Dallas Real Estate Blog | VIP Realty » Buyers

How to Buy Real Estate like a Pro

Grace — Mon, 24 May 2010 14:27:17 +0000

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?

The Advantages of Buying a Home in a Buyer

Grace — Fri, 12 Feb 2010 01:47:09 +0000

Good news! It’s still a buyer’s market out there. That means that there are a slew of great opportunities out there just ready for the taking.

And, lucky for you, along with a nice inventory of homes on the market comes other benefits of purchasing a Las Colinas home in a buyer’s market.

Price Reductions – There are many homes currently on the market in any given region, and many of these homes have seen price reductions. And price reductions mean anxious sellers. Make it a point to tour homes that have had price reductions, as you may have more room to negotiate with more receptive home sellers.
Contingencies – You can probably get away with writing in contingencies to your offer during a buyer’s market. You may ask for a contingency based upon the home coming in at a certain appraised value, or you may ask for a contingency based upon a clear pest report and inspection, among other things.
Credits – Most of the time sellers in a buyer’s market will entertain credits or allowances. Consider asking for credits to perform certain repairs or make certain improvements when you submit your offer. From repairing or replacing the roof to replacing worn carpeting or upgrading the home’s appliances, you can often get away with including credits in your offer.
Closing Cost Assistance – Many times, buyers will offer to pay all or some of the closing costs associated with the sale of their home. If they don’t, ask for them anyway. Closing cost fees may include fees associated with the title insurance, property taxes, recording fees or escrow.
Renegotiate Sales Price Following Inspections – Instead of backing out of the deal when inspection reports come back with problems, simply ask to renegotiate the sales price of the home. This strategy works most of the time, provided the problems weren’t evident before the first offer was made.
Ask for Extras – A good negotiation tool when purchasing a home in a buyer’s market is to ask the sellers for “extras.” This may mean the home’s appliances, washer and dryer, patio furniture, backyard shed and the like.

Homebuyer Tax Credit Extends into 2010

Grace — Fri, 18 Dec 2009 13:57:14 +0000

Millions of first-time homebuyers throughout the country took advantage of the new homebuyer tax credit this year, and the good news continues.

Much to the relief of homebuyers, real estate professionals and lenders, the federal government just recently announced that they will extend the first-time homebuyer tax credit throughout April 2010.

There are other changes to the tax credit that has many people perking up their ears, as well. They include:

A 6,500 tax credit for existing homeowners who want to “move up.”
As of December 1, income limits for the first-time homebuyer tax credit rise from $75,000 for a single individual to $125,000, and from $150,000 for a married couple to $225,000.
A maximum cap of $800,000 for a home purchase.
A home buyer must have a sales agreement by April 30, 2010, and close on the property by June 30, 2010.

The new homebuyer tax credit, which is part of the overall federal stimulus package, has pumped more than $22 billion into the economy. In fact, the National Association of Realtors estimates that more than two million people (more than 200,000 transactions) took advantage of the tax credit this year alone.

It is clear that this incentive helped the real estate industry in general, so it only makes sense that the program is extended. For areas of the country that are still drowning in bank-owned homes, this extension could not have been better news.

The tax credit does extend to foreclosed homes, provided that the buyer will use it as his/her primary residence. The tax credit has also helped the housing market stabilize, which therefore helps local economies, such as Dallas County and Tarrant County.

The move to extend the homebuyer tax credit was also part of the unemployment benefits extension legislation. In addition, it doesn’t hurt that mortgage rates are still dipping below the five percent range.

The tax credit may extend longer for military personnel. Military personnel who are deployed overseas may have until April 30, 2011 to claim the tax credit, provided they are deployed overseas for a minimum of 90 days throughout 2008 or 2009.

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

Adri — Mon, 02 Nov 2009 16:28:55 +0000

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.

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.

The Perks of Owning a Home

Grace — Fri, 23 Oct 2009 16:06:37 +0000

Many individuals are considering purchasing their first home, now more than ever. From the $8,000 new home buyer tax credit to the near-historic-low interest rates and great supply of homes on the market, now may be the opportunity you’ve been searching for.

However, have you considered whether owning a home is right for you?

Although there certainly are risks of owning a home, often times the advantages outweigh the disadvantages. You may want to reconsider purchasing a Carrollton home if you don’t plan on staying more than a few years, or if you simply don’t want the responsibility involved with maintaining and owning a home.

However, if home ownership is your dream, and you are financially prepared to purchase your first Carrollton home, then consider the perks of homeownership:

Owning a home is still the best investment – Although home values in many parts of the country have seen a hit over the last, couple years, the reality is that median existing home sales in the country have consistently increased an average of 6.5 percent over the last 30-plus years, according to the National Association of Realtors. In other words, if you plan on staying in your home for at least five years, then chances are good that you will walk away with a nice profit.
Tax incentives – There are plenty of tax incentives to owning a home, including being able to deduct your mortgage interest. Plus, you can receive up to $250,000 in profit when you sell, without having to pay taxes on it.
The freedom of owning a home – Being able to redecorate, paint as you wish and remodel at a whim is yours when you own a home. Most renters are very limited when it comes to changing anything about their homes, but as a homeowner you have much more freedom and flexibility.

How to Shop for a New Home like a Pro

Grace — Wed, 12 Aug 2009 20:14:27 +0000

If you are new to home buying and the thought of looking at homes makes you start to sweat, then you’re not alone. The process of looking for a home, while exciting, can prove to be quite a stressful experience.

Often times, looking at numerous homes can leave you feeling defeated, tired and confused. Fear not! To become a seasoned home buyer, all you need is a great plan of action:

Take the time to clearly convey your wants, needs and desires your real estate agent so you don’t waste your time looking at homes that simply do not meet your requirements. For example, there is nothing quite as frustrating as looking at three-bedroom homes when you absolutely must have four bedrooms.
Schedule only a handful of property showings on any given day. Although it may make sense to knock out as many homes as you can in one day, the reality is that this tactic will often just make your head spin. All of the properties may begin to look alike after awhile, and it may be difficult to really take the time to examine any one given Highland Park property.
Take a notepad and a digital camera along. Although each agent will likely provide you with a packet regarding information about each home you see, it pays to take your own notes and pictures so that you can better remember both the positive and negative features of the home.
Don’t just look at the inside of the home! Pay close attention to the location of the property and take notes. Is it located on a busy street? Are the other homes well maintained? Is the home close to nearby shopping centers, schools, etc?
Pay attention to the small details of the home, as this can often give you a better idea of the home’s overall condition.
Remain objective. You may walk into a home that looks simply beautiful, but is it the right home for you? Are the cathedral ceilings in the living room and the granite countertops in the kitchen clouding over the fact that the home has only one bathroom and is located on a busy street?

Supreme Real Estate is Plentiful in Dallas

Grace — Mon, 09 Mar 2009 18:03:51 +0000

According to recent statistics, the average price for a home in the University Park neighborhood is $1.8 million, which is one of the highest average home prices in the entire state of Texas.

As part of the elite Park Cities area, University is Park is located alongside Highland Park, both of which consist of six square miles surrounded by downtown Dallas.

With a superb commute time of less than seven minutes, Dallas professionals often choose University Park because of its fantastic location and impressive real estate.

The community of University Park, although located just minutes from the skyscrapers and excitement of Dallas, enjoys a small-town community feel, complete with beautifully landscaped surroundings. For this reason, many families choose University Park as a smart alternative to city living.

Many of the residents in University Park are employed by Southern Methodist University, which is at the center of this upscale community.

The average cost of a home in University Park is $350,000, although it is commonplace to see many, larger homes being priced well above $1 million.

Why Residents Love University Park

Children in University Park attend the highly coveted Highland Park Independent School District, which is regarded as one of the finest school systems in the state of Texas.
More than 60 acres of green space and parks are located throughout University Park, making this community a quiet respite from the hustle and bustle of the city.
This small community boasts a very low crime rate. In fact, is has one of the lowest crime rates in the US.
The real estate of University Park is varied and exciting. From traditional to contemporary, University Park has a property to please even the most discriminating of buyers.
University Park boasts consistently low property taxes.

Great Ways to Catch your Buyers

Grace — Tue, 24 Feb 2009 14:58:46 +0000

With today’s housing market struggling to get by, it’s no wonder that sellers are starting to become very resourceful when it comes to selling their homes.

If your home is one of several homes for sale in your neighborhood, then it’s up to you to offer buyers something different that may catch their attention and may make your home stand apart from the crowd.

photo by AntyDiluvian

Creating the WOW Factor

Consider new appliances, particularly stainless steel or those that are Energy Star Certified, both of which are very popular among new homebuyers. The money spent on new appliances will instantly transform an otherwise ho-hum kitchen into a sleek, updated space. You will also likely see a full return on your investment.
Improve your home’s curb appeal. The best time to get your buyers’ attention is the moment they step out of their car. If your home is neat and tidy on the outside, then most buyers will assume that it is just as tidy on the inside.

Some easy things you can do to tidy up your yard is to: add pots of colorful annuals near the front door; install new hardware on your front door; pull weeds from your flower and plant beds and lay down a thick layer of mulch; create a cozy seating area on your front porch; and give your shutters and trim a fresh coat of paint.

Tend to the small details. Don’t be surprised if you notice buyers checking out the small details of your home, as these can often indicate whether a home has been well maintained. Go from room to room and take note of any area which needs finished, fixed or updated.

Some areas to consider: missing or broken switch plates; dirty walls or shabby paint colors; outdated light fixtures; leaking faucets or running toilets; dirty or stained carpets; and dirty appliances.

Clearing it out: De-Personalizing your Home for Better Showings

Grace — Mon, 16 Feb 2009 13:37:23 +0000

Your home is your castle, as they say, and as such it reflects your personal taste, style and design flair. It may not, however, reflect the taste of the buyer that just walked through the door.

What to do?

Assuming that not everyone will appreciate your shot glass collection you must realize that an overly personalized home, while cozy and inviting to you, may not create a warm and fuzzy feeling with potential home buyers.

With that said, the best thing you can do to solve this style dilemma is to depersonalize your Irving home and instead create a warm, neutral palette that will attract most buyers.

Instead of your buyers focusing on your wall of family photos, for example, your buyers may instead focus on the great features of the room.

Your precious photographs, although incredibly important to you, will only serve do distract buyers and make a room feel overly cluttered.

Pack it Away (for Now)

Take the time to pack away your knick knacks, photographs and other mementos before listing your home for sale.

If your children’s toys have taken over the house, now is also the time to clear them out and pack most of them away. Buyers should not notice the large pile of toys in the living room before they notice the fantastic brick fireplace.

Religious statues and art may also fall under the category of overly personal. Just as not everyone has your taste in collectibles, they may not hold your beliefs.

And by all means, try not to take it personally when depersonalizing your home. Your mementos are an important part of your life, but for resale purposes they need to be packed away.

Your collectibles, art and photographs will all find a special place in your new home, but for now the name of the game is to depersonalize the space and get your house sold!

Realtor Tips: How to Help your Seller Prepare for an Open House or Showing

Grace — Wed, 28 Jan 2009 15:01:40 +0000

Preparing your sellers for the challenges of showing their home is often an over-looked aspect of being a seller’s agent.

Most sellers, particularly if this is their first time selling a home, are not aware that many things can influence the sale of their Coppell home, including open houses and showings.

photo by Wishingline

Open houses and showings are, of course, prime opportunities for sellers to wow potential buyers and make a sale, yet too often sellers jeopardize their chances of getting their house sold by things they do and things they don’t do. The following tips should be discussed with your sellers when it comes time to show their home:

Remain flexible about times and dates. Inform them that there will likely be those “last minute” showings which may prove to be inconvenient and maddening. However, it is important to remind them that in order to sell their house they may need to make adjustments.

Bottom line: Inform your sellers that last-minute showings are commonplace, and it is important that they try their best to accommodate them.

Leave the home during a showing. It is important that your sellers leave the home during the showing. Some homeowners, for one reason or another, will insist on staying during the showing, but this will only hinder the showing and scare away potential buyers.

It is important to remind your sellers that most potential home buyers will feel uncomfortable touring a home (and looking in closets and cupboards) when the homeowner is present. As a result, they will likely cut their showing short.

Bottom line: Encourage your sellers to leave the home during showings and open houses to make buyers feel more comfortable.

Don’t come back early, either! The same rule applies for homeowners who pop in before a showing or open house has ended.

Bottom line: Encourage your sellers to stay away from the home until everyone has left.

Remove the pets. Pets should not be present during a showing. It is important to remind your sellers that not everyone is a pet lover, and some buyers may be even be allergic or afraid of your pet.

Bottom line: Encourage your sellers to take their pets with them during a showing or open house, if possible.

The key to effectively communicating these items with your sellers is not to demand these things, but to instead request them. A written list of recommendations is often a great way to communicate positive open house and showing tactics.