This Is NOT Your Parents’ 3% Down Payment Plan

In their latest Housing Market Insight & Outlook report, Freddie Mac revealed that recent low down payment initiatives have raised concerns that we may be returning to the same lax mortgage qualifications that caused the housing crisis from which we are just now recovering. The report went on to explain that today’s underwriting guidelines are nothing like those that existed just prior to the housing meltdown. “Pre-crisis underwriting allowed layered risk, that is, the combination of multiple features that amplified credit risk. Low down payments often were combined with variable-payment loan structures, property-based underwriting, and questionable appraisals. These risk factors, along with the ‘irrational exuberance’ of some borrowers, led to large losses during the crisis.” What is layered risk? In the pre-crisis environment, many mortgage loans incorporated several additional features besides low down payments that multiplied the total risk of the loans such as: variable
http://www.homesforsaleinfortworthtx.org/this-is-not-your-parents-3-down-payment-plan/

Pending Home Sales Remain Strong In June

The National Association of REALTORS’ Pending Home Sales Index is “a forward-looking indicator based on contract signings”. The higher the Pending Home Sales Index number, the more contracts have been signed by buyers that will soon translate to sales. The latest index was released last week, with the headline: Pending Home Sales Dip in June As we reported last month, May’s Index levels were the highest recorded in the last 9 years. The small 1.8% decline from May remains 8.2% over last June and the third highest reading in two years. The NAR headline, while accurate, isn’t the best representation of what really happened. NAR’s Chief Economist Lawrence Yun points towards “low inventory levels in many markets” leading to “reduced choices” at higher price points for the small decline in National Pending Home Sales. In every major region of the country, pending sales are up year-over-year as shown by the graph below: Yun goes on to say that there needs to be a signifi
http://www.homesforsaleinarlingtontx.org/pending-home-sales-remain-strong-in-june/

Homeownership: The Real Story Behind The Headlines

The big housing news this week is that the home ownership rate has dropped to 63.4% which represents the lowest rate in 48 years. That news definitely is making headlines. Yet, to fully understand what this means we have to look at the story that created these headlines. There is no doubt the home ownership rate has declined since the housing crisis. Here is a graph showing the home ownership rate over the last twenty years. It skyrocketed during the housing boom and has steadily fallen since the bust: The story behind the headline… The dramatic fall in the rate over the past year must be looked at very closely. The rate is determined by the “number of households” who rent versus those who own. Let’s assume you have nine friends that live on their own (thus forming a household); six of them own and three of them rent. That would mean that 66.6% (6 out of 9) of your friends that live on their own are homeowners. Now, let’s assume you have another friend who has been living wi
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Are Home Values REALLY at Record Levels?

Last week, the National Association of Realtors (NAR) released their Existing Home Sales Report. The report announced that the median existing-home price in June was $236,400. That value surpasses the peak median sales price set in July 2006 ($230,400). This revelation created many headlines exclaiming that home prices had hit a “new record”: Wall Street Journal: Existing-Home Prices Hit Record USA Today: Existing home sales surge, prices hit record Though the headlines are accurate, we want to take a closer look at the story. We do not want people to believe that this information is evidence that a new “price bubble” is forming in housing. NAR reports the median home price. That means that 50% of the homes sold above that number and 50% sold below that number. With fewer distressed properties (lower valued) now selling, the median price will rise. The median value does not reflect that each individual property is increasing in value. Below are the comments from Bill McBride,
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Buyer Demand Continues To Outpace Housing Supply

The price of any item is determined by the supply of that item, and the market demand. The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report. Inventory Levels & Demand Sales of existing homes rose 3.2% from May, outpacing year-over-year figures for the ninth consecutive month. Total unsold housing inventory is at a 5.0-month supply. This is down from May’s 5.1-month supply and remains below the 6 months that is needed for a historically normal market. Consumer confidence is at the highest level in over a decade. Pair that with interest rates still around 4%, new programs available for down payments as low as 3%, and you have an attractive market for buyers. Buyer demand for housing surged to it’s highest level since June 2013. Prices Rising June marked the 40th consecutive month of year-over-year price gains as the median price of existing homes sold rose to $236,400 (up 6.5% from 2014). So What Does This Mean? The chart below shows t
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Freddie Mac: Equity Matters (a Lot!)

According to a Merrill Lynch survey, over 80% of the people in this country believe that home ownership is still “an important part of the American Dream”. There are many financial and non-financial reasons people feel this way. One of the biggest reasons is because it helps build family wealth. Last week, Freddie Mac posted about the power of home equity. They explained: “In the simplest terms, equity is the difference between how much your home is worth and how much you owe on your mortgage. You build equity by paying down your mortgage over time and through your home s appreciation. In a nutshell, your money is working for you and contributing toward your financial future.” They went on to show an example where a person bought a home for $150,000 with a down payment of 10%, resulting in a loan amount of $135,000. The buyer secured a 30-year fixed-rate mortgage at 4.5% with a monthly mortgage payment of $684.03 (not including taxes and insurance). They then illustrated what
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Cost Across Time

Some Highlights: With interest rates still around 4% now is a great time to look back at where rates have been over the last 40 years. Rates are projected to go up a full percentage point by this time next year according to Freddie Mac. The impact your interest rate makes on your monthly mortgage cost is significant! Lock in a low rate now while you can!
http://www.homesforsaleinirvingtx.net/cost-across-time/

Home Sales Will Remain Hot This Summer

People always talk about the “spring buying season” when they talk real estate. However, this year it appears as though the summer real estate market will be just as hot. The most recent Foot Traffic Report released by the National Association of Realtors (NAR) revealed that there are more buyers out looking at homes right now than at any other time in the last two years including the past two springs (in orange below). The Foot Traffic Report is compiled from data on the number of properties shown by Realtors. NAR further explains: “Foot traffic has a strong correlation with future contracts and home sales, so it can be viewed as a peek ahead at sales trends two to three months into the future. We can see that the number of prospective purchasers out looking at homes has been greater each month this year compared to the same month in 2014. And, though foot traffic fell off last June as compared to May, this year it has increased nicely. Bottom Line The housing market will remai
http://www.homesforsaleinarlingtontx.org/home-sales-will-remain-hot-this-summer/

DIY Guide for CMA

When selling your home, knowing the value is a very important factor to consider. There are many tools that agents and appraisers utilize to determine the value of a home. These two types of professionals often have different views and processes to determine the value of a home. An agent checks the value of a home by using a CMA or comparative market analysis while an appraiser will check your home personally, inspecting the structure, foundation and physical condition. Experts says that there is a do it yourself way to determine the real value of your home, to enable you to save the money you would be paying the appraiser and/or agent: Find and check the current homes sold in your neighborhood.  Agents and appraisers also begin by reviewing what has been sold for the last six months in your area. If there are no home sold in your neighborhood, expand the search area by a mile.  Next, make use of an online cma generator, available through most real estate firms, to provide you with
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Common Home Buying Goals

Housing prices have been decreasing for the last decade, making home buying still one of the greatest investments made by most Americans. Many articles have been published that suggest waiting to buy a home until a later date does not make sense today.  Home buying is not an easy task and requires a lot of effort, time and money. That is why it is critical to know your goals before you begin the home buying process. Here are some of the common goals: You are buying a home because you want more space and to give your family a comfortable living. You are buying a home because you desire and dream to own. You are buying a home because you want to be closer to your job. You are buying a home because you want a better neighborhood. You are buying a home because you can afford it now because of the low interest rates and home prices. When buying a home you must be certain that you will stay in that home for more than 10 years and ensure you will be happy with your purchase in order to avoi
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Benefits of Refinancing

Refinancing is the process of getting a new mortgage that may ease the burden many homeowners face.  By refinancing you may be able to reduce and or lower your monthly payments and interest. Refinancing may be a good idea for someone who has having a hard time paying their monthly mortgage payment. With refinancing you will have a lot of benefits. You can change the type of loan, the term and may receive some money from the existing home equity. Here are some benefits of refinancing: You will have savings on your monthly mortgage payment. You will lock in a lower interest rate. You will have the benefits of consolidating your home loans. You will be out in the debt in the future. Call Homes for Sale in Arlington TX if you need help with your finances. We can provide you experienced lenders that will help you with your refinancing, offer you benefits and other options for home refinancing.
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Real Estate Agents’ Key Advice Before Remodelling Your Home

When selling a home, one of the biggest steps to take is remodelling. Often sellers will add upgrades and repair some issues of the home because they believe it will add value to the home. This process does not work everytime as most sellers are having a hard time recouping the costs. Real estate agents suggest that it is best to contact them before starting to remodel and making upgrades and repairs. One of the top suggestions real estate agents tell home sellers is to be cautious when taking advice from remodeling and design firms, especially if you are considering selling your home in the near future. These firms are often not concerned with the selling potential of your home. It is often good to check if your re-modelling plan over than your neighbor. Remember that even if you are top of line, your home will sell faster.  It is important to consider you may price your home out of the price range of many buyers if your home upgrades and re-modelling is over their budget. Call Home
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Proper Pricing of Your Home

Thinking of selling your home? Then you must price it right. When selling a home, pricing it right is one of the most important factors that needs to be taken seriously and done correctly. There are many tips and tools offered online to know the value of your home and by that identifying its listing price. One of the common mistakes home sellers make is overpricing and overvaluing their home since they own it and know how much they have invested in it. Here is the correct way to price your home: Evaluate your home for sale. It is best that you hire a professional to fully inspect the condition of your home, to know the needed repairs and learn the actual value of your home. Use some of home value calculation tools offered by many real estate firms. Ask your agent for a CMA (comparable market analysis). A CMA is very useful for you to know the prices of the homes sold recently in the same neighborhood you are selling. Consider the season when you are selling your home. The supply and d
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1st Time Buyers Finally Crashing the Real Estate Party

There has been much conversation regarding the lack of first time home buyers in today’s real estate market. However, three recent reports seem to suggest that they are now entering the market in increasing numbers. The most recent Existing Home Sales Report from the National Association of Realtors(NAR) reported that: “The percent share of first-time buyers rose to 32 percent in May, up from 30 percent in April and matching the highest share since September 2012. A year ago, first-time buyers represented 27 percent of all buyers.” And, in a recent Washington Post article, Ken Harney revealed that: “According to a June 19 Campbell/Inside Mortgage Finance tracking survey, which polls 2,000 real estate agents nationwide, first-time buyers accounted for nearly 39 percent of home purchases in May; that’s the highest level since August 2010.” Also, according to American Enterprise Institute s International Center on Housing Risk’s May First-Time Buyer Mortgage Risk Index (FBM
http://www.homesforsaleinfortworthtx.org/1st-time-buyers-finally-crashing-the-real-estate-party/

Debunking Some Myths about Mortgage Availability

There seems to be a growing chasm between what the public believes to be needed and what is actually needed to qualify for a residential home loan. A recent survey by Ipsos reported that: Two-thirds of those surveyed believe they need a very good credit score to buy a home, with 45 percent thinking a “good credit score” is over 780. Consumers overestimate the down payment funds needed to qualify for a home loan, with 36 percent thinking a 20 percent down payment is always required. However, according to American Enterprise Institute s International Center on Housing Risk’s May First-Time Buyer Mortgage Risk Index (FBMRI), reality is far from perception. The report reveals: 70% of first-time buyer mortgages had a combined loan-to-value ratio of 95% or higher About 20% of first-time buyers taking out mortgages had a FICO score below 660 25% had total debt-to-income ratios above 43 percent The median first-time buyer with an agency mortgage made a down payment of only 3 percent, or
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What is a Housing Bubble? Is One Forming?

The recent talk of Greece and its financial challenges has some questioning whether the U.S. could also return to the crisis we experienced in 2008. Some are looking at the rise in real estate values and wondering whether we are in the middle of another housing price bubble. What actually is a price bubble? Here is the definition according to Jack M. Guttentag, Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania: “A price bubble is a rise in price based on the expectation that the price will rise. Sooner or later something happens to erode confidence in continued price increases, at which point the bubble bursts and prices drop. What makes it a price bubble is that the cause of the price increase is an expectation that the price will increase, which sooner or later must reverse itself.” Does Professor Guttentag believe we are in another housing bubble? In a recent article, he explained: “My view is that we are a long way from another house price
http://www.homesforsaleinarlingtontx.org/what-is-a-housing-bubble-is-one-forming/

The Impact of Rising Prices on Home Appraisals

The fact that residential home prices are increasing substantially in most regions of the country is music to the ears of homeowners. However, if you are in the process of selling your home, make sure you realize the major challenge a hot real estate market creates. Each house must be sold twice; once to a buyer and a second time to an appraiser who represents the bank that will grant the purchaser a mortgage to buy the home (unless it is an “all cash” purchase). In a real market with escalating prices, the second sale may be the more difficult. And a recent survey by Quicken Loans reveals that the gap between what a homeowner believes is the value of their home compared to an appraiser is widening. This could lead to an increase in the percentage of real estate transactions being challenged by a ‘short’ appraisal (where the appraiser value is less than the contracted price of the home). Bottom Line Whether you are a buyer or a seller, you must be prepared for this possibility
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One More Time…You DO NOT Need 20% Down

A recent survey by Ipsos found that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today’s housing market. The study pointed out two major misconceptions that we want to address today. 1. Down Payment The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less and the number has increased through the first quarter of the year as shown by the graph below: 2. FICO Scores The survey also reported that two-thirds of the respondents believe they need a very good credit score to buy a home, with 45 percent thinking a “good credit score” is over 780. In actuality, the average FICO scores of approved conventional and FHA mortgages are much lower: Bottom Line If you are a prospective purchaser who is ‘ready’ and ‘will
http://www.homesforsaleinirvingtx.net/one-more-timeyou-do-not-need-20-down/

Pending Home Sales Reach Highest Mark In 9 Years!

The National Association of Realtors (NAR) recently released their Pending Home Sales Index Report and revealed that it is at its highest level since April 2006. The Pending Home Sales Index is “a forward-looking indicator based on contract signings”. The higher the Pending Home Sales Index number, the more contracts have been signed by buyers that will soon translate to sales. Every region of the country has experienced year-over-year gains in pending sales as seen below: NAR’s Chief Economist, Lawrence Yun cites job creation as a major reason that the housing market has boomed this spring, going on to say, It s very encouraging to now see a broad based recovery with all four major regions showing solid gains from a year ago and new home sales also coming alive. Yun went on to caution that, Housing affordability remains a pressing issue with home-price growth increasing around four times the pace of wages. Without meaningful gains in new and existing supply, there s no question
http://www.homesforsaleinarlingtontx.org/pending-home-sales-reach-highest-mark-in-9-years/

Equity Report

Some Highlights: 85% of homes valued under $200,000 have equity 94% of homes valued over $200,000 have equity 10.2% of homes with a mortgage are currently underwater
http://www.homesforsaleinirvingtx.net/equity-report/

Checklists for finding the Right Neighborhood

Choosing the right neighborhood is as important as choosing the right home. Every individual has different views and needs in a neighborhood. But here is a checklist of what most people want in a neighborhood: A neighborhood that is near schools. Whether or not your kids are going to school, a neighborhood near schools can boost the value of your home. Easy access to transportation is an important factor. Check if it is close to public markets and stores, to government offices and of course to your job. Check how long it takes  you to get to and from work and to other public places. Consider what amenities you need and want. Check the lifestyle of your children, if they are active in social activities and what their interests are. These are the most important things to check when choosing the right neighborhood for you.  Call Homes for Sale in Fort Worth TX to help you find the best home that suits your needs and budget, in a neighborhood you love.
http://www.homesforsaleinfortworthtx.org/checklists-for-finding-the-right-neighborhood/

Buy vs Rent: What Really Creates Family Wealth?

There has been recent press regarding whether or not it makes better financial sense to rent rather than buy in today’s housing market. As an example, the recently released June Summary of the BH&J Buy vs. Rent Index reported: “…as of the end of the first quarter of 2015, the housing market in the U.S. and all cities in the index are trending either closer to renting being the superior option or strictly favoring renting over purchasing a home.” The summary goes on to explain that: “The index conducts a “horse race” comparison between an individual that is buying a home and an individual that rents a similar quality home and reinvests all monies otherwise invested in homeownership.”(emphasis added) Though the math may be correct, we are not as sure of the conclusion. Even if you check the methodology offered by the BH&J report itself, you will find that they realize: “…any extra savings from renting might be spent on non-wealth enhancing goods resulting in any ben
http://www.homesforsaleinirvingtx.net/buy-vs-rent-what-really-creates-family-wealth/

4 Reasons to Buy NOW!

Summer is here! The temperature isn t the only thing heating up right now, so too is the housing market! Here are four great reasons to consider buying a home today instead of waiting. 1. Prices Will Continue to Rise The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects appreciation in home values over the next five years to be between 11.8% (most pessimistic) and 26.7% (most optimistic). The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense. 2. Mortgage Interest Rates Are Projected to Increase Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have started to inch up, most experts predict that they will begin to rise even more over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are
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How Well Do You Understand Escrow?

Escrow is defined as a deposit of money or funds entrusted to a third party to take responsibility for the insurances and taxes. Whether you are a buyer, seller, you will need to understand escrow, as it is part of the real estate process. It is likely in the buying or selling process, you will borrow money from a lender in the form of a mortgage and repay it monthly to the bank for a specific period of time. Aside from your monthly payments on a home, you will also be responsible for monthly insurance and taxes in the form of escrow. Occasionally, people are unable to pay the monthly payments and the insurance and taxes together, which is where escrow comes in. A lender will offer you that he/she will be the one to take responsibility for the monthly insurance and taxes, with the lender earning interest. Homes for Sale in Fort Worth suggests that you escrow your homeowner’s insurance and taxes to automate the process. We know that is requires a significant money to start an escrow
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Ways to Add Character to Your Home

How long have you been living in your home? Have you noticed that your home has become old and does not have its own glow? If yes, then this may be the time to you add character to your home. Here are some ways that could help adding character to your home: Add crown molding to your home. Crown molding can add architectural and character interest to your home.  Crown moldings is the easiest and is expensive. Moldings can be applied into floors, ceilings and windows. Add cabinets that look built in. Remember that storage space is a very important factor in a home. Adding cabinets that look built in have a reasonable price point. Light up your home with new led bulbs. Replace the doors and windows with crystal, brass or colored glass. Add a reading space or nook. A home with reading nook is really inspiring and adds charm to the home. Mentioned above is just few ways of adding character to your home. If you don’t have a plan for selling your home, take some time and money to brighten
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Do I Need Perfect Credit to Buy a Home?

Some Highlights: The average FICO score of Approved Conventional Loans was 757 in May The average FICO score of Approved FHA Loans was 688 in May Since April 2013, the ability of Americans to obtain a mortgage has increased substantially!
http://www.homesforsaleinarlingtontx.org/do-i-need-perfect-credit-to-buy-a-home/

How Will Mortgage Rate Hikes Impact Home Sales?

When mortgage interest rates begin to climb, experts immediately begin to discuss home affordability indexes. They calculate how an increase in rates will slow home purchases as more and more potential buyers are priced out of the market. Today, with home prices also increasing, many believe that home sales may slow down rather dramatically. This may prove to be true in the long term. However, in the short term, increasing mortgage rates may have the opposite effect. Many buyers who have been sitting on the fence may realize that delaying their purchase no longer makes sense. Last week, in a CNBC article, Matt Weaver of Florida-based PMAC Lending explained the impact an increase in rates will have: These increases really help the home-buying market. It really gets buyers to really understand that wait a minute, rates are at an all-time low, let s react now, let s react before they go higher’.” As an example, we can look to 2013 when interest rates spiked up by a full percentage po
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Mortgage Rates Just Jumped Over 4%. Now What?

Last week, mortgage interest rates jumped over the 4% mark for the first time this year according to Freddie Mac’s Mortgage Market Survey. In an article in Housing Wire, a Bankrate analyst explained: “Mortgage rates rocketed higher following a stronger than expected monthly employment report. The good news on the job front further solidifies the notion that the Federal Reserve will likely begin raising interest rates soon, perhaps in the third quarter of this year.” This is the same type of commentary we heard back in the spring of 2013 when the talk of the Fed possibly raising rates caused mortgage interest rates to surge by a full percentage point from the end of April through the end of June of that year. Will We See that Same Surge in 2015? No one knows for sure. However, Fannie Mae, Freddie Mac, the Mortgage Bankers Association and the National Association of Realtors are each calling for rates to continue their upswing over the next six quarters. Here is a chart comparing
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5 Demands You Should Make on Your Listing Agent

Are you thinking of selling your house? Are you dreading having to deal with strangers walking through the house? Are you concerned about getting the paperwork correct? Hiring a professional real estate agent can take away most of the challenges of selling. A great agent is always worth more than the commission they charge; just like a great doctor or great accountant. You want to deal with one of the best agents in your marketplace. To do this, you must be able to distinguish the average agent from the great one. Here are the top 5 demands to make of your Real Estate Agent when selling your house: 1. Tell the truth about the price Too many agents just take the listing at any price and then try to the ‘work the seller’ for a price correction later. Demand that the agent prove to you that they have a belief in the price they are suggesting. Make them show you their plan to sell the house at that price – TWICE! Every house in today’s market must be sold two times – first to a
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Proper Homebuyer Etiquette

Are you a first time buyer or a repeater? Are you wondering what is the proper etiquette in home buying? If so, then please be guided with this proper etiquette and tips. Most of these are  common sense, however most buyers does not know about these. When buying a home, a buyer must always be prepared. Before getting into the process of buying, it is important that you have in hand a mortgage pre approval letter. This is proof for the seller that you are serious about buying a home and are a qualified a potential buyer. This letter details how much can you afford to spend on a home. Another important item is being honest and open with your realtor. Remember that your realtor is part of your team and also your advocate. For example, if you don’t like a house or you’re unsure about something, let them know so they can find solutions. Another important etiquette is be on time. It is a simple item, but it’s important to be on time when there are meetings. Make sure you can control
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Unexpected Benefits of Owning A Home

Buying a home has many kinds of benefits and advantages, including tax benefits and advantages. The housing market is unpredictable and  may change over time. There may be a time where interest rates are low and prices are high or vice versa.  Experts can’t predict these changes but there are warnings and signs for us to consider. Buying a home has been considered as the greatest investment and we are informed by our agents the expected benefits of owning a home.  However, there are unexpected benefits that may surprise you when buying a home: The pride of ownership We know that you’ve work hard, spent time and energy to buy your dream home. You have control of your house If your house is older and disarray, you can  makeover your home to your style. Social benefits When you move to a new place, you will have new opportunities to make friends and boost your social interaction within the new community. Credit Offers Once you purchase a home, credit offers will increase. Call Ho
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Sales Up In Almost Every Price Range

The National Association of Realtors’ most recent Existing Home Sales Report revealed that home sales were up rather dramatically over last year in five of the six price ranges they measure. Only those homes priced under $100,000 showed a decline (-10.1%). The decline in this price range points to the lower inventory of distressed properties available for sale and speaks to the strength of the market. Every other category showed a minimum increase of at least 9%, with sales in the $250,000- $500,000 range up 21.2%! Here is the breakdown: What does that mean to you if you are selling? Houses are definitely selling. If your house has been on the market for any length of time and has not yet sold, perhaps it is time to sit with your agent and see if it is priced appropriately to compete in today’s market.
http://www.homesforsaleinarlingtontx.org/sales-up-in-almost-every-price-range/

Useful Tips for Writing a Listing

People have different reasons for selling a home they love. Whatever the reasons may be, when you decided to sell your home,  you want the world to know you are selling your home by making use of your marketing skills. If you are a first time seller, let Homes for Sale in Fort Worth TX guide you. Here are useful tips for writing a listing for your home: When writing a listing, identify the top features of your home.  Not all buyers will read the full listing, so we recommend you highlight what makes your home stand out from the rest at the beginning of the listing. This will make them more likely to come back to your home to learn more. When writing a listing, we recommend keeping it under 250 words. Provide enough information about your home to capture their interest and keep them wanting more. Make use of bullet points to highlight the important details of your home. We understand that you are proud of your home and want to tell everything about it. Writing a listing, making use o
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Top Real Estate Myths

In the real estate world, it is common to receive advice and tips from your family and friends. Some of their advice maybe helpful but some are not. People make some generalizations and conclusions based on their experience. Here are some of the common tips and advice you may hear: People will often say you should wait to list your home during spring believing the housing market is seasonal.  This however can vary from city to city. Home inspection is not necessary when the home you plan to buy is newly built or renovated. It is actually critical to have your home inspected during the option period. In selling, home staging is not important because you think you are in a good neighborhood and is your home is updated.  Staging is important, regardless of your home’s location or condition. Price your home high so that there will be a room for negotiation. We all know that identifying the price of a home is very important because pricing your home too high, will drive off potential b
http://www.homesforsaleinirvingtx.net/top-real-estate-myths/

Buy Vs. Rent

There is a big difference between owning a home or renting a property. Buying a home has been considered as the greatest investment for most Americans.  Renting has been seen as a choice for someone who has no plan to stay for an extended time in one place. Be it buying or renting, each and every person has his own reasons for their choice. The advantage of buying a home is you are paying monthly payments for your home ownership and building equity for your home.  You are paying for something that will be yours in the future whereas when renting you are building the landlord’s equity. When you own, you have all the freedom on what you would like to do with your home. You are responsible of the repair and maintenance costs. The disadvantage of purchasing a home is that it requires a good credit and is a long term commitment for the term of the loan.  It is important you understand the responsibilities required of home ownership. Renting is for someone who is adventurous and may tr
http://www.homesforsaleinarlingtontx.org/buy-vs-rent/

217,726 Reasons to Buy a Home Now!

The inaugural Opportunity Cost Report was released recently by realtor.com. The report explained that “with interest rates and home prices expected to climb in the next year, the financial penalties of delaying or forgoing a home purchase in today s market have become very steep”. The report estimates that, based on today s dollars, the average purchaser would accumulate $217,726 in increased wealth over a 30-year period. (You can get the projected wealth increase for almost 100 metros here.) What could this mean to someone sitting on the fence waiting to buy? Experts believe that both home prices and mortgage interest rates will increase over the next twelve months. Obviously, if this does happen, the monthly cost of a home a year from now will be dramatically higher than it is today. The Opportunity Cost Report breaks down exactly how much a purchaser could lose over increments of one year and three years. Here are the results based on an average purchaser in the U.S. delaying t
http://www.homesforsaleinirvingtx.net/217726-reasons-to-buy-a-home-now/

2 Out of 3 Renters Want to Own. What’s Stopping Them?

The Federal Reserve Bank of New York recently released the 2015 SCE Housing Survey. The survey revealed that most current renters would prefer owning and that 61.9% of them plan to buy a home within the next five years. 68.3% stated they would prefer owning (with 45.6% saying they ‘strongly’ prefer owning). When asked at what point in the future do they think they will own a primary residence: 8.2% said within a year 15.3% said in 1 to 2 years 38.4% said between 3 to 5 years What’s Holding Them Back? Of the 68.3% who would prefer to own, 2 out of 3 cited difficulty in getting a mortgage for the reason they do not own. However, many believe that the reason so many think that it would be difficult to get a mortgage is not fully based on current market realities. For example, studies have shown that there is confusion over the amount of money needed for a down payment. Research has shown that 40 to 50% of Americans believe that between 15-20% is the minimum required for a down paym
http://www.homesforsaleinfortworthtx.org/2-out-of-3-renters-want-to-own-whats-stopping-them/

Staging Your Home With the Help of a Professional

When selling a home, it is very common that the very first step a seller does is to prepare and stage the home for sale. This includes cleaning, de cluttering, repainting, fixing some issues and depersonalizing. This prep work ensures that the home will be completely ready for viewing. Staging can be a tool for buyers to visualize themselves with the home you are selling and also can be a distraction from the real issues and problems of the house. Don’t be too enchanted with the staged home, but instead ask yourself this questions: Check if the home is over decorated. Check if the home is dressed to impress. Does the seller’s home staging make sense? Check if there are hidden issues and problems that needs to be repaired. Is the home staging over done? For example, are there a lot of air fresheners that mask the odor of the pets? Is the furniture proportionate to the space of the house? If you want to feel confident when buying a home and avoid regrets, ask the home seller to move
http://www.homesforsaleinirvingtx.net/staging-your-home-with-the-help-of-a-professional/

Advantages and Disadvantages of Using the Help of a Broker

Selling a house is different from selling a simple thing. It is more complex and has a process to be followed. Selling a house does not take hours or days but may take months or even years. There are many people and professionals involved in selling a house. Lets take into consideration the pros and cons of using a realtor/broker. Pros of using a realtor/broker: In using a realtor, the burden of selling a house is shouldered by the realtor. From preparing your home to negotiation, it is all the work of the realtor.  Your responsibility is to wait patiently and  you will be informed of the process and updates on the sale. With the use of a realtor, the selling process can be faster that you expected because they know the ins and out of the selling process. Cons of not using a realtor/broker: If you don’t want the help of a realtor, then you will be removing the large commission a realtor earns and converting it into a profit of the sale.  You will have the control of the selling p
http://www.homesforsaleinarlingtontx.org/advantages-and-disadvantages-of-using-the-help-of-a-broker/

Ways to Maintain the Value of Your Home

Owning a  home has been considered as the greatest investment made by most Americans. It is also likely that many homeowners are planning to sell that home in the future.  It is very important that when you own a home, you maintain it so that it will still have its value in the future. The value of your home is one of the most important factors in selling a home. Maintaining your home can be a big help in getting the most money of your home. Here are the ways to maintain the value of the home: Clean and maintain the attic of your home. The cleaning should be done regularly to avoid it as the residence of the bugs, rodents and any other living animals. Take proper care with the woods throughout your home to avoid cracks and breaks in your home, whether inside or out. Control and take repairs on the bugs and damage of the home. Maintain a general cleaning of your home. These are important ways to maintain the value of your home. These smart investments could help maintain the value of
http://www.homesforsaleinfortworthtx.org/ways-to-maintain-the-value-of-your-home/

Things to Do that Really Add Value to Your Home

Selling a home is a complex process. Most people know that selling a home also requires home staging and remodeling your home to de-personalize it and add value to your home. There are many tips being offered online for remodeling that can add value and make your home stand out from the rest. Here are the top things to do that really add value to your home: 1. Exterior Painting Painting the outside of your home will make your home fresh and new. 2. Re-modelling the Kitchen One of the parts that a buyer loves is a highly practical and modern kitchen. 3. Bathroom remodelling A bathroom should have a relaxing atmosphere and be clean. 4. Garage and Attic Conversion Garages and attics are not really necessary but most home buyers today are looking for more space in the interior part of the home. A garage and attic conversion maybe a good idea for home buyers that wants more space without costing more. 5. Additional of Rooms Adding a room is not the same as the garage or attic conversion. A
http://www.homesforsaleinirvingtx.net/things-to-do-that-really-add-value-to-your-home/

Mortgage Rates Over The Last 40 Years

http://www.homesforsaleinarlingtontx.org/mortgage-rates-over-the-last-40-years/

The #1 Reason to Buy Right Now – THE MONEY!!

People often ask whether they should buy a home now or wait. Recently released data suggests that waiting may not make sense as prices seem to again be on the rise. Let’s take a look at some of the data and commentary on the subject: Ed Stansfield, chief property economist at Capital Economics: “The current tightness of supply conditions would normally be consistent with much faster price growth. The continued steady growth in home sales that we expect this year will only add to this upward pressure on prices.” Case Shiller Home Price Index “The S&P/Case-Shiller U.S. National Home Price Index, covering all nine U.S. census divisions, recorded a 4.1% annual gain in March 2015 … with a 0.8% increase for the month.” Anand Nallathambi, CEO of CoreLogic “All signs are pointing toward continued price appreciation throughout 2015… Tight inventories, job growth and the impact of demographics and household formation are pushing price levels in many states toward record levels.
http://www.homesforsaleinirvingtx.net/the-1-reason-to-buy-right-now-the-money/

Guess Where Residential Rents are Heading?

Each month, many people are faced with the decision of renewing their rental lease for another year or purchasing their first home. One of the questions that must be answered before they make a decision is – “Where are rents headed?” The Wall Street Journal recently wrote an article on this issue. Their conclusion: “Apartment rental increases slowed in the first quarter from a year earlier, but the move is more likely a temporary blip than the beginning of a long-term respite for renters.” The article goes on to quote Ryan Severino, a senior economist at Reis: “I wish I had a better story to tell renters these days, but I think they’re in for some rent increases for the foreseeable future.” Probably the most interesting part of the article came in the Comment Section where a proud landlord proclaimed: “As a landlord I can tell you I don t pay property tax. I don t pay for repairs. The tenant pays. I get my money off the top.” Here is a chart showing rent increases
http://www.homesforsaleinfortworthtx.org/guess-where-residential-rents-are-heading/

5 Reasons You Shouldn’t For Sale By Owner

In today s market, with homes selling quickly and prices rising some homeowners might consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons this might not be a good idea for the vast majority of sellers. Here are five reasons: 1. There Are Too Many People to Negotiate With Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner: The buyer who wants the best deal possible The buyer’s agent who solely represents the best interest of the buyer The buyer’s attorney (in some parts of the country) The home inspection companies which work for the buyer and will almost always find some problems with the house. The appraiser if there is a question of value 2. Exposure to Prospective Purchasers Recent studies have shown that 88% of buyers search online for a home. That is in comparison to only 21% looking at print newspaper ads. Most real estate agents have a
http://www.homesforsaleinarlingtontx.org/5-reasons-you-shouldnt-for-sale-by-owner/

If You are Thinking of Selling, Now’s the Time

If you thought about selling your house this year, now may be the time to do it. The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market. Jonathan Smoke, the chief economist of realtor.com, in a recent article revealed: “Our preliminary review of April activity on realtor.com shows that traffic, searches, and listing views are up more than 35% over last year. With 3 million jobs created and close to 1.5 million new households formed in the past 12 months, many more people want a new home of their own, and they want it bad. Their patience will be tested with tight supply—indeed, the No. 1 impediment of active shoppers in April was not being able to find a home that meets their needs.” In this type of market, a seller may ho
http://www.homesforsaleinirvingtx.net/if-you-are-thinking-of-selling-nows-the-time/

Homeownership as an Investment: The Role of Price Appreciation

We recently posted on the results from the latest Home Price Expectation Survey(HPES) showing where residential home prices are headed over the next five years. Today, we want to show you what the results of the report could mean to you. A good portion of every family’s wealth comes from the equity in the home they live in. As the value of their home (an asset) increases so does their equity. Let’s look at a possible case scenario based on the latest HPES. Here is a chart showing the survey’s projections on annual appreciation over the next five years: We then looked at the five-year impact this would have on the equity of a family that purchased a home in January for $250,000: Their family wealth (based on increased equity) would increase by $47,772 over those five years. Bottom Line If you don’t yet own, perhaps you should be thinking about purchasing. If you already own, maybe it’s time to move up to enjoy your dream home and also ride the increase in equity of the larger
http://www.homesforsaleinfortworthtx.org/homeownership-as-an-investment-the-role-of-price-appreciation/

“Lagging Supply” Leads to Slowdown in Sales

The National Association of Realtors (NAR) recently released the results of their Existing Home Sales Report. Despite the fact that properties are selling faster than they have at any other time since July of 2013, existing home sales declined 3.3% from March. NAR’s Chief Economist Lawrence Yun explained the main reason for the slow: April s setback is the result of lagging supply relative to demand and the upward pressure it s putting on prices.” One major news organization actually used this headline about the decline: Existing home sales crater in April, falling 3.3% They certainly haven’t cratered! April marked the second month in a row that the annual sales pace remained above the five million mark (5.04 million). Year-over-year sales have increased for seven consecutive months and are still 6.1% above a year ago. Every month, SentriLock, LLC provides NAR Research with data on the number of homes shown to potential buyers. This data is referred to as ‘Foot Traffic’ an
http://www.homesforsaleinarlingtontx.org/lagging-supply-leads-to-slowdown-in-sales/

New Construction: Hear Those Hammers in the Background?

If you are planning on selling your home over the next two years, now may be the time to act. Demand is high, supply is low and many homeowners are benefiting from an almost auction atmosphere with several buyers fighting for their house in the current multi-bid environment. Higher prices and less stringent contingencies are making it easier for the seller and their family. 

However, there may be more (and better) competition about to hit the market in the form of newly constructed homes. This may put an end to the buyers’ frenzy over the limited inventory of existing homes which has been below normal levels for over a year. According to the latest report from the National Association of Realtors (NAR), the forecast for new housing starts and sales will increase significantly over the next two years: 

NAR is forecasting 1.1 million new housing starts in 2015, jumping to 1.4 million in 2016. New home sales are projected to increase from the 437,000 in 2014 to 570,000 this year and 720,

http://www.homesforsaleinarlingtontx.org/new-construction-hear-those-hammers-in-the-background/

Where Are Prices Headed In The Next 5 Years?

Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey. Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists about where prices are headed over the next five years. They then average the projections of all 100+ experts into a single number. 

The results of their latest survey Home values will appreciate by 4.3% in 2015. The cumulative appreciation will be 19.4% by 2019. That means the average annual appreciation will be 3.6% over the next 5 years. Even the experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of 11.8% by 2019. 

Individual opinions make headlines. We believe the survey is a fairer depiction of future values.

http://www.homesforsaleinirvingtx.net/where-are-prices-headed-in-the-next-5-years/

Buying a Home is 35% Less Expensive than Renting!

In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage throughout the 100 largest metro areas in the United States. 

The updated numbers actually show that the range is from an average of 16% in Honolulu (HI), all the way to 55% in Sarasota (FL), and 35% Nationwide! The other interesting findings in the report include: Interest rates have remained low and even though home prices have appreciated around the country (3.9%), they haven’t greatly outpaced rental appreciation (3.7%). “In the past year, these two trends have made home ownership even more affordable compared with renting.” 

Some markets might tip in favor of renting if home prices increase at a greater rate than rents and if – as most economists expect – mortgage rates rise, due to the strengthening economy. Nationally, rates would have to rise to 10.6% for renting to be cheaper than buying.

http://www.homesforsaleinfortworthtx.org/buying-a-home-is-35-less-expensive-than-renting/

The Truth About Rising Prices & Family Wealth

The National Association of Realtors (NAR) recently released a report revealing that the growing wealth gap in this country has been impacted by the recent increases in real estate values coupled with the drop in home ownership rates. 

The report discloses: “Over 90 percent of metro areas have experienced declining homeownership rates at a time when home values have risen and incomes have remained flat.” Increasing home values in many regions of the country have helped homeowners build housing wealth in recent years. 

However, the continued decline in home ownership means this increase in wealth is shared by fewer people and likely leading to worsening inequality in the U.S. Here is a chart showing the aforementioned increasing gap between renters and homeowners in regard to family wealth: 

Bottom Line 

If the experts are correct, and a homeowner really will have an average of 40 times the net worth of a renter by the end of this year.

http://www.homesforsaleinirvingtx.net/the-truth-about-rising-prices-family-wealth/

Attaining the American Dream: The 5 Financial Reasons to Buy

We have reported many times that the American Dream of home ownership is alive and well. The personal reasons to own differ for each buyer, with many basic similarities. Eric Belsky, the Managing Director of the Joint Center of Housing Studies at Harvard University expanded on the top 5 financial benefits of homeownership in his paper -The Dream Lives On: the Future of Homeownership in America. 

Here are the five reasons, each followed by an excerpt from the study:

1.) Housing is typically the one leveraged investment available. “Few households are interested in borrowing money to buy stocks and bonds and few lenders are willing to lend them the money. As a result, home ownership allows households to amplify any appreciation on the value of their homes by a leverage factor. Even a hefty 20 percent down payment results in a leverage factor of five so that every percentage point rise in the value of the home is a 5 percent return on their equity. 

http://www.homesforsaleinfortworthtx.org/attaining-the-american-dream-the-5-financial-reasons-to-buy/

Do You Know The Cost of Renting vs. Buying?

Some Highlights: 
Historically the Percentage of your income needed to afford a home vs. renting was a much closer margin. Making renting make sense. Now Renting will cost you 30.1% of your income compared to buying a median home at 15.3% of your income. Either way you re paying a mortgage why not have it be yours? 
http://www.homesforsaleinarlingtontx.org/do-you-know-the-cost-of-renting-vs-buying/

The Deal of the Century??

Recently, Freddie Mac published a blog post titled Mortgage Rates: Still the Deal of the Century. They explained that, if you are planning to purchase a home, now may be the time: “If you are in the market to buy a home, today s average mortgage rates are something to celebrate compared to almost any year since 1971.” 

And they let their readers know that there is no guarantee that rates will remain this low: “Over the past few years, we've enjoyed a long run of historically low mortgage rates. While no one expects them to change dramatically overnight, they are expected to head up. 

Most experts agree that mortgage rates will drift up in the coming months to end the year approaching 4.50%. Buying a home is a big investment – perhaps the biggest one you ll make in your life. So, it s important to be sure you are ready to make that purchase. If you are ready, today s rates are not to be missed.” 

http://www.homesforsaleinirvingtx.net/the-deal-of-the-century/

This Advice on Homeownership Hasn’t Changed in 200 Years

Last month, we reported that billionaire John Paulson believes in the financial advantages of home ownership. He has often repeated: I think, from an individual perspective, the best deal investment you can make is to buy a primary residence that you re the owner-occupier of.” 

However, he has not been the only billionaire to give such advice. As a matter of fact, that same advice has been given by people of wealth throughout the history of our nation. Here is a quote often attributed to Theodore Roosevelt, 26th President of the United States and billionaire real estate developer: “Every person who invests in well-selected real estate … adopts the surest and safest method of becoming independent, for real estate is the basis of wealth.” 

Andrew Carnegie, one of the richest entrepreneurs in American history said: “90% of all millionaires became so through owning real estate.” 

http://www.homesforsaleinfortworthtx.org/this-advice-on-homeownership-hasnt-changed-in-200-years/

There’s No Place Like Home

Last week, we reported on the financial reasons purchasing a home in today’s market makes sense. The Joint Center for Housing Studies at Harvard University performs a study every year surveying participants for the reasons that American’s feel are most important in regards to home ownership. 

The top reasons to own a home cited by respondents were not financial.

1. It means having a good place to raise children & provide them with a good education From the best neighborhoods to the best school districts, even those without children at the time of purchasing their home, may have this in the back of their mind as a major reason for choosing the location of the home that they purchase.

2. You have a physical structure where you & your family feel safe It is no surprise that having a place to call home with all that means in comfort and security is the #2 reason.

3. It allows you to have more space for your family Whether your family is expanding, or an older family member is moving.

http://www.homesforsaleinarlingtontx.org/theres-no-place-like-home-arlington/

Existing Home Sales Skyrocket!

Existing Home Sales Skyrocket!
http://www.homesforsaleinfortworthtx.org/existing-home-sales-skyrocket/

Home Sales Skyrocketing!!

Yesterday, the National Association of Realtors (NAR) released their Existing Home Sales Report. The numbers shocked many analysts as they revealed a 10.4% increase over the same month last year. This is the highest number of sales since September 2013. Sales have increased year-over-year for six consecutive months and the 10.4% increase is the highest annual increase since August 2013. 

March's sales increase was the largest monthly increase since December 2010. Lawrence Yun, NAR’s chief economist, explained: After a quiet start to the year, sales activity picked up greatly throughout the country in March. The combination of low interest rates and the ongoing stability in the job market is improving buyer confidence and finally releasing some of the sizable pent-up demand that accumulated in recent years. Here is a graph showing home sales so far this year: An increase in sales occurred in every region of the country even the Northeast that experienced one of their roughest winters:

http://www.homesforsaleinarlingtontx.org/home-sales-skyrocketing/

Qualify to Refinance? How and When?

In today’s housing market interest rates are falling and you may be considering refinancing your home loan to take advantage of low interest rates. You may also think that your home’s value has increased. 

Do you know when and how to determine if it’s the right time to refinance? According to experts, before stepping to qualify for a refinance you should find out how much your home is worth in the current market.  It is also critical to consider how much you still owe on your current mortgage. 

Another way to know when you should consider refinancing is to determine if refinancing is affordable. Expert suggests that the total cost of the refinance plus other debts should be no more than 43% of your gross income. Take note that your home refinancing will go smoothly if you have a high credit score. 

Finally, you must remember to make sure that the refinancing is worth it. It s only worth it to refinance if you can make a monthly savings and you plan to stay in your home for years.

http://www.homesforsaleinirvingtx.net/qualify-to-refinance-how-and-when/

Unforgivable Home Seller Mistakes

Thinking of selling a home is huge and difficult decision to make, especially if this your first time. Some people who are thinking of selling might be sad because they need to let go of the house where they built a home. In contrast some are excited to welcome a new house in a new neighborhood. 

Home selling has never been easy and is indeed a complex process. When selling a home you need to be prepared and ready to get the best value of your home. One of the unforgivable mistakes home sellers make is overpricing their homes. We understand that you know how much you invested in your house.  

However, it’s critical to remember that today’s market is different than when you purchased your home. When the price of the home is too high it will drive off potential buyers, resulting in a house that stays on the market for too long. 

The second most common mistake is letting emotions control you. It is important to remember this is a business transaction.  

http://www.homesforsaleinarlingtontx.org/unforgivable-home-seller-mistakes/

Why Rates are Low?

It was announced that the housing market this year will have stronger growth but while interest rates are expected to remain low. Thinking of buying a house this year? Should you take advantage of the low rates? Should you lock in? Experts explained that one of the reason why rates are low is because of low oil costs. 

Consumers have lower import costs of goods and will have an increase with their cash flow. Another reason stated was the fall of treasury rate, because when treasury rate falls, interest rates fall. Experts suggest that if you’re serious and have current financial stability, buying now makes sense. Fixed mortgage rates are expected to remain and are moving forward with solid home sales. 

Call homes for sale in Fort Worth Texas so we can provide you with greater details.  We are waiting to show you homes that will capture your attention with complete property details, virtual tours and photos. Take advantage of the low rates and lock in now!

http://www.homesforsaleinfortworthtx.org/why-rates-are-low/

Housing Market: Freddie Mac Remains Optimistic

The April 2015 U.S. Economic & Housing Market Outlook from Freddie Mac revealed that they are optimistic about the real estate market in 2015. As a matter of fact, the sub-title of the report was “Great Expectations”. What made Freddie Mac so optimistic? 

Here are a few highlights from the report: “For the remainder of the year we should see a resumption of solid economic growth and acceleration in housing activity. Notwithstanding a disappointing March jobs report the acceleration is already underway.” “With spring upon us, housing markets are poised to accelerate and we expect the best year for home sales since 2007. Despite harsh winter weather to start the year, home sales through February are only off from the 2013 pace by 7,000 sales 

Pending home sales were up 3.1 percent in February to the highest level since June 2013. This marked the fourth consecutive month for rising pending home sales showing positive momentum in general for the housing market.” 

http://www.homesforsaleinfortworthtx.org/housing-market-freddie-mac-remains-optimistic-fort-worth/

Selling Your House in 2015? Don’t Miss this Opportunity

Every seller wants to get the best price for their house. We learned in high school that the best price for any item will be determined by the demand for that item relative to the supply of that item. We have reported that the inventory of houses for sale is well below normal numbers. There is historical evidence that the demand for housing is about to increase dramatically. 

Each year, more homes sell in May, June, July and August than any other four months of the year. You want to make sure your house is available for sale during peak selling season. If you are thinking of selling this year, contact a local real estate professional today. 

http://www.homesforsaleinirvingtx.net/selling-your-house-in-2015-dont-miss-this-opportunity/

I Need A VACATION… Home!

http://www.homesforsaleinarlingtontx.org/i-need-a-vacation-home/

3 Questions to Ask Yourself Before Buying A Home

If you are debating purchasing a home right now, you are surely getting a lot of advice. Though your friends and family will have your best interest at heart, they may not be fully aware of your needs and what is currently happening in real estate. Let’s look at whether or not now is actually a good time for you to buy a home. 

There are questions you should ask before purchasing in today’s market: 

1. Why am I buying a home in the first place? This truly is the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with finances. A study by the Joint Center for Housing Studies at Harvard University reveals that the four major reasons people buy a home have nothing to do with money: 

A good place to raise children and for them to get a good education. 

A place where you and your family feel safe. 

More space for you and your family. 

Control of the space.

http://www.homesforsaleinarlingtontx.org/3-questions-to-ask-yourself-before-buying-a-home-arlington/

Using An Agent in Purchasing a Home

When buying a home, there is a difference in the process with or without a professional real estate agent.  Some home buyers prefer not to use an agent when buying in an effort to save commissions.  Many find that working with an agent when buying a home helps the process be more efficient.

What are the benefits of working with a real estate agent? An agent can determine how much you can afford and recommend mortgage lenders and work on your behalf. A real estate agent has access to MLS. An agent can arrange open houses and showings for homes you have interest in. An agent can answer all your questions about current market trends, home buying issues, interest rates and many other real estate related issues. An agent will assist with necessary documents, negotiations and deals. 

A real estate agent will guide you through the entire home buying process. An agent will ensure all your wants and needs are met and all the necessary steps are completed.

http://www.homesforsaleinfortworthtx.org/using-an-agent-in-purchasing-a-home-fort-worth/

Is Getting a Mortgage Getting Easier?

There has been a lot of discussion about how difficult it is to get a home mortgage in this market. There is no doubt that the process is not as easy as it was eight to ten years ago and that’s probably good news. However, it does appear that availability to mortgage money is increasing with each passing day. 

The Mortgage Bankers’ Association publishes the Mortgage Credit Availability Index(MCAI). According to their site the index is “a summary measure which indicates the availability of mortgage credit at a point in time”. As we can see from the graph below, mortgage availability has been increasing dramatically over the last six months. 

Accompanying the latest index was this comment from Mike Fratantoni, MBA s Chief Economist: A number of factors contributed to a loosening of credit in March: Freddie Mac s introduction of their 97 LTV program (Fannie Mae s was implemented in December) [and the] additional loosening of parameters on jumbo loan programs.

http://www.homesforsaleinirvingtx.net/is-getting-a-mortgage-getting-easier/

Housing Market is Healthiest in Years!

According to Nationwide’s recently unveiled, Health of Housing Market (HoHM) Report, the US housing market is at it’s healthiest levels since the index’s creation in 2001. The index analyzes the health of the housing market across the country and in 373 metro areas every quarter. Using the data that they have collected over the past 15 years, Nationwide will look to give a “data-driven view of the near-term performance of housing markets based upon current health indicators.” The fourth quarter of 2014 ended with the highest indicator score in over 15 years of data analyzed by the study at 109.8. 

The report explains: “An index value over 100 suggests that the national housing market is healthy, with lower chances of a housing downturn over the next year as the index moves increasingly above the 100 breakeven value.” Employment, demographics, the mortgage market, and housing prices are all used to evaluate the health of each market.

http://www.homesforsaleinarlingtontx.org/housing-market-is-healthiest-in-years/

Pending Sales Surge: Great Sign for the Housing Market

The most recent Pending Homes Sales Index from the National Association of Realtors revealed that homes going into contract in February increased to their highest level since June 2013. The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. The Index is now 12.0 percent above February 2014. 

The index is at its highest level since June 2013, has increased year-over-year for six consecutive months and is above what is considered “the average level of activity” – for the 10th consecutive month. Here is a graph showing the Pending Sales numbers: Here is a chart showing the Pending Sales increases by region: 

http://www.homesforsaleinfortworthtx.org/pending-sales-surge-great-sign-for-the-housing-market/

Selling Your House? Price it Right Up Front

In today’s market, where demand is outpacing supply in many regions of the country, pricing a house is one of the biggest challenges real estate professionals face. Sellers often want to price their home higher than recommended, and many agents go along with the idea to keep their clients happy. 

However, the best agents realize that telling the homeowner the truth is more important than getting the seller to like them. There is no “later.” Sellers sometimes think, “If the home doesn’t sell for this price, I can always lower it later.” However, research proves that homes that experience a listing price reduction sit on the market longer, ultimately selling for less than similar homes. 

John Knight, recipient of the University Distinguished Faculty Award from the Eberhardt School of Business at the University of the Pacific, actually did research on the cost (in both time and money) to a seller who priced high at the beginning and then lowered the their price. 

http://www.homesforsaleinarlingtontx.org/selling-your-house-price-it-right-up-front-arlington/

NAR’s Existing Home Sales Report

NAR’s Existing Home Sales Report
http://www.homesforsaleinfortworthtx.org/nars-existing-home-sales-report/

Housing Inventory Slowly Disappearing

The price of any item is determined by the supply of that item, and the market demand. The National Association of Realtors (NAR) released their latest Existing Home Sales Report this week. Inventory Levels & Demand Amidst reporting on the fact that sales of existing homes rose 1.2% from January, and outpaced year-over-year figures for the fifth consecutive month, was the news that total unsold housing inventory is at 4.6-month supply. 

This is down 0.5% from last February and remains below the 6 months that is needed for a historically normal market. Consumer confidence is at the highest level in over a decade. Pair that with interest rates still under 4%, new programs available for down payments as low as 3%, and you have an attractive market for buyers. 

Buyer demand for housing remains twice as high as this time last year. Prices Rising February marked the 36th consecutive month of year-over-year price gains as the median price of existing homes sold rose to $202,600.

http://www.homesforsaleinirvingtx.net/housing-inventory-slowly-disappearing/

Why You Should Sell Now!

As the temperature rises, buyers are coming out ready to purchase their dream home. Inventory is still below historic numbers and demand is strong. Don’t miss out on this great opportunity for you and your family. Here are five reasons to list your home now. 1. Demand is Strong Foot traffic refers to the number of people out actually physically looking at homes right now. The latest foot traffic numbers show that there are more prospective purchasers currently looking at homes than at any other time in the last 12 months which includes last spring’s buyers’ market. These buyers are ready, willing and able to purchase… and are in the market right now! Take advantage of the buyer activity currently in the market. 2. There Is Less Competition Now Housing supply just dropped to 4.6 months, which is under the 6 months’ supply that is needed for a normal housing market. This means, in many areas, there are not enough homes for sale to satisfy the number of buyers in that market. T
http://www.homesforsaleinarlingtontx.org/why-you-should-sell-now-arlington/

Baby Boomers: Home Is Where The Heart Is

Within the next five years, Baby Boomers are projected to have the largest household growth of any other generation during that same time period, according to the Joint Center for Housing Studies of Harvard. Let’s take a look at why… In Merrill Lynch’s latest study, “Home in Retirement: More Freedom, New Choices” they surveyed nearly 6,000 adults ages 21 and older about housing. Crossing the “Freedom Threshold” Throughout our lives, there are often responsibilities that dictate where we live. Whether being in the best school district for our children, being close to our jobs, or some other factor is preventing a move, the study found that there is a substantial shift that takes place at age 61. The study refers to this change as “Crossing the Freedom Threshold”. When where you live is no longer determined by responsibilities, but rather a freedom to live wherever you like. (see the chart below) As one participant in the study stated: “In retirement, you have the ch
http://www.homesforsaleinfortworthtx.org/baby-boomers-home-is-where-the-heart-is/

Housing Inventory Slowly Disappearing

The price of any item is determined by the supply of that item, and the market demand. The National Association of Realtors (NAR) released their latest Existing Home Sales Report this week. Inventory Levels & Demand Amidst reporting on the fact that sales of existing homes rose 1.2% from January, and outpaced year-over-year figures for the fifth consecutive month, was the news that total unsold housing inventory is at 4.6-month supply. This is down 0.5% from last February and remains below the 6 months that is needed for a historically normal market. Consumer confidence is at the highest level in over a decade. Pair that with interest rates still under 4%, new programs available for down payments as low as 3%, and you have an attractive market for buyers. Buyer demand for housing remains twice as high as this time last year. Prices Rising February marked the 36th consecutive month of year-over-year price gains as the median price of existing homes sold rose to $202,600 (up 7.5% from 2
http://www.homesforsaleinarlingtontx.org/housing-inventory-slowly-disappearing/

Fast and Reliable Ways To Pre Qualify Home Buyers

We all know that buying a home is a complex process. Currently the mortgage interest rates are favorable for home buyers, resulting in many home buyers, including first time buyers,  to rush to buying a home. But Homes for sale in Irving Tx suggests that if you are serious about buying a home the first thing to do is to visit a lender. You might be questioning why meet with a lender? A lender is a person who knows everything about loan options, how to increase your credit score if necessary and will discuss with you the problems and the possible solutions in the home buying process. Here are fast and reliable ways to interact with your lender: Make sure you are a decision maker - First and foremost remember that you re talking to an experienced professional. You need to be confident in this process and understand what your needs are. Prepare to answer the questions of a lender with confidence and honesty. Make sure you don’t have credit card or loan balances and other fees that a
http://www.homesforsaleinirvingtx.net/fast-and-reliable-ways-to-pre-qualify-home-buyers-irving-tx/

Supply and Demand Affects Home Prices in Arlington

Real estate is composed of a seller and buyer. The buyer and seller are always involved in business together, when it comes not only in real estate but in business in general. Supply and demand in the housing market affects the home prices. Experts believe that when there is a large supply of houses, home prices will decline and in contrast when there is a low supply of homes it results in high demand for homes and increased prices. This is what we call a sellers market. Home sellers will take advantage of it.  In summary, home prices are determined by supply, demand, and location. Check the criteria below on how supply and demand affects home prices: 1-4 months’ supply creates a home sellers’ market where there are not enough homes to supply the buyer demand. Appreciation is guaranteed. 5-6 months’ supply forms a balanced market. 7-8 months’ supply creates a home buyers’ market where the number of homes in the market surpass the demand. Depreciation follows. Be guided and
http://www.homesforsaleinarlingtontx.org/supply-and-demand-affects-home-prices-in-arlington/

Smart and Effective Home Buyer Strategies in Fort Worth

Today the housing market is suffering from shortage supply of homes because of high demand according to realtors. Homes are selling quickly and faster than we could think, resulting in an increase in home prices.  This is becoming a sellers market in all areas. We can’t control the market as it is subject to change over time. There are times that is the buyers market and there are time that is in favor with the sellers. When it is a sellers market or there is a short supply with houses, Homes for Sale in Fort Worth TX advises you to not to spend your time asking the sellers for low prices.  To be able to get the attention of the seller do make a move with these strategies: A good first impression is Important You need to have make a good impression with the seller and also the agent. You need to be specific with your must haves.  When you a like a home send the seller with a letter composed of why you love the home and include your offer. Be flexible and Ready Always be ready whe
http://www.homesforsaleinfortworthtx.org/smart-and-effective-home-buyer-strategies-in-fort-worth/

Homeownership is the “American Dream” for a Reason

There have been some who have voiced doubt as to whether or not the younger generations still consider buying a home as being part of the “American Dream”. A recent study by Merrill Lynch puts that doubt to rest. According to their research, every living generation still maintains that owning a home is in fact important. Here are the numbers: This should not surprise us as many studies have revealed the benefits enjoyed by the families who own their own home. One such study was done by the Joint Center of Housing Studies at Harvard University that addressed a major financial benefit to owning your own home: forced savings. The report explains: “Since many people have trouble saving and have to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings to another day.” The Merrill Lynch study proves this point with the following data on home equity (a form of savings): Bottom Line There are many reasons that owning a home makes
http://www.homesforsaleinirvingtx.net/homeownership-is-the-american-dream-for-a-reason/

Top Considerations When Purchasing A Home

It has been tradition that home buyers fall in love with the first home they visit or view.  Most buyers are being controlled by emotions that make you vulnerable when buying a home. Homes for Sale in Fort Worth TX advises you to let not your heart alone make the decision in buying a home. Top situations to consider: 1. Create lists of the features or the things you are looking for in house. Know yourself and make sure the list represents what you want in a house. Think of how long you will live in that specific place. Be realistic and honest with your must haves and needs. 2. The location remains a great asset in buying or selling a home even if the house is older but has a nice neighborhood and is conveniently located. You can’t make a location great but you can make a house spark again. 3. The financial elements are one of the top considerations to consider in purchasing a house. It is critical to know how much you can afford without risking your financial stability. Call Homes
http://www.homesforsaleinfortworthtx.org/top-considerations-when-purchasing-a-home-fort-worth/