According to the National Association of Realtors®, sales of existing homes showed another gain in May, benefiting from favorable affordability conditions and a first-time buyer tax credit. May’s increase was the first back-to-back monthly gain since September 2005.
“Historically low mortgage interest rates clearly drew buyers into the market and housing remains very affordable even with a recent up tick in rates,” said NAR Chief Economist Lawrence Yun, who expected the improvement. “First-time buyers also are being drawn off the sidelines by the $8,000 tax credit, which is helping to absorb inventory. However, the increase in sales is less than expected because poor appraisals are stalling transactions. Pending home sales indicated much stronger activity, but some contracts are falling through from faulty valuations that keep buyers from getting a loan.”
Total housing inventory at the end of May fell 3.5 percent to 3.80 million existing homes available for sale, which represents a 9.6-month supply at the current sales pace.
NAR President Charles McMillan agreed with Yun, adding that the first-time buyer tax credit should be expanded to all buyers of primary homes regardless of income.
The national average commitment rate for a 30-year, conventional, fixed-rate mortgage edged up to 4.86 percent in May from a record low 4.81 percent in April, according to Freddie Mac.
Lets hope this trend continues! The Lewisville-Flower Mound market remains steady with home sales increasing which is expected at this time of year. To search for a Lewisville home click here. To search for a Flower Mound home, click here.
According to the National Association of Realtors® (NAR), historically high housing affordability and low
mortgage interest rates, combined with buyer opportunities in the distressed sales market, have increased
home sales in many areas of the country.
“There has never been a better time to buy,” said NAR Chief Economist Lawrence Yun, who presented the report
at a recent Economic Issues and Residential Real Estate Business Trends forum. Yun commented on a convergence
of favorable buying conditions while emphasizing how important it is for home buyers to stay within their
budgets.
“Housing affordability is at an all-time high, mortgage rates are historically low, and interest rates are
the lowest they’ve been since the days of Eisenhower,” said Yun. “Now that buyers will be able to use the
$8,000 tax credit as a down payment, we should see additional buyers enter the market.” Yun said he doesn’t
anticipate an immediate pickup in the coming months, but believes early summer will be a critical indicator
of how home buyers are responding to the tax credit.
“The stimulus and falling inventory levels will help stabilize prices,” said Yun. “My projection is home
sales will be 10 to 20 percent higher the second half of this year than last year and we will come out of
this recession in 2010.
Everybody's going green! Whether you've jumped on the bandwagon or not, it can't hurt to make an attempt to use less toxic household cleaners. Many detergents, fabric softeners, ammonia and bleaches have negative affects on your health and the environment.
One solution is to start making your own cleaners using non-toxic, ecologically safe products. This can be done pretty quickly with products you probably already have around the house: white vinegar, baking soda, borax, baking soda and a spray bottle.
* All Purpose Cleaner -- Mix together 1 quart warm water, 1 teaspoon liquid soap, 1 teaspoon borax and 1/4 cup white vinegar. Put it in a spray bottle and use on floors, counter tops, walls, carpets and upholstery.
* Glass and Mildew Cleaner -- Mix equal parts white vinegar and water in a spray bottle, spray on glass or mildew to clean. If you are sensitive to the smell of vinegar, try this alternative: mix 1 quart warm water with 1/4 cup white vinegar or 2 tablespoons lemon juice.
* Drain Opener -- Dissolve 1 cup baking soda and 1 cup white vinegar in boiling water and pour down the drain. Continue to flush with hot tap water until the clog breaks. Flush drain with boiling water weekly to avoid buildup.
* Scouring Powder -- Sprinkle borax to get stains off porcelain sinks; baking soda effectively removes baked-on food from a dishes.
* Linoleum and Tile Floor Cleaner -- Mix 1 gallon hot or warm water with 1/2 cup vinegar.
* Toilet Bowl Cleaner -- Put 1/4 cup borax in toilet bowl and let set overnight, scrub the next day.
Another solution is to buy "green" cleaning products or cleaners that avoid toxic ingredients like corrosives, chlorine bleach, ammonia, phosphates and petroleum products. You may not be able to eliminate all your cleaners but even small changes help make a difference.
Thank You for reading this blog post from Phil Kretchmar, your Lewisville, Flower Mound, and Highland Village Realtor!
Obviously, sellers want their home to look its best when an agent is showing it to a potential buyer, but be careful not to put too much emphasis on anything that is not included in the sale price, for example, custom window coverings, chandeliers, audio-video equipment, the backyard playhouse, pool table, or the high-end washer and dryer you just bought a week ago.
If you pack up and store any important personal property before your home buyer knows about them, it won't become a negotiable item, or worse, a deal breaker. So, before the showings begin, take a look around and consider what furnishings you want to keep. If it's something you definitely want, remove it.
If your home doesn't show as well because you removed the fancy light fixture over the dining room table or the kitchen looks empty because you took all the appliances, you might want to consider renting or buying an inexpensive replacement to fill the void.
I have a number of tips in my pamphlet titled 44 Seller Tips right here.
According to the National Association of Realtors®, existing-home sales eased in March but first-time buyers are responding to low mortgage interest rates and tax credits. Lewisville, Flower Mound, and Highland Village remained steady but first time home buyers are starting to look at a faster pace.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – declined 3 percent to a seasonally adjusted annual rate of 4.57 million units in March from a downwardly revised level of 4.71 million in February, and were 7.1 percent lower than the 4.92 million-unit pace in March 2008.
NAR Chief Economist Lawrence Yun said the market appears to be stabilizing with modest monthly ups and downs, and that first-time buyers are driving the market. “The share of lower priced home sales has trended up, indicating a return of many first-time buyers, which we also see in a parallel member survey,” he said. “Sales in the upper price ranges remain stalled because of higher interest rates on jumbo loans.”
Although prices rose from February to March, the national median existing-home price for all housing types was $175,200, down 12.4 percent from March 2008. The price increase from February to March was 4.2 percent, which is much higher than the typical 1.8 percent seasonal increase between those two months. Distressed properties, which accounted for just over half of all transactions in March, typically are selling for 20 percent less than traditional homes.
A NAR practitioner survey in March showed first-time buyers accounted for 53 percent of transactions, based largely on contracts offered before the $8,000 first-time home buyer tax credit became available. “Buyer traffic has been rising, and real estate offices are getting phone inquires about the tax credit,” Yun said. “By early summer we should be seeing a positive impact on home sales from record-low mortgage interest rates in addition to the stimulus provisions.”
Usually in my listing presentation I will explain to my potential clients the four different types of listing agreements and the benefits of each one. I thought I would write about it in my blog to help educate potential clients and the typical consumer out there. Before meeting with a realtor to list your home for sale, familiarize yourself with the four most common types of listing contracts. While the exclusive right to sell listing is by far the most common, the other three are also well known.
* Exclusive Right to Sell Listing -- This agreement gives the real estate agent the exclusive right to sell your home. No matter who brings the buyer to the table, the agent gets a commission (even if you find the buyer yourself). You should expect full service from your agent with this type of listing, such as advice, advertising, MLS services, inspection, escrow coordination and marketing the home to other agents and prospective buyers.
* Exclusive Agency Listing -- Similar to an exclusive right to sell listing, the real estate agent receives a commission if your property is sold through any licensed agent. Unlike a right to sell listing, however, you reserve the right to find a buyer on your own without paying a comission. This is a good option for home owners interested in selling themselves, but want MLS services. Don't expect too much from the agent as he or she has no guarantee they will be compensated for their efforts.
* Open Listing -- An open listing grants the broker no rights other than to receive a commission if they find a buyer who successfully closes escrow on your home. It gives the agent permission to advertise and show your home. Since there's no promise of exclusivity, you'll be responsible for marketing your property, including arranging and coordinating showings, qualifying clients, and handling inspections, appraisals and escrow.
* One Time Listing Agreement -- A one time listing agreement, also known as a "showing listing," is an agreement where a home owner, usually a For Sale By Owner, agrees to let an agent show the house once. The owner agrees to pay a commission if the showing results in a sale. The purpose of this agreement is to prevent the seller from letting an agent show the home, then deal with the buyer directly in order to avoid paying a commission. As with an open listing, agents won't be spending any time or money marketing your home.
Thank you for your interest and I hope you can visit my website someday if you are interested in buying or selling real estate in Lewisville, Flower Mound, and Highland Village TX area. My website is www.NorthTexasHome.com
When you can't do it yourself, it's time to find a good contractor. Following are some tips to help you find a good one:
1. Avoid the yellow pages; anyone can buy an ad.
2. Get recommendations from family, friends and co-workers.
3. Deal only with licensed contractors.
4. Check with the state licensing board and local Better Business Bureau to see if there are any outstanding complaints.
5. Interview each contractor, request free estimates and ask for recent references of projects similar to yours.
6. Do not work with an uninsured contractor. Verify the contractor has worker's compensation insurance and an umbrella general liability policy.
7. Check the contractor's professional associations. Most professionals are members of some association.
8. Check to see how long the contractor has been in business; be cautious about working with new companies.
9. Find out how long the contractor has been working with his crew; you don't want your project to be a training ground for new employees.
10. Ask what will be handled by the contractor and what will be subcontracted. Keep in mind if subcontractors are involved, you should check them out as well.
11. Find out how many other projects the contractor will be working on simultaneously. If they have lots of other projects, they'll have less time to devote to you.
12. Trust your instincts.
People move for a variety of reasons, but before you make that big decision, sit down and consider what it is you're trying to accomplish. Obviously, if you don't like your neighborhood, that's one thing. But, if it's a new kitchen, extra bedroom, or just a facelift you desire, that's an entirely different situation. Following are some questions you should ask yourself (and your family) before listing or hiring a contractor:
* What's the real estate market like in your community? Will your home sell? Will you come out ahead?
* Do you like the style of your home or does it look dated?
* Do you have enough money to remodel or make the improvements you want? How much equity do you have? Can you get a home equity loan?
* Can you get permits for the changes you want? Is zoning an issue?
* Do you need more square footage? Or, would changing your home's layout do the job?
* Is it cheaper to improve than it is to buy another home?
* Will you get the money back out if you decide to sell a year or two down the road?
Keep in mind remodeling can be very expensive. Depending on the size of the project, you have contractors, interior designers, inspections, permits, insurance, materials and labor to consider. In addition, if you opt to make improvements, make sure you make the right ones. Improvements that add the most value include adding or remodeling a bath, improving the kitchen, adding a new room, adding an outdoor living space, and landscaping.
According to the National Association of Realtors®, existing-home sales increased last month as buyers responded to more favorable housing affordability conditions.
Existing-home sales -- including single-family, townhomes, condominiums and co-ops -- rose 5.5 percent to a seasonally adjusted annual rate of 5.18 million units in September from a level of 4.91 million in August, and are 1.4 percent higher than the pace in September 2007.
“The sales turnaround which began in California several months ago is broadening now to Colorado, Kansas, Minnesota, Missouri and Rhode Island,” said Lawrence Yun, NAR chief economist. “The South was hampered by much lower home sales in Houston in the aftermath of Hurricane Ike.”
NAR President Richard F. Gaylord of Long Beach, Calif., said low home prices and low interest rates have been attracting buyers. “This is the first time since November 2005 that home sales have been above year-ago levels,” he said. “Credit tightened at the end of September, but the improvement demonstrates that buyers who’ve been on the sidelines want to get into the market to make a long-term investment in their future.”
Total housing inventory at the end of September fell 1.6 percent to 4.27 million existing homes available for sale, which represents a 9.9-month supply at the current sales pace, down from a 10.6-month supply in August. This marks two consecutive monthly declines since inventories peaked in July. The national median existing-home price for all housing types was $191,600 in September, down 9.0 percent from a year ago when the median was $210,500.
The national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 6.04 percent in September from 6.48 percent in August, according to Freddie Mac.
Many home owners remove and clean their window screens before storing them for the winter. This can prolong the life of the screen, and -- if you clean the windows too -- will make your winter view crystal clear. Here are a few tips to make the task easier:
* Remove the screens from the window frame, following the manufacturer’s instructions. Be careful not to bend or damage the screen.
* Put the screens on a flat surface, such as the driveway or lawn, and wet the screens thoroughly with water.
* Dip a scrub brush into a solution of 3 parts water to 1 part ammonia and apply to the screen using a very light scrubbing motion. Be sure you don't scrub too hard or push the fabric which can stretch or cause damage to the screen.
* Lightly brush both sides of the screen using overlapping, rotating strokes. In addition, clean the interior and exterior of the frame.
* Rinse the screens thoroughly with fresh water (preferably lukewarm) to make sure all cleaning solution is removed.
* Shake or tap the screen gently against the ground to remove excess water. Let the screens dry naturally, or give a quick wipe with an absorbent towel to speed up the drying process.
* Never pressure wash screens because the force will likely damage them.
* Cover the screens in plastic and store in an out-of-the-way place in an upright or flat position.
By cleaning your screens in the fall, you'll appreciate looking through clean windows all winter, and you'll have clean, ready-to-install screens next spring.
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Located in a Very Desired Neighborhood!
• 1,742 sq. ft., 3 bath, 3 bdrm 2 story "with Loft" - 
MLS® $166,500 - What a Steal!
Hendrick Estates, Lewisville - Do you need a beautifully maintained, open design two story with loft? If you do, this fine home has beautiful landscaping throughout and is across the street from the greenbelt, close to parks, jogging and biking trail, and within walking distance to the lower two schools! Some of the amenities include; austin stone exterior, Underground sprinkler, Split master down with other two bedrooms up, 2 inch blinds throughout, Vaulted ceilings, Updated fixtures, 2 master closets with an extra storage area under the stairs, seperate shower and vanities in master bath, cat-5 cabling, high speed internet available, decorator colors, updated kitchen, very clean and ready to move into! If you are not looking for this style home, one look in person and you might change your mind!
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With home loans getting more difficult to obtain in many cases, you may be asked by a family member or friend to co-sign a loan. But, before you co-sign, keep these points in mind.
* Your liability for the loan may keep you from getting other credit (or loans) because creditors will consider the co-signed loan as one of your financial obligations.
* Make sure you can afford to re-pay the loan or make the payments. If you become responsible for the loan and can't make the payments, you will likely be sued and your credit will be damaged.
* Before you pledge property (real estate, RV, boat, auto) to secure the loan, make sure you understand the consequences. If the borrower defaults, you could lose the pledged property.
* Try negotiating the specific terms of your obligation. For example, you may want to limit your liability to only the principal, and not include late fees or administration costs. Get it in writing.
* Get the lender to agree to notify you immediately if the borrower misses any payments. This will give you time to deal with the situation before it becomes a major problem. Once again, get it in writing.
* Check your state law for additional co-signer rights and responsibilities.
* Get copies of all documents.
According to a late-July report from the National Association of Realtors (NAR), existing-home sales fell 2.6 percent to a seasonally adjusted
annual rate of 4.86 million units in June from a pace of 4.99 million in May.
“A recent online survey of Realtors® shows nearly a quarter of potential home buyers are waiting on the sidelines,” said NAR President Richard
F. Gaylord, adding there is something of a quandary in the current market. “However, timing the market can be very tricky, which is why home
buyers should always have a long-term view to build wealth.”
Total housing inventory at the end of June rose 0.2 percent to 4.49 million existing homes available for sale, which represents an 11.1-month
supply at the current sales pace, up from a 10.8-month supply in May.
“About four in 10 homes are purchased by first-time buyers, which frees existing owners to trade up,” said NAR Chief Economist Lawrence Yun,
emphasizing the critical role first-time home buyers have on the health of the housing market. “With many potential first-time home buyers on
the sidelines, a first-time buyer tax credit would have a significant positive impact on both housing and the economy. Combined with permanent
increases to mortgage loan limits and enhancing the FHA loan program, the housing stimulus package working its way through Congress would go a
long way toward helping consumers and boosting the overall economy.”
The national median existing-home price for all housing types was $215,100 in June, down 6.1 percent from a year ago when the median was
$229,000, the report said.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 6.32 percent in June
from 6.04 percent in May; the rate was 6.66 percent in June 2007.
Privacy Galore
• 1,572 sq. ft., 2 bath, 3 bdrm single story
-
MLS®
$159,900
Hendrick Estates, Lewisville
-
Privacy Galore! Awesome lot at end of cul-de-sac next to creek, greenbelt,jogging trail, and park! Well maintained home with beautiful wood floors, c-tile, fresh paint, 13 Seer AC (replaced last summer), fresh kitchen floor and more! This is a rare find so hurry, this home won't last long
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