North Texas Real Estate & Community News

June 10, 2024

Feeling Like You Can't Afford To Buy A Home?

FEELING LIKE YOU CAN’T AFFORD TO BUY A HOME?

If you have been thinking about buying a home in 2024, but you are worried about high monthly payments, we have a solution for YOU.  Our agents are solutions-oriented and have entire toolbox of processes and systems available to them to help you determine the best option for making a move.

WORRIED ABOUT THE INTEREST RATES

You know that paying rent is just paying someone else’s mortgage. You want to buy a house so that you can start to build wealth and equity.  You want some stability. However, you may be frustrated by the combination of higher home prices and higher interest rates.  Do you feel frustrated or defeated?

SOLUTION FOR YOU

Our “Interest Rate Offset” system helps home buyers get a lower monthly payment by using negotiation skills and tactics to help you save money when you purchase.  Those funds could actually offset the money you will pay in interest over the next 5-7 years. This could be the perfect opportunity for you. 

HOW DOES IT WORK?

While there are still parts of North Texas that are strong seller’s markets, there are other areas where you could have more negotiating power.  No matter where you look, things have calmed down significantly since the 2020-2022 real estate market.  Our expert negotiators will help you identify areas where you are more likely able to negotiate on the sales price, or even get seller concessions that you could use toward a temporary or permanent interest rate buy down.  The money you save up front could be larger than the interest you will pay during the first few years that you own the property. 

In fact, if you combine our Interest Rate Offset System with an Adjustable Rate Mortgage you could be getting the best interest rate, which could boost your buying power even more.

 

WANT TO KNOW MORE?

If you want more information, call our office at 469-759-3899 and talk to one of our expert REALTORS about all of the options to help you get into your own home so that you can start saving money and building wealth.

 

 

About the Author

Melissa Hailey is a successful real estate broker in Texas. She is also a certified real estate instructor and the CEO for Agent Advantage Coaching and Training, as well as a Certified Coach for Workman Success Systems.  Her passion for helping REALTORS build their real estate business is evident in all that she does.  The more agents she can help, the more consumers she can impact in a positive way through home ownership.  Connect with her on LinkedIn @melissahaileyrealtor

Posted in Home Buying
June 10, 2024

Navigating the Path To Home Ownership: A Guide To Your Personal Haven

Navigating the Path to Home Ownership: A Guide to Your Personal Haven

 

Owning a home is a significant milestone. It symbolizes stability, security, and a place to call your own. However, the journey to homeownership is not just about finding the perfect property; it's a multifaceted process filled with choices, challenges, and, ultimately, rewards. Whether you're a first-time buyer or a seasoned homeowner looking to make a change, here's a comprehensive guide to help you navigate the path to home ownership and turn your dream of owning a home into a reality.

Define Your Goals

Before diving into the housing market, take the time to define your homeownership goals. Consider factors such as location, size, budget, and amenities. Are you looking for a cozy urban townhome or a spacious suburban house? Clarifying your priorities will help streamline your search and ensure that you find a property that aligns with your needs and lifestyle. Contact a REALTOR and ask about the process – and ask them to assist you in finding homes that meet your wants and needs.

Financial Preparation

Before you tour any homes, you should determine how much you can afford to spend on a home. This includes not only the purchase price but also ongoing expenses such as property taxes, insurance, and maintenance costs. Start to save for a down payment and strive to improve your credit score to secure the most favorable mortgage terms. Consulting with a financial advisor or mortgage broker can provide valuable insights and assistance in navigating the complex world of home financing. Your REALTOR will likely have some recommendations on local mortgage lenders to call.

Research the Market

It is a great idea to familiarize yourself with the local housing market. This will help you understand current property prices and inventory levels. Attend open houses, browse online listings, and explore different neighborhoods to get a sense of what's available. Your REALTOR can provide expert guidance and help you navigate the buying process with confidence.


Negotiate Your Offer

Negotiation is a crucial aspect of the home buying process. Work with your REALTOR to craft a competitive offer that reflects the market value of the property while also addressing your needs and preferences. Be prepared to negotiate on price, contingencies, and other terms to reach a mutually beneficial agreement with the seller.

Home Inspection and Appraisal

Once you've found a property that meets your criteria, it's important to have a home inspection to identify any potential issues or concerns. Additionally, lenders typically require an appraisal to determine the fair market value of the property. These steps help ensure that you're making an informed decision and provide peace of mind knowing that the property is in good condition and accurately priced.

Close the Sale

Congratulations, you're officially a homeowner! Take the time to settle into your new home and make it your own. Whether it's decorating, landscaping, or tackling home improvement projects - relish the opportunity to personalize your space and create lasting memories. Home ownership is not just about owning a piece of property; it's about building a foundation for the future and creating a place where you can thrive and flourish.

Remember, home is where the heart is, and there's no greater feeling than having a place to call your own.

 

If you are ready to start down your path to home ownership give us a call today!

 

469-759-3899

 

Posted in Home Ownership
June 3, 2024

Are High Monthly Payments Holding You Back?

ARE HIGH MONTHLY PAYMENTS HOLDING YOU BACK?

If you have been thinking about buying a home in 2024, but you are worried about high monthly payments, we have a solution for YOU.  Our agents are solutions-oriented and have entire toolbox of processes and systems available to them to help you determine the best option for making a move.

HIGH INTEREST RATES ARE FRUSTRATING

You want to buy a house.  You know that paying rent is just paying someone else’s mortgage. You want to build wealth and equity.  You want stability in your home. However, you may be frustrated by the combination of higher home prices and higher interest rates.  Do you feel frustrated or defeated?

SOLUTION FOR LOWER MONTHLY PAYMENTS

Our “Call to ARMs” system helps home buyers get a lower monthly payment through the use of an Adjustable Rate Mortgage (also known as an ARM).  While this isn’t the right strategy for every home buyer – it could be the perfect opportunity for you. 

Are you planning to stay in the home for 3-years, 5-years, 7-years, or 10-years?

When you purchase a home using an Adjustable Rate Mortgage, you get to take advantage of a lower fixed interest rate for a specific period of time.  After that period of time, your interest rates could adjust either up or down, depending on what the market is doing.  Of course, you also have the option to refinance the home into a 15-year or 30-year fixed rate if you choose.  Here’s how it works:

Say that you decided to buy a home with a 3-1 ARM.  You will get a fixed, low rate for three years and then your rate adjusts each year after that.  You can count on your monthly payments staying within the range you need for a specific period of time.

 

IT SOUNDS TOO GOOD TO BE TRUE – WHAT’S THE CATCH?

There is no catch!   You can take advantage of the lower fixed interest rate for a short period of time, then when it’s time to adjust the rate you can decide if you want to refinance at that time into a longer-term fixed rate.  If you choose not to refinance, your payments will adjust each year but they could go up or down.  You are always in control – you will be able to weigh in all of the options before deciding how to proceed.

In fact, you can combine an Adjustable Rate Mortgage with our Interest Rate Offset System, which allows you or the home seller to “buy down” interest rates for you which could boost your buying power even more.

 

WANT TO KNOW MORE?

If you want more information, call our office at 469-759-3899 and talk to one of our expert REALTORS about all of the options to help you get into your own home so that you can start saving money and building wealth.

 

 

About the Author

Melissa Hailey is a successful real estate broker in Texas. She is also a certified real estate instructor and the CEO for Agent Advantage Coaching and Training, as well as a Certified Coach for Workman Success Systems.  Her passion for helping REALTORS build their real estate business is evident in all that she does.  The more agents she can help, the more consumers she can impact in a positive way through home ownership.  Connect with her on LinkedIn @melissahaileyrealtor

Posted in Home Buying
May 24, 2024

Open House This Weekend In Frisco, TX

🔔Open House in Frisco, TX!🔔

Open House in Frisco, TX

May 26th from 1pm to 3 pm 📅
10708 Briar Brook Lane, Frisco, Texas 75033📍
Updated & well-maintained, this spacious 4-bedroom, 2.5-bath home is situated under a canopy of trees in the established neighborhood of Preston Highlands North. 🏡
For more information connect with Jami Mumley REALTOR®
📞214-762-3598 Jami Mumley - Real Estate
#realtor #openhouse #friscotx #realtors #homebuyers #memorialdayweekend #northtexastopteam
Posted in Open Houses
May 24, 2024

Open House Tomorrow in McKinney, TX

Open House!🎉

Come check out this gorgeous home in McKinney, TX!👀

Saturday, May 25th from 11 AM to 2PM📅
5817 Fremont Drive, McKinney, Texas 75071📍
Welcome to your dream home in McKinney, TX, nestled within the sought-after Prosper ISD! This North Facing inviting home boasts a versatile game room, perfect for entertaining or relaxing with loved ones. It features a dedicated office space where your productivity will thrive. 🏡
For more information connect with Claudia Chapa REALTOR®
📞469-515-2434
Posted in Open Houses
May 16, 2024

Coming Soon to Prosper, Texas!

Welcome Home to This Spacious, Well Maintained, One Owner Home!

Grand Entry Welcomes you to this showstopper! Guest Bedroom is off the Entry or Could be In-Law Suite or Office. Formal Dining Room with Crown Molding is Excellent for Entertaining. Beautiful Engineered Wood Floors Throughout the Common Areas Downstairs. Large Kitchen With Stainless Steel Appliances, Granite Countertops, Eat-in Kitchen, Island and Breakfast Bar, Opens up to the Living Room. Living Room has Abundant Natural Light and Corner Fireplace with Cast Stone Surround and Crown Molding. Upstairs are Three More Bedrooms, a Media Room and Game Room. Everyone Can Have Their own Space to Enjoy. Greet Each Morning With a Sunrise on The Backyard Extended Concrete Patio, or Evenings in the Shade. Neighborhood Features Amenity Centers, Pools, Soccer Field, Dog Park, and More. Conveniently Located to PGA Campus and DNT.

For more information connect with Brittany Frost REALTOR® 📞469-525-5265

 

Posted in Listings
April 23, 2024

Congratulations Claudia Chapa - Real Estate !

Congratulations Claudia Chapa - Real Estate ! 🥳

Claudia Chapa - Real Estate recently earned the At Home With Diversity® certification.👏👏
The At Home with Diversity® certification is designed to enable REALTORS to work successfully with and within a rapidly changing multicultural market. It will help REALTORS to learn diversity sensitivity, how it applies to U.S. fair housing laws in their business, and ways to develop professional guidelines for working with people in the increasingly multicultural real estate market.
Connect with Claudia for any of your real estate needs!
📞469-515-2434
 
#realtorrockstar #realtors #diversity #celebrate #northtexastopteam
Posted in Awards
April 18, 2024

It's Fair Housing Month!

Everyone deserves the opportunity to decide whether or not they want to own a home. 

In This Episode, Melissa and Stephen are joined by Jake Perry to discuss why fair housing is such a crucial part of real estate. You do not want to miss it! 

Estate of Reality Episode 14, It's Fair Housing Month! 

Posted in Fair Housing
April 10, 2024

Real Estate Negotiations Expert

 

Congratulations Tracy! 

Congratulations Tracy!!! 🎉👏👏👏
Tracey Tillett REALTOR® recently obtained a Real Estate Negotiations Expert Certification!
 
 
#realtorrockstar #realtor #negotiationsexpert #realestate #northtexastopteam
Posted in Awards
April 1, 2024

Update on the future of Real Estate in the United States

Update on the future of Real Estate in the United States

Many consumers have read recent reports about real estate agent commissions.  Some reports have commented that they believe home price changes will follow.   There has been some misinformation on the internet, and I hope this is helpful to you as you research the way real estate works.

For over 100 years, the National Association of REALTORS (NAR) has held their members to a higher standard through our Code of Ethics. They have championed private property rights, and proactively protected their members as well as consumers. Nykia Wright, Interim CEO of NAR said “NAR has worked hard for years to resolve this litigation in a manner that benefits our members and American consumers. It has always been our goal to preserve consumer choice and protect our members to the greatest extent possible. This settlement achieves both of those goals.”

With that in mind, NAR has agreed to put in place a new MLS rule prohibiting offers of broker compensation on the MLS. This would mean that offers of broker compensation could not be communicated via the MLS, but they could continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals.

While this is a change for REALTORS on the way they communicate offers of compensation, this does not mean that there will no longer be offers of compensation.  In fact, NAR stated “Offers of compensation help make professional representation more accessible, decrease costs for home buyers to secure these services, increase fair housing opportunities, and increase the potential buyer pool for sellers. They are also consistent with the real estate laws in the many states that expressly authorize them.

Another important part of the process as we move forward is the fact that written buyer agreements will be required.  Some states, and many brokerages across the country have already required this for years; and almost every brokerage recommended them.  In the proposed settlement, NAR has agreed to enact a new rule that would require MLS participants working with buyers to enter into written agreements with their buyers. NAR continues, as it has done for years, to encourage its members to use buyer brokerage agreements that help consumers understand exactly what services and value will be provided, and for how much.

If approved by the courts, these changes will go into effect in mid-July 2024.

What has changed for the consumer or the real estate agent?  None at this time. However, if approved, this summer consumers will be required to sign representation agreements with their agents when hiring someone to help them buy a home. REALTORS will then spend time communicating with each other regarding offers of compensation on properties the buyer is interested in. Buyers will still be able to ask sellers to off-set their agent fees, and sellers will still have the opportunity (as they always have) to discuss and negotiate fees when they hire a real estate professional. 

Home sales prices will still be negotiated between buyers and sellers, and the real estate market will still work on supply and demand.  Agents will still be able to run comparable sales data and provide that information to buyers and sellers so they can make an informed decision. Prices are impacted by supply and demand – and that won’t change.

 

Posted in Blog