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Dallas-Fort Worth Real Estate and Homes

Make Offer on House

Thinking of Making an Offer? 4 Tips for Success


So you’ve been searching for that perfect house to call a ‘home,’ and you finally found one! The price is right, and in such a competitive market that you want to make sure you make a good offer so that you can guarantee your dream of making this house yours comes true!

Freddie Mac covered “4 Tips for Making an Offer” in their latest Executive Perspective. Here are the 4 Tips they covered along with some additional information for your consideration:

1. Understand How Much You Can Afford

“While it's not nearly as fun as house hunting, fully understanding your finances is critical in making an offer.”
This ‘tip’ or ‘step’ really should take place before you start your home search process.

As

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Home Buyer Demand Outpacing Supply

Buyer Demand Is Outpacing the Supply of Homes for Sale

The price of any item is determined by the supply of that item, as well as the market demand. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.

Their latest edition sheds some light on the relationship between Seller Traffic (supply) and Buyer Traffic (demand).

Buyer Demand

The map below was created after asking the question: “How would you rate buyer traffic in your area?”

Home Buyer Traffic

 

The darker the blue, the stronger the demand for homes in that area. Only six states had a weak demand level.

Seller Supply

The Index also

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The Impact of Homeownership on Educational Achievement
The Impact of Homeownership on Educational Achievement

The National Association of Realtors recently released a study titled 'Social Benefits of Homeownership and Stable Housing.’ The study confirmed a long-standing belief of most Americans:

“Owning a home embodies the promise of individual autonomy and is the aspiration of most American households. Homeownership allows households to accumulate wealth and social status, and is the basis for a number of positive social, economic, family and civic outcomes.”

Today, we want to cover the section of the report that quoted several studies concentrating on the impact homeownership has on educational achievement. Here are some of the major findings on this issue revealed in the report:

  • The
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Lack of Homes for Sale Slowing Down the Housing Market

Lack of Homes for Sale Slowing Down the Housing Market

The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up. Home sales are up. Distressed sales (foreclosures and short sales) have fallen dramatically. It seems that 2017 will be the year that the housing market races forward again.

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the winter, supply is not keeping up.

Here are the thoughts of a few industry experts on the subject:

National Association of Realtors:  “Total housing inventory at the end of December dropped 10.8%...which is

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Buyers Prefer New Homes in Keller

41% of Americans Would Prefer to Build Their Home


A recent study by Harris Poll revealed that, for the same price, forty one percent of Americans would prefer to buy a newly built home instead of an existing home. Twenty one percent prefer an existing home while thirty eight percent didn’t have a preference.

However, those desiring a new home may not be prepared to ante-up the difference in price. Only forty six percent of those who strongly prefer a new home are willing to pay at least 20 percent extra* to purchase a new home versus a comparable existing home.

*Trulia estimates “that new homes built in 2013 or 2014 are typically priced 20 percent higher than older homes of a similar size and location.”

Why Keller Home Buyers Prefer Preowned Homes

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Thinking of Seller Keller TX home?

Thinking of Selling? Why Now is the Time

It is common knowledge that a large number of homes sell during the spring-buying season. For that reason, many homeowners hold off on putting their homes on the market until then. The question is whether or not that will be a good strategy this year.

The other listings that do come out in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market in the spring, as compared to the rest of the year? The National Association of Realtors (NAR) recently revealed the months in which most people listed their homes for sale in 2016. Here is a graphic showing the results:

Most popular months to sell your Keller TX home

The three months in the second quarter of the year (represented in red) are

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Tips for selling your home

Highlights:

  • When listing your house for sale your top goal will be to get the home sold for the best price possible!
  • There are many small projects that you can do to ensure this happens!
  • Your real estate agent will have a list of specific suggestions for getting your house ready for market and is a great resource for finding local contractors who can help!
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Baby-Boomers-Buy-New-Homes

Top 3 Things Second-Wave Baby Boomers Look for in a Home

According to data from the U.S Census bureau, there are approximately 76.4 million baby boomers living in the United States today. Contrary to what many think, there are very different segments within this generation, and one piece that sets them apart are their housing needs.

John McManus, editorial director of Hanley Wood’s Residential Group says his company “is focusing on the preferences of the younger half, or second-wave baby boomers, as they exhibit different needs than the older boomers.”

What are ‘second-wave baby boomers’ looking for?

McManus says, “They are seeking a fun, dynamic lifestyle with a home that can also adjust to their changing needs in the future. Living space

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Will Housing Affordability Be A Challenge in 2017

Will Housing Affordability Be a Challenge in 2017?

Thursday January 19th, 2017 First Time Home Buyers, For Buyers, Housing Market Updates, Move-Up Buyers
Some industry experts are saying that the housing market may be heading for a slowdown in 2017 based on rising home prices and a jump in mortgage interest rates. One of the data points they use is the Housing Affordability Index, as reported by the National Association of Realtors (NAR).

Here is how NAR defines the index:

The Housing Affordability Index measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national level based on the most recent price and income data.”


Basically, a value of 100 means a family earning the median

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FHA Reducing Mortgage Insurance Premiums

FHA Reduces Mortgage Insurance Premiums (MIP)

Starting January 27, 2017, mortgage insurance premiums (MIP) on most FHA-backed loans will be lowered by 25 basis points.  This means that borrowers who close on an FHA mortgage on or after January 27th will pay 0.25% less for the MIP. 

With this reduction in MIP cost, more homebuyers should be able to take advantage of pursuing an FHA loan to achieve their dream of homeownership.  According to HUD, FHA’s lower premium rates are projected to save new FHA-insured homeowners an average of $500 this year.

Bottom Line

If you're not sure what type of loan may be best for you, give me a shout.  I'm happy to walk you through "Mortgage 101" so you'll have enough information to make the choice that's

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