Buyer Tips: Asking the Right Questions

Having all the information is the best way to make an informed decision. The best way to understand the complete picture of a home is to ask questions about things that are not in the listing description.

Whether you are simply asking the listing agent via email/text or you are at an actual open house, here are some go-to questions you should ask the listing agent:

• Have there been any offers submitted?
• Are there any building permits or structures being put up nearby?
• What are the comps on the home around this one?
• Are there any disclosures about the home?
• Is it currently owned or rented?
• Why are the sellers moving?
• How long has it been on the market and why?
• When was the home build and what updates has it received?
• Cost of utilities?
• What schools does it attend and how are they rated?
• Do current owners have pets? (if it isn't obvious)

TARRANT COUNTY: SHELTER-IN-PLACE NOTICE

Amidst the COVID-19 pandemic, Tarrant, Dallas, Collin, Denton, and Rockwall Counties have deemed Real Estate Services to be an essential service. However, there are different rules on how to handle business in these counties so be sure to check with your agent on what capabilities they can do to better serve you.

To ensure everyone's health and safety, Ebby Halliday Companies have established precautions for all agents and clients to take:

The safety and well-being of our clients, employees, and agents are always our top priority. Per the Shelter-In-Place Amended Order issued by Judge Jenkins that covers the period of March 23 through April 3 for Dallas County, our agents and employees will be required to work remotely. Our goal is to meet the needs of our clients while doing our part to take proactive measures to help keep all of you safe.

We plan to be fully operational through a remote-work plan designed to ensure that our sales team and clients are supported. We will also continue to monitor and adhere to the guidelines set forth by our health agencies, real estate associations, and local authorities, including all applicable “Shelter-In-Place” orders.

Can the Ebby Halliday Companies perform their services remotely?

* Yes, we have been preparing for this for the past several weeks and our company has executed its remote-work plan. All accounting, human resources, marketing, and other critical functions will continue. We ask for your patience as some processes may take a bit more time due to the logistics of working remotely.


* In addition, our Core Services partners Prosperity Mortgage, Texas Premier Title, HSTX Title, and Home Team Insurance remain fully operational. These companies are classified as Essential Businesses within the Financial Sector and therefore may continue to operate as normal through the period the Order is in effect.

What does this mean for my current listing?

* Your listings will continue to display 24/7 across all our websites (ebby.com/daveperrymiller.com/williamstrew.com). Prospective buyers can still view all information about your property and connect with your listing agent directly through the website and over the phone to request additional information.


* Together, with our Core Services departments, we have streamlined the process for you, allowing:

– All contracts to be executed electronically;

– Complete online and over the phone loan application and approval processes;

– Online Insurance review and coverage; and

– The enhanced closing process between our mortgage and title partners, allow more documents to be signed online, and the rest can be signed in our title offices or via a mobile notary closer from your home or place of convenience.


* During the term of the Shelter-In-Place Order, it is unlikely that your listing can be physically shown or have an open house. Your agent will continue to promote your home through our websites, social media channels and via video. Recent information released by Google indicated home searching inquiries were at an all-time high, therefore it may be favorable to continue the online exposure of your listing until such time as physical showings are again permitted. If you determine it is in your best interest to temporarily withdraw your listing, your listing agent can work the details with you.

What does this mean for my current home search?

* All listings across North Texas will continue to appear on the websites of the Ebby Halliday Companies, and through our websites, you can connect directly with an agent to learn more about a listing, a neighborhood or community. At a time when physically viewing properties may be limited, this is an excellent way to continue to monitor the market.


* Agents may also be able to cooperate with one another to obtain additional video information regarding a property if the property does not already have an existing video tour.


* In the event you choose to write an offer on a property, you can:

– Sign all contracts and forms electronically;

– Complete online and over the phone loan application and approval processes;

– Complete your Insurance review and obtain coverage; and

– Shorten the closing process by partnering with our mortgage and title partners, allowing more documents to be signed online, and the rest can be signed in our title offices or via a mobile notary closer from your home or place of convenience.

What if I have a pending contract?

* Our Core Services partners remain open and operating. Your lending, title and insurance needs will be fully met and your agent can continue to guide you through the process.

* Mobile Closings offer you the opportunity to sign necessary documents from your home or other convenient location. In addition, you will still be able to close in our title offices.

* Our title companies are working with the County Recorder offices to ensure that the recording of your transaction can still take place during the period of the Shelter-In-Place order.

* We are working to clarify with the County if moving companies and other ancillary services connected to closing a real estate transaction are exempted from the Amended Order. As soon as we have additional information we will immediately notify your agent.

* In the event a party cannot close due to the circumstances presented by the COVID-19 crisis or the Amended Order, your agents have access to the appropriate forms to extend the closing if agreed to by all parties.

What about the delivery of my earnest money or option fees?

* Your agent has instructions on the available alternatives for handling both the earnest money and option fee in an electronic manner.

What else do I need to be aware of?

* Do not click on any suspicious links or messages purporting to help you in this crisis from sources that you do not know. Hackers are already attempting to exploit this crisis to take advantage of the public.

Stay healthy and be well!

Elizabeth O.

Market Snapshot: March 2020

Curious how the North Texas housing market is performing? Take a look at the latest stats.

Click to enlarge photo.

Everyone’s concerned about the Coronavirus, its impacts on the economy, and on housing. Before the Coronavirus took hold, housing was very strong, with both new construction data and existing home sales at 13-year highs. 

We expect the strength to resume when things get better, and they will get better! Sure, there might be a slower period as we social distance from each other, but when it comes back it’s going to come back strong.

Did you know affordability is actually improving in the United States? In addition to that, homes are valued very fairly; they’re not over-priced.

Look at this metric- when you take annual rents, the value of a home is about 17 times what annual rents would be. The historical average is 16, so we’re right there. The peak was 24 times annual rents and we’re nowhere near that level! And if you take a look at replacement costs, home values are 1.59 times the cost to replace the home. The 40-year average is 1.58. It’s nowhere near the peak of roughly 2.

We can expect housing to come back very strong and this may be a great opportunity to buy that home you were looking for and benefit from it well into the future.

Stay safe and healthy!

Elizabeth O.

Spring Season Home Maintenance

“I am going to try to pay attention to the spring. I am going to look around at all the flowers, and look up at the hectic trees. I am going to close my eyes and listen.”

― Anne Lamott

Spring is in the air—finally!

Once you follow the advice of author Anne Lamott, it’s a good idea to “spring into action” and get your home and yard ready for the explosion of growth all around you.

Photo by kirkandmimi

Here are some essential to-dos to get ready for the gorgeous months we have ahead.

Outside

• Edge around planting beds
• Prune shrubs and roses before new shoots are over ½ inch long
• Insert stakes for plants that will grow tall as the season unfolds
• Fertilize in early spring as new growth emerges
• Clip perennial stems with scissors or hand pruners
• Check any concrete around your home and fill with a concrete crack filler or silicone caulk.
• Inspect your chimney’s exterior and roof for shingles that are damaged or loose
• Examine your gutters to ensure they are in good shape
• Ensure your downspouts are debris-free and drain away from your home’s foundation

Photo by kaboompics

Inside

• Clean walls and ceiling
• Dust thoroughly working from the top of rooms down
• Reseal grout in kitchen and bathroom
• Vacuum and shampoo rugs
• Clean upholstered furniture
• Wash windows and screens
• Wax wooden furniture
• Clean all the window treatments per care instructions
• Wax your non-wood floors
• Check your smoke and carbon monoxide detectors
• Assess the state of your air conditioner and schedule service if needed

Enjoy the exquisite months ahead in your lovely corner of the universe. 

Happy spring!

This Too Shall Pass – an Interview with Dr. Lawrence Yun #201

“It’s going to pass. This short-term virus-negative impact will pass.” – Dr. Yun

https://bit.ly/2Qz49MD

Federal Reserve Cuts Rates to ZERO - What This Means

Federal Reserve cuts rates to zero to support the economy during the coronavirus pandemic - does this mean mortgage rates will be 0% now?

Here are a few important facts:

- The Fed cutting the Fed Funds rate down to zero does NOT mean mortgage rates are zero. The Federal Reserve Rate is NOT the same as the Mortgage Rate.

- Refinance volume the last few weeks has been so high that there aren’t enough investors to purchase the debt. As old economics tells us, too much supply and not enough buyers result in lower prices.  Lower prices on mortgages mean higher rates.

- The record surge in refinances has resulted in lenders actually raising rates in order to slow the influx of business. (Crazy isn’t it!?)

- The Fed committing to purchase large amounts of Treasuries and Mortgage-Backed Securities (MBS) will eventually help rates as it lessens the supply in the market but it isn’t going to happen overnight.

For more information, I recommend contacting your mortgage lender - they are your mortgage experts who are licensed and able to tell you exactly what's going on in the financial world pertaining to your home mortgages.

You can also check out this article by CNN.


Stay safe and healthy!

Message From The Ebby Halliday Companies Concerning COVID-19

How to Calculate Your Home's Value in Dallas-Fort Worth

Pricing a home is part science and part art. Market conditions affect home value, but pricing is also affected by marketing, first impressions on potential buyers, and negotiations. No single calculation can tell you what you get to take home at the end of the day.

Let's sit down together and review your home's value using a Comparative Market Analysis (CMA), and I can show you market influences as well as a plan to tackle the human elements of a future home sale. Let me know when we can meet to chat!

10 Tips for Dallas-Fort Worth Home Sellers in 2020

CURB APPEAL #1 - LANDSCAPING

Photo by Pixabay

Not judging a book by its cover is harder than it sounds. Potential buyers can sometimes latch onto that first impression based on your home's curb appeal, and I know you want to make a good one! Here are a few things you could try to give the front of your home a facelift:

* Plant a few extra flowers along the front of the house or along pathways.

* Add subtle lighting to highlight your designs.

* Add retaining walls to give contour to your landscaping and keep your soil happy and healthy.

* Powerwash walkways to make them look brand new.

* If in doubt, bring in a landscaper! No one will judge you for calling in the cavalry to add some professional pizzazz to your front yard.

Increasing your home's curb appeal is one of the easiest ways to attract buyers faster and get the return you want on your home. Time to put those green thumbs to use!

CURB APPEAL #2 - THE FRONT DOOR

Photo by Lina Kivaka

You might be surprised to learn that just the color or decoration around a front door can change the way a potential buyer feels about your whole home, but the way a prospect feels as they cross the threshold for the first time comes with major curb appeal points. These are a few easy changes home sellers can make to score some major points:

* Add a fresh coat of paint. That may sound obvious, but a new vibrant coat of paint goes a long way.

* Place planters of flowers next to the door to add more color. You get bonus points for matching the flowers to your newly painted door!

* Hang a wreath, sign, or decorative door knocker to add more depth or just a little seasonal fun to your entryway.

* Make sure you have good lighting to show off your beautifully decorated front door.

With a few easy steps, you can draw in more prospects and have fun doing it!

CURB APPEAL #3 - HOME EXTERIOR

Photo by Alturas Homes

When getting ready to sell your home, don't forget the outside of the building. Sometimes, improving the curb appeal of your home and winning that first impression is as simple as cleaning house. Take a look at this checklist of exterior home cleaning tips:

* Pressure wash sidings. Pressure washing can be fun and, of course, rewarding! Clear away the grime and get your home to shine.

* Are the gutters clogging up? Time to hop back on that ladder or hire a team to do the dirty work.

* Apply a fresh coat of paint, if you're looking for a larger update for greater rewards.

* Add shutters or flower boxes to your windows for that cozy cottage look.

Whether it's a fun, large project or a good old fashioned deep clean, every little bit helps to raise that curb appeal.

A LITTLE REPAIR GOES A LONG WAY

Photo by coyot

Home repairs don't have to be epic in scale (or cost). Small repairs go a long way in helping improve your home's value and get it ready for a future sale. Take a look around the house and see if any of these tips can help speed you on your way to a successful sale:

* Replace toilet levers and check bathroom faucets and drains.

* Replace damaged window screens and screen doors.

* Check your lightbulbs for any burned out lights.

* Looks for dents or scratches on walls. You may want to patch things up with a little extra paint.

* Make sure there are no leaks or malfunctions in heating or AC systems.

The list goes on! Don't get overwhelmed: create a plan and a checklist to get the best return on small repairs.

DECLUTTER & DEPERSONALIZE

Photo by home-storage-solutions-101

It's never too early to start streamlining your home interior when prepping for a future home sale. Decluttering is all the rage these days, and it works wonders for making your home more appealing for buyer prospects. I've collected a few tips over the years on the best ways to declutter your home and depersonalize to make your home look inviting to future owners:

* Reorganize kitchen cabinets, dressers, and closets. Make your storage spaces look spacious.

* Use storage bins for small items to store under beds or stack in closets, basements, or attics.

* Closer to your home sale, consider renting a storage unit for knick-knacks, personal items, and extra furniture. A more open home with less personalization allows potential buyers to envision their lives in the space.

* Deep clean your house, paying special attention to kitchens, bathrooms, and high traffic areas.

Preparing your home for sale by decluttering and cleaning can be a daunting task, but take a little bit at a time and start well ahead of when you plan to list.

KITCHEN MAKEOVERS

Photo by Mark McCammon

Kitchens are often the focal point for potential homebuyers. It's the place where homeowners spend gobs of time and form strong memories. And if the kitchen doesn't speak to potential buyers, you may miss out on a good opportunity. Here are a few common practices you could use to update your kitchen as you think about your future home sale:

* Clear your countertops of knick-knacks and containers. Place everything neatly in cabinets or store them out of sight to make your counters look spacious.

* Replace or add tile backsplash to give any kitchen a modern feel.

* Don't forget the simple things like fixing leaking fixtures and deep-cleaning the sink and stove areas.

* Make sure your kitchen outlets are up to code and consider adding USB-charging outlets for more modern devices.

* If you're feeling ambitious, consider making larger updates to your appliances or cabinetry.

Consider how much you have budgeted for home improvements before your home sale, but investing in kitchen updates will almost always pay off!

FRESH COAT OF PAINT

Photo by paintersinbergencountynj

Adding a fresh coat of paint to the interior of your home can cover up wear and tear, bring a different feel to different rooms, and generally make your home more appealing to potential buyers. Neutral tones are great for bathrooms and kitchens, and warm colors make living spaces feel cozy and inviting. Whether you're repainting whole rooms or just making a few brush-ups, here are some tips on making the job easier:

* If you're using latex paint, you can skip washing out your brushes and rollers. Wrap them up and throw them in the fridge. The cold temperature keeps the paint from drying out.

* When painting full walls and not just doing touch-ups, keep a "wet edge" by overlapping your roller over your previous stroke and you'll avoid a streaky end product.

* Modify your paint stirrer by drilling a few holes in it to stir thoroughly and easily.

* Cotton drop cloths, as opposed to plastic, is heavy enough that you don't need tape and all paint spills stay on the canvas rather than tracked on your shoes across the rest of your home.

So, who's ready to break out the coveralls and work boots and start painting?

THE NOTORIOUS BATHROOM DEEP CLEAN

Photo by Ruslan Dashinsky

Plenty of people avoid this topic like the plague, and I don't blame them, because bathrooms can get pretty germy! There are some easy tips and life hacks that can get your bathroom sparkling in no time, however, and instantly add value to your home without major repairs:

* Fill a plastic bag with white vinegar and secure it over your shower head. Leave it soaking overnight, then rinse by running water through the shower. The vinegar works wonders on breaking down buildup in the nozzles.

* Remove the toilet seat completely to clean the basin, seat, and bolts thoroughly.

* Use a damp dryer sheet to remove soap scum from shower walls and glass doors.

* A dabbed mixture of hydrogen peroxide and baking soda work wonders on tough stains. Leave the mixture for at least an hour before wiping clean.

* Scrub grout with a grout brush dipped in undiluted bleach. (Don't forget to ventilate the bathroom!) You may want to consider sealing grout if it's been over six months since the last sealing.

No one loves deep cleaning a bathroom (I think), but hopefully these few tips can make it as easy as possible!

KNOW THY MARKET

The real estate market changes on a daily basis. Closer to your home sale, you'll want to have a high-level understanding of the conditions so you can optimize your return.

Pricing Trends
Don't trust everything you see on the internet. Pricing trends can change rapidly and depend a lot on homes being sold around you, as well as on how your home is marketed to potential buyers while it's listed. I can help you decide on a listing price and timing for your listing.

Market Temperature
The market temperature will influence how we price your home. We can take a look together at the depth of inventory in your market and figure out a strategy that takes into account a buyer's versus a seller's market. You don't want to leave your home lingering on the market too long, but you don't want to undersell the value of your home either.

Mortgage Rates
Don't overlook the current mortgage rates! When rates increase to curb inflation or decrease to stimulate the real estate economy, you could see an effect on how quickly and at what price you can sell your home.

The housing market is a fickle beast! My goal is always to make sure you get the most return from your home sale and we can close a transaction quickly and seamlessly. I would love to help make sure your next home sale goes as smoothly as possible for you.

Let me know if you have questions about the market and we can schedule a time to talk.

WHAT CAN I DO TO BETTER SERVE YOU?

Deciding to sell your home is a huge decision with plenty of little decisions along the way, and I want you to know that I will be here for you every step of the way, whether you're deciding on when to list or deciding which flowers to plant in the front yard for the best curb appeal. As your agent, know that I will use all of my energy, expertise, and market knowledge to provide you with a great home sale return and an even better experience.

Let's set up a time to start strategizing!

What Does a Buyers Agent Do in 2020?

Congratulations on your decision to buy a new home!  There are many important things to consider throughout the process, especially if you're a first-time homebuyer. 

Here's some information that will keep you on track.

In General

A home purchase may be your largest financial transaction to date, so it's important to make the right decisions and to keep an eye on the details. With the assistance of your Real Estate Agent and Loan Officer, it should be an efficient, pleasant, and ultimately rewarding experience.

Count On Your Real Estate Agent To:

• Preview available homes to weed out those that are overpriced, or undesirable in some other way.
• Present the homes that suit your needs as you've defined them.
• Help you determine the difference between a "good buy" and a property which, because of its nature (neighborhood, market appeal, etc.), might have to be discounted if you decide to sell in the future.
• Negotiate the best deal for you. With a Pre-Qualification letter from your Lender in hand, your Real Estate Agent will be able to demonstrate that you are a qualified and capable borrower. This will strongly influence the Seller, and may make the difference between the Seller accepting your offer or someone else's -- even if your offer is lower!

This isn’t an all-inclusive list, so if you have questions about the finer points in the buying process, let me or your lender know!

CHECK THIS OUT!

If you're in the northwest side of Fort Worth - I hope you can make it to my First Time Home Buyer's Seminar! (RSVP link below!)

I've partnered up D.R. Horton and am going to spend time going in-depth on what I've shared in today's blog post and host a Q&A session to help as much as I can!

RSVP FOR YOUR TICKETS HERE!