Sunday Funday – May Updates 

If you haven’t discovered yet, Sundays are my off days. It’s the one day of the week for myself. You would think I’d like to rest but instead I reserve it for my city or cities in that case. 

Dallas Farmers Market 

I went to the farmer’s market earlier this year and just fell in love. Dallas has “The Market” and “The Shed”. The market has all the restaurants that may used to have a food truck and converted to a restaurant. It’s basically open seating and you go find what you want to eat. 

I devoured some of the best Cajun food from Cajun Tailgators and an awesome snowcome from Cool Haus. Btw, why didn’t anyone tell me about condensed milk in snowcones? Why oh Why? 

Taste of Addison 

This used to be one of my favorites events in DFW until a few years ago and it went high end. It turned into an event for top chefs and tickets were outrageous. That lasted about 2 years and my beloved Taste of Addison is back. It was free admission and I love the words FREE. 

Tasha is my Sunday Funday Partner in Crime

IFratelli can never fail in my eyes

I love the words FREE.

The longest line at the festival. You could smell it a mile away.

The restaurant options this year were slim compared to previous years. I registered that as odd because Addison has tons of restaurants. I actually frequent the area to eat. There’s so many restaurants at the Village on the Parkway. 

Low and behold, Sundays in May have made the chill time for myself enjoyable. 

How to Sell & Buy a New Home Simultaneously Using Your Equity

 

How does one sell their current home and buy a new one? With the inventory being really low right now, some sellers are nervous about selling their home. If they sell quickly, where will they go?

The key here is to discover how much equity is currently in your home and is it enough to move-up to the next home. Can you do it simultaneously? The answer is yes you can. The timing for doing so requires being pre-approved for your next home, knowing how much you can get with the sale of the current home, and where you want to go.

There are resources for sellers such as a bridge loan to secure their next home without paying two mortgages or worse case scenario, being homeless.

My past client, Saron, sat down with me to talk about her selling experience for the first time and buying for the second time.

Watch below.

 

Want to discuss how we can market your home in the Dallas real estate market? You can contact us at 972-813-9788 or atfowler@NewAvenueRealty.com or Book An Appointment.

4 Tips to Effectively Make An Offer 


Soooooo you’ve been searching for that “perfect” place to call home and you finally found it. Next step is to make sure you make an offer hood enough to get the seller to accept yours. Here are 4 tips to make an effective offer. 

1. Understand How Much You Can Afford

While it’s not nearly as fun as house hunting, fully understanding your finances is critical in making an offer.”

This ‘tip’ or ‘step’ should really take place before you start your home search process. As we’ve mentioned in previous posts,  getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and will allow you to make your offer with the confidence of knowing that you have already been approved for a mortgage for that amount. You will also need to know if you are prepared to make any repairs that may need to be made to the house (ex: new roof, new furnace).
2. ACT FAST 

Even though there are fewer investors, the inventory of homes for sale is also low and competition for housing continues to heat up in many parts of the country.” In DFW, the lower priced homes ($100s) are being purchased left and right by cash investors. 

According to the latest Existing Home Sales Report, the inventory of homes for sale is currently at a 3.7-month supply; this is well below the 6-month supply that is needed for a ‘normal’ market. Buyer demand has continued to outpace the supply of homes for sale, causing buyers to compete with each other for their dream homes. Make sure that as soon as you decide that you want to make an offer, you work with your agent to present it as soon as possible.
3. MAKE A SOLID OFFER 

Freddie Mac offers this advice to help make your offer the strongest it can be:

“Your strongest offer will be comparable with other sales and listings in the neighborhood. A licensed real estate agent active in the neighborhoods you are considering will be instrumental in helping you put in a solid offer based on their experience and other key considerations such as recent sales of similar homes, the condition of the house and what you can afford.”

Talk with your agent to find out if there are any ways that you can make your offer stand out in this competitive market!
4. BE PREPARED TO NEGOTIATE 

“It’s likely that you’ll get at least one counteroffer from the sellers so be prepared. The two things most likely to be negotiated are the selling price and closing date. Given that, you’ll be glad you did your homework first to understand how much you can afford. Your agent will also be key in the negotiation process, giving you guidance on the counteroffer and making sure that the agreed-to contract terms are met.”

If your offer is approved, Freddie Mac urges you to “always get an independent home inspection, so you know the true condition of the home.” If the inspector uncovers undisclosed problems or issues, you can discuss any repairs that may need to be made with the seller, or cancel the contract.
DREA’S TWO CENTS 

Whether you’re buying your first home or your fifth, having a Realtor on your side who is an expert in their market is your best bet in making sure the process goes smoothly. It’s important to do a consultation and be prepared for whatever may come along in the home buying process. 

Happy House Hunting!


P.S. Want a one-on-one conversation? Go to atfowlerrealtor.appointy.com to schedule an appointment with me. In the meantime, find your home at NewAvenueRealty.com. 

2017 the Year of the Move-Up?

Is 2017 the year of the move-up? We are all itching to advance from things such as our careers, cars, personal life, and living situations? Let’s discuss this more. You may live in a home that was perfect for you and/or your family a few years ago. As time expands and sometimes income, it may be perfect to move-up to a home that fits you at this stage in your life.

If you are considering moving up to your dream home, it may be better to do it earlier in the year than later. The two components of your monthly mortgage payment (home prices and interest rates) are both projected to increase as the year moves forward, and interest rates may increase rather dramatically. Here are some predictions on where rates will be by the end of the year:

Freddie Mac

While full employment and rising inflation are signs of a strong economy, they also have the potential to push mortgage rates and house prices up. The higher rates and higher prices create significant affordability concerns, which may continue to characterize the housing market for the rest of 2017.”

Lynn Fisher, Vice President of Research & Economics for the Mortgage Bankers Association

By the time we get to the fourth quarter of this year, we will still be under 5 percent – we are thinking 4.7 percent…Something north of 5 percent by the time we get to 2018, and by the time we get to 2019, we show fourth-quarter rates hitting 5.5 percent.”

Mark Fleming, First American’s Chief Economist

Despite some regional disparities, title agents and real estate professionals do not expect increasing mortgage rates to have a significant impact on the housing market this spring. Continued good economic news, increasing Millennial demand and confidence that buyers will remain in the market even if rates exceed 5 percent bode well for 2017 real estate.

Len Kiefer, Deputy Chief Economist for Freddie Mac

We will probably see rates higher at the end of year, around 4.5%.”

Drea’s Two Cents

If you are feeling good about your family’s economic future and are considering making a move to your dream home, doing it sooner rather than later makes the most sense. Use the profit from your current home to put into your next home. Remember this: You are only taking funds from one investment and moving it to another.

Ready for the move-up? You can find your move-up home here: move-updallas.com. 

HOMEBUYER F.A.Q

You want to buy a home, HOWEVER, you don’t know where to start? I’ve highlighted some of the frequently asked questions that I get and made videos for them. 

Buyer F.A.Q Videos

View videos here: BUYER F.A.Qs

Have your own personal question that I didn’t highlight on the Buyer F.A.Q playlist? Chat with me via text/call/email at 972-813-9788 or atfowler@NewAvenueRealty.com.