Recently in Real Estate Category

Curb Appeal Tips

| No Comments | No TrackBacks
1. Paint the house.

Hands down, the most commonly offered curb appeal advice from our real estate 
pros and appraisers is to give the exterior of your home a good paint job.

Just make sure you stay within the range of accepted colors for your neighborhood!

2. Have the house washed.

Before you make the investment in a paint job, though, take a good look at the 
house. If it's got mildew or general grunge, just washing the house 
could make a world of difference.

Use pressure washing and have it done by a professional. 
Pressure washing makes the house look bright and clean in addition to getting 
rid of unsightly things like cobwebs that detract from the home's cleanliness when seen up close.

The cost to have a professional cleaning should be a few hundred dollars - a 
fraction of the cost of having the house painted.

3. Trim the shrubs and green up the yard.

Trim the shrubs, or even cut down overgrown bushes and replacing them with leafy 
plants and annuals mulched with beautiful reddish-brown bark.

You also don't want bare spots. Fertilize the yard, throw out some 
grass seed, and if need be, add some sod.

4. Add a splash of color.

It could be a flower bed of annuals by the mailbox, a paint job for the front 
door, or a brightly colored bench. Get a cute 
little bench at Home Depot and spray paint it bright red 
or blue and set it in the yard or on the front porch.

5. Add a fancy mailbox and house numbers.

An upscale mail box and architectural house numbers or an address plaque can 
give your house a distinctive look that stands out from everyone else on the 
block. 

6. Repair or clean the roof.

You can pay for roof repairs now, or pay for them later in a lower appraisal; 
appraisers will mark down the value by the cost of the repair.

Stains and plant matter, such as moss, can be handled with cleaning. It's a job 
that can often be done in a day for a few hundred dollars, and makes the roof 
look like new. It's not a DIY project; call a professional with the right tools 
to clean it without damaging it.

7. Fix the fence.

I see lots of damaged fences that just give a terrible first impression.
Replace missing boards, clean and restain a wooden fence.

8. Perform routine exterior maintenance and cleaning.

Nothing sets off subconscious alarms like hanging gutters, 
missing bricks from the front steps, or lawn tools rusting in the bushes.

Have rotting or pest-damaged exterior trim repaired and repainted.

Interesting article at ABCNews describing how the lending laws in Texas helped save us from the worst excesses of the bust:  http://bit.ly/bLWbXC

Great article in US News & World Report about ways to fix up your house. I'm not sure that you'll get a lot more money, but these ideas will help you sell faster!

Quick summary:

  1. Improve first impressions.
  2. Clean up the landscaping.
  3. Paint the interior.
  4. Refurbish the floors.
  5. Take care of the big problems.
  6. Buy a service contract.
  7. Improve energy efficiency.
  8. Update light fixtures.
  9. Buy a stove.
  10. Tidy up the bathrooms.

FHA Loan Changes

| No Comments | No TrackBacks
FHA loans have been a huge factor in the real estate market ever since the financial meltdown.  Today they announced that they are toughening the rules on mortgage insurance, credit score, and seller concessions.  Full details are in the FHA press release at http://bit.ly/6aYn8X.
Fort Worth City Magazine has a great piece in the July edition about real estate.  It gives a very accurate (I believe) evaluation of our current local real estate market.   It has also selected this year's "Great 8" Places to live in Tarrant County.  Both Southlake and Keller made it to the list!

fwmagsmall.jpgI think you will enjoy reading the whole piece.  Find it here:  http://tiny.cc/DJCzC 

Applying for a mortgage is an integral part the home buying experience.  I encourage all of my buyers to get preapproved for a loan as early in the process as possible. However, be aware  that there is a hazard connected with this process.  When you apply for a home loan, the credit bureaus often flag your file and then sell your personal information to the highest bidder: normally mortgage companies, some of which are not the most reputable.  This information can include addresses, phone numbers, mortgage history and even FICO scores.  You will then be barraged with phone calls and mail offers from these mortgage companies.  At present, there is nothing illegal about this process, but there is a way that you can protect yourself and your informaton.  Prior to starting the loan process, visit www.optoutprescreen.com; you can opt out of the process up front and avoid the whole problem. I encourage you to do so.
Here are the sales numbers for the first half of this year versus the first half of 2008.  As we saw in the first quarter, there was a significant drop in the number of homes sold in most areas.  Prices are are fairly stable.  And as we saw in the first quarter, days on market are up  for the more expensive areas and down for the less expensive.

Now that the busiest part of the year is over, I'll be looking to see if there is price erosion as the owners of homes that did not sell decide what to do.  I've seen some folks take their homes off the market and wait until next year, and I've seen others cutting their price because they need to sell.

MLS Activity Report for Selected Areas - First Half 2009
City# of Sales% Change vs. Prior YearAvg Sales Price% Change vs. Prior YearMedian Price% Change vs. Prior YearAvg Days on Market% Change vs. Prior Year
Bedford206-25%$171,8560%$154,350-6%55-20%
Colleyville135-34%$504,4673%$420,0002%9017%
Denton County Southeast1,450-24%$234,302-2%$190,000-2%710%
Euless170-23%$157,5490%$153,5000%635%
North Central Tarrant758-28%$153,515-4%$145,450-2%74-4%
Grapevine170-40%$252,8962%$237,4000%5814%
Hurst209-26%$137,111-8%$132,000-4%60-42%
Keller307-26%$311,991-5%$289,3003%887%
N Richland Hills / Richland Hills301-21%$166,6832%$136,2505%7510%
Roanoke86-1%$161,405-6%$146,000-9%74-13%
Southlake183-28%$615,8550%$503,500-6%9745%
Trophy Club / Westlake74-6%$442,555-11%$287,5009%10226%
Watauga143-15%$97,248-4%$95,000-5%56-14%

Note: All Information is from North Texas Real Estate Information System (NTREIS) and is believed but not guaranteed to be accurate.
Rather than trying to keep up with the myriad of financing options available, I refer my clients to several excellent local lenders who have served my clients very well.

However, I follow the lending situation closely since it is such an important part of the real estate business.  And I've notice that FHA loans have become an increasingly important option for many buyers.

Here's an article by Mary Frances Burleson, president of Ebby Halliday, REALTORS® on this subject.



The recent tightening of mortgage lending standards makes FHA financing more attractive than ever for many buyers.

FHA is a great loan for first-time buyers, and is also a good choice for others as well. Here's why...

Low Down Payment

A down payment as low as 3.5 percent from the buyer's own funds is usually required. However, in many cases, the lender may allow the buyer's down payment to be a gift from a relative.

Modest Credit Scores

Buyers with credit scores between 620 and 740 may obtain a lower rate and lower fees than with conventional financing.

Payment History

FHA is often more lenient regarding a borrower's previous payment history. Even a past bankruptcy may not disqualify a borrower from obtaining a loan.

Seller Contribution

The seller can often contribute as much as 6 percent of the purchase price toward the buyer's closing costs, as well as prepaid taxes and insurance.

Refinancing

If an opportunity to refinance comes up, FHA allows a streamlined refinance into a new FHA loan with only minimal documentation.

Assumable Loan

When it's time to sell, buyers may assume the loan at the original interest rate provided they qualify for a new FHA loan. If interest rates rise, this can make the home more attractive to many buyers.



Call me for the names of several loan officers who can provide complete details on FHA loans, qualifying requirements and current interest rates.

In today's market, your best financing option may be an FHA loan!

The photos are now back where they belong!

Plus, we now have links to all virtual tours.  This has been the biggest request of our visitors. 

VirtualTourButton.jpg

If a home has a virtual tour, a button will be shown next to the Gallery and Map buttons, right under the photos on the listing page.


NTREIS made some changes to the MLS today that in a very round about way caused us to lose our photos (our fault, not theirs).  They'll be back soon!