North Texas Real Estate Blog

Keeping Cool in the Sizzling Southlake TX Summer

Editor — Tue, 06 Jul 2010 03:52:53 +0000

When you think of Texas summers most people automatically think of one thing – HOT! Keeping your Southlake home cool is not only a necessity to beat the heat, making energy efficient improvements can add significant value to your home. Since many homes in the Southlake area are larger than average and many are two story homes, the cost of cooling and maintain them can be costly. By either following some simple tips to help save on energy costs or making improvements to your existing systems that pay off in the short and long term, Southlake home owners would do well to make these changes. These improvements will not only save money now, but add value to their home when they are ready to sell it.
Upgrading your heating and cooling system to a newer and more efficient unit is costly in the short term, but the money savings on heating and cooling bills can be significant. Newer air conditioning units are operate more efficiently, are better at controlling air temperature, and are better at removing humidity from your home. You may hear of 13 SEER or 15 SEER units. SEER stands for seasonal energy efficiency rating. The higher the rating, the more efficient the unit operates. This does not necessarily mean that it will cool your home faster, but it will cost less to operate than a lower number SEER. Many home buyers are looking for homes that have at least a 13 SEER air conditioning unit. The savings on utility bills is significant compared to older units.
Another popular less costly way to save money on your cooling bills is by having a radiant barrier installed in your attic. While adding conventional insulation is important, radiant barriers help reflect the sun from the roof deck of your home. Keeping your attic temperature cooler will help keep the inside of your home cooler.
Replacing old single pane windows is a costly but great way to add value to your home and to save on heating and cooling bills. New double pane thermal windows are popular on newer homes and help to keep more air inside rather that out. Many homes have air leaks around windows, which lets hot or cold air into the house. Not only does this air get into the home, but also the cool air that your air conditioning unit is working so hard at producing is escaping. Considering window replacement can help you save money in the long run.
If you don’t want to spend a great deal of money but still want to keep your home cool and save money on your utility bills, here are a few tips you can use.
If you have ceiling fans in your home – use them. Keeping the air circulating throughout the house may keep you from setting your thermostat lower. Even with your fans on a low setting, your home will feel cooler and you won’t have to set your thermostat so low, which will help on your electric bill.
Keeping blinds or drapes closed, especially during the hottest parts of the day, can help you keep cool. Solar screens are also common and are especially good for homes that face either east or west. The evening Texas sun is brutal and any way to shade your living areas from it can help you to save on your cooling costs.
Not only are external factors costing you, but there are many internal sources of heat in all of our homes. Appliances, electronic devices and lighting are the most common sources of heat. If you are not using these devices, turn them off or unplug them. The heat emitted from them can cause your air conditioning unit to run more, especially if any of them are positioned near your thermostat. If they are, move them.
Whether you decide to make significant upgrades to your home or just make a few small changes in your home, saving money and keeping cool are important to surviving the Texas heat!

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!

April Real Estate Activity for Northeast Tarrant County

Editor — Wed, 19 May 2010 04:12:08 +0000

Northeast Tarrant County home sales are holding strong based on the April MLS sales report. Trophy Club TX had 70 percent more sales this April compared to April of 2009. Euless TX and Grapevine TX each had 39 percent more sales this April compared to April of last year. Other cities that had a significant increase in number of homes sold year over year are Southlake TX with a 34 percent increase, Colleyville TX with a 28 percent increase, and Saginaw TX with a 29 percent increase. With the exception of Roanoke TX, with a 22 percent decline in sales, all other cities in the Northeast Tarrant County area had improved April sales over April 2009.
The homebuyer’s tax credit may have helped to spur this increase in home sales, especially with the incentive that was available for current homeowners. Although the executed contract date for the federal tax credit has past, the increase in people buying homes is a positive sign for the local economy, and is encouraging for prospective home sellers in Northeast Tarrant County.
Along with the increase in number of sales in many of these cities, the majority of them also saw a decrease in average days on the market versus April 2009. Watauga TX led the group with a 25 percent decrease in average days on the market. Watauga homes averaged 50 days on the market in April considerably lower than most of the other cities. Trophy Club TX averaged 89 days on the market, with is 20 percent less than the previous year. Bedford TX, Colleyville TX, and Euless TX also saw double digit declines in the average days on the market.
While many of the cities in Northeast Tarrant County did experience slightly lower average sales prices year over year, Grapevine TX and Hurst TX had a 7 percent increase in average sales price. The greatest decrease in sales price was in Trophy Club TX, which was down 27 percent over last year may have contributed to the increase in sales this year.
Whether you are a buyer taking advantages of the great prices available on the market or a seller ready to list their home on the market, the trend in the Northeast Tarrant County market area is improving. Although the federal tax credit has expired, there are still buyers in the market and there are positive signs of economic recovery. If you would like more information about buying or selling a home, please contact us at 817-706-3291.

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.

Strong Home Sales in Northeast Tarrant County

Editor — Mon, 03 May 2010 05:42:59 +0000

With the homebuyer’s tax credits available to new and current homeowners, March 2010 real estate sales in Northeast Tarrant County are showing signs of improvement. Based on MLS activity reports for last month, Euless, TX, Saginaw, TX and Hurst, TX indicate an increase in number of sales, average sales price, and a lower average number of days on the market versus data from the previous year. Of all the Tarrant County cities reporting (except for Arlington and Mansfield/Kennedale), the average sales price of nine cities has increased year over year, with Grapevine, TX showing the greatest at 13% higher over the same period last year. The tax credits to homebuyers and the historically lower interest rates are helping to fuel this increase in home sales.
Hurst, TX had 14% more home sales this year than the previous year, had an 11% increase in average sales price, and had a 7% decline in average days on the market. The majority of the cities included in this MLS report averaged less than 100 days on the market, with the exception of Southlake, which averaged 130 days on the market. The increased availability of affordable housing in Northeast Tarrant County was very attractive to home buyers.
On the buyer side of Northeast Tarrant County home sales, the following cities saw a lower average sale price as compared to the previous year: Southlake, North Richland Hills, Trophy Club/Westlake and Colleyville. These cities are home to several exemplary schools and are close to local employers and city amenities.
This report is very encouraging to prospective home sellers that may be ready to sell their home in the near future. Although the government tax credits will be ending soon, the signs of improvement in the local real estate market are positive signs for the future value of homes in this area.

Changes in Real Estate Closing Statements

Editor — Tue, 26 Jan 2010 04:39:22 +0000

Efforts to improve the loan process of your next Southlake TX home have been made effective January 1, 2010, with the introduction of a revised version of the former Good Faith Estimate (GFE) provided to borrowers by their lender. The GFE is an estimate of the costs associated with buying your Southlake home, or wherever your next home may be. The new Good Faith Estimate statement is three pages long, with more detailed information explaining the fees that will be assessed at the closing of your home. Your Southlake TX lender or other local lender will provide this to you when you apply for your home loan. The new GFE is divided into three sections.
The first section provides important dates for you the purchaser. The number of days your interest rate quote is locked in is provided and the date that you must close on your home to avoid an increase in your interest rate. All prepayment penalties, balloon payments, or any possible interest rate increases that may occur during the life of the loan are disclosed in this section of the new GFE statement.
The next section is divided into three categories, all pertaining to which charges may be modified. This provides the borrower information about which charges may or may not be changed between the initial estimate and closing. The sections are: charges that cannot change between initial estimate and closing, charges that cannot increase more than 10 percent aggregate, and charges that may increase at closing. Examples of fees subject to a 10 percent aggregate increase include appraisals, title insurance, and government recording fees. Any one of these fees may increase more than 10 percent , but the sum total of them may not be more than 10 percent of the original estimate. Charges that may change at closing are daily interest and homeowners insurance premiums, which are subject to change if any change in the closing date is made.
The last section of the revised GFE has a section where the borrower can compare costs with up to four other lenders. This provides the opportunity for the borrower to compare their lender with its competitors. These estimates provided by the competition must be made available for up to 10 business days after the inquiry. However, the interest rates are subject to change and are not guaranteed unless and until they are locked in by the lender.
With the new GFE statements, borrowers will be able to make more informed decisions about the cost of financing and hopefully help avoid hidden charges and surprises at the closing table. For more information about the new Good Faith Estimate statement, please contact your local home mortgage consultant.

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.

My Home is not selling …What do I do now?

Editor — Tue, 03 Nov 2009 03:21:12 +0000

Your Grapevine TX or Southlake TX home is on the market. Both Grapevine and Southlake are very desirable places to live. You have told your Realtor what you want you want to make from the sale of your home. Your agent has provided you with a market analysis of homes that have sold in your Grapevine or Southlake neighborhood. You feel that your home is as nice or better than others that have sold in your area in the last 6 months and would like to start out at a particular price.

The agent lists your home on the local MLS and markets your home. When your home is initially listed, this is the best time to attract prospective buyers to at least come visit your home. If your home is priced higher than others in your area that are comparable, a potential buyer may not view your property if they think it is priced too high. The longer your home sits on the market, the greater the possibility that buyers will think something is wrong with it. Many sellers ask their Realtor to test the waters and list at a price that may be more than their agent believes is in line with market prices. In the current real estate market, an overpriced listing will probably receive “lowball” offers, or none at all. Buyer’s that are represented by a real estate agent usually have a list of comparable properties in their search area and are familiar with property values. Pricing your home in line with your local market from the beginning of the listing process can help to sell your home faster and will probably save you money in the long run.

You may have your property priced properly in comparison to others in your neighborhood, but you have restricted access to your home by not using a lockbox or have extremely restrictive times that your home is available for showing. The lack of a lockbox on a property requires either the listing agent or the home owner to be available to show the property when a buyer is interested in seeing it. Your real estate agent may not always be available to show your property at a moment’s notice, or as a home owner, you may have to work, attend school, or other obligations that may restrict when prospective buyers can have access to your property. The use of an electronic lockbox is safe and it keeps a record of who has access to your property. This frees the home owner from waiting around to show their home or allows the real estate agent representing the buyer to assist their client with viewing the property. As for time restrictions, some are understandable, especially if there are small children in the home, and most people are understanding in these situations. Just be aware that buyers may have many properties to visit and a limited amount of time. If they are unable to see your home at the requested time, they may never see it.

If your price is right and you’ve made your home available for showings at reasonable hours and you still are not receiving the traffic or interest in your home, the reason could possibly be cosmetic repairs or maintenance that may cause buyers to lose interest. You may, for example, have a carpet allowance or other decorating allowance offered to prospective buyers. If this isn’t working, you may want to consider making the changes that may attract more interest. Some buyers want a home that is move- in ready, because if your home isn’t, there is probably another one that it. Do all that you can to present your home in the best position from the beginning of the listing process to increase your chances at a quick and successful sale.