Archive for November, 2009

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Design Don

Friday, November 13th, 2009

We all have a different eye for design, and certainly different tastes, likes and dislikes when it comes to decorating our homes. However, it is important to remember that you must appeal to the masses when selling your Allen home.

With that said, there are a number of definite design styles you’ll want to consider changing or updating before you list your Allen property for sale:

  • Dated tiles throughout the home, including pink, green or black. Anything reminiscent of the 1970s probably won’t go over too well with home buyers.
  • Faux-painted walls that are extremely taste-specific and may be hard to repaint. Your living room mural may be just what you’ve always wanted, but it will likely not be what a home buyer had in mind.
  • Wallpaper! Many homebuyers cringe at the sight of wallpaper in a home, as it will likely not reflective of their design taste, and the thought of removing wallpaper generally gives the impression that your Allen home will be entirely too hard to update or remodel.
  • Children’s theme bedrooms. Your son’s space-themed bedroom may be perfect for him, but when a buyer walks in and sees the deep blue walls and themed fixtures, they may be turned off.
  • Old, worn or outdate laminate tiling. Although there are certainly some attractive laminate tiling out there today, there are just as many homes that sport some sad-looking tile. Lucky for you laminate tile is easy and inexpensive to replace.
  • Outdated fixtures. Many older homes still display the original light fixtures, which can quickly turn off potential buyers. Light fixtures are generally inexpensive and easy to replace, and can instantly give a room a facelift.
  • Outdated carpeting, for sure. Even if your carpeting is in fair condition, if you haven’t replaced it in ten or more years then it is probably a good idea to make a small investment in wall-to-wall carpeting before you list your home for sale.

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Finding the Mortgage Loan that

Thursday, November 12th, 2009

If you are a first-time homebuyer, there are a number of questions you will need to research and ask your mortgage broker or lender; the first of which is: what types of mortgage loans are available to me?

Here’s the lowdown on the different types of mortgages that may be available to you for the purchase of your North Dallas home:

  • Fixed-rate mortgages – Fixed-rate mortgages are the most simplistic of loans, as the interest rate and the monthly mortgage rate are both fixed for the life of the loan. Fixed-rate mortgages, which can be anywhere from 10 to 30 years, offer homeowners the practicality of knowing what their mortgage payments are going to be, thereby facilitating the process of making a budget.
  • Adjustable-rate mortgages – Adjustable rate mortgages, most commonly referred to as ARMs, have gotten a bad rap since the downfall of the housing market. This is due to the fact that many homeowners took out mortgage loans that they couldn’t afford because they were able to snag a low ARM.

Many of these consumers, given the fact that real estate was skyrocketing in most parts of the country, thought that they would simply refinance or sell when their ARM adjusted to a higher rate. However, because of the decline of house values, many of these consumers simply didn’t have the equity in their homes to refinance or sell; thereby leaving them with home loans that they couldn’t afford.

ARMs can still be a good move for some homebuyers, though, as they usually start with a lower, fixed rate that changes to a variable rate at some point into the loan term. The lender then adjusts the rate of the loan, either up or down, depending on current interest rates.

  • Balloon Mortgages – Balloon mortgages are mortgages that begin with a fixed interest rate over a fixed number of years. Once the fixed terms ends – which is usually seven years – the lender requires the loan balance to be paid in full.
  • Federal Housing Administration Mortgages – Federal Housing Administration Mortgages (FHAs) are specialized mortgages which allow homebuyers to purchase a home with as little as three percent down. These loans generally are through lenders affiliated with US Department of Housing and Urban Development (HUD).

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Buyer Tips: The Ins and Outs of Home Warranties

Monday, November 9th, 2009

You’ve probably heard of home warranties, and you might have some questions regarding their value. Many times, home sellers offer home warranties as a way of enticing buyers to purchase their Coppell homes; other times, buyers purchase their own home warranty.

Whether the home warranty is being offered by the seller or paid out of your pocket, learning about the advantages of a home warranty will better help you make the decision if you should carry a home warranty on your Coppell home purchase.

Q: What is a home warranty and how does it work?

A: A home warranty is an insurance policy, of sorts, that is designed to cover the cost of repairing or replacing certain items in and around your home. From electrical and plumbing issues to broken appliances and a malfunctioning furnace, home warranties can often cover many of the major areas in and around your home. You can also purchase additional riders on your home warranty that cover extra items, such as swimming pools and Jacuzzis.

Most home warranty policies are taken out for the year, and paid upfront, although there are many home warranty companies that allow you to pay per month, and many can add the monthly premium to your mortgage payment for convenience.

Home warranties are designed for existing homes; new home warranties, offered by builders, are different than home warranties.

Q: What do I do if something that is covered by my home warranty breaks?

A: Your home warranty company will likely have a toll-free number that you call to file a claim. The home warranty company then calls a local company that is partnered with them to make the necessary repairs. A small service call payment is usually collected by the local company at the time of repair. If the item covered under your home warranty cannot be repaired then the warranty covers the replacement, or replacement cost, of the item.

Q: Is it worth it to purchase a home warranty?

A: Most homeowners find that home warranties provide convenience and peace of mind. The small, monthly premiums are usually much less than it would cost to pay a professional to repair or replace a large item, such as a furnace, air conditioner or appliance, for example, so many homeowners find that purchasing a home warranty is a great way to provide them with the peace of mind knowing that if something breaks it won’t break the bank.

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An Emotional Guide to Selling your Home

Friday, November 6th, 2009

If you are like most sellers these days, the process of selling your home – often for much less than you ever thought possible – is quite unappealing. However, for many individuals, their options are limited and they must sell.

With that said, there is a way to sell and a way not to sell, particularly in today’s market. There are those sellers who stress every day that their home hasn’t sold; there are those sellers who hound their real estate agents even when there is simply no news to report; and there are those sellers that simply refuse to believe that their home is no longer worth what is was when they bought it three years ago.

None of the above mentioned homeowners are doing themselves any good. In fact, they could be causing themselves loads of undue stress and pressure, both of which are counterproductive when trying to sell a house.

The following list is designed to keep you emotionally and mentally grounded when selling your Dallas County home during this tough, economic period:

  • You will get low-ball offers. Expect them and try not to be insulted. There are a certain number of buyers that assume, because of the lousy housing market, they can come in with a ridiculous offer and that it might just get accepted. You have two options when this happens: you can outright refuse their offer and tell them to resubmit a reasonable offer or you can fly off the handle and refuse to even counteroffer. Don’t let your emotions and anger get in the way of a potential sale; simply counteroffer and make it clear to the buyers that you will not, in no uncertain terms, accept an offer that low. If the buyer is serious he will submit a new offer; if not, he will walk away.
  • Your home will not likely sell in a week. Expect it and be prepared to wait it out. The housing market just isn’t what it used to be a few years ago. Homes typically do not fly off the market in a matter of days. You must accept this fact and be prepared to wait a few months to find that right buyer. Remind yourself that this is common and try not to dwell on it too much.
  • Stay in touch with your real estate agent. Trust that your real estate agent is working hard to sell your Dallas County home. Keeping in contact with your real estate agent is important, and expecting a weekly update is not out of the question. However, barraging your agent on a daily basis about the status of your home is only taking him or her away from the job of selling your home and really accomplishes nothing more than frustration on both ends.

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Professional Living at its Finest in Oak Lawn

Wednesday, November 4th, 2009

Oak Lawn is a popular destination for many Dallas professionals that desire convenient, maintenance-free living. It is because of this that many condos, apartments, townhomes and duplexes can be found throughout Oak Lawn.

There are plenty of newer, high-rise condos available in Oak Lawn, particularly along the Uptown section, near McKinney Avenue and Turtle Creek Boulevard. In addition, there is a nice variety of older, single-family homes in Oak Lawn.

Oak Lawn, in addition to being highly desired among Dallas professionals, is also known for its eclectic entertainment scene, with many bars and nightclubs attracting visitors to this hip and trendy area of Dallas. In addition, Oak Lawn also features Love Field, which has been the epicenter of the gay community in Dallas for well over 35 years.

The commute in and out of Oak Lawn to the city is quite effortless, enabling residents to get into town in just a few minutes. A convenient location to the Dallas North Tollway also makes it a breeze to get to points further north.

A High Quality of Life is Offered Here

In a recent survey of the most walkable neighborhoods in Dallas, Oak Lawn came in at an impressive second place. In addition, the cost of living in Oak Lawn is considerably less than other areas of the city, yet it is located closer to downtown Dallas than many of the other, pricier neighborhoods.

Oak Lawn is also overseen by the Oak Lawn Committee, the area’s neighborhood association. Members of this organization all have a common goal of advancing the Oak Lawn community and addressing neighborhood issues.

Oak Lawn also boasts its share of beautiful, historic buildings, including the famous Warwick Melrose Hotel, which was built in 1924 and now serves as a four-start, historic hotel.

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Why the End of 2009 may be the Best Time to Purchase a New Home

Monday, November 2nd, 2009

For those of you who have been waiting on the sidelines, just waiting for that perfect time to purchase a home, now may the time you’ve been waiting for.

Many homebuyers look during the spring and summer months, as this is usually the time when the kids are out of school and the weather is pleasant. However, if you have the flexibility of moving during the fall and early winter then you may be privy to a wide array of perks that many homebuyers simply do not consider.

There are many benefits to purchasing a home at the end of the year, and 2009 is no exception.

  1. Those sellers that so desperately wanted to sell in the summer, but didn’t, are now more anxious than ever to sell their home at year’s end.

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