! Interest rates are currently at historical lows. This means over the course of your loan, you'll pay less interest. And it also means monthly payments will be a smaller, more manageable amount.
2. Mortgage Interest Deduction: While this deduction may not be available for much longer, for now you can still use this great tax advantage!
3. Stability: Studies have shown that homeownership not only increases community involvement, it also leads to safer neighborhoods, and higher graduation rates.
4. Affordability: Coupled with the low interest rates, affordability is the highest it's been in years. Prices fell in many areas and median incomes rose -- meaning you can get more bang for your buck.
5. Paying Towards Ownership. Instead of paying a landlord, you are making an investment in your future. Every month your payment goes towards something you'll eventually own and that will have worth and value. Renting only makes the landlord richer!
6. Appreciation: Average appreciation rates vary widely depending on the condition of the local market and demand, but anywhere from 4 to 6 percent annually is considered average. This means the longer you stay in your home, the more your home will be worth.
7. Home equity: This building of worth over time (see number 6) means that if you need to make improvements to your home, you will be able to tap into its equity to finance repairs and additions.
8. Gardening: Many households are embracing the organic movement, and families have begun again to raise their own food. Even the White House has its own victory garden. Owning your own home (in most cases) means you will have your own land to cultivate.
9. Roots: Young and old alike seek out places where they belong. Owning a property, and taking your first steps towards putting down roots, can mean the difference between a house and a home.
10. Monthly Payments: Once your home is paid off -- you won't have monthly payments anymore. Apart from insurance, property taxes, and repairs, monthly expenses are minimal. In today's market, many buyers are finding, as well, that their monthly house payments are less than what they'd pay in rent!
Are you in the market to purchase a home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, December 15, 2010
Does Brand Matter?
Provided By YouTube
When buying or selling a home you need an agent who is educated in the real estate market and understands the business. Call the experts at 972-772-7000 or email us at rockwall@kw.com.
When buying or selling a home you need an agent who is educated in the real estate market and understands the business. Call the experts at 972-772-7000 or email us at rockwall@kw.com.
Monday, December 13, 2010
Going Pro in an HOA
Provided By Realty Times
When it comes to self managing, a few homeowner associations do fairly well, some do okay and many stumble, trip and fall. For a variety of practical reasons, all should have professional management in one form or another. Let's explore those practical reasons.
No Free Lunch. The concept of "carefree living" promises that "someone else" will take care of business. Remember, the Board was elected only to supervise but if they don't hire a manager, that "someone" is "the Board". Why would a few volunteers work for free to benefit the many? Unless your name is Mother Teresa, this calling is not very appealing to most.
Bill Collector Hell. Strong arming delinquent neighbors for money is low on most folks' To Do List. Yet, to keep HOA bills paid, it needs to be done. There are actually people that do this disagreeable task for a living. (Maybe you know a few if you've fallen behind on your bills.) They are pretty good at it and don't charge all that much.
Rule Enforcement Jeopardy. Enforcing the rules can be a physically threatening undertaking. Just try towing a red neck neighbor's junk truck. Do you really need this kind of grief just for trying to keep the area neat and tidy?
24/7 Job. HOA business can be a 24/7 affair. It's a fact of life: Bad news always happens in the middle of the night during a rain/snow storm or a wild party. Have you ever dreamed of a quiet night at home or a vacation? If you self manage, forget it! Who's going to mind the store while you recreate? Believe it or not, management companies offer 24/7 emergency response. Sounding better already, eh?
HOA managers offer a variety of services like bookkeeping, maintenance supervision, rules enforcement, delinquency collection, project bidding, information distribution and emergency response. There are numerous smaller but no less important functions. Full service management contracts include "routine" services for a flat monthly fee. Routine services are those that generally happen monthly as opposed to, for example, handling an extensive insurance claim. Special services often carry an additional charge. Many HOA managers offer "a la carte" services so you can limit the level of service and the cost. This usually applies to small HOAs that want bookkeeping services only. The advantage of a la carte management is that should another issue crop up, you already have an established relationship with a manager that has an understanding of the homeowner association.
Now that a convincing argument for professional management has been laid out, where can such relief be found? HOA management companies are a rare breed so looking in the Yellow Pages under Property Management won't cut it. Be wary of contracting with apartment managers that have no HOA accounts. HOA management requires a very distinct set of skills. Many larger condominium complexes are professionally managed. If you know some in your area, knock on a few doors and ask who they use and if they're satisfied.
Okay, for you bottom line people, how much does this pain relief actually cost? For full service management, it costs around $15-$25 per month per owner. HOA manager refer to it as cost "per door". You probably pay more than that to get your garbage hauled! Why would you not want to radically simplify your life for so little money? Going pro is the way to go. Get in the know!
Are you interested in buying a home, but have questions about HOA's? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
When it comes to self managing, a few homeowner associations do fairly well, some do okay and many stumble, trip and fall. For a variety of practical reasons, all should have professional management in one form or another. Let's explore those practical reasons.
No Free Lunch. The concept of "carefree living" promises that "someone else" will take care of business. Remember, the Board was elected only to supervise but if they don't hire a manager, that "someone" is "the Board". Why would a few volunteers work for free to benefit the many? Unless your name is Mother Teresa, this calling is not very appealing to most.
Bill Collector Hell. Strong arming delinquent neighbors for money is low on most folks' To Do List. Yet, to keep HOA bills paid, it needs to be done. There are actually people that do this disagreeable task for a living. (Maybe you know a few if you've fallen behind on your bills.) They are pretty good at it and don't charge all that much.
Rule Enforcement Jeopardy. Enforcing the rules can be a physically threatening undertaking. Just try towing a red neck neighbor's junk truck. Do you really need this kind of grief just for trying to keep the area neat and tidy?
24/7 Job. HOA business can be a 24/7 affair. It's a fact of life: Bad news always happens in the middle of the night during a rain/snow storm or a wild party. Have you ever dreamed of a quiet night at home or a vacation? If you self manage, forget it! Who's going to mind the store while you recreate? Believe it or not, management companies offer 24/7 emergency response. Sounding better already, eh?
HOA managers offer a variety of services like bookkeeping, maintenance supervision, rules enforcement, delinquency collection, project bidding, information distribution and emergency response. There are numerous smaller but no less important functions. Full service management contracts include "routine" services for a flat monthly fee. Routine services are those that generally happen monthly as opposed to, for example, handling an extensive insurance claim. Special services often carry an additional charge. Many HOA managers offer "a la carte" services so you can limit the level of service and the cost. This usually applies to small HOAs that want bookkeeping services only. The advantage of a la carte management is that should another issue crop up, you already have an established relationship with a manager that has an understanding of the homeowner association.
Now that a convincing argument for professional management has been laid out, where can such relief be found? HOA management companies are a rare breed so looking in the Yellow Pages under Property Management won't cut it. Be wary of contracting with apartment managers that have no HOA accounts. HOA management requires a very distinct set of skills. Many larger condominium complexes are professionally managed. If you know some in your area, knock on a few doors and ask who they use and if they're satisfied.
Okay, for you bottom line people, how much does this pain relief actually cost? For full service management, it costs around $15-$25 per month per owner. HOA manager refer to it as cost "per door". You probably pay more than that to get your garbage hauled! Why would you not want to radically simplify your life for so little money? Going pro is the way to go. Get in the know!
Are you interested in buying a home, but have questions about HOA's? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Friday, December 10, 2010
TEXAS JOB GROWTH CONTINUES, REPORT SHOWS
Provided By RECON
Texas’ economy gained 174,900 jobs from October 2009 to October 2010, according to the Real Estate Center's latest monthly review of the state's economy.
That's an annual growth rate of 1.7 percent. The U.S. economy gained 626,000 jobs, an annual growth rate of 0.5 percent, over the same period.
The state’s private sector posted an annual employment growth rate of 2.1 percent compared with 0.9 percent for the U.S. private sector from October 2009 to October 2010.
The seasonally adjusted unemployment rate for Texas was 8.1 percent in October 2010, the same as in October 2009, while the nation’s rate decreased from 10.1 to 9.6 percent over the same period.
All Texas industries except the trade and information industries and the government sector had more jobs in October 2010 than in October 2009. The state’s mining and logging industry ranked first in job creation followed by the state’s professional and business services, manufacturing, and education and health services industries.
All Texas metro areas except El Paso and Lubbock had more jobs in October 2010 than in October 2009. Austin-Round Rock-San Marcos ranked first in job creation followed by Odessa, McAllen-Edinburg-Mission, Texarkana, and Brownsville-Harlingen.
The state’s actual unemployment rate in October 2010 was 7.9 percent. Midland had the lowest unemployment rate followed by Amarillo, College Station-Bryan, Lubbock and Abilene.
Are you moving to the DFW area? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Texas’ economy gained 174,900 jobs from October 2009 to October 2010, according to the Real Estate Center's latest monthly review of the state's economy.
That's an annual growth rate of 1.7 percent. The U.S. economy gained 626,000 jobs, an annual growth rate of 0.5 percent, over the same period.
The state’s private sector posted an annual employment growth rate of 2.1 percent compared with 0.9 percent for the U.S. private sector from October 2009 to October 2010.
The seasonally adjusted unemployment rate for Texas was 8.1 percent in October 2010, the same as in October 2009, while the nation’s rate decreased from 10.1 to 9.6 percent over the same period.
All Texas industries except the trade and information industries and the government sector had more jobs in October 2010 than in October 2009. The state’s mining and logging industry ranked first in job creation followed by the state’s professional and business services, manufacturing, and education and health services industries.
All Texas metro areas except El Paso and Lubbock had more jobs in October 2010 than in October 2009. Austin-Round Rock-San Marcos ranked first in job creation followed by Odessa, McAllen-Edinburg-Mission, Texarkana, and Brownsville-Harlingen.
The state’s actual unemployment rate in October 2010 was 7.9 percent. Midland had the lowest unemployment rate followed by Amarillo, College Station-Bryan, Lubbock and Abilene.
Are you moving to the DFW area? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, December 8, 2010
Wassail
Provided By Donna Patrick
This non-alcoholic beverage is as long on tradition as it is on flavor. It will warm ya' on a cold day and is a great treat for the kids. Wassail with its European origins not only warms the heart, but it also adds a festive spice aroma to your kitchen!
Ingredients:
6 Inches stick cinnamon, broken into pieces
12 Whole cloves (about 1/2 teaspoon)
4 Cups apple cider
4 Cups cranberry juice
2 Cups Pineapple Juice
2 Cups Orange Juice
3/4 Cup lemon juice
1 Cup sugar
Orange and lemon slices for garnish
Directions
In a 5-quart Dutch oven combine apple cider, cranberry juice, orange juice, pineapple juice, lemon juice and sugar. Add Cinnamon Sticks and Cloves to the juice mixture.
Bring juice mixture to boiling, stirring with a wooden spoon to dissolve sugar. Reduce heat, cover and simmer on low heat for 30 minutes.
To serve, strain spices and ladle hot into cups. To garnish, float an orange and lemon slice atop each serving.
A new home is a great place to throw holiday parties. If you are in the market for a new home call us at 972-772-7000 or email us at rockwall@kw.com.
This non-alcoholic beverage is as long on tradition as it is on flavor. It will warm ya' on a cold day and is a great treat for the kids. Wassail with its European origins not only warms the heart, but it also adds a festive spice aroma to your kitchen!
Ingredients:
6 Inches stick cinnamon, broken into pieces
12 Whole cloves (about 1/2 teaspoon)
4 Cups apple cider
4 Cups cranberry juice
2 Cups Pineapple Juice
2 Cups Orange Juice
3/4 Cup lemon juice
1 Cup sugar
Orange and lemon slices for garnish
Directions
In a 5-quart Dutch oven combine apple cider, cranberry juice, orange juice, pineapple juice, lemon juice and sugar. Add Cinnamon Sticks and Cloves to the juice mixture.
Bring juice mixture to boiling, stirring with a wooden spoon to dissolve sugar. Reduce heat, cover and simmer on low heat for 30 minutes.
To serve, strain spices and ladle hot into cups. To garnish, float an orange and lemon slice atop each serving.
A new home is a great place to throw holiday parties. If you are in the market for a new home call us at 972-772-7000 or email us at rockwall@kw.com.
Monday, December 6, 2010
2011 Dallas Real Estate Market Recovery
Provided By Old Republic
Source Buy and Sell Dallas
The Dallas real estate market is showing positive signs with many reports hinting toward a recovery in 2011. Dallas home inventory has decreased to a more balanced level, pending home sales are increasing, and home sale prices are steadily on the rise. These are just a few of the variables needed to bring a wounded real estate market back on its’ feet. The Dallas real estate market is on the right track with consumer confidence increasing and home sales reports showing positive signs of stability. 1st time home buyers, repeat buyers, and investors are jumping off the fence to take advantage of the buyer’s market before interest rates rise and inventory decreases.
Dallas Morning News recently reported Dallas pre owned home sales increased 12.38% in August compared to 2009. Many of the areas surrounding Dallas also experienced an increase in existing homes sales over previous year transactions including Fort Worth at 14.9%, Irving at 20.32%, and Garland at 20.77%.Although home sales are up and confidence has increased, but home sellers are still weary of placing their home on the market. High foreclosure and short sale inventory is still plaguing the entire U.S. market including the DFW area. Home sellers are still unable to compete with low dollar per square foot selling prices on bank foreclosures including FHA, VA and REO short sales and auctions. Sellers are waiting for home values to rise and foreclosure inventory to fall to avoid selling their most valuable investment at a loss.
The Dallas Fort Worth real estate market is on the road to recovery, but there is still a long way to go with many obstacles to overcome. One thing for sure is, the U.S. real estate market is improving, consumer confidence is increasing, and Dallas is one of the top markets leading the way!
Are you looking to buy a home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Source Buy and Sell Dallas
The Dallas real estate market is showing positive signs with many reports hinting toward a recovery in 2011. Dallas home inventory has decreased to a more balanced level, pending home sales are increasing, and home sale prices are steadily on the rise. These are just a few of the variables needed to bring a wounded real estate market back on its’ feet. The Dallas real estate market is on the right track with consumer confidence increasing and home sales reports showing positive signs of stability. 1st time home buyers, repeat buyers, and investors are jumping off the fence to take advantage of the buyer’s market before interest rates rise and inventory decreases.
Dallas Morning News recently reported Dallas pre owned home sales increased 12.38% in August compared to 2009. Many of the areas surrounding Dallas also experienced an increase in existing homes sales over previous year transactions including Fort Worth at 14.9%, Irving at 20.32%, and Garland at 20.77%.Although home sales are up and confidence has increased, but home sellers are still weary of placing their home on the market. High foreclosure and short sale inventory is still plaguing the entire U.S. market including the DFW area. Home sellers are still unable to compete with low dollar per square foot selling prices on bank foreclosures including FHA, VA and REO short sales and auctions. Sellers are waiting for home values to rise and foreclosure inventory to fall to avoid selling their most valuable investment at a loss.
The Dallas Fort Worth real estate market is on the road to recovery, but there is still a long way to go with many obstacles to overcome. One thing for sure is, the U.S. real estate market is improving, consumer confidence is increasing, and Dallas is one of the top markets leading the way!
Are you looking to buy a home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Friday, December 3, 2010
10 Reasons to Buy a Home for the Holidays
Provided By Michelle Little of Republic Title
Source Realtor.org
Are you ready to buy your perfect home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Source Realtor.org
Wednesday, December 1, 2010
Mortgage Rates Settling Above All Time Lows
Provided By Ed Ferrara of Realty Times
30 year fixed mortgage rates are settling at levels significantly higher than all time lows set just weeks ago. Conforming 30 year fixed mortgage rates today are at 4.25% for well-qualified borrowers who pay a standard origination fee (points) of .07 to 1%. Current 15 year fixed mortgage rates today are at 3.75%.
FHA mortgage rates, which are driven by the same mortgage-backed securities prices as conforming fixed mortgage rates, are also up about a quarter percent higher than they were two weeks ago and are nearly identical to conforming mortgage rates today. Today's California 30 year fixed FHA loan rate is 4.125%. MI and other FHA fees make FHA loans more expensive than conforming mortgages.
Jumbo mortgage rates have avoided the spike that has hit conforming and FHA interest rates. Current 30 year fixed jumbo mortgage rates remain at a record low 4.875%.
MBS prices, which move mortgage rates in the opposite direction, have been gaining on low inflation, falling stocks, Euro debt concerns, and tension in Korea, helping to stabilize mortgage rates which had been rising quickly.
Do you have questions about the low mortgage rates? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
30 year fixed mortgage rates are settling at levels significantly higher than all time lows set just weeks ago. Conforming 30 year fixed mortgage rates today are at 4.25% for well-qualified borrowers who pay a standard origination fee (points) of .07 to 1%. Current 15 year fixed mortgage rates today are at 3.75%.
FHA mortgage rates, which are driven by the same mortgage-backed securities prices as conforming fixed mortgage rates, are also up about a quarter percent higher than they were two weeks ago and are nearly identical to conforming mortgage rates today. Today's California 30 year fixed FHA loan rate is 4.125%. MI and other FHA fees make FHA loans more expensive than conforming mortgages.
Jumbo mortgage rates have avoided the spike that has hit conforming and FHA interest rates. Current 30 year fixed jumbo mortgage rates remain at a record low 4.875%.
MBS prices, which move mortgage rates in the opposite direction, have been gaining on low inflation, falling stocks, Euro debt concerns, and tension in Korea, helping to stabilize mortgage rates which had been rising quickly.
Do you have questions about the low mortgage rates? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Monday, November 29, 2010
10 Reasons to Sell a Home for the Holidays
Provided By Michelle Little of Republic Title
Source Realtor.org
Are you interested in selling your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Friday, November 26, 2010
10 Tips For New Buyers
By Carla Hill
Source Realty Times
It is a great time to buy for many would-be homeowners. The market offers historically low interest rates, as well as affordable home prices.
Here are 10 steps that buyers can take to make home dreams a reality!
1. Savings. You may already know how much monthly payment you can support (experts recommend no more than 1/3 your monthly income), but the buying process will also include upfront costs, such as a downpayment and closing costs.
2. Downpayment options. Do you qualify for downpayment assistance programs? Will you be able to get an FHA loan and pay 3.5 percent down? Do you have a relative that would like to make a downpayment gift? Many financial experts recommend a downpayment of 20 percent, so be sure to explore your options!
3. Check Credit Report. Your credit report says a lot about you. Lenders use it to evaluate your risk potential and to inform themselves on how responsible of a borrower you are. They use this report and subsequent score to figure your interest rate. The more stellar your report, the better your score and thus lower your rate. Be sure to check your report for accuracy, and report any errors to the credit reporting agencies.
4. Get Prequalified. It's time to talk to a lender! Pre-qualification will give you a ballpark figure of how much the bank would be willing to lend you. Are you looking for a $100,000 house or a $300,000?
5. Get Preapproved. This is the official letter from the lender that says they will be willing to lend you money. Many sellers look for buyers who are preapproved.
6. Affordability. The bank may tell you that you can afford a home worth $300,000. This does not mean you want to borrow to your max. A more modest home may fit better in your financial plans.
7. Housing Criteria. You have a budget, now develop a list of what you need and want. This can include anything from "must have 3 bedrooms" to "hardwoods" or "granite".
8. Neighborhood choice. Location strongly affects prices. A 3,000 square foot home in rural Kansas costs a fraction of one in New York City. Decide what neighborhoods and areas are the best fit for you. This will help narrow your home search.
9. Hire an agent. An agent can help you navigate the entire process from searching, putting in offers, to where to hire an inspector or general contractors.
10. Start the search! The MLS is a wonderful place to begin your search. Eighty-four percent of buyers now start their search online, so you'll be in good company.
Do you have questions about buying your first home? We have the answers! Call us at 972-772-7000 or email us at rockwall@kw.com.
Source Realty Times
It is a great time to buy for many would-be homeowners. The market offers historically low interest rates, as well as affordable home prices.
Here are 10 steps that buyers can take to make home dreams a reality!
1. Savings. You may already know how much monthly payment you can support (experts recommend no more than 1/3 your monthly income), but the buying process will also include upfront costs, such as a downpayment and closing costs.
2. Downpayment options. Do you qualify for downpayment assistance programs? Will you be able to get an FHA loan and pay 3.5 percent down? Do you have a relative that would like to make a downpayment gift? Many financial experts recommend a downpayment of 20 percent, so be sure to explore your options!
3. Check Credit Report. Your credit report says a lot about you. Lenders use it to evaluate your risk potential and to inform themselves on how responsible of a borrower you are. They use this report and subsequent score to figure your interest rate. The more stellar your report, the better your score and thus lower your rate. Be sure to check your report for accuracy, and report any errors to the credit reporting agencies.
4. Get Prequalified. It's time to talk to a lender! Pre-qualification will give you a ballpark figure of how much the bank would be willing to lend you. Are you looking for a $100,000 house or a $300,000?
5. Get Preapproved. This is the official letter from the lender that says they will be willing to lend you money. Many sellers look for buyers who are preapproved.
6. Affordability. The bank may tell you that you can afford a home worth $300,000. This does not mean you want to borrow to your max. A more modest home may fit better in your financial plans.
7. Housing Criteria. You have a budget, now develop a list of what you need and want. This can include anything from "must have 3 bedrooms" to "hardwoods" or "granite".
8. Neighborhood choice. Location strongly affects prices. A 3,000 square foot home in rural Kansas costs a fraction of one in New York City. Decide what neighborhoods and areas are the best fit for you. This will help narrow your home search.
9. Hire an agent. An agent can help you navigate the entire process from searching, putting in offers, to where to hire an inspector or general contractors.
10. Start the search! The MLS is a wonderful place to begin your search. Eighty-four percent of buyers now start their search online, so you'll be in good company.
Do you have questions about buying your first home? We have the answers! Call us at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, November 24, 2010
Holiday Shopping - Where the Deals Are
By Michael Koretzky
Source: http://www.moneytalksnews.com/
Provided By Shelley Dudley
You know the holiday season is almost here when economists and forecasters start predicting just how much we'll spend on gifts - and they all contradict each other.
Take a look at these reports from last week..
"After a ho-hum 2009 and a disastrous 2008, holiday retail sales are expected to increase a more moderate 2.3 percent this year," proclaims the National Retail Federation.
"In almost every category this year, there is a drop-off in intended purchases," cautions market research firm NPD Group.
"The overwhelming majority of shoppers will maintain a tight grip on their wallets as they hit the stores this holiday season, with 83 percent expecting to spend the same or less on holiday gifts compared to 2009," suggests business consulting firm Accenture.
Even though the experts don't know exactly what will happen by the end of the holiday shopping season, their reports give the rest of us some tips on what to do - and not do - at the beginning.
For instance, all three reports make the obvious prediction that consumers will be bargain-hunting this holiday season. "The primary influence on where consumers will shop for gifts this year remains price," says NDP Group. And since these reports are widely read by businesses that set those prices, that's good news for us. But NDP is not advising retailers to slash prices on clothes.
Clothing may not come cheap
"In apparel, I think it is important to point out that the drop-off in intentions doesn't necessarily mean a significant decline in apparel sales," says Marshal Cohen, NDP's chief industry analyst. Cohen explains it like this...
Consumers tend to fall back on their "old faithful" items, like apparel, especially when there are no "new" items or "hot" categories. And so far there are only some updated re-runs of the same old product. These may be "want-to-have" items, but there aren't any "must-have" items, at least not yet.
Here's another reason to double-check those prices on clothing: According to the Accenture study, holiday shoppers plan to spend more on clothes (57 percent) than anything else - including toys (41 percent). So the law of supply and demand suggests prices for clothing may not be as deeply discounted as other items. In addition, high cotton prices may be reflected in higher clothing prices: see our recent story Expect Higher Holiday Prices for T-Shirts and Jeans.
Gift cards will be popular
Without one hot new toy or tech gadget for the holiday season, what will be the second most-popular present after clothing? Gift cards. Accenture says 57 percent of us will buy one as present, while "44 percent of consumers will buy up to three gift cards, and 85 percent will spend up to $50 on each gift card."
Gift cards seem like a great convenience, but as we've written about before, be careful.
Black Friday every day?
Accenture says more holiday shoppers (53 percent) will skip Black Friday - the day after Thanksgiving that marks the start of the holiday shopping season - than fight the crowds for deals. And the National Retail Federation's chief economist Jack Kleinhenz predicts, "Retailers are expected to compensate for this fundamental shift in shopper mentality by offering significant promotions throughout the holiday season and emphasizing value throughout their marketing efforts."
That's good news for those of us who don't relish the idea of parking our cars on the edges of our local malls and burning our Thanksgiving Day calories elbowing our neighbors for great deals.
"The growing ambivalence toward the traditional Black Friday shopping trip is being driven by a number of factors," says Janet Hoffman, managing director of Accenture's retail practice. "The increase in the number of homes with broadband Internet access means that many shoppers will prefer to stay at home and bag the offers online rather than brave the crowds."
But here's the scariest prediction of all, also from Hoffman: "Holiday shopping is now a 24/7 event." Ho oh no...
Are you looking for great deals? To find homes where you can get more for your money call us at 972-772-7000 or email us at rockwall@kw.com.
Source: http://www.moneytalksnews.com/
Provided By Shelley Dudley
You know the holiday season is almost here when economists and forecasters start predicting just how much we'll spend on gifts - and they all contradict each other.
Take a look at these reports from last week..
"After a ho-hum 2009 and a disastrous 2008, holiday retail sales are expected to increase a more moderate 2.3 percent this year," proclaims the National Retail Federation.
"In almost every category this year, there is a drop-off in intended purchases," cautions market research firm NPD Group.
"The overwhelming majority of shoppers will maintain a tight grip on their wallets as they hit the stores this holiday season, with 83 percent expecting to spend the same or less on holiday gifts compared to 2009," suggests business consulting firm Accenture.
Even though the experts don't know exactly what will happen by the end of the holiday shopping season, their reports give the rest of us some tips on what to do - and not do - at the beginning.
For instance, all three reports make the obvious prediction that consumers will be bargain-hunting this holiday season. "The primary influence on where consumers will shop for gifts this year remains price," says NDP Group. And since these reports are widely read by businesses that set those prices, that's good news for us. But NDP is not advising retailers to slash prices on clothes.
Clothing may not come cheap
"In apparel, I think it is important to point out that the drop-off in intentions doesn't necessarily mean a significant decline in apparel sales," says Marshal Cohen, NDP's chief industry analyst. Cohen explains it like this...
Consumers tend to fall back on their "old faithful" items, like apparel, especially when there are no "new" items or "hot" categories. And so far there are only some updated re-runs of the same old product. These may be "want-to-have" items, but there aren't any "must-have" items, at least not yet.
Here's another reason to double-check those prices on clothing: According to the Accenture study, holiday shoppers plan to spend more on clothes (57 percent) than anything else - including toys (41 percent). So the law of supply and demand suggests prices for clothing may not be as deeply discounted as other items. In addition, high cotton prices may be reflected in higher clothing prices: see our recent story Expect Higher Holiday Prices for T-Shirts and Jeans.
Gift cards will be popular
Without one hot new toy or tech gadget for the holiday season, what will be the second most-popular present after clothing? Gift cards. Accenture says 57 percent of us will buy one as present, while "44 percent of consumers will buy up to three gift cards, and 85 percent will spend up to $50 on each gift card."
Gift cards seem like a great convenience, but as we've written about before, be careful.
Black Friday every day?
Accenture says more holiday shoppers (53 percent) will skip Black Friday - the day after Thanksgiving that marks the start of the holiday shopping season - than fight the crowds for deals. And the National Retail Federation's chief economist Jack Kleinhenz predicts, "Retailers are expected to compensate for this fundamental shift in shopper mentality by offering significant promotions throughout the holiday season and emphasizing value throughout their marketing efforts."
That's good news for those of us who don't relish the idea of parking our cars on the edges of our local malls and burning our Thanksgiving Day calories elbowing our neighbors for great deals.
"The growing ambivalence toward the traditional Black Friday shopping trip is being driven by a number of factors," says Janet Hoffman, managing director of Accenture's retail practice. "The increase in the number of homes with broadband Internet access means that many shoppers will prefer to stay at home and bag the offers online rather than brave the crowds."
But here's the scariest prediction of all, also from Hoffman: "Holiday shopping is now a 24/7 event." Ho oh no...
Are you looking for great deals? To find homes where you can get more for your money call us at 972-772-7000 or email us at rockwall@kw.com.
Monday, November 22, 2010
Buying In Neighborhoods Where Home Prices Don't Fall
By Michele Lerner
Source: http://www.bankrate.com/
Provided By Shelley Dudley
In a world of imploding home prices, can homebuyers find neighborhoods where values will not fall?
Certain characteristics make some neighborhoods more desirable than others. Real estate industry experts say these neighborhoods are more likely to experience stable or rising home prices.
Many buyers today are fixated on price. But such tunnel vision can be shortsighted.
"You may get a good deal on a home in an area where prices fell deeply, but it will take longer for prices to recover," says Pat Kline, a broker with Avery-Hess Realtors in Springfield, Va.
Instead, look beyond price to qualities that keep neighborhoods attractive to buyers over the long haul. Try to match your own lifestyle priorities with a solid choice of community.
"It's important most of all for people to look for a neighborhood they love and will enjoy for the long term, because that's the best way to make sure you get value from your home," Kline says.
When looking for good neighborhoods, keep the following in mind:
Search healthy 'move up' neighborhoods
"The most desirable areas tend to be close to a city and are often well-established neighborhoods," says Ben Hoefer, a real estate agent with John L. Scott Real Estate in Seattle.
In the Seattle market, neighborhoods with slightly above-median prices that appeal to buyers on their second or third home purchase have held onto their value during the housing downturn, Hoefer says.
"Buyers should avoid areas with a lot of foreclosures because it may take longer for those homes to regain their value," Hoefer says. "Areas with a lot of first-time buyers were hard-hit because they did not have a lot of equity in their home and were faster to default. It's better, if you can afford it, to buy into a 'move-up' area, although not necessarily a super-expensive neighborhood."
Liz Sidorowicz, a broker with Re/Max Signature in Chicago, says areas with long-term residents -- where many owners have lived for 15 years or more -- are likely to be more stable and see fewer foreclosures.
Consider commute times and public transportation
Not every buyer wants to live close to a city. But some suburban neighborhoods can be more vulnerable to price drops.
Kline says prices dropped dramatically in distant suburbs of Washington, D.C., in part because the long commute times made these homes less desirable.
"A Realtor can show you statistics for different neighborhoods, so you can see which ones fared better than others," he says.
Sidorowicz also says that proximity to public transportation is valuable.
"Anything close to a train or metro line, whether you are in the suburbs or in the city, will keep its value," says Sidorowicz. "Also, look for communities that are convenient to major employment centers because there will always be a larger pool of buyers looking in that area."
Investigate neighborhood amenities
Look for communities that have a lot of amenities.
"The more varied amenities you can find in a community, the better it is," Kline says. Communities that offer tennis and basketball courts have a stronger value than places where you have to drive 20 minutes to get to anything.
"People want to live close to things like parks, libraries and shops, and they would prefer to walk there rather than drive if they can," Kline says.
Check out the schools
Homebuyers should look for a neighborhood within a good school district, even if they don't have children. Families always want to purchase homes in such neighborhoods.
Due to Fair Housing laws, real estate agents cannot discuss whether schools are good or bad. However, consumers can find test scores and other statistics on school district websites and school reviews on the Internet.
Know the local crime rate
Crime rates also influence neighborhood values. Look at police district websites or call the local police substation to ask about crime statistics for individual neighborhoods, Sidorowicz says.
Hoefer says it's important to look at crime trends: "You do not want to buy in an area where crimes of any kind are increasing."
In areas with improving crime rates, it may take time for perception to catch up to reality, Hoefer says.
"Buyers need to realize that the stigma of a high crime rate can last a long time and hurt property values, even after crime has dropped," he says.
Gauge the neighborhood's curb appeal
The physical appearance of a community can be a strong indicator of its stability.
"If there are too many places in disrepair, that can be an indication of a lack of pride in a community," Kline says. "Places that are well-kept and have some landscaping and fresh paint indicate an area where people will work hard to maintain the value of their property."
Find out about future development plans
Learn about future development plans that could have a negative or a positive impact on property values. Talk to real estate agents and research government websites to track down such information.
"There may be a little risk in relying on a revitalization project to improve home prices, but this can be a way to get in on the ground floor of an improving area," Kline says.
Are you interested in buying a home? Call us at 972-772-7000 or email us at rockwall@kw.com. We want to help you find your perfect home!
Source: http://www.bankrate.com/
Provided By Shelley Dudley
In a world of imploding home prices, can homebuyers find neighborhoods where values will not fall?
Certain characteristics make some neighborhoods more desirable than others. Real estate industry experts say these neighborhoods are more likely to experience stable or rising home prices.
Many buyers today are fixated on price. But such tunnel vision can be shortsighted.
"You may get a good deal on a home in an area where prices fell deeply, but it will take longer for prices to recover," says Pat Kline, a broker with Avery-Hess Realtors in Springfield, Va.
Instead, look beyond price to qualities that keep neighborhoods attractive to buyers over the long haul. Try to match your own lifestyle priorities with a solid choice of community.
"It's important most of all for people to look for a neighborhood they love and will enjoy for the long term, because that's the best way to make sure you get value from your home," Kline says.
When looking for good neighborhoods, keep the following in mind:
Search healthy 'move up' neighborhoods
"The most desirable areas tend to be close to a city and are often well-established neighborhoods," says Ben Hoefer, a real estate agent with John L. Scott Real Estate in Seattle.
In the Seattle market, neighborhoods with slightly above-median prices that appeal to buyers on their second or third home purchase have held onto their value during the housing downturn, Hoefer says.
"Buyers should avoid areas with a lot of foreclosures because it may take longer for those homes to regain their value," Hoefer says. "Areas with a lot of first-time buyers were hard-hit because they did not have a lot of equity in their home and were faster to default. It's better, if you can afford it, to buy into a 'move-up' area, although not necessarily a super-expensive neighborhood."
Liz Sidorowicz, a broker with Re/Max Signature in Chicago, says areas with long-term residents -- where many owners have lived for 15 years or more -- are likely to be more stable and see fewer foreclosures.
Consider commute times and public transportation
Not every buyer wants to live close to a city. But some suburban neighborhoods can be more vulnerable to price drops.
Kline says prices dropped dramatically in distant suburbs of Washington, D.C., in part because the long commute times made these homes less desirable.
"A Realtor can show you statistics for different neighborhoods, so you can see which ones fared better than others," he says.
Sidorowicz also says that proximity to public transportation is valuable.
"Anything close to a train or metro line, whether you are in the suburbs or in the city, will keep its value," says Sidorowicz. "Also, look for communities that are convenient to major employment centers because there will always be a larger pool of buyers looking in that area."
Investigate neighborhood amenities
Look for communities that have a lot of amenities.
"The more varied amenities you can find in a community, the better it is," Kline says. Communities that offer tennis and basketball courts have a stronger value than places where you have to drive 20 minutes to get to anything.
"People want to live close to things like parks, libraries and shops, and they would prefer to walk there rather than drive if they can," Kline says.
Check out the schools
Homebuyers should look for a neighborhood within a good school district, even if they don't have children. Families always want to purchase homes in such neighborhoods.
Due to Fair Housing laws, real estate agents cannot discuss whether schools are good or bad. However, consumers can find test scores and other statistics on school district websites and school reviews on the Internet.
Know the local crime rate
Crime rates also influence neighborhood values. Look at police district websites or call the local police substation to ask about crime statistics for individual neighborhoods, Sidorowicz says.
Hoefer says it's important to look at crime trends: "You do not want to buy in an area where crimes of any kind are increasing."
In areas with improving crime rates, it may take time for perception to catch up to reality, Hoefer says.
"Buyers need to realize that the stigma of a high crime rate can last a long time and hurt property values, even after crime has dropped," he says.
Gauge the neighborhood's curb appeal
The physical appearance of a community can be a strong indicator of its stability.
"If there are too many places in disrepair, that can be an indication of a lack of pride in a community," Kline says. "Places that are well-kept and have some landscaping and fresh paint indicate an area where people will work hard to maintain the value of their property."
Find out about future development plans
Learn about future development plans that could have a negative or a positive impact on property values. Talk to real estate agents and research government websites to track down such information.
"There may be a little risk in relying on a revitalization project to improve home prices, but this can be a way to get in on the ground floor of an improving area," Kline says.
Are you interested in buying a home? Call us at 972-772-7000 or email us at rockwall@kw.com. We want to help you find your perfect home!
Friday, November 19, 2010
Fall May Bring Serious Buyers
Provided By Realty Times
Written By Phoebe Chongchua
As the year winds down, many homeowners fear that now could be a bad time to sell their home. While it’s true that the holidays can deter some folks from house hunting and making a major purchase—don’t give up.
If your house is on the market, step up the action plan to draw attention to it. Don’t let the holiday blues make you feel like there’s no hope. Homes are sold and bought this time of year. But the ones that get snatched up are the ones that are enticing to buyers.
Because this is a very busy time of year with personal travel and holiday celebrations, many real estate experts note that if you have buyers dropping by your open house or making an appointment to view your home, there’s a good chance they’re serious buyers.
There are some things you can do to make your home more “showable”. We often say in the real estate industry, “the way you live in a home is not the way you stage a home.”
So, while this time of year often brings out all the holiday decor, there is such a thing as too much holiday cheer. No, I’m not the Grinch. It’s just that not all buyers celebrate the same holidays.
A good rule of thumb, is to keep decor simple and subtle. If you celebrate Christmas, go ahead and put a tree up but don’t put one up in every room. Remember that buyers will be looking at your home and imagining their own holiday celebrations there. So, be sure to leave them room to envision their lives in the home.
This goes for the outside too. Holiday lights can be placed outside very tastefully but ditch the huge inflatable characters that make it look like your yard is an amusement park. Instead, opt for a nice holiday wreath and some subtle seasonal decor. Keep in mind that curb appeal is what gets buyers in the door. If your home isn’t appealing from the outside, buyers won’t bother to stop for a look inside.
Stash the gifts. If you usually put them under the tree or around the house, save them for the day of your celebration. There are two reasons: presents take up precious floor space and they are a distraction. It’s a good idea to keep as many personal belongings as possible in a safe, private place.
Especially in cold weather areas, cinnamon pine cones or some other mild potpourris can be a pleasant welcome. But don’t go overboard with different fragrances in every room.
Another nice touch is to spruce up the mantle. However, if you usually hang stockings with your family’s names on them, you might consider using less personal ones while showing your home. It’s the same reason, stagers will put away your personal photos—to create a space where buyers can imagine their photos and belongings in.
Listing your home for sale during the holidays doesn’t have to make you blue; in fact it can truly brighten your spirits by putting some green in your bank account. Just be sure to focus on making your home a buyer’s dream this holiday season.
Are you planning on selling your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Written By Phoebe Chongchua
As the year winds down, many homeowners fear that now could be a bad time to sell their home. While it’s true that the holidays can deter some folks from house hunting and making a major purchase—don’t give up.
If your house is on the market, step up the action plan to draw attention to it. Don’t let the holiday blues make you feel like there’s no hope. Homes are sold and bought this time of year. But the ones that get snatched up are the ones that are enticing to buyers.
Because this is a very busy time of year with personal travel and holiday celebrations, many real estate experts note that if you have buyers dropping by your open house or making an appointment to view your home, there’s a good chance they’re serious buyers.
There are some things you can do to make your home more “showable”. We often say in the real estate industry, “the way you live in a home is not the way you stage a home.”
So, while this time of year often brings out all the holiday decor, there is such a thing as too much holiday cheer. No, I’m not the Grinch. It’s just that not all buyers celebrate the same holidays.
A good rule of thumb, is to keep decor simple and subtle. If you celebrate Christmas, go ahead and put a tree up but don’t put one up in every room. Remember that buyers will be looking at your home and imagining their own holiday celebrations there. So, be sure to leave them room to envision their lives in the home.
This goes for the outside too. Holiday lights can be placed outside very tastefully but ditch the huge inflatable characters that make it look like your yard is an amusement park. Instead, opt for a nice holiday wreath and some subtle seasonal decor. Keep in mind that curb appeal is what gets buyers in the door. If your home isn’t appealing from the outside, buyers won’t bother to stop for a look inside.
Stash the gifts. If you usually put them under the tree or around the house, save them for the day of your celebration. There are two reasons: presents take up precious floor space and they are a distraction. It’s a good idea to keep as many personal belongings as possible in a safe, private place.
Especially in cold weather areas, cinnamon pine cones or some other mild potpourris can be a pleasant welcome. But don’t go overboard with different fragrances in every room.
Another nice touch is to spruce up the mantle. However, if you usually hang stockings with your family’s names on them, you might consider using less personal ones while showing your home. It’s the same reason, stagers will put away your personal photos—to create a space where buyers can imagine their photos and belongings in.
Listing your home for sale during the holidays doesn’t have to make you blue; in fact it can truly brighten your spirits by putting some green in your bank account. Just be sure to focus on making your home a buyer’s dream this holiday season.
Are you planning on selling your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, November 17, 2010
Down Payment Options
Provided By iforma Research Services
Source Yahoo! Real Estate
One of the components a lender uses to help determine what loan amount to approve is your down payment. A down payment not only serves as a commitment on a borrower.s behalf to make good on a loan, but acts as a lender.s guarantee to minimize risk in case a borrower defaults on a loan. The more of your own cash that you can put down for a loan, the easier it is to qualify for a higher loan amount or a lower mortgage payment.
Alternative sources of funding
Since most borrowers do not have large cash reserves on-hand for a down payment, there are other alternative sources for funding. Besides tapping into your own savings accounts, other resources may include friends, relatives, 401(k) plans, proceeds from stock sales, appraised assets, even a co-signer.
Many cities, looking to expand their communities, even offer their own down payment subsidy programs for cash-strapped buyers. It.s not uncommon to be gifted $5,000 to $10,000 without expectation of re-payment.
Loan-to-value ratio
A down payment is always expressed as a percent of the sales price and often referred to by lenders at the .loan-to-value ratio. or LTV. For instance, a $250,000 mortgage with an LTV of 80 percent would require 20 percent down or $50,000. Using a down payment calculator can help you see what influence a different down payment can have on your monthly mortgage.
Other down payment options
Some banks even offer zero-down percentage loans which require no down payment. These types of loans are typically directed at first-time buyers with good credit who are qualified to make the monthly payment but cannot come up with a down payment. However, without a down payment the buyer has no equity in the house and the lender is at greater risk, so the interest rate could be higher.
Another alternative to buying a home without committing to a down payment is to consider a lease option to buy. As a renter, you have an option anytime during the term of the lease, to buy the property at an agreed upon price from the owner. In some instances, the money you.ve put toward rent can be fully or partially applied toward the down payment.
Sellers can also assist buyers with their down payment. By offering a carry-back mortgage, sellers can sell their house faster in a competitive market and buyers can purchase a home they otherwise might not be able to afford.
Do you have questions about all your down payment options? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Source Yahoo! Real Estate
One of the components a lender uses to help determine what loan amount to approve is your down payment. A down payment not only serves as a commitment on a borrower.s behalf to make good on a loan, but acts as a lender.s guarantee to minimize risk in case a borrower defaults on a loan. The more of your own cash that you can put down for a loan, the easier it is to qualify for a higher loan amount or a lower mortgage payment.
Alternative sources of funding
Since most borrowers do not have large cash reserves on-hand for a down payment, there are other alternative sources for funding. Besides tapping into your own savings accounts, other resources may include friends, relatives, 401(k) plans, proceeds from stock sales, appraised assets, even a co-signer.
Many cities, looking to expand their communities, even offer their own down payment subsidy programs for cash-strapped buyers. It.s not uncommon to be gifted $5,000 to $10,000 without expectation of re-payment.
Loan-to-value ratio
A down payment is always expressed as a percent of the sales price and often referred to by lenders at the .loan-to-value ratio. or LTV. For instance, a $250,000 mortgage with an LTV of 80 percent would require 20 percent down or $50,000. Using a down payment calculator can help you see what influence a different down payment can have on your monthly mortgage.
Other down payment options
Some banks even offer zero-down percentage loans which require no down payment. These types of loans are typically directed at first-time buyers with good credit who are qualified to make the monthly payment but cannot come up with a down payment. However, without a down payment the buyer has no equity in the house and the lender is at greater risk, so the interest rate could be higher.
Another alternative to buying a home without committing to a down payment is to consider a lease option to buy. As a renter, you have an option anytime during the term of the lease, to buy the property at an agreed upon price from the owner. In some instances, the money you.ve put toward rent can be fully or partially applied toward the down payment.
Sellers can also assist buyers with their down payment. By offering a carry-back mortgage, sellers can sell their house faster in a competitive market and buyers can purchase a home they otherwise might not be able to afford.
Do you have questions about all your down payment options? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Monday, November 15, 2010
Sellers: Don't Let Emotions Rule
Provided By Realty Times
Written By Carla Hill
It can be easy for the selling experience to become clouded by emotion. A homeowner may have years of memories stored within the walls of a home. They look at a room, and instead of resale potential, they see a baby's first steps and early Christmas mornings. When the time comes to sell, however, the time has also come to sever emotional ties with a house.
Emotions can cloud your reasoning. And they can misguide you during a very expensive and important business transaction. Sellers sometimes overvalue their homes, adding in sentimental value on top of property value. They refuse offers that, while reasonable, don't add up to the value of their memories. Or they turn down a potential buyer, because they don't garden and won't "leave the rose bushes," or aren't the "type" of person they'd like living in their home.
For a smooth transition, hire an experienced real estate agent. Once you've turned yourself over to their guidance, you can then turn your focus onto the new phase of your life. And agent can help you establish a fair, and unbiased, asking price. They find the sellers. They show the house. And they help you sign on the dotted line. The middle man is extremely beneficial in separating from your emotions.
Your emotions may surface as soon as you list the house for sale, since many agents will suggest you remove many of your personal items from the house for staging. This is neither a personal attack on your decorating nor your memories. Staging is a wonderful way for homeowners to see the house as their future home, instead of seeing your house and your home.
Don't fret over lost memories; take pictures of your home and make a scrapbook. Channel your emotions into the joy of moving. And have fun imagining the new memories you'll make in your new place. This is not a time for mourning, instead it's a time for celebrating!
Are you ready to sell your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Written By Carla Hill
It can be easy for the selling experience to become clouded by emotion. A homeowner may have years of memories stored within the walls of a home. They look at a room, and instead of resale potential, they see a baby's first steps and early Christmas mornings. When the time comes to sell, however, the time has also come to sever emotional ties with a house.
Emotions can cloud your reasoning. And they can misguide you during a very expensive and important business transaction. Sellers sometimes overvalue their homes, adding in sentimental value on top of property value. They refuse offers that, while reasonable, don't add up to the value of their memories. Or they turn down a potential buyer, because they don't garden and won't "leave the rose bushes," or aren't the "type" of person they'd like living in their home.
For a smooth transition, hire an experienced real estate agent. Once you've turned yourself over to their guidance, you can then turn your focus onto the new phase of your life. And agent can help you establish a fair, and unbiased, asking price. They find the sellers. They show the house. And they help you sign on the dotted line. The middle man is extremely beneficial in separating from your emotions.
Your emotions may surface as soon as you list the house for sale, since many agents will suggest you remove many of your personal items from the house for staging. This is neither a personal attack on your decorating nor your memories. Staging is a wonderful way for homeowners to see the house as their future home, instead of seeing your house and your home.
Don't fret over lost memories; take pictures of your home and make a scrapbook. Channel your emotions into the joy of moving. And have fun imagining the new memories you'll make in your new place. This is not a time for mourning, instead it's a time for celebrating!
Are you ready to sell your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Friday, November 5, 2010
How are real estate agents paid, and what is a Realtor?
Provided By The Cap Times
Real estate agents work for a real estate broker, with all commissions from a sale passing through the broker.
The most common type of listing agreement between a seller and real estate agent gives the agent’s broker the right to exclusively market the home. In return for finding a buyer, the seller agrees to pay a commission to the broker.
Typically, this commission comes right off the top as a percentage of the sales price — historically 7 percent but always negotiable — and is shared between the listing broker and the broker who locates a buyer.
New agents might receive as little as 30 percent to 40 percent of the total commission received by the brokerage. From that amount, other fees may be deducted such as advertising, sign rentals or office expenses.
Top producing agents might receive 100 percent of the commission and pay the broker a desk fee. Everybody else falls somewhere in between.
When more than one broker is involved, the commission is split between the buyer and seller sides. It’s not always 50-50 and can vary based on the type of listing agreement signed by the seller.
In a buyer’s market, sellers might consider asking their broker to give a larger percentage to the buyer’s broker. In a seller’s market, the buyer’s broker might receive less since there are so many people looking for homes. But there is no set formula.
Sometimes a buyer will sign an agreement with a broker to find them a house. In those cases, the fee paid to the broker is most commonly paid by the seller.
A “Realtor” refers to a member of the National Association of Realtors, a trade group.
When agents become Realtors they must agree to conduct their business in a way that adheres to the NAR’s Code of Ethics. The code covers ethical requirements that deal with all aspects of the profession, from working with consumers and fellow agents to writing truthful advertising.
Local groups of agents who have banded together in order to share listings more effectively are called Multiple Listing Services or “MLS.” Most of those groups are affiliated with their state and national Realtor associations and typically require all MLS agents to become members of both of those groups.
Agents pay dues to their state and local Realtor organizations. They also pay fees to become and maintain members of their local MLS.
Need answers to realtor related questions? Go straight to the source and call us at 972-772-7000 or email us at rockwall@kw.com.
Real estate agents work for a real estate broker, with all commissions from a sale passing through the broker.
The most common type of listing agreement between a seller and real estate agent gives the agent’s broker the right to exclusively market the home. In return for finding a buyer, the seller agrees to pay a commission to the broker.
Typically, this commission comes right off the top as a percentage of the sales price — historically 7 percent but always negotiable — and is shared between the listing broker and the broker who locates a buyer.
New agents might receive as little as 30 percent to 40 percent of the total commission received by the brokerage. From that amount, other fees may be deducted such as advertising, sign rentals or office expenses.
Top producing agents might receive 100 percent of the commission and pay the broker a desk fee. Everybody else falls somewhere in between.
When more than one broker is involved, the commission is split between the buyer and seller sides. It’s not always 50-50 and can vary based on the type of listing agreement signed by the seller.
In a buyer’s market, sellers might consider asking their broker to give a larger percentage to the buyer’s broker. In a seller’s market, the buyer’s broker might receive less since there are so many people looking for homes. But there is no set formula.
Sometimes a buyer will sign an agreement with a broker to find them a house. In those cases, the fee paid to the broker is most commonly paid by the seller.
A “Realtor” refers to a member of the National Association of Realtors, a trade group.
When agents become Realtors they must agree to conduct their business in a way that adheres to the NAR’s Code of Ethics. The code covers ethical requirements that deal with all aspects of the profession, from working with consumers and fellow agents to writing truthful advertising.
Local groups of agents who have banded together in order to share listings more effectively are called Multiple Listing Services or “MLS.” Most of those groups are affiliated with their state and national Realtor associations and typically require all MLS agents to become members of both of those groups.
Agents pay dues to their state and local Realtor organizations. They also pay fees to become and maintain members of their local MLS.
Need answers to realtor related questions? Go straight to the source and call us at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, November 3, 2010
Top Ten Tips On Selling Your Home With Style
Provided By IndigoHomes
You only have one chance to make a good first impression, and when it comes to selling your home its presentation impacts on how quickly your home will sell and for how much.
Photos on Internet property sites must stand out from the crowd to encourage potential buyers to turn up to an inspection.
Cramped, dark rooms cluttered with furniture, kids’ toys or pet mess along with completely mismatched décor and furnishings just puts people off as it’s hard to see the potential a place might offer when there’s so much in the way.
Buying a home is a very emotional decision, so you want potential buyers to walk in and imagine themselves living there. It also needs to be memorable after the tenth house they inspect in a day (and only for the right reasons!)
So unless your home already looks like something out of Vogue Living, here are some simple tips you can follow to make your home photo and inspection ready.
Picture perfect
o Add space - Remove excess furniture to make rooms look bigger while still being functional.
o De-personalise - Put away any personal items, photos and knick-knacks.
o De-clutter - Don’t just clean, you need to clear all surfaces of household clutter. It’s better to have a few larger display pieces (like vases or a stack of books) rather than lots of little bits and pieces. When in doubt - remove it.
o Set up - If possible set up rooms as they would normally be used. If a bedroom is used as an office or storage area, it’s best to put a bed in there so people can get a better feel for the space. It’s always better to sell a house with furniture in it, as empty rooms can make a home look smaller and it’s harder for people to visualise the space.
Inspection day
o Street appeal - Make sure the front of the property is clean, tidy and welcoming - it’s the first thing your home will be judged on.
o Light up - Open up window coverings and blinds to let in as much natural light as possible and switch on lights and lamps (yes, even during the day).
o Storage sells - Don’t think you can fill your storage spaces with that clutter you cleared. People will open cupboards so you want them to be clean and tidy so the space seems bigger not smaller.
o No pets allowed - not everyone is pet friendly so it’s best to remove them at inspection time along with litter trays and other pet items.
o Set the mood - Appeal to the senses by using fresh cut flowers, candles or home scents (vanilla gives a ‘just baked’ smell, while verbena is fresh and uplifting).
o Finishing touches - Keep an extra set of clean fluffy towels and ironed pillowcases aside for a clean, crisp finish.
Style counsel
If you’re after some expert advice, consider engaging a professional stylist. They often work in two ways:
Do-it-yourself
The stylist evaluates your property with you and advises on changes to be made, inside and out, room-by-room. Many changes can be made on the spot and you’ll be left with a plan for implementing the rest.
Complete service
This could involve creating a whole design scheme, furniture rental, or just accessorising with linen, lighting and artwork.
"You can tell the homes where the owners have gone to a little extra effort. Professional advice on styling can also really pay off. Remember, your property is in a competition and it needs to stand out in the marketplace.” - Tim Douglas, Director of Place West real estate agency, Brisbane.
Looking to sell your home? Call us at 972-772-7000 or email us at rockwall@kw.com.
You only have one chance to make a good first impression, and when it comes to selling your home its presentation impacts on how quickly your home will sell and for how much.
Photos on Internet property sites must stand out from the crowd to encourage potential buyers to turn up to an inspection.
Cramped, dark rooms cluttered with furniture, kids’ toys or pet mess along with completely mismatched décor and furnishings just puts people off as it’s hard to see the potential a place might offer when there’s so much in the way.
Buying a home is a very emotional decision, so you want potential buyers to walk in and imagine themselves living there. It also needs to be memorable after the tenth house they inspect in a day (and only for the right reasons!)
So unless your home already looks like something out of Vogue Living, here are some simple tips you can follow to make your home photo and inspection ready.
Picture perfect
o Add space - Remove excess furniture to make rooms look bigger while still being functional.
o De-personalise - Put away any personal items, photos and knick-knacks.
o De-clutter - Don’t just clean, you need to clear all surfaces of household clutter. It’s better to have a few larger display pieces (like vases or a stack of books) rather than lots of little bits and pieces. When in doubt - remove it.
o Set up - If possible set up rooms as they would normally be used. If a bedroom is used as an office or storage area, it’s best to put a bed in there so people can get a better feel for the space. It’s always better to sell a house with furniture in it, as empty rooms can make a home look smaller and it’s harder for people to visualise the space.
Inspection day
o Street appeal - Make sure the front of the property is clean, tidy and welcoming - it’s the first thing your home will be judged on.
o Light up - Open up window coverings and blinds to let in as much natural light as possible and switch on lights and lamps (yes, even during the day).
o Storage sells - Don’t think you can fill your storage spaces with that clutter you cleared. People will open cupboards so you want them to be clean and tidy so the space seems bigger not smaller.
o No pets allowed - not everyone is pet friendly so it’s best to remove them at inspection time along with litter trays and other pet items.
o Set the mood - Appeal to the senses by using fresh cut flowers, candles or home scents (vanilla gives a ‘just baked’ smell, while verbena is fresh and uplifting).
o Finishing touches - Keep an extra set of clean fluffy towels and ironed pillowcases aside for a clean, crisp finish.
Style counsel
If you’re after some expert advice, consider engaging a professional stylist. They often work in two ways:
Do-it-yourself
The stylist evaluates your property with you and advises on changes to be made, inside and out, room-by-room. Many changes can be made on the spot and you’ll be left with a plan for implementing the rest.
Complete service
This could involve creating a whole design scheme, furniture rental, or just accessorising with linen, lighting and artwork.
"You can tell the homes where the owners have gone to a little extra effort. Professional advice on styling can also really pay off. Remember, your property is in a competition and it needs to stand out in the marketplace.” - Tim Douglas, Director of Place West real estate agency, Brisbane.
Looking to sell your home? Call us at 972-772-7000 or email us at rockwall@kw.com.
Monday, November 1, 2010
Why Buy a Home?
Provided By Yahoo!
The past few years of rocky real estate markets has left some people wondering, why buy a home? If you find that thought running through your mind consider these things.
A recent survey commissioned by the National Association of Home Builders found that 72 percent of its respondents opposed any effort to get rid of the homeowners' mortgage interest deduction. That's despite the fact that doing so could help ease the nation's budget deficit.
Gil Gross host of Real Estate Today Radio reported that, "The survey cut across partisan lines, and even across homeowner status. 76 percent of Republicans and 64 percent of Democrats oppose eliminating the deduction, as do 75 percent of owners and even 55 percent of renters. They all recognize the importance of homeownership to the nation's economy."
But why when you hear the horror stories of markets crashing, housing underwater and homeowners facing foreclosure, would you want to buy a home?
The first reason, we just addressed. When you buy a home there are tax advantages. Effectively, homeownership provides an excellent tax shelter. But there are more reasons to trade your rent payment for a mortgage. Buying a home for this tax advantage isn't how you should look at it. Rather, think of it this way. You need a place to live. Receiving a tax advantage for the place that you choose to live in, is a nice bonus.
When carefully used, a home equity loan (line of credit that allows you to borrow against your home) can be a better way to carry credit. That's because home equity lines can have lower interest rates and are also deductible whereas typical credit card interest is not.
Owning your own home gives you more freedom and the opportunity to create a living environment exactly how you want it. There's no consulting with landlords to see if you can do something to the home or who will pay for the change. Of course, that means when you buy a home you should consider what additional changes you plan to make, so that you can appropriately budget. Also, keep in mind that with homeownership come unexpected expenses for repairs and maintenance. While that may sound like a reason not to buy, it shouldn't be. Think about owning a car. There are maintenance issues and expenses but most people still like to own their own vehicle.
Homeownership provides a sense of stability and security. Instead of wondering when the landlord might decide to sell the home, you are in control of that decision. Additionally, homeownership provides immeasurable values of belonging to a social community. Also, as a homeowner, you'll have a greater influence on community affairs. Renters, being usually more transient, have less influence on policymakers.
What it comes down to is how long you plan on staying in a particular home and area and what you can afford. Owning your home weds you to a property which some people feel limits them. However, many others see a home as their life and the legacy they'll leave behind... a place where they raise children, enjoy company, experience life's ups and downs, and eventually pass on their home to loved ones.
If you are interested in buying a home give us a call at 972-772-7000 or email us at rockwall@kw.com.
The past few years of rocky real estate markets has left some people wondering, why buy a home? If you find that thought running through your mind consider these things.
A recent survey commissioned by the National Association of Home Builders found that 72 percent of its respondents opposed any effort to get rid of the homeowners' mortgage interest deduction. That's despite the fact that doing so could help ease the nation's budget deficit.
Gil Gross host of Real Estate Today Radio reported that, "The survey cut across partisan lines, and even across homeowner status. 76 percent of Republicans and 64 percent of Democrats oppose eliminating the deduction, as do 75 percent of owners and even 55 percent of renters. They all recognize the importance of homeownership to the nation's economy."
But why when you hear the horror stories of markets crashing, housing underwater and homeowners facing foreclosure, would you want to buy a home?
The first reason, we just addressed. When you buy a home there are tax advantages. Effectively, homeownership provides an excellent tax shelter. But there are more reasons to trade your rent payment for a mortgage. Buying a home for this tax advantage isn't how you should look at it. Rather, think of it this way. You need a place to live. Receiving a tax advantage for the place that you choose to live in, is a nice bonus.
When carefully used, a home equity loan (line of credit that allows you to borrow against your home) can be a better way to carry credit. That's because home equity lines can have lower interest rates and are also deductible whereas typical credit card interest is not.
Owning your own home gives you more freedom and the opportunity to create a living environment exactly how you want it. There's no consulting with landlords to see if you can do something to the home or who will pay for the change. Of course, that means when you buy a home you should consider what additional changes you plan to make, so that you can appropriately budget. Also, keep in mind that with homeownership come unexpected expenses for repairs and maintenance. While that may sound like a reason not to buy, it shouldn't be. Think about owning a car. There are maintenance issues and expenses but most people still like to own their own vehicle.
Homeownership provides a sense of stability and security. Instead of wondering when the landlord might decide to sell the home, you are in control of that decision. Additionally, homeownership provides immeasurable values of belonging to a social community. Also, as a homeowner, you'll have a greater influence on community affairs. Renters, being usually more transient, have less influence on policymakers.
What it comes down to is how long you plan on staying in a particular home and area and what you can afford. Owning your home weds you to a property which some people feel limits them. However, many others see a home as their life and the legacy they'll leave behind... a place where they raise children, enjoy company, experience life's ups and downs, and eventually pass on their home to loved ones.
If you are interested in buying a home give us a call at 972-772-7000 or email us at rockwall@kw.com.
Friday, October 29, 2010
Paperwork to Keep after Closing
Provided By Realty Times
Published By Carla Hill
At the end of closing, a large stack of papers sits in front of you. How do you know which ones to file away for future use?
To make your job of sorting through the papers a little easier, here are a few "be sure to save" items.
1. Truth in Lending statement: This handy paperwork helps to summarize the details of your mortgage, including your percentage rate.
2. Insurance: Not only does it serve for proof of coverage, but just in the case you need to make a claim, you will have contact and coverage information on hand.
3. Deed: This paperwork proves that the property has "indeed" been transferred to your ownership.
4. Riders: These are sale contract changes (amendments) that affect you directly.
5. HUD-1 Settlement Statement: This is a great itemized list of your closing costs. It will be especially important for when it comes time to pay income taxes.
Be sure to keep all of your paperwork in an organized filing system and in a fire-proof safe.
For a more indepth list of items to keep, be sure to ask your lender and real estate agent.
Have more questions in regards to closing on your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Published By Carla Hill
At the end of closing, a large stack of papers sits in front of you. How do you know which ones to file away for future use?
To make your job of sorting through the papers a little easier, here are a few "be sure to save" items.
1. Truth in Lending statement: This handy paperwork helps to summarize the details of your mortgage, including your percentage rate.
2. Insurance: Not only does it serve for proof of coverage, but just in the case you need to make a claim, you will have contact and coverage information on hand.
3. Deed: This paperwork proves that the property has "indeed" been transferred to your ownership.
4. Riders: These are sale contract changes (amendments) that affect you directly.
5. HUD-1 Settlement Statement: This is a great itemized list of your closing costs. It will be especially important for when it comes time to pay income taxes.
Be sure to keep all of your paperwork in an organized filing system and in a fire-proof safe.
For a more indepth list of items to keep, be sure to ask your lender and real estate agent.
Have more questions in regards to closing on your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, October 27, 2010
Understanding Points, Rates and Fees
Provided By Quicken Loans
Source Yahoo!
Not only do you have to understand what type of mortgage you should choose, you have to understand the costs associated with your mortgage. All of these costs will be paid upon closing your mortgage.
Purchase Points
Purchase points, also known as a "buy-down" or "discount points," are an up-front fee paid to the lender at closing to buy-down or lower your interest rate over the life of the loan. Each point is equal to one percent of your total loan amount. If you have a $100,000 loan, one point would equal $1,000. The more points you buy, the lower your interest rate, but the more money you'll need at closing.
How do you decide whether you should buy points and if so, how many? Well, the decision should be based on how long you plan on living in your home and what you can afford to pay each month toward your mortgage. If you plan on living in your home for more than five years, it's probably a good idea to purchase points. The longer you live in your home, the more you can save on interest over the life of the loan.
Interest Rate
When you get a mortgage, you are charged an interest rate.this is the rate which the lender charges you for using their money to buy a home. It determines how much your monthly payments will be. Generally speaking, the higher the interest rate, the higher your monthly payment.
Mortgage interest rates change constantly.daily, even hourly. If you speak to a lender and are quoted a specific interest rate, that's not to say you'll necessarily get that rate when you close on your loan. Not unless you formally lock-in that rate with the lender.locking in an interest rate will guarantee you get your loan with a particular interest rate. Lenders will allow you to lock in for 15, 45 or 60 days. But the longer you lock in, the more expensive it will be, since it's more of a risk to lenders.
Fees
There are always fees associated with getting a mortgage, these fees cover the cost of processing and underwriting the loan. These fees can include charges for ensuring the title to the home is free and clear; paying for a land survey; or paying for a home appraisal which gives you the estimated value of the property (lenders require an appraisal to close on your mortgage).
Deciding which mortgage to get may depend on what each lender does because different lenders may charge different amounts. Some may charge lesser closing fees to lure you in, but may charge you a higher interest rate, which means you may pay more in the long run. But everyone has different needs.you may or may not be able to afford to pay more at closing and are willing to pay more over the long term.
Before it comes time to close, do your homework, make sure there are no hidden fees, and ask your lender lots of questions so that you understand all the costs involved with your mortgage.
If you have questions about buying a home, call the realtors who know the answers at 972-772-7000 or email us at rockwall@kw.com.
Source Yahoo!
Not only do you have to understand what type of mortgage you should choose, you have to understand the costs associated with your mortgage. All of these costs will be paid upon closing your mortgage.
Purchase Points
Purchase points, also known as a "buy-down" or "discount points," are an up-front fee paid to the lender at closing to buy-down or lower your interest rate over the life of the loan. Each point is equal to one percent of your total loan amount. If you have a $100,000 loan, one point would equal $1,000. The more points you buy, the lower your interest rate, but the more money you'll need at closing.
How do you decide whether you should buy points and if so, how many? Well, the decision should be based on how long you plan on living in your home and what you can afford to pay each month toward your mortgage. If you plan on living in your home for more than five years, it's probably a good idea to purchase points. The longer you live in your home, the more you can save on interest over the life of the loan.
Interest Rate
When you get a mortgage, you are charged an interest rate.this is the rate which the lender charges you for using their money to buy a home. It determines how much your monthly payments will be. Generally speaking, the higher the interest rate, the higher your monthly payment.
Mortgage interest rates change constantly.daily, even hourly. If you speak to a lender and are quoted a specific interest rate, that's not to say you'll necessarily get that rate when you close on your loan. Not unless you formally lock-in that rate with the lender.locking in an interest rate will guarantee you get your loan with a particular interest rate. Lenders will allow you to lock in for 15, 45 or 60 days. But the longer you lock in, the more expensive it will be, since it's more of a risk to lenders.
Fees
There are always fees associated with getting a mortgage, these fees cover the cost of processing and underwriting the loan. These fees can include charges for ensuring the title to the home is free and clear; paying for a land survey; or paying for a home appraisal which gives you the estimated value of the property (lenders require an appraisal to close on your mortgage).
Deciding which mortgage to get may depend on what each lender does because different lenders may charge different amounts. Some may charge lesser closing fees to lure you in, but may charge you a higher interest rate, which means you may pay more in the long run. But everyone has different needs.you may or may not be able to afford to pay more at closing and are willing to pay more over the long term.
Before it comes time to close, do your homework, make sure there are no hidden fees, and ask your lender lots of questions so that you understand all the costs involved with your mortgage.
If you have questions about buying a home, call the realtors who know the answers at 972-772-7000 or email us at rockwall@kw.com.
Monday, October 25, 2010
Five Tips to Increase Your Home's Appeal
Provided By Realty Times
Published by Phoebe Chongchua
Selling your home can be like a single person trying to get the attention of a prospective date--got to clean up, pour on the charm, and emphasize all those great assets.
However, if you can't get the prospective candidate to even notice you (or, in this case, your home), there sure won't be a date and that goes for the selling of your home, too (no closing date).
I've written a lot about staging homes, adding curb appeal, clearing clutter, even adding subtle fragrances to help put prospective buyers in the mood. When it comes to getting a home noticed, especially in these market conditions, you'll want to pay close attention to get the deal done before the end of the year.
1. Change with the seasons. When you go to stores, one thing you notice is the decor changes to match the time of year. That's by no mistake. The goal is to create a mood, make consumers want to buy more. Psychological and emotional advertising influence buyers all the time. If you put your home on the market in the fall and still have spring decorations around the house, it'll affect buyers. They won't feel quite comfortable. It might not be obvious to them but somehow they're likely to feel that things are “out of place” in this home even if the decor isn't overwhelming. Having out-of-season decor just leaves buyers feeling like the house isn't being well cared for.
2. Make it cozy. One of the easiest ways to make your home cozy is by drawing attention to the fireplace. As the weather turns colder, flaunting your fireplace as a focal point is often a great selling point. You can turn your fireplace into a prominent focal point by placing mirrors, artwork, and vases on the mantel. A popular trend is to place candles near the fireplace. However, rather than using real candles, you might try flameless candles that put out a soft, realistic glow.
3. Crank up the thermostat. A lot of times during open houses, the home is quite cozy because the homeowners turned up the thermostat in preparation for the prospective buyers. But when it comes to routine individual showings, especially when the house has been sitting vacant, buyers can receive a chilly non-welcome which does little to make them feel at home. Setting the thermostat to keep the home at a comfortable temperature may cost a bit more but in the end your home will be more appealing. If the home's temperature is either too cold or hot, buyers won't stick around to explore it.
4. Shine the natural light. Hold your open house during the high daylight hours. Lighting is a big attraction and often helps sell your home better. Have your agent schedule individual showings during the time of day when you know the natural lighting will light up your home. Serious buyers will often come by at different times of the day to see the home in different lighting but put your best foot forward and show your home when you know the natural lighting will favor your home.
5. Play soft ambient music. Soft, non-distracting background music can help ease tension. Often the homebuying experience is stressful. Buyers are pressed for time and cash. They are in a hurry. Selling a home is a psychological experience that goes beyond just finding a place to live. The emotional feeling buyers get when visiting your home will result in the action they take--coming back to see it again, making an offer, or crossing it off their list. Playing peaceful music that doesn't overwhelm them can enhance their mood and make them feel like relaxing for a bit in a comfortable chair in your living room ... allowing them to soak up the positive experience.
Remember the key rule when selling a home, make your home seem like theirs.
Make the sale of your home a smooth and easy deal, by contacting us at 972-772-7000 or email us at rockwall@kw.com.
Published by Phoebe Chongchua
Selling your home can be like a single person trying to get the attention of a prospective date--got to clean up, pour on the charm, and emphasize all those great assets.
However, if you can't get the prospective candidate to even notice you (or, in this case, your home), there sure won't be a date and that goes for the selling of your home, too (no closing date).
I've written a lot about staging homes, adding curb appeal, clearing clutter, even adding subtle fragrances to help put prospective buyers in the mood. When it comes to getting a home noticed, especially in these market conditions, you'll want to pay close attention to get the deal done before the end of the year.
1. Change with the seasons. When you go to stores, one thing you notice is the decor changes to match the time of year. That's by no mistake. The goal is to create a mood, make consumers want to buy more. Psychological and emotional advertising influence buyers all the time. If you put your home on the market in the fall and still have spring decorations around the house, it'll affect buyers. They won't feel quite comfortable. It might not be obvious to them but somehow they're likely to feel that things are “out of place” in this home even if the decor isn't overwhelming. Having out-of-season decor just leaves buyers feeling like the house isn't being well cared for.
2. Make it cozy. One of the easiest ways to make your home cozy is by drawing attention to the fireplace. As the weather turns colder, flaunting your fireplace as a focal point is often a great selling point. You can turn your fireplace into a prominent focal point by placing mirrors, artwork, and vases on the mantel. A popular trend is to place candles near the fireplace. However, rather than using real candles, you might try flameless candles that put out a soft, realistic glow.
3. Crank up the thermostat. A lot of times during open houses, the home is quite cozy because the homeowners turned up the thermostat in preparation for the prospective buyers. But when it comes to routine individual showings, especially when the house has been sitting vacant, buyers can receive a chilly non-welcome which does little to make them feel at home. Setting the thermostat to keep the home at a comfortable temperature may cost a bit more but in the end your home will be more appealing. If the home's temperature is either too cold or hot, buyers won't stick around to explore it.
4. Shine the natural light. Hold your open house during the high daylight hours. Lighting is a big attraction and often helps sell your home better. Have your agent schedule individual showings during the time of day when you know the natural lighting will light up your home. Serious buyers will often come by at different times of the day to see the home in different lighting but put your best foot forward and show your home when you know the natural lighting will favor your home.
5. Play soft ambient music. Soft, non-distracting background music can help ease tension. Often the homebuying experience is stressful. Buyers are pressed for time and cash. They are in a hurry. Selling a home is a psychological experience that goes beyond just finding a place to live. The emotional feeling buyers get when visiting your home will result in the action they take--coming back to see it again, making an offer, or crossing it off their list. Playing peaceful music that doesn't overwhelm them can enhance their mood and make them feel like relaxing for a bit in a comfortable chair in your living room ... allowing them to soak up the positive experience.
Remember the key rule when selling a home, make your home seem like theirs.
Make the sale of your home a smooth and easy deal, by contacting us at 972-772-7000 or email us at rockwall@kw.com.
Friday, October 15, 2010
Escrow: What it is and how it works
Provided By Lending Tree
If you've ever made an informal bet with a friend, you may have asked a third person to hold the money until the wager was resolved. When you take out a mortgage to buy a home, you're doing something similar by opening an escrow account.
How it works
When you put money in escrow it is held by a neutral third party (called an escrow agent) who works for both the lender and the borrower. The agent's role is to carry out the instructions agreed upon by both parties. The money is released when all the terms of the agreement are met. Escrow can be involved in anything from multimillion-dollar building projects to purchases made on online auction sites.
When it's used
When your mortgage closes, your lender will usually require you to open an escrow account to cover property taxes and homeowner's insurance. You'll make an initial deposit, followed by payments to the account every month. (Usually these are added to your regular mortgage payment.) The escrow agent will then release these funds as your taxes and insurance premiums come due.
Its purpose
The idea is to protect the lender by ensuring that you pay your taxes and insurance on time. If you default on your property tax, for example, your municipality can put a lien on the house, which would make it difficult to sell. Or if your house burns down and you've neglected to pay the insurance, the lender would be left with no collateral.
How you benefit
Escrow can benefit borrowers by helping them spread insurance and tax expenses evenly over 12 payments. For example, assume your yearly property taxes are two payments of $1,000 each, and your insurance is $400 annually. If you paid these directly, it would mean three large payments a year; your escrow costs, however, would be a manageable $200 a month.
Escrow payments
Your escrow account will have a built-in cushion -- if you miss a payment, the lender must still be able to pay your accounts on time. However, federal law prohibits lenders from requiring more than two months. expenses in escrow. And because your tax and insurance costs will change slightly from year to year, the lender will review and adjust your escrow payments annually.
When escrow may be waived
In most states, the money you place in an escrow account earns no interest for you. For that reason, many borrowers prefer to pay their taxes and insurance directly. Lenders may agree to this if your down payment is more than 20 percent, although some will raise your interest rate slightly to compensate. Once you agree to putting funds into an escrow account, however, it is difficult to cancel it, so make sure you fully understand the arrangement before your mortgage closes.
Do you need help understanding the ins and outs of closing on a home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
If you've ever made an informal bet with a friend, you may have asked a third person to hold the money until the wager was resolved. When you take out a mortgage to buy a home, you're doing something similar by opening an escrow account.
How it works
When you put money in escrow it is held by a neutral third party (called an escrow agent) who works for both the lender and the borrower. The agent's role is to carry out the instructions agreed upon by both parties. The money is released when all the terms of the agreement are met. Escrow can be involved in anything from multimillion-dollar building projects to purchases made on online auction sites.
When it's used
When your mortgage closes, your lender will usually require you to open an escrow account to cover property taxes and homeowner's insurance. You'll make an initial deposit, followed by payments to the account every month. (Usually these are added to your regular mortgage payment.) The escrow agent will then release these funds as your taxes and insurance premiums come due.
Its purpose
The idea is to protect the lender by ensuring that you pay your taxes and insurance on time. If you default on your property tax, for example, your municipality can put a lien on the house, which would make it difficult to sell. Or if your house burns down and you've neglected to pay the insurance, the lender would be left with no collateral.
How you benefit
Escrow can benefit borrowers by helping them spread insurance and tax expenses evenly over 12 payments. For example, assume your yearly property taxes are two payments of $1,000 each, and your insurance is $400 annually. If you paid these directly, it would mean three large payments a year; your escrow costs, however, would be a manageable $200 a month.
Escrow payments
Your escrow account will have a built-in cushion -- if you miss a payment, the lender must still be able to pay your accounts on time. However, federal law prohibits lenders from requiring more than two months. expenses in escrow. And because your tax and insurance costs will change slightly from year to year, the lender will review and adjust your escrow payments annually.
When escrow may be waived
In most states, the money you place in an escrow account earns no interest for you. For that reason, many borrowers prefer to pay their taxes and insurance directly. Lenders may agree to this if your down payment is more than 20 percent, although some will raise your interest rate slightly to compensate. Once you agree to putting funds into an escrow account, however, it is difficult to cancel it, so make sure you fully understand the arrangement before your mortgage closes.
Do you need help understanding the ins and outs of closing on a home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, October 13, 2010
Increasing Seller's Property Value
Provided By Yahoo!
Understand first of all that there IS a difference between price and value. Price is the amount you are asking for the property. Value is buyer perceived, and this perception of value is influenced by many factors such as location, features, condition, comparison to other purchase option, etc. By attending to details that can have a positive impact on the value, sellers can significantly increase their chance of attracting qualified buyers willing to pay the asking price.
Some tips to achieve a positive impact on value are:
1.Perceived size impacts value, even more so than actual square footage. Open floor plans make a room feel bigger than larger spaces with smaller rooms. Showing property that is furniture free, or at reduced clutter, helps to make the space feel bigger.
2.Vacancy increases sale-ability. Property is easier to show and easier to sell, and quicker to take possession of when it is vacant at the time it is offered for sale. Evidence of problems to take possession of the property -- such as encroachments, or tenants who wont allow buyer tours -- negatively impact value. Vacancy also helps the buyer walk through the property imagining ownership. Sellers should remove personal trinkets and family pictures as well as being conveniently absent during a buyer tour.
3.Cosmetics are important.
•Fresh paint will always add more value than it costs.
•Clean or new carpet/flooring adds more value than it costs.
•Landscaping adds more value than it costs. At the very minimum, make the entrance area neat.
•If you can, add some colorful flowers and new sod.
4.Take care of the obvious! The spot on the ceiling from the roof leak takes thousands of dollars from the perceived value and the offer price.
5.Condition affects value. Do a seller's home inspection to identify and fix the problem BEFORE closing. No point holding up your check a few extra days; plus a failed buyer's inspection could cost you the sale. Buyers will often bargain down your asking price to accomodate for property condition and repairs.
6.If you can, remodel/update the kitchen and master bathroom. These two areas have a big impact on home buying decisions.
7.Strategic renovations impact value and your bottom line. Don't spend more money to renovate the place than you can recapture in value on the sales price.
Have questions about the process of selling your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Understand first of all that there IS a difference between price and value. Price is the amount you are asking for the property. Value is buyer perceived, and this perception of value is influenced by many factors such as location, features, condition, comparison to other purchase option, etc. By attending to details that can have a positive impact on the value, sellers can significantly increase their chance of attracting qualified buyers willing to pay the asking price.
Some tips to achieve a positive impact on value are:
1.Perceived size impacts value, even more so than actual square footage. Open floor plans make a room feel bigger than larger spaces with smaller rooms. Showing property that is furniture free, or at reduced clutter, helps to make the space feel bigger.
2.Vacancy increases sale-ability. Property is easier to show and easier to sell, and quicker to take possession of when it is vacant at the time it is offered for sale. Evidence of problems to take possession of the property -- such as encroachments, or tenants who wont allow buyer tours -- negatively impact value. Vacancy also helps the buyer walk through the property imagining ownership. Sellers should remove personal trinkets and family pictures as well as being conveniently absent during a buyer tour.
3.Cosmetics are important.
•Fresh paint will always add more value than it costs.
•Clean or new carpet/flooring adds more value than it costs.
•Landscaping adds more value than it costs. At the very minimum, make the entrance area neat.
•If you can, add some colorful flowers and new sod.
4.Take care of the obvious! The spot on the ceiling from the roof leak takes thousands of dollars from the perceived value and the offer price.
5.Condition affects value. Do a seller's home inspection to identify and fix the problem BEFORE closing. No point holding up your check a few extra days; plus a failed buyer's inspection could cost you the sale. Buyers will often bargain down your asking price to accomodate for property condition and repairs.
6.If you can, remodel/update the kitchen and master bathroom. These two areas have a big impact on home buying decisions.
7.Strategic renovations impact value and your bottom line. Don't spend more money to renovate the place than you can recapture in value on the sales price.
Have questions about the process of selling your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Monday, October 11, 2010
How to Recognize a Buyers Market
Provided By Realty Times
Are you on the search for a new home? Are you a first-time home buyer ready to enter the market? Then a buyers market is right where you want to be!
Recent years have turned many real estate markets on their heads. One-time hotbeds for rapid appreciation and booming sales have turned into areas rampant with dropping prices and foreclosures. Making matters even more complicated, is the realization that every market is different. Even neighborhoods within cities have varying markets.
How can you tell if you are living in an area experiencing a buyers market?
Key Indicators:
•More than six month's worth of inventory on the market
•Median sales price is down
•Fewer buyers on the market
•Relative large supply of homes and relative low prices
As a buyer, how can you maneuver yourself to take full advantage of a market which is stacked in your favor?
All of the market indicators translate into more choice for buyers. Prices become more negotiable. You have more homes to choose from.
One of your first steps is to hire a real estate agent. An agent can supply you with market statistics, including days on market, pricing, and neighborhood comparables. They can also direct you to home listings on the MLS.
With such economic uncertainty today, buyers are scared to venture into the market. They fear prices may drop after they buy, leaving them upside down in a home. They fear the market will not pick up for years, leaving them stuck in a home. That fear works in your favor, should you choose to buy. Interest rates are at historic lows. And buyer fear actually translates into more homes for you to choose from. It means sellers may be more willing to drop their price to make a sale.
In negotiating, foreclosures wreak havoc on a neighborhood. Foreclosures can lower values on an entire street. If a home has been sitting on the market for months, the likelihood that the seller will make concessions increases.
And even when a price won't budge, you can always discuss who will pay closing costs.
Deciding when to buy can be a big decision, but buying during a buyers market can give you many advantages over other markets.
Looking for an experienced agent? Call us at 972-772-7000 or email us at rockwall@kw.com.
Are you on the search for a new home? Are you a first-time home buyer ready to enter the market? Then a buyers market is right where you want to be!
Recent years have turned many real estate markets on their heads. One-time hotbeds for rapid appreciation and booming sales have turned into areas rampant with dropping prices and foreclosures. Making matters even more complicated, is the realization that every market is different. Even neighborhoods within cities have varying markets.
How can you tell if you are living in an area experiencing a buyers market?
Key Indicators:
•More than six month's worth of inventory on the market
•Median sales price is down
•Fewer buyers on the market
•Relative large supply of homes and relative low prices
As a buyer, how can you maneuver yourself to take full advantage of a market which is stacked in your favor?
All of the market indicators translate into more choice for buyers. Prices become more negotiable. You have more homes to choose from.
One of your first steps is to hire a real estate agent. An agent can supply you with market statistics, including days on market, pricing, and neighborhood comparables. They can also direct you to home listings on the MLS.
With such economic uncertainty today, buyers are scared to venture into the market. They fear prices may drop after they buy, leaving them upside down in a home. They fear the market will not pick up for years, leaving them stuck in a home. That fear works in your favor, should you choose to buy. Interest rates are at historic lows. And buyer fear actually translates into more homes for you to choose from. It means sellers may be more willing to drop their price to make a sale.
In negotiating, foreclosures wreak havoc on a neighborhood. Foreclosures can lower values on an entire street. If a home has been sitting on the market for months, the likelihood that the seller will make concessions increases.
And even when a price won't budge, you can always discuss who will pay closing costs.
Deciding when to buy can be a big decision, but buying during a buyers market can give you many advantages over other markets.
Looking for an experienced agent? Call us at 972-772-7000 or email us at rockwall@kw.com.
Friday, October 8, 2010
TEXAS ADDS 133,100 JOBS IN LAST 12 MONTHS
Provided By RECON
Texas' economy gained 133,100 jobs from August 2009 to August 2010, an annual growth rate of 1.3 percent.
During the same period, the U.S. economy added 278,000 jobs, an annual growth rate of 0.2 percent. The state's private sector posted an annual employment growth rate of 1.4 compared with 0.3 percent for the United States.
The state’s seasonally adjusted unemployment rate rose from 8 percent in August 2009 to 8.3 percent in August 2010, while the nation’s rate in August decreased from 9.7 to 9.6 percent.
All Texas industries except the trade, construction and information industries had more jobs in August 2010 than in August last year.
Twenty-four Texas metro areas had positive employment growth rates for the year ending Aug. 31, up from 19 for the period from July 2009 to July 2010. Sherman-Denison ranked first in job creation, followed by San Angelo, Austin-Round Rock-San Marcos, Odessa and Tyler.
The state’s actual unemployment rate in August 2010 was 8.4 percent. Midland had the lowest unemployment rate followed by Amarillo, Lubbock, San Angelo and Abilene.
Are you wanting to relocate to a home closer to your job? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Texas' economy gained 133,100 jobs from August 2009 to August 2010, an annual growth rate of 1.3 percent.
During the same period, the U.S. economy added 278,000 jobs, an annual growth rate of 0.2 percent. The state's private sector posted an annual employment growth rate of 1.4 compared with 0.3 percent for the United States.
The state’s seasonally adjusted unemployment rate rose from 8 percent in August 2009 to 8.3 percent in August 2010, while the nation’s rate in August decreased from 9.7 to 9.6 percent.
All Texas industries except the trade, construction and information industries had more jobs in August 2010 than in August last year.
Twenty-four Texas metro areas had positive employment growth rates for the year ending Aug. 31, up from 19 for the period from July 2009 to July 2010. Sherman-Denison ranked first in job creation, followed by San Angelo, Austin-Round Rock-San Marcos, Odessa and Tyler.
The state’s actual unemployment rate in August 2010 was 8.4 percent. Midland had the lowest unemployment rate followed by Amarillo, Lubbock, San Angelo and Abilene.
Are you wanting to relocate to a home closer to your job? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, October 6, 2010
The Mortgage Market Guide View...
Provided By Sherri Crayne
Winter’s Just Around the Corner. Are You Ready?
We’ve past the point of no return. The Autumnal Equinox occurred last week, and we’re now headed into the shorter, colder days of fall and eventually winter. Whether you live in a cold northern climate or a moderate southern climate, there are a number of steps you need to take to make sure your house and yard are ready for the impending winter season. By following the advice below, you can make sure your home is ready... inside and out!
What should you do outside your home?
If you live in an area with high moisture, you'll want to apply an additional coat of sealant to wooden decks. Chances are the summer sun has caused deterioration to the deck's protective layer, and re-sealing it will ensure that the wood won't absorb an excessive amount of water. If your area experiences extremely low temperatures, sealing any cracks in your driveway or sidewalk is also a good idea. If you have outdoor furniture or a barbecue, you'll want to cover them up or store them in the garage.
In terms of the shrubbery around the outside of your home, two precautionary steps will greatly improve the way it will look once winter has lifted. First, prune away any weeds or dead foliage from the base of each shrub. Next, add a layer of mulch to the surrounding ground, especially to any perennial flower beds.
Once you've tended to the greenery, you may want to winterize your power equipment. Fall is the perfect time for draining gas from lawn mowers and oiling any power tools. You'll also want to drain garden hoses, roll them up, and store them in the garage. If you want to take extra precautions, drain your outdoor faucets and cut off the water. This will keep pipes from freezing and eventually bursting. If you live in an area where it snows, do yourself a favor and make sure your snow removal equipment is in proper working order.
In terms of a home's exterior, the key word to keep in mind is "leaks." Leaks not only allow cold air to enter your home but water as well. Start by inspecting the home's foundation and exterior walls. Minor cracks can usually be sealed by using a caulk that's appropriate for the temperature of your region. Special attention should be paid to the wall area around windows and outdoor faucets. Also, if you have storm windows, now is the time to install them.
The Great Indoors
It's time to make our way inside the home, and take another look at the topic of leaks. Preventing air leaks will not only ensure a cozier home, it will also help you save on your energy bill. Start by weather-stripping all windows and doors. It sounds like a big job, but in most homes this can be accomplished in one day. Also, look for leaks around wall outlets. Once again, the appropriate caulk will do the trick when it comes to creating a proper seal. Don't forget to check the attic or cellar for leaks as well.
Regardless of the type of heating system you have, it's a good idea to have it checked and maintained by a professional. Clean ducts and filter replacements can go a long way when it comes to improving efficiency. Also, be sure to clean and vacuum any heating vents, and keep the flue or damper closed when your fireplace is not in use.
As far as plumbing is concerned, every homeowner should periodically check their hot water heater for leaks, no matter where they live. This is the last thing you'll want to repair during the cold months. You may also want to consider purchasing a hot water heater blanket. It's a $15 investment that will increase the heater's efficiency. If you live in an area known for very cold weather, you may have a problem with pipes freezing. This can be alleviated by wrapping the pipes that are most prone to freezing with heat tape, which can be purchased at any hardware store.
Lastly, if you've experienced serious weather issues in past years, you may want to prepare a comprehensive emergency kit for your home. It never hurts to be prepared.
Good luck on your projects... and have a happy and safe winter!
Need more tips on how to winterize your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Winter’s Just Around the Corner. Are You Ready?
We’ve past the point of no return. The Autumnal Equinox occurred last week, and we’re now headed into the shorter, colder days of fall and eventually winter. Whether you live in a cold northern climate or a moderate southern climate, there are a number of steps you need to take to make sure your house and yard are ready for the impending winter season. By following the advice below, you can make sure your home is ready... inside and out!
What should you do outside your home?
If you live in an area with high moisture, you'll want to apply an additional coat of sealant to wooden decks. Chances are the summer sun has caused deterioration to the deck's protective layer, and re-sealing it will ensure that the wood won't absorb an excessive amount of water. If your area experiences extremely low temperatures, sealing any cracks in your driveway or sidewalk is also a good idea. If you have outdoor furniture or a barbecue, you'll want to cover them up or store them in the garage.
In terms of the shrubbery around the outside of your home, two precautionary steps will greatly improve the way it will look once winter has lifted. First, prune away any weeds or dead foliage from the base of each shrub. Next, add a layer of mulch to the surrounding ground, especially to any perennial flower beds.
Once you've tended to the greenery, you may want to winterize your power equipment. Fall is the perfect time for draining gas from lawn mowers and oiling any power tools. You'll also want to drain garden hoses, roll them up, and store them in the garage. If you want to take extra precautions, drain your outdoor faucets and cut off the water. This will keep pipes from freezing and eventually bursting. If you live in an area where it snows, do yourself a favor and make sure your snow removal equipment is in proper working order.
In terms of a home's exterior, the key word to keep in mind is "leaks." Leaks not only allow cold air to enter your home but water as well. Start by inspecting the home's foundation and exterior walls. Minor cracks can usually be sealed by using a caulk that's appropriate for the temperature of your region. Special attention should be paid to the wall area around windows and outdoor faucets. Also, if you have storm windows, now is the time to install them.
The Great Indoors
It's time to make our way inside the home, and take another look at the topic of leaks. Preventing air leaks will not only ensure a cozier home, it will also help you save on your energy bill. Start by weather-stripping all windows and doors. It sounds like a big job, but in most homes this can be accomplished in one day. Also, look for leaks around wall outlets. Once again, the appropriate caulk will do the trick when it comes to creating a proper seal. Don't forget to check the attic or cellar for leaks as well.
Regardless of the type of heating system you have, it's a good idea to have it checked and maintained by a professional. Clean ducts and filter replacements can go a long way when it comes to improving efficiency. Also, be sure to clean and vacuum any heating vents, and keep the flue or damper closed when your fireplace is not in use.
As far as plumbing is concerned, every homeowner should periodically check their hot water heater for leaks, no matter where they live. This is the last thing you'll want to repair during the cold months. You may also want to consider purchasing a hot water heater blanket. It's a $15 investment that will increase the heater's efficiency. If you live in an area known for very cold weather, you may have a problem with pipes freezing. This can be alleviated by wrapping the pipes that are most prone to freezing with heat tape, which can be purchased at any hardware store.
Lastly, if you've experienced serious weather issues in past years, you may want to prepare a comprehensive emergency kit for your home. It never hurts to be prepared.
Good luck on your projects... and have a happy and safe winter!
Need more tips on how to winterize your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Monday, October 4, 2010
4 Mortgages That Require Little Money Down
Written By Holden Lewis
Source: http://www.bankrate.com/
Provided By Shelley Dudley
Homebuyers with little money for a down payment are finding more home loans available for a low down payment or even no down payment.
These mortgages are becoming more commonplace even as the country recovers from a housing bust made worse by the popularity of low down-payment mortgages during the housing boom.
The Federal Housing Administration insures loans with small down payments. And private mortgage insurers have lowered their down payment requirements.
It's even possible to get a mortgage today with no money down. The nation's biggest credit union offers "zero-down" mortgages. The Veterans Administration and the Department of Agriculture guarantee home loans with no down payments.
Following are a few options for borrowers seeking low down-payment and zero down-payment home mortgages:
No down payment: VA loan
Veterans Affairs (formerly the Veterans Administration) guarantees no-down purchase mortgages for qualified veterans. Private lenders originate VA loans, which the VA guarantees. There is no mortgage insurance. The borrower pays a funding fee, which can be rolled into the loan amount.
The VA funding fee varies, depending on whether the veteran served in the regular military or in the Reserves or National Guard, and whether it's the veteran's first VA loan or a subsequent one. The funding fee can be as low as 2.15 percent or as high as 3.3 percent.
No down payment: Navy Federal
Navy Federal Credit Union, the nation's largest in assets and membership, offers 100 percent financing (up to $650,000) to qualified members for buying primary homes. Credit union eligibility is restricted to members of the military, some civilian employees of the military and U.S. Department of Defense, and family members.
Navy Federal resumed zero-down financing this year after a hiatus of a couple of years. Barbara Sheehan, Navy Federal's assistant vice president for mortgage products, says when members of the military are transferred, they sometimes own houses whose values have fallen, wiping out equity.
"Some people had to take losses to sell their houses, so to have to start over and save the money again for a down payment is really difficult," she says.
The credit union's zero-down program is similar to the VA's. One difference is cost: Navy Federal's funding fee of 1.75 percent is less than the VA's funding fees.
No down payment: Department of Agriculture
The Department of Agriculture's Rural Development mortgage guarantee program is so popular that it ran out of money this spring. Congress is expected to cough up more in time for summer homebuying season.
"That's the cat's meow, my favorite loan program," says Jeff Tufford, mortgage consultant for Monarch Mortgage Consulting, in Grand Blanc, Mich.
Some borrowers are surprised to find that Rural Development loans aren't confined to farmland.
"It's not all rural," Tufford says.
Grand Blanc is a suburb of Flint. There are nearby towns, such as Fenton and Davison, where "no one would walk there and say this is a rural area, but the USDA can do loans there."
The USDA has maps on its website that highlight eligible areas. In addition to geographical limits, the USDA program has restrictions on household income, and it's intended for first-time buyers, although there are exceptions.
The USDA mortgage comes from a bank, and there is no mortgage insurance. Instead, the USDA levies a 2 percent guarantee fee, which can be rolled into the loan amount.
Low down payment: Federal Housing Administration
The zero-down options listed above are restricted to limited groups of buyers. With a minimum down payment of 3.5 percent, the Federal Housing Administration is the low-down option that's available to the most people.
Today, about 30 percent of all home loan borrowers get FHA-insured loans, up from 3 percent during the housing boom. The FHA gained market share after many other low-down-payment options (such as piggyback loans) evaporated in the housing bust.
Losses to the insurance fund compelled the FHA to hike rates. The FHA charges an upfront premium of 2.25 percent of the mortgage amount. On a loan with the minimum down payment, there's an annual premium of 0.55 percent of the mortgage amount, or $550 a year for each $100,000 borrowed.
Another low-down-payment option
There is one more option for borrowers in the "low-down-payment" camp: A standard home loan with private mortgage insurance.
A number of companies offer private mortgage insurance for home loans with down payments of less than 20 percent. PMI is not the same thing as FHA insurance, a form of public mortgage insurance.
Typically, monthly private mortgage insurance costs more than FHA insurance for borrowers who put down 5 percent. However, PMI costs less than FHA for loans with down payments of 10 percent or more.
Private mortgage insurance has another edge over FHA: Under certain conditions, you can cancel PMI earlier -- as soon as two years after you get the loan, compared to a wait of at least five years to cancel FHA insurance.
PMI has become easier to get. From the start of the housing bust until just recently, mortgage insurers slapped a "declining market" label on the worst-hit housing markets and required minimum down payments of 10 percent or more, instead of the traditional minimum of 5 percent.
Now, at least some of the insurers have relaxed the requirements, even in hard-hit states such as Arizona, California, Florida, Nevada and Michigan.
"We'll do 5 percent down across the country," says Chris Antonello, senior vice president of marketing for Genworth, a mortgage insurer based in Raleigh, N.C.
Do you have real estate questions? Give the professionals a call at 972-772-7000 or email us at rockwall@kw.com.
Source: http://www.bankrate.com/
Provided By Shelley Dudley
Homebuyers with little money for a down payment are finding more home loans available for a low down payment or even no down payment.
These mortgages are becoming more commonplace even as the country recovers from a housing bust made worse by the popularity of low down-payment mortgages during the housing boom.
The Federal Housing Administration insures loans with small down payments. And private mortgage insurers have lowered their down payment requirements.
It's even possible to get a mortgage today with no money down. The nation's biggest credit union offers "zero-down" mortgages. The Veterans Administration and the Department of Agriculture guarantee home loans with no down payments.
Following are a few options for borrowers seeking low down-payment and zero down-payment home mortgages:
No down payment: VA loan
Veterans Affairs (formerly the Veterans Administration) guarantees no-down purchase mortgages for qualified veterans. Private lenders originate VA loans, which the VA guarantees. There is no mortgage insurance. The borrower pays a funding fee, which can be rolled into the loan amount.
The VA funding fee varies, depending on whether the veteran served in the regular military or in the Reserves or National Guard, and whether it's the veteran's first VA loan or a subsequent one. The funding fee can be as low as 2.15 percent or as high as 3.3 percent.
No down payment: Navy Federal
Navy Federal Credit Union, the nation's largest in assets and membership, offers 100 percent financing (up to $650,000) to qualified members for buying primary homes. Credit union eligibility is restricted to members of the military, some civilian employees of the military and U.S. Department of Defense, and family members.
Navy Federal resumed zero-down financing this year after a hiatus of a couple of years. Barbara Sheehan, Navy Federal's assistant vice president for mortgage products, says when members of the military are transferred, they sometimes own houses whose values have fallen, wiping out equity.
"Some people had to take losses to sell their houses, so to have to start over and save the money again for a down payment is really difficult," she says.
The credit union's zero-down program is similar to the VA's. One difference is cost: Navy Federal's funding fee of 1.75 percent is less than the VA's funding fees.
No down payment: Department of Agriculture
The Department of Agriculture's Rural Development mortgage guarantee program is so popular that it ran out of money this spring. Congress is expected to cough up more in time for summer homebuying season.
"That's the cat's meow, my favorite loan program," says Jeff Tufford, mortgage consultant for Monarch Mortgage Consulting, in Grand Blanc, Mich.
Some borrowers are surprised to find that Rural Development loans aren't confined to farmland.
"It's not all rural," Tufford says.
Grand Blanc is a suburb of Flint. There are nearby towns, such as Fenton and Davison, where "no one would walk there and say this is a rural area, but the USDA can do loans there."
The USDA has maps on its website that highlight eligible areas. In addition to geographical limits, the USDA program has restrictions on household income, and it's intended for first-time buyers, although there are exceptions.
The USDA mortgage comes from a bank, and there is no mortgage insurance. Instead, the USDA levies a 2 percent guarantee fee, which can be rolled into the loan amount.
Low down payment: Federal Housing Administration
The zero-down options listed above are restricted to limited groups of buyers. With a minimum down payment of 3.5 percent, the Federal Housing Administration is the low-down option that's available to the most people.
Today, about 30 percent of all home loan borrowers get FHA-insured loans, up from 3 percent during the housing boom. The FHA gained market share after many other low-down-payment options (such as piggyback loans) evaporated in the housing bust.
Losses to the insurance fund compelled the FHA to hike rates. The FHA charges an upfront premium of 2.25 percent of the mortgage amount. On a loan with the minimum down payment, there's an annual premium of 0.55 percent of the mortgage amount, or $550 a year for each $100,000 borrowed.
Another low-down-payment option
There is one more option for borrowers in the "low-down-payment" camp: A standard home loan with private mortgage insurance.
A number of companies offer private mortgage insurance for home loans with down payments of less than 20 percent. PMI is not the same thing as FHA insurance, a form of public mortgage insurance.
Typically, monthly private mortgage insurance costs more than FHA insurance for borrowers who put down 5 percent. However, PMI costs less than FHA for loans with down payments of 10 percent or more.
Private mortgage insurance has another edge over FHA: Under certain conditions, you can cancel PMI earlier -- as soon as two years after you get the loan, compared to a wait of at least five years to cancel FHA insurance.
PMI has become easier to get. From the start of the housing bust until just recently, mortgage insurers slapped a "declining market" label on the worst-hit housing markets and required minimum down payments of 10 percent or more, instead of the traditional minimum of 5 percent.
Now, at least some of the insurers have relaxed the requirements, even in hard-hit states such as Arizona, California, Florida, Nevada and Michigan.
"We'll do 5 percent down across the country," says Chris Antonello, senior vice president of marketing for Genworth, a mortgage insurer based in Raleigh, N.C.
Do you have real estate questions? Give the professionals a call at 972-772-7000 or email us at rockwall@kw.com.
Friday, October 1, 2010
TEXAS CITIES AMONG FASTEST GROWING
Provided By RECON
Source Austin Business Journal
Five Texas cities were among the nation's fastest growing between 2000 and 2009, according to revised U.S. Census Bureau population figures released Friday.
Houston ranked second in growth, adding 284,199 residents during the nine-year period. San Antonio ranked fourth with 213,752, Fort Worth fifth with 184,239, Austin ninth with 118,137 and Dallas 11th with 110,640.
New York City added 383,195 residents, the largest growth of any U.S. city.
The Census Bureau issued revised 2009 estimates for 19,507 cities, incorporated towns and similar communities. These figures are not the results of the 2010 census, which are scheduled for release next year.
Dallas is ranked the 11th fastest growing city in Texas. To find your perfect home and start "growing" with us, call 972-772-7000 or email us at rockwall@kw.com.
Source Austin Business Journal
Five Texas cities were among the nation's fastest growing between 2000 and 2009, according to revised U.S. Census Bureau population figures released Friday.
Houston ranked second in growth, adding 284,199 residents during the nine-year period. San Antonio ranked fourth with 213,752, Fort Worth fifth with 184,239, Austin ninth with 118,137 and Dallas 11th with 110,640.
New York City added 383,195 residents, the largest growth of any U.S. city.
The Census Bureau issued revised 2009 estimates for 19,507 cities, incorporated towns and similar communities. These figures are not the results of the 2010 census, which are scheduled for release next year.
Dallas is ranked the 11th fastest growing city in Texas. To find your perfect home and start "growing" with us, call 972-772-7000 or email us at rockwall@kw.com.
Wednesday, September 29, 2010
Sell Your Home Faster, Give Your Cabinets a New Look
Written By Phoebe Chongchua of Realty Times
As the fall season sets in and the weather gets colder, it's just another reason to spend more time in the kitchen cooking up warming soups and maybe some hot cider. But no matter which season, kitchens and great rooms tend to be very popular for homeowners and, of course, buyers.
For this reason, it's important to make sure your cabinets are looking good--not laden with holes from chipped or worn off paint or stain. Kitchen cabinets often take a beating from all the opening and closing of the doors and drawers; however getting them looking good again can seem like an overwhelming project.
According to the National Kitchen & Bath Association, "The variables that affect the cost of kitchen cabinets relate to quality, appearance, and functional effectiveness."
So, if you're really sprucing them up and using high-end handles, adding more shelving inside them, the costs will rise. But what if the insides of your cabinets aren't really in poor condition? Maybe the hinges and the hardware are still in good shape, it's just the outside that could use a makeover.
That's when giving your cabinets a new face might be your best option. Stripping the cabinets and painting or refacing them can add a lot of value to the overall appeal of the home without incurring the bigger expense of replacing your cabinets.
The NKBA says that, "This will cost about half of what you would spend for comparable new kitchen cabinets, but such a strategy will only work if the basic room configuration and cabinet placement in your existing kitchen are to remain the same." However, if your cabinets are sagging or you need a new configuration for more space, for instance, this option won't work. But, again, if your cabinets simply need a new face, this can be a good solution especially when you're listing your home for sale. The investment isn't nearly as high as replacing them.
There are a few steps involved in refacing: remove/prep the veneer, strip the surface, fill in missing chips, clean cabinets, apply new veneer and trim, prep veneer, and finally stain and finish. Some homeowners decide to do their own handyman work.
There are many articles on the step-by-step process, so this column won't focus on that but instead will let you know a few things that you should be aware of to ward off bigger problems. Actually, the first is an issue I had when refacing my kitchen cabinets. (After one painter messed up the cabinets, I ended up having to hire a qualified professional to successfully finish the job.) What you should know before you start. Especially in tract homes, certain types of cabinets may have a protective layer (veneer) on top of the wood or pressed particle board. If you remove this layer you can end up with a big mess. While it often chips off over the years, and appears easy to remove, in fact you can peel it off with your finger tips, removing it completely will require the under material to be sanded and prepped so that the surface will allow paint to stick to it. But, removing it may also cause harm to the cabinets.
"Most kitchen cabinets are made with pre-veneered laminated wood (particle board in some cases) and the hardwood veneer is rolled onto the laminated wood with terrifically high pressure and in most case you would damage the wood underneath trying to remove the veneer," according to RefinishFurniture.com. The site indicates that the old veneer can be left on as a base. The old must be lightly sanded to remove the finish and then a new veneer can be added. RefinishFurniture.com also recommends marking all the cabinet doors before you remove them to strip them or prep them for paint or stain. It'll save you so much time and frustration when you go to put them back on.
Another word of advice. While many homeowners like the do-it-yourself projects, when you're selling your home, this kind of project can become tedious and too time consuming. Refacing your cabinets will help your home show better but the question is: Do you do-it-yourself or hire a company to do what they do best? Either way, newly painted or stained cabinets go along way when it comes time to sell your home.
Do you need help with selling your home? Call us at 972-772-7000 or email us at rockwall@kw.com.
As the fall season sets in and the weather gets colder, it's just another reason to spend more time in the kitchen cooking up warming soups and maybe some hot cider. But no matter which season, kitchens and great rooms tend to be very popular for homeowners and, of course, buyers.
For this reason, it's important to make sure your cabinets are looking good--not laden with holes from chipped or worn off paint or stain. Kitchen cabinets often take a beating from all the opening and closing of the doors and drawers; however getting them looking good again can seem like an overwhelming project.
According to the National Kitchen & Bath Association, "The variables that affect the cost of kitchen cabinets relate to quality, appearance, and functional effectiveness."
So, if you're really sprucing them up and using high-end handles, adding more shelving inside them, the costs will rise. But what if the insides of your cabinets aren't really in poor condition? Maybe the hinges and the hardware are still in good shape, it's just the outside that could use a makeover.
That's when giving your cabinets a new face might be your best option. Stripping the cabinets and painting or refacing them can add a lot of value to the overall appeal of the home without incurring the bigger expense of replacing your cabinets.
The NKBA says that, "This will cost about half of what you would spend for comparable new kitchen cabinets, but such a strategy will only work if the basic room configuration and cabinet placement in your existing kitchen are to remain the same." However, if your cabinets are sagging or you need a new configuration for more space, for instance, this option won't work. But, again, if your cabinets simply need a new face, this can be a good solution especially when you're listing your home for sale. The investment isn't nearly as high as replacing them.
There are a few steps involved in refacing: remove/prep the veneer, strip the surface, fill in missing chips, clean cabinets, apply new veneer and trim, prep veneer, and finally stain and finish. Some homeowners decide to do their own handyman work.
There are many articles on the step-by-step process, so this column won't focus on that but instead will let you know a few things that you should be aware of to ward off bigger problems. Actually, the first is an issue I had when refacing my kitchen cabinets. (After one painter messed up the cabinets, I ended up having to hire a qualified professional to successfully finish the job.) What you should know before you start. Especially in tract homes, certain types of cabinets may have a protective layer (veneer) on top of the wood or pressed particle board. If you remove this layer you can end up with a big mess. While it often chips off over the years, and appears easy to remove, in fact you can peel it off with your finger tips, removing it completely will require the under material to be sanded and prepped so that the surface will allow paint to stick to it. But, removing it may also cause harm to the cabinets.
"Most kitchen cabinets are made with pre-veneered laminated wood (particle board in some cases) and the hardwood veneer is rolled onto the laminated wood with terrifically high pressure and in most case you would damage the wood underneath trying to remove the veneer," according to RefinishFurniture.com. The site indicates that the old veneer can be left on as a base. The old must be lightly sanded to remove the finish and then a new veneer can be added. RefinishFurniture.com also recommends marking all the cabinet doors before you remove them to strip them or prep them for paint or stain. It'll save you so much time and frustration when you go to put them back on.
Another word of advice. While many homeowners like the do-it-yourself projects, when you're selling your home, this kind of project can become tedious and too time consuming. Refacing your cabinets will help your home show better but the question is: Do you do-it-yourself or hire a company to do what they do best? Either way, newly painted or stained cabinets go along way when it comes time to sell your home.
Do you need help with selling your home? Call us at 972-772-7000 or email us at rockwall@kw.com.
Monday, September 27, 2010
Homeowner’s Insurance Basics
Provided By Real Estate ABC
Homeowners insurance exists because a home is a huge investment, often one of the largest purchases many people make in their lifetimes. Naturally, people want to protect the value of their precious property. Homeowners insurance is a contract between a homeowner and an insurance company. As long as the owner pays the required premiums and meets the other policy requirements, the insurance company guarantees to reimburse the owner for any losses incurred due to natural disasters or human-caused damage.
WHAT DOES IT COVER?
A basic homeowner’s insurance policy protects the owner against any property damage that results from things like fire, lightning, wind or hail storms. It will also provide for motel and food costs if you are forced to leave your home while such damages are repaired.
A typical policy, however, does not cover flood or earthquake damage. Because these issues are usually specific to certain regions of the country and can cause extreme damage, these can be purchased as separate policies. If you live in a flood zone or near an earthquake fault line you may be required by your mortgage company to carry these protections.
A basic policy will also cover homeowners against loss from theft or vandalism as well as reimbursement for personal property destroyed in natural disasters. It will also provide for something that many people may not normally associate with home protection – liability coverage for lawsuits brought against the owner by people who were injured on the property. This includes the cost of legal defense up to the allowed policy limit. Additionally, most policies will have a provision that will cover the basic medical expenses for the parties.
IS IT REQUIRED?
Homeowners insurance is almost universally required by mortgage companies with the purchase of a home. This is because the investment is almost as big for them as it is for you. They want to make sure the property is protected from major damages so that if you are ever unable to keep up with your payments, the lender can then reclaim ownership and be able to sell it fairly easily. And even if you own your home outright, a good insurance policy is still the best way to protect the value of your home in the face of the unexpected.
If you need guidance about the "ins and outs" of real estate, give us a call at 972-772-7000 or email us at rockwall@kw.com.
Homeowners insurance exists because a home is a huge investment, often one of the largest purchases many people make in their lifetimes. Naturally, people want to protect the value of their precious property. Homeowners insurance is a contract between a homeowner and an insurance company. As long as the owner pays the required premiums and meets the other policy requirements, the insurance company guarantees to reimburse the owner for any losses incurred due to natural disasters or human-caused damage.
WHAT DOES IT COVER?
A basic homeowner’s insurance policy protects the owner against any property damage that results from things like fire, lightning, wind or hail storms. It will also provide for motel and food costs if you are forced to leave your home while such damages are repaired.
A typical policy, however, does not cover flood or earthquake damage. Because these issues are usually specific to certain regions of the country and can cause extreme damage, these can be purchased as separate policies. If you live in a flood zone or near an earthquake fault line you may be required by your mortgage company to carry these protections.
A basic policy will also cover homeowners against loss from theft or vandalism as well as reimbursement for personal property destroyed in natural disasters. It will also provide for something that many people may not normally associate with home protection – liability coverage for lawsuits brought against the owner by people who were injured on the property. This includes the cost of legal defense up to the allowed policy limit. Additionally, most policies will have a provision that will cover the basic medical expenses for the parties.
IS IT REQUIRED?
Homeowners insurance is almost universally required by mortgage companies with the purchase of a home. This is because the investment is almost as big for them as it is for you. They want to make sure the property is protected from major damages so that if you are ever unable to keep up with your payments, the lender can then reclaim ownership and be able to sell it fairly easily. And even if you own your home outright, a good insurance policy is still the best way to protect the value of your home in the face of the unexpected.
If you need guidance about the "ins and outs" of real estate, give us a call at 972-772-7000 or email us at rockwall@kw.com.
Friday, September 17, 2010
First Time Home Buyers
Provided By MyKW
Looking to buy your first home? Call an experienced agent at 972-772-7000 or email us at rockwall@kw.com.
Looking to buy your first home? Call an experienced agent at 972-772-7000 or email us at rockwall@kw.com.
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