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The 380 corridor development in North Texas has seen consistent growth over the years and it doesn’t look to be slowing down. If you still think 380 is strictly farmland, you need to drive back down the highway that stretches as far east of Texas to Greenville and hits the deep west of Texas near Lubbock. However the twenty mile concoction that consist of North Texas is growing tremendously.

As the 380 corridor development of North Texas expands, it brings the light of small towns that will become thriving areas. One city in particular near the corridor is the current small town of Celina, TX. As of today, the population of Celina is standing at 12,000 people (based on 2016 population).  Celina’s economic development manager, Corbett Howard, is a former mayor of the town who envisioned Celina to be next boomtown city of DFW. The building projections of homes has it becoming the fastest growing city in the metroplex. The city is bound to become the largest city in Collin County due to its vast amount  of land that has yet to be developed.

 

One development in particular is the Sutton Fields community which is a mile from the 380 corridor settled in with Prosper ISD school district. The developer Centurion American describes the community as the following:

Perfectly situated in Celina, the quaint city known for its small town charm and community pride, Sutton Fields will be the home of 240 homesites featuring beautiful floorplans and options to truly make your home yours. Personalize your home to fit your family’s needs and live your dreams affordably just minutes from Highways 75 and 380. With quick access to all that Dallas and Fort Worth has to offer, this idyllic community offers limitless opportunities to explore the outdoors. Whether it’s in the community amenity center, on the bike trails, or at Lake Ray Roberts and Lake Lewisville, there is plenty offered in and nearby the newest multi-family development. Children will attend some of the most top-rated schools North Texas has to offer in the Prosper Independent School District and future homeowners will love experiencing life in a small city with big dreams in Sutton Fields!

One of the attractions that has my eyes buzzing is the community garden right in the community. As a country girl, I realized that I am in love with communities that give you the small town charm and love of nature that I grew with but still within minutes of “city life”.  Below Centurion American gives particular amenities in the community:

• Beautifully-Designed Planned Amenity Center
• Open Green Space
• Multiple Ponds
• Pocket Farming and Farmers’ Markets
• Community Gardens
• Community Events
• Protected Bee Hive Community

The development has started and currently the streets are in. There will be eight builders in the community which include First Texas Homes, Lennar Homes, Beazer Homes, M/I Homes, Sandlin Homes, Oakdale Homes, Megatel Homes, and DR Horton. Sales will start soon as the builders gather to start building their model homes. Prices are ranging from the mid 200s to high $600s. This community will have something for everyone. Looking to view more floorplans for Sutton Fields? Visit move-updallas.com and search Sutton Fields (Celina).

Want to know more about this community, contact New Avenue Realty at 972-813-9788 or [email protected].

 

As a fellow millenial here, it has taken time to get others in my age range excited about homeownership. We know it should or could be stuff that we can do yet we feel so bottled down with debt that it isn’t looked at as an option. I am here to break it to you. We can, YES WE CAN, become homeowners. If you can pay rent, you can purchase a home.  We can have the granite countertops, hardwood floors (that’s truly laminate in your apartment…trust me), plush carpet, white cabinets, and Joanna’s shiplap in our home. We tend to think that student loans stop us from purchasing a home OR that credit cards prevent us too. If you have decent credit, say a 620 or higher, you have options in these streets. Conventional loan programs such as Fannie Mae and Freddie Mac has loosening guidelines to help those with student loans become homeowners.

As the Queen of Resources, I’m here to tell you that there are ways to get into a home and the market is becoming more friendly to first time buyers especially those who have felt like the market didn’t favor them.

For the past two years, it seems as if the prices have doubled making homeownership out of reach. I am here to let you know today that the stars are starting to align. Buyers now have options in today’s market. This is finally your chance to get into the market and get the home you love.

Builders are starting to take notice too as they have since left the starter home phase and went straight to move-up homes which start in the mid-300s. They are now creating divisions within their brand that caters to millenials and first time homebuyers. You will see brand new homes now starting in the high 100s or low $200s.

 

WHAT CAN I AFFORD BASED ON MY RENT?

The next thing that has most people my age on the fence of homeownership is should they rent or buy? How does that payment change from my rental payment? Let’s look at it like this:

Rent: 2 Bedrooom, 2 Bathroom = $1500/month

Home Purchase: 3 Bedroom, 2 Bathroom = $192,307 ~ $1500 mortgage payment

That’s an extra bedroom, more space in the home, as well as a backyard for the price of your rent.

Winn Ridge currently has floorplans with the price of the home at $194,000. With home prices, every $1000 is only $5-7. That means that a home at $194K is approximately $1510. This calculation is based on putting the minimum down on a home (3-5% of sales price). For $1600/month for a mortgage payment, we can estimate a home at $205,000.

THAT’S GREAT AND ALL BUT WHO HAS DOWN PAYMENT MONEY?

I tell my clients that if down payment is their struggle then we can find them money for their home.  HELLO!!!! Queen of Resources here and where there is a will there is most definitely a way. Plus, I have 9 Ways to Fund a Down Payment laid out for you already. There are lenders who have 1% down programs on a conventional loan. There are USDA programs which is 100% financing meaning NO down payments. Disclaimer: USDA loans can only be used to purchase a home in a rural area. However, the pace of growth in DFW opens a LOT of cities/towns for USDA. Ever heard of Little Elm or Prosper? Did you serve our country? Thank you for your service and here’s the BEST loan product out there for doing so called the VA Loan. The VA loan is similar to USDA which is 100% financing = $0 down payment.

Buyers with particular professions can also qualify for loan programs by lenders that may waive lender fees or give them down payment assistance funds to get them in the home. Basically, if you want a home and are willing and able to get one, the SUPPLY is available. The time is NOW.

 

In this day and age of being able to shop for anything anywhere, it is really important to know what you’re looking for when you start your home search.

If you’ve been thinking about buying a home of your own for some time now, you’ve probably come up with a list of things that you’d LOVE to have in your new home. Many new homebuyers fantasize about the amenities that they see on television or Pinterest, and start looking at the countless homes listed for sale through rose-colored glasses.

Do you really need that farmhouse sink in the kitchen to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Could the ‘man cave’ of your dreams be a future renovation project instead of a make-or-break right now?

The first step in your home buying process should be getting pre-approved for your mortgage. This allows you to know your budget before you fall in love with a home that is way outside of it.

The next step is to list all the features of a home that you would like, and to qualify them as follows:

• ‘Must-Haves’ – if this property does not have these items, then it shouldn’t even be considered (ex: distance from work or family, number of bedrooms/bathrooms).
• ‘Should-Haves’ – if the property hits all of the ‘must-haves’ and some of the ‘should-haves,’ it stays in contention but does not need to have all of these features.
• ‘Absolute-Wish List’ – if we find a property in our budget that has all of the ‘must-haves,’ most of the ‘should-haves,’ and ANY of these, it’s the winner!

Bottom Line

Having this list fleshed out before starting your search will save you time and frustration, while also letting your agent know what features are most important to you before starting to show you houses in your desired area.

Over the next five years, home prices are expected to appreciate 3.64% per year on average and to grow by 18.4% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey.

So, what does this mean for homeowners and their equity position?

As an example, let’s assume a young couple purchased and closed on a $250,000 home in January. If we look at only the projected increase in the price of that home, how much equity will they earn over the next 5 years?

Since the experts predict that home prices will increase by 5.0% this year alone, the young homeowners will have gained $12,500 in equity in just one year.

Over a five-year period, their equity will increase by nearly $49,000! This figure does not even take into account their monthly principal mortgage payments. In many cases, home equity is one of the largest portions of a family’s overall net worth.

Bottom Line

Not only is homeownership something to be proud of, but it also offers you and your family the ability to build equity you can borrow against in the future. If you are ready and willing to buy, find out if you are able to today!

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Contrary to what many believe, Millennials are not the ‘renter’ generation. Millennials purchased a larger percentage (34%) of homes in the U.S. than any other age group in 2017 and the most recent Census Bureau report shows that the homeownership rate among Millennials is finally on the rise. Despite what anyone says, millenials are buying homes as 85% of my clientele arw millenials. 

Many Millennials took advantage of post housing crash prices and the First-Time Homebuyers’ Tax Credit and jumped into homeownership in 2010. If you are one of these buyers, now may be the time to sell for many reasons. Here are a few:

1. Equity Build-Up

Home prices have been on the rise since the beginning of 2012 and your house may have appreciated by more than you think. ATTOM Data Solutions, in their Q2 2017 U.S. Home Sales Report revealed that:

“…homeowners who sold in the second quarter realized an average price gain of $51,000 since purchase — the highest average price gain for home sellers since Q2 2007, when it was $57,000.

The average home seller price gain of $51,000 in Q2 2017 represented an average return of 26 percent on the previous purchase price of the home, the highest average home seller return since Q3 2007, when it was 27 percent.”

2. Projected Home Price Increases

If you just got married or just found out you are about to become a parent, you may have plans to move up a bigger home or perhaps move to a different area. Waiting to buy a more expensive home in this market probably doesn’t make sense. The experts contacted for the Home Price Expectation Survey are projecting home prices to increase by nearly 5% over the next year. Yes, your house’s price will increase but not as much as a home currently valued higher than yours.

3. Projected Interest Rate Increases

The Mortgage Bankers’ Association, Freddie Mac, Fannie Mae and the National Association of Realtors are each projecting mortgage rates to increase over the next year.

Higher PRICES + Higher INTEREST RATES = LARGER MORTGAGE PAYMENTS.

Bottom Line

If you are lucky enough to be one of those Millennials who purchased a house in 2010 (or even later), now might be the perfect time to move up to the home of your dreams.

I recently got this question and I wanted to share my thoughts on this. A buyer’s agent is free to the buyer even if the the buyer uses new construction. The only time a buyer may be forced to pay a commission is if they go the FSBO or For Sale By Owner route. 

As far as new construction, builders have set aside a budget for agents to supply a commission. Some people think that if they don’t have one, they will get more incentives. That is so UNTRUE. The incentives could be more if you used a Realtor. Realtors have relationships with builder reps and can negotiate everything from lot to upgrades. The contract is also used based on the builder too. Do you have someone working for you to help you combat any issues that mat arise from the contract or building issues?

It’s worth your weight to use a specialist when it comes to buying a new home. There are things that people don’t think of when building or negotiating when buying a new home. 

Just remember that it doesn’t hurt you to have someone represent you in their chosen field where they have the experience. Would you represent yourself in a lawsuit against a major corporation? It’s practically the same thing. 

Did you know June was National Homeownership Month? A recent report stated that buying is cheaper than renting in some metros. I know in DFW, one bedroom apartments are climbing to the $1000 price range. 

Why should you consider being a homeowner? The financial sense it makes. For me, the wealth building tool of homeownership beats renting all day. 

Here are 5 reasons why it makes financial sense:

• Mortgage payments can be fixed while rents go up
• Equity in your home can be a financial resource later
• You can build wealth without paying capital gains
• A mortgage can act as a forced savings account
• Overall, homeowners can enjoy greater wealth growth than renters. 

So before you sign that lease again, contact New Avenue Realty to better understand your options. 

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. 

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. 

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. 

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. 

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 [email protected].