North Texas Real Estate Blog » Tarrant County

2010 Kaleidoscope of Homes comes to Southlake, TX

Editor — Tue, 17 Aug 2010 05:41:42 +0000

In spite of the current problems in the real estate market across the country, Southlake TX will be hosting the Kaleidoscope of Homes luxury home tour this year. Believed to be the only luxury home tour at a single location this year, the Southlake luxury home community of Shady Oaks will feature four homes valued between 2 and 3 million each. The event will begin on October 9 and continue for three weeks. Southlake is home to several luxury home communities, Shady Oaks being one of the newer ones.
The home builders featured at this year’s show are Venetian Custom Homes, Simmons Estate Homes and Harrell Custom Homes. Two of the homes have a Tuscan design, one is an English Tudor, and the other is a Spanish colonial design. The homes feature beautiful designs and cutting edge technology and any possible amenity the discriminating luxury home buyer would desire. The featured homes range from 7000 to 9000 square feet. The current phase of Shady Oaks offers half acre home sites. An upcoming phase will offer one third acre lots. The community offers walking trails through an oak shaded park with a pond and fountain.
Southlake TX is located northeast of Fort Worth, close to DFW International Airport. Shady Oaks is a 100 acre community south of Highway 114 and north of Highway 1709. Southlake is known for its Town Square, an outdoor shopping center home to several upscale shops and dining establishments. All of the public schools in Southlake’s Carroll school district have received exemplary ratings for the past several years, which makes Southlake attractive to families.
Proceeds from the Kaleidoscope of Homes show benefit the Texas Scottish Rite Hospital for Children. What an awesome way for a family friendly community to help other families with children struggling from orthopedic conditions, neurological disorders and learning disabilities. Tickets for the event are available at area Tom Thumb stores and also are available at the event.

The Selling Process – Steps to Selling Your Southlake TX Home

Editor — Tue, 08 Jun 2010 03:32:41 +0000

With summer time comes an increasing number of homes for sale. Many Southlake TX homeowners or homeowners in other parts of Tarrant County are preparing their homes for sale. For those that have lived in their homes for many years, or those that have never sold a home before, we have prepared a step by step guide to the home selling process. For more detailed information, please contact Dave or Betty Warden at 817-706-3291.

1. Choosing a Realtor. If you don’t know a Realtor or haven’t used one in the past, ask friends or family for a referral. If you hire a Realtor to sell your property, they represent you, the seller, and their duty is to market and sell your home for the best possible price in the least amount of time. By utilizing various means of marketing, from advertisements to local MLS to real estate websites, your Realtor must use these and any other methods to help expedite the sale of your home. Your Realtor will provide you with a written contract that stipulates their obligations to you and the terms and length of their representation of you the seller.
2. Setting a Price. After you’ve chosen a Realtor to represent you, the most important decision will be determining the sales price of your home. Using current real estate data of comparable homes in your immediate area, your Realtor will recommend a sales price for your home. If at all possible, your Realtor will find homes within 1 to 2 miles of your home that are similar in size, age, square footage and design that have sold in the last six months to use as comparison. When there are not comparable home sales available within a 2 mile radius of the seller’s home, the Realtor will find the closest and most similar homes for comparison. In many areas, home values are not necessarily what they were 2 or 3 years previous. Your Realtor can assist you at arriving at a sales price that is in line with current market prices. Your home must be able to appraise for the sales price if a buyer is obtaining financing to purchase the home. Real estate appraisers use current sales data to base their appraisal. Overpricing your home from the start can be counterproductive and can have a negative effect on the sales price of your home.
3. Signing a listing agreement. Most Realtors will ask you to sign an Exclusive Right to Sell listing. This means that as a seller, you will be obligated to pay a commission upon the sale of your home regardless of who brings the buyer during the specified listing period. In many instances, another brokerage or real estate company will represent the buyer of your home. In this case, it is common that your agent and the buyer’s agent will split the commission of the sale unless other arrangements have been stipulated in the listing agreement. The listing agreement will have the agreed upon sales price and the length of the listing period.
4. Marketing your property. Prepare your home for showings by cleaning, making repairs, removing clutter and most personal items and effects. Complete a seller’s disclosure that will be provided by your Realtor that indicates, to the best of your knowledge, the condition of appliances and other systems and any other pertinent information related to your home that may affect the buyer’s decision to buy your home. Your Realtor will list your home on the local multiple listing service (MLS) to advertise your home for sale. Many Realtors will use a showing service to schedule appointments for your home to be shown to prospective buyers. Other real estate agents will set up appointments via the showing service to see your home. Most showing services have websites where the home seller can see who is showing their property and at what times. Many times the agent showing the property will be asked to provide feedback to the seller’s real estate agent, which will often provide valuable information on what prospective buyers think of your home.
5. When a buyer makes an offer. When your Realtor receives an offer on your home, they will contact you as soon as possible to discuss it and answer any questions. The contract will provide the sales price offered, the terms of the sale, such as financing approval or possible sale of another home, closing date and possession of the property, and who will pay any additional closing costs or repairs. After reviewing the offer, you have three options of how to proceed: accept the offer as written, reject it, or make a counteroffer to the buyer. You may want to review the contract with your attorney or tax advisor as well.
6. Acceptance of an offer. After both the buyer and seller of a home come to agreement with the terms of the sale of a home, the contract is signed by both parties and a copy will be forwarded to the title company of their choice. The title company will research the title on the subject property to make sure there are no liens on it and make sure the title is clear for transfer to the new owner. The buyer will usually have a home inspection performed shortly after they sign the contract. The option period is an agreed upon time frame that the buyer has to perform inspections and to make any changes or amendments to the original contract. The buyer also can walk away during the option period and only forfeit their option fee. If after the inspection the buyer wishes to proceed with the purchase of the home, their lender will prepare the loan documents and order a survey of the property, if necessary, to send to the title company.
7. After all title work is completed and all loan documents have been prepared by the buyer’s lender, the title company will handle the closing transaction and the transfer of title to the new buyer. At the time, the proceeds from the sale of the home will be used to pay off the seller’s existing mortgage. If the sales price is less than the amount owed on the mortgage, the seller will be responsible for paying the difference before the transaction can be completed. The buyer will usually obtain possession of their new home after their lender has funded their loan and the seller’s mortgage is paid off.

Buying or selling a home can be a stressful, but very exciting time in your life. Understanding the process from start to finish can help alleviate some of the anxiety of the transaction. Having a licensed real estate professional in your corner is the key to a smooth transaction.

Maximizing Curb Appeal on you Southlake home

Editor — Tue, 25 May 2010 03:46:30 +0000

With the school year ending soon, many Southlake TX homes are for sale on the local MLS. An area known for its exemplary schools, many Southlake families postpone their moving plans until the end of school. With the current increase of homes available for sale in the Southlake, home seller’s need to make their home stand out above the rest of the competition in order to accomplish a quick and profitable sale. Not only does good curb appeal enhance your first impression of a home, it can also add value to your Southlake home. Below are just a few ideas of how to help your Southlake home stand out and potentially add value to your home.
Fresh exterior paint is one of the most common suggestions that your real estate professional will suggest to improve the overall appearance of your home. Many home sellers may paint the interior of their home and neglect to paint its exterior. Giving your home a fresh coat of paint shows pride in ownership of your home and can have a positive effect on your home appraisal. Make sure, however, to keep your choice of paint colors consistent with your neighborhood. It is best to stick with neutral colors that are complimentary to your brick or roof color.
If you already have newer paint on your home, you may want to consider pressure washing your house. This helps to clean away and mold or mildew that may be on the brick or trim of your house. It also helps to clean away cobwebs and other dirt and grime that come from the elements. Keeping the exterior of your home neat and clean is just as important and keeping the inside clean and in showing condition. It’s just another sign that you have pride in your home and prospective home buyers will take notice!
Another area that is noticeable and may affect a buyer’s impression of your home is your roof. Many homes in Southlake TX have large mature trees, which may cause damage to your roof if they are not trimmed properly. Excessive leaves and tree limbs can build up on your roof if not frequently cleaned off or kept trimmed. Tree limbs can cause damage to shingles or gutters and may cause roof leaks which lead to other potential problems. Keeping your roof free of limbs and debris can help enhance your curb appeal and may prevent damage. Adding small amounts of color, whether it’s a bed of annuals or a bright colored chair or bench to your front porch or yard can attract the eyes of a prospective buyer. While this won’t add value to your home, it may attract attention to your home, which may help it to sell faster than the next home. Many people consider painting their front door a bold color, such as red or black. This bold color choice draws the eye to the entry of the home. Accentuating the entry to a home with color, whether it is paint, flowers or other architectural design makes a home more welcoming, adding to its appeal.
With the increasing competition with home sellers in the Southlake area, making your home shine and stand out above the others should be a priority. Taking the time and making the effort to enhance your curb appeal will ultimately result in a quicker sale and potentially a higher sales price!

Getting the Biggest Bang for your Buck when selling your Southlake home

Editor — Tue, 11 May 2010 20:52:31 +0000

Summer’s right around the corner and many Southlake TX home owners are preparing their homes for sale. Home to some of the best public schools in the area, Southlake is home to many families with high school aged children that are preparing to leave home for college. The need for large homes and yards may not be necessary for these future empty nesters, which has prompted an increase in homes for sale in the Southlake area.
Whether you are moving due to a job change or relocation, or if you are looking to downsize to a home more suited to a smaller family, there are changes you can make to your home that will make it stand out among the rest and also add value. Making the right choice on what updates or projects to do can affect the potential sale of your property. With most remodeling projects, the cost of the project is usually not completely recovered on the sale of your home, but some projects in particular add more value to the home than others. Being aware of what you do to your house and what potential effect it has on the future sale of your home should be factored into your remodeling decisions.
If you plan to live in your home for a long period of time, making smart choices now will pay off in the long run. Make sure to take in consideration a future potential buyer of your home when making costly improvements or investments into your home. What may be of value to you may not be typical to your neighborhood and may not add value to your home.
Remodeling dated kitchens and baths are a good place to start. The kitchen in most homes is a gathering place for the family and friends. Having a kitchen that is both aesthetically pleasing and functional is appealing to potential buyers. High end and energy efficient appliances are a must. Solid surface countertops like granite, marble, Corian or Silestone are typical in many Southlake homes. Custom cabinets made of cherry or maple with black or stainless steel appliances are also popular with many buyers. As for bathroom updates, steam showers and jetted tubs are popular. The bathroom is more like a spa, a haven for relaxation after a hard day at the office. Updated bathrooms and kitchens can add a considerable amount of value to your home.
If you are limited on a budget, a fresh coat of paint can do wonders for your home. Try to stick to neutral colors, but not necessarily all white and beige tones. Some color is okay and can be pleasing to buyers. Wood or laminate flooring is popular in living areas and adds a clean, natural touch to a home. It is also a good alternative to carpet, especially for allergy sufferers.
You hear the importance of “curb appeal”, which applies not only to the structural design and exterior of your home, but the lawn and landscaping. A well manicured lawn with a variety of shrubs, flowers and other landscaping features can help to attract buyers to your home. Planting native flowers and shrubs can help can be less costly and lower maintenance.
If you don’t have the budget to do major renovations or updates, it is most important that you fix anything that is broken in your home. A potential buyer will find these problems during their home inspection and this can cause you to lose money on the sale of your home. A small problem can become a major one if not tended to in a timely manner.

Making your move to Southlake TX more affordable

Editor — Mon, 11 Jan 2010 04:56:23 +0000

Recent changes and the extension of the federal tax credit for first time home buyers and current homeowners are providing some advantages to people interested in moving to Southlake and the surrounding areas. Based on recent sales data in the last six months, the average sales price of a house in Southlake TX was 582,000 dollars, well above the surrounding areas. With the income requirements necessary for the purchase of a home at this price, many prospective buyers were unable to take advantage of the federal tax credit.
In order to qualify for the tax credit, the closing of the home must be completed by June 30, 2010. The property must be under contract no later than April 30, 2010, which allows the necessary time period for loan and title work to be completed. The income requirements have also been increased to $125,000 for single tax filers and $225,000 for joint tax filers. Single tax filers with income above $125,000 but below $145,000 and joint filers with income above $225,000 but below $245,000 are eligible for partial credit. First time home buyers that meet these income requirements and that have not owned a home in the past 3 years are eligible for up to $8000 tax credit on the purchase of their home.
Besides income caps being increased, there are new credits available to current homeowners that have owned and occupied a primary residence for a period of 5 consecutive years during the last 8 years. The tax credit available to these qualified buyers is up to $6500. The maximum purchase price of the home may not exceed $800,000, which may help with the cost of their new home. The home buyer must live in the newly purchase home at least 3 years to avoid repayment of the credit. Members of the military, however, do not have to repay the credit if they are unable to use it due to extended duty. Active duty military stationed overseas have an additional year, up until April 30, 2011, to have a signed contract of purchase.
With the increase in income requirements and availability to current home owners, the federal tax credit makes buying your new Southlake home more affordable and provides more opportunities for current homeowners looking to move.

My Keller TX home has a contract. What can go wrong?

Editor — Tue, 10 Nov 2009 03:22:09 +0000

Tarrant County home sellers are beginning to see signs of life in the current North Texas real estate market. Although the state of Texas has not been affected quite like many other states, many home sellers are seeing some movement in existing homes sales. Keller is a growing area in Tarrant County, where affordable new and existing homes are available for sale. Keller TX has homes in just about any price range. Although the housing market is showing signs of recovery, individuals that are selling their homes need to be prepared for possible problems that may arise after receiving a signed contract.

You, the seller, have listed your home, made all the necessary preparations and repairs to expedite the sale of your home. You receive an offer from an interested party to purchase your home. Within the language of the sales contract, the buyer has options to be released from the agreement. The buyer can negotiate an option period, which is an agreed upon time in exchange for a nominal fee, where the buyer can back out of the contract for any reason. This is usually the time a buyer will have home inspections performed and negotiate repairs. The buyer may also find another home or just change their mind and only forfeit their option money as long as the termination of contract occurs during the option period. The buyer may request that the seller make repairs to the home and that the contract is subject to the completion of these repairs. This may be too costly for the seller, and then the buyer may move on to another home.

Unless a buyer is paying for the purchase of a home with cash, the buyer must have the ability to obtain financing for your home. Home sellers should always request a letter of prequalification from a lending institution before accepting any offer on their home. Your Realtor will usually request this from the agent representing the buyer when the contract is submitted. Although a buyer may be prequalified, this does not guarantee that the buyer will actually be able to obtain financing. Employment changes, changes in monthly obligations, and increases in interest rates can all affect a buyer’s ability to obtain financing. Even if the buyer is able to qualify for a loan, the property being purchased must appraise for at least the sales price. The appraisal is for the bank’s protection against default and if the property appraises for less than the sales price, the seller may have to adjust the sales price or the buyer would have to pay cash for the difference, if permitted by the lender.

Occasionally, problems with the title of a property can cause delays or bring an entire transaction to a stop. Liens on the property for any number of reasons can be discovered and must be cleared before the transfer of ownership can occur. There may be easements or encroachments on the property that could affect the value or quality of life of the owners. Title issues must be resolved before a loan can close.

Being familiar with what can prevent a home sale is very important to home sellers. It pays to be flexible in today’s market and be prepared on how to proceed if faced with any of these situations.

Don’t Miss the Deadline for the First Time Homebuyer Tax Credit

Editor — Tue, 06 Oct 2009 04:44:47 +0000

Time is running out for Keller TX home buyers and Grapevine TX home buyers to take advantage of the first time homebuyer tax credit. This tax credit, which is applied to your 2009 tax return, expires on November 30, 2009. This means that you must close on your property by this date in order to qualify for the tax credit. Great deals are available on Keller TX homes and on Grapevine TX homes that would be even greater with a little help with this tax credit. If you are waiting to see if the tax credit will be extended, you may miss out if it is not. With the average time of 45 days from having a contract signed until closing on the property, now is the time to make your move.

If you are single and have a modified adjusted gross income of $75,000 or less, and have never owned a home or haven’t owned one in the last three years, you will be eligible for the full tax credit on any home priced $80,000 or above. If you are single and your income is between $75,001 and $95,000, you may still be eligible for an adjusted amount based on your actual income. If you are married and your combined income is less than $150,000, you may be eligible for the full credit. Likewise, if your income is between $150,001 and $170,000, you may still be eligible for an adjusted amount. As previously mentioned, this must be your first home purchase or you must not have owned a home in the last three years. The home must be your primary residence.

For those Tarrant County home buyers that are ready to begin their search and try to take advantage of this tax credit, you would be well served to team up with an experienced Realtor@ that can facilitate the process of closing in a short amount of time. Your real estate professional can provide you with information about mortgage lenders and title companies. Getting prequalified for a home loan is essential and is required in many circumstances to make an offer on a home. If you are buying a foreclosed property, the bank that owns the property may require you to be qualified by their home mortgage consultants before considering any offers on their properties. Many times the bank that owns the foreclosed property will offer incentives to buyers that use them to finance their loan. This is another opportunity to save money and get a good deal on a home.

For more information on the first time homebuyer tax credit, please contact Dave or Betty Warden with Real Estate North Texas at 817-706-3291. We would be happy to assist you with your next home purchase.

Southlake Texas Living

Editor — Tue, 29 Sep 2009 18:34:28 +0000

Located in northeast Tarrant County, not far from the DFW International airport, is the progressive town of Southlake. Whether you are new to North Texas or a long time resident, Southlake has a lot to offer its residents. Beautiful homes, great shopping and dining, and excellent schools are just a few of the things that attract people to the area.

The majority of the city of Southlake is in the Carroll School District. In recent Texas Education Agency ratings, all of the Carroll schools received exemplary ratings. Carroll is the only school district in Tarrant County in which every school in the district received exemplary ratings. Along with its academic excellence, Carroll schools are known for their athletic programs as well. The Carroll school district has state of the art resources for their students and athletic facilities that are comparable to some professional facilities. Parental involvement with their children is the norm, which helps contribute to the academic and athletic excellence which is prevalent throughout the community. There is a strong sense of unity among the residents of Southlake.

The majority of homes in Southlake are single family residences, with a few townhouse neighborhood and limited two family units. There are currently no apartment complexes within the city limits, and just a few mobile homes. The median home price is slightly over $400,000. Although there are other areas that may be more affordable, many home buyers may settle for a less expensive home to have their children attend Carroll schools. In spite of recent declines in property values in many areas, Southlake has not experienced the significant losses that other cities in Tarrant County and surrounding areas have had. Property values have remained relatively stable throughout this economic crisis. The number of foreclosures is significantly less than in neighboring cities as well.

Southlake Town Center in the heart of the city has many upscale boutiques and shops, great dining and entertainment, and is the location for the annual arts festival and other holiday festivities. City hall and the public library are also located in the town center. It is a great place to spend the afternoon window shopping or catching a nice dinner or movie. Located about 10 minutes from DFW International airport, it is a great place to spend a long layover between flights.

Part of the city of Southlake borders on Grapevine Lake. Camping, water sports and a marina are all just a short distance from many of the residents. City parks such as Bob Jones Park have trails, playgrounds, fishing areas, soccer and baseball fields, and a nature center, all frequented by many of the residents. Family, school, and sports are all the cornerstone of what makes Southlake such a great place to live.

For more information about life in Southlake Texas or about Southlake Texas homes, please contact Dave or Betty Warden at 817-706-3291.

How much can I afford?

Editor — Thu, 24 Sep 2009 06:12:59 +0000

You’re a buyer, and you’re interested in homes in Southlake TX, Grapevine TX, or Keller TX because of their central location and great schools. You’ve reviewed your credit score and are ready to begin searching for your home. Before you even look at any homes, buyers should first consult a mortgage company to make sure what they can afford to buy. You look at that beautiful Southlake estate or charming home in Grapevine and you’re heart is set on a particular home. Although most people have a general idea of what they can afford, understanding the process of how a lender determines what you can qualify for may be less than you believe you can afford.

All lenders analyze two different ratios when reviewing a loan application. The first is called the front ratio and it is the principal, interest, taxes and insurance on a property. For a conventional loan, the maximum limit is approximately 28% of the borrower’s gross monthly income. FHA loans have a slightly higher front end ratio of about 31%. The other ratio, the back ratio, is the borrower’s other monthly obligations, like child support, car payments, credit card payments, or any other loan payments are added to the principal, interest, taxes and insurance. On a conventional loan, the back ratio is limited to about 36% of the borrower’s gross income. FHA has a higher back ratio of about 43%. FHA has a minimum 3.5% down payment, which will require the borrower to pay for mortgage insurance. Conventional loans require at least 5% down payment, and require mortgage insurance if the down payment is less than 20% of the loan.

Even if you have sufficient income to qualify for a home, you’re debts and monthly obligations may prevent you from doing so. For those people that are paying off credit card debt, it is best to payoff small balances first, then, work on paying off larger balances. Make sure you make your payments before their due date. Late payments will affect your credit score, which will also limit the type and amount of loan you will qualify for. Keeping your debts to a minimum will help buyers to maximize their buying potential. Lower credit scores may require a higher down payment than those with credit scores over 700.

Even though a lender will tell you that you are financially capable of qualifying for a loan, please make sure to consider that after you move into your home, you may need to buy things like appliances, furniture, or maybe even a new car. You may be able to barely qualify for a particular amount with no debts, but if you anticipate future monthly payments in addition to your new home, be sure to consider these when you make your decision on which home to buy. Also, take into consideration that property taxes may raise in the future, especially if you are purchasing a new home. The first year in a new home, your property taxes are based on unimproved land. The next year, you will have to pay the taxes for improved property, which may result in an increase in your monthly payment. Be sure to consult your Realtor about the possibility of this occurring.

Home ownership is a great experience. For more information about buying or selling a home, please contact Dave or Betty Warden at 817-706-3291.

Getting Ready to Sell

Editor — Fri, 18 Sep 2009 07:05:21 +0000

The time has come to sell your Keller TX home. There is a lot of competition in Keller, with new construction in most price ranges still available for buyers. Making sure your home is in top shape is critical for a successful sale. To make your home more appealing to the competition, there are several things that home seller’s can do to attract as many prospective buyers as possible.

Make sure your home has good curb appeal. The first impression of your home is the one that is formed when a potential buyer arrives in front of your home. Keep your grass watered and mowed, your shrubs trimmed, and it’s best to have plants and trees that are native to your area. Native shrubs and plants are easier to maintain and may be a good selling point to a prospective buyer that is looking for a nice but low maintenance yard. If possible, make sure the exterior paint on your home is in good condition. If the paint on your home is showing signs of age, it might be a good idea to invest in a new paint job. Replace any rotting wood trim on your house, as it will be noticed during a home inspection. Many buyers will not even look inside your home if the exterior is not in acceptable condition.

Becoming familiar with your competition is also important to a successful sale. If other homes in your neighborhood are for sale, ask your Realtor to either take you to preview the properties or to preview them for you and report their condition, updates, and other selling points that they have. Knowing what other homes in your neighborhood have to offer will provide you with important information that will be used in pricing and marketing your home. If you live in an area where all the comparable homes have granite countertops and updated appliances and your house does not, you may have to decide to price your home less than the comparables or make the updates. The reverse situation is also true where you may have put granite countertops or high end appliances in your home, but the comparable properties in you neighborhood are more basic. You may not be able to recoup the cost of your updates, but it may help your home to sell faster than the competition. Be careful that any updates or additions you make to your home are appropriate with the market value in your area.

Besides making sure your home is clean and clutter free, it may be a good time to fix those items like broken light fixtures and leaky or dripping faucets that are sure to be addressed during the buyer’s home inspection. If you know that something in your home is not working properly, if possible, try to make repairs that may affect the sale of your home. Even little problems can become big problems, and most buyers want homes that are ready for move in and essential repair free.

If a home seller makes the proper preparations, the time their home is on the market will be greatly reduced than one that reacts to comments from prospective buyers and their agents. In today’s market, home seller’s need every possible advantage over their competition in order to procure a successful sale in the shortest possible time.