Throw a Kids' Summer Party

Source http://www.myhomeideas.com/
Written by Cathy Still Johnson
Provided By Shelley Dudley

Who's afraid of bugs? Not these kids! Check out our easy, inexpensive ideas for hosting a backyard party that's sure to win over every creature.

Bugs and Butterflies

When it's time for your child's next party, try our bugs-and-butterflies-themed celebration. The crafts and goodies work for boys or girls, and our budget-friendly party plans will make you smile, too. We set the scene outdoors, but these festivities can easily be moved inside. So grab your little critters, and get ready for a fun-filled afternoon that everyone will enjoy!

You're Invited

Begin your party planning with a kid-friendly invitation. Download our invite -- choose from our full-color design or a coloring page outline -- and let your little one personalize her own invitation. - http://www.myhomeideas.com/static/pdf/invitation-print-out.pdf

Tip: A festive, colorful invitation can set the tone for your party. We based our colors, patterns, and design ideas for the celebration on this cute creation.

Dress the Table

Our custom-made tablecloth is lively enough for a child's party yet sophisticated enough for afternoon tea. A small investment that will last through many celebrations, the vivid colors and pop art daisy print set the tone for cheery afternoons. You'll need about eight yards of fabric to make this tablecloth.

Pop Garden, Pop Daisy Fabric

$8.38 (per yard)
Available at Fabric.com

Tabletop Arrangements

Tin pails and painted wooden containers brim with live flowering plants -- something you can easily transfer to your garden later. Punch up the color with gerbera daises, and add an ornament of garden art such as oversize metal flowers and pinwheels.

Fanciful Cake

Take your theme the extra mile by creating or ordering a cake covered in fondant ladybugs, caterpillars, and butterflies. This sweet sensation was created at Pastry Arts Bake Shoppe.

Tip: Before ordering from any bakery, bring along some party accessories to let the bakery help provide a consistent look. Be sure to allow your baker plenty of notice -- especially during wedding season.

More Munchies

Mini cupcakes are perfect for little hands. Fill pails with gummy worms, pretzels, and cheese crackers for hungry bug-seekers. Don't forget mini water bottles and adult beverages to keep moms and dads entertained.

Wings and Things

Let little ones fly with imagination. Check out Bugs-n-Blooms or your favorite party store for nylon fairy wings, vibrant butterflies, and dragonflies. Along with fun dress-up attire, you can also affix butterflies to tablecloths, floral arrangements, and suspend them from trees. And give the children a new way to look at the party by trying on silly sunglasses with magical lenses.

Kids' Craft Station

A child-size folding table offers plenty of room for crafty kids. Pile supplies in metal paint cans. We stocked ours with project materials simple enough to eliminate adult instruction: Popsicle sticks, pom-poms, glue, and pipe cleaners for creating fuzzy caterpillars. Also, provide colorful party bags with a stash of sparkly stickers. The kids can use them to carry take-home artwork.

Tip: You can rent a small folding table at rental stores for around $8, and metal paint cans are only $2 each at home improvement stores.

Whimsy Smocks

Colorful smocks protect kids' clothes from messy crafts. We adorned these plain canvas aprons with bugs, butterflies, and floral interpretations of the invitation's illustrations. Use scraps of fabric and hot glue or simple stitches to craft these whimsical critters. Looking for inspiration? Try simple outlines from children's coloring books.

The Bug Hunt

Plastic bugs scattered about the garden are a playful version of a traditional Easter egg hunt. Send the little ones out with bug boxes (perfect party favors!) to capture the critters. After they've gathered them, see if they can identify the insects.

Tip: Buy plastic bugs in bulk from your local party or toy store.

Face Painting Fun

You don't have to be an artist to paint a smile on a child's face. Line them up for a magical makeover with a face painting kit. Simple strokes and paintbrush tickles delight innocent faces.

Inexpensive Extras

Use your own easels (or borrow them from friends) to make paint stations.

For a popping backyard, rent a bubble machine.

Stock up on these no-fail finds from closeout or dollar stores: bubbles, sidewalk chalk, stickers, and pinwheels.


Looking for a home to start your summertime fun in? Give us a call at 972-772-7000 or email us at rockwall@kw.com.

Choosing the Best Home

Provided By Realty Times
Written By Carla Hill

After weeks of searching for your next home, you now have it narrowed down to two great options. One offers a shorter commute, but the other offers more square footage for your growing family. How can you make the best choice?

There are several strategies you can employ in your decision making process. Above all, be confident in your decision making abilities. "The fear of making serious decisions is a new kind of fear, called decidophobia," proclaimed by Walter Kaufmann at Princeton University in 1973. Worry and procrastination do nothing to aid the process, so buyers, be confident that you will make a sound choice.

Pro/Con list: In this case, you are deciding between two houses as your prospective home. For each house, divide a sheet of paper into two columns: pro and con. Be realistic about what the positive and negative factors would be for each purchase. Considerations could include: price, location, schools, repairs, square footage, floorplans, street noise, neighborhood value, comparables, and gut intuition.

Brainstorm scenarios: Chances are, whatever house you decided upon will be your residence for many years to come. Try and think ahead to situations that may arise in the future, and how each residence would affect those situations. Do you have aging parents that could move in? If so, then which house provides the best floorplan for this? Planning on having children? Check out ratings on local schools.

Do the math: Business executives might call this the "cost/benefit analysis." Buying a home is a huge financial decision, and while personal preferences (e.g. location, schools, square footage) all come into play in homebuying, many purchases are based on what makes the best financial sense. Discuss numbers and neighborhood comparables with your real estate agent. One home may be a smaller dollar amount, but the other may be a better deal in the long run. Some neighborhoods are up and coming, while others have come and gone. Are either homes overpriced or underpriced for their neighborhoods? Do either homes need repairs or updates?

Priorities list: Yes, you know you want the pool, landscaping, granite counters, close proximity to work, extra bath, and the list goes on. But when push comes to shove, and it might, what items are your priority, really? For some, driving a longer commute is worth having a larger house or a cheaper price. For other buyers, the exact opposite can be true.

Change perspectives: Sometimes you simply must step out of your own shoes to see a situation clearly. There are many different ways to approach this decision. You can look at it from an emotional point of view (which home do you love), an intuitive view (what does your gut tell you), and even a devil's advocate view (what if). Experts consider this the "Six Thinking Hats," introduced by Edward de Bono in a book of the same title, where you put on six different hats during a decision making process. Try and see the buying process from the perspective of your spouse, your children, friends, and even your worst enemy.

Finally, be realistic in your own abilities. While the final decision rests on your capable shoulders, you should rely on the professionals that are by your side. This includes your agent, lender, attorney, and even your family. And while you are the final say, remember that you have a team to help give you information to fuel that sound decision.

Are you looking for the best home for you and your family? Give us a call at 972-772-7000 or email us at rockwall@kw.com.

Sea Life Aquarium is coming to Grapevine Mills

Published By Dallas Business Journal
Written By Kerri Panchuk

Grapevine Mills is getting a Sea Life Aquarium in the summer of 2011 to further expand on the shopping center and the city’s plan to turn Grapevine into a destination for families.

Merlin Entertainments has reached an agreement with The Mills, a Simon Co., and the City of Grapevine to create plans for the $15 million Sea Life Aquarium at Grapevine Mills.

The new attraction will sit across from Legoland Discovery Centre, another hot spot for family-friendly entertainment.

The aquarium will be Merlin’s fourth Sea Life attraction in the United States. Plans call for a two-story, 45,000-square-foot aquarium that will house 30 different marine life displays featuring starfish, seahorses, sharks and rays.

“The Sea Life Aquarium will be the perfect complement to Grapevine Mills' already celebrated shopping and entertainment experience. We look forward to our partnership with Merlin Entertainments and are confident that families will revel in the deep sea wonders that the aquarium will bring," said Gregg Goodman, president of The Mills.


Are you interested in a home near the Grapevine Mills area? Give us a call at 972-772-7000 or email us at rockwall@kw.com.

Senate OKs New Tax Credit Closing Deadline

Published By Inman News
Provided By RECON

CLARIFICATION: While the Senate has amended HR 4213, the "American Jobs and Closing Tax Loopholes Act of 2010," to extend the closing deadline for the tax credit, it has not held a vote on the amended bill itself. Senate Democrats have reportedly trimmed $60 billion in spending from the bill in hopes of passing it this week. The House and Senate must resolve differences between previous versions of the bill passed in both chambers before it can become law.

The Senate has amended a bill to give homebuyers who were under contract on a home purchase by April 30 an additional three months to close the deal and claim the federal homebuyer tax credit.

Extending the deadline for closing from June 30 to Sept. 30 would allow lenders more time to clear a backlog of 180,000 homebuyers nationwide, said amendment sponsor Sen. Harry Reid, D-Nev.

The amendment to HR 4213, the "American Jobs and Closing Tax Loopholes Act of 2010" -- which primarily extends unemployment insurance benefits -- was approved in a 60-37 vote Wednesday. The vote on the amendment was mostly along party lines, with only four Republicans in favor and one Democrat opposed. The Senate has not yet voted on the amended bill itself.

"While I am disappointed that more Republicans did not support this common-sense measure to strengthen the economy and reduce the deficit, I am committed to ensuring that more Nevadans and Americans can become homeowners and that this amendment becomes law," Reid said in a statement.

The House passed an earlier version of the bill in December, which the Senate amended and approved in March. The House and Senate must resolve differences between versions of the bill before it becomes law.

The National Association of Realtors supports the amendment, saying Realtors have reported that as many as one-third of qualified applicants have been told by lenders that their loans will not close before June 30 because of the sheer volume of loan applications in the pipeline.

The amendment does not extend the deadline for homebuyers to qualify for the tax credit, NAR said in urging lawmakers to approve it, but simply extends the deadline for closing transactions already in contract.

"Since these applications were already in the pipeline and figured into the program's cost, the extension of the closing deadline should not incur any further government costs," NAR President Vicki Cox Golder said in a statement.

There has been some speculation that some homebuyers will attempt to submit fraudulent claims for the tax credit by backdating documents showing they were under contract by April 30, and that extending the deadline for closing would expose the government to more fraudulent claims.

Would you like more information regarding the new tax credit closing deadline? Give us a call at 972-772-7000 or email us at rockwall@kw.com.

Ranked 3rd out of the 10 Fastest Growing Counties in America

Published By CNN Money
Provided By Blair Baldwin

Rockwall County, Texas
Population: 81,391
Growth rate since April 2000: 88.9%

After averaging more than 7.5% population growth during the first eight years of the decade, the Dallas
suburb saw its growth rate drop to 4.6% in the 12 months ended July 1, 2009. Despite that, it held on to its title as the third-fastest grower in the nation during the 2000s.

Texas real estate never bubbled as in some Sun Belt states. There was always lots of inexpensive land available suitable for development and few regulatory burdens to overcome to put in new housing. That meant supply easily grew to keep up with strong demand and prices remained very stable.

The nation's economic woes have affected Rockwall County little, according to Keller Williams real estate agent Blair Baldwin. Growth has slowed, she said, but not greatly, and a new harbor facility on Lake Ray Hubbard, with many shops, restaurants and community facilities, has helped attract buyers.Few foreclosure problems have surfaced; only 29 Rockwall County residents had their homes repossessed in May, one for every 425 households. Still, that was the third highest rate in the state.

Do you want to live in the 3rd fastest growing county in America? Give us a call at 972-772-7000 or email us at rockwall@kw.com!

Rockwall Featured in our Regional Newsletter

Common Buyer Fears

Written By Carla L. Davis
Published By Realty Times


Whether you are a first time home buyer or someone who is looking to move up or down, getting into the market can be a fearful time.

Here are some of the most common buyer fears:

Do I have enough money to buy a home?

To first step to finding out how much home you can truly afford is to get pre-qualified for a mortgage.

Also, take a step back and look at your finances. Ideally, you should have around 20 percent of the purchase price to put down. You should also have less than a 36 percent debt to income ratio. Be sure to include all of your monthly obligations in that equation, including student loans, child support payments, alimony, car payments, credit cards, etc.

Once you've looked at your savings, make sure that apart from your down payment, you'll have enough left over to pay closing costs, which include such things as attorney fees and transfer fees. The National Association of Realtors (NAR) reports that this amount averages between 2 and 7 percent of the home price. You also need to have money left as a cushion. What if unexpected repairs, either to your house or car, come up? What if you or a family member needs medical attention? Be sure that you have enough money leftover after the purchase to keep your life running smoothly.

Will I have buyer's remorse?

There is no such thing as the perfect house, so you should prepare yourself for some mild feelings of "what if". You may have to give up a few "wants" to get a few "needs" when you buy your next home. Or if this is your first purchase, you may have to buy something a little short of your dream house, and build equity in order to move up at a later date. Try not to lose sight of the big picture. This is a home that you own. You now get the benefits of tax breaks. You are building equity as you pay off the loan. And, hopefully, your home will appreciate in value over the coming years.

How can an unhandy owner handle repairs?

Before you swear off doing some of your own projects or repairs, know that everyone starts somewhere. Take a class at your local home improvement store, invest is a handyman's guide, or ask a friend that has already tiled their bathroom or fixed a leaky sink to come and give you some pointers.

Be prepared for repairs, maintenance, and updates. Even with a new home, there will be projects. Plan accordingly financially. And if all else fails, hire a professional.

What if I need to move?

Experts recommends that to build equity, you need to have owned your home for at least 3 to 5 years. The NAR recommends, "Look at your annual mortgage statement or call your lender to find out. Usually, you don't build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you've owned your home for five or more years, you may have significant, unrealized gains." If the time is less than five years, then you should be prepared to not make any money on the sale of your home, and even, to "lose" some -- in the form of closing costs.

With the right agent, buying a home can be fearless. If you are in the market for a new home, give us a call at 972-772-7000 or email us at rockwall@kw.com.

10 Tips for Water Conservation

Written By Carla L. Davis
Published By Realty Times

As warm weather makes it way across the nation, sprinklers come out of hibernation and return to their full time positions, pools fill up, and many a garden hose sees daylight for the first time in months.

But in an era where water shortages are a sad but true realty, many homeowners are now concerned with how to conserve water.

Here are 10 tips to help your family use water more responsibly.

1. Sprinkler Use. Homeowners want lush, green lawns. This is understandable when one considers that curb appeal can mean added value and better resale potential. To make your sprinklers as efficient as possible, try to use them during the coolest hours of the day, either during the morning or evenings. This helps to minimize evaporation due to heat. And adjust your sprinklers so that you aren't watering the sidewalk or driveway.

2. Rain Sensors. While you're at it, install a rain sensor on your irrigation controller. There is no need to water your lawn when nature is already handling the job for you.

3. Responsible Landscaping. Not every region of the country has the climate for lush, green yards. Consider following the lead of Southwestern homeowners, who opt to plant drought resistant plants, supplemented by rocks and stone.

4. Washing Dishes. Have one side of your sink filled with soapy water to wash dishes, and then fill the other side of your sink with clean water for rinsing. This keeps you from having a steady stream of water running as you rinse.

5. Washing Clothes. Energy Star rated appliances reportedly use 30 to 50 percent less water, not to mention giving you incredible energy savings. Consider replacing your old washer with a newer, more efficient one.

6. Water Level. This tip goes hand in hand with tip number five. Be sure that your load size matches the load setting. A large load setting utilizes more water, so adjust accordingly.

7. Cleaning the Drive. Consider using a broom instead of a hose or powerwasher to clean your driveways and sidewalks. Recent statistics say this small change can save 80 gallons of water every time.

8. Low-flush Toilets. Newer, efficient toilets use around 1.6 gallons a flush, as opposed to 3.5 with standard toilets. According to water conservationist George Whalen, these bathroom fixtures can save you up to $100 a year in utility costs.

9. Water-efficient Showerhead. Use one. They're a breeze to install. They can be very inexpensive and they can save you up to 750 gallons of water each month.

10. Pools. Pools can have leaks that are hard to find. To be a true Sherlock Holmes, use a grease pencil to record the water level of your pool and then check in 24 hours to see if the water level has remained consistent.

Are you interesting in learning about more money savings tips you can find around your house? Give us a call at 972-772-7000 or email us at rockwall@kw.com.

Five Ways to Wow Buyers

Written By Phoebe Chongchua
Published By Realty Times

These days, tax credits and high housing inventory make it a buyers’ market. If you’re a seller, don’t despair. There are a variety of renovations that can help make your home stand out. Many buyers look at numerous homes when shopping for a house; so enhancing your home to make it more memorable is vital and increases the chances of a successful sale.

Clearing clutter, taking down personal photos, applying a fresh coat of paint, making minor repairs, and keeping a pleasant aroma are all basic techniques to make your home more appealing. But there are a few other creative enhancements that you can do to wow buyers without emptying your wallet. The results not only attract more attention, but also paint a picture of a well-cared-for home.

While not everyone has the same taste in housing, typically buyers are attracted to larger kitchens, extra storage space, light and bright rooms, and open floor plans. Special finishing touches on a home can be the needed incentive to generate an offer.

Kathy Gerstenberg has owned her home for nearly 20 years. Over the decades she’s made many improvements but now she’s considering selling and wants to make sure she gets top dollar in a down market. So, she’s examining her home the way a buyer would.

“We live in a tract home and I know there are many homes for sale; we don’t want ours to be seen as the same ‘cookie-cutter’ model as the others,” says Gerstenberg.

With that in mind, Gerstenberg has carefully made enhancements that make her home more comfortable and aesthetically pleasing. “I wanted to do improvements that would catch a buyer’s eye and also make it enjoyable for our family,” says Gerstenberg.

As she scouts the market for her next home there are various aspects of a potential home that she notices right away. “I love crown molding and finished doors and windows,” says Gerstenberg. She adds, “So many times builders just don’t complete the look of a home but when you frame a door or window and add some crown molding to a room it gives it a finished look.”

Industry experts agree; Americans are expected to spend $217 billion on remodeling in 2009. Here are five areas where homeowners may spend some of their remodeling money to add the “wow” factor to your home.

1. Go green. Energy efficient products and household goods are attractive to buyers. Renovations or replacements that help make the house more energy efficient are popular. Things such as better insulation, replacing old windows, caulking, and adding skylights can increase value.

2. Crown molding and wider baseboards. Some homeowners are shy to experiment with this, especially if they live in a small home, but it can be very attractive in any size home. Wider baseboard. The measly baseboard that builders often use in tract homes doesn’t draw attention. Adding a wider baseboard and a fresh coat of paint makes the room come to life. Also, framing windows and doors helps complete the look of a room.

3. Textured paint. Faux finishes, accented walls, or even just a little fresh paint on them makes a lasting impression. Choose colors and textures wisely. Don’t get carried away with a color you love (e.g. purple walls—I’ve seen it in a home for sale). Remember, that you want your home to appeal to the masses. You can always paint your new home purple—and then change it when it comes time to sell it!

4. Improved flooring. Wood, tile, and new carpet can be a showstopper. But if the flooring is chipped, torn, or dirty, you’ll get the opposite reaction from buyers. They’ll think your home hasn’t been cared for properly which could result in a lower offer -- or no sale at all.

5. Add a deck. Adding a deck can add value to your home. It’s a nice feature in a yard and many buyers are happy to purchase a home that already has a deck so that they don’t have to take on that home improvement project.

Are you looking for advice on selling your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.

Top 10 Questions to Ask Your Contractor

Written By Louis Joyner
Provided By My Home Ideas
Source HBAA, part of the NHBA

You've spent hours tearing out pages of homes magazines and poring over plans, and finally you've chosen the look you want. You're ready to build your dream home or that master-bedroom addition. Just one question remains: Who is going to build it? To help with that selection, we've put together 10 questions for you to ask potential contractors and builders.

1. What types of projects do you do?

Match your job to the builder. Some contractors may be better at new construction -- others at remodeling . Explore pricing as well. A builder that concentrates on million-dollar custom homes may not be the best choice for a modest cottage on a tight budget.

2. Can I see some of your projects?

Good builders are proud of their work and enjoy showing it to potential clients. Ask to see photographs of complete projects, and choose someone whose work looks similar to the job you're planning.

3. Can I talk to some of your former clients?

Word of mouth if often the best way to find and learn about a builder.

4. Are you licensed and insured?

Depending on the state, builders should have a state-issued home builder's license in addition to a local business license. They and their subcontractors also should carry a general liability and workers’ compensation liability insurance.

5. How long have you been in the business?

While longevity isn't a guarantee of quality or reliability, it is an indication that the builder can run a job successfully and satisfy clients.

6. How do you handle callbacks?

You need to hire a builder who is willing to return to the site and fix any building-related problems that may arise -- even after the job is finished.

7. How much do you charge?

While an experienced builder may be able to give you a rough cost estimate, most really can't give an exact number until you work out plans and specifications.

8. What is your payment schedule?

Most professional builders work on a pay-as-you-go basis, receiving partial payments throughout the process. The payments for new construction, also called draws, typically are scheduled as a certain percentage of the total cost when specific stages of construction are completed. Avoid any contractor who wants full payment before starting the job.

9. With whom will I be working on the jobsite?

Know who your main contact will be. Some builders supervise in person; others use superintendants or foremen to handle day-to-day operations.

10. Do you belong to any type of professional building organization?

Professional licensing often is a requirement for membership in a group such as the National Association of Home Builders. Members also are encouraged to attend continuing education program courses, and they often receive professional designations such as Certified Graduate Builder (CGB). Because licensing and membership in this type of organization is an indication of a builder's knowledge and reputability, you're likely to find a good builder through such an organization.

Are you looking for your dream home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.

Life Outdoors

Provided By My Home Ideas

See how these real-life homeowners made their outdoor spaces livable rooms -- ideal for entertaining and relaxing.

Seamless Blend

People who entertain often will appreciate a kitchen that blends into the garden. This one includes a sink, grill, and pizza oven with plenty of counter space for food prep and serving. Note how the stonework and plantings blur the lines between utilitarian space and landscape.

Sleek Driveway

Even the tiny transition between the driveway and the yard here looks sharp. It features a grid of pavers seamed with woolly thyme. Oranged-streaked phormium echoes the pebbles, seat cushions, and side tables.

Light the Night

When night falls or the weather gets nippy, a toasty fire is both a practical luxury and a luxurious necessity. This fire pit and built-in bench encourage hanging out in the garden, particularly for drinks or desserts. Marshmallows are optional.

A Little Lighting

Lanterns filled with votives and suspended from bamboo poles make this garden functional at night. The flickering light illuminates plants and objets d'art.

Are you looking for a home that has the perfect outdoor space to create your own personal oasis? Give us a call at 972-772-7000 or email us at rockwall@kw.com.

8 Tips For Pricing Your Home In A Buyer's Market

Written By Dana Dratch
Source www.Bankrate.com

Getting ready to sell? The more you know about conditions in your local market, the better your chances of getting the best possible price for your home.

It's tough being the seller in a buyer's market. But you can improve your odds with the right research.

In many cases, making a smart deal and getting the best price come down to studying your market and being an educated seller.

"You've got to know more than you would have if you'd sold a year ago," says William Poorvu, professor emeritus at Harvard Business School and author of the upcoming book "Creating and Growing Real Estate Wealth." "If you want to protect yourself, you have to become knowledgeable."

1. Recognize that housing markets are local.

Home prices are like the weather -- very different in different areas.

In many markets, home prices have actually gone up from last year, says Dick Gaylord, president of the National Association of Realtors.

In addition, demand will change depending on the price range and even the neighborhood. What you need to know: What's the demand for a house like yours in your area?

"You have to look at what's being sold and at what price," says Poorvu. "That's important."

Look at comparables for similar houses. Study prices and sales for one year ago, six months ago, three months ago and current numbers, says Gaylord.

What are the trends? Are prices going up or down -- and by how much? How many days are homes staying on the market? If they are on the market longer, how much of that could be seasonal? In many areas, spring and summer are the busy seasons.

Pay special attention to "the delta between the list price and the sales price," says Ron Phipps, broker with Phipps Realty in Warwick, R.I. That is, look for a meaningful relationship between list price and sales price. Perhaps most homes are selling for 5% less than the list price.

"An agent who works the market will be in the best position" to find "the tipping point between nice, attractive and interesting -- and being sold," Phipps says. You want to find the point between, "Hey, that's interesting," and "It's too good to pass up."

If you're not using a real-estate agent, it's especially important to use the Internet, visit open houses in your area and study home sales in your Sunday paper, says Greg Healy, vice president of operations for ForSaleByOwner.com.

But you also need to realize that the paperwork alone tells only part of the story. While sales and prices are public, many times seller concessions are not.

2. Analyze who is buying and selling in your market.

What's your competition? Who are the buyers, and why are they shopping?

Do you live in an area like Phoenix, which Poorvu calls "a growing market with people coming in"? Or are you living in an area that doesn't attract a lot of new residents, where many shoppers don't have to buy but are looking to pick up a bargain?

Are you competing against a flood of new houses from builders eager to sell, or are you selling a newer home in an area where most of the housing stock is older?

3. Ask the professionals.

Don't ignore the elephant in the living room. Ask your real estate agent about the market conditions for your area and price range.

Specifically, ask about the "absorption rate," says Phipps. What that means: In the current conditions with the current inventory, how long would it take the market to absorb, or sell, all the houses on the market?

If the supply is much larger than the demand, ask potential agents how they would "price to offset that inventory," he says.

4. Know what your house is worth.

Talk to your agent. Get an appraisal from a certified professional appraiser. Look at your comparables. Taken together, that information will give you a pretty good idea of what your home is currently worth.

5. Consider strategic pricing.

Here's how it works: If prices in your area are dropping 1% each month, and you want to sell within the next three months, you take 3% off your price right off the bat, says Phipps. So if you were going to put your home on the market for $400,000, you set the price at roughly $388,000.

The upside: You'll have the competitive edge over the guy who's dropping his price every month, without the air of desperation. Plus, in a market where prices are falling, you'll make more money if you sell quickly.

The downside: Predicting the market is a tough call, even for the pros. And it's really difficult to raise the price if your market starts to rebound, Phipps says.

6. Rebate your "commission."

If you're selling it yourself and need to move quickly, consider subtracting half of what would have been the commission from the sale price, says Healy. The standard commission is about 6%, so if you subtract 3%, your $300,000 house would go on the market for $291,000, he says.

Listing a home for "$9,000 to $10,000 under that value should create higher interest," especially if it's new to the market, says Healy.

The downside: If the house doesn't sell and you end up hiring an agent, you'll need to cover the commission, which may mean raising your sale price or taking a smaller profit.

Evaluate whether you really have to sell now.

If you want to get the best possible price for your home and the local market is tanking, "see if you can delay the sale," says Poorvu. Otherwise, in a lot of markets, sellers have "to be willing to accept a pretty good haircut over what they thought their home was worth last year," he says.

The downside of waiting: The market could decline or your circumstances could change to the point that you might need to sell quickly.

But for situations where the move is optional (or you might be able to rent the property until your local market improves), waiting is a solid option.

Just because you've already planted that "For Sale" sign doesn't mean you can't change your mind if you're not seeing the interest you expected.

"If you know there are no sales or sales are decreasing, and you have the opportunity," taking it off the market is a decent solution, says Healy. "I think we're seeing a lot of that."

7. Assess the market where you plan to buy.

If you're selling one house and buying another, look at the market where you plan to move. Says Poorvu, "It might be that, with the housing there, it's a great time to buy."

Would you like to make selling your home easier on you? Give us a call at 972-772-7000 or email us at rockwall@kw.com.

Preparing For Home Showings

Provided By Carla L. Davis
Source Realty Times

It's a very exciting time. Your agent has just lined up a prospective buyer. A deal can be made or broken, however, during the showing. How can you prepare your home to its best advantage?

The National Association of Realtors suggests that your first course of action should be removing clutter. The reasoning behind this is simple. Clutter distracts the mind and it distracts the imagination. A potential buyer needs to be able to see themselves and their own style in your home.

1. By banishing disorder and welcoming in neatness you can give your house an advantage over any competition who is lesser prepared.

2. After decluttering, the next step is to clean. In the same sense that decluttering is removing "you" from the potential home of another, cleaning is removing your grimy mark. Have carpets cleaned, wax the floors, and remove any odors of pets or smoking.

3. Luxurious bathrooms are a must. A bathroom that is clean and full of comfort is appealing to most every buyer. Arrange new towels and rugs, as well as burn fresh smelling candles. Consider adding rich decor, such as paintings.

4. Windows that shine. We can become desensitized to the finer details of our home, but buyers will hone in on each and every imperfection. Be sure that during your cleaning and decluttering, you don't forget to wash your windows. This way buyers will be able to focus their attentions on the beautiful grounds of your property, as opposed to the spots on the glass.

5. Let there by light. Burned out bulbs can make rooms look dark and dingy. Consider buying eco-friendly fluorescent or LED lights for use in your home.

6. Minor repairs are important. There are buyers who are turned off by even minor repairs. They see that loose cabinet door or that warped deck board as a two-fold evil. Either the house has been poorly cared for with bigger repairs waiting for discovery under the surface, or that the home may be too much work for them.

7. Don't neglect your yard. For many buyers, a yard is an extension of the home. Be sure that for each showing, your yard is freshly mowed and any debris, trash, or clutter (toys, tools, etc) are put away. A great way to make flower beds appear neat and well tended is to add mulch. Clean off sidewalks with a quick powerwash.

8. Add punches of seasonal color. Even if you aren't a garden guru, you can still plant low maintenance flowers in beds and pots. Some examples of low maintenance flowering plants are: petunias, pansies, and vincas.

9. A petless home. We all love our pets, sometimes like they're our own children. But they should be safely at a friend's house or kennel during showings. While you're at it, take your children and yourself out of the home during the showing as well!

10. Lock up your valuables. It would be nice to think that no potential buyer would steal from your home, but it could happen. Be sure that anything easily removed is locked away for safe keeping. And be sure that your real estate agent gets anyone's contact information before they are allowed into your home.

Do you need help selling your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.

Debt Management for Homeownership

Written By Carla L. Davis
Source Realty Times

Learning to manage your finances is a great first step towards owning the home of your dreams. Whether this is your first time to buy, or you are looking to move-up, managing your debt is important.

Among the most important of the debt management qualities is holding yourself accountable. What does this mean, exactly? Being accountable means taking an honest look at your budget and your spending. The $5 latte every morning on the way to work, the cash withdrawals spent without record, or even the extra martini with dinner adds up to money spent, not saved.

An easy was to increase your own accountability is to use a debit card and online banking for all of your purchases. Online banking is offered by nearly every banking institution, and allows you to access your account anytime, anywhere. Now you'll know if you are spending $100 a month on little extras.

The next step in accountability is to create a monthly budget. On a sheet of paper write down each of your monthly expenses. These might include: rent or house payment, car payments, insurance, phone bills, cable and internet, alimony, child support, and student loans. It's time to take a hard look at what you think you are spending versus what your real expenditures are. If you can, don't forget to add up how much you spend on all the extras, such as nights out, entertainment, books, hair cuts, and household products.

If you'd prefer to use an online calculator to show you a monthly budget, consider using financial guru Suze Orman's tools at Suzeorman.com.

Next, begin to cut and adjust your spending. In this economy, everyone can take note of this tip, even if they don't have debts. Where can you cut? Experts recommend limiting your trips for eating out.

According to Christine Bockelman with Smartmoney.com, "Americans now spend roughly half their food budget dining out, and restaurants expect revenue of more than $537 billion in 2007. That's a 67 percent increase since 1997." How much is the food really marked up? Bockelman notes, "At a fine-dining restaurant, the average cost of food is 38 to 42 percent of the menu price."

Make your morning coffee at home and take it in a travel mug to work. Rent movies, instead of paying $10 a ticket for each member of the family to go see a "new to the theater" attraction. If you have the money to spend and splurge, it's fine. That's what makes our economy go round, but spending what you don't have, and adding to your already mounting debt, is no way to work your way towards homeownership.

There is a difference between wants and needs, and this is a time to re-evaluate how you define them.

Once you have freed up some cash, you can start working on paying down debts and building up savings.

It is recommended you develop a savings schedule. After you've set your monthly budget, you will know how much can be earmarked for savings each paycheck. If you can't trust yourself to make the transfer yourself, then set up automatic deposits out of your account.

A separate savings consideration is an emergency fund. Review your budget and see how much you would truly need each month to get by. Multiply that number by 8, because that is the number of months you should be prepared to survive without a job. If you need $2,500 a month to pay all of your bills, then should have $20,000 in savings. Most Americans don't have a fraction of that, part of the reason for the foreclosure crisis running rampant across the nation.

The latest statistics indicate that most Americans have a personal savings rate of less than 5 percent, but owe $8,000 in credit card debt (MSN Money).

When it comes to credit cards, don't. It's as simple as that. If you can, avoid carrying a balance on credit card. We live in a society of margins, with 43 percent of American living beyond their means, but there is something quite liberating about living on your income and no more. If you must use a credit card to carry a balance, or if you already owe, then consider paying more than the minimum each month. Not only does a minimum payment set you up for possible interest rate and fee increases, it costs a whole lot more in the long run.

Consider this equation. If you owe $10,000 on a card with an 18 percent interest rate (fairly normal), and you make minium payments, according to bankrate.com, it will take you 342 months, that's 28 years, to be rid of your debt. In that time, you will pay $14,423.30 in interest!

On the other hand, at just an extra $25 dollars a month, or a fixed monthly payment of $275, it would take you 53 months, or 4 years, to be rid of your debt. In that time, you will pay $4,563.28 in interest. This is a deal compared to the minimum payment equation.

A common question that credit card users ask, "Should I close the account when I have paid off the card?" The answer is simple. If you owe any money on open cards, then no. This will negatively affect your FICO score. This is because the ratio of credit available to credit used will shrink. If you don't owe any money on any cards, then closing cards should have no impact on your FICO score.

So, take a moment to consider your finances, and see if you really are living within your means. If not, what can you do to adjust your spending and savings to get there?

Are you financially ready to own the home of your dreams? Give us a call at 972-772-7000 or email us at rockwall@kw.com.