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The Hulkowich Group
REALTOR®
(972) 801-2430
Wendy Hulkowich, Lead Realtor, CLHMS, ABR, SRES
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September
28

Cause to Pause

Rising mortgage rates are causing some would-be buyers to pause their decisions until they determine whether rates are going to come back down.  While it may be possible, the probability is that prices are going to continue to increase.

On December 23, 2021, the 30-year fixed-rate, according to Freddie Mac, was 3.05% and is at 6.29% as of September 22, 2022, a 3.24% increase. On a $360,000 mortgage, the principal and interest payment went from $1,528 to $2,226.  The $698 difference represents a 46% increase in the payment.

It seems understandable to pause and see if rates will come down again, especially since they went up so fast, but it probably isn't going to happen anytime soon based on the Fed's position on controlling inflation.

The fact that inventories are growing slightly, and market times are increasing doesn't negate that supply cannot keep up with demand and homes are continuing to appreciate, albeit, not as much as they did in 2021.

If a person waited a year to see if the rates come down but, in the meantime, the prices increased 10% and the rates stayed the same, the home in the example above, would have a $226 larger P&I payment.

As an alternative strategy, the buyer could purchase the home on a 5/1 adjustable-rate mortgage with a 4.64% rate for five-years.  Instead of $2,226 for the P&I payment for the fixed rate at 6.29%, the payment on the ARM would be $1,926, a $300 savings.

They would have purchased the home at today's prices, avoiding appreciated prices and would have five years to refinance at a lower fixed rate should they come down.  Assuming the rate adjusted upward the maximum amount at each period, it would take over seven years to exhaust the savings on the lower payments for the first five years.

It is unfortunate that some buyers missed a window of opportunity to purchase last fall when mortgage rates were near an all-time low.  That window has closed, and it may not open again.  People who can still afford to buy, even though rates are significantly higher, are taking a risk waiting for rates to come down.  Even if they are correct, the prices will be higher, offsetting any possible savings. 

If they are wrong, both prices and rates will be higher, and they may be priced out of the market.

In the 1980s, when mortgage rates topped 18%, the best real estate agents in the country presented alternative financing choices to buyers.  If your agent hasn't had conversations with you about alternatives to fixed rate financing, there could be options available that you need to consider.

Depending on your price range and individual situation, investigate local and state financial assistance programs, ARM Comparison, 2/1 Buydown, and Cost of Waiting to Buy and download our Buyers Guide.

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September
27

Four Ps of Real Estate Marketing

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September
26

Marry the House...Date the Rate!

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September
23

Don't Sell Your Current Home

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September
22

Who does the market favor?

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September
21

Five Factors that affect the Sale of Any Home

Owners directly control four of the five factors that affect the sale of any home: price, location, condition, terms, and the agent you select.  The one thing you can't control is the location of the home, but you can adjust the other factors to compensate for failings.

The seller controls the price of the home which determines its positioning in the marketplace.  If is priced too high, it will take longer to sell and, in some cases, for less than what it should have sold for because when it doesn't sell immediately, it is assumed that there must be an issue with it.  If it is priced too low, the owner will not realize as much of their equity as they should.

Not pricing the home in the proper search brackets could keep the property from being exposed to potential and likely, buyers.  For example, if a home is priced at $399,000 to follow an age-old retail marketing principle, many of the most likely buyers will never know about it because they are searching for properties in the $400,000 to $450,000 range.

The seller also controls the condition of a property which affects not only the marketability of a home but indirectly, the price.  Homes in the best condition appeal to more buyers because for the most part, they are using their available cash for the down payment and closing costs and may not be able to afford to make cosmetic or more expensive improvements to the property.

Clutter can keep buyers from seeing your home, and more importantly, it will keep them from seeing themselves in your home.  There are three basic causes of clutter: there is too much stuff in the home; there is not enough space in the home; and there is no organization.

Selling a home is about positioning it to sell which sometimes means temporarily or permanently getting rid of things that make the home look small or distracts the buyers from seeing its potential for them.

Terms are the financial preferences established by the seller.  In a competitive market with multiple bids, a seller may not have to offer any terms such as a financing, appraisal, or inspection contingencies.  This will restrict the number of buyers who are financially able to pay cash and are willing to do so.

In lower price range homes, there could be a wealth of qualified buyers that need to use low down payment options, closing cost assistance from the seller, or other things.  When the seller consents to offer a variety of terms, the market of potential buyers increases.  The seller can still select the most qualified if they are not limiting protected classes.

The fourth marketing factor that the seller controls is the agent they select to represent them in the sale of the home.  Selecting the "right" person to market your home is very important and worth careful consideration.

Your agent will be the manager of the entire marketing process. They'll position your home to be competitive with the other homes in your price range and area while attracting the broadest range of buyers possible.  Your agent will offer advice on what needs to be done before the property is offered for sale.  Your agent can also offer recommendations for a variety of service providers if work needs to be done.

There are a lot of professionals involved in the sale of a home like lenders, title officers, appraisers, inspectors, insurance agents, surveyors, and the buyer's agent, just to name a few.  Your listing agent will coordinate the communications between the other professionals and negotiate directly with them.  Your agent's role as third party negotiator is critical and you need to feel confident in their ability to serve your best interests.

Price Too high; not realistic Doesn't acknowledge Internet search range Location A poor location can negatively affect price Since location cannot change, must adjust price for a poor location Condition Clutter Drive-up appeal Deferred maintenance Odors Carpets Lack of updates Terms (applicable to certain price ranges) Buyer concessions like closing costs Incentives like home warranty, appliances, floor covering, etc. Buy-down interest rates The Agent you select Experience Knowledge of neighborhood Promotional expertise

For more information, download our Sellers Guide.

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September
20

Mistakes that Could Invalidate a 1031 Exchange

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September
19

6 Simple Ways to Refresh Your Front Yard

Front Yard Tips

Want to add more curb appeal to your home? Interested in getting your home ready to add to the inventory of Dallas homes for sale?

Refreshing the look and functionality of your front yard is an effective way to boost the curb appeal and overall appearance of your home. Our real estate agents recommend the following options to quickly refresh your front yard. 

Clean Up Your Outside Areas
Nearly every home has items scattered in the front yard. Maybe your kids have left their toys out, or perhaps you haven't been vigilant about putting up your garden tools. Cleaning up these items is a fast, easy way to instantly improve the appearance of your home's exterior. If you're lacking storage for your outside items, invest in an outside cabinet, storage shed, or storage chest. 

Lay a Fresh Layer of Mulch
The vibrant color of new mulch looks fantastic against your garden, lawn, and home. An added benefit of laying mulch is that it will help control weeds around your trees and bushes and in your flower gardens. To provide your plants with additional nutrients, lay a layer of compost before you put down the fresh mulch. When your plans include adding your home to the list of Fort Worth homes for sale, small additions, like fresh mulch, instantly make your home more attractive to potential buyers. 

Add a Walkway
Stone pavers are a fantastic option for creating a walkway; you can customize the color, size, and layout of the pavers to better complement your home's exterior style. 

Incorporate Features That Invite Wildlife Into Your Yard
Pollinators, like butterflies, bees, and birds, are beneficial to your yard and to the environment. Pollinators are essential for ensuring that plants remain genetically diverse and assisting flowers and crops with dispersing their seeds. Daylilies, sunflowers, and verbena are all lovely additions to your yard that attract bees and butterflies. A water feature, like a fountain or pond, often attracts birds, including water-loving hummingbirds. 

Replace Worn Out Items
If the stones used to line your garden or the gravel in your driveway are looking old, dingy, or damaged, consider replacing them. Outdoor materials are made to be durable, but they don't last forever and will eventually start to deteriorate. Replacing these items as they wear out helps you minimize the work and cost of keeping your yard looking its best. 

Add Landscape Lighting
Not only does landscape lighting provide much-needed light at night, but it ensures your walkways are safe and accessible. Solar lights are a terrific, eco-friendly option, or you might choose smart landscaping lights that you can operate and put on a timer with your smartphone. 

By making a few small changes or additions to your yard, you can give it the refresh it needs to enhance your home's curb appeal.

Want a home with more outside space? Contact us today to put your home on the market!

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Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 09/28/2022. The listing information on this page last changed on 09/28/2022. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of NTREIS (last updated Wed 09/28/2022 2:29:52 PM EST) or Permian Basin MLS (last updated Wed 09/28/2022 1:45:05 PM EST). Real estate listings held by brokerage firms other than RE/MAX DFW Associates may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --

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