In the North Texas real estate market, many people make the decision to sell their home without hiring a licensed real estate professional. Many homes in Northeast Tarrant County such as Southlake TX, Keller TX, Colleyville TX, and Grapevine real estate are listed by a Realtor. While some sellers decide to try selling their own property, they are faced with the challenge of competing with homes that are priced and marketed by professionals that are involved in buying and selling homes on a daily basis.

When asked why a seller would prefer to sell their own home, many respond that saving on the Realtor commission is their main reason. These sellers tend to believe that they are capable of pricing their property appropriately and negotiating with prospective buyers without assistance. While some sellers are successful, others eventually hire a Realtor to list their home.

There is statistical evidence dated in 2006 that homes sold with the assistance of a Realtor sold for 15% more than homes sold by owner. Realtors have access to historical sales information for homes located in the same area as the subject property. This data helps the Realtor to price the property based on recent sales of comparable homes. Although there is some information available to the public about the estimated value of homes in a particular neighborhood, it sometimes is not as accurate and what is available to a Realtor.

A Realtor that has access to the MLS also has the capability to see how long the average home is on the market, what are the average sizes and amenities that homes in the area have to offer, and any other information if the house has been sold within the last 5 years using a Realtor.

When it comes to marketing your home for sale, a Realtor has access to the MLS, which other real estate agents consult when searching for homes for their clients. Listings on the MLS are also accessible on the Realtor.com website, where many prospective buyers begin their search for a new home. Many real estate brokerages have other advertising products that are available to their agents that would be costly to a for sale by owner. Some Realtors are involved in networking groups, which is just another way of expanding their sphere of influence. The more opportunities and avenues of exposure available to a home seller, the more quickly the property is likely to sell. In today’s real estate market with the mortgage crisis that is occurring, a home seller needs every advantage available to him to help expedite the sale of his home. Hiring a Realtor to sell your home gives you the advantage in this very competitive marketplace. Call for more info, Betty Warden, 817-521-4859.

First time buyers do not have many reasons to sit on the fence now. Excellent incentives await as President Obama’s stimulus package creates a multitude of options designed to save you a lot of money on your new home purchase. Looking to find that dream home in Keller, TX or maybe Grapevine, TX? The possibilities are practically endless. Perhaps an upgrade home in Southlake, TX or Colleyville, TX is in the plans for a young family wanting the best of schools.
What gives?
Right now and until December 1, 2009, qualifying homebuyers get a tax credit up to 8,000 dollars. The program works on a ‘slide scale’ process. Single prospects with income under $75,000 and married prospects with combined income under $150,000 qualify for the full $8,000 tax credit. Reduced tax credits are available for those with higher incomes. Best of all this tax credit requires no repayment providing that the new homeowners reside at the property for a period of 3 years or more. To qualify for these special tax credits the prospective homebuyer or homebuyers must not have had owned a primary residence within the last 3 years before the purchase of a new home. And of course if you have never had a primary residence then this program applies to you also.
Where to?
As I mentioned at the top of this article, there are a multitude of options available. I have received several emails from the lenders I work with. These guys are extremely excited with the new incentives being offered to the home buying public. What are they excited about? How about a USDA loan with zero down financing (yes, its still available) and a 8,000 dollar tax credit or an FHA loan up to 271,000 with credit scores in the 500’s. Interest rates inevitably will be lower for those with better credit scores, but rates are historically lower than ever. How about a 4.75 interest rate on 30 year fixed rate mortgage? Two lenders I would call FHA experts are Shelly Allred with Wells Fargo in Fort Worth, TX (P817-846-5913) and Tom Sutton of Countrywide in Southlake, TX (P817-247-6799). Give them a call to see what they can do for you. I have worked with them, I like them and I know you will too.
Dave Warden, 817-706-3291

While banks are tightening up some of the loose credit requirements that caused the mortgage fiasco, people with good credit scores are able to line up for some of the lowest mortgage rates in a generation or two.  If you are in that category, this is your opportunity to pick up some investment properties to supplement your income while the more “risky” buyers take a back seat.  Some banks are actually advertising the number of bankruptcies in their subprime-lending business and looking for people with good credit.  If you have worked hard to establish and maintain good credit, it will pay off in today’s market. 

Costly subprime mortgages, usually those with adjustable interest rates, were sold to borrowers with not-so-perfect credit or people with difficulty being approved for fixed-rate mortgages.  Lenders earned record profits using these tools during the housing boom.  However, as the borrowers default on the loans, these lenders also lose out.  They need a new clientele.  So, in walks the person with good or above average credit and the lender is willing to reduce the interest rate to gain the business.

Listen for opportunities to invest in properties that others have left behind.  The sharp rise in foreclosures has fueled a glut of for-sale properties.  Sellers are consequently lowering their prices in many markets and accepting bids that for many years were not acceptable in a booming market. 

If you are new to investment real estate, we will help you determine which properties within your price range are good candidates for your investment portfolio.  As lifelong residents in the area, we know the neighborhoods and schools, the amenities and the market.  We will tell you of the latest listings, foreclosures, and plain old good deals.  The process is a bit more than our motto would lead you to believe—Click your mouse for your new house!—but we would enjoy introducing you to some really good bargains and guiding you through the sale.  Contact Dave Warden at (817) 706-3291 or e-mail dave@davewarden.net. 

Along with some resort areas in the nation, residents of homes in Southlake, Keller, Grapevine, Texas and in Tarrant County and Denton County real estate continue to enjoy a diverse and thriving economy.  Thankfully, there is an underlying stability of home prices and the real-estate market in this region, reflecting a great quality-of-life that has been noticed with honors like “Best Place to Live” and “Best Cost of Living.” 

However, stocks are a different ball game.  So many variables are driving stock prices that it is worth pondering some of them to keep our perspective.  Here are some basic facts to sharpen our saws.

• Home-building stocks are leading the pack in 2008 with a gain of 24.6 percent in Standard & Poor’s home-building index, making it the top-performing industry.  Next, by the way, are casinos and gambling, oil exploration, merchandise, and household appliances.

• At the same time, the government reported sales of new single-family homes have fallen to a 13-year low.

• One prominent home builder, Toll Brothers, reported a quarterly loss of $96 million but their shares rose 71 cents each. 

• The iShares Dow Jones U.S. Home Construction exchange-traded fund rose 1.4 percent.

On the side of caution and slightly pessimistic, USA Today comments that crazy figures—like the fast run-up of home-building stocks from 2000 to 2005—parallel the rise in dot-com stocks from 1995 to 2000.  As with any stock that loses value, the lower prices of the stock may actually encourage the optimist to buy more, driving up the price.  For example, one building-company executive bought 300,000 shares of his company stock at $5 each.  Others followed suite and that company’s once-$5 stock costs $10 today.

Homes are not going out of style.  Everyone needs a home and, in one sense, homes are necessities.  Regardless of the fluctuating stock market, common sense says that the growing population in the United States, and especially in the great State of Texas, will eventually fill up what appears to be a glut of houses on the market and then some.  The question is how fast will that happen and how fast will builders need to raise more roofs?  Probably not in an instant during 2008 but we are hopeful that our territory will continue to appreciate far ahead of the crowd.  

We’re putting our cash directly into the real estate itself.

So, here is a list of the 10 basic steps in the process of the North Texas real estate transaction.  Hopefully, it will help you and your family to experience smooth sailing from beginning to end.

1.  The buyer makes an offer.  Buyers are wise to first discuss concerns with their real estate professionals.  Sometimes sellers are more flexible that a buyer may presume.  It is great when both realtors can discuss openly and honestly the parameters. 

2.  The seller accepts, declines, or makes a counteroffer.  The idea is to create a win/win deal and many times creativity and a good attitude can make the difference for success.

3.  After an agreement is achieved, the real estate professional delivers the earnest money to the title company.  That earnest money is simply a deposit that communicates that the buyer is committed to the purchase.

4.  The buyer submits necessary information to the lender within 2 or 3 days, if a lender is being used.  If the buyer acts in a timely fashion, the process will begin in an organized manner.

5.  The title company issues a title commitment within 5 business days after accepting the contract and earnest money.  Title insurance protects lenders and property owners against legal issues that may be pursued against the title.  It ensures the buyers right to own the property.

6.  The Lender accepts the title commitment and issues a loan commitment within 3 business days.

7.  The title company orders a survey, if necessary.  The buyer may order and pay for his own inspection and negotiate repairs with the seller.  This is one item that can be negotiated to ascertain who will pay.  Usually if the lender requires the survey, the buyer pays at closing.

8.  The lending agent coordinates with the title company and determines the best closing time.

9.  Sellers submit any last minute directions regarding the disposition of proceeds to the title company.  The title company insures the title and prepares everything for closing.  Title professionals are normally the ones who “proof” the entire transaction and find the majority of problems.

10.  The transaction closes.  If everyone does a great job, the transaction will close within 2 weeks.  However, sometimes there are kinks in the process as each transaction is unique.

An open mind and positive attitude can make all the difference during the stress and unexpected bumps in any transaction.  Happy sailing.

Your Real Estate North Texas licensed professional has been contacted with details about the program and will be happy to obtain information about any available Southlake, Keller, Grapevine, Colleyville, Trophy Club, Westlake, Flower Mound, Euless, Haslet, Bedford, Hurst, Justin, Roanoke, North Richland Hills, Argyle, and Arlington real estate being currently offered through the Tex-Trax II program. 

Recently, over fifty forfeited land parcels ranging from 5 to 32 acres were procured from bids in the $24,000 to $115,000 range.  If the Veterans Land Board accepts a bid, it will finance 100 percent of the bid amount.

Some buyers will be holding on to the land for now and others are building sooner.  VLB will pay for a surveyor to flag the corner pins to help buyers access the property.   

The forfeited lands are sold “as is,” without warranty.  So, it makes sense for the buyer to have the physical and topographic conditions of the land and any improvements inspected.  Additionally, it is recommended that the buyer verify the location and shape of the tract, mineral reservations, and any other aspects that could affect his satisfaction with the land.  Any defects must be brought to the attention of the VLB prior to closing and can be grounds for releasing the buyer from obligation to purchase. 

The VLB will settle all outstanding taxes, penalties, and interest for the years before the year that the contract is awarded.  If the use of the property is changed, rollback taxes may be accessed and will be the responsibility of the new owner. 

Some restrictions apply. 

1) TRACT I parcels are open to veterans who were Texas residents at the time of enlistment into the military and those who have lived in Texas for at least one year. 
2) A veteran may not have any other unpaid land loan at the VLB. 
3) If a veteran’s interest rate is used, the land is restricted to personal use.  However, the public interest rate is only one percent more than the veteran’s rate.  Cash is another option.

Offers are considered on a “first come, first served” basis. 

Possum Kingdom Lake is just far enough away from the metropolitan area to attract a stable group of residents, many who linger longer than the occasional weekend.  With 360 miles of shoreline, Possum Kingdom Lake is about two hours from Tarrant County real estate directly west of Southlake.  Of course, since the lake is 63 miles long, the driving time depends on exactly where both of your homes are located.

“PK” is one of the area’s biggest and clearest lakes.  Parts of it are owned by the Brazos River Authority and are reserved as pristine open spaces.  Expect to find views of roseate bluffs overlooking the lively Brazos River and plenty of rural roads.  Lake living at PK is perfect for boating and fishing, hiking the rugged terrain, and gazing at the dramatic skies.

A variety of real estate options are available including tree-lined gated communities offering condos as well as single-family homes, old cabins, manufactured homes, property on the lakefront or slightly inland, community amenities such as docks, and lots.  It is possible to find a getaway for as little as $30,000, but there are more options in the mid-to-high income bracket.  Property values have tripled in the last several years and will most likely continue to rise.  Investing now is the better part of wisdom, even if you must start small.

On another note, Lake Granbury is the place to cart those golf clubs.  A bit more civilized, it has seven golf courses, a charming town square, and fine dining options.  Only 30 minutes from Fort Worth, Lake Granbury is not new to area residents who need a quick weekend away from it all.  Development has recently focused on accommodating the boomers who want maintenance-free vacation homes. 

Another trend right now is for people to downsize to a small place in the city for the workweek, and to find a larger property in a gated community on the river for a permanent residence.  These properties may run from $350,000 to $750,000 in gated communities, but there are some affordable options under $100,000 such as mobile homes and small condos on the lake.

Owning a lakefront second home, residents find it easier to unplug from the responsibilities and pressures of the city, improving their quality of life.