How to Hire a High-Quality Realtor

What does it take to find the right agent for your real estate experience? Today we’ll share a five-step guide on how to hire the right Realtor.

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What’s the best way to find (and hire) a high-quality Realtor? Actually, it’s simple. All you need to do is follow these five tips:

1. Check out their online reviews. Any agent can tell you they’re great, but reviews don’t lie. Reviews allow you to see feedback from people who have worked with a given Realtor or team in the past. This can offer valuable insight into what your experience would be like if you chose to hire them.
 

2. “Stalk” them online. Visiting an agent’s social media pages will help you see how this person conducts themselves, in general.

3. Find out if they’re tech-savvy. Unfortunately, not too many agents barely know how to work their cell phones, let alone leverage the latest real estate technology. So check out their website, read their reviews, and study any other materials they’ve made available for signs of their technological competency.
 

4. Ask for proof of their track record. If an agent tells you they’ve sold a certain number of homes in the past 12 months, for instance, ask them to prove it. According to the National Association of Realtors, the average real estate agent sells 11 houses or fewer in a given year. Here on the Good Team, we sell well over 200, and we’d be happy to prove it to you.
 

5. Ask how they plan to market your home. The right agent is one who will be proactive, rather than simply placing a sign in your yard and praying that your property sells. They must have systems and strategies in place to expose as many buyers as possible to your home.

Any agent can tell you they’re great, but reviews don’t lie.

If you have any other questions, would like more information, or are curious about how we can serve your real estate needs, feel free to give us a call or send us an email. We look forward to hearing from you soon.

How to “Hack” Your Housing

What is house hacking, and how can it benefit you? Find out right here.

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What is house hacking?

House hacking is the process of using other people to pay for your mortgage.

We’ve had several clients who have purchased a duplex, lived in one side of it, and then rented out the other side, which either covered 100% of their rent or at least a good portion of it.

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House hacking helps reduce monthly expenditures.

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House hacking helps reduce monthly expenditures, and it’s definitely cheaper than renting. There are a lot of great duplex, triplex, and quadruplex options out there.

If you’re interested in learning more about house hacking, or if you’re a first-time homebuyer, feel free to reach out to us. Let’s talk about why you should be buying a home now rather than waiting six to 12 months. We'd be happy to help you.

These 6 Tips Will Help You Buy your First Home in 2018

Are you planning on buying your first home in 2018? We have six tips that will help you accomplish that goal.

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Here are six tips that will help you increase your odds of buying your first home in 2018: 

1. Work with a good agent. This may not be the time to entrust your financial future to a brand-new agent or one who dabbles in the industry in their spare time. You’ll likely need a seasoned agent to buy your first home, especially if you’re looking in an area where the market is highly competitive. 

2. Get pre-approved. You don’t want to fall in love with a home before getting your pre-approval because if some kind of complication arises with your credit or you’re not approved for the home’s price, you risk losing out on it. 

3. Consider a home that needs work. A fixer-upper home can be a great opportunity to buy thanks to a 203(k) rehab loan. This packages the home loan and money needed for repairs. It’s also a tricky loan though, so having a good agent and a good loan officer is key to making sure this loan goes smoothly. 

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Don’t fall in love with a home before you get pre-approved.

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4. Consider a transitioning neighborhood. The obvious draws of buying a home in this kind of neighborhood are the home would be much more affordable and the neighborhood itself might appreciate and make you a good deal of money when it comes time to sell. 

5. Raise your budget. If your pre-approval from your lender is at $300,000 and you consider upping it by just $20,000, that difference could increase the number of houses you could realistically look at. It would also only increase your monthly mortgage payment by about $80 to $100. Be sure to check with your loan officer to verify this amount, though. 

6. Go back to your lender. There may be ways to reconfigure your loan options to get you more money to spend. We work with an amazing loan officer named Michael Debacker from Supreme Lending, so we can put you in touch with him if you have any specific questions how to do this. 

If you have any questions or you’re ready to purchase your first home in 2018, don’t hesitate to reach out to us. We’d be happy to help you.

4 Demands to Make of Your Agent

Is buying a home in your plans for the new year? If so, we’ve got some great tips to share with you today.

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The holidays are behind us now and we hope your 2018 is starting out great. If buying a home is in your plans this year, you’re in luck because our topic today is the four demands that every buyer should make with the real estate agent that they hire:

1. Tell the truth about pricing. In this market, your agent needs to be able to walk you through their plan for getting the seller and the appraiser to accept that price that you’re offering. It’s imperative that your agent can defend your offer price by researching recently sold homes and justifying the price that way.

2. Understand your timetable to buy. No matter what time of year you decide to buy a new home in, you’ll need a good agent and a good plan to make the transition smooth. A good agent will make sure to minimize any problems.

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A good agent will minimize any problems.

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3. Remove as many of the challenges as possible. It’s imperative that your agent knows how to handle the various challenges that will arise throughout the process. An agent’s ability to negotiate and problem-solve is critical in this marketplace. If you have an agent that was weak in negotiating with you on parts of the purchase offer, don’t expect them to turn into a superhero when they are negotiating with the seller.

4. Finding the right house. There’s a reason you are moving and it’s important to you. You wouldn’t be dealing with the hassle of moving to a new home if it wasn’t. Don’t allow your agents to forget these motivations. A good agent can deliver good news, but a great agent can deliver the bad news. You may lose out on an offer or two, but a great agent will have a backup plan in place.

If you have any plans to buy in the near future or if you just have any questions about real estate, don’t hesitate to give me a call or send me an email. I look forward to hearing from you.

Why Are Homebuyers Feeling Optimistic?

Why are homebuyers more optimistic than they have been in the past few years? Here’s what we found.

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Why are homebuyers suddenly so optimistic? Right now, homebuyer confidence is at an all-time high, according to a survey performed by Fannie Mae. Furthermore, an increasing number of people, particularly renters, think now is a good time to buy a home. Yet at the same time, housing inventory remains very tight. It’s down 6.5% nationally from last year. Home prices are also up 6.9% nationally over last year. 

In other words, homebuyers are optimistic at a time that the market seems to be favoring sellers. So, what's going on? Why are homebuyers so optimistic all of a sudden? Here are three possible explanations:

1. Lending is loosening up. Over the past several years, mortgage rates have seen historical lows. This has meant that homes are actually more affordable, in spite of the increase in prices. However, lending has been very tight. Fortunately, that’s changing. Lenders are approving mortgages at the highest rate since 2011, with 77% of mortgages for home purchases approved.

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Lenders are approving mortgages at the highest rate since 2011.

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2. Jobs are looking good. At the moment, fewer homebuyers are worried about losing their jobs, according to the same Fannie Mae survey. It's not just job security that's contributing to greater optimism about buying a home. Overall income is higher, making homes more affordable by comparison. The median household currently has 150% of the income needed to buy a median home, compared to a historical average of just 125%.

3. Long-time renters are ready to buy. Millennials, the generation of people born after 1980, have largely opted out of homeownership until now. They have been renting for a longer time, putting them higher up on the pay scale compared to previous generations of first-time homebuyers. But now, many millennials are finally hitting an age when they are willing to commit to buying instead of renting. This is reflected in the Fannie Mae report, which states that much of the increase in homebuyer optimism comes from current renters.

What all does this mean for you? If you're looking to buy a home, all of the above reasons should give you confidence that now is indeed the right time to buy.

If you’re thinking about buying or selling a home, click the links above to search for homes on the MLS or find out how much your home is currently worth.

And if you have any questions about the Dallas real estate market, whether you're thinking of selling or buying, give me a call at (214) 612-7610. I'm here to help. I look forward to hearing from you soon.

How to Prepare for Your 2018 Home Search

What can you do now to prepare for your 2018 home search? I have a few tips to share with you today.

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If you plan on buying a home in 2018, now is the perfect time for you to warm up for that house hunt so that you can hit the ground running in the new year. 

From organizing your finances to finding the right real estate agent and mortgage lender, there is plenty to keep you busy. Here are a few things you can do now: 

1. Check or know your credit score. Credit scores run from 300 to 850. The higher your score is, the better interest rate you will get. A lower interest rate can mean thousands of dollars in savings each year. 

2. Don’t open up any new credit cards. First-time homebuyers often make this mistake. Even if opening a new card will get you a discount on that new TV, don’t do it just yet. Opening a new credit card can hurt your chances of getting a mortgage or the best possible interest rate, so please talk to us or your mortgage lender before opening a new line of credit. 

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Do not open up any new credit cards just yet.

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3. Ask for a financial gift this holiday season. Besides the mortgage loan, you will need a sizable amount of cash for the down payment, moving costs, closing costs, and repairs or updates. 

4. Interview potential real estate agents. Your neighbor, relative, or friend might be a real estate agent, and they may be a great fit for you. However, you owe it to yourself to look around and find an agent who is knowledgeable and can assist you in reaching your end goal of homeownership as soon as possible. If you need any recommendations, give us a call. 

5. Keep tabs on interest rates. This is one thing a lot of buyers don’t keep up with. If you hear that interest rates are at historic lows or that they are on the rise, you should not assume that you will get the rock-bottom rate. Not everyone gets the same mortgage rate. It depends on your financial situation and your lender. 

6. Find your mortgage lender. Before you start looking for a home, it’s very important that you find a lender. If you can’t buy a home right now, it makes no sense to find your dream home and then find out that it’s just out of reach. Talk to a mortgage lender first. We can refer you to some great lenders, or you can ask your bank for recommendations. 

7. Get pre-approved. Give all of your financial information to your lender. It will be painful at first, but it will show the mortgage company that you are a well-qualified buyer and that you are going to be able to pay your mortgage on time, making you a low risk of foreclosure. You will need to bring your tax returns, W2s, bank statements, and information on any credit card loans, student loans, or auto loans you have. 

If you have any questions or want to get started on all of this, give us a call or send us an email. We would love to help you reach your real estate goals in 2018.

How to Juggle 2 Transactions at Once

Buying and selling real estate at the same time can be a difficult task. Luckily, we have 

a lot of experience.

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The catch-22 of real estate is that when you are selling a home, you’re likely going to be buying one at the same time as well. This is one of the biggest stresses that homeowners go through, so we wanted to help minimize your stress by offering up some tips about how you can buy and sell simultaneously and successfully.

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Our goal is to minimize your stress.

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When you’re going through this process, we have a number of items on our checklist to cover. We need to get your home ready for sale, get it priced accordingly, set you up with one of our preferred lenders who can get you a pre-approval, and create a “hit list” of all the important features you want in your new home.

Once we do that, we’re ready to start making contingent offers. With this kind of offer, you are guaranteed a way out of the contract if your home doesn’t sell or doesn’t sell quickly. It’s more of an insurance policy than anything.

If you are thinking of making a move soon, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.

Can You Afford to Wait to Purchase a Home?

Should you wait to buy a home or should you jump into the market right now? Due to rising interest rates, you may not be able to afford to wait.

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Lately, a lot of people have been asking, “Should I buy a home now or wait?” 

I say that you should buy now. Why? 

Interest rates are starting to increase. Back in December, rates were right around 4%; now, rates are starting to creep up to 4.5%.

As a homebuyer, every 0.5% increase in interest rates decreases your purchasing power by about $25,000. As you can see, it is definitely more advantageous to buy now rather than later. 

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It’s more advantageous to jump into the market now.

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If you have any questions about starting the home buying process or if you would like to learn more about our current market, just give me a call or send me an email. I would be happy to help you!