Friday, April 27, 2012

TEXAS HOME SALES SPRING FORWARD

Provided By A&M Real Estate Center

Home sales in Texas cities were hot last month, rising in Austin, Dallas-Fort Worth, Houston and San Antonio.

According to the Multiple Listing Service (MLS) report by the Austin Board of Realtors, 1,852 single-family homes were sold in the Capital area during March, up 15 percent over the same period in 2011.

The Dallas-Fort Worth region reported a 13 percent increase in single-family home sales, with 6,126 properties sold in March, according to a report from the MetroTex Association of Realtors.

The Houston Chronicle reported 4,996 single-family homes sold in Houston in March, up 7.8 percent from the 4,634 homes sold during the same month last year.

San Antonio also showed improvements in March, according to the San Antonio Board of Realtors, with 1,637 homes sold in the area, up 4 percent month-over-month.

The median sales price rose to $200,000 in Austin, up 8 percent from March 2011. The median price in DFW jumped 11 percent to $155,000, with San Antonio reporting a 4 percent increase to $155,600. The median sales price in Houston set a monthly record in March at $161,750.

Wednesday, April 25, 2012

Red Day May 10, 2012

We are excited to annouce that Red Day 2012 is just around the corner!

This year we will be helping our local Boys & Girls Club of Rockwall. We need your help! Listed below are items that we need:

Paint Supplies (ex. brushes, rollers, stir sticks, etc...)
Donations
Help in Building Shelves
and....YOU!

If you are interested in learning how you can help your community give us a call at 972.772.7000 or email us at frontdesk552@kw.com!

We are looking forward to another year making RED DAY a huge success!!

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Monday, April 23, 2012

Letting Go During a Move


Provided By Realty Times

Have you decided to make the leap in today's buyers market? Whether you are downsizing or moving into your dream home it's time to let go.

We hold onto a lot of baggage over the course of a lifetime. Some of this is emotional while much of it is in the physical realm. We become attached to things, both valuable and not. Moving is the perfect occasion to clean house.
 
Moving can be a time to literally let go of physical belongings. We are a pack rat nation! We love to hold on to every gift, knick-knack, souvenir, and pair of too small pants. What about all those things to which you're sentimentally attached? Should you keep them?
 
First, let's talk about some things. Holding on to belongings can not only stiffen your new space, but also keep you living in the past. Living in the past can make letting go and moving forward an incredibly difficult task. Instead of fully embracing a new life, you are pining away for the old. This becomes increasingly hard for those letting go of things that once belonged to loved ones who are no longer with us.
 
It's important to use moving as a time to pare down on stuff. Give yourself time to go through each room and find items that can be sold (garage sales, Craigslist, eBay, etc) or donated.
 
Start the process of letting go by coming to terms with the fact that items don't house the memories. Your mind and heart hold memories and those go with you everywhere.
 
Was the item a gift or an heirloom? The gifter, if they really care, would want your new home to be beautiful, not cluttered. Heirlooms should be kept only if they hold a very special place in your heart and if you have room in your new space. If you don't, then it's time to give the items to another family member or sell them to someone who will truly appreciate them.
 
Moving can also be an incredibly emotional time. There's a reason moving makes the top 10 list for most stressful life events. Apart from orchestrating the timing of movers, painters, and renovations and the financial responsibility of homeownership, moving can mean letting go of a home where so many memories have been created.
 
Letting go of emotional baggage is no small order. Familiarity is comfortable and safe. So, stepping outside that comfort zone takes courage and resolve.
 
Make the commitment to yourself that today is a new day. No time exists except the right now. Don't allow yourself to become bogged down in the past or in what could've been.
 
A simple way to embrace your new home is to write in a gratitude journal each day. This is helpful no matter if you're moving up to your dream home or have lost a home to foreclosure and are now needing to move away from the familiar. Take a moment each day to write down a few things that you are thankful for in your life today. This could be anything from a funny moment shared with your family to good health or a beautiful blue sky.
 
Moving can be an exciting time. By letting go of your extra baggage you'll free yourself up to enjoy every moment of your new life.

Friday, April 20, 2012

Wednesday, April 18, 2012

It's Buying Time Again, Big Time

Provided By Realty Times

If you've got the income. If you've got plenty of tenure on the job. If your credit is solid. If you can otherwise past muster at the mortgage loan desk. If it's cheaper for you to buy than it is to rent.

Yes, there are lots of "ifs," but it's one of the best times in America to buy a home. And it won't last forever.

To wit

Distressed homes – foreclosures and short sales sold at deep discounts – accounted for 34 percent of February sales, according to the National Association of Realtors (NAR). The bargain basement is open for business.

Investors know a party when they see one. They snatched up 64.5 percent more homes in 2011 than in 2010 and now account for nearly one in every four homes sold, NAR reported.
• The second home market is back with a vengeance. Both investors and playhouse buyers are jumping on this bandwagon. They pushed vacation/second home sales up 7.0 percent in 2011.
• Meanwhile, owner-occupied purchases fell 15.5 percent last year.

Numbers talk

The median investment-home price was $100,000 in 2011, up 6.4 percent from $94,000 in 2010, which means you may have already missed rock-bottom in this sector.

The median sales prices for vacation properties was $121,300 in 2011, down 19 percent from 2010, which means you may still have a shot at the basement here.

Likewise, NAR reported the median price of all single-family homes dropped 4 percent from $170,600 to $163,500 in the fourth quarter 2010 to 2011 and, during the same period, condo prices fell almost 2 percent $163,500 to $160,800.

Housing market forecasts for a recovery remain mixed, but it's about when, not if. If this isn't the Year of the Dragon for the housing market, it could begin to breathe fire next year.
But consider many of those forecasts are based on lagging information. One study by John Burns Consulting says many are lagging by a full quarter and prices have been rising in many markets for a full quarter.

And then there are those record low interest rates.

Don't get behind the curve and wait until a line forms and multiple offers are the norm, rather than the exception.

"Mortgage rates are near record lows and home prices may be within reach of many consumers who want to buy in today's market," said NeighborWorks America Director of Homeownership and Lending Marietta Rodriguez.

"But there are more things to consider than low mortgage rates and home prices when your plan is to be a successful long-term homeowner," Rodriguez added.

NeighborWorks' advice

• Be mortgage ready. If you haven't already, check your credit reports from the only federally-sanctioned source of free reports, AnnualCreditReport.com, to make sure your credit is mortgage worthy. Don't get taken by sound-alike websites that offer you "free" credit reports that are only "free" after you buy a credit monitoring service.

Looking for a mortgage with weak credit could result in a higher than anticipated mortgage cost or no mortgage at all. Work with a homeownership advisor at a NeighborWorks HomeOwnership Center or other NeighborWorks organization to start the homeownership process.

• Know all your costs. More than just a mortgage payment, homeownership comes with insurance, tax, utility, maintenance and transportation costs, among others. Include them in your budget to determine what is truly affordable.

Know your mortgage. Fixed-rate mortgages (FRMs) offer payment certainty, while adjustable rate mortgages (ARMs) frequently provide lower initial monthly payments, but those low rates could rise considerably over time. Work with a trained homeownership advisor to help get the right mortgage loan.

• Hire good help. Get a licensed real estate agent who knows the market. It's easy to go digital and browse for housing. Actually going through the process and closing on a home without professional assistance is something else. Ask any FSBO (for sale by owner).

• Take your time. There may be some pressure to get in the market at today's affordable prices and low interest rates, but if you move too quickly that could be a mistake. Take the time to obtain a home inspection, learn the neighborhood, investigate the school district and buy only what you can truly afford, not a home based on the largest loan the lender will lend.

Monday, April 16, 2012

RED DAY-Save the Date May 10, 2012

Dear Rockwall Community,

There is still a lot to do in preparation for our annual RED DAY Event! This year, RED DAY will be on Thursday May 10, 2012 at the Boys and Girls Club of Rockwall. We will be volunteering our time to help towards the Boys and Girls Club Summer Program. We are in need of:

Paint Supplies (ex. brushes, rollers, stir sticks, etc...)
Donations
Help in Building Shelves
YOU!

If you would like a KW Red Shirt, or if you are bringing someone who needs to purchase a Red t-shirt stop by the Front Desk! Also, don't forget to share this event with everyone you know! The more people we can get to help, the BETTER! Sign up is at the Front Desk!!!!!

KW Cares

Friday, April 13, 2012

Banks Upbeat About Mortgage Performance, Looser Credit Looms

Provided By Realty Times

Mortgage lenders aren't rolling out the red carpet on home loans just yet, but with fewer delinquencies and defaults, there's optimism looser credit for home loans has become a topic of board room chatter.

FICO's first quarter survey of bank risk professionals found sentiments about loan repayment and credit availability more upbeat than in the last quarter.

The survey, conducted for FICO by the Professional Risk Managers' International Association (PRMIA), found fewer lenders expecting a rise in delinquencies on home loans, as well as car loans and small business loans, than at any time since FICO launched its survey in early 2010. The survey also examined sentiments on student loans and credit cards.

"As unemployment falls, even modestly, and four years of de-leveraging begin to pay dividends, bankers are allowing themselves to feel some optimism," said Dr. Andrew Jennings, chief analytics officer at FICO and head of FICO Labs. FICO is a leader in credit scoring systems.
The survey found the number of respondents expecting mortgage delinquencies to rise during the next six months was 12 percentage points lower than last quarter – dropping from 47 to 35 percent. Similarly, only 33.1 percent expect increases in home equity line delinquencies, compared to 44.3 percent last quarter. The overall trend in both categories has been trending more optimistic for the past eight quarters, FICO reported. Viewed another way, the number of respondents who believe mortgage and home equity line delinquencies will decrease hit an all time high, 26 percent and 23.1 percent respectively.

Optimistic reports

Another recent survey indicates lenders' expectations are on track. Home loan performance is already improving.

Lender Processing Service's (LPS) Mortgage Monitor report for February revealed the mortgage delinquency rate was down 5 percent month-over-month and 14 percent since last year. The 90-plus delinquency rate saw a monthly and yearly decline at 1.8 and 8 percent, respectively. LPS also found, while foreclosure inventories are still high, foreclosure starts were down 15.2 percent since January and 8.4 percent since February last year.

Lenders do, however, expect to see more strategic defaults, as consumers throw up their hands and walk away from their mortgage, even if they can afford it.

FICO found that 45.5 percent of lenders believe they will see an increase in strategic defaults in 2012 over 2011. Only 35.5 percent believe fewer homeowners will walk away, 19.2 percent of lenders were undecided on the issue.

Many homeowners are actually driving away from their homes.

Nearly half (49.2 percent) of lenders in the FICO study believe that the current generation of homeowners no longer considers their mortgages to be their most important credit obligation. Indeed, TransUnion recently found, among credit delinquent consumers, 39.1 were delinquent on a mortgage while current on their auto loans and credit cards. Far fewer were delinquent on credit cards (17.3 percent) or auto loans (9.5 percent) while current on their mortgages.

Lenders remain tight fisted

Even with refinance mortgage rates at record lows, some of that walk-away or drive-away behavior stems from the inability to draw equity, refinance the mortgage or obtain some kind of home loan workout.

Lenders aren't completely sold on the idea that a housing recovery is afoot. Mortgage credit remains too tight. In the FICO survey, the majority, 56 percent, believe the credit supply will not meet demand for residential mortgages over the next six months. However, the other 44 percent said the credit supply will either match or exceed mortgage demand.

"As lending risk - both perceived and real - declines, the natural reaction by lenders is to loosen the purse strings and extend more credit. This should be welcome news to consumers and businesses alike, because increased access to credit is a key driver of economic growth," Jennings said.

Mortgages could use some help with growth. LPS said new mortgage originations in January to February fell hard, dropping 16.9 percent, the year-to-year drop in mortgage starts was identical, down 16.9 percent.

There's hope.

In the FICO survey of lenders, a majority, 53.1 percent, believe that the housing market will be stronger at the end of the year than it is now.

"Of course, we're not out of the woods. Foreclosures continue to put pressure on home prices, and jobs are coming back slowly. But we seem to be headed in the right direction," said Jennings.

Wednesday, April 11, 2012

Top Design Tips for Your Deck Project

Provided By Handy American

Stretch your living space out into the backyard with a deck. An ideal spot for relaxing, dining al fresco and enjoying the warmth of the season, a deck project adds a lot of value to your home and lifestyle. The perfect deck design contains certain essential elements that come together in a customized space.

Tip 1 – Build Around What You Have

While it is possible to alter the grading in your yard (most often with heavy machinery and a big budget), you’re better off to design a deck that works with and compliments the existing lay of the land. Some minor excavation is usually required, but you can avoid major changes and end up with a more flowing landscape.

Tip 2 – Minimal Spaces

There is a general rule for deck and patio sizing that will provide enough room to be comfortable in and still allow you to appreciate your surroundings. In a seating area you will need to design for 10 feet by 10 feet at a minimum. That size will hold a standard sized patio set while still providing for traffic space around the table. For every area (or room) you should have at least that space.

Tip 3 – Counter Drainage Issues With Solutions

If there are drainage problems or potential issues building a deck provides a good time to apply solutions. At the very least, be sure not to add to any drainage issues. Consider laying landscape fabric and a layer of “A” gravel to help with water flow under your deck.

Tip 4 – Find Out Your Outdoor Personality

Not everyone enjoys the same atmosphere outside their home and your deck design should incorporate that. If you enjoy the order of a Japanese garden or the diversity of a more relaxed layout the best style of deck will reflect that. Play off the natural elements found in the surrounding area and watch the deck become a pat of your backyard instead of something that stands alone.

Tip 5 – Always Design for Traffic Flow

Not just a location to sit back and relax on, your deck often serves as a pathway into the backyard or onto the lawn. In your mind go over the paths of traffic and make sure the deck you build will cater to these. Add railings for better stability or wider steps to make traveling up and down easier.

Tip 6 – Cooking Outside is Heating Up

Consider the benefits of preparing meals outside. Not only does grilling save on cooling costs by keeping the heat out of the kitchen, it also allows you to create delicious taste sensations in your own backyard. Install an outdoor kitchen complete with built in stainless steel bbq, warming trays and even sinks with plumbing. The entire culinary experience tastes better on a well designed deck.

Tip 7 – Keep It Shady

Always be sure to provide a decent amount of shade on your deck. If that’s not possible from a construction and location standpoint, plan to purchase an awning, gazebo or large patio umbrella. Mature trees can provide only a dappled shade. Keeping sun off part of the deck or for a certain time of day will also protect the decking material from fading and drying.

Deck design is a matter of considering your priorities and the lay of the existing property. Be sure to include essential elements like shade, good traffic flow, an outdoor kitchen and plenty of room. Take the time to think about the design and you’re sure to end up with the ideal outdoor living space for your family.

Monday, April 9, 2012

The Housing Recovery

Provided By Realty Times

Economists and real estate experts have discussed, debated, and driven home the important role a housing recovery has in helping the overall economy recovery.

In a recent speech during the 2012 National Association of Homebuilders International Builders' Show, Federal Reserve Chairman Ben Bernanke emphasized the need for just that, a housing recovery.

Despite the end of the recession in 2009, many American households continue to struggle. The unemployment rate remains elevated, hovering between 8 and 9 percent. Home prices are on the downturn, falling over 4 percent in the last year, and distressed properties still dominate many markets.

Additionally, potential would-be buyers have been sidelined by tightened credit standards, including the need for excellent credit and at least 20 percent down.

Bernanke commented on today's conditions, noting, "Though some progress has been made in reversing the losses in jobs and income sustained during the recession, the pace of expansion has been frustratingly slow and the unemployment rate remains very high by historical standards. The state of the housing sector has been a key impediment to a faster recovery."

Existing-home sales and new construction have seen minor rises in recent data studies, but the pace has not been enough to offset the large inventory glut of home.

In his speech Bernanke gave an overview of the state of housing. He showed how the past few years have seen a big disparity between supply of single-family homes and demand for these homes. Supply has far outweighed demand. This has left lots of unoccupied homes.

He said, "While this figure has declined slightly during the past few years, it is nonetheless up dramatically from the first half of the 2000s, when readings of about 1-1/4 million vacant homes were the norm."

Additionally, "In each of the past few years, roughly 2 million homes have entered the foreclosure process, and many of these homes have been put up for sale, crowding out much of the need for new building."

Declines is home prices have meant a reduction in homeowner equity by more than 50 percent from the peak of the boom. That translates to a loss of $7 trillion in household wealth. Even more troublesome is the group of 12 million homeowners who are now upside down in their mortgages.
It is these problems with housing that have kept the economy from recovering as quickly and robustly as it should. Bernanke notes, "The state of housing and mortgage markets may also be holding back the recovery of our financial system and the normalization of credit conditions. Mortgage delinquencies surged between 2007 and 2009 and remain high, imposing losses on lenders, mortgage insurers, and investors."

In order to help the depressed housing market, and in turn help the overall economic recovery and employment situation, there need to be "sustained efforts to address the many interlocking factors holding back the housing market will pay dividends in the long run."

Friday, April 6, 2012

Happy Easter!

Jesus said unto her, I am the resurrection, and the life: he that believeth in me, though he were dead, yet shall he live. (John 11:25)



Thursday, April 5, 2012

Bigger Isn't Necessarily Better

Provided By Realty Times

From young, qualified first-time home buyers to 50-and-olders, moving, up, over or down, a new breed of buyer is descending upon the Silicon Valley Housing market.

They've worked hard to save, they have solid jobs and they are qualified to buy big.
But offer them what they can really afford and they'll give you the thumbs down.
They are the new financial conservatives.

They'd rather not be house poor.

They can afford much more, but they want less -- less square footage, a smaller energy bill, fewer cleaning and maintenance headaches, but most importantly, less to pay out on the monthly mortgage.

They want a simpler, smaller American Dream.

It's all about the "more" that comes with the "less."

A smaller, less expensive home means more financial freedom in terms of more cash to save, more discretionary income to spend on nights out or travels away. A smaller home also means a smaller maintenance noose around your neck.

"Since new home prices peaked in 2007, new single-family sales of homes costing more than $500,000 have been more than cut in half, dropping from 13 percent to just 6 percent of all new home transactions," said Rick Palacios Jr., senior research analysis of John Burns Real Estate Consulting.

"During this time, sales of home for under $200,000 have risen from 33 percent to 42 percent of transactions (nationwide). In fact, sales of homes priced under $300,000 now account for roughly 75 percent of all new single-family transactions. Of course, price declines and a shift to smaller homes played a role in this change, but consumer attitudes have shifted too. Our surveys and our consulting work show that today's buyer is frequently very focused on affordability, and this broad macro theme will continue to play itself out in the new home space during 2012," Palacios added.

A young couple in Silicon Valley with a combined income of $150,000 and top-notch credit can qualify for a mortgage with an debt-to-income ratio of up to 50 percent and their friends may be impressed, but the deal comes with a massive forever-property-tax-bill, uber cleaning and maintenance costs and yard upkeep from hell, not to mention massive energy bills. Home buyers are wisely saying "no thanks" to that. "We don't want house poor. We'd rather have extra money to enjoy life, travel, eat out and save a few bucks." That's a decided change from boom times when buyers wanted the biggest, baddest, most expensive home money could buy.

It's a lot like the change from the old fitness regimen of bulk and brawn to one of a more svelte approach for endurance.

Today's economy demands a meaner, leaner bucks and brains for long-term homeownership.

Wednesday, April 4, 2012

10 Big home buying mistakes

Provided By Trulia


Moving too fast

Purchasing a home can be an exciting experience, but many home buyers rush into it. A home is something you're likely to have for several years, but all too often, people only look at a few places, and fall in love with -- and buy -- one of the very first properties they've seen.
That's a mistake. Rushing through things, you'll miss out on other homes that may suit your needs -- or your pocketbook -- better. Worse, you could end up with a house that's a bad fit for you.

If the circumstances allow, take your time and visit as many homes for sale as you can. Keep a list, noting each home you've seen and what you liked and didn't like about each. Take the time to revisit homes high on your list, so you have a clear picture about each home's pluses and minuses. You'll find that moving more slowly and deliberately will help you make a smarter purchase.

Not researching

Too often, house hunters simply search the local real estate listings, find a home they like and buy it, knowing very little about local market conditions, the history of the home they're buying and the surrounding community.

That's unfortunate, because such information can help you find the right home, know how much to offer when bidding for a home, and even avoid purchasing the wrong house.

Trulia offers lots of real estate information, so use it. Trulia's Stats and Trends allows you to see how much homes are selling for in your area, how many properties are on the market, where prices are rising or falling, and even community information like the quality of the local schools and a neighborhood's safety. (Check out Stats & Trends for San Francisco, to see an example.) Trulia's Advice & Opinions allows you to see what other people are saying about the community and reach out to others for real estate advice.

You can also look up individual homes for sale that interest you and find out information like when a home was last sold and for how much, its size and when it was built. The more you know about a particular property and its surrounding community, the more likely you'll make a smart purchase when it comes time to buy.

Skipping a home inspection

Having a home inspected before buying seems like another step in a long and sometimes confusing process, but getting a home inspection is well worth it. A good home inspector can alert you to major home defects -- like a leaky roof, termite infestations and a shoddy foundation -- that could cause many a headache and financial hurt should the property become yours. Getting a quality inspection done can alert you to homes that are a great buy, may need a little work, or are money pits that should be avoided all together.

Choosing the wrong house

It's possible to fall in love with a home that looks perfect, but in actuality, is not the right property for you. Say, that home with the grand foyer and imposing stairs looks impressive, but once you move in with your 2-year-old, you discover that those stairs give you a fright whenever he climbs them. Or, that open floor plan looked so inviting when you toured the home, but once you move in, you can't figure out where to put the furniture in the home's non-defined spaces.

You get a view of how the owner lives in the home when house-hunting, but take the time to consider how you'd occupy the space, and whether it'd truly work for you.

Ignoring your surroundings

When you buy a home, you're not only getting the walls around you -- you're gaining neighbors and a community as well. It's a mistake to fall in love with a home without thinking about where it's situated and who your neighbors might be -- because even if the home suits you well, it could turn out that its environment doesn't.

Buying too much house

When looking to buy a home, many of us aim for the biggest house we can afford. But is biggest always better? Think about whether you really need all that space, and whether you can truly afford it in terms of the mortgage payments and the cost to maintain a home. A home might not be truly enjoyable when you're struggling to keep up with it financially.

Take a look at your monthly costs (food, debt, utilities, etc.), and try not to have your monthly debts (including your mortgage) be more than 36 percent of your income before taxes. Don't assume your income will go up and your expenses will remain steady -- you want some leeway in case your income goes down and your daily living expenses increase.

Getting the priciest home on the block

Another temptation is to buy the most expensive house on the block. If you can afford it, and you never have to re-sell it, then why not? But most of us change homes at least once or twice in our lifetimes. That's when buying the best house on the block isn't a good idea. When it comes time to resell the house, you may find that your asking price far exceeds the price range of other homes in your area and that buyer interest in it will be limited.

Not getting pre-qualified/approved

Getting pre-qualified for a loan gives you an idea of how much you can afford to borrow. If you start house hunting without this pre-approval, you may waste time and energy on homes you can't afford.

The next step is getting pre-approved for a loan -- this gives you an edge once you find that house you want to purchase. A pre-approval letter from a lender shows a seller that a lender has agreed to lend you a specified amount. Without this approval, you will be at a disadvantage when bidding on a home -- buyers with financing in place are more attractive to sellers than those without financing. Also, by having pre-approval, you'll avoid being beat out by another buyer who gets his financing together quicker.

Making an unconditional offer

Putting in an offer without any contingencies may seem like a hassle-free way to purchase a house (and a way to win over a seller who has multiple offers), but it's actually not a very smart move. A contingency protects you should you have to back out of an offer. Without a contingency, you may be penalized should you have to break a contract and not follow through with the purchase. Among the contingencies you should think of adding to your contract are:
Make your offer contingent on your ability to get mortgage financing. That is, if you don't get financing, your contract is null and void.

Ask for the right to conduct a home inspection. Make your offer contingent on your acceptance of the home inspection's findings. This gives you the opportunity to ask the seller for fixes, or to back out of the contract should the home be in need of severe repair.

If you have a house you need to sell before your next home purchase, make the purchase of your next home contingent upon being able to sell the first. That way, if you can't find a buyer for your home, you're not roped into going through the purchase of a new one.

Not getting everything in writing

You may think that the stainless-steel fridge comes with your new house, but the home's seller may have other ideas. So it's best to put into writing everything that will and won't be included with the sale of the home, just so you won't have any surprises when you move in.

Monday, April 2, 2012

Curb Appeal For Rental Properties

Provided By Realty Times

When it comes to common-knowledge approaches to curb appeal, first impressions are lasting impressions, and property managers can build on that axiom to boost love-at-first-sight interest in rental properties.

"You never get a second chance to make a good first impression. No matter how great the service is, or how great the programs are, if the property doesn't look good, you'll never get the chance to go further with," a potential tenant, says Cris Sullivan, senior vice president and executive director of operations at Gables Residential, a Atlanta, GA-based real estate acquisition, development and management company for multifamily properties and mixed-use communities.

Potential tenants expect a manicured property, a tamed yard, fresh paint and an overall neat presentation, but, as niche or more unique properties become more popular, a creative curb appeal strategy with a personal touch can add value.

Jared Meadors, owner of Medusa Properties in Houston, TX says property owners should expect to make an investment that enhances the appeal of the property from the outside in because the effort will pay for itself over time.

"That's the thing about improvements in general. They pay for themselves five to 10 times over," says Meadors who specializes in resorted, older properties.

"It took me a decade before I learned that competing on price alone is a race to the bottom. Apple products are the most expensive in every category where they compete, but they dominate those categories, and make more money than everyone else while doing it," he added.
Meadors also says curb appeal investments allow him to charge slightly higher rent and they reduce vacancy periods because nicer looking properties rent faster than their less appealing competitors.

Meadors' first addresses a property's character to add curb appeal.

He often selects properties that may appear to look "boring," because the property was built in the 1920s or 1930s and may have been stripped of its character over time due to shifting attitudes about style. These architecturally-stripped properties are like a blank canvas. He selects the most appealing qualities of an era and restores them to the property. This often means modifying the facade with renewed architectural detail.

"The style of the building itself is really important. From an architectural approach, I take the coolest elements of an era and apply them to a building," Meadors says.

Meadors also says fencing can serve as a multi-functional addition to a property. Fencing frames a property's boundaries, it's a friendly bonus for pet owners, it acts as a backdrop for landscaping and it acts as a buffer between the front door and the street a major benefit in high traffic areas.
"In a really dense urban environment, any kind of buffer you can give your tenants from the street is really nice. Rather than having a big, open yard, add a cool fence or wall and a private patio. Now they have a buffer from the street and private space," Meadors said.
Meadors also encourages creative landscaping.

Appealing foliage is an eye-catching addition to a property, but it doesn't have to be high-maintenance or an expensive addition. Climbers, for example, require little attention and they add a colorful flair to a rental property and the benefit of added privacy.

Do you have suggestions for improving a property's curb appeal? Share your efforts - successes and failures - as insight for others planning to boost a property's first impression.