Friday, December 31, 2010

Deciding to Sell

Provided By Realty Times

Deciding whether or not to sell your house can be a trying time. Many questions pervade your mind. "Is now the best time to make a move?" "Will I make money from this sale?" Will a move disrupt my family's routine?" There are numerous factors that come into play when making this decision. Let's look at just a few to consider.

First and foremost, can you afford to make a move? In many areas of the country, home values fell dramatically during the recession. Homeowners across the nation now find themselves owing more than their home is worth. If you find yourself in this predicament, it is probably not the best time for you to move. If you are able to afford your payments and have no fear of defaulting, then it will be best to stick it out for a while longer, waiting for your home to regain some of its lost value.

Along those same lines is the topic of job stability. Do you have money saved for downpayments and closing costs, as well as an 8 month emergency fund should you get laid off?

Next, consider the impact the move will have on your family. Do you have children? Moving during the middle of a semester can be difficult for children. Will you be able to move and stay in the same school district? If not, they will be coming into a new school in the middle of activities, after bonds and friendships have been established. Timing is everything when it comes to moving with children.

Additionally, research has shown that having strong social relationships can lengthen your lifespan. Consider this strongly before you move away from family and friends. Or consider it as motivation for moving closer if you live far away!

What if you need to move for your health. Warmer climates, less humidity, and even a change of settings can be a boost to some people's health. Some seniors find cold winters too hard on their older bodies. A move for health is always a good decision, since without our health we have nothing.

The bottom line is this. Moving means changing routines, hobbies, and even friends. Be sure to evaluate your decision carefully, weighing all of your options, before jumping into a life changing decision.

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

Wednesday, December 29, 2010

Where does Rockwall rank?

Provided By Michelle Little of Republic Title
Source Dallas Morning News

Below is a graph from the Dallas Morning News – Rockwall’s Median Household income ranks #2 out of the 12 DFW Metroplex counties. Great news!!



Are you ready to purchase your first home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.

Monday, December 27, 2010

Texas housing market took some hits but is still standing

Provided By Michelle Little of Republic Title
Source Dallas Morning News

By now you've heard about the huge debt problems in Ireland, the protests in London over government cutbacks and the growing financial crisis in Spain.

You can't help but hear about it – on television and every news website. And of course there's the home foreclosure crisis in Florida, cascading unemployment in Michigan. And California is basically broke.

What does all that have to do with Texas? If not for the dire national and international news, we'd be feeling a lot better about our economy and real estate market. Texas is in comparatively good shape when it comes to housing, commercial real estate and unemployment.

But it's hard to feel good about that with all that's going on in the rest of the world.

That's a shame. During the Oil Patch meltdown of the late 1980s, our neighbors to the north and in booming West Coast markets didn't seem to give a whit about our woes here in Texas.

Of course, the downturn is more universal this go-round, and the declines are steeper. But still, the Texas real estate market deserves props for getting through two years of a nuclear economic winter and only catching a cold.

Don't take my word for it. Just this week the Brookings Institution put out its regular economic assessment of major U.S. metro areas, and Texas and Dallas-Fort Worth were near the top of all the lists. D-FW, and most of the other big Texas markets, were included in the top U.S. housing markets during the third quarter, according to the Brookings report. North Texas is among the areas that have seen the smallest home price declines since the nation's housing market fell with a thud.

North Texas also got high marks for being one of the areas with the highest economic output and stronger employment markets.

And D-FW was singled out by Brookings as one of the top overall 20 markets in the country.

The only area where North Texas doesn't outperform the rest of the country is in number of foreclosed homes. And there we are close to the middle of the pack.

Brookings estimates that about four out of every 1,000 D-FW homes with a mortgage is now in lender hands. The average among major U.S. metro areas is closer to six out of 1,000.

So again, things here aren't so bad compared with the rest of the country.

It's just that it isn't easy to get past all the noise about the international financial mess and problems in places like California and Arizona.

And Americans in general – the real estate industry found in a recent survey – are more pessimistic than in previous economic periods.

The weight of all the bad buzz on our real estate market won't be lifted right away.

If you have questions about the DFW real estate market, give us a call at 972-772-7000 or email us at rockwall@kw.com.
But when the chatter about U.S. economic trends improves, don't be surprised if attitudes about Texas' property market turn on a dime. Again, the hole we have to climb out of isn't very deep.

Friday, December 24, 2010

Pros and Cons of Condo Living

Provided By Realty Times

As purse strings tighten across the nation, and aging boomers enter retirement, many homeowners are making the decision to downsize. One popular choice among consumers is condominiums.

Here are some pros and cons of condo living to consider before you make a move.

Pro

1. Affordability: Are you looking to buy in a specific neighborhood? A condo allows many buyers to live in a desired location, even if they can't afford a single family home.

2. Amenities: Many condominiums come with access to such things as fitness centers, pools, and club houses.

3. Low Maintenance: While you are still responsible for the inside upkeep, outdoor and community features such as the roof, foundation, sidewalks, pool, and yard are covered by the association. This means no mowing the yard in 100 degree heat!

4. Reserve Fund: The condo association collects funds and keeps them in reserve for larger repairs and upgrades needed down the road. If your association keeps accurate surveys and books, this means there should be no surprise expenses.

5. Safety: Many condos offer gated parking, security guards, and even doormen.

Con

1. No Storage: You may find the rare condo that offers access to storage lockers, but condo living generally means no storage. If you have items that will need stored, be sure to include a storage facility rental fee into your budget.

2. Lack of Privacy: You will most likely have neighbors upstairs or down, or at the very least right next door. Some people love the sense of community this creates, though!

3. Monthly Association Fees: Nearly all condo units require you pay a monthly fee that pays for upkeep around the community. This means even if you own your condo free and clear, you are still responsible for monthly fees.

4. Rules: Who likes to follow the rules?! But kidding aside, many condos have strict rules about guests, noise, decor, and even subletting.

5. No yard: While some homeowners love the idea of no yardwork, others enjoy planting and growing. Most condos have very little outside space, apart from small patios.

Be sure to take these elements into consideration when deciding whether a condo is the home choice for you.

Do you have questions about renting vs buying? Give us a call at 972-772-7000 or email us at rockwall@kw.com.

Wednesday, December 22, 2010

CURB APPEAL IS KING, NAR STUDY FINDS

Provided By RECON

Nine of the top ten most cost-effective projects in terms of value recouped are exterior replacement projects, according to the National Association of Realtors 2010–11 Remodeling Cost vs. Value Report.

Among the report's findings:

The steel entry door replacement is the project that returned the most money, with an estimated 102.1 percent of cost recouped when the home is sold.

The midrange garage door replacement is expected to recoup 83.9 percent of costs.

Upscale fiber-cement siding replacement was deemed the most cost-effective among siding projects, recouping 80 percent of costs.

Upscale vinyl window replacements were expected to recoup the most among window replacement projects, at 72.6 percent.

Wood decks tied with a minor kitchen remodel for the fourth most profitable project, recouping an estimated 72.8 percent of costs.

Meanwhile, here's what the study found inside the house:

An attic bedroom addition costs more than $51,000 and recoups an estimated 72.2 percent.

A basement remodel costs more than $64,000 and recoups an estimated 70 percent.

Improvement projects that are expected to return the least are a midrange home office remodel, recouping an estimated 45.8 percent; a backup power generator, recouping 48.5 percent; and a sunroom addition, recouping 48.6 percent of costs.

In addition, the study found that Texas was among the regions that were consistently estimated to return a higher percentage of remodeling costs when a home is sold.

Are you ready to sell your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.

Monday, December 20, 2010

DFW January foreclosures fall 6%

Provided By Dallas Business Journal

The number of foreclosed Dallas-Fort Worth area homes up for auction in January is 6 percent lower than last year, according to Addison-based Foreclosure Listing Service.

In D-FW, 5,543 homes landed in the January 2011 foreclosure auction pool, down from 5,894 a year earlier.

While Foreclosure Listing Service recorded seven months of falling foreclosure postings in the past 9 months, the company's CEO George Roddy Sr. said the area is not out of the woods yet.

"D-FW residential foreclosure posting activity for January remained on the extreme high end in this foreclosure cycle," said Roddy in a statement. "Until a significant amount of workers begin to be re-employed, there is simply no reason for foreclosure postings to decline. Even re-employment in today's market does not assure that a family's bills will be paid because many workers are being hired at wages far lower than at their previous job."

Would you like to know about your foreclosure options, give us a call at 972-772-7000 or email us at rockwall@kw.com.

Friday, December 17, 2010

10 Reasons to Buy

Provided By Realty Times

Owning a home has been a part of the American Dream for decades. If you are still unsure, however, whether or not homeownership is the move for you, be sure to read these ten reasons to buy.

1. Low Interest Rates. It's true! Interest rates are currently at historical lows. This means over the course of your loan, you'll pay less interest. And it also means monthly payments will be a smaller, more manageable amount.

2. Mortgage Interest Deduction: While this deduction may not be available for much longer, for now you can still use this great tax advantage!

3. Stability: Studies have shown that homeownership not only increases community involvement, it also leads to safer neighborhoods, and higher graduation rates.

4. Affordability: Coupled with the low interest rates, affordability is the highest it's been in years. Prices fell in many areas and median incomes rose -- meaning you can get more bang for your buck.

5. Paying Towards Ownership. Instead of paying a landlord, you are making an investment in your future. Every month your payment goes towards something you'll eventually own and that will have worth and value. Renting only makes the landlord richer!

6. Appreciation: Average appreciation rates vary widely depending on the condition of the local market and demand, but anywhere from 4 to 6 percent annually is considered average. This means the longer you stay in your home, the more your home will be worth.

7. Home equity: This building of worth over time (see number 6) means that if you need to make improvements to your home, you will be able to tap into its equity to finance repairs and additions.

8. Gardening: Many households are embracing the organic movement, and families have begun again to raise their own food. Even the White House has its own victory garden. Owning your own home (in most cases) means you will have your own land to cultivate.

9. Roots: Young and old alike seek out places where they belong. Owning a property, and taking your first steps towards putting down roots, can mean the difference between a house and a home.

10. Monthly Payments: Once your home is paid off -- you won't have monthly payments anymore. Apart from insurance, property taxes, and repairs, monthly expenses are minimal. In today's market, many buyers are finding, as well, that their monthly house payments are less than what they'd pay in rent!

Are you in the market to purchase a home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.

Wednesday, December 15, 2010

Does Brand Matter?

Provided By YouTube



When buying or selling a home you need an agent who is educated in the real estate market and understands the business. Call the experts at 972-772-7000 or email us at rockwall@kw.com.

Monday, December 13, 2010

Going Pro in an HOA

Provided By Realty Times

When it comes to self managing, a few homeowner associations do fairly well, some do okay and many stumble, trip and fall. For a variety of practical reasons, all should have professional management in one form or another. Let's explore those practical reasons.

No Free Lunch. The concept of "carefree living" promises that "someone else" will take care of business. Remember, the Board was elected only to supervise but if they don't hire a manager, that "someone" is "the Board". Why would a few volunteers work for free to benefit the many? Unless your name is Mother Teresa, this calling is not very appealing to most.

Bill Collector Hell. Strong arming delinquent neighbors for money is low on most folks' To Do List. Yet, to keep HOA bills paid, it needs to be done. There are actually people that do this disagreeable task for a living. (Maybe you know a few if you've fallen behind on your bills.) They are pretty good at it and don't charge all that much.

Rule Enforcement Jeopardy. Enforcing the rules can be a physically threatening undertaking. Just try towing a red neck neighbor's junk truck. Do you really need this kind of grief just for trying to keep the area neat and tidy?

24/7 Job. HOA business can be a 24/7 affair. It's a fact of life: Bad news always happens in the middle of the night during a rain/snow storm or a wild party. Have you ever dreamed of a quiet night at home or a vacation? If you self manage, forget it! Who's going to mind the store while you recreate? Believe it or not, management companies offer 24/7 emergency response. Sounding better already, eh?

HOA managers offer a variety of services like bookkeeping, maintenance supervision, rules enforcement, delinquency collection, project bidding, information distribution and emergency response. There are numerous smaller but no less important functions. Full service management contracts include "routine" services for a flat monthly fee. Routine services are those that generally happen monthly as opposed to, for example, handling an extensive insurance claim. Special services often carry an additional charge. Many HOA managers offer "a la carte" services so you can limit the level of service and the cost. This usually applies to small HOAs that want bookkeeping services only. The advantage of a la carte management is that should another issue crop up, you already have an established relationship with a manager that has an understanding of the homeowner association.

Now that a convincing argument for professional management has been laid out, where can such relief be found? HOA management companies are a rare breed so looking in the Yellow Pages under Property Management won't cut it. Be wary of contracting with apartment managers that have no HOA accounts. HOA management requires a very distinct set of skills. Many larger condominium complexes are professionally managed. If you know some in your area, knock on a few doors and ask who they use and if they're satisfied.

Okay, for you bottom line people, how much does this pain relief actually cost? For full service management, it costs around $15-$25 per month per owner. HOA manager refer to it as cost "per door". You probably pay more than that to get your garbage hauled! Why would you not want to radically simplify your life for so little money? Going pro is the way to go. Get in the know!

Are you interested in buying a home, but have questions about HOA's? Give us a call at 972-772-7000 or email us at rockwall@kw.com.

Friday, December 10, 2010

TEXAS JOB GROWTH CONTINUES, REPORT SHOWS

Provided By RECON

Texas’ economy gained 174,900 jobs from October 2009 to October 2010, according to the Real Estate Center's latest monthly review of the state's economy.

That's an annual growth rate of 1.7 percent. The U.S. economy gained 626,000 jobs, an annual growth rate of 0.5 percent, over the same period.

The state’s private sector posted an annual employment growth rate of 2.1 percent compared with 0.9 percent for the U.S. private sector from October 2009 to October 2010.

The seasonally adjusted unemployment rate for Texas was 8.1 percent in October 2010, the same as in October 2009, while the nation’s rate decreased from 10.1 to 9.6 percent over the same period.

All Texas industries except the trade and information industries and the government sector had more jobs in October 2010 than in October 2009. The state’s mining and logging industry ranked first in job creation followed by the state’s professional and business services, manufacturing, and education and health services industries.

All Texas metro areas except El Paso and Lubbock had more jobs in October 2010 than in October 2009. Austin-Round Rock-San Marcos ranked first in job creation followed by Odessa, McAllen-Edinburg-Mission, Texarkana, and Brownsville-Harlingen.

The state’s actual unemployment rate in October 2010 was 7.9 percent. Midland had the lowest unemployment rate followed by Amarillo, College Station-Bryan, Lubbock and Abilene.

Are you moving to the DFW area? Give us a call at 972-772-7000 or email us at rockwall@kw.com.

Wednesday, December 8, 2010

Wassail

Provided By Donna Patrick

This non-alcoholic beverage is as long on tradition as it is on flavor. It will warm ya' on a cold day and is a great treat for the kids. Wassail with its European origins not only warms the heart, but it also adds a festive spice aroma to your kitchen!

Ingredients:

6 Inches stick cinnamon, broken into pieces

12 Whole cloves (about 1/2 teaspoon)

4 Cups apple cider

4 Cups cranberry juice

2 Cups Pineapple Juice

2 Cups Orange Juice

3/4 Cup lemon juice

1 Cup sugar

Orange and lemon slices for garnish

Directions

In a 5-quart Dutch oven combine apple cider, cranberry juice, orange juice, pineapple juice, lemon juice and sugar. Add Cinnamon Sticks and Cloves to the juice mixture.

Bring juice mixture to boiling, stirring with a wooden spoon to dissolve sugar. Reduce heat, cover and simmer on low heat for 30 minutes.

To serve, strain spices and ladle hot into cups. To garnish, float an orange and lemon slice atop each serving.

A new home is a great place to throw holiday parties. If you are in the market for a new home call us at 972-772-7000 or email us at rockwall@kw.com.

Monday, December 6, 2010

2011 Dallas Real Estate Market Recovery

Provided By Old Republic
Source Buy and Sell Dallas

The Dallas real estate market is showing positive signs with many reports hinting toward a recovery in 2011. Dallas home inventory has decreased to a more balanced level, pending home sales are increasing, and home sale prices are steadily on the rise. These are just a few of the variables needed to bring a wounded real estate market back on its’ feet. The Dallas real estate market is on the right track with consumer confidence increasing and home sales reports showing positive signs of stability. 1st time home buyers, repeat buyers, and investors are jumping off the fence to take advantage of the buyer’s market before interest rates rise and inventory decreases.

Dallas Morning News recently reported Dallas pre owned home sales increased 12.38% in August compared to 2009. Many of the areas surrounding Dallas also experienced an increase in existing homes sales over previous year transactions including Fort Worth at 14.9%, Irving at 20.32%, and Garland at 20.77%.Although home sales are up and confidence has increased, but home sellers are still weary of placing their home on the market. High foreclosure and short sale inventory is still plaguing the entire U.S. market including the DFW area. Home sellers are still unable to compete with low dollar per square foot selling prices on bank foreclosures including FHA, VA and REO short sales and auctions. Sellers are waiting for home values to rise and foreclosure inventory to fall to avoid selling their most valuable investment at a loss.

The Dallas Fort Worth real estate market is on the road to recovery, but there is still a long way to go with many obstacles to overcome. One thing for sure is, the U.S. real estate market is improving, consumer confidence is increasing, and Dallas is one of the top markets leading the way!


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

Friday, December 3, 2010

10 Reasons to Buy a Home for the Holidays

Provided By Michelle Little of Republic Title
Source Realtor.org

Are you ready to buy your perfect home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.

Wednesday, December 1, 2010

Mortgage Rates Settling Above All Time Lows

Provided By Ed Ferrara of Realty Times

30 year fixed mortgage rates are settling at levels significantly higher than all time lows set just weeks ago. Conforming 30 year fixed mortgage rates today are at 4.25% for well-qualified borrowers who pay a standard origination fee (points) of .07 to 1%. Current 15 year fixed mortgage rates today are at 3.75%.

FHA mortgage rates, which are driven by the same mortgage-backed securities prices as conforming fixed mortgage rates, are also up about a quarter percent higher than they were two weeks ago and are nearly identical to conforming mortgage rates today. Today's California 30 year fixed FHA loan rate is 4.125%. MI and other FHA fees make FHA loans more expensive than conforming mortgages.

Jumbo mortgage rates have avoided the spike that has hit conforming and FHA interest rates. Current 30 year fixed jumbo mortgage rates remain at a record low 4.875%.

MBS prices, which move mortgage rates in the opposite direction, have been gaining on low inflation, falling stocks, Euro debt concerns, and tension in Korea, helping to stabilize mortgage rates which had been rising quickly.

Do you have questions about the low mortgage rates? Give us a call at 972-772-7000 or email us at rockwall@kw.com.