Jocks and Frisco Real Estate

Many folks choose to live in the city of Frisco, not because it is a great place to live and not because it is the fastest growing city in the U.S. but because it is home to award winning training and coaching and some of the best sports facilities in the Country. It seems everywhere you go in Frisco, a ball is being passed, kicked, caught, smashed or shot. It is a virtual breeding ground for future professional athletes.

According to DFW Realtors with all the home buyers clamoring to buy Frisco real estate home values have been pushing higher for some time now. Frisco city officials say the key is finding a good business partner. There are at least seven sports facilities that have been paid for by a combination of public and private funds. To accomplish that, we knew we had to build world class facilities. We build it and they came. 11,000 kids participate in at least eight different youth sports organizations. That's roughly ten percent of Frisco's population and according to Men's Journal, it gives them a leg up in the highly competitive world of sports.

 

The coach of Wakeland High School should know. His team won the state championship last year. It's no wonder the phone calls come so early."A parent of a 4-year-old kid called to find out if it was too early to start him in competitive soccer. I never really thought about that question because when I was four these types of programs and facilities weren't available.

 

The magazine Men's Journal has had an eye on this City of Collin County. In 2011 the magazine named Frisco one of the Best Places to Live. The City was also named "Best Place To Raise An Athlete." The magazine cited the city's numerous youth programs and its top notch sports facilities. From the Frisco Athletic Center and its adjacent soccer fields to Pizza Hut Park the city owned and operated athletic center, there's no shortage of places to work step up your game.

Getting Ready To List Your Home. Start With These Things

No matter if you are selling your home in a traditional manner or via short sale you need to get ready for listing your home. Many listing agents insist that you get your home to be in pristine condition. You can do the obvious things before the listing agent shows up or you can wait until they give you a list of items to complete before the home is marketed. Below I will touch on some of the main items.  

Create Curb Appeal 

Clean up your yard, front, back and sides. You may have some projects that you have been meaning to get around to doing but simply have not had the time. Now you need to make the time. Here are bare basics you should do:  

 

·Weed, rake and mulch.

·Trim trees and bushes in front of your windows.

·Cut dead and low hanging branches from trees.

·Sweep and hose off your sidewalks and driveway.

·Park your extra car in the garage or down the street, not in front of the house.

·Remove trash cans and store them in the side yard or garage.

·Set out a few pots of bright flowers near the front door to add color. 

 

When your agent is listing Tarrant County homes or Denton County homes and they pull up in front of your house, they agent will feel as though you were expecting them and that you are preparing to sell. If you don't do these things a good agent will find a respectful way of telling you what needs to be done to make the home more marketable.  

 

Getting Ready Inside Your Home

DFW Realtors say that you would think it goes without saying that your home should be clean, very clean. But everybody's idea of clean is different, it is subjective. Don't force your agent to put towels over dishes in the sink, pick up pet dishes from the floor or make your beds. At the bare minimum do these things when you are getting ready to list:  

 

·Vacuum and sweep the floors.

·Clean everything off the kitchen counters. Yes, everything including all of your nick knacks.

·Remove the magnets from the refrigerator and your kid's artwork.

·Put away all personal photographs and photos on the walls.

·Make the beds and tuck in sheets.

·Pick up all clothing, toys and other items from the floor and put them away or at least hide them.  

 

If you are packing or have too much stuff try storing all of your extra items in one room to clear up the other rooms for photos. You can also store items in the garage or shed. Almost every home will show better with half of the furniture removed. You may want to consider moving out some of your "extra" furniture, especially if it blocks pathways.  

 

Designate a Spot to Sign the Listing Paperwork

 

Many agents I know are happy to sign a listing agreement with you just about anywhere including the roof of a car. It is much more pleasant and comfortable however, to sit at a dining room or kitchen table. Many agents prefer the dining room over the kitchen or living room. Here are some tips: 

   

·Offer your agent something to drink as they will be doing a lot of answering your questions.

·Keep the cat off the table and from walking on the listing paperwork.

·If you don't understand a particular form, ask your agent to explain it to you completely. If not, this is how mistrust develops and communication breaks down, so don't be afraid to ask questions. If you don't trust your agent enough to answer a question for you, don't hire this particular agent.

·Ask for a copy of everything you sign.

    

When I leave listing appointments I give the sellers a few of my business cards and ask them this trick question. I advise them that when the for sale sign in the yard, passersby might stop and knock on the door. If they do, what should the sellers do? Almost every time the seller will say they would invite them in. Wrong! Don't let these strangers in your home. An agent that comes to show your home will produce a business card for you. If a passerby rings your doorbell, give that person your agent's business card and ask them to call your agent to scheduling a showing.

Plano Realtors - Talk to Your Sellers About Absorption Rates

What are “absorption rates” as they pertain to real estate sales?   The absorption rate takes into account how many homes are on the market and how long, on average, it will take that home to sell on the open market.  Professional Plano Realtors and DFW Realtors have a duty to their Seller clients to explain this calculation so they will have an idea about how long it may take them to sell their home.  Whether you are at the listing presentation, or you're following up with a seller who's been listed a while, providing the added service of helping the sellers to understand absorption rates and how their price falls into the current pool of available homes for sale in their area. Absorption rates are now required from appraisers for all government related loans; which is just about every loan out there today.

Fannie Mae's Form 1004MC, and Freddie Mac's Form 71 both require that appraisers calculate days on market, inventory levels, and absorption rates for the comparables and immediate area around the subject home. The assumption is that tracking the variability of these three measures across time periods can provide trend information to determine home value direction. The appraisers must also take into consideration the Plano foreclosures on the market which could impact the absorption rate.

Absorption Rate Calculation Example- Say we take the number of closed sales for the last six months in a certain area, and it is 110. We then check the current number of active listings, and it is 420 in that area. First, divide the 100 sales by 6 months, to get a rate of 17 closings per month. Then, divide the 420 active listings by 20 to arrive at 21 months to move that inventory; that's the absorption rate.

Under the Freddie Mac's Form, we see that they require this number for three time periods; the immediately preceding three months, four to six months back, and seven to twelve months in the past. Then, the appraiser must indicate whether the absorption rate is decreasing, stable, or increasing. If it's decreasing, then the market appears to be slowing, and this could cause the value of the home to be adjusted downward. Also considered are corresponding periods for days on market, inventory, and the sale-to-list price ratio. If sale prices are getting lower in relation to list prices, this will be evident on these addendum forms, and the appraiser should be adjusting the home value downward. So, it's clear that a good market is showing higher absorption rates, lower inventories and shorter times on market on average. They prefer to use "median" numbers.

On the bad side, if median absorption rate is declining, and days on market and inventory are rising, this doesn't look good for the market in the near term. Couple that with wider spreads between list and sale prices, and the picture darkens as well. But, good or bad news, you should be on top of this information and sharing it with sellers and prospects to help them in their decision processes.

Are You Ready to Make an Offer to Purchase Plano Real Estate?

Making an offer to purchase on Plano real estate and actually closing on that purchase are two different actions, but many times home buyers confuse the two especially when the purchase offer is not the final negotiation due to contract contingencies. In some areas on the East Coast, for example, it is common to write a letter of intent to purchase a home so save a lot of time and frustration. However, many other states contain provisions in their standard sales contracts that let a buyer withdraw their offer and get back their entire earnest money deposit.

Are You Hesitating to Make an Offer?

If the home you are considering buying is likely to sell quickly, and if you have a way to later cancel the contract, you should immediately make the offer. There is no reason for you to wait. Don't sleep on it or try to get every single question answered a head of time or you may lose the home to another buyer. Somebody else could beat you to the draw and steal it out from under your nose while you're busy weighing the pros and cons. This is common place with the sale of popular Highland Park Real Estate. If you really like the home, odds are other home buyers will like it too.

The Reality of Purchase Offers

When a home seller accepts an offer, they are hoping the buyers will complete the transaction at the price agreed upon and believes there is nothing wrong with the condition of their home. The home buyer is hoping the transaction will close because the home is in great condition. It's rare that either of those expectations are the reality. No home is perfect and many conditions can change once a contract is accepted. You should utilize the services of professional DFW Realtors to help avoid issues that could derail the sale or cost you additional money.

· Mortgages can be rejected

· Buyers often submit a repair list.

· Low appraisals can kill the sale.

Types of Homes That Quickly Sell

In a seller’s market, almost every home sells quickly. In a buyers’ market, the sale times will be longer. There are many inherent characteristics and qualities that determine whether homes are likely to sell fast, but these are the top two:

· Cosmetic fixer uppers in good locations and priced below comparable homes.

· Ready to move in homes in great neighborhoods, excellent condition and priced right.

If the home you want to buy falls within those two categories, you should make an offer on it quickly, providing you have cancellation rights. Some Realtors don’t like to waste time writing an offer that a buyer might later cancel and will try to persuade you from making an offer. Some might not even disclose to you that you have a certain number of days to withdraw your offer. Don't hire a Realtor who doesn't have your best interest at heart.

Benefits to Making Immediate Offers

· The obvious reason to make an offer right after you find a home you love is you will prevent anybody else from buying it. When the seller accepts an offer from you, the seller cannot accept another, except a back-up offer, good only if your contract is canceled by you.

· If your offer is first and only offer, you can many times negotiate the price and terms. You can try to make a lowball offer but your negotiation power is minimized if there are other offers.

· Even if other buyers are interested, they will generally back off once the seller accepts an offer, opening the door for your renegotiations.

Cons to Making Immediate Offers to Purchase

· If you're undecided between two homes and go enter into a contract on property 1, property 2 might not be available if you should back out of the first contract.

· Return of an earnest money deposit is not a given. Both parties are required to sign a cancellation agreement. In some States a seller can delay signing for 30 days, without penalty, an authorization to return the good faith deposit.

· Buyers can incur credit report, appraisal and home inspection fees that are non-refundable. Generally, closing cost, escrow and title policy costs are waived upon cancellation.

Given the alternative of losing the home you want it is advantageous to learn from the mistakes of others who have lost opportunities.

The Drawbacks to Buying Dallas Foreclosures

Dallas Real Estate buyers who are value conscious are lured in by the low listing prices advertised for Dallas foreclosures. They hope to show up at the foreclosure auction and win the lowest bid. Its’ possible, however consider this; many of these houses are not open for inspection prior to purchase. It generally isn’t smart to buy a house that you cannot inspect the interior of. What if there is no interior of the house? If the accepted bid price was low enough to compensate you for the amount of work that might be required to bring the condition of the house back to market standards. Before you rush to buy a Dallas foreclosure, stop to think about the drawbacks and risk if you can't get in the house to inspect it.


Is Someone Still Living at the Property?


If the house is occupied, the successful bidder will typically be responsible for getting the occupants out, who may or may not be the previous owners. They could be relatives or friends of the owners, renters or squatters. You may have to go to court to have them evicted. It may be wise to contact on or the many professional DFW Realtors that have experience in foreclosed properties.

• If you are unfamiliar with eviction processes, you should hire a knowledgeable lawyer to handle it for you.
• Be aware that tenants or previous owners who are sued for eviction sometimes retaliate and damage the property.
• A better solution might be to give the occupants some money to help them relocate and get out of your house.


Non-Owner Occupied Homes

Example: A seller, unaware that his deed of trust contained an "assignment of rents" clause, meaning, the lender has the right to collect the rents if the owner does not make his mortgage payments, stopped paying on his mortgage and didn't care who he rented the property to as long as the tenants paid him. The seller, fully intending to keep the rent money and forget about his mortgage, the seller listed the rental property for sale. His agent made an attempt to gain access to the property. The tenant looked through the door and then slammed it in the agent's face. Just as soon as the for sale sign was installed in the yard, the tenants stopped paying rent. Neither the lender nor the seller could collect any rent money from the tenants. The agent could not show the property. This was a very nasty situation. This does not only happen with Dallas foreclosures it can happen with any tenant occupied DFW real estate.


Condition of Foreclosed Properties

Because these foreclosed properties are purchased "as is" from the lender there is no guarantee or expectation of the properties condition. Sometimes it is possible to inspect these properties prior to making an offer but many times, as in the above example, access is not granted and not possible. When sellers realize they are about to lose their homes through foreclosure, it's not uncommon for them to stop caring about the home and burying their heads in the sand.

• If they are angry or desperate enough, it's possible they might destroy the house or take everything they can take out, out like doors, hot water heaters and bath tubs. An effective way for them to damage the property is to flood it by turning on all the water faucets, plug the drains and leave. Others will smash in walls, and then pull out the copper pipes and wiring to sell as scrap metal.
• Owners will also sell the appliances and kitchen cabinets and anything else that they can.
• Some of these people actually leave their animals behind, locked inside without food or water. These people are the worst of them all.

Buying Dallas foreclosures is not for the faint of heart. It's best handled by the pros and is not recommended for first-time home buyers. But if you are determined to get a good value on one of these foreclosure home do your due diligence and talk to everybody you can to lean the ins and outs of buying foreclosed properties.

Plano Homes and Price Reductions

Plano home price reductions, price adjustments, price improvements, it doesn't matter what you call it, sellers don’t wants to hear that they may need to lower their price. In slow markets it's not unusual for sellers to put the blame on the real estate agent for their home not selling. They real culprit is that the seller has unrealistic expectations for the price of their Plano real estate. Many times sellers will say, "Why don't do you do more to sell my house?"

Before Reducing Your Listing Price

• Review Your Marketing and Answer The Following Questions

1. How many ads have been are running for your home in the Collin County real estate section?

2. What kind of direct mail campaign has been launched, if any?

3. How many open houses have there been?

4. Does the house show well online, are there a lots of pictures?

5. Is your for sale signage in a good visible location?

6. Do you have a virtual tour?

7. What kind of feedback have you received from DFW Realtors and prospective buyers?

8. Are you offering enough commission to selling agent to make showing your home worth their while?

9. How many showings have you had so far?

• Are You Selling in a Buyer’s Market?

1. When the market is slow, inventory is high and demand falls. If that's the case, and you don’t have to move, maybe you can take your home off the market.

2. It doesn’t make sense to put an overpriced home on the market that is not going to receive any showings.

3. If you're not motivated to sell, you may be better off renting your house or staying put until the market corrects.

Choose the Right Price from the Start

If you're price is too high, you'll need to continually reduce it until your price hits the magic number, and by then buyers will begin wondering:

1. What is wrong with your house?

2. Are you hard to deal with?

3. Are you in a distress situation?

4. How much lower will you go?

The reality of it is that you will end up with less money than you would have if you priced the home properly from the beginning. Ideally, you want one price reduction. Here are guidelines to consider:

• Realize your agent is not your adversary but is on your side; enlist his help.

• Review the pending sales and examine the market history. How many days on market were the homes before the price was reduced and how much of a price reduction was made? You won't know the sold price, but you can determine average price reduction percentages.

• Compare the sold prices with active listings. Are sold prices higher or lower?

• Compare the history on the active listings to determine how many days on market before they were before the prices were reduced.

• Run a side-by-side comparison with active listings near the price point you are considering. Price yours so it falls in the bottom two to five listings or, if you're really motivated, price it less than anything else on the market.

Is Your Plano Home Price Too Low?

• Even in distressed markets, as home prices are declining, homes that are priced below the average sold prices will receive multiple offers and sell quickly.

• With multiple offers it's common to have price wars among competing buyers, which will generally result in an accepted offer for more than list price.

The Final Word - Every House Will Sell if the Price is Right!

Top Reasons to Higher a Realtor to Find Your DFW Home

With more and more information bring readily available online, clients sometimes ask "Why should I hire a real estate agent? We can look for a home ourselves online" They wonder if they could buy or sell a DFW real estate on the internet or through regular, old school, marketing and advertising means without using a DFW Realtor. It's possible, a very few do okay but most don't. If you've wondered the same thing, here are good reasons why you should want to consider hiring a professional real estate agent.

1. Experience & Education

You don't need to know everything there is to know about buying and selling a DFW home if you hire a professional Dallas Realtor who does. The trick is to find the right Realtor. In most cases, the seller pays your Realtor for you. Why not hire a Realtor with more education and experience than you, than most other Realtors?

2. Agents are Your Defense

Realtors take much of the stress out of your property showings and visits. If you're buying a new home, your Realtor will keep the builder's agents at bay, preventing them from over aggressive sales tactics. If you're a seller, your Realtor will filter all the phone calls that lead to nowhere and try to induce serious buyers to write an offer. If you are buying Dallas foreclosures your Realtor will act as you liaison between you and the bank.

3. Community Knowledge

Realtors possess intimate knowledge about your community. They can identify comparable sales and provide this information to you, in addition to pointing you in the direction where you can find more data on schools, crime or demographics. You may know that a home down the street was on the market for $235,000, but an agent will know it had upgrades and sold at $217,500 after 57 days on the market.

4. Value Guidance

Contrary to what many people believe, Realtors do not set the listing prices for sellers or buyers. A Realtor, however, will help to advise clients to make wise decisions. If a listing is at 6%, for example, a Realtor has 6% vested in the sale, but the client has a 94% interest. Selling agents will ask buyers to weigh all the data supplied to them and to choose the listing price. Then based on market supply and demand and the conditions and upgrades, the agent will devise a negotiation strategy.

5. Market Conditions

Realtors can determine market conditions, which will dictate your selling or buying process. There are many factors that determine how you should proceed. Data such as the average price per square foot of similar homes, median and average sales prices, average days on market (DOM) and ratios of list-to-sold prices, among other criteria. These things will have a huge impact on how you ultimately decide to proceed.

6. Professional Networking

Realtors network with other real estate professionals, many of whom provide services that you will need to buy or sell. Due to legal liability, many Realtors will not directly recommend a certain individual or company, but they do know which service companies have a good reputation for efficiency, competency and competitive pricing. Realtors many times, however, provide you a list of vendors with whom they have confidence in.

7. Negotiation Skills

High producing Realtors negotiate effectively because, unlike most buyers and sellers, they can remove themselves from the emotional aspects of the transaction. Because they are skilled it's part of their job. They are professionals who are trained to represent their client's as best as possible and hold client information confidential.

8. Handling Paperwork

Today's contract packages run 20 pages or more. Most real estate files average thicknesses of one to three inches of paper. One little error or omission could land you in court or in or cost you thousands of dollars.