DFW Real Estate

No down payment mortgages have taken much of the blame for the mortgage market meltdown and the downfall of the housing market. It seemed that the only houses that were selling were being sold to those We Buy Ugly Houses companies. Even so, many lenders are tipping their toes back into the zero down market. Before the great recession zero down mortgages were common place, particularly for first time buyers and for military veterans under the VA mortgage program. Back in the day it seemed that anybody with a pulse could get mortgage financing. Many believe that these relaxed lending standards played a big role in the housing crash and the on slot of DFW Foreclosures. Lenders responded by tightening qualification criteria to the point that even the National Association of Realtors (NAR) warned that the housing recovery would be hindered by these overly tight lending conditions.

These days, while not widespread, zero down mortgages are popping up in various cities with some credit unions claiming success in their zero down payment programs. What are the lending conditions under which a lender may offer a zero down mortgage? One of the largest credit unions in the country offers a zero down mortgage with no mortgage insurance and allows for seller paid concessions. Their average mortgage is around $235,000 and targets first time buyers. This credit union and others like it keep these mortgages in their own portfolio and servicing them there selves. Qualification criteria for these mortgages include membership in the credit union, sufficient income and cash reserves, and a good credit rating. If you are in the military or served in the military in the past you have the option of using a zero down payment VA insured mortgage. Generally, VA loans have the same qualifying guidelines as FHA insured mortgages. As the real estate and mortgage markets improve we will see new zero down and low down payment programs being offer to home buyers.

Dallas Real Estate

According to data published by the MetroTex Association of Realtors the median single family home price sold through the MLS reached a record high of $176,000 last month. DFW real estate prices are about 10% higher than they were at the peak of the market before the great recession. The biggest challenge we see in the real estate market today is the lack of available homes for sale. This is causing bidding wars in many local markets presenting its own set of challenges. What about all the Dallas foreclosures that lined our streets not to long ago? Foreclosures throughout the DFW Metroplex have fallen about 28% from their peak and are expected to hold steady for the remained of 2013.

What to do: If you are a seller and need to sell this is a great market to sell into. If you present your house nicely and price it properly you can almost count on a quick sale. If you are a buyer, pickings are slim, but with rising home prices and rising interest rates they time to buy a home is now. Get representation from a professional Realtor, get to the home first, and put it your highest and best offer up front.

Spring is in the air as the trees green up and the flowers begin to blossom. For many home buyers Spring is the time they begin to drive their favorite neighborhoods, visit open houses and get serious about searching for a home online. If this describes you, well you better hold on tight because you are about to take a wild ride.

Housing inventory throughout much of the DFW Metroplex is very low and as all the Springtime buyers come into the market chasing this dwindling supply of home more and more home buyers will find themselves face-to-face in all out bidding wars. Dallas foreclosures, HUD and VA foreclosures and regular homes are being snapped up almost as fast as they are hitting the market. This type of activity will surely drive up housing prices and make it difficult for buyers to get their offers accepted. What can you do to give you the best chance of suuccess in buying a home? Heed these tips.

• First and foremost, get a professional buyers agent on your side. They will scan the market daily, represent your interest and help ensure a smooth closing. Best of all their services cost you noting out of pocket, the seller pays their commission!
• When you agent finds a house that meets your criteria you must drop everything you are doing and go look at the house immediately.
• If you like the house have your agent write up an offer, attach your mortgage pre-approval letter to it and get it to the sellers agent right-a-way.
•  Make your highest and best offer the first time. Don’t assume the sellers are going to counter your offer especially if there are multiple offers on the table.

Doing all of these things will give you the best chance of owning the home. If another offer is accepted over yours get right back out there and find another home!

If you are thinking about selling your DFW home this spring, the #1 question I get asked is what should I do to get my home ready to sell. Many questions like, “should I redo the kitchen or should I replace the carpet”. There are many factors when deciding on what to do to your home before putting in on the market. The first thing as a seller is to spruce up your home’s curb appeal. Is the landscape done? Is the garden nicely groomed? Are the trees and bushes trimmed?

The outside of your home will determine if a potential buyer will want to see the inside. If a homeowner misses this vital curb appeal step they my find themselves forced to sell to one of those homebuyers companies or find their home listed on a foreclosures list.

If you have a limited budget, start with general repairs. Make sure everything works and the household is clean. Depending on the condition of your house, decide right away if you are going to fix things or list the home at a lesser price to allow the buyer to do their own home improvements.
Often, if you can do a few repairs yourself or pay a handyman to do them and you would be surprised at how much more money you will get for the sale of your home. The next cheapest and easiest thing to do is paint. You can really change the appearance of a room with fresh coat of paint.

Another thing you can do is  to de-clutter your home and put away all your personal effects like family photos and personal items. Once your home is clean and de-cluttered, you will notice immediately that the home feels bigger and it did not cost much to do. If you find you have a larger budget, the next place to spend money would be on the kitchen and bathrooms. Once your home is on the market, remember that the home is no longer yours, it is just a house that you are trying to sell. When you change your thinking from home to house it is easier for you to know what changes need to be made.

It doesn’t matter if the real estate market is good or bad these tips to sell your DFW home apply.

DFW Real Estate

Hire an experienced aggressive Realtor:  Listing agents aren’t created equal.  To find the agent that will get you the highest amount of money in the shortest amount of time research the market and get referrals from neighbors before making a hiring decision.

Price your home aggressively from the very start: This is the single most important decision you will make when it comes to selling any DFW real estate. List too high you risk turning off every buyer and agent in your marketplace. List too low and you may leave money on the table.  You only have of having the excitement of being a new listing. Don’t waste this opportunity.

Get good curb appeal and stage your home: To get potential buyers emotionally invested in your home you have to make it look and feel like it can be their home.  Do all the things to the home that you know you need to do before you put it on the market. You don’t want your home to look like one of the many Dallas foreclosures.

Offer home buyer incentives: To encourage buyers to make an offer give them an incentive like buying down their interest rate, paying for some of their closing cost or provide a credit for upgrades. You can also offer them prepaid incentives like covering their internet, security, HOA fees or yard maintenance for a year.

Almost everyone has noticed the almost daily spike in gas prices over the last few weeks. Some say this is due the supply and demand of oil, some say inflation and some say politics. The reason isn’t important since we don’t have control over the price of gas. We all feel the pinch of higher gas prices in our daily lives, in our daily commutes, in the prices of the clothing and food we buy, just about everything in our lives. Will all of this cause a spike in Dallas foreclosures? The answer may surprise you.

Generally speaking the rise in consumer prices will cause a short term spike in foreclosures but this will be the case for homeowner who were most likely already having trouble making their mortgage payments.  The DFW real estate market is one of the most resilient in the country, has a strong jobs market and is growing at a fast rate. In the long run we will see less and less foreclosed homes on the market and an acceleration of  appreciation.  If gas prices continue to rise we will see people spending less on discretionary items. With interest rates still at historic lows people are beginning to realize that owning their own home is not only security but it is also and investment in their future.

The real estate market in Dallas is being anticipated to witness some changes in 2013. The house prices may again increase across the state of Texas and this will definitely affect the Dallas real estate market. Market experts are also expecting changes in the mortgage sector. The real estate market prices of Dallas were a stable gainer in the previous years. The increase in value was almost 9% to 10%. This steady rise in housing prices is expected to continue even in this new year.

The increasing demand and the changing economic condition are reigning over the state at this time and this according to experts is the key reason behind this price hike. The Dallas-area enlargement may also get a bit of higher. All these events may leave an impact on mortgage market too. The opportunities of mortgage modification may get adjusted.

The rise in interest rates may slow down the mortgage business. The refinance activity may also get the hit. Records show that the local house inventory levels are very low since 2000. This inclination may continue in 2013 also as the price range in the north Texas could grow more. According to the eminent economist Dr. James Gaines, if the inventory shows no sign of improvement, then the price hike may touch unbelievable heights. So, definitely this may turn out to be the most profitable time for them who desire to sell their houses.

If the supply of homes remains tight in the market, then the price may rise even higher. Quite obviously, this will affect the mortgage market too. The mortgage rates are also anticipated to maintain a low key during the first half of 2013. As reported by Freddie Mac, the second half of this year may see slight increase in the rates. The increase will not be that much effective though.

There is still hope according to market analysts. Continued construction works, the growth in home value and increased home sales may herald some changes in the mortgage market. The housing prices are expected to grow up by 3% and consequently the property values will be strengthened. With the increase of households, the statistic is also expected to be modified to 1.25 million.

As per the real estate agents, the one reason for which the potential home sellers of North Texas including Dallas may prepare to take the initial step is the availability of little properties. According to the investors the laws of supply and demand may be applied here, but many experts even deny this. Chuck Dannis, the famous Dallas real estate appraiser claims that these issues are directly influenced by inflation, rather than the laws of supply and demand.

According to Dannis, home appraisers may not like to sign off on huge increase of price unless it’s supported with dependable data from the closed home sales. Well, lenders are very much conservative about the appraisals and this may leave some impact. The increased home prices can be cushioned by considerably low mortgage rates. Mortgage modification will also be affected due to lower mortgage rates.

The real estate market trends are changeable and the trends that are experienced today can be changed any moment in near future. This is just the beginning of 2013 and a lot of facts are yet to be covered. There are full chances of various changes in the real estate and mortgage market in next few months. When mortgage interest rates are not expected to jump up more than 6%, there is still a chance of recovery. So, it’s better to keep a vigilant check on the fast changing trends and consider investment accordingly.

Rikk is a Community Member of mortgagefit.com and has been contributing his suggestions to the Community since 2011. He has also made notable contributions through various articles written on different subjects related to the mortgage
industry.

About 1 in 6 Americans move each year according to the US Census Bureau. There are several reasons, but primarily it’s for a job.  Can you remember why you chose the location you live in now?

Would you want to stay nearby?  How do you decide? The DFW real estate market area is such a big area and it’s very easy to expand your search while looking online.  But, have you stopped to consider how long it will take you to commute to work? DFW made the top 10 list for worst traffic.

When you start your home search, factor in places you like to frequent. Is the neighborhood you are looking have easy access to main roads and freeways? Nothing is worse than having to drive in traffic and then sit through several red lights to get home. The Plano real estate market gives easy access to commuter routes and because of this home prices here are generally higher.

The 3 things to consider when purchasing in DFW is location, utilities, and city ordinances. Location is the most important decision you have to make when purchasing. Secondly, what utility services are offered at the home? Don’t assume! Do you telecommute to work? Wouldn’t it be a bummer if you found out the only internet connection you can get is dialup? True story, our friends bought a beautiful house and as they were connecting their services they found out there was no internet or cable TV. Lastly, are their restrictions in your city when it comes to rentals? Make sure you are not buying in a city that tax landlords.

Don’t get caught up in price and amenities of a house without making sure you consider location, utilities, and city ordinances. Your dream home may not be so desirable without cable tv or internet.

The DFW real estate market has start off the year with a bang and the real estate market is a buzz. Here are some trends to keep an eye on in 2013.

• Stylish Bathrooms and Kitchens:  This has always be a stable in the DFW real estate market but in 2013 but we will see a middle ground between traditional and contemporary.
• Water and Energy Efficiency: Many people these days not only want to save money on their utility cost they are conscious of their environment.
• Outdoor Living: This is a trend that started a few years ago and is inspiring many to think beyond their terraces and decks.  These spaces feel more like and function like and indoor room.
• Frenzy With Media: Still reeling from the sting of the great recession and a glut of Dallas foreclosures many remain home for “staycations”. Rooms are devoted to big screen TV’s and other multimedia entertaining.
• Smarter and Less Costly Controls: As life gets busier and busier and the cost of automation comes down many are opting for home controls like temperature, electronics, security, lighting and more.

Reggardless of what the real estate market is doing the best advice for home owners is to make their design decisions based on their wallets and hearts rather than the hype of keeping up with the Jones’s.

We Buy Houses

Even with the DFW real estate market performing in the top regions in the county there are a ton of home owners who are either “upside down” on their mortgages, meaning, they owe more on their homes than they are worth. And there are many more that have little or no equity in their homes prohibiting them selling by traditional means. This is because they don’t have the money to bring to closing to pay standard closing cost and commissions.

These home owners only have a few options. They can stay in their home, if possible.  They can rent their home to tenants and join the wonderful world of landholding. They can walk away from their home or they can sell to a We Buy Houses companies. These types of companies are generally known for buying ugly house for cash, repairing them and selling them for a profit.

In these days of little or no equity these companies have stepped up to help these home owners by giving them some cash to help them move and giving them debt relief. There are some inherent risk in these types of transactions but for many the benefits out weigh the risk.