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

Posted on by Andrea T. Fowler

 

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 [email protected] or Book An Appointment.

2017 the Year of the Move-Up?

Posted on by Andrea T. Fowler

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. 

6 Reasons Your Home Won’t Sell

Posted on by Andrea T. Fowler

Are you ready to sell your home and want it to have a great first impression on the market? Or maybe your home has been listed for a few weeks or months, and you can’t figure out why it won’t sell, and you know your agent is working hard to market it. We’ve listed below the top 6 reasons your home may not make a good impression and end up stagnant on the market.

1. IT’S OVERPRICED

To be clear, an overpriced home is the #1 reason a home won’t sell. We often times want our homes to be worth a lot more than we may see based on the data, but if you put your home on the market for the number you wish it will bring instead of the price it actually needs to be, your home can sit on the market for months without getting a single showing. If you’re thinking you need to price high to leave room for negotiations, statistics show that views for your property, for buyers in your price range, can drop a whopping 90% if it’s priced too high. Discuss with your agent what the market says the value of your home is, then price it competitively to potentially get a bidding frenzy instead of low offers or having it expire.

2. LOW SHOWING AVAILABILITY

Making sure the house is clean and having to leave on a daily basis for buyers to tour the home may get a little overwhelming, but it is crucial to have open availability to have your home shown. You could end up missing out on the perfect buyer if you decline too many showings. The longer it sits on the market, the less value buyers will see in it. Talk with your agent about having a 24 hour notice period if the extra time is needed, but make sure your home is available to be shown as often as possible.

3. CLUTTERED SPACE

Buyers want to walk into a house and envision their lives in that home. This is difficult to do if your home is cluttered with personal belongings. They are instantly given the feeling of invading someone else’s personal space, instead of the satisfaction of being able to see a future in your home. Make sure your property is clutter free before putting it on the market; and store away any family photos.

4. UNPLEASANT ODORS

If you smoke or have pets, it’s easy to get used to the smell to the point that you don’t even notice it anymore. But it’s important to understand that the scent can be picked up by new people visiting your home, and it can really turn them off from making an offer. Before a showing, make sure to dispose of any garbage, don’t cook fish or other strong smelling food, and ensure the home is freshened up so there are no pet or smoke odors.

5. UNWILLING TO MAKE REPAIRS

Selling your home as-is may sound appealing at first, but being unwilling to make repairs could cost another mortgage payment that far exceeds the cost of repairs if you refuse to work with the buyer on their requests and the home goes back on the market again. It’s wise to be open to repair requests, and simply go over with your agent what you can afford to do and make a reasonable counter offer during the repair negotiations. 

6. UNWILLING TO NEGOTIATE WITH BUYERS

It’s important to have an open mind about requests that will come from buyers when it comes to purchasing your home. These requests can come in the form of price negotiations, repair requests, or even requests to cover closing costs or home warranties. With your agent on your side advising you of the best steps to take, it’s best to be open to working with the buyer’s on some of their requests to ensure a successful closing.

If you’re considering selling your home, book an appointment with me to have a complimentary seller’s consultation before listing your home. You can book an appointment here or contacting me at 972-813-9788.

New Communities in Dallas Suburbs

Posted on by Andrea T. Fowler

 

As a Realtor, I love finding new communities in Dallas suburbs before information is released publicly. It helps my clients beat the rush and get in on pre-sale prices. Now some communities may have an advertisement or two but not all model homes have been built in the community. Recently, I had a relocation buyer looking to build a home in the suburbs. She saw a community but wasn’t quite sure of it. We both went to visit it and discovered the three builders in the community.

From there, I went on to find more information and which builder fit her price range. We not only found one that did her price range but one that had their upgrades as standard options for her. We had pre-sale prices and even after she built the home out the way she wanted, we still didn’t reach her max budget. Can we say SCORE?!

If you follow me on Instagram, you will see that I absolutely love new construction. It is my thing for my clients. I like resale as well but I understand that some clients like the thrill of new. I understand. It is like the difference between new car sales and used car sales. The used car sales are great for your budget and timing. The new car sales come with a sticker price. It is somewhat equivalent to it. I love to help clients build their “perfect” home for now. I placed “perfect” in quotations because there is no such thing as a perfect home.

Below are a few communities that I have found while out on the search as well as some from my builder relationships. If you are interested in any of these communities, contact me. Seriously, I always get the question of whether you need an agent purchasing new construction. YES! The sales representative represents the builder. Who is representing you? It’s free representation for you so why not have someone represent you. Agents can help you negotiate the deal, understand what will help you in the resale process (if you are building), and explore your options. You don’t want to get caught up in the beauty of the model homes. Yes, they are staged well and you will be ready to hand over your whole checking account but an agent can help you weigh the pros and cons. So if you are interested in buying a built home in a community or building one, contact me to walk you through it.

Lakewood Hills – “New Carrollton” as they as describing it but it’s basically the Lewisville area outside of Castle Hills on Josey Lane and 121 Toll. As of now, I know Pulte Homes and Beazer Homes will be in this community.

Willow Wood – Located in McKinney. Builders in this community consist of First Texas Homes, Chesmar Homes, and Bloomfield Homes.

Winn Ridge – Dirt hasn’t even been built up yet for this community but it is coming soon. The only builder I can find so far is Centex Homes. Pre-sales start in summer 2017!

Windhaven Crossing – Townhome communty by DR Horton and Megatel Homes Pricing has yet to be revealed.

Melton Ridge – Located in the Stonebridge Ranch community in McKinney. New homes are being built by American Legend and Shaddock Homes.

Hollyhock Frisco

Merion at Midtown – Dallas

There will be more updates as I receive them about new communities in North Texas. To sign up to receive more information, head to my website at NewAvenueRealty.com.

Find out where I head on Wednesday with my #WOWWednesday posts.

 

SELL MY HOUSE: 5 Easy Ways to Attract Buyers

Posted on by Andrea T. Fowler

It’s time to sell your home and you’re stumped on what to do. What are the first steps? How do you prepare for the sale? All you know is that you are going to sell it to a buyer but how do you attract them? Hit play to discover the answer.

Reach out to New Avenue Realty for a complimentary consultation for selling your home: [email protected].

Not sure what to list your home for? Check here for neighborhood information: My Home is Worth What?

Unlock Your Opportunity | #NewAveRealty 2016

Posted on by Andrea T. Fowler

Can you believe that we are near the end of 2016? This year is really over in a less than 48 hours. I am one who is excited about 2017. 2016 was a great year, ready to rock 2017! Thanks to all who were apart of 2016!

 

 

Visit our Website: Unlock Your Opportunity in 2017

McKinney Home for Sale: 2305 Collier Drive

Posted on by Andrea T. Fowler

This new McKinney home for sale is one that is perfect for someone searching for their first home or looking to down-size. It has a comfortable space without being overwhelming but plenty to fill it up with love.  You’ll love this charming, 1-story home. This 3 bedroom, 2 bathroom home will give you 1,742 sq ft of generous space. It features two living and dining areas for the perfect open concept space. Owners have taken pride in this beauty. It’s situated in the friendly and quiet community of Sandy Glen and within minutes of Highway 75 and local shopping.

 

The current owners purchased the home in 2004 and are the original owners. When asked what was it that the loved about the home? Originally it was the space, schools, and the fact that they had a home for their then 3-month year old daughter. You could tell from our conversation that they loved the neighborhood as well as their neighbors are very caring and great neighbors too. I noticed this as we hosted the Open House on Saturday and neighbors were sad to see them go. One even suggested parking their additional car in his yard so that the future homeowners could drive up to the home.

That proved to me that the new homeowners will feel connected to the home and neighborhood. I always illustrate that not only are you buying the home, you are buying the neighborhood as well. Sandy Glen is one close-knit neighborhood that really makes a difference in home buying.

Click Here to View More of this Home

Stage to Sell! Do’s and Don’ts

Posted on by Ashley Combes


Grey kitchen featuring Greystone color hardwood floor (Maple-Greystone) For more information, visit www.miragefloors.com

The purpose of staging your home is to prepare your home to be seen at its best! You wouldn’t go to a job interview or an important meeting not dressed to impress, so why not stage your home for success? Did you know staged properties spend 73% less time on the market? Well, according to the Real Estate Staging Association not only do staged properties spend less time on the market they look better, sell for more money and are highly likely to be on the top of a buyers priority list.

Take yourself back to the time where you were in the buyer’s shoes. As a potential buyer you saw many homes. Some were staged, whereas some were not. Surely, you remember the houses that were decorated beautifully and even gave you the homey feel. You might even remember the cringe you felt walking into someone’s home who did not give you that feeling. Maybe their homes seemed bare and lifeless or maybe their homes were cluttered with personal items making it hard for you as a buyer to see yourself there. For these reasons, staging is essential to sell your home to a potential buyer.

Below are a list of Do’s and Don’ts for staging your home

  • DO Detach – Memories are forever but this house must be sold!
  • DON’T keep the clutter- This one of the most important tools in selling  your home
  • DO your research on how to stage your home or use your resources and find someone to stage your home for you.
  • DO upgrade your appliances
  • DON’T keep that same paint job from 3 years ago. Paint your walls.
  • DO have great lighting to give your home and welcoming and warm feeling.
  • DON’T make your room look smaller. You want a small room to appear bigger than it is, for this reason you may want to paint your walls the same color as your drapery.aimco_apartment_bedroom

 

 

 

 

 

 

Continue reading Stage to Sell! Do’s and Don’ts

Unparalleled Trust Before Listing Your House

Posted on by Andrea T. Fowler

Trust Pic

You and your family have decided to sell your house. It is now time to choose a real estate professional to help with the process. One of the major attributes this agent must possess is trustworthiness. To what degree do you need to trust them?

You must have enough trust in them that you feel comfortable they will accomplish all four things below: 

1. Sell possibly the largest asset your family owns

In many cases, a home is the largest asset a family has. Studies have shown that the equity many families have in their home is the largest percentage of that family’s overall wealth. 

2. Set the correct market value on that asset

Pricing is crucial even in the best of markets. You want to get the best price for your home without putting your house at a value that buyers will have little interest in.

3. Set the time schedule for the liquidation of that asset

Your family probably has a certain timetable for the sale of your house and the move into your next home. Coordinating the home selling process to meet certain schedules can be tricky.

4. Set a fair fee for the services required to liquidate that asset

You will need to pay a commission to an agent for selling the home and coordinating all elements of the selling transaction, including possible future negotiations (ex. with a home inspector or appraiser).

That’s a lot of trust. Make sure you pick a true professional to help with the sale of your home. Contact me to discuss the New Avenue Realty of Keller Williams way of listing your home and our unique marketing concepts to get your home SOLD.