Lighting counts when Buyers are looking

10 Steps to Making Buyers Bite
Step 8 - Light Up

"Floor lamps just don't cut it these days," says real estate agent Rhonda Kohn. If your home doesn't get a lot of natural light, consider installing recessed lighting or new sconces, or both, so the buyer won't struggle to figure out how to brighten up the space.

"Lighting is probably the most overlooked, yet the most important aspect of interior decoration," designer Simon Temprell says, adding, "In newer construction, you don't have sufficient lighting. The reality is that everyone needs three types - task, ambient and decorative lighting - which allow you to change the mood of the room."

When it comes to recessed lighting, know that the smaller the fixture, the more updated it is. "We used to have six-inch apertures, now we have four-inch openings. And using halogen bulbs gives a cleaner, more modern look," says designer Sue Adams.

Pre-Organized Closets

10 Things That Make Buyers Bite
Step 7. Pre-Organized Closets

Just as stainless appliances convince buyers that they are better cooks, closet organizers make buyers believe that they are better homemakers. If your closets are unadorned, don't underestimate the importance of this easy addition.

"They make you feel secure and calm and people need that," notes designer Sue Adams. And while you don't need to use high-end organizers, make sure that the materials are up-to-date. "Twenty years ago, closet organizers meant wire shelves. You can't slide anything over a wire shelf. You can't even put a hanger in some of them," she says. Today's ideal would be "melamine shelves, in bone or white, with some drawers and metal rods to maximize storage," she says.

This organization shouldn't stop in the closet - make sure your kitchen cabinets are orderly, too. "If they open up a door and see a big pantry, but it's not organized properly, it won't be as exciting as something already organized with a place for everything," says real estate agent Theresa Evans.

Stainless-steel appliances

6. Steel This Idea

Why do buyers go bananas for stainless-steel appliances? It's the power of suggestion. "A kitchen with stainless appliances looks like a commercial kitchen. It makes people think that they're great [more] cooks," observes designer Sue Adams, "but because the finish shows fingerprints, it's not for everyone."

As far as other alternatives go, the designers agree that in general, black fixtures can look dated, while white is okay for a country kitchen. And some people are making appliances blend in beautifully by ordering front panels to match their cabinetry.

Slumlords

Slumlords can be the most frustrating thing to deal with and as tenants there is really nothing you can do about it.  You can move out and forfeit your deposit and risk the chance of negative repercussions on your credit and possibly have a hard time with your future rentals or you can stick it out. What do you do...you break the cycle!

A couple of years ago my husband and I got hit hard with the rest of the economy and our credit took a beating. The tenant that was in one of our rental properties suddenly moved out and we could not get tenants back in the house causing it foreclose, we both lost our jobs, we had late payments, and life just was not fun. We carried on and did our best; we paid what we could when we could and not everything was not time. It took some time to get back on our feet and that meant renting for a while. NOT what we wanted.  When you are used to living under your own roof and taking care of things the right way having a slumlord is just not the way to go.

We moved into the last rental property we will ever live in March of this year.  I will say it has made me rethink how I think as a landlord, we still own one rental property. We always thought of ourselves as good landlords, now we think of ourselves as a great landlords...my tenant calls, I answer - something is wrong, someone is there right away. I will not be a slumlord.

When we first moved in we thought "This is a nice home, great layout, pool, hot tub, beautiful deck, great neighborhood."  It didn't take long to see otherwise.  A couple of days after living here and the pool pump went out - 4 weeks later finally fixed, during which the pool/hot tub heater went out - still not fix and never will be. We have a hot cold tub but since the heater is "not a necessity" they won't fix it, this also goes for the sprinkler system and the auto timer on the pool.

It has been one thing after another and even the things they will fix it takes weeks to get fixed.  I am sure that not all rentals are like this - I know mine is not - by why risk it!  Interest rates are crazy low. We did not have an option because we had to get our credit straight, believe me when I say I WILL NEVER RENT AGAIN! This slumlord has taught me a lesson; I have paid more each month than if I would have bought this house plus I had to live with broken items, most of which could have easily been fixed. 

Soo, to the slumlords out there - if you don't have the funds or the want to take care of your properties I would be happy to help you sell them, this is the time to do so.

To the renters out there - do you really want to put up with the slumlords when you can invest in your own home and pay less and not have wait weeks to get your leaking sink fixed.  Pay less money each month and invest in yourself! I am.

Is Granite really necessary?

Step 5 or 10

Countertop Considerations

You've probably heard that granite is the secret to a contemporary kitchen, but that's not necessarily what buyers are after. "It's really about the slab," says designer Linda Applewhite. Buyers don't want to see grout lines on their counters, she explains.

So when it comes to slab countertops, granite is the top pick because it's hard, nonporous and easy to care for. But then again, so is Corian, so are composite stone surfaces such as Silestone and, she notes, with the help of today's sophisticated sealants, so are concrete, limestone, soapstone and marble.

Even butcher-block, which is much less expensive than stone, can be a more appealing alternative to tile or laminate countertops. "When it gets funky, you can sand it and oil it and it looks good again," she says.

Already have granite? Make it cutting edge. "A lot of people are honing their granite now," adds Applewhite. "What that does is knock it down and make it more matte, so it looks warmer and more inviting. Shiny surfaces can look very cold."

10 Things That Make Buyers Bite - Step 4

Find out which features make a difference in the bottom line.

By FrontDoor.com | Published: 6/12/2012

4. Beautiful Baths
According to real estate agents, marble counters, whirlpool baths and steam showers up the attractiveness of any bathroom. But if you don't have these luxury items, it may be more practical to address the unattractive aspects of your existing bath.

"Rip out that big sheet mirror and those globe lights that look like you're in a theater dressing room," suggests designer Simon Temprell.

Replace them with an elegant framed mirror (don't be afraid to look outside the bathroom section, he says) and sconce lighting on either side.

This lighting scheme is also more flattering to the face, observes designer Sue Adams, and making buyers feel pretty will pay off!

Don't forget the "bling"...

Step 3 of the 10 Ways to make buyers bite:

3. Fab Fixtures

"Fixtures," says designer Linda Applewhite, "are the jewelry of the house." Only the extremely detail-oriented among us will stop to inspect doorknobs, faucets and cabinet knobs, but designers and real estate agents argue that we'll prefer the look of a place that has coordinated fixtures that are a cut above standard developer grade.

"Newer construction is so chintzy with fixtures and fittings," observes Miami-based interior designer Simon Temprell. Replacing knobs and drawer pulls "is the quickest way to make over a bathroom or kitchen," he says. And when it comes to faucets, he adds, "for $60 or $70 dollars you can buy something infinitely better" than what you likely already have.

Step 2 to making buyers bite

10 Ways to make buys bite:

2. Hardwood Floors

Realtors agree that most buyers are hunting for hardwood. You can bet that of all types of flooring, hardwood floors will "have the most longevity and will never go out of style," according to designer Linda Applewhite of Sausalito, Calif.

A synthetic wood floor, like Pergo, "is always a good option for those who can't afford hardwood," furthers real estate agent Rhonda Kohn. But know that a laminate floor "won't fool everyone - it has a hollow thud when you walk on it and it doesn't look the same," adds designer Sue Adams.

10 Ways to make buyers bite

1. A Nice Entryway
Impress buyers right off the bat with a beautiful entrance. "I always tell sellers to put a fresh coat of paint on the front door," says real estate agent Theresa Evans of Charleston, S.C.

And if you don't have an entrance at all, make one. "A lot of my buyers have mentioned that they don't like to just go through the front door into the living room," says Los Angeles-based Realtor Rhonda Kohn.

This problem, more common in condos and apartments, is solved by cleverly placing furniture to create more of an entryway. "A console table or demilune chest of drawers with something over it creates a welcoming vignette," says designer Sue Adams of Andover, Mass.

Entryway designed by Kerry Howard.

Keep reading for the next 9 steps in the coming days...

2209 Chasefield Dr

2209 Chasefield Dr

This property was just listed today and is already being shown.  It won't last long so if you are looking for a great home in Plano give me a call to schedule to see this home ASAP! This is a beautiful home with 3 bedroom 2 full baths.  Don't miss out! Plano ISD - Carlisle Elem, Schimelpfe Middle, Clark High, and Plano Senior.

Don't forget to "fall back"

Time to Fall Back-Sunday, November 4

It's hard to believe it's already that time of year again!

Sunday, November 4 officially marks Daylight Saving Time (DST) so at 2:00 a.m. don't forget to move your clocks back one hour.

The easiest way to remember whether to move your clocks forward or backward is to commit this saying to memory: "Spring forward and fall back."

Here are some interesting, fun facts that surround Daylight Saving Time:

• Many people think that Daylight Saving Time is actually called "Daylight Savings Time."
• Hawaii and Arizona don't observe Daylight Saving Time.
• Benjamin Franklin was the first to advocate for Daylight Saving Time, back in 1784.
• Daylight Saving Time is initiated at 2:00 a.m. in order to eliminate disruption.
• Many local fire departments encourage people to use Daylight Saving Time as an opportunity to change the batteries in their home's smoke detectors.
• In 2007 a new law was put into effect to move DST to the first Sunday in November in order to give trick-or-treaters more sunlight.
• Any Amtrak trains in the United States that happen to be running at 2:00 a.m. actually come to a stop and then wait one hour before starting back up.

Bear in mind the sun goes down earlier, so if you have children playing outside, remind them it is harder for cars to see them this time of year.

I hope that you're enjoying the festive fall season with your family. If you have any mortgage-related questions or concerns or have any colleagues or friends that could use my help, call or email me anytime. I'm always happy to talk to you!

8 Steps to selling your home

Eight steps to selling your home

1. Define your needs. Write down all the reasons for selling your home. Ask yourself, "Why do I want to sell and what do I expect to accomplish with the sale?" For example, a growing family may prompt your need for a larger home, or a job opportunity in another city may necessitate a move. For your goals, write down if you'd like to sell your house within a certain time frame or make a particular profit margin. Work with your real estate agent to map out the best path to achieve your objectives and set a realistic time frame for the sale.
   
2. Name your price. Your next objective should be to determine the best possible selling price for your house. Setting a fair asking price from the outset will generate the most activity from other real estate agents and buyers. You will need to take into account the condition of your home, what comparable homes in your neighborhood are selling for, and state of the overall market in your area. It's often difficult to remain unbiased when putting a price on your home, so your real estate agent's expertise is invaluable at this step. Your agent will know what comparable homes are selling for in your neighborhood and the average time those homes are sitting on the market. If you want a truly objective opinion about the price of your home, you could have an appraisal done. This typically costs a few hundred dollars. Remember: You're always better off setting a fair market value price than setting your price too high. Studies show that homes priced higher than 3 percent of their market value take longer to sell. If your home sits on the market for too long, potential buyers may think there is something wrong with the property. Often, when this happens, the seller has to drop the price below market value to compete with newer, reasonably priced listings.
   
3. Prepare your home. Most of us don't keep our homes in "showroom" condition. We tend to overlook piles of boxes in the garage, broken porch lights, and doors or windows that stick. It's time to break out of that owner's mindset and get your house in tip-top shape. The condition of your home will affect how quickly it sells and the price the buyer is willing to offer. First impressions are the most important. Your real estate agent can help you take a fresh look at your home and suggest ways to stage it and make it more appealing to buyers. * A home with too much "personality" is harder to sell. Removing family photos, mementos and personalized décor will help buyers visualize the home as theirs. * Make minor repairs and replacements. Small defects, such as a leaky faucet, a torn screen or a worn doormat, can ruin the buyer's first impression. * Clutter is a big no-no when showing your home to potential buyers. Make sure you have removed all knick-knacks from your shelves and cleared all your bathroom and kitchen counters to make every area seem as spacious as possible.
   
4. Get the word out. Now that you're ready to sell, your real estate agent will set up a marketing strategy specifically for your home. There are many ways to get the word out, including: * The Internet * Yard signs * Open houses * Media advertising * Agent-to-agent referrals * Direct mail marketing campaigns In addition to listing your home on the MLS, your agent will use a combination of these tactics to bring the most qualified buyers to your home. Your agent should structure the marketing plan so that the first three to six weeks are the busiest.
   
5. Receive an offer. When you receive a written offer from a potential buyer, your real estate agent will first find out whether or not the individual is prequalified or preapproved to buy your home. If so, then you and your agent will review the proposed contract, taking care to understand what is required of both parties to execute the transaction. The contract, though not limited to this list, should include the following: * Legal description of the property * Offer price * Down payment * Financing arrangements * List of fees and who will pay them * Deposit amount * Inspection rights and possible repair allowances * Method of conveying the title and who will handle the closing * Appliances and furnishings that will stay with the home * Settlement date * Contingencies At this point, you have three options: accept the contract as is, accept it with changes (a counteroffer), or reject it. Remember: Once both parties have signed a written offer, the document becomes legally binding. If you have any questions or concerns, be certain to address them with your real estate agent right away.
   
6. Negotiate to sell. Most offers to purchase your home will require some negotiating to come to a win-win agreement. Your real estate agent is well versed on the intricacies of the contracts used in your area and will protect your best interest throughout the bargaining. Your agent also knows what each contract clause means, what you will net from the sale and what areas are easiest to negotiate. Some negotiable items: * Price * Financing * Closing costs * Repairs * Appliances and fixtures * Landscaping * Painting * Move-in date Once both parties have agreed on the terms of the sale, your agent will prepare a contract.
   
7. Prepare to close. Once you accept an offer to sell your house, you will need to make a list of all the things you and your buyer must do before closing. The property may need to be formally appraised, surveyed, inspected or repaired. Your real estate agent can spearhead the effort and serve as your advocate when dealing with the buyer's agent and service providers. Depending on the written contract, you may pay for all, some or none of these items. If each procedure returns acceptable results as defined by the contract, then the sale may continue. If there are problems with the home, the terms set forth in the contract will dictate your next step. You or the buyer may decide to walk away, open a new round of negotiations or proceed to closing. Important reminder: A few days before the closing, you will want to contact the entity that is closing the transaction and make sure the necessary documents will be ready to sign on the appropriate date. Also, begin to make arrangements for your upcoming move if you have not done so.
   
8. Close the deal. "Closing" refers to the meeting where ownership of the property is legally transferred to the buyer. Your agent will be present during the closing to guide you through the process and make sure everything goes as planned. By being present during the closing, he or she can mediate any last-minute issues that may arise. In some states, an attorney is required and you may wish to have one present. After the closing, you should make a "to do" list for turning the property over to the new owners. Here is a checklist to get you started. * Cancel electricity, gas, lawn care, cable and other routine services. * If the new owner is retaining any of the services, change the name on the account. * Gather owner's manuals and warranties for all conveying appliances.

City of Plano - Home

First time home buyers...need help with closing costs or down payment?  City of Plano has you covered.  Plano is now offering assistance to eligible first time home buyers.  Check out the City's website - below - for more information and the guidlines then contact me for help finding the perfect home for you.

City of Plano - Home

Buyer turn offs

Lets talk buyer turn offs... one of the biggest ones I see is Popcorn ceilings! The speckled ceilings can attract dirt and be impossible to paint, not to mention buyers hate them. Plus, if the home was built prior to 1980, the ceiling may contain asbestos and need to be tested by an inspector.  The fix?...Unfortunately, there’s no quick fix for removing popcorn ceilings; it can get messy. It’ll have to be scraped off and the ceiling then will need to be repaired. Plus, you’ll want to have it tested for asbestos before scraping. Home owners will likely want to consider hiring a professional to do this.  But your return...It is worth it, houses with popcorn ceilings are harder to sell because buyers don't want to remove it themselves.  Onces it is gone that is ones less thing Buyers are looking at as a negitive and one step towards putting in an offer on your home.

Implementation of City Cut List for USDA Eligible Areas DELAYED Until March 27, 2013

There's good news for people living in areas that qualify for USDA loans. Implementation of the 2010 Census Data for Rural Development programs is postponed until March 27, 2013 or until further notice.

What does this mean? There will be no changes to the communities that are currently eligible for the USDA Section 502 Guaranteed Program. In other words, cities that were included in the "cut list" that was released previously will continue to be eligible for USDA financing until March 27, 2013.

To read the announcement from USDA in its entirety, click here.

USDA Rural Development and its loan program were designed to help improve the economy and quality of life throughout rural America. The program continues to remain a wonderful option for qualifying homebuyers, with zero down payment required.

If you or someone you know is thinking of purchasing a home, or if you have any questions about USDA loans, give me a call right away to learn more.

Home Seller Tip

Have your last 12 month of utility bills on hand so that you can average them out for prospective home buyers to see when they are looking at your home.  This is something that most interested buyers ask for before making an offer.

13890 Matthew Ln, Frisco TX

13890 Matthew Ln

Now available for lease! This is a truly beautily property and the owner is offering it for lease.  It has 5 bedrooms plus an office, 4.1 baths, 3 car garage, 2 living spaces AND a media room.  This home is not missing anything!

Commissions

Did you know there is NOT a set commission fee when it comes to listing your property with with Realtor?  Everything is negotiable.  Every agent may charge you a different fee to list your home; however, what are you getting when you get a "discounted" agent?  Are they doing everything possible to sell your property, are they marketing it as much as possible, do they answer your questions and stay in touch with you like they should?  I have no problem with being competitive to a point but it is important to remember...you get what you pay for.  Watch this quick video, Jessica says it very well!

How old where you...

How old where you when you bought your first home? How many homes have you bought total in your life time? What is your age range now?

I bought my first home as soon as I turned 18, I was lucky to have a great mother who made sure I had credit the minute I turned 18 and co-signed for me to get me started investing the correct way - though home ownership.  Since purchasing my first home my husband and I have bought, sold, and became landlord (LOL) with 4 homes.  We intend to extend to at least 2 new homes in 2013.  Our age range is 30-35.

Fannie Mae Expands Investor Financing Options

Fannie Mae recently announced expansion of it's Homepath Mortgage product that provides home buyers and investors financing for the purchase of Fannie Mae-owned properties.
The new product will allow eligible individual and LLC borrowers to finance up to 20 properties using the Homepath Mortgage. NAR has long called for expansion of financing opportunities for investors as a way to increase the absorbtion of REO properties. Fannie Mae will offer flexible lending terms and will not require appraisals of the properties.
Visit Homepath.com for more information on the program and participating lenders.

Mortgage rates fall again

NEW YORK (CNNMoney) --

Mortgage rates fell to record low levels once again last week, as the Federal Reserve's decision to buy billions in home loans for the foreseeable future helped bring lending costs down for home buyers and owners.

Mortgage finance backer Freddie Mac's weekly survey of mortgage rates showed the average 30-year fixed-rate mortgage fell to 3.49% from 3.55% the previous week. That matched the previous record low set in July. The fixed-rate 15-year mortgage reached a new record low of 2.77%, down from 2.85% a week earlier.

Check out this great MSN video - Selling your house? Let there be light!

Check out this great MSN video - Selling your house? Let there be light!

Buy Dallas

Median home price: $163,100

Median rent : $1,030

Breakeven time: 2.1 years

Texas' largest metro area is blessed with plenty of open land to build on and a local government policy that's friendly to development, which has helped keep housing here extremely affordable.
The median home price in the Dallas metro area is 20% below that of the nation and, as a result, it takes only a couple years of ownership for buyers to break even on their investments, according to Zillow. Meanwhile, demand from a steady flow of new residents has pushed rents slightly higher than the average city.
The wealthy suburb of Westover Hills, west of Ft. Worth, boasts some of the most expensive home prices compared with rental costs. The breakeven time there is nearly 11 years. But in nearly every other community in the metro area, the breakeven time is less than three years.

Now is the Time

Timing Is Everything In Real Estate...Now Is The Time..The Clock Ticks

Timing is everything in real estate. The time is right; the numbers are right; the interest rates are right; new homes are under construction; and there is a great demand for resale properties in Franklin MA. This is the time to select your lot and build your next custom home.

We no longer need to be concerned about your present home selling. The market has changed and the resale inventory in our town has slimmed to minimal levels. If a home is priced within a reasonable range, that home will sell quickly. There are more buyers in the marketplace than listings to satisfy their needs.

If your dream is to own a new home, NOW IS THE TIME. There are some positives that result from a down economy. The advantage is to existing homeowners who still have equity in their homes; who are still employed; and who have maintained their credit rating. Take advantage of the incredibly low prices of new construction compared to several years ago.

New construction is on the move. The time is right; the numbers are right; the interest rates are right; and homes are being built. Timing is everything in real estate.

I have a question:
HI,
I have been monitoring my home on zillow. We have used this in the past to look for homes to buy. I am sure many other people do now.
I am concerned though, because now, we have our house listed in zillow. The valuation of our house is about $85 per square ft and the other houses in the neighborhood are over $100 per sq foot. Our houses were built by the same builder and at the same time. We have had our house on zillow, and the valuation keeps dropping.  Can you please explain why this is?  I am concerned about the validity of your valuations and am sure this is affecting the sale of our house. Because savvy buyers do look at your site. Our house seems overpriced according to your valuation and there is no "value" to our house. It appears that we are trying to rip people off. Our realtor says there is nothing she can do to help us on this site and that it is priced just right, esp when compared to recent sales.

Also, I know someone whose house a few miles away whose valuation has gone up about $80K in the last month. Is there some magic formula-using or special calculus to help some and not others.    
This does not make sense and is making it difficult for us to refinance and sell our home. It is not fair to those who are in hardships.


Dear Concerned Seller:

As an agent that advertises on Zillow I asked this same question to my Zillow rep just yesterday. The answer is Zillow looks at many different numbers in order to calculate the estimate of your home but it is not able to look at your actual home and see all the updates that you have done to it.

Your agent is able to update your listing on Zillow and add all of the updates to your home such as granite counters, hardwood floors, number of bedroom, school districts, or size of lot to change the estimate. Keep in mind though that buyers are smarter than you think and know what current house values are, they likely know you house is worth if it priced right.  Buyers are using sites like Zillow to see what is available on the market and see pictures of the inside of the house so make sure you have plenty of QUALITY pictures of your home available.   

Good luck in the sell of your home!

3 Reasons You Need to Love Your Real Estate Agent

 

 

inShare6

For the best odds of an enjoyable house hunt and a smart home purchase, take the time to find a good agent.

Wouldn’t it be nice to be able to say, “I love my real estate agent?”
While you don’t really need to love your real estate agent, you do need to be satisfied with the level of service provided. Real estate transactions are complicated, and success depends largely on the skills of key players like real estate agents and lenders.

So whether you end up marrying your agent or simply referring him to a friend, here are three key reasons it’s important to have a good relationship with your real estate agent:

1. You’re going to spend a lot of time together.

You’re going to spend a lot of time with your buyer’s agent. You want that time to be as pleasant as possible.
The average buyer tours 12 homes over a period of 12 weeks before purchasing, according to the National Association of Realtors. Considering that the average home tour may take 30 minutes from start to finish, you’re probably committing to a bare minimum of 6 hours with your agent upon signing a buyer’s agency agreement.
And don’t forget pre-showing meetings with your agent, negotiations, final walkthroughs, and the closing appointment. Your agent will become an integral part of your life once you start a house hunt. Make your house hunt as enjoyable as possible by selecting an agent you love (or at least like).

2. You need to trust your negotiator.

You’ve found the home of your dreams. You’re ready to make an offer. Get set for the next stage of the process: negotiations. During negotiations, your agent goes to bat for your best interests.
If you’ve gotten to know and trust your agent, you can be certain that you’ve picked the perfect advocate for this (sometimes heated) stage. The best agents respect your budget and can carefully advise you during negotiations. Battle-tested agents understand the seller’s motivations, the ebb and flow of the current market, and how to get the most for a buyer’s money.
Think of it this way: You wouldn’t head into a courtroom without adequate legal representation. Nor should you enter real estate negotiations without a trusted agent.

Failure to communicate can bring your home search to a disastrous end.

3. You need to be able to communicate with your real estate agent.

For an agent, every new client is a blank slate. Buyers vary drastically in their home preferences and budgets, making personalized service a must.
But without open lines of communication, personalized service is unreachable. That’s why honesty and two-way conversations are essential, both in the early stages and at the closing table.
Buyers need to be able to express their needs and wants without restriction. Budget, location, size and style are just a few of the hundreds of factors that go into choosing a home. Buyers who feel disrespected or unheard during the house hunt can’t possibly choose the best home for their needs.
Whether you’re looking to buy or sell, make sure that your voice is being heard. Your feedback and direction should be integral to your real estate transaction. If you’re not able to communicate effectively with your agent, it may be time to seek out new representation.

Photos courtesy Nrico and Joe Houghton

Price your house to sell quickly

If home lacks features of recent comps, it's time to subtract value

By Dian Hymer, Monday, August 20, 2012.

Inman News®

 

A first-quarter survey of homebuyers and sellers done by HomeGain.com, a real estate services website, revealed that 76 percent of homeowners believe their home is worth more than the list price recommended by their real estate agent.
Homebuyers usually have a better grasp of current market value in the area where they're looking to buy than do sellers who own and live there. Buyers look at a lot of new listings. They make offers, know what sells quickly and for how much, and what doesn't and why. HomeGain reported that homebuyers still think sellers are overpricing their homes.
Your home is worth what a buyer will pay for it given current market conditions. This may not be the same as your opinion of what your home will sell for, or what you hope it's worth. Relying on emotion rather than logic when selecting a list price can lead to disappointing results.
The prime opportunity for selling a home is when it's new on the market. This is when it is most marketable. Buyers wait for the new listings. Usually, listings receive the most showings and have the busiest open houses during the first couple of weeks they are on the market.

U.S. Mortgage Rates Increase for First Time in 7 Weeks

This headline says it all.   Not a big jump overall, up 3.55 from 3.49 but up is up.  If you have been waiting to see how much lower the rates will go before you buy...STOP!  This is the time to buy.  The rate are still at an all time low.

August is Back To School month for kids across America. The family dynamic changes as summer vacation winds down. Trips to the pool, mall, or just "hanging out" with friends are replaced by early mornings, homework, and shopping for the latest in school fashion.

With the kids back in school and interest rates riding at incredibly historic lows, now is an excellent time to assess your home's value or begin your home search.

For renters, buying a home pays off after three years on average

By Alejandro Lazo, Los Angeles Times

August 2, 2012, 5:00 a.m.

Real estate website Zillow has a provocative data point for every renter thinking about buying these days: That move pays off after just three years on average nationwide.

The company, which lists for-sale and for-rent information on its site, has released a new analysis of what it calls the "break-even horizon," comparing what it would cost to buy or rent the same home in a number of U.S. markets over time.

The rent-or-buy calculus varies widely depending on where you live.

In the combined Los Angeles and Orange counties, the magic number is 4.3 years, assuming the buyer has made a 20% down payment. Buying wins out after only 1.6 year in the desert community of Banning. But Newport Beach residents must wait 14 years for buying to make more financial sense than renting.

The analysis takes into account a host of factors potential buyers should think about when considering the leap, including the down payment, mortgage and rental payments, buying and selling costs, property taxes, utilities, maintenance costs and tax deductions. The analysis adjusts for inflation and forecasts home value and rental price appreciation.

Zillow senior economist Svenja Gudell said the data should help homeowners get a rough and immediate sense of whether buying makes sense in a particular area in relation to their financial situation.

"For a home buyer out there, it is really tough to get a good grip on the buy-versus-rent decision," Gudell said. Although buying a home is a deeply personal decision, she said, the analysis gives consumers "a sense for 'Am I ready to make this decision?'"

The new take on the classic rent-versus-buy debate comes at a tenuous moment for the housing market. Many analysts believe that a housing bottom has been reached but don't expect a return to the heady days of the real estate bubble. There is already some concern about the strength of the recovery, with home sales slowing in June as inventory remained tight and buyers paid higher prices.

At the same time, rents are rising, housing affordability is at record levels, and mortgage interest rates remain very low. These factors are prompting many renters to consider homeownership.

Stuart Gabriel, director of UCLA's Ziman Center for Real Estate, noted that the main lesson from the subprime mortgage debacle and the housing bust was that homeownership shouldn't be pushed at all costs. Federal policy has been adjusted to support this new point of view.

"One of the things we have learned in recent years is, obviously, house prices don't always go up, and even over the very long term in certain markets homeownership may only offer a minimal return," Gabriel said.

"What we have all learned is to treat homeownership as a bit of a dangerous animal. You know it's not always good, and it's not good for everyone."

Things to consider when buying, particularly in an slowly appreciating market, include how mobile will you be, your financial situation, marital status, career goals and personality, Gabriel said.

Richard Green, director of the USC Lusk Center for Real Estate, added that in many regions buying has become increasingly attractive compared with renting. There are also non-financial reasons for buying.

"I can enjoy living in this house for the rest of my life, and nobody can throw me out of it," he said. "You are consuming something, and you have control over it, and control has some value."

Zillow's analysis, which covered more than 200 metropolitan areas and 7,500 U.S. cities, found that buying is a better financial decision than renting in the Riverside-San Bernardino area if you live in the home for at least two years. That rises to 3.2 years in the area including Oxnard, Thousand Oaks and Ventura.

The San Francisco metropolitan area's break-even score of 5.9 years encompasses a range from two years to 24.3 years.

5 questions every buyer should ask their agent

By Tara-Nicholle Nelson, Monday, July 30, 2012.

Inman News®

In this day and age, one can easily get educated about homebuying online, on your couch and in your pajamas -- and while watching "House Hunters International," no less! Yet there are still nuances and insights on the process that are best communicated one to one, from a human professional who has been through this process dozens or hundreds of times. Accordingly, first-time buyers are frequently given the sound advice to vigorously interview agents before hiring them, and lists of interview questions are all over the Web.

That said, in the Profile of Home Buyers and Sellers recently released by the National Association of Realtors, 81 percent of first-time buyers said the benefit of having an agent was that the agent helped get them educated about the buying process, and more than half of all buyers said their agent pointed out features or faults of a property that they would not otherwise have noticed.
So, I think it's time for a list of questions to ask your agent after you hire him or her, during the homebuying process, to max out the advantages you have from having this person on your side -- here are some starters:

1. Do you know a good mortgage broker, inspector, painter, etc.? The NAR survey showed that 46 percent of buyers thought they got a better list of service providers from their agent than they could have come up with otherwise, and 20 percent found their agent's mortgage provider referral to be a benefit. Local agents simply know people you don't, and they have worked with them enough to know who gets the job done, well, and who doesn't. To boot, vendors that work repeatedly with your agent may offer you faster turnaround times, discounted pricing or other VIP treatment you wouldn't get on your own, like doing an especially great job because they want to continue getting business from your agent.

2. What should I expect? Managing your expectations is essential to having a smooth homebuying experience, especially when it comes to the recurring themes of timing (e.g., how long something will take, when you need to do something, and when you can expect various milestones to happen) and cost. This particular question and its cousins, "What happens next?" and "What's the margin of error on this cost estimate?" are questions you can and should ask over and over again, from the day you first "interview" your prospective agent, to the moment you sit down at the closing table.

3. What are the different ways to look at this? This, too, is a question you might want and need to ask often. During inspections, you might need to turn over the inspection report and any issues that arise in your mind to get a sense for how to react -- do you ask for more money, ask for repairs, get more bids? A good agent will help you explore the possibilities. This can also be helpful in the realm of negotiations.  For example, your agent can help you understand what you should be asking for in your offer, as he probably has a better understanding of all the possibilities and the various contract terms than you do. In the same vein, if you and the seller are at a price deadlock, asking your agent how else you can look at this might get you more creative suggestions about counteroffers and deal structures to propose. While, ultimately, every decision is yours to make, if you have a good agent, you aren't all alone in trying to process the facts in front of you and factor them in. Related questions to add to the list: "What are the pros and cons?" and "What can I ask for?"

4. How do you buy a house? This one is pretty self-explanatory, but it bears stating that most of what you'll read in books and online about homebuying is neither customized to your local area nor is it tailored to your personal financial and lifestyle needs. The education your agent can give you is tailored in these two, really important ways.

5. What have I forgotten to ask? This wild card question really asks your agent to harness his knowledge of the market and his experience with buyers to position you to see what he sees. You're giving him carte blanche to be the expert (which agents appreciate!) with the result that you might be alerted to issues with the home, the financing or the transaction that you might not have otherwise. It's really just another way of asking the question, "What do you see that I don't?"

DFW real estate recovery may have legs this time

By Mitchell Schnurman

mschnurman@star-telegram.com

       

DFW Real Estate Recovery May Have Legs This Time

We could declare a seller's market, if only there were more sellers.
Bidding wars are breaking out for homes in pockets of North Texas because buyers are finally jumping onboard -- only to find that the supply of properties for sale is the lowest in a decade.
Last month, two houses near Texas Christian University -- one on Waits Avenue, the other on Tanglewood Trail -- attracted five offers each on the day they appeared on the listing service. Both sold for more than the asking price, $229,000 and $264,000, respectively, according to the listing company.
"The right house on the right street won't last a day," said Marshall Boyd, managing partner for Williams Trew Sotheby's International Realty.
Reports of multiple bids have become fairly common in other parts of North Texas, a sign that supply and demand has shifted markedly. In the past year, the supply of homes in Fort Worth has fallen from 7.2 months to 5.1 months. Several submarkets, including southeast Arlington, Grapevine, Allen and Richardson, have a three-month supply of homes, about half the ideal balance.
While local players remain cautious, the real estate recovery appears to have legs this time. In central Fort Worth, existing-home sales rose 42 percent this year through May, and median prices were up 9 percent, according to data from the Texas A&M Real Estate Center. Sales in Addison and far north Dallas rose 41 percent through the first five months, and Southlake, Colleyville and east Dallas increased more than 30 percent.
Hopes for a recovery have been dashed before. Tax credits lifted sales sharply in 2010, but the trend didn't hold. And residential real estate remains a neighborhood-by-neighborhood story, with some parts of north Fort Worth still overwhelmed by foreclosures.
But signs of strength dominate the picture. Last week, the S&P/Case-Shiller Index reported that Dallas-area prices rose in April, the second straight month of solid gains. Prices were 2.8 percent higher than a year ago and are now just 7.9 percent shy of their pre-bust peak.
Prices have recovered in Dallas more than in any other metro area, and the index for all 20 major cities is still 34 percent off the all-time high. All this is more evidence that Dallas-Fort Worth is clawing back faster than most of the country and that it wasn't hit as hard initially, either.
Home builders may have taken the worst blow, with starts falling 75 percent from the 2006 peak to the trough. Finally, they're getting a lift, too.
Midway through the year, many builders in DFW report that they've already hit their sales goals for all of 2012. For the first time in years, they've passed along price increases for entire floor plans, not just select items. And they're looking for lots, a sign of confidence that's been absent for half a decade.
"Everyone's still gun-shy, but it looks like we've turned the corner," said Scott Sandlin, adding that his Sandlin Homes is on pace to double sales this year.
After long resisting hiring, the Fort Worth company added four employees and several contractors. And it's not alone. Statewide, construction jobs had fallen 32 months in a row before the trend shifted last fall. The state has added building jobs every month since September, and the pace picked up in February.
David Brown, director of the DFW office of Metrostudy, said that "buyers just started to believe" during the latter half of last year. As they gained confidence in the economy, the housing deals looked better and better, thanks to low prices and the lowest interest rates ever.
New-home inventories are low, too, so it doesn't pay to dally. Metrostudy estimates that DFW has 2,700 new vacant homes, the fewest since 1994.
"Higher sales and lower inventories are a recipe for higher prices," Brown said.
Case-Shiller prices are a lagging indicator, and the latest numbers don't include May and June. So DFW may be percolating even faster than the index indicates.
Brown projects a 15 percent increase in starts and a 5 percent increase in prices by the end of the year. James Gaines, an economist at the Texas A&M Real Estate Center, expects a bigger price bump in 2013 as long as financing can be secured.
Borrowers with blemishes on their credit may have trouble getting loans, so builders often must help customers repair their credit scores. They advise them on which debts to pay first, including student loans, and how to improve key ratios.
Ron Formby, CEO of Antares Homes, said he worked with a couple for two years before they could finally close on a house this week. It can be slow sledding, but it's the way to build sales today, especially with first-time buyers.

Read more here: http://www.star-telegram.com/2012/07/04/4079227/dfw-real-estate-recovery-may-have.html#storylink=cpy

Housing Market Turns Corner; U.S. Home Values Post First Annual Increase In Nearly Five Years

forbes.com - Zillow's second quarter Real Estate Market Reports, released today, show home values increased 2.1% from the first to the second quarter of 2012 to $149,300 (Figure 1). On an annual basis, home values rose 0.2% from June 2011...

Home prices are on the rise and intrest prices are decreasing.  Have you been thinking of making a move a buying a larger home?  This is the time to buy.  You can not only get more for your home than you could last year year but you can get your new home at a lower interest rate (so you can buy more than you could have last year).  This is the ideal market to sell/buy in.

Mortgage rates drop again, Freddie Mac says; 30-year at 3.53%

The average rate on a 30-year fixed mortgage hit another new low this week, dropping to 3.53% from 3.56% last week, according to Freddie Mac 's survey of what lenders are offering to well-qualified borrowers.

5 tips for moving with young kids in tow

By Kelly Herdrich | Yahoo! Contributor Network – Wed, Jun 6, 2012 8:01 PM EDT

When my daughters were 3 months old and 21 months old we said goodbye to our home and took a leap of faith. We leaped all the way to England, where we lived for three years before returning to America. Though our destination was something different, we aren't unique; the recent census reports that 12.5 percent of Americans age 1 and older moved in 2010 -- approximately 37.5 million people.

Now I consider myself a master of all things moving with infants and toddlers. My experience isn't just specific to overseas relocation -- what I learned about moving with wee ones is as relevant to families moving down the street as those moving cross-country.
1. Pack your child's room last. Unpack it first. Children of all ages crave stability and comfort. Make your child's bedroom a safe place for them in your old home and recreate that same sense of ownership for them in their new bedroom. Older children may not want their new bedroom to be identical to the old (in fact, new furniture or decor could help dull the loss of school friends and activities), but younger children will benefit from a room nearly identical to the one they left behind. Make the moving disruption as minimal as possible by packing your child's room last and unpacking it first upon arrival.
2. Know (everything) before you go. Have the information handy for the local hospital, a new pediatrician, a dentist, your closest pharmacy, the grocery store, and the nearest chain restaurant that the kids love before you depart and arrive at your new home. If your infant gets an ear infection en route (I had it happen twice), your toddler chips a tooth and gets a bloody lip on that new front step (also happened), or your last bottle of infant pain reliever runs out on your first night in the new house (don't even ask me how many times this has happened when moving or traveling) you'll want to know where to go for help. Moving is a completely different experience with children; move prepared.
3. Enlist help with the kids for moving days. Your moving days are going to be incredibly hectic. Don't subject an infant or a toddler to the chaos. While older kids might want to be around, and may get closure seeing their house empty and their things all packed up, that isn't the case for younger children. We attempted to keep my infant daughter with us on moving day. The result was that I couldn't help or participate, and I actually got in the way more often than not. If you can't find childcare, consider splitting you and your spouse splitting up for the day and entertaining the kids away from the house.
4. Try to keep your cool. Trust me -- I know that moving can be a stressful time. However, if you're moving with infants, toddlers, or both, effectively managing your stress is absolutely essential. There's plenty of evidence to suggest that kids feel their parents' stress, and infants aren't excluded. A calm mom and dad may equal a calmer, less colicky baby. There's already going to be plenty of reason for your baby to be feeling the effects of the move, so try to focus on staying calm and avoiding extra stress when you're relocating.
5. If it's important to your child, it should be important to you. Never make the mistake of letting the movers pack your toddler's favorite toy or special blanket. Keep these items with you at all times. This will help ease any separation anxiety your child may experience from the changes, and minimize your stress when you arrive if you can't put your fingers on it right away. If it's important to your infant or toddler, it should be just as important to you -- don't let it out of your sight when you're moving.

Multiple Offers Return as Buyers are Back

By Steve Cook

RISMEDIA, Monday, July 09, 2012— Record tight inventories are making it increasingly difficult for growing numbers of buyers, who are creating multiple-bid environments in markets that haven’t seen buyers battle over homes in six years. Buyers are back but sellers aren’t, especially in Western markets recovering from large volumes of foreclosures. The result is that inventories are still tightening as the spring buying season ends. Buyers are fighting over what’s available, often to the benefit of those sellers who took a risk in this year’s evolving marketplace. Prices are reported to be on the uptrend with 62 percent of REALTORS® reporting constant or increasing prices compared to the same time a year ago, according to the National Association of REALTORS’® (NAR) REALTOR® Confidence Index for May29 -June 8, 2012 that was released recently. Buyer demand is reported to be growing faster than supply, and many REALTORS® are reporting multiple offers. However, buyer foot traffic slowed in May compared to last year, perhaps as buyers grew discouraged by slim pickings. However, buyer traffic is still well above the moderate level, but seller traffic is flat, according to the NAR survey. First-time homebuyers accounted for 34 percent of total buyers. Normally first-time buyers are in the neighborhood of 40 percent of total residential sales, according to NAR’s Profile of Home Buyers and Sellers. A majority of the 145 markets monitored by NAR Research experienced slower foot traffic in May of this year relative to the same time in 2011. The data, provided by SentriLock, LLC., is based on the total number of visits to properties as recorded on electronic clock boxes. Foot traffic was lower over the 12 months ending in May in 60 percent of the markets, while 35 percent expanded and 5 percent were unchanged. This moderating pattern suggests a broad based decline in the late spring following an equally broad-based expansion in the late spring/summer of 2011 and early spring of this year. Multiple bids are changing the playing field in a number of markets this spring and summer. Many agents new to the business who have little experience with them are dealing with a sudden and unexpected competition for homes brought about by inventors more than 20 percent below those of a year ago. “Remember the “Roaring ’90s?” Those days when you could list your house on Friday and on Saturday people would be parked in your driveway writing offers and good faith checks on the hood of their cars? Multiple offers were the norm and offered sellers a generous selection of offers from which to choose. Believe it or not. we are experiencing a trend toward multiple offers even in this still difficult market and there is evidence that this trend will continue as buyers compete in a market with limited inventory,” reported REALTOR® Noel Crider of Auburn, Calif. “The Phoenix Metro Area Housing Market faces multiple offers even in the higher end and luxury market as buyers try to snag homes before the market rises further. We have seen multiple offers for quite some time in the lower price ranges, but now as the market is returning, and returning strong, we are seeing multiple offers in the higher price ranges. We are now seeing multiple offers on homes in the move-up and luxury home market. We are seeing offers that are $50,000 over asking that are not the winning bid. This is causing quite a bit of frustration as buyers are trying to get into a home before the market prices go up further,” reported Brenda & Ron Cunningham, real estate professionals in Arizona. In Seattle, multiple offers on beginner houses in Seattle are common again reports Phil Leng of Kirkland, Wash. and in Austin, broker Gwynn Teal Carpenter reports, “It’s happened again! We are in one of those real estate markets where we are seeing homes with multiple offers. In Austin Texas, the market is so sizzling hot that it isn’t unusual to have more than 2 offers on a fantastic priced and conditioned home.”

By By Richard Taylor, Zillow

 

Two demons wait for unsuspecting homeowners, hoping for their chance to gobble up time and money on new home and remodeling projects. The are called The Ripple Effect and Project Creep.

• The Ripple Effect lurks quietly in the background. Just like the movements on the pond surface for which it's named, The Ripple Effect starts out small and grows, expanding until it engulfs the entire project.
• Project Creep is a silent menace, staying out of sight until it's too late to avoid and putting the whole job at risk.

The Ripple Effect is the remodeling budget's worst enemy and can wreak havoc on small and large projects alike.
A window replacement is a simple, isolated project, right? But the interior and exterior trim must be replaced and painted, and the exterior siding may have to be reworked, especially if the new window isn't the same size as the old one.
And that's just the beginning. Once that window is replaced and the new window trim painted, the rest of the trim in the room looks bad by comparison, and so you decide to paint that, too. A pebble has been dropped in the pond, and the ripples have begun to spread.
What started out as a simple window replacement ends up as the refinishing of an entire room.
In new home projects, The Ripple Effect is more pronounced in open plan designs. With fewer walls to separate spaces, it's difficult to make flooring transitions from one room to another so more expensive flooring materials often cover more of the house. The lack of interior walls also requires a more expensive structural system and makes the placement of duct work and plumbing more difficult.

Don't Make Waves

But The Ripple Effect can be controlled if you take a moment to consider the impact one project can have on other parts of the house. The root of the problem in the window replacement example is that a new standard-sized window won't exactly fit the existing opening, necessitating the replacement of the trim.
But a custom-sized window, carefully installed, might allow you to reinstall the existing trim inside and outside, and avoid The Ripple Effect entirely. Sure, you'll spend more on the window, but you'll save everywhere else and avoid The Ripple Effect.
And in a new home project, careful planning of the room layouts and space adjacencies allows flooring and other finishes to "break" where you want them to.

Project Creep

Project Creep is a close cousin to The Ripple Effect. Project Creep happens when the extent of the work begins to grow, creeping along at first, until no one seems able to control the spiraling costs.
Older homes, for example, often require building code upgrades when they're remodeled — upgrades that may have little to do with the project itself. When structural loads are changed in any way, for example, the existing structure must be rebuilt or retrofitted to meet updated code requirements. And moving structure usually means reworking the wiring, duct work and plumbing that's been routed through the area.
Project Creep can attack new home projects, too. Sometimes the causes are almost impossible to predict, such as when the excavation of the site uncovers poor soil conditions. Sometimes the cause is an outside force — an architectural review board, for example. But mostly, Project Creep is a result of a difference in expectations between homeowner, builder and architect.

Plan ahead to avoid Ripple and Creep

On any project, start with a clear idea of the level of finish and quality you expect. Don't assume that the architect and builder are in tune with your ideas about finishes. Discuss your expectations in detail and, whenever possible, see the actual finishes and fixtures.
If you're not the detail-oriented type, hire a professional interior designer.
Poor quality drawings cause additional unplanned work during construction and always end up costing homeowners money and time. My firm has been hired many times to correct drawings done elsewhere that contained glaring errors, omitted necessary structural steel or just plain didn't work.

Sloppy drawings are an open invitation to Project Creep

On a remodeling or room addition project, evaluate the feasibility of the project in terms of the impact it will have on parts of the home that you're not intending to remodel. Often, room additions can easily be designed to minimize the effect on the existing structure.
Finally, always have realistic expectations about your project budget and communicate that budget to your architect and builder. When everyone understands the project's financial goals, the chances for success are greatly increased.

Is your home on the market or in the market??  Watch this short video to determine where you are.

<iframe allowFullScreen allowTransparency="true" class="vzaar-video-player" frameborder="0" height="252" id="vzvd-925699" name="vzvd-925699" onload="this.contentWindow.postMessage([this.width, this.height], '*')" src="http://view.vzaar.com/925699/player" title="vzaar video player" type="text/html" width="448"></iframe>

Check out what is happening this month in Real Estate.  I've got Interest Rates, Home Sales, Home Prices, and more...

http://amandamack.kwrealty.com/marketinglinks/60C626E8

Home Inspections 101

A visual inspection does not pass or fail a house, but simply describes those items in need of minor or major repair or replacement. A good inspector will visually examine the structure, crawl space, attic, mechanical components and all interior rooms, as well as closets.

How can you prepare for a home inspection?

• Have keys available to any locked doors
• Remove any obstacles around water hears and other appliances
• Remove items from closets that provide access to attics
• Be prepared to indicate the location of hidden components such as the water meter, electrical panel, sump pump and main sewer cleanout
• Clear pathways of snow or debris
• Ensure that appliances are not tested
• Move boxes and storage items away from interior walls