North Texas Real Estate & Community News

March 29, 2019

Instant Offer, iBuyer, or Hire a REALTOR?

What is the difference between Instant Offers or iBuyers and selling with a traditional REALTOR?

Real Estate Investing SignWith advances in technology and new ways to utilize data, some companies have sprouted up to create different ways to sell your property. Generally speaking, these companies are real estate investment companies such as Open Door, OfferPad, and Zillow; just to name a few. They are sometimes referred to as Instant Offers or iBuyers for your house.  Basically, these companies utilize automated valuation models (AVMs) to make a quick offer on a house. This, coupled with their ability to pay cash for the house, allows the investor company to close quickly. Then the investor company resells the house.

From a seller's standpoint, it seems appealing to eliminate the hassle and uncertain time frame of selling a house (you pick the closing day). However with high transaction fees ranging from 7% to 14% plus closing costs, and the likelihood that they will sell the home for more than they paid you for it, you are simply exchanging that smooth and quick transaction for a portion of the equity you have in your home. Most sellers don’t realize that by working with a REALTOR, they can save money and still have some general certainty of the time frame to sell based on historical data for how long other homes took to sell.

These companies operate by having homeowners complete a questionnaire with information on their house. They feed that data into their AVM, which kicks back an offer price. They make the homeowner a cash offer to close quickly (usually 7-10 days) and they specify what the fee will be to proceed through to closing. Sometimes the investor company even requires the seller to make repairs to the home before they will buy it. Generally if a seller will consult with a REALTOR, they will find that they can sell the house for more money with lower fees. This means more money in your pocket when you move.

Once the investor owns the house, they may repair and/or do some minor updating. Then they will list it for sale on the open market (generally through the MLS, and generally with a REALTOR). It may be tempting to consider such an offer, but keep in mind that this is a straight numbers play. They are determining a price that allows them the room to cover the costs of the transactions as well as the repairs/updates, while still making a profit. Their profit will either come from the fee you've paid or from acquiring your home at a below market price - although it could possibly be a combination of the two.

An analysis on one company's transactions showed they were selling homes at an average 5.5% appreciation, on top of their transaction fee. That's a lot of money to leave on the table for a little bit of convenience. There are other companies beginning to test alternative listing models as well, utilizing technology and AVMs to make 'instant offers' on homes. As always, it's important to read the fine print and understand what you are agreeing to.

House made of money
If you want to talk to a REALTOR to get another option for selling your house – and you want to know more about a realistic market price and time frame to sell on the open market – give the North Texas Top Team, REALTORS a call at 469-759-3899.

Our agents can help you navigate the home selling process and get you top dollar for your home.

 

Posted in Blog
March 19, 2019

Real Estate Market Stats - Post #551

REAL ESTATE MARKET STATISTICS - MARKET WATCH
What happened in Wylie TX Real Estate - February 2019

It is still a Seller’s Market in Wylie Texas!   Anytime there are less than 6-months of inventory available for purchase it is considered a Seller’s Market because there are more buyers than there are homes available for sale. This means that homes are selling more quickly and usually for top dollar. Currently we have 2 months of inventory in Wylie TX.

Here’s a recap of what the real estate market in Wylie TX was doing in February 2019.

Inventory is up slightly: In February 2019 there were 238 homes available for sale.  That's up 8.2% compared to February 2018 when we had only 220 homes for sale in Wylie, Texas.

Homes are selling not selling as fast: Last year the average time to sell a home was 39 days on the market. In February 2019 the average time is 64 days on the market.

Prices are still climbing:  In February 2018 the median sales price of homes in Wylie was $290,000....but in February 2019 the median sales price was $315,000.  That's a price increase of 8.6%

Buyers are still getting loans locked with 4-5%  interest rates for 30-yr fixed rate mortgages. Home buyers in Wylie Texas are looking for a home to purchase, and when they find one that is well-maintained and priced right – they are buying them.

If you are considering buying or selling a home in Wylie, now is the time to move. Call our Team TODAY at 469-759-3899. Let us show you how we can help you achieve your goals together.

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Posted in Blog
March 15, 2019

Open House - 7113 Stoddard Lane

Open House Stoddard Lane Open House This Weekend!

OPEN HOUSE on SATURDAY 3/16/19  from 11am - 1pm
7113 Stoddard Lane, Plano, TX 75025

This cute 3/2/2 home in Plano is move-in ready with a master retreat that includes a private fireplace, jacuzzi tub, large shower, dual vanities, and upgraded lighting fixtures.  The combined formals make a flexible floorplan. The updated kitchen includes granite counter tops and a breakfast bar.  The outdoor patio has been extended. Great location near Custer and Legacy in Plano, making it convenient to 75-Central Expressway, Highway 121, The Dallas North Tollway, and the George Bush Turnpike.

Come visit us on Saturday 3/16/19 from 11a-1pm for this Open House at 7113 Stoddard Lane in Plano.  For more photos and details, click here.

 

Posted in Blog
March 15, 2019

St Patrick's Day 5k on Greenville Avenue in Dallas

Blarney!    Spring in Texas means Saint Patrick's Day on Greenville Avenue.

St. Patricks Day

This year marks the 40th Anniversary of the St. Patrick's Day Parade on Greenville Avenue in Dallas.  This parade is the largest St. Patrick's Day parade in the Southwest with over 125,000 in attendance, and over 90 parade floats going down a 2-mile route.  The parade starts at 11am on Saturday 3/16/19 near Greenville and Blackwell Street.  The parade ends at Yale Blvd/SMU Blvd at 75-Central Expressway.  You can find more info about the parade including a parade map at http://www.dallasstpatricksparade.com/

 

 

If you want to put a more healthy spin on your St. Patrick's Day celebration, check out the St. Paddy's Day Dash Down Greenville.  This 5k run includes a fun run or a timed run.  Put on your green running shoes and come over to Central Market at Lovers Lane and Greenville.  Race begins at 8am.  Their website says it's the "best 5K and post-race party this side of the rainbow".  They have food and drinks, a live band, and cash prizes.  For more info or to sign up to run visit:  https://www.runproject.org/events/dash-down-greenville-race

We hope you have a safe and fun St. Patrick's Day weekend in North Texas!  If you want to know more about living in North Texas, our Team is here to help. Just call us at 469-759-3899.

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Posted in Blog
March 15, 2019

What I believe

WHAT I BELIEVE:

As a Broker and Realtor, I believe that consumers are best served through proper representation from a licensed professional Realtor.

For most people, buying or selling a home is an infrequent transaction with enormous financial and emotional considerations. Think about it….moving is stressful and emotional. Having a real estate professional help you with pricing, listing, selling and purchasing a home is important. Real estate is not entertainment (think HGTV) – it’s major life decisions. Having inaccurate information or bad “value estimates” on websites creates confusion about what’s really happening in a market.

I understand that serious consumers want the real facts about their real estate market.

But searching for homes and researching the market is just the beginning. Market conditions vary from city-to-city and neighborhood-to-neighborhood. So when you are ready to move forward with buying or selling a home, call the North Texas Top Team Realtors at 469-759-3899. We can take the science of real data and apply it to the art of local real estate.

For sellers, we navigate changing markets and help price your home appropriately.

For buyers, we are an advocate during contract negotiations all the way to the first day in a new home.

Ultimately, there is a lot more than a home search to consider such as: Pricing. Negotiations. Offers. Counter-Offers. Contracts. Addenda. Financing. Contingencies. Repairs. Punch Lists…. The list goes on and on and on. Navigating all of this takes skill and determination, and the Realtors at the North Texas Top Team are just the folks that can help.

After all, it’s what we do for a living, 24-7, 365.

 

I hope that you will check out our website, learn about our agents and the services we provide, and then give us a call.  I believe that our Team can help you achieve your real estate dreams.

Melissa Hailey, Broker-Owner
North Texas Top Team

Posted in Blog