Lower priced homes are selling, building momentum for all
Lower priced homes are selling, building momentum in all areas of the market. This is the snowball effect needed to move the market toward higher prices and more sales.[Read More]
Posted at 03:57PM Dec 09, 2011 by Jerry Van Pelt in Real Estate | Comments[0]
Wall Street Journal Says Buy Now
The Wall Street Journal says buying is better than leasing in the Dallas area.
This means it is a good time to buy an investment home and lease it out. We can manage the property for you.
It also means that if you are leasing, buying is better right now.
Here is the link to the Wall Street Journal article:
Posted at 10:32AM Oct 15, 2011 by Jerry Van Pelt in General | Comments[0]
20 best and worst home improvements for the buck
Forbes offers their opinion on what home improvements are worth the investment when you sell your home.
Posted at 03:57PM Jan 06, 2011 by Jerry Van Pelt in Real Estate | Comments[0]
New Year's Resolution: Create a home inventory for insurance
Before you have a fire or other crisis at your home, create a home inventory. While this may sound like a lot of work, why not use that new camcorder or even the video feature on your cell phone to make a video of everything you have. Then store it in a safe place outside the home ( a safe deposit box is perfect). More information below:
-
Create a Home Inventory for Insurance
Create a home inventory before disaster strikes to make filing an insurance claim a smoother process. Read
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
Posted at 10:42AM Dec 28, 2010 by Jerry Van Pelt in General | Comments[0]
USDA No Down Payment Loans
The USDA offers no down payment loand is what it considers rural areas. Some of the areas in the DFW area are hardly rural, but they qualify. This works for new or resale homes, but has income limits based on family size and area. Generally, the limit is about $75,000. Little Elm, Providence and Savannah developments qualify. I can help you with these areas for new or resale homes.
Contact me for more details.
Posted at 10:42AM Dec 21, 2010 by Jerry Van Pelt in Mortgages | Comments[0]
Stuck in Appraisal Hell - Work on this upfront
For many reasons you may find that the home you plan to purchase will not appraise for the value in the contract. If this happens, you may have to renegotiate the contract with the seller or bring a larger down payment. to avoid this situation, be careful to buy where there are many comparables available that are not foreclosures or short sales. This is fairly easy to do in the Dallas area.
Posted at 10:10AM Dec 15, 2010 by Jerry Van Pelt in Real Estate | Comments[0]
Inventory of Homes for sale up 82% in Collin County
A buyer's market trend continued in Collin County as the inventory of homes for sale was up 82% vs. November 2009 when the $8000 first time buyer rebate was still in place. This trend continues a buyers market in Collin County...Plano TX area. Trends can vary a lot by neighborhood. I can provide neighborhood reports for anyone interested in more information.
Posted at 10:25AM Dec 14, 2010 by Jerry Van Pelt in Real Estate | Comments[0]
Sales Results for November 2010
Sales results for November 2010 were down vs. last year, where the $8000 first time homebuyer tax credit was still in place. Many buyers were highly motivated at that time as the program was in jeopardy of being over. It was extended to April 2010.
Posted at 10:14AM Dec 14, 2010 by Jerry Van Pelt in Real Estate | Comments[0]
Real Estate Rebound Coming to Nothern Dallas Suburbs
Two weeks ago, we learned that apartments are at capacity and rents are rising. Today, a major parcel of land next to Stonebriar Mall in Frisco (Parkwood) was purchased for new apartments and retail. Also today, two unoccupied huge buildings (former ATT and Northern Telecomm tenants) in Telecom Corridor in Richardson were purchased with up to eight major tenants visiting wanting to lease space. Offices are full in most of the Northern suburbs, driving investors to purchase these buildings. Large offices in the Frisco and Plano areas are full, igniting demand for the Richardson properties.
Demand is there for apartments and office space and there is not much left. This should drive new construction, with the Parkwood purchase typical of what is coming.
These trends should then spark a rebound in residential real estate, with more jobs coming to our are
Posted at 09:42AM Dec 10, 2010 by Jerry Van Pelt in Real Estate | Comments[0]
Up To $8000 first time buyer rebate still available for active duty military
The first time buyer rebate expired for most of us last Spring. IT IS STILL AVAILABLE through April 30, 2011 for active duty military and some federal employees.
Here is the link to the IRS web site that has the details:
http://www.irs.gov/newsroom/article/0,,id=215594,00.html
Jerry Van Pelt
214-952-4500
Posted at 09:56AM Dec 08, 2010 by Jerry Van Pelt in Real Estate | Comments[0]
Get Ready for the Appraiser
There was a time when it was fairly routine for a loan officer to have a home appraised for the sale price in a real estate contract and have the loan approved in underwriting and off to closing. Times have changed. Appraisers and underwriters are under huge pressure to be sure that the price of the home does not exceed market value. Lawmakers are anxious to go back to these participants when loans go bad and give them some of the blame for a foreclosure.
To be more confident that the home you are selling or buying wil be appraised for the sale value, you can get an up-front appraisal when the home is listed. Real estate agents are not appraisers. They provide a market analysis that is a general guide but not official to loan officers.
Mortgage officers no longer can pick the appraiser. They come from a "pool" to assure more impartiality (per the government). This process can lead to an appraiser being assigned who is not used to working in the market where your home is located.
FHA loans are common for homes priced under $270,000 in the Dallas area. Their inspections can be more arduous than one for a conventional loan. The article below from the National Association of Realtors gets into the details and also covers special rules for condos.
The key to getting through appraisal without a problem is pricing the home properly when it is listed. This is not a cure all, but will help a lot.
-
Make Your House FHA-Loan Friendly
Know the basics of FHA loan rules and you stand a better chance of selling your house or condo. Read
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
Posted at 11:48AM Dec 07, 2010 by Jerry Van Pelt in Real Estate | Comments[0]
Foreclosures go unsold as first time buyers disappear
First time buyers are unlikely to continue to purchase foreclosures at the same rate as they did when there was a financial incentive for them to buy.
This group was the most active in buying foreclosures that were "move-in" ready. 43% of all homes in this catagory were purchased by first time buyers.
Thus, more foreclosures may sit waiting for a buyer and prices may continue to fall.
For more information:
http://campbellsurveys.com/REAgent1009/HousingTrendsUpdate_Oct10.pdf
Posted at 02:07PM Dec 03, 2010 by Jerry Van Pelt in Real Estate | Comments[0]
It Costs more to lease a home
I have a client who wants to lease a home with a pool in the Plano TX area, 3 br and 2 full baths for about $1200 per month. There are no listings at this price. About the best I could find was $1500 per month or so.
As an exercise, I searched for homes to buy buy for $145,000 with a pool and found several. With 3.5% down, a home would cost the client about $1100 per month for taxes, insurance and the loan payment or $400 less than the lease. There would also be a tax break for owning a home.
Not everyone can buy and some should not if they are only going to be in the home for a year or two.
Last, the Dallas Morning News reported today that rental prices are going up due to the demand for them after being flat for awhile.
Posted at 11:38AM Dec 03, 2010 by Jerry Van Pelt in Real Estate | Comments[0]
Don't Tell me what my house is worth
In a conversation witha suburban Phoenix resident, we discussed moving to Dallas. I asked him if he had an agent there to sell his house and he said no and he would not call one because he did not want to know what his house was worth. I guess this is a sign of the times.
Noone wants to sell for less, but everyone wants a rock bottom price when they buy (including myself).
If you sell low and buy low, you pretty much end up in the same place. If you wait for prices to go up, then you get more for your house but end up paying more for the next one.
Somehow this logic is lost on everyone, even with very low interest rates that are expected to go up soon.
So find out what your house is worth and what you will pay for the next one and see how it comes out. You should feel better.
Posted at 08:55PM Dec 01, 2010 by Jerry Van Pelt in Real Estate | Comments[0]
11 Steps to Buying a Home
Whether you are a first time buyer or someone who has not purchased in awhile, MetroTex, the local Realtor® association, offers a well written guide at no charge...from selecting a Realtor® to the final walk through.
http://www.dfwrealestate.com/buying_selling/buy
Please contact me with any questions, a request for listings or other assistance with real estate.
Jerry Van Pelt
Posted at 01:28PM Nov 30, 2010 by Jerry Van Pelt in Real Estate | Comments[0]
