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Preferred Properties of Texas

The Preferred way to buy & sell real estate for you

What Can Affect Your Home Value?

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Real estate experts know that homes in desirable locations or within the boundaries of top schools will sell at a higher price. The location is an important factor in determining the price of homes. What are the factors that can lower the home’s value? What makes a neighborhood less desirable?

Bad Schools. Young families are looking for homes that are zoned for the best schools. Homes with low school ratings aren’t highly sought-after. Property values are affected more by living within the limits of schools with poor ratings than any other factors. According to Great Schools, the median home price for zip codes with schools rated 1 through 3 out of 10 is $155,000.

Strip Clubs. This one seems to be the most expected on this list. A young family would not want to live near a club with an adult theme. These clubs often have loud music blasting and unsavory people hanging out outside. Realtor.com surveyed many areas with strip clubs in large metropolitan areas. One neighborhood had 10 clubs. Washington Park, East St. Louis, IL. This neighborhood has only seen a few homes sell in the past three years, and the median home price is $10,000.

Lots of Rentals. Is it possible for a neighborhood with high levels of rental units/buildings to lower its property value? Although it is difficult to do an exact analysis of this factor, the research revealed that higher property values were associated with areas with more rentable homes.

Homeless Shelters. Shelters for homeless people can often be seen as the unloved misfits of a community. Although there isn’t any hard evidence to prove that homeless shelters bring in more crime than others, shelters can attract a diverse group of people and emergency calls numbers go up in areas close to shelters. The property values of areas with homeless shelters are almost 13% lower than those without them.

Cemetery. Cemeteries can be quieter than other neighborhoods, but there are still people who don’t want to live in close proximity to the living. The median home price in zip codes with cemeteries was 12% less than the neighboring zip codes.

Factors that Bring Down Value less than 10%

These last factors  bring down property values less than 10%, but are still worth noting.

  • Funeral Homes- 6.5%
  • Power Plants- 5.3%
  • Shooting Range-3.7%
  • Hospitals-3.2%

While location is important when it comes to real property, there are many other factors that can help homes sell for top dollar. With the help of an expert selling agent you can get your home sold for a great price.

Is It A Good Idea To Go Over Asking Price?

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It is important to consider the price of homes for sale when making an offer. You risk losing your offer if you offer too much and the bank might not value the home at the amount that you have offered. However, this does not mean that you should offer more than the asking prices for a home. This strategy might sound odd at first. The sticker price of a car is what you would offer, but the extra $100 for a barbecue at the shop is not something you would do. However, buying real estate is a different matter. Sometimes, it makes sense to offer more than the asking price.

There will be many offers. We are currently in a seller’s marketplace. This means that there are more buyers than homes available. Sellers receive multiple offers for their homes. They will accept the highest offer, naturally.
To be competitive in such a market, you will often need to offer more than the asking price. You are more likely to win the deal if there are three bids at the asking price but you offer 2% more than that.

The house is priced well below market. Sellers who are motivated and want to sell their house quickly will sometimes under-price their property. This will attract more attention and result in multiple offers.
If you or our real estate agent agree that a home should be priced lower than it is, then asking for more than the asking price makes sense. In order to score a deal, you will outcompete other buyers by offering higher asking prices. However, you won’t overpay.

A cash offer must be rejected. Imagine your agent talking to the buyer’s agent about the pending offer for the home. It’s a cash deal. Cash offers are difficult to beat. Cash offers are attractive because they require less work and take a much shorter time to close.
You can make a similar deal, but the seller will likely choose the financing offer. You can make it worth while for the seller to accept your offer by asking for more than the asking price

In the past, multiple offers were turned down by the seller. What if multiple offers have been made on the house but none have been accepted? Although the home is still available for sale, you don’t want another buyer to reject your offer. This behavior is commonly referred to as “unmotivated selling”. Sellers will only sell if they feel it is worth the effort. You can make an offer instead of asking if you truly want the house.

It is impossible to let go of your home. Perhaps this is the only house you have seen that suits your needs. Perhaps you have a deadline and can’t wait to make an offer. It’s a great way to get extra insurance and make sure you don’t lose your home by making an offer above the asking price.

Deciding how much to offer for a home isn’t always easy! It’s important to have a good agent on your side to help you make these decisions. Contact us if you’re looking for a reliable agent to guide you through the home buying process.

Suburbs or City Living?

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Some people love the energy and hustle of urban life. Some prefer the slower pace and more tranquility of living in the suburbs. Both lifestyles have their advantages and disadvantages, so there’s no need to judge. It is important to consider your priorities when looking for a home. You wouldn’t want an SUV to drive if you are a sports car enthusiast. A home mortgage is much more expensive than a car payment.

You might be an urbanite, if you:

  • Your nightlife is your life
  • If you have a commute, it is not something you enjoy.
  • Museums, concerts, art exhibitions, lectures, and other events will ring your bells
  • Walking to the corner coffee shop is a great way to get your morning caffeine fix
  • You can connect with nature by taking a walk through the park
  • Your sedan was replaced by a 10-speed bicycle

You might be a suburbanite If:

  • You want lots of yard.
  • You will feel at ease by the sound of cicadas and hoot owls, as well as wind rustling trees.
  • You are into playdates and PTA, as well as other pursuits related to parenthood
  • You can commute to work as long as you have a good audiobook.
  • Block parties and backyard barbecues with neighbors are great ways to spend Saturday afternoons
  • Happiness is closer to nature than you think.

This will help you think about what you want for your home and community. Once you know what you are looking for give Preferred Properties of Texas a call so we can help find a place that appeals you. 

Why Getting a Real Estate Agent Helps For Home Sales And Purchases

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A person selling or buying a house may not be aware of all the work involved in these types of real estate transactions.

These steps can be broken down into the following categories:

  • Activities that are not yet on the list.
  • Listing appointment presentation
  • Posting a listing agreement
  • Managing the entry for multiple listing service (MLS).
  • Marketing the listing
  • Handling and evaluating offers and contracts.
  • Tracking the loan process, home inspections, appraisals, closings, and follow-up.

Although not all steps are involved in every transaction the services list gives a clear picture about the complexity of the business. This is despite the fact that there are many digital technologies available for 2021.

An experienced licensed agent can help sellers and buyers save a lot of time. Due diligence is an extensive and thorough process. The experience and connections of a Realtor in the area as well as their referrals are invaluable. This process usually requires the involvement of appraisers. Surveyors. Inspectors. And attorneys.

It is hard to overstate the financial benefits of working with a real estate agent. Our experience shows that homes that are marketed by a Realtor sell for a higher average price than those owned by the owners. A buyer who uses an agent to sell their property can often negotiate a lower price or better terms due to the agent’s experience.

In a fast-moving market for real estate, buyers need to act quickly in order to secure their properties. Agents often know about properties on the market and can notify their buyers immediately to get the contract written. Agents should review the contract with potential buyers before they find a property. This will allow them to move quickly and is a good idea since you don’t often have much time.

There are two types, licensed agents and registered Realtors. The state licenses agents to practice. Realtors can also be licensed to practice by the state. Realtors must adhere to a higher standard of ethics.

Buyers and sellers should feel at ease knowing that strict standards of conduct have been adhered to and that all parties are treated equally. These standards of professionalism are constantly updated and improved to meet the changing needs of the real-estate industry.

HM Properties understands the importance of staying informed and up-to-date about what’s happening in our community and around the globe. We are taking steps to encourage and engage in activities to raise awareness for agents and staff about diversity and inclusion.

There are two types: a full-service broker who works with HM Properties clients or a limited-service broker. Although limited-service brokers may offer lower commissions than full-service brokers as the name suggests, they don’t provide all the same benefits. They could, for example, limit their services to listing a property on the MLS. However, they would not conduct a market analysis, promote the property, or negotiate on behalf of the seller. This scenario would place the seller in a disadvantage as they would need to communicate directly with the buyer’s agent.

Finding the right agent is difficult due to the large number of Realtors available in the area. It is always a good idea to ask a friend, family member, or colleague for recommendations.

Online research can help you find out the number of homes that an agent has sold, what their focus is, and how much experience they have. It’s a smart idea to interview multiple agents to compare their credentials and find the right fit.

It is your choice whether you work with a real estate agent or a realtor. It is important to search for an expert but it also helps to connect with one. A lot of information about you and your finances is shared with an agent during a real estate transaction. It is important to trust your agent with this sensitive information.

Agents should have a deep understanding of the area. It is a huge difference to be able to sell a lakefront property than one in Uptown. You’re likely to be completely uninformed if your agent isn’t familiar with the area. This is especially true if you are moving from another part of town.

A seller should look for an agent with prior marketing and listing experience. Although there are agents that can represent buyers and sellers, the success of the seller will depend on the location and the price, it is important to find an agent who has previous listing experience in the area.

It is also important to determine whether agents work in the industry full-time or part-time. It is a full-time job and requires constant attention. Agents who make it a career and run their business full-time are the most skilled.

A real estate agent is a valuable resource for both sellers and buyers. They can make selling and buying the biggest home or condo easier. Realtors can work with other agents to help them in their purchase transactions.

If your in the process of selling or buying, contact our office and speak with an agent. We are here to help make things go smooth.

Pricing Your Home Matters

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Recent real estate activity has been explosive and will continue to be well into the summer. Many new homes sell quickly, often within days of listing. Sometimes they even sell for more than the asking prices. While sellers are clearly in control of the market right now, that doesn’t mean they can speed. These are just a few of the reasons pricing is still important in a seller’s marketplace.

It’s easy for dollar signs to appear as the inflating home sales prices continue. Why not list if the market suggests you can get more than your house’s worth.

It alienates potential buyers. Buyers are already at disadvantage in today’s market. By offering your home for a high price over market value, you could be attracting buyers who have less spending power

An honest price allows for bidding wars – yet another reason pricing is still important in a seller’s market. Multiple buyers will compete for your home, which is a valuable commodity in a low inventory landscape.

There will be a constant stream of offers trying to outdo each other in competition. This is unless the bids are forced to begin at an artificially high price with a high asking price. Although more options can make it more difficult to choose the right one, choosing the right agent will make it much easier. It is often in your best interests to start a bidding war.

It’s possible that your home will sell quickly even if there isn’t enough inventory. It is still a risky move. Your agent’s market knowledge and expertise will help you ensure that your home is priced fairly, taking into account many factors such as location and condition.

An increase in price can keep gun-shy buyers away and put your home on the market longer. You don’t want your home to sit still, especially in a market where homes are being sold quickly.

Want to know more about why pricing still matters in a seller’s market? Contact one of our real estate agents!

 

Still Renting?

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Each person has to ask the question, “Should I buy a home or rent one?” If you don’t have a mortgage or aren’t familiar with the process, it can be daunting to owning a home. Many renters believe they cannot afford to buy a home due to not having the right kind of job or the funds. No matter what your thoughts about owning a house or renting, we can help you to overcome any doubts and false assumptions.

It is easy to own a home. If you are planning to live in your home for at least 2 or 3 years, it is a smart financial move to purchase instead of renting.

Most people realize the financial benefit of owning a home after they have lived there for between 3-5 years. This depends on the price of the house.

You have so many advantages to being a homeowner

  • You are in control of the style and design aspects of your home.
  • Fido and Fifi, Tigger, or any other pet, are allowed to stay with you. No pets allowed in your home. Pet deposits are not required.
  • No deposit. You don’t have to worry about paying 3 months rent or whether your landlord will retain your deposit when you move out.
  • If you take care of your home, you don’t have to worry. You are the owner of your home. This means you have total control of how your home looks. There’s no need to wait for approved maintenance men to come by at unfavorable hours or at all.
  • Avoid sudden rent and utility expense increases. Renters who have ever rented know that they can be notified by the landlord that additional charges will appear on their next rent/utility bill. You may find yourself in a difficult situation when your yearly lease is due to expire. You may also find that your monthly bill comes with “additional” fees.
  • There is no reason to be concerned that your rental home may be sold. This is a real possibility. It can be frustrating to finally feel at home in a place and to then discover that the owner has decided it is time to move on.
  • You can build an asset that can help your financial goals over the long-term by planning and buying smartly.
  • Renting is a great way to generate additional income. Consider adding your home to a larger retirement plan once you have lived in the house for some time. Your home can be used to earn rental income, long-term or short-term. Passive income can be a very exciting possibility that I would love for you to explore.

Most people aren’t able to become homeowners because of these excuses.

You don’t need any money to pay down a mortgage payment. If you have at least $1000 in savings, two years of work history, and are either a first-time home buyer or have never owned a home for three years, you may be eligible to receive down payment assistance. For low- and middle-income households who wish to be homeowners, there are many programs.

Bad credit. You can get help from a caring, knowledgeable loan originator to repair your credit. You can raise your credit score by as little as 2-6 months and qualify for a mortgage. It takes only a few months to get your credit score up to 640 and qualify for a mortgage.

Locked into lease agreements The realtor or loan originator can help you pick a closing day that allows you to live in your new home for two months without paying a mortgage. Save the money to pay off your lease. You should also consider the time required to close on a house. It is possible that you will have to wait between when you submit your offer and when it is time to make your first payment on your mortgage. The monthly mortgage payment will likely be lower than the rent. Plus, you can stay in the house for up to two months without having to make any payments.

You haven’t been at your current job for a while or you are self-employed.

The key is two years.If you’ve been working in the same type of job for at least two consecutive years, you may apply for a loan. It is not necessary to live in the same company or location, but you must have worked in the exact same job field for at least two consecutive years.

Self-employed must have at least two years of tax returns showing enough income. You may need to take some deductions depending on your circumstances so you can show the right income.

I hope you found this helpful and that it has shown you how easy it can be to become a homeowner. A little preparation and planning can make it possible to buy a house in two months to two year.

When your ready to buy a your home give Preferred Properties of Texas a call. We Love To Help!

Preferred Properties of Texas

(254) 965-7775|Contact Preferred Properties of Texas