05/19/2014 | Author: Editorial Staff

The Texas Real Estate Commission recently approved many forms changes that take effect June 1. Here are changes to the Repairs Paragraph that affect the One to Four Family Residential Contract (Resale) (TAR 1601, TREC 20-12), Unimproved Property Contract (TAR 1607, TREC 9-11), New Home Contract (Completed Construction) (TAR 1604, TREC 24-13), Farm and Ranch Contract (TAR 1701, TREC 25-10), and Residential Condominium Contract (Resale) (TAR 1605, TREC 30-11).

Paragraph 7F: Completion of Repairs
The seller will be required to use someone who is licensed to perform a repair or service—unless the buyer and seller agree otherwise in writing. If the type of repair doesn’t require a license (e.g., roofing), the seller will be required to use someone who is commercially engaged in that repair business—unless the buyer and seller agree otherwise in writing.

This change does not mean that no seller can ever use an unlicensed handyman for electrical repairs. It means that absent a written agreement between the buyer and seller to use that unlicensed handyman for electrical repairs, the seller must use a licensed electrician.

Also, the time to extend the contract for repairs was shortened from 15 days to 5 days.

See all the changes TREC approved as well as more changes the commission has proposed at TexasRealEstate.com.

05/19/2014 | Author: Editorial Staff

Gehan Homes is building in Prosper, TX at Lakes of La Cima,

Lakes of LaCima
2111 Arbol Way
Prosper, TX 75078
Call 972-510-9177

Update 3/29/2014:
3 homes in Lakes of LaCima for April 2014 closing for the $390’s-450’s.

2 two-story homes ranging from 3500 to 3800 sf.

Also, 1.5 story at 2960 sf.  Great homes!

Tell them Jenna Ryan, Realtor sent you from The Marketing Shop.com!!!

From Realtor.com

1. Unless the seller says not to bring offers under a certain price, you must present all written offers, no matter how unattractive.

2. Present all offers promptly. Don’t sit on an offer because a better one might come along.

3. Present offers in the order they were submitted to the listing broker.

TIP: If you represent buyers making one of several offers for a property, encourage the buyers to make their best offer before the offers are presented to the seller. They may not get a second chance.

4. Make sure all salespeople and buyers understand your procedure for handling multiple offers. Inform them all that theirs is not the only offer.

5. Present multiple offers with all parties present, unless the seller requests otherwise, and provide all parties with the same information.

6. Equate all offers in understandable terms. Price is not the only consideration. Discount points, settlement dates, downpayment amounts, contingency clauses, financing provisions, and repair allowances can tip the scales.

Keep It Legal

Some states have specific forms for attaching offers and counteroffers to the contract. Check with your local REALTOR® board.

7. Select one offer to counter and hold the others as backups if negotiations fall through.

8. Keep each salesperson and buyer informed at all stages of the process.

Portions adapted from “How to Handle Multiple Offers to Purchase,” Leigh-Alexandra Basha, Northern Virginia REALTOR®, April 10, 1989

When selling your home, the potential buyers will buy time through the Option Period to inspect the home. Buyers will hire a licensed home inspector who will come to your home and comb over it from top to bottom. The goal of the inspector is to find something wrong with the house. Chances are, even if your home is very well maintained, the inspector will find issues with your home. These tips will help you to prepare for the inspection to ensure a smooth transaction.

1. Check your HVAC

It’s good to have your A/C serviced once per year. If it’s been over a year, it’s a good idea to have someone out to check your system. Many heating and cooling companies offer low-priced preventative maintenance inspections – costing on average between $60 and $100 – in which they’ll clean your HVAC unit and replace your air filter. Make sure the A/C is in working condition, as well as clean inside and out.

A maintenance inspection should include checking the motor, blower, drain line, coils, operating pressures and temperatures, the return and supply lines, refrigerant levels, and connections.
Any issues should be addressed and fixed, if possible.

2. Hot Water Heater

This is an easy thing to do that comes up in most inspection reports. Clean out the drip pan to keep it from being a ding against your home during the inspection.

3. Calking

Make sure your home is calked inside to seal any open spaces in existing calking. This gives the appearance of a well maintained home and is a good practice. http://www.caulkyourhome.com/how-to-seal.php

4. Weather Stripping

Make sure that the weather stripping on all doors and windows is positioned properly. Replace missing stripping. Essential Guide to Weather Stripping.

5. Trees

Make sure trees are trimmed back away from the roof and have damage fixed that the trees may have caused. If you do this right before you put your house on the market, save the receipt to provide to the new buyer.

6. Landscaping & Sprinklers

Make sure the dirt is not too high on the foundation. Your foundation needs to breathe and having too much dirt around the foundation can be detrimental to the health of your house. Also check the sprinklers around your home. Have faulty sprinkler heads replaced and fix any leaks in your yard.

7. Gutters

Clean out the gutters around your home. Replace damaged gutters. Consider installing gutters if water pools near the front door.

8. Siding & Wood Trim

Replace or repair any damaged siding and/or rotted wood around your home.

9. Fence

Make sure the fence gates are in good working order. Replace any missing boards in the fence. Fix the gate if it is automatic and not working. Replacing the fence is often not necessary.

10. Faucets

Check all faucets to make sure there are no leaks. If you find leaks, have it repaired by a licensed plumber.

11. Foundation

There is really not much you can do to prepare your foundation for the inspection, other than to provide documentation of all previous work done to your foundation to the buyers for the inspection. It’s easier if the inspector has access to all foundation documentation to make proper assessment of the condition. You may also want to make sure the foundation is not over exposed or under exposed with dirt as this often comes up in inspection reports.

12. Appliances

Check all appliances and make sure all is in working order, including trash compactors, ovens, ranges, garbage disposals and anything else you can think of.

13. Electrical

Make sure all outlets are in working order, all ceiling fans are working and all light bulbs are replaced.

Once the inspection is completed (takes generally about 2-4 hours), typically the Seller will receive a list of items that the Buyer wants addressed in the form of a Repair Amendment. At that time the Seller can decide which–if any–items he/she wants to repair to facilitate the sale. Checking and repairing these items in advance helps move the process along and leaves a better impression with your buyers during the option period.

Home for Sale in Bryan Place

1508 Villars Street – Bryan Place – Dallas, TX

Bryan Place gem located in the heart of downtown Dallas. This 2BR, 2.5BA patio home boasts vaulted ceilings, oversized garage, patio & brick fireplace. Recently updated with new appliances, fresh paint, tile, and decorative lighting. Fantastic master bathroom, walk-in closets, radiant barrier & high-grade insulation, foundation and termite inspection clear. Close to downtown, Vickery Park, Deep Ellum and all major DFW highways. You will love it!

See full listing… 1508 Villars Street, Dallas, TX 75204

Home for Sale in Bryan Place
listed by Jenna Ryan, Realtor
REMAX Dallas Suburbs

The clock is ticking for buyers and homeowners who want to grab a low mortgage rate in 2014. But if you stay on top of your game, keep your finances in order and act quickly, you can still grab attractive mortgage deals.

These 10 mortgage tips can help you with your mortgage decisions in 2014.

1. Document your finances.

Lenders will be extra diligent when underwriting home loans in 2014, as new mortgage regulations go into effect in January. The rules put pressure on lenders to verify that borrowers have the ability to repay their loans.

Keep good records of your finances, including bank statements, tax returns, W-2s, investment accounts and any other assets you own. Be ready to explain any unusual deposits to your accounts. Yes, the $500 that Grandma deposited in your account for Christmas could delay your loan closing if you can’t prove where the money came from.

2. Lock a rate as soon as you can.

Rates will likely climb in 2014 as the Federal Reserve is expected to reduce the pace of the economic stimulus program that has long helped keep rates low. If you are planning to get a mortgage, lock in a rate as soon as you are comfortable with the numbers.

3. Refinance now — if you still can.

Many homeowners lost the opportunity to refinance at a lower rate when rates jumped in 2013. But those who are still paying more than 5 percent interest on their home loans might still have an opportunity.

If you think you may be able to save with a refinance, but you are not sure, it doesn’t hurt to try. Speak to a loan officer and take a look at the numbers to see if refinancing still makes financial sense for you after you consider how long it will take to break even with the closing costs.

4. Buyers, use your bargaining power.

As mortgage rates climbed, lenders lost a big chunk of their refinance business. In 2014, they will turn their attention to homebuyers and will fiercely compete for their business. Buyers should take advantage of bargaining power they gain with that increased competition. Shop around for the best deal and look beyond the interest rate on the loan.

5. Learn your rights as a borrower.

Mortgage borrowers will get many new rights as consumers this year when new mortgage rules created by the Consumer Financial Protection Bureau go into effect in 2014. If you run into issues with your mortgage servicer in 2014 or fall behind on your payments, make sure you are aware of your rights and put them to use.

6. Take good care of your credit.

It’s nearly impossible to get a mortgage without decent credit these days. That will continue to be the case in 2014. If you are planning to get a mortgage, monitor your credit history and score until your loan closes. The best mortgage rates usually go to borrowers with credit scores of 720 or higher. You may still get a mortgage with a score of 680, but lower scores will mean higher rates or higher closing costs.

Source: Bankrate

By Jenna Ryan, Realtor

If you want to get the most out of your real estate, remember as you are decorating your palace, that not everyone will love that fuschia paint color that you love. When it’s time to sell, you may need to paint over bright colors that will not appeal to all buyers. Most buyers DO NOT LIKE different colors. People, as a rule, prefer neutral, neutral, neutral. Baby blues, yellows, greens, oranges, pinks–and heaven-forbid–wallpaper, can hinder the number of people who want to buy your home and thus, lower the price you get in the end.

The fewer people who find your home appealing, the less price you will be likely to get. It’s supply-and-demand. The more people who love your home and want to live there, the more demand there will be for your property which will most likely drive the price up, all things considered.

So what are the best colors for decorating your home, whether you’re renovating or decorating for yourself. Here’s my take:

NEUTRAL COLOR SCHEME

Neutral Carpet

Carpet should be neutral, creme-colored, twist pile. People fall in love with the clean look of creme-colored-floors, even if over time, lighter floors show dirt more. It’s how the floors look when people are moving in that count the most. And yes, NEW CARPET is vital. If there is so much as a traffic-wear stain on the carpet, you will be better off getting new carpet, and/or offering an allowance for the buyer to add carpet themselves. Ideally, you’ll just get the new carpet before the house lists, to ensure that nobody gets turned-off by stains–but sometimes that’s not feasible, so do your best to cover it up and make people aware of the new carpet allowance.

Types of carpet that are less desirable: Berber, Office-Stock Carpet, dark colored carpet, old carpet, stinky carpet, worn carpet, old-fashioned carpet from the 1990s era.

Neutral Tile
When it comes to tile, less-is-more. The key to tile is not going too bold. The style of tile changes constantly, so if you choose a fancy tile today, tomorrow it will make your home look outdated–and nobody wants to chisel all the tile out of a space–so choose carefully. Tile should be neutral, I recommend a honey-color that is just a bit darker than the new carpet you choose. No pattern is necessary in the tile, although it’s okay, so long as the pattern is very subdued. I also recommend dressing up the neutral tile by setting it on a diagonal.

Types of tile that are less desirable: Dark, White, Ceramic for Floors, Overly ornate, multi-colored, anything dated.

Granite Countertops
People are crazy about Granite Countertops these days. It’s unreal. A home with granite countertops goes much faster than a home without.

Dark Wood Floors

You can get some laminates these days that look exactly like wood, however, if your home is in the upper-price-ranges, real wood is your best bet. Homes under $200,000, from my experience, can get by with laminate or Pergo wood-like flooring. Most people seem to prefer the dark wood on the floors, especially since it’s the trend for new model homes right now.

Remember when deciding how to decorate your home that neutral is better. If you choose to add splashes of color, then make sure you do it in a way that allows you to change it back to neutral when you’re ready to sell. If you have questions about things you need to do to your home to help it sell better in the DFW Metroplex, give me a call at 972-510-9177 (Jenna Ryan, Realtor) and I’ll come out to give you a free Home Analysis. Talk to ya soon!

The Loan Officer I do business with sent me this information today about the effects of the Government Shut Down on Mortgage Financing for Home Buyers.

I. HUD, FHA, and Ginnie Mae

The Department of Housing and Urban Development’s (HUD) operations, specifically the Federal Housing Administration (FHA), should not be significantly impacted as long as the shutdown is brief. In a document issued September 27, 2013 HUD indicated:

– FHA will be able to endorse single family loans during the shutdown, however, only a limited number of FHA staff will be available to underwrite and approve new loans so the process may take longer.

– Limited FHA staff will be available to respond to questions, emails or other correspondence.

– Lenders will be able to obtain an FHA case number from the FHA Connection.

– If FHA runs out of commitment authority during a shutdown, then lenders’ Lender Insurance (LI) approval will be temporarily suspended.

– CAIVRS will be available to determine if a borrower has a delinquent federal debt.

– FHA Total Scorecard will be available.

– FHA will collect the Upfront Mortgage Insurance Premiums (UFMIPs) during a shutdown.

– Lenders are required to submit monthly MIPs to FHA during a government shutdown.

II. VA

The Department of Veterans Affairs (VA) will continue to operate if there is a government shutdown, which means lenders will be able to continue originating VA-guaranteed loans. Both lenders and borrowers will be able to obtain their Certificate of Eligibility online (webLGY for lenders, and eBenefits for Veterans), and they will still be able to submit applications and follow up on COEs that require more research with the Atlanta Eligibility Center

III. Rural Housing

USDA has not issued guidelines yet, but indications are that they may be similar to those in the 2011 contingency plans issued by OMB. Under this plan Rural Development would cease all but essential functions and no new loans or guarantees will be made.

IV. Internal Revenue Service (IRS)

The Internal Revenue Service (IRS) has indicated that they will not process any forms, including issue tax return transcripts (Form 4506 T), should a government shutdown occur. Without tax transcripts, loan processing may be delayed, depending on individual housing agency requirements and aggregator guidelines.

V. Social Security Administration (SSA)

For verification of borrowers’ social security numbers, lenders rely on either third party vendors or the Social Security Administration (SSA). In previous shutdowns, SSA has only retained employees that deal directly with the processing of new claims and benefits; therefore lenders may not be able to continue to verify social security numbers through SSA.

VI. Government Sponsored Entities (GSEs)

The housing Government Sponsored Entities (GSEs), Fannie Mae and Freddie Mac, would not be directly affected, except to the extent that they rely on verification and other functions of HUD, IRS, and SSA. The primary impact of a shutdown will be lenders inability to obtain a transcript of the applicant’s tax return from the IRS, since the IRS will not be processing Form 4506 T requests.. Lenders may use alternative documentation measures, but remain ultimately responsible for borrower misrepresentation.

VII. Federal Reserve

The Federal Reserve – including the reserve banks – is not funded through the annual appropriations process; thus a government shutdown would have no impact on Federal Reserve operations and therefore no impact on our ability to fund closings and send wires.

Mike Turk
SVP Area Manager
NMLSR # 219193
Office: 682-433-5101
Cell: 817-721-4447
Fax: 1-866-208-3477
www.TurkHomeLoans.com

Home for Sale in McKinney, TX!!!
Open House in McKinney Saturday
October 5, 2013 – Saturday 1-3pm

8709 Tour Drive, McKinney, TX 75070
3br/2.5bth/2,877 sq ft/2013 – $459,900

Barely lived in Highland home in gated Craig Ranch community with recently built custom pool!! Awesome single story with fabulous floorplan. Grand entry, study, formal dining, gourmet kitchen with stainless appliances, granite countertops, and custom cabinetry; open family room with wood burning fireplace overlooks pool; split master suite; 2 very nice secondary bedrooms; MEDIA room; 2 car garage and Craig Ranch golf membership! Pride in Ownership! Seeing is Believing! Approximately 2,877 square feet per building plan.

Join me, Jenna Ryan, Realtor, for this awesome Open House in McKinney, TX on Saturday, October

Open Houses in McKinney

Are you considering buying a new home? Building from scratch? Working on a custom property? If so, you may want to also consider being represented by a Professional, Licensed Realtor to help serve your interests in the building process. You may not realize it, but a Realtor can be INVALUABLE to you during the process of buying one of your largest investments, your dream home.

5 Ways a Realtor Can Help:

1. Help You Choose the Right Home

A Realtor is accustomed to working with families and individuals in the purchase of homes, both new and pre-existing. The valuable advice, opinions and information he or she can bring to the table during the process is incredible. She can help you decide which floorplan will better serve you, which lot is better for resale and which builder has the best reputation in the area. Don’t go shopping for a new home without securing the representation of a qualified real estate agent.

2. Negotiate for the Best Price

The fee for the Realtor is paid by the Seller of the property–in the case of a new home, the seller is the home builder. The price to pay the Realtor is already built into the home, so there is no need to worry about paying the Realtor’s fees. Our service is FREE TO YOU as the buyer. We can help you to negotiate further on the price of your home, and get discounts, bonuses and upgrades you can not likely get on your own. It’s always better to have representation. Relying on the home builder’s representative to protect your interests is unwise.

Remember, the sales person is employed by the builder and is there to serve the best interests of the builder. Who will protect you? This is why you need a Realtor to share your concerns and private financial data with… keep silent about your financial position in the presence of the home builder’s sales representative.

3. Alert You to Pitfalls.

There may be issues with the community, property or builder that you need to know about in advance. Your home is one of the largest investments you make in a lifetime, and so many things can go wrong. You need a professional who is experienced with the home buying process to help you steer clear of potential pitfalls and make the process more smooth and easy.

4. Give You the Feedback & Attention You Need

Let’s face it! People are busy! Often, you will find that the sales person at the builder’s office is too busy to meet your needs for questions, feedback advice and personal attention. Instead of feeling like you’re a burden or that you’re taking too much time, why not work directly with a Realtor who will cater to your every need, get your questions answered and do all the running around for you? Your Realtor can attend your meetings with you and the construction crew, go with you to pick out flooring, window treatments, tile and brick, and assist you all the way to closing and moving in your new home. It’s a big process, one that you will enjoy all the more when you have an advocate on your side taking care to get answers your every concern.

5. Solve Problems

Your Realtor can help you solve problems that inevitably come up during the home building process. Let’s say your builder orders the wrong brick for your home. Let’s say the builder denies that you chose another color instead. When you have a Realtor on your side negotiating and solving problems like this for you, it’s an extra pair of eyes and ears to cover your bases. There is no shortcuts. You need someone who will watch over the entire process like a hawk making sure your home is built to your precise specifications. You need someone on your side every step of the way.

Contact Jenna Ryan today for a free tour of home builders in the DFW area. As a native Dallasite, she can show you the best places to live. She will help you find your dream home. 972-510-9177 Call today.

While your opinions on the type of home you want to own may change during the home buying process, use this easy checklist to help you prioritize and make the shopping process less time consuming.

How close do you need to be to: (a) public transportation _______ (b) schools
_______
(c) airport _______ (d) expressway _______ (e) neighborhood shopping _______

(f) other_______?

What neighborhoods would you prefer?

What school systems do you want to be near?

What architectural style(s) of homes do you prefer?

Do you want a one-story or two-story house?

How old a home would you consider?

How much repair or renovation would you be willing to do?

Do you have special facilities or needs that your home must meet?

Do you require a fenced yard or other amenities for your pets?

No home is flawless, but certain physical problems can be expensive. Watch for:

Water leaks. Look for stains on ceilings and near the baseboards, especially in basements or attics.

Shifting foundations. Look for large cracks along the home’s foundation.

Drainage. Look for standing water, either around the foundation of the home of in the yard.

Termites. Look for weakened or grooved wood, especially near ground level.

Worn roofs. Look for broken or missing copings and buckled shingles as well as water spots on ceilings.

Inadequate wiring. Look for antiquated fuse boxes, extension cords (indicating insufficient outlets), and outlets without a place to plug in the grounding prong.

Plumbing problems. Very low water pressure, banging in pipes.

Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®
Copyright 2005. All rights reserved.

There are exceptions to every rule under the sun. So, even though the current market climate is hot in most places, every neighborhood, town and county has those homes that simply sit on the market for days, weeks, even months longer than average.

These are the outliers. And being the outlier, in this particular context, is not a fun place to be. When all the other listings seem to be flying off the market and yours seems to be stuck, it’s easy to delve into fear, panic and even depression.

Here’s a glimmer of hope: there is a pretty short list of reasons that most slow-to-sell homes lag on the market. You’ve probably heard at least a couple of them before, maybe even from your real estate agent. But sometimes hearing things a few times, from different people and at the right moment in time can cause the shift in position that will power a shift in the situations that are keeping your home sale stuck – and your life plans stuck with it.

1. You’re stuck on a too-high price. If your home has been sitting on the market for significantly longer than average, the market has spoken. And it’s saying: the price is too high vis-a-vis the current condition of the market and the property. Period.

There are only three variables in this equation – which is helpful, because it means there are really only three ways to fix this situation:

• Change the condition of your property
• Wait until your market conditions change to support a higher price
• Change the list price

That’s it. That’s all there really is. For most sellers the simplest, most sensible of these three variables is to modify is the list price. This is especially so in cases where the home is in good basic condition, is well-staged, and other homes nearby are flying off the market. The fact that you don’t want to hear that your home is overpriced doesn’t mean it’s not the truth.

Today’s market is ascending in most areas, which simply means that prices are on the rise. Some sellers are waiting to list their homes, hoping that prices will be higher in the years to come. But if you want and need to sell your home sooner than later or you are hoping to sell in time to buy your next home before prices rise much higher, holding out for a higher price probably doesn’t make sense.

In fact, your resistance to making a necessary price cut could backfire. Buyers often keep their eye on overpriced but otherwise nice homes, waiting until they suspect the seller’s desperation will make them more receptive to a lowball offer.

2. Your home is not be fully exposed to the market. So the truth that the market has spoken on the matter of overpricing does have one caveat: it assumes the market has actually been exposed to your home. If your home’s marketing plan has been limited to that red-and-black For Sale sign you got at the hardware store and stuck in the lawn, chances are good that your home is lagging because your area’s community of buyers and brokers have no idea it is on the market!

Other common conditions of home sale-preventing underexposure include:

• Homes that are not listed on the area’s Multiple Listing Service or MLS
• Homes that are not listed on major real estate search engines, like Trulia
• Homes that are very difficult to show or are rarely made available for viewing
• Homes that are listed online with no, few or poor quality property photos.

If your home is lagging on the market and any of the above apply to your listing, they could be the culprit. If you chose a listing agent who has a strong track record of success selling homes, these sorts of listing issues can sometimes reflect a glitch in the system. So, do a double check – Google your address and see how your home is represented online. If you find any of these issues, work with your agent to get them fixed.

If you didn’t engage a listing agent at all and your home is simply not moving, it might be time to reconsider and course-correct your home-selling plan.

3. Your home has a glaring issue that needs resolving. Many times, a big condition issue can cause a home to sit on the market unless and until the seller either (a) fixes the issue, (b) offers a credit or incentive to offset the issue or (c ) reduces the price so low that a buyer thinks the bargain is worth the hassle. Some situations are too costly for a seller to fix (e.g., foundation needs replacing), and others are not fix-able (nuclear power plant next door). In these situations, reducing the price might be the only resolution.

But other listings are sabotaged by highly fixable issues the seller simply might not be willing to admit are at the root of the problem. You might love the highlighter yellow you chose to paint all of your home’s interior walls, the wall-to-wall powder blue sculpted carpet or the “rustic” look of the weathered paint, fences and trims on the exterior. Or maybe you don’t love them, but you think buyers should just look past these issues.

Your home’s slowness to move is a wake-call. The average buyers’ tastes might simply differ from yours. Or maybe in your area and price range, buyers don’t have to look past issues to find a home that is move-in ready. To concern yourself about what buyers “should” be willing to do is to live in a fantasy world – and as long as you’re there, your home won’t move in real life.

4. You’re not really ready to move on. If none of your agent’s advice about how to shift your home’s fate makes sense, if everything on this list strikes you as outrageous, if even your friends’ and family members’ urgings to cut the list price makes you think the whole world must be crazy, ask yourself this question: are you really, truly ready to move on?

It’s not at all bizarre for home sellers who are deeply attached to a longtime family home, or somewhat fearful about the next phase of their lives to make decisions around their home’s listing that keep it from selling. I once showed a house where there were people still sleeping, in beds that were – bizarrely – in the living room, while the listing agent walked my buyer and I through the place. If you find yourself in a situation where your head is telling you that cutting the price is the right thing to do, but your heart makes you do everything possible to keep the home from being shown, consider whether you are truly ready to move on.

If you ultimately decide that you do want or need to sell the home and move on, but are anxious or fearful for whatever reason, don’t take your fear out on your listing. Notice where your decisions and behavior might be sabotaging the higher purpose of getting your home sold and manage your own mindset so you can get out of the way of your own progress.

Past Sellers: Did your home lag, even in a hot market? What was the game-changer for your home?

Buyers + Agents: What issues do you see that keep homes from selling?

Written by Tara at Trulia.

This article will give you the low-down on the 8 Top Home Selling Mistakes to Avoid.

1. Asking Price too High

Selling your property may involve dynamics that are counter-intuitive. You may think, for example, that pricing your home higher brings you higher offers. That makes sense for many products, however, in the world of real estate, pricing your home too high can have dire consequences. I’m not saying that because I’m a Realtor and I want to make a sale. I’m saying this because it is the facts, and it’s my job as a licensed professional in the State of Texas to tell you the truth. The fact is, pricing your home too high takes it out of the ballpark for many shoppers early-on

This is why you need to position your home at the right price up front to seize buyer attention immediately. Don’t try to overprice your home and then negotiate with buyers. It’s better to price it right in the beginning and not to budge on it in negotiation than it is to price it way too high and lose the interest of viable prospects up front. Trust me on this one. I’ve seen it happen thousands of times…

2. Thinking You’ve Got Plenty of Time

When selling your home, time is of the essence. Again, no–I’m not trying to sell your property fast to make a quick buck. This is an understandable principal of psychology of the buyer. Everyone wants what everyone else wants. If your property is on the market too long people start thinking it is not desirable. It makes your home look like the one that nobody wanted. It’s the homes that have 5 offers in the first week–in this Seller’s Market, especially–that buyers go crazy for. The homes that have been on for 30+ plus begin to lose their appeal for home shoppers. That’s when you have to LOWER your price, often much lower than you could have gotten in the first place.

3. Spending Too Much for Upgrades

All upgrades to your property are not created equally. Real estate is a peculiar product. Just because you add a pool, a media room or a sun porch doesn’t necessarily add value to your home. You need to make sure that the updates you intend to do to improve the home will retain value upon resell. Whether an upgrade brings value depends on a number of factors, mainly, the comparable homes in your subdivision and zip code.

Generally speaking, updates to the kitchen and bathrooms are good investments, as is most curb appeal improvements. Other good things to update when selling your home include carpet and fresh paint, other than that–you can lose money. Things like fencing, pools, refinished ceilings and outdoor kitchens generally don’t retain their value upon resale. Not saying that you shouldn’t add a pool and get a new fence, just do it for yourself, not as an investment. You also want to be careful not to overdo anything. Moderation is key. Talk to your Realtor to find out what improvements will retain value the most in your home.

4. Ignoring Maintenance Issues

Your home should be in working condition and properly maintained prior to selling. Any issue that comes up in the Inspector’s Report can serve as a headache for you during the sales process. Get your home in as pristine condition as possible by fixing all that needs to be repaired such as shorted lights, caulking, leaky faucets, broken appliances or anything else. Get these things taken care of before you put your house on the market, for best results. If you don’t have things that are clearly visible in working conditioned, potential buyers will wonder what issues there are that they can’t see. Fixing things first can make a huge difference in the quick, fast, efficient sale of your home for the right price.

5. Skimping on Marketing

There are very few shortcuts in life, and selling real estate is no exception. As much as we’d like to put a sign in the yard and get a ton of buyers, it just doesn’t work that way in the real world. You want to make sure that your home is marketed in the most effective manner possible to reach the highest number of buyers as quickly as possible so you can sell it at the highest price per square foot.

This means you need professional photos that are appropriately labeled, strong descriptions of the property, beautiful marketing pieces that highlight the best features and benefits of your property, listing throughout the MLS to reach thousands of buyers, syndication of your home listing on all major real estate websites such as Remax.com, Realtor.com, Homes.com, Trulia, Zillow and Craigslist. If you want to sell your home fast, for the right price with little hassle, you need a marketing plan that gets your home noticed.

6. Selling Without a Realtor

You knew I was going to say that, didn’t you? Pesky Realtors! Ha… I’m totally kidding. The fact is, I’m not trying to sell you. Well, I would love to sell your home, but what I’m saying is that even if I were not interested in listing your home for you, I would still tell you the same thing, based on my experience and knowledge of real world real estate. Selling without a Realtor is a big mistake that people can make–not everyone, but most–in fact, they say, 90% of people who list their home FSBO end up listing with a Realtor eventually.

The problem with trying to sell real estate on your own is that it’s a huge investment! There are many laws in place that put you at risk both legally and financially. A Realtor can help you avoid pitfalls, disasters and losses that make us well worth our fee.

7. Failing to Stage the Home

People buy based on their imaginations, not according to features. You want people to see themselves living in your home. In order to sell your home successfully, you must stage it appropriately to invite the buyers in and help them to see themselves living there. This may be difficult to do, especially if you have a lot of stuff. However, it is crucial that you clear the home of junk, clutter, dirt and odors of any kind. You need a fresh, clean vibe in your property if you wish to sell quickly and for the right price.

A professional home stager can give you advice for decorating your home to sell. Your Realtor can also help give you ideas for clearing out closets, cabinets and living space to make room for the imagination of the buyer to run free… enough to get the offer your home deserves.

The 7 tips I’ve just described to you are invaluable for selling your home. Heeding my advice can make your home selling process fast and easy. If you are in the DFW areas of North Dallas, Plano, Frisco, McKinney, Allen or surrounding areas, contact me, Jenna Ryan, Realtor, for a Free CMA Report and Listing Presentation. I’d love to help you sell your home for now and in the future! 972-510-9177 Also, Contact Me Here.

Getting a property ready for lease does not require as much work as getting a home ready for sale. Prospective tenants are not as concerned about curb appeal, condition of yard, or extensive upgrades. However, tenants are looking for homes in good subdivisions that are priced competitively and show nicely.

Interior Paint

The big thing for people wanting to lease a home want clean walls and carpet. Paint is the most cost effective upgrade. Use a neutral color that and matches with a wide variety of tastes. Crisp Khaki color is very popular and used in brand new homes. This paint really makes a home look updated and looks great against white trim. Do not use multiple colors in the home, as that increases the maintenance and turn-time for releasing. Use a flat based paint instead of semi-gloss paint as it does not touch-up as easily as flat paint.

Clean Carpeting & Flooring

The next thing tenants want is clean carpet and flooring. Many times, professional steam cleaning will remove stains make carpets look nice. If you are a do it yourself type of landlord, we do not recommend renting a steam cleaner. It is better to have your carpets professionally cleaned by a company that does dry-foam cleaning to prevent the mildew smell. Old carpet needs to be replaced.

Carpets will usually last 3-5 years for rental properties. If you lease home multiple times within five years, you will be lucky to get five years of carpet usage. We recommend using a light to dark tan color FHA quality carpet. Many new homes have a white or very light color. Light colored carpets will show more dirt. We don’t recommend installing expensive carpet. We frequently replace carpets from damage and stains. Pet urine will damage expensive carpets just as easy as inexpensive carpets.

Installing extra ceramic tile can lower your cost of ownership long term. If you own a smaller home, it can really payoff installing extra ceramic tile in high traffic areas. Most flooring wear and tear occurs in entry ways, hallways, and living rooms. Ceramic tile never wears out and is resilient to water penetration. We don’t recommend installing wood laminate flooring, especially in wet areas such as kitchen or bath. On more than one occasion, we have had toilets overflow, hot water heaters leak, and dish washer pumps leak. You cannot extract water from any type of wood flooring.

Landscaping & Sprinkler

Many landlords inquire about investing in landscaping or sprinkler systems. Most tenants will not take care of the yard like a home owner. Many tenants will shut off sprinkler systems entirely. Tenants frequently program sprinkler controller incorrectly and have large water bills. Others are concerned about high water bills and just turn system off. Sprinkler valves also break, and tenants damage sprinkler heads. We recommend limiting landscaping to small drought resistant bushes in front and mulch. Investing in a sprinkler system will be handy during vacant period in summer months, but till not generate more rent.

Appliances

Most tenants renting a home also have their own refrigerator, washer and dryer. So, we don’t recommend investing in additional appliances. If you own a multifamily property such as a duplex or 4plex, you should provide a refrigerator. Most tenants will expect landlord to provide a refrigerator.

Windows & Blinds

If blinds need replacing in a home, consider spending a little extra for faux wood blinds. Faux wood blinds usually are only $25-$35 more per window and will hold up better than metal blinds and make home show better.

In summary, keep things simple and standard when preparing your rental property for lease. Focus mostly on the paint and the carpet, and your real estate should lease quickly and easily.

If you would like to lease your property in the DFW area, contact me, Jenna Ryan, at The Marketing Shop.com with RE/MAX Dallas Suburbs. 972-510-9177.

Source:
Tips for Getting Your Home Ready for Lease – Austin

Check out this cool Google Map I found of the Far North Dallas Hike & Bike Trails… We must visit sometime soon!

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