Provided By RECON
When it comes to home price appreciation, Texas is standing strong, said Real Estate Center Chief Economist Dr. Mark Dotzour.
Dotzour was responding to the Federal Housing Finance Agency's (FHFA) second quarter 2010 home price index, which ranked Texas third in the nation in home price appreciation for the year ending June 30, 2010.
FHFA reported a 1.43 percent increase in Texas home prices during that period versus 1.6 percent nationally.
"The strong price trends in Texas are because we didn't have a price bubble in the previous decade," Dotzour said. "For several years, Texans were asking why their homes were increasing only 3 to 5 percent per year, when Arizona was going up 30 percent."
In addition, Dotzour said the credit crisis virtually ended new home construction lending all over the country, abruptly shutting off the pipeline of new supply in 2008 and reducing any chance of heavy overbuilding in the single-family market.
Research Economist Dr. Jim Gaines noted that Texas was one of only ten states that reported increases in home prices during the past year, and it was one of only five states where prices had more than a 15 percent increase over the past five years.
Prices in Texas increased by 15.88 percent since 2005, landing it fourth on FHFA's ranking of states based on five-year price appreciation.
"What that means is that Texas home values fared better than all of the high-appreciation states over the five-year period that included the recession," Gaines said.
Among Metropolitan Statistical Areas (MSAs), Amarillo came out smelling like a yellow rose. It was the only Texas MSA to land on FHFA's list of 20 MSAs with the highest rates of home price appreciation.
Amarillo ranked 16th with a one-year price increase of 0.42 percent.
FHFA's latest home price index is available online.
If you are looking to sell your home, and want it priced right, give us a call at 972-772-7000 or email us at rockwall@kw.com.
Monday, August 30, 2010
Friday, August 27, 2010
Don't Let Termites Eat Away the Sale Of Your Home
Written By Phoebe Chongchua
Provided By Realty Times
You're selling your home and it comes time to get that dreaded termite inspection. It's the Wood Destroying Organism (WDO) inspection that homeowners fear can eat away at the price of a home or ruin the entire deal--but it doesn't have to.
There are a few signs that may indicate there might be an infestation. Some states are more likely to have heavy termite activity such as those in a "hot zone" such as California, Texas, Mississippi, Alabama, Louisiana, Georgia, South Carolina, Florida, and Hawaii. While these areas have the highest level of activity, termites can be found nearly anywhere and the varieties of the insects differ depending on the area and climate.
According to TermiteInstitute.com, "When conditions like cracks in the foundation or plumbing leaks are present; the possibility of a hidden wood-destroying infestation exists. Buyers should pay particular attention to these potentially hazardous conditions outlined in the WDO inspection report."
Many homeowners don't think about the possibility of having termites until they're getting ready to sell their home. Unfortunately, a history of termite issues can eat away at the sales price. Being prepared and understanding what to expect from an inspection is not only helpful but could help ensure a better price and smoother home sale.
TermiteInstitute.com has a lot of information that helps clarify the type of termites found in various locations. The site also helps inform and educate people about termite warning signs, treatment, and even the biology and lifecycle of these pests. I found the site's top questions and answers about termites to be very interesting. Here's what you should know about termites.
If my neighbor's home is infested; will mine be attacked next? TermiteInstitute.com says not necessarily. However, the risk is, of course, high. Preventive treatment is recommended.
How are homes treated for termites? The methods vary depending on the severity and the professional company that you choose but here's a look at some modern treatments.
Termite bait systems can be set up, however, this requires termites to find the bait stations, eat the poisonous feed, and then transfer it to the colony. It can take up to a year to be fully effective.
The site says that liquid termite treatment is known as the new "undetectable" or "non-repellent" technology. "It works well with subterranean termites, which comprise about 90 percent of the infestations in American households." This method is done by a professional applying the undetectable liquid to the soil and around the home as well as critical points in the structure where termites are likely to invade.
Since termites can't detect the liquid material, they pass through the treated soil causing termite mortality. "However, before termites die, they can have an opportunity to return to the colony and transfer the material to others in the nest," according to TermiteInstitute.com.
Will my homeowners' insurance pay for treatment? It's not likely. Although, in some areas of Louisiana some insurance companies have covered termite treatments for those structures that suffered hurricane damage.
While termites are annoying and can certainly eat away at your sale price, if you don't take care of the infestation and damage, they're not harmful to humans. In other words they feed on wood, not people. But they can severely damage a home so it's best to know right away whether you have an infestation and what your options are to resolve the problem. It could save you money and frustration when it comes time to close the sale on your house.
Are you a first time home seller? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Provided By Realty Times
You're selling your home and it comes time to get that dreaded termite inspection. It's the Wood Destroying Organism (WDO) inspection that homeowners fear can eat away at the price of a home or ruin the entire deal--but it doesn't have to.
There are a few signs that may indicate there might be an infestation. Some states are more likely to have heavy termite activity such as those in a "hot zone" such as California, Texas, Mississippi, Alabama, Louisiana, Georgia, South Carolina, Florida, and Hawaii. While these areas have the highest level of activity, termites can be found nearly anywhere and the varieties of the insects differ depending on the area and climate.
According to TermiteInstitute.com, "When conditions like cracks in the foundation or plumbing leaks are present; the possibility of a hidden wood-destroying infestation exists. Buyers should pay particular attention to these potentially hazardous conditions outlined in the WDO inspection report."
Many homeowners don't think about the possibility of having termites until they're getting ready to sell their home. Unfortunately, a history of termite issues can eat away at the sales price. Being prepared and understanding what to expect from an inspection is not only helpful but could help ensure a better price and smoother home sale.
TermiteInstitute.com has a lot of information that helps clarify the type of termites found in various locations. The site also helps inform and educate people about termite warning signs, treatment, and even the biology and lifecycle of these pests. I found the site's top questions and answers about termites to be very interesting. Here's what you should know about termites.
If my neighbor's home is infested; will mine be attacked next? TermiteInstitute.com says not necessarily. However, the risk is, of course, high. Preventive treatment is recommended.
How are homes treated for termites? The methods vary depending on the severity and the professional company that you choose but here's a look at some modern treatments.
Termite bait systems can be set up, however, this requires termites to find the bait stations, eat the poisonous feed, and then transfer it to the colony. It can take up to a year to be fully effective.
The site says that liquid termite treatment is known as the new "undetectable" or "non-repellent" technology. "It works well with subterranean termites, which comprise about 90 percent of the infestations in American households." This method is done by a professional applying the undetectable liquid to the soil and around the home as well as critical points in the structure where termites are likely to invade.
Since termites can't detect the liquid material, they pass through the treated soil causing termite mortality. "However, before termites die, they can have an opportunity to return to the colony and transfer the material to others in the nest," according to TermiteInstitute.com.
Will my homeowners' insurance pay for treatment? It's not likely. Although, in some areas of Louisiana some insurance companies have covered termite treatments for those structures that suffered hurricane damage.
While termites are annoying and can certainly eat away at your sale price, if you don't take care of the infestation and damage, they're not harmful to humans. In other words they feed on wood, not people. But they can severely damage a home so it's best to know right away whether you have an infestation and what your options are to resolve the problem. It could save you money and frustration when it comes time to close the sale on your house.
Are you a first time home seller? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, August 25, 2010
Top 10 Do It Yourself Home Improvement Mistakes
Provided By About.com
Every home improvement project or fixer rehab has its ups and downs, and there are plenty of mistakes to go around. Nobody is immune. But avoiding costly mistakes involves more than memorizing catchy-but-important phrases such as "Measure Twice, Cut Once," or "Lefty-Loosey, Righty-Tighty."
One crucial trick: You may learn from your own mistakes, but it’s better to learn from the mistakes of others.
1) Buying Too High or the Wrong Location
Sometimes, do-it-yourselfers (DIYers) get stung before they ever get moving on a remodel. It happens primarily for two reasons. Because they paid too much or they bought a house in the wrong neighborhood -- slammed up against the freeway, next to railroad tracks or that lone single-family nestled in a row of commercial.
You can avoid both these problems by looking at comparable sales for the neighborhood before you buy and asking about the drawbacks of the location. If you don't want to live under a flight path, the chances are a new buyer won't either. Remember, the best time to think about selling is when you buy. Because the most beautiful remodel isn't going to pay back in spades if your property backs up to the city dump.
2) Not Researching Code and Obtaining a Permit
Many DIYers shy away from obtaining permits because they worry about the expense or think they don't need a permit. Some cities issue permits based on political reasons, and some may appear unnecessary, but get a permit anyway, because it's against the law if you refuse to comply and it's required.
Here are more reasons:
•Inspectors will help to ensure the job is done correctly and to code.
•Many buyers don't want to buy a home that has had work done without a permit.
•If your neighbor reports you to the city and an inspector discovers you have completed work without a permit, you might be required to tear it apart and start over.
3) Failure to Prepare a Written Work Plan
Overly zealous DIYers often think it will take less time to complete a job than is necessary. Prepare a calendar, day-by-day, outlining each portion of your rehab and how many hours it will take to complete. This will keep you on a tight schedule and give you a realistic time frame from start to finish.
For example, a tiling job cannot be completed in one day.
•First, the mastic is applied, tiles are cut and laid. The area needs to cure and dry at least 24 hours.
•After the tiles are set, you will grout.
•You still need to wait another day to walk on it.
4) Under Budgeting
The adage is figure your cost and triple it. But that's not really necessary. Itemize every scrap of material in your estimates, including mundane items such as the cost of nails, staples, fiberglass tape or joint compound. They all add up. Then account for at least a 15% overage of materials for waste. Throw in another 30% for price increases, especially if you're not buying all your materials at once.
5) Tackling Jobs for Which You are Unqualified
If you're afraid of heights or unsteady in high places, don't install a roof. Life is short and then you die. Hire somebody else to do it. Before you tackle a job, think about the job from its inception all the way through to its completion. You don't want to reach the halfway mark and discover you can't finish.
Some projects require more than one person. It's hard to hang drywall on a ceiling by yourself, even with a deadman prop. Pay attention to the weight you lift; it may wreak havoc on your back or throw you off balance.
6) Not Planning for the Unexpected
You have no idea when you tear open a wall what you will find. For example, you could find termites or beetles. A pest infestation will require eradication and / or structural repair. You may discover wiring that needs to be replaced, pipes that need to be rerouted or moisture problems that have rotted away joists or sill plates. Pad your budget and allow yourself a bit of flexibility in your work schedule to accommodate these not-so-nice surprises.
7) Waiving a Home Inspection
Always, always, always get a home inspection when you buy. And hire a qualified and accredited individual to perform the inspection -- not your Uncle Joe or your buddy contractor, get a real inspector. Be there for the inspection and ask questions. Pay close attention to safety issues. Be an informed buyer.
If the inspector calls for further inspection by another professional contractor, find out if the inspector is telling you there could be a serious issue or if the inspector isn't licensed to address that issue. There is a difference.
8) Using the Wrong Tools
When it comes to tools, you can't go wrong by buying professional tools that are made to perform specific functions. While you can get by using a drywall gun to screw deck boards to a joist, you can't use a hacksaw to make precise miter cuts with any accuracy or a 9-volt cordless drill to drive six-inch screws through a beam.
Practice safety.
•Wear goggles when using a power saw.
•Don't stand on the top rung of a ladder.
•Hit the main breaker when working with electricity.
9) Buying Cheap Material
Don't skimp. You can buy ceramic tile for 50 cents a square foot, but it will probably crack. Buyers will notice if you install quarter-inch granite on counters or buy plastic baseboards. You want the quality of your work to shine throughout the house.
If you shop carefully and negotiate prices, you can purchase brand-name merchandise for less. Then you can advertise those manufacturer names in your marketing materials, and buyers will never know how much you paid. Better yet, they won't be calling you after escrow closes to complain that your new dishwasher just dumped water all over the floor.
10) Under Estimating the Resale Value
DIYers like to use a rule of thumb that says they can sell a house for two to three times more than the cost of its improvements, plus its acquisition price. That formula doesn't work all the time. It's far wiser to check the comparable sales for similar homes in the neighborhood to determine if your improvements are in line with other homes in that area. You don't want to over-improve.
Are you selling your home and need great advice? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Every home improvement project or fixer rehab has its ups and downs, and there are plenty of mistakes to go around. Nobody is immune. But avoiding costly mistakes involves more than memorizing catchy-but-important phrases such as "Measure Twice, Cut Once," or "Lefty-Loosey, Righty-Tighty."
One crucial trick: You may learn from your own mistakes, but it’s better to learn from the mistakes of others.
1) Buying Too High or the Wrong Location
Sometimes, do-it-yourselfers (DIYers) get stung before they ever get moving on a remodel. It happens primarily for two reasons. Because they paid too much or they bought a house in the wrong neighborhood -- slammed up against the freeway, next to railroad tracks or that lone single-family nestled in a row of commercial.
You can avoid both these problems by looking at comparable sales for the neighborhood before you buy and asking about the drawbacks of the location. If you don't want to live under a flight path, the chances are a new buyer won't either. Remember, the best time to think about selling is when you buy. Because the most beautiful remodel isn't going to pay back in spades if your property backs up to the city dump.
2) Not Researching Code and Obtaining a Permit
Many DIYers shy away from obtaining permits because they worry about the expense or think they don't need a permit. Some cities issue permits based on political reasons, and some may appear unnecessary, but get a permit anyway, because it's against the law if you refuse to comply and it's required.
Here are more reasons:
•Inspectors will help to ensure the job is done correctly and to code.
•Many buyers don't want to buy a home that has had work done without a permit.
•If your neighbor reports you to the city and an inspector discovers you have completed work without a permit, you might be required to tear it apart and start over.
3) Failure to Prepare a Written Work Plan
Overly zealous DIYers often think it will take less time to complete a job than is necessary. Prepare a calendar, day-by-day, outlining each portion of your rehab and how many hours it will take to complete. This will keep you on a tight schedule and give you a realistic time frame from start to finish.
For example, a tiling job cannot be completed in one day.
•First, the mastic is applied, tiles are cut and laid. The area needs to cure and dry at least 24 hours.
•After the tiles are set, you will grout.
•You still need to wait another day to walk on it.
4) Under Budgeting
The adage is figure your cost and triple it. But that's not really necessary. Itemize every scrap of material in your estimates, including mundane items such as the cost of nails, staples, fiberglass tape or joint compound. They all add up. Then account for at least a 15% overage of materials for waste. Throw in another 30% for price increases, especially if you're not buying all your materials at once.
5) Tackling Jobs for Which You are Unqualified
If you're afraid of heights or unsteady in high places, don't install a roof. Life is short and then you die. Hire somebody else to do it. Before you tackle a job, think about the job from its inception all the way through to its completion. You don't want to reach the halfway mark and discover you can't finish.
Some projects require more than one person. It's hard to hang drywall on a ceiling by yourself, even with a deadman prop. Pay attention to the weight you lift; it may wreak havoc on your back or throw you off balance.
6) Not Planning for the Unexpected
You have no idea when you tear open a wall what you will find. For example, you could find termites or beetles. A pest infestation will require eradication and / or structural repair. You may discover wiring that needs to be replaced, pipes that need to be rerouted or moisture problems that have rotted away joists or sill plates. Pad your budget and allow yourself a bit of flexibility in your work schedule to accommodate these not-so-nice surprises.
7) Waiving a Home Inspection
Always, always, always get a home inspection when you buy. And hire a qualified and accredited individual to perform the inspection -- not your Uncle Joe or your buddy contractor, get a real inspector. Be there for the inspection and ask questions. Pay close attention to safety issues. Be an informed buyer.
If the inspector calls for further inspection by another professional contractor, find out if the inspector is telling you there could be a serious issue or if the inspector isn't licensed to address that issue. There is a difference.
8) Using the Wrong Tools
When it comes to tools, you can't go wrong by buying professional tools that are made to perform specific functions. While you can get by using a drywall gun to screw deck boards to a joist, you can't use a hacksaw to make precise miter cuts with any accuracy or a 9-volt cordless drill to drive six-inch screws through a beam.
Practice safety.
•Wear goggles when using a power saw.
•Don't stand on the top rung of a ladder.
•Hit the main breaker when working with electricity.
9) Buying Cheap Material
Don't skimp. You can buy ceramic tile for 50 cents a square foot, but it will probably crack. Buyers will notice if you install quarter-inch granite on counters or buy plastic baseboards. You want the quality of your work to shine throughout the house.
If you shop carefully and negotiate prices, you can purchase brand-name merchandise for less. Then you can advertise those manufacturer names in your marketing materials, and buyers will never know how much you paid. Better yet, they won't be calling you after escrow closes to complain that your new dishwasher just dumped water all over the floor.
10) Under Estimating the Resale Value
DIYers like to use a rule of thumb that says they can sell a house for two to three times more than the cost of its improvements, plus its acquisition price. That formula doesn't work all the time. It's far wiser to check the comparable sales for similar homes in the neighborhood to determine if your improvements are in line with other homes in that area. You don't want to over-improve.
Are you selling your home and need great advice? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Monday, August 23, 2010
Improve Your Credit Score
Written By Carla Hill
Provided By Realty Times
Healthy credit scores have never been more important. As banks tighten their lending standards, it's important to have your score as high as possible.
A FICO score is a number, in general from 300 to 850, that is formulated from your payment history, including such things as amounts of money owed, length of your credit history, new credit accounts open, and how you have used your credit. Age, salary, race, education, and religion do not affect your score. You can't buy a good score; you can only build one over time by demonstrating that you are a responsible borrower.
To improve your credit score, start with these steps.
1. Pay your bills on time. This seems like a simple enough feat, but in hard economic times, more and more borrowers are finding themselves hard-pressed with the decision of what bill to pay. If you find yourself having a hard time paying bills, be sure to talk with the lender or company you owe. They may have programs or suggestions that will help you avoid having your bill sent to collections.
2. Don't let items go to collections. Once an item is sent to collections, your credit report will suffer. This ding will stay on your report for seven years.
3. Don't open other new credit lines when applying for a home loan. You may want the new car or living room set, but the home buying process is not the time to open multiple new accounts. This is a sure-fire way to temporarily reduce your credit score. If you do this before finalizing your mortgage, you many find yourself stuck with a higher interest rate.
4. Monitor your report on a regular basis for errors and cases of identity theft. Errors do happen. To get them corrected quickly, be sure to contact both the organization that provided the erroneous information, as well as the credit bureau. Identity theft happens. And it is your responsibility to identify it and address it!
5. Pay down credit cards. Carrying high balances on credit cards can severely affect your credit score. Think of it this way. If you have a grand total of $10,000 worth of credit limits available, but you owe $5,000 on all of your cards put together, you are using half of your available credit!
The best loans and mortgages are available to borrowers with FICO scores 700 and above. Experian, one of the major credit reporting agencies, reports that the average credit score is 693.
For a look at your credit report, visit the government sponsored site, myannualcreditreport.com. You may access your report three times a year free of charge.
Would you like information on how your credit score affects purchasing a home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Provided By Realty Times
Healthy credit scores have never been more important. As banks tighten their lending standards, it's important to have your score as high as possible.
A FICO score is a number, in general from 300 to 850, that is formulated from your payment history, including such things as amounts of money owed, length of your credit history, new credit accounts open, and how you have used your credit. Age, salary, race, education, and religion do not affect your score. You can't buy a good score; you can only build one over time by demonstrating that you are a responsible borrower.
To improve your credit score, start with these steps.
1. Pay your bills on time. This seems like a simple enough feat, but in hard economic times, more and more borrowers are finding themselves hard-pressed with the decision of what bill to pay. If you find yourself having a hard time paying bills, be sure to talk with the lender or company you owe. They may have programs or suggestions that will help you avoid having your bill sent to collections.
2. Don't let items go to collections. Once an item is sent to collections, your credit report will suffer. This ding will stay on your report for seven years.
3. Don't open other new credit lines when applying for a home loan. You may want the new car or living room set, but the home buying process is not the time to open multiple new accounts. This is a sure-fire way to temporarily reduce your credit score. If you do this before finalizing your mortgage, you many find yourself stuck with a higher interest rate.
4. Monitor your report on a regular basis for errors and cases of identity theft. Errors do happen. To get them corrected quickly, be sure to contact both the organization that provided the erroneous information, as well as the credit bureau. Identity theft happens. And it is your responsibility to identify it and address it!
5. Pay down credit cards. Carrying high balances on credit cards can severely affect your credit score. Think of it this way. If you have a grand total of $10,000 worth of credit limits available, but you owe $5,000 on all of your cards put together, you are using half of your available credit!
The best loans and mortgages are available to borrowers with FICO scores 700 and above. Experian, one of the major credit reporting agencies, reports that the average credit score is 693.
For a look at your credit report, visit the government sponsored site, myannualcreditreport.com. You may access your report three times a year free of charge.
Would you like information on how your credit score affects purchasing a home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Friday, August 20, 2010
Tax Credit Extended For Members Of The Military And Certain Federal Employees
Provided By Shelley Dudley
Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual's spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.
In many cases, the credit repayment (recapture) requirement is waived for members of the uniformed services, members of the Foreign Service and employees of the intelligence community. This relief applies where a home is sold or stops being the taxpayer's principal residence after Dec. 31, 2008, in connection with government orders received by the individual (or the individual's spouse) for qualified official extended duty service. The credit is still allowable even if this happens during the year of purchase. Qualified official extended duty is any period of extended duty while serving at a place of duty at least 50 miles away from the taxpayer's principal residence (whether inside or outside the U.S.) or while residing under government orders in government quarters. Extended duty is defined as any period of duty pursuant to a call or order to such duty for a period in excess of 90 days or for an indefinite period.
Only one spouse must be overseas on official extended duty for the requisite amount of time for either spouse to be eligible for the 2011 extension of time to purchase a principal residence and claim the credit.
For more information on this topic, please give us a call at 972-772-7000 or email us at rockwall@kw.com.
Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual's spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.
In many cases, the credit repayment (recapture) requirement is waived for members of the uniformed services, members of the Foreign Service and employees of the intelligence community. This relief applies where a home is sold or stops being the taxpayer's principal residence after Dec. 31, 2008, in connection with government orders received by the individual (or the individual's spouse) for qualified official extended duty service. The credit is still allowable even if this happens during the year of purchase. Qualified official extended duty is any period of extended duty while serving at a place of duty at least 50 miles away from the taxpayer's principal residence (whether inside or outside the U.S.) or while residing under government orders in government quarters. Extended duty is defined as any period of duty pursuant to a call or order to such duty for a period in excess of 90 days or for an indefinite period.
Only one spouse must be overseas on official extended duty for the requisite amount of time for either spouse to be eligible for the 2011 extension of time to purchase a principal residence and claim the credit.
For more information on this topic, please give us a call at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, August 18, 2010
Foreclosures in Texas DOWN
Provided By RECON
Source Forth Worth Star Telegram
Residential foreclosures last month were down 2.9 percent in Texas and 10 percent nationwide compared with a year ago, according to the latest data from RealtyTrac.
Some 11,727 postings were filed last month in Texas, which means one in every 819 housing units received a notice, RealtyTrac said.
Nationwide, 325,229 postings were filed, or one in every 397 housing units. Although it's a drop from a year ago, the number was up 3.6 percent from June, the firm said.
July was the 17th straight month that U.S. foreclosure postings topped 300,000, RealtyTrac CEO James Saccacio said.
Are you behind on your mortgage, don't foreclose! Call us at 972-772-7000 or email us at rockwall@kw.com.
Source Forth Worth Star Telegram
Residential foreclosures last month were down 2.9 percent in Texas and 10 percent nationwide compared with a year ago, according to the latest data from RealtyTrac.
Some 11,727 postings were filed last month in Texas, which means one in every 819 housing units received a notice, RealtyTrac said.
Nationwide, 325,229 postings were filed, or one in every 397 housing units. Although it's a drop from a year ago, the number was up 3.6 percent from June, the firm said.
July was the 17th straight month that U.S. foreclosure postings topped 300,000, RealtyTrac CEO James Saccacio said.
Are you behind on your mortgage, don't foreclose! Call us at 972-772-7000 or email us at rockwall@kw.com.
Monday, August 16, 2010
LOVE FIELD RENOVATION COULD TOP $1 BILLION
Provided By RECON
Source Dallas Morning News
More than $1 billion may be spent on the renovation of Dallas' Love Field.
A potential automated people mover that will connect Love Field to a planned Dallas Area Rapid Transit light-rail line just west of the airport could cost up to $250 million. The rest of the budget will be spent on new taxiways, aprons, drainage and other nonterminal improvements.
Currently underway is the $519 million project to replace Love Field’s terminal, which, when completed, will house 20 gates. Sixteen of those will be occupied by Southwest. The construction includes an area for taxi queuing farther from the terminal’s front doors and new maintenance facilities.
The airport will open a new eastern concourse for ExpressJet Inc. and Pinnacle Airlines Inc. in September.
Check out Love’s New Look for previous coverage of the Love Field renovation.
Are you looking for a home in or near the big city of Dallas? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Source Dallas Morning News
More than $1 billion may be spent on the renovation of Dallas' Love Field.
A potential automated people mover that will connect Love Field to a planned Dallas Area Rapid Transit light-rail line just west of the airport could cost up to $250 million. The rest of the budget will be spent on new taxiways, aprons, drainage and other nonterminal improvements.
Currently underway is the $519 million project to replace Love Field’s terminal, which, when completed, will house 20 gates. Sixteen of those will be occupied by Southwest. The construction includes an area for taxi queuing farther from the terminal’s front doors and new maintenance facilities.
The airport will open a new eastern concourse for ExpressJet Inc. and Pinnacle Airlines Inc. in September.
Check out Love’s New Look for previous coverage of the Love Field renovation.
Are you looking for a home in or near the big city of Dallas? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Friday, August 13, 2010
Quick Rules Of Thumb: Remodeling For Resale
Written By Jay MacDonald
Source Bankrate.com
Provided By Shelley Dudley
When planning a home improvement project, you may have favorite "must do" projects, but it pays to design with resale in mind. Try these seven quickies:
Select neutral colors: It creates a blank-canvas effect for potential buyers.
Upgrade your kitchen first: It's the one room buyers use consistently to determine how well a house has been maintained.
Paint, paint, paint: It's the quickest and least expensive makeover technique. If the exterior paint is faded or weather-beaten, a fresh coat of paint is a cost-effective sales tool.
Hide those flaws: Textured wallpapers and faux wall finishes hide a multitude of surface flaws.
Focus on floors: Whether wood, tile, laminate or vinyl, make sure they're inviting, not cracked or discolored. Again, neutrals sell best, natural wood best of all.
Cost-cutting ideas: Use wood or tile to dress up laminate countertops; stencil that backsplash instead of installing tile; consider marble sheets instead of ceramic tile for that tub surround.
Keep all options open: One man's workshop is another man's wine cellar. Don't eliminate options when you remodel rooms.
Interested in more tips for a resale of your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Source Bankrate.com
Provided By Shelley Dudley
When planning a home improvement project, you may have favorite "must do" projects, but it pays to design with resale in mind. Try these seven quickies:
Select neutral colors: It creates a blank-canvas effect for potential buyers.
Upgrade your kitchen first: It's the one room buyers use consistently to determine how well a house has been maintained.
Paint, paint, paint: It's the quickest and least expensive makeover technique. If the exterior paint is faded or weather-beaten, a fresh coat of paint is a cost-effective sales tool.
Hide those flaws: Textured wallpapers and faux wall finishes hide a multitude of surface flaws.
Focus on floors: Whether wood, tile, laminate or vinyl, make sure they're inviting, not cracked or discolored. Again, neutrals sell best, natural wood best of all.
Cost-cutting ideas: Use wood or tile to dress up laminate countertops; stencil that backsplash instead of installing tile; consider marble sheets instead of ceramic tile for that tub surround.
Keep all options open: One man's workshop is another man's wine cellar. Don't eliminate options when you remodel rooms.
Interested in more tips for a resale of your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, August 11, 2010
Avoid Common First-Time Buyer Mistakes
Written By Carla Hill
Provided By Realty Times
If you are in the market to buy your first home, you may have already realized that the process involves many different levels of knowledge and understanding. Chances are many steps of the process are completely foreign to you.
By arming yourself with an arsenal of important questions, as well as with a team of professionals, you are sure to avoid some of the most common first-time homebuyer mistakes.
1. Hire the Right Agent. Personalities and experience levels range greatly, just as with any profession. Consider interviewing several local agents before deciding on which one to hire. Do you want a new agent who is sweet, patient, and ready to answer lots of questions? Or would you prefer a seasoned agent who gets you the best deal, but has less than stellar people skills? The choice is entirely yours, neither one being better than the other, but will make a big difference on how you feel about the process.
2. Interrogate the Lender. There's no need to play good cop, bad cop. This simply means you need to ask every question that comes to mind. In the wake of the predatory lending storm, its important to be sure you understand exactly what your mortgage will entail. Be sure to compare rates with other lenders to be sure you are getting the best rate. You can also ask for par pricing, which is the rate without points.
3. Be Ready To Act. In many markets, highly desirable areas come with a large amount of competition. Many buyers may be looking at the same homes as you. If you hesitate, you may very well lose out on your dream home. The best advice? Don't begin the process of viewing homes unless you are really ready to buy.
4. Think Long Term. You love the house, and you can deal with the small bedrooms and laundry room in the garage, but will the next set of buyers? If you are planning on selling the home in the next few years, you must remember to consider the resale value of a home. Is this neighborhood appreciating quickly, or are homes losing value?
5. Be Competitive. We all want to buy a home for the best bargain price possible, but a careful consideration is respecting the seller. You may view a low ball offer as a starting point, but a seller may view it as an insult and refuse to answer your offer. If you really want a home, be reasonable with your starting bid.
Buying your first home can be tough, make it a stress free and easy transition with the help of a Keller Williams agent! Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Provided By Realty Times
If you are in the market to buy your first home, you may have already realized that the process involves many different levels of knowledge and understanding. Chances are many steps of the process are completely foreign to you.
By arming yourself with an arsenal of important questions, as well as with a team of professionals, you are sure to avoid some of the most common first-time homebuyer mistakes.
1. Hire the Right Agent. Personalities and experience levels range greatly, just as with any profession. Consider interviewing several local agents before deciding on which one to hire. Do you want a new agent who is sweet, patient, and ready to answer lots of questions? Or would you prefer a seasoned agent who gets you the best deal, but has less than stellar people skills? The choice is entirely yours, neither one being better than the other, but will make a big difference on how you feel about the process.
2. Interrogate the Lender. There's no need to play good cop, bad cop. This simply means you need to ask every question that comes to mind. In the wake of the predatory lending storm, its important to be sure you understand exactly what your mortgage will entail. Be sure to compare rates with other lenders to be sure you are getting the best rate. You can also ask for par pricing, which is the rate without points.
3. Be Ready To Act. In many markets, highly desirable areas come with a large amount of competition. Many buyers may be looking at the same homes as you. If you hesitate, you may very well lose out on your dream home. The best advice? Don't begin the process of viewing homes unless you are really ready to buy.
4. Think Long Term. You love the house, and you can deal with the small bedrooms and laundry room in the garage, but will the next set of buyers? If you are planning on selling the home in the next few years, you must remember to consider the resale value of a home. Is this neighborhood appreciating quickly, or are homes losing value?
5. Be Competitive. We all want to buy a home for the best bargain price possible, but a careful consideration is respecting the seller. You may view a low ball offer as a starting point, but a seller may view it as an insult and refuse to answer your offer. If you really want a home, be reasonable with your starting bid.
Buying your first home can be tough, make it a stress free and easy transition with the help of a Keller Williams agent! Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Monday, August 9, 2010
6 Tips For Selling Your Home In A Soft Market
Written By Chris Morris
Source Bankrate.com
Provided By Shelley Dudley
Making a home sale has never been a lot of fun -- but in this economy, it's even worse.
If you've followed the usual chestnuts about boosting curb appeal and staging your living room properly, but still aren't getting any bites, there are other ways to help catch a buyer's eye.
Bankrate.com spoke with real estate professionals to get their best tips on how to move a house in the quickest amount of time -- without giving the place away.
Get an appraisal
Knowing what a professional appraiser believes your house is worth is a good reality check on a couple of fronts.
First, it gives you a realistic target price -- versus your own beliefs -- that can be factored in with recent comparable sales. It also gives you an idea of what sort of home loan a buyer can get.
"It takes a lot of the guesswork out of the price," says Naomi Brodbar, an agent with Weichert Realtors in Princeton Junction, N.J. "You can take any figures in the market and make them work to your advantage. With this, you know if you're in the right ballpark." You'll likely pay about $300 to $400 for the report.
Pre-inspect before listing
Buyers want to see that you've cared for the home during your time there. An indisputable way to showcase that is to hire a home inspector to go through the house with a fine-toothed comb and to rectify any major issues the inspector finds.
Of course, the buyer is going to hire his or her own inspector -- but this helps convince the buyer that the home has been kept up well. It also prevents the buyer from issuing a laundry list of demanded fixes, which some buyers do in an effort to further lower the sales price after their offer is accepted.
"It says 'We've thought enough of this property to make sure that if there are any unforeseen problems, then we have taken care of them for you,'" says Dorcas Helfant-Browning, an agent with Coldwell Banker in Virginia Beach, Va., and past president of the National Association of Realtors.
Offer a home warranty
Everyone likes a security blanket. Home warranties give buyers an assurance that if something goes wrong with any of the major appliances, plumbing or electrical systems in the house, they won't have to shell out a lot to get them fixed.
As the seller, you'll also reap some of the benefits, as many plans provide additional coverage for when your house is on the market. This can be particularly beneficial when you go through the inspection process after you've accepted an offer.
Plans generally cost between $300 and $450, with extra charges for some appliances (such as your washer or dryer) and items like a pool or hot tub.
Consider cash incentives
No matter how perfect you think your house is, the new owners will want to change something about it. It could be the paint, landscaping or even the front door.
Acknowledging this upfront and offering a cash incentive to pay for those improvements could make your house stand out from the competition.
It also gives you the upper hand. Because you're setting the amount of the incentive -- say, $1,000 or so -- you can work that into your house's asking price to recoup the outlay.
Take care of post-move expenses
Moving is tough for everyone, so consider making the buyer's life easier by contracting a service to mow the yard through the summer. Taking care of the tab for pool cleaning is another type of incentive that you can work back into the price.
And because everyone likes to be catered to, it can also give your house an edge if a buyer is trying to decide between yours and another.
Remain flexible on the price
Many buyers offer their home with a floor price in mind -- one they're absolutely not willing to go below. It becomes a point of pride in what can be an emotional process. That can be dangerous.
In the long run, an extra $1,000 (or even $3,000) is a drop in the bucket -- and it's not worth fighting over, even if it's below your floor price. But what about an offer that's $5,000 or even $10,000 below what you were hoping to get?
"Buyers don't care what your minimum price is," says Leslie Nichols, a broker for Nichols & Associates Real Estate in Houston. "Price is the most important thing.... Price will overcome location. Price will overcome condition. Price will overcome everything else."
Before automatically rejecting a low offer, consider a few factors and be brutally honest with yourself. Determine how many months that shortcoming works out to in terms of your regular mortgage and utility expenses. What are the odds you'll get an acceptable offer in that time period? If they're not excellent, give the "bad" offer a second look.
If you are ready to sell your home, give us a call at 972-772-7000 or email us at rockwall@kw.com.
Source Bankrate.com
Provided By Shelley Dudley
Making a home sale has never been a lot of fun -- but in this economy, it's even worse.
If you've followed the usual chestnuts about boosting curb appeal and staging your living room properly, but still aren't getting any bites, there are other ways to help catch a buyer's eye.
Bankrate.com spoke with real estate professionals to get their best tips on how to move a house in the quickest amount of time -- without giving the place away.
Get an appraisal
Knowing what a professional appraiser believes your house is worth is a good reality check on a couple of fronts.
First, it gives you a realistic target price -- versus your own beliefs -- that can be factored in with recent comparable sales. It also gives you an idea of what sort of home loan a buyer can get.
"It takes a lot of the guesswork out of the price," says Naomi Brodbar, an agent with Weichert Realtors in Princeton Junction, N.J. "You can take any figures in the market and make them work to your advantage. With this, you know if you're in the right ballpark." You'll likely pay about $300 to $400 for the report.
Pre-inspect before listing
Buyers want to see that you've cared for the home during your time there. An indisputable way to showcase that is to hire a home inspector to go through the house with a fine-toothed comb and to rectify any major issues the inspector finds.
Of course, the buyer is going to hire his or her own inspector -- but this helps convince the buyer that the home has been kept up well. It also prevents the buyer from issuing a laundry list of demanded fixes, which some buyers do in an effort to further lower the sales price after their offer is accepted.
"It says 'We've thought enough of this property to make sure that if there are any unforeseen problems, then we have taken care of them for you,'" says Dorcas Helfant-Browning, an agent with Coldwell Banker in Virginia Beach, Va., and past president of the National Association of Realtors.
Offer a home warranty
Everyone likes a security blanket. Home warranties give buyers an assurance that if something goes wrong with any of the major appliances, plumbing or electrical systems in the house, they won't have to shell out a lot to get them fixed.
As the seller, you'll also reap some of the benefits, as many plans provide additional coverage for when your house is on the market. This can be particularly beneficial when you go through the inspection process after you've accepted an offer.
Plans generally cost between $300 and $450, with extra charges for some appliances (such as your washer or dryer) and items like a pool or hot tub.
Consider cash incentives
No matter how perfect you think your house is, the new owners will want to change something about it. It could be the paint, landscaping or even the front door.
Acknowledging this upfront and offering a cash incentive to pay for those improvements could make your house stand out from the competition.
It also gives you the upper hand. Because you're setting the amount of the incentive -- say, $1,000 or so -- you can work that into your house's asking price to recoup the outlay.
Take care of post-move expenses
Moving is tough for everyone, so consider making the buyer's life easier by contracting a service to mow the yard through the summer. Taking care of the tab for pool cleaning is another type of incentive that you can work back into the price.
And because everyone likes to be catered to, it can also give your house an edge if a buyer is trying to decide between yours and another.
Remain flexible on the price
Many buyers offer their home with a floor price in mind -- one they're absolutely not willing to go below. It becomes a point of pride in what can be an emotional process. That can be dangerous.
In the long run, an extra $1,000 (or even $3,000) is a drop in the bucket -- and it's not worth fighting over, even if it's below your floor price. But what about an offer that's $5,000 or even $10,000 below what you were hoping to get?
"Buyers don't care what your minimum price is," says Leslie Nichols, a broker for Nichols & Associates Real Estate in Houston. "Price is the most important thing.... Price will overcome location. Price will overcome condition. Price will overcome everything else."
Before automatically rejecting a low offer, consider a few factors and be brutally honest with yourself. Determine how many months that shortcoming works out to in terms of your regular mortgage and utility expenses. What are the odds you'll get an acceptable offer in that time period? If they're not excellent, give the "bad" offer a second look.
If you are ready to sell your home, give us a call at 972-772-7000 or email us at rockwall@kw.com.
Friday, August 6, 2010
EVERYTHING BIGGER IN TEXAS, INCLUDING BUSINESS
Provided By RECON
Source CNBC
Texas has reclaimed the top spot from Virginia as CNBC’s number one state for business.
Texas powers past the tough times on the strength of its economy—top-ranked in our Economy category four years in a row. The Texas economy is the 15th largest in the world, according to government figures; larger, for example, than all the Scandinavian nations combined.
The Lone Star State is home to 64 Fortune 500 companies, more than any other state, in a wide variety of industries. So while the state’s last win in 2008 came with oil at a record $145 a barrel—a natural tailwind for the largest industry in Texas—the state managed to do even better this year despite the fact that oil is trading at roughly half that price.
Texas has also managed to avoid the worst of the real estate crisis, according to reporter Ashanti Blaize of KXAS-TV. “While in other major cities we’ve seen condo high-rise projects either slowed or come to a screeching halt, in Dallas we've seen an influx of some of those projects,” says Blake.
However, that economic strength has a side effect. Rising commercial rents and high wages hurt the state in the all-important Cost-of-Doing-Business category, where it comes in at number 30.
Are you needing help finding the perfect place for you business? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Source CNBC
Texas has reclaimed the top spot from Virginia as CNBC’s number one state for business.
Texas powers past the tough times on the strength of its economy—top-ranked in our Economy category four years in a row. The Texas economy is the 15th largest in the world, according to government figures; larger, for example, than all the Scandinavian nations combined.
The Lone Star State is home to 64 Fortune 500 companies, more than any other state, in a wide variety of industries. So while the state’s last win in 2008 came with oil at a record $145 a barrel—a natural tailwind for the largest industry in Texas—the state managed to do even better this year despite the fact that oil is trading at roughly half that price.
Texas has also managed to avoid the worst of the real estate crisis, according to reporter Ashanti Blaize of KXAS-TV. “While in other major cities we’ve seen condo high-rise projects either slowed or come to a screeching halt, in Dallas we've seen an influx of some of those projects,” says Blake.
However, that economic strength has a side effect. Rising commercial rents and high wages hurt the state in the all-important Cost-of-Doing-Business category, where it comes in at number 30.
Are you needing help finding the perfect place for you business? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, August 4, 2010
'SAVING FAMILY LANDS' SEMINAR SCHEDULED FOR SEPTEMBER
Provided By RECON
The Texas Agricultural Land Trust (TALT) is holding the Saving Family Lands seminar with tax expert and attorney Stephen J. Small in San Antonio and Fort Worth in late September.
The workshop will provide landowners, attorneys, appraisers, accountants, land managers, Realtors and estate planners with current information on tools, methods and financial strategies for keeping cherished lands in the family.
TALT says Small is the nation's leading authority on private land protection options and the resulting federal benefits and estate planning advantages.
The seminar will be held at the following times and locations:
San Antonio
Tuesday, Sept. 21, 8:00 a.m. – noon
The Studio at Pearl Brewery
200 E. Grayson, Suite 115
Fort Worth
Wednesday, Sept. 22, 8:00 a.m. – noon
Texas & Southwestern Cattle Raisers Association offices
1301 W. Seventh St.
Registration deadline is Sept. 13. For more information, visit Texas Agricultural Land Trust online.
To learn more about saving family lands, give us a call at 972-772-7000 or email us at rockwall@kw.com.
The Texas Agricultural Land Trust (TALT) is holding the Saving Family Lands seminar with tax expert and attorney Stephen J. Small in San Antonio and Fort Worth in late September.
The workshop will provide landowners, attorneys, appraisers, accountants, land managers, Realtors and estate planners with current information on tools, methods and financial strategies for keeping cherished lands in the family.
TALT says Small is the nation's leading authority on private land protection options and the resulting federal benefits and estate planning advantages.
The seminar will be held at the following times and locations:
San Antonio
Tuesday, Sept. 21, 8:00 a.m. – noon
The Studio at Pearl Brewery
200 E. Grayson, Suite 115
Fort Worth
Wednesday, Sept. 22, 8:00 a.m. – noon
Texas & Southwestern Cattle Raisers Association offices
1301 W. Seventh St.
Registration deadline is Sept. 13. For more information, visit Texas Agricultural Land Trust online.
To learn more about saving family lands, give us a call at 972-772-7000 or email us at rockwall@kw.com.
Monday, August 2, 2010
Keller Williams Realty Named Highest Ranked in Home Buyer Satisfaction
Provided By Keller Williams Realty
According to the J.D. Power and Associates 2010 Home Buyer/Seller StudySM, Keller Williams Realty, Inc., the third largest real estate company in the United States, has received the highest overall satisfaction ratings from home buyers among the largest full-service real estate firms for the third year in a row. The company also ranked second among home sellers in the study for the second year in a row.
“We are incredibly proud of our associates for earning this distinction and want to thank them for their commitment to their clients and communities," said Mark Willis, CEO of Keller Williams Realty. “We see this honor as demonstration of our company philosophy that it is the agent’s brand that matters most and no amount of money spent on advertising can replace the influence and reputations our agents have in their local communities. Our associates have earned this on their own, by building relationships in their communities."
The study was produced by J.D. Power and Associates to measure home buyers and sellers customer satisfaction. The results of the home-buying experience were determined by three factors including the buyer’s experience with their agent, the real estate office and a variety of additional services. Keller Williams Realty performed particularly well in the agent and office factors. And, overall satisfaction of buyers for the industry was up over last year.
Additionally, the study noted that the importance of real estate agents has increased substantially in the past year, with buyers and sellers relying on the negotiating skills of their chosen agent and help in navigating the market.
“It is thrilling to see our firm, once again, get public recognition for its incredible focus on customer satisfaction from such a prestigious group. Our associates continually demonstrate that it is possible to deliver the highest level of customer service in one of the toughest real estate markets on record," said Mary Tennant, president and COO of Keller Williams Realty. “We feel incredibly fortunate to be in business with them, and want to congratulate them on their hard work and dedication."
In the past year, Keller Williams Realty has continued to grow despite the well-publicized turmoil in the real estate industry. In addition to becoming the 3rd largest real estate company in the U.S., surpassing RE/MAX®, Keller Williams Realty was ranked as the No. 1 real estate franchise on the 31st Annual Franchise 500 list by Entrepreneur magazine and was voted the Most Recognizable Brand of Real Estate Franchises and the Trendsetter of the year for 2009 in an industry-wide survey for the Swanepoel TRENDS Report.
Are you wanting to sell or buy a home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
“We are incredibly proud of our associates for earning this distinction and want to thank them for their commitment to their clients and communities," said Mark Willis, CEO of Keller Williams Realty. “We see this honor as demonstration of our company philosophy that it is the agent’s brand that matters most and no amount of money spent on advertising can replace the influence and reputations our agents have in their local communities. Our associates have earned this on their own, by building relationships in their communities."
The study was produced by J.D. Power and Associates to measure home buyers and sellers customer satisfaction. The results of the home-buying experience were determined by three factors including the buyer’s experience with their agent, the real estate office and a variety of additional services. Keller Williams Realty performed particularly well in the agent and office factors. And, overall satisfaction of buyers for the industry was up over last year.
Additionally, the study noted that the importance of real estate agents has increased substantially in the past year, with buyers and sellers relying on the negotiating skills of their chosen agent and help in navigating the market.
“It is thrilling to see our firm, once again, get public recognition for its incredible focus on customer satisfaction from such a prestigious group. Our associates continually demonstrate that it is possible to deliver the highest level of customer service in one of the toughest real estate markets on record," said Mary Tennant, president and COO of Keller Williams Realty. “We feel incredibly fortunate to be in business with them, and want to congratulate them on their hard work and dedication."
In the past year, Keller Williams Realty has continued to grow despite the well-publicized turmoil in the real estate industry. In addition to becoming the 3rd largest real estate company in the U.S., surpassing RE/MAX®, Keller Williams Realty was ranked as the No. 1 real estate franchise on the 31st Annual Franchise 500 list by Entrepreneur magazine and was voted the Most Recognizable Brand of Real Estate Franchises and the Trendsetter of the year for 2009 in an industry-wide survey for the Swanepoel TRENDS Report.
Are you wanting to sell or buy a home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
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