Colleyville is a dynamic city that offers the best of both worlds for its residents.
Archive for May, 2010
The New Home Communities of Colleyville
Monday, May 31st, 2010Real Estate Agent vs. FSBO: Which is Right for You?
Friday, May 28th, 2010
We all want to maximize our profit from selling our home, and one of the ways to keep a little extra cash in your pocket at closing is to sell your home FSBO, right?
Well, not so fast.
Before you assume that you will always come out ahead financially when selling your home FSBO, you may want to consider the following factors:
- Studies have shown that there have been a significantly higher number of claims and lawsuits brought against sellers. Many times, home sellers assume that they can do it all without the guide of a real estate attorney or qualified real estate agent; however, this can end up costing them big if the buyers turn around and file suit against them. In other words, never, ever underestimate the value of a real estate agent’s knowledge when it comes to the home selling and buying process.
- Many times, buyers will offer up to 10 percent less for a FSBO home because they know that the seller is not paying commission on the home. It has been shown, time and time again, that sellers receive more money for their homes when they are sold by qualified real estate agents. In other words, don’t assume that you will be pocketing more money at closing because you went it alone.
- Most real estate agents are skilled in protecting their clients’ financial interests; therefore, the knowledge of a professional agent may help avoid problems with the buyers throughout the entire process.
- A qualified real estate typically earns their commission – and then some – because of all the grunt work involved with listing and selling a home. A qualified real estate will handle all of the details, such as marketing the property, showing the property and negotiating the sales prices of the property. If you don’t have the time to do all of this work yourself, then you owe it to yourself (and your sanity!) to use the services of a qualified real estate.
- A skilled real estate agent will be able to price your home right, from the beginning, thereby helping you achieve top dollar for your property.
What Makes a Neighborhood Desirable
Thursday, May 27th, 2010
It is no secret that many individuals flock to Fort Worth because of its exceptional array of outstanding communities. However, what makes some of the communities in Fort Worth, like Southlake and Highland Village, become so highly sought after? What is it about these communities that make them the place to be?
Location, Location, Location
For many homebuyers, location is the prime reason for choosing their property. Luckily, there are many suburbs of Fort Worth that are ideal for professionals, as commute times are often as little as a few minutes. The trend in Fort Worth real estate has been the move from the city to suburbs of the city that not only offer the convenience to the city, but also have a very secluded, small town atmosphere sort of feel.
Because of the desire for the best of both worlds, so to speak, there are a number of superb master-planned communities around Fort Worth that offer a tight-knit community feeling with commute times that are quite bearable for the Fort Worth professional.
Home Values
Although home values in and around the Dallas-Fort Worth area are quite reasonable when considering other areas of the South, Fort Worth real estate prices are still a general issue for families and professionals. Many of the median home prices in some of Fort Worth
Sizing up Current Trends in the Real Estate Market
Thursday, May 27th, 2010
If you
How much Home can you Really Afford?
Thursday, May 27th, 2010
Most of us have had a crash course over the last year about foreclosures and have seen first hand the many homeowners who found themselves in over their heads in mortgages that they couldn’t afford. So, now the time has come for you to purchase your first home and the question that seems to be looming in your head is: how much house can I afford?
There are many factors that you should consider when purchasing a Las Colinas home, and the first of which is your budget. Although your lender will ultimately inform you about how much home you can afford, many home buyers want to figure this amount out before they head to the lender, and rightfully so.
Here are a few factors that you should consider when determining how much home you can afford:
- Income – Your income – in particular, your annual income – will play a big role when determining how much home you can afford. A good rule of thumb is to multiply your annual gross income by two and a half to find your home price limit. Although this number, of course, is simply a starting point, it can provide you with a good deal of insight when considering how much home you can afford.
- Debt-to-Income Ratio – Many lenders, when determining how much home you can afford, will take into account your debt-to-income ratio, which essentially is the amount of debt you have versus the amount of your income. Student loans, credit card debt and car loans are just a few of the things that can raise your debt-to-income ratio, thereby lowering your overall home loan approval number. A good rule of thumb is to pay down as much debt as possible (and not to accrue any new debt) before applying for a home loan.
- Housing Expense Ratio – Most lenders will make an assumption that your monthly housing expenses should not exceed 25 to 30 percent of your gross monthly income.
- Other Factors – Other factors that you may want to consider when deciding how much home you can afford are interest rates, closing costs and home loan types. For example, just a percentage point either way on a $200,000 loan can mean hundreds of dollars a month in interest fees.
The Newest Frisco New Home Communities
Wednesday, May 26th, 2010
Frisco is known for being a Mecca of new construction, as this are of Texas is booming, to say the least.
It comes as no surprise, then, that many Frisco new home builders are introducing beautiful new home communities in this dynamic area of Texas.
From Landon Homes and Meritage Homes to Holiday Builders and Beazer Homes, Frisco new home builders are in no short supply, and either are their outstanding new home communities.
Here are a few of our favorite new home communities in Frisco, as introduced by some of our favorite Frisco new home builders:
- Grayhawk, by Landon Homes – Thought to be one of Frisco’s best master-planned communities, Grayhawk boasts both picturesque, natural beauty and plethora of neighborhood amenities. From its 40-acre lake and 30 acres of open parkland to its outstanding amenity center with a pool and playground, Grayhawk is a beautiful example of some of the fabulous, master-planned communities that can be found throughout Frisco. Homes in this community range from $231,000 to $312,000.
- Panther Creek Estates, by Meritage Homes – Meritage Homes is one of the most well-known Frisco new home builders because of their commitment to excellence in home design and community amenities. Homes in Panther Creek Estates range from $189,000 to $281,000. The community features natural trails, a swimming pool, an extensive greenbelt and a playground.
- Village Lakes, by Meritage Homes – Another one of Meritage Home’s famed, master-planned communities, Village Lakes features homes that are priced from $262,000 to $389,000. Homes in this community are about 2,750 to 4,480 square feet. Buyers can choose to upgrade to larger homesites.
- Hidden Cove, by Holiday Builders – Hidden Cove features reasonably priced homes from $145,000 to $193,000. Some of the neighborhood amenities of Hidden Cove include a swimming pool, an amenity center, green space and a large playground. It is located just minutes from the new Marine Quest Marina.
- Cobb Farm, by Beazer Homes – Homes of Cobb Farm, which are priced from $233,000 to $313,000, all feature eSMART technology and a prime location near the DFW International Airport and Love Field.
Should I Remodel Before Selling my Home?
Tuesday, May 25th, 2010
One of the biggest questions sellers ask their agents when selling their home is: should I remodel my Southlake home before I sell?
You may have heard a number of stories about people who were able to command top dollar for their properties because they remodeled them. Although remodeling can, in fact, yield a higher asking price for your home, you must be careful when spending money on remodeling projects, as you may not always see a return on your investment.
Although generally a remodel will pay off, don’t assume that you will recoup all of your expenses, or even if you will see any of your investment returned to you. However, there are a number of traps to avoid when remodeling.
Common Traps to Avoid when Remodeling your Home for Sale:
- Remodeling to suit your tastes – The first rule of remodeling to sell your Southlake home is to think like the buyers. In other words, you are remodeling to suit them, not yourself. Don’t remodel with taste-specific components; instead, keep it simple and neutral, thereby attracting the largest audience of buyers.
- Overpricing yourself out of the neighborhood – If you live in a neighborhood where home prices have a ceiling, you must pay very close attention to this price, as you will not likely get any more money for your house, regardless of what improvements you have made. Before remodeling, look closely at recently sold properties the updates they had. This will provide you with a good gauge when deciding which remodeling projects to undertake.
- Underestimating the value of a kitchen or bathroom remodel – Bottom line: the two most important rooms of a home in today’s market are the bathroom and the kitchen. These two rooms have been shown to have the biggest influence on the price of a home; so, if you are on a budget, consider spending your remodeling dollars to update the kitchen and the bathroom. In addition, these rooms will also yield higher returns on investment, provided you don’t go overboard in your remodeling efforts.
How to Buy Real Estate like a Pro
Monday, May 24th, 2010
The whole home buying process is rather overwhelming and intimidating. However, there are many steps you can take to ensure that your home buying experience is pleasant and that you snagged the best deal on a great house.
No home buyer can be 100 percent sure that they will purchase a Las Colinas home without problems; however, there are many steps you can take to protect yourself and your investment from a “bum” house:
- Pay close attention to the seller disclosure – Most states now require that sellers disclose all known defects to the buyers, in the form of a disclosure. It is important to read and re-read this form very closely and to ask questions if there’s any information in the disclosure that you don’t understand. If there is something wrong with the home, and the seller fails to disclose it, he or she is liable for the damages. However, before you can go after the seller you must be able to prove that he or she knew about the defect. Often times, the neighbors can be your biggest allies when it comes to proving that the seller knew about the defect, so consider talking to the nearby neighbors if you have found something that you are certain the sellers knew about.
- Never pass up a professional home inspection – A professional home inspection is your best defense against getting stuck with a home that has serious defects. It is always a good decision to pay for the services of a professional home inspector, as he can reveal any defects in the home before the home is purchased. Many times, the buyer’s contract can be contingent upon the home inspection. In other words, if the defects are just too serious you can choose to back out the contract and not be penalized. In addition, you can also use a home inspection as a bargaining tool.
- Think twice before purchasing an “as-is” home – A seller may choose to sell his or her Las Colinas home “as-is.” In other words, there is no room for negotiation, regardless of what a professional home inspection uncovers. Sure, you can find a great fixer-upper this way, but you must also be prepared to sink a lot of money into the home. Ask yourself: am I really prepared to handle this kind of challenge?
Construction Posts Improvements as Commercial Real Estate Continues to Struggle
Friday, May 21st, 2010
It’s no secret that the Dallas commercial real estate market is experiencing its share of troubles. However, what is interesting is that, while the Dallas commercial real estate industry struggles, commercial construction is posting gains; could this be the silver lining we have all been looking for?
Dallas Commercial Real Estate
First, let’s take a look at the Dallas commercial real estate market, in terms of sales. We are, no doubt, in the middle of a foreclosure nightmare. While residential foreclosures have begun to slow, the volume of commercial foreclosures just keeps on growing. In fact, more than 300 commercial properties in the Dallas-Fort Worth area are set to foreclose in May. These numbers, unfortunately, are all too common in the Dallas commercial real estate market.
According to Delta Associates and Real Capital Analytics, it is estimated that there is $5.4 billion in distressed commercial properties in the Dallas area.
Commercial real estate includes offices, shopping centers, industrial space, warehouses and apartments. The original debt on the commercial real estate foreclosure is currently valued at $879 million. Many industry experts expect to continue to see this trend as lending is still tights and individuals who need to refinance their mortgages simply can’t.
As of the latest estimate, there is more than $5.4 billion in distressed commercial property in the Dallas area, according to data from Delta Associates and Real Capital Analytics.
Dallas Commercial Construction
While the Dallas commercial real estate continues to struggle, the Dallas commercial construction market has begun to post gains. In fact, contracts for future commercial construction have jumped nearly 16 percent from this time last year, according to McGraw-Hill Construction.
Non-residential construction contracts totaled $275 million in March of this year, according to McGraw-Hill’s Research and Analytics Unit, while the total for March 2009 was $237 million. McGraw-Hill identifies non-residential construction as commercial, manufacturing, educational, religious, administrative, recreational, hotel, dormitory and other non-residential buildings.
These numbers, of course, show positively for the commercial real estate market in Dallas. However, the foreclosure mess must run its course in order for this market to improve.
Top 10 Things to do in Fort Worth
Thursday, May 20th, 2010
From its colorful history to its shining future, Fort Worth epitomizes what Texas is all about. It celebrates its past while looking forward to its future. It is a place where businesses thrive and entrepreneurship reign supreme. In short, Fort Worth is looking up, in more ways than one.
We love Fort Worth and all of its sights and sounds. Here is a list of our top 10 things to do in Fort Worth (in no particular order):
- Omni Theater – the Omni Theater is a “tribute to the past, present and the future” of technological history. This theater, which is located inside the Museum of Science and History, seats up to 390 people.
- Sundance Square – The entertainment and mercantile district of downtown, Sundance Square speaks of nostalgia, as it includes renovated storefronts, beautifully restored buildings and brick streets. Sundance Square is a very popular place to eat, shop and watch live entertainment.
- Fort Worth Museum of Science and History – From dinosaurs to art exhibits, the Fort Worth Museum of Science and History features nine permanent galleries, many of which showcase Texas history.
- Kimbell Art Museum – Striking, arched glass ceilings are just the beginning of what the beautiful, award-winning building of the Kimbell Art Museum has to offer. From present day artists to some of the most famed artists of their time, including Renoir and Picasso, the Kimbell Art Museum features a vast collection.
- Fort Worth Botanical Gardens – The Fort Worth Botanical Gardens is comprised of more than 2,000 acres of trails and garden exhibits. Some of the sights include an extensive greenhouse, Japanese Gardens, a conservatory and many special events.
- Fort Worth Water Gardens – This man-made exhibit is often referred to as the “crown jewel of Fort Worth.”