Do You Really Know What You Think You Know About Reverse Mortgages?

The Reverse Mortgage - you've heard about it, but do you really know what it is and how it works? There are many misconceptions out there so it is important to have the facts before deciding if it is right for you.

In a nutshell, a reverse mortgage enables seniors to convert their home's equity into cash while retaining ownership of the home. There are no monthly payments and repayment is deferred as long as the borrower lives in their home. The funds can be used in a number of ways.

Michelle White from Ideal Flooring says her company helps older adults make their homes more "aging- friendly." "We can help you refresh your flooring so, as you age, it will accommodate your mobility needs, making navigation of any type easier for you."

"A reverse mortgage can help older adults stay in their homes as long as possible and avoid nursing homes," says Jenna Robinson of BrightStar care, a home healthcare company. Some of their clients have used reverse mortgage funds to hire in-home help for both medical and non-medical needs.

Ingrid Sullivan is a realtor in Arlington, Texas devoted to making life easier for her senior clients. "Many seniors are in homes that aren't appropriate for 'aging in place.' A reverse mortgage can help them purchase a new home that is better suited to their current and/or future needs."

To find out more about how a Reverse Mortgage can best work for you, attend our complimentary dinner workshop on January 22 at 5:00 pm in Arlington, Find all the details at www.SeniorDownsizingExperts.com.

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3 Must Knows About Successfully Selling Your Home

Sometimes the hardest part of selling a home is making the decision to sell it. Our homes give us roots, provide sanctuary, house memories and, hopefully, give us some financial security. It's a huge decision to sell a home. Once made, however, additional decisions will come fast and furious, so take some time now, before the frenzy, to understand these 3 Must Knows About Successfully Selling Your Home in today's real estate marketplace.

 

What is Market Value?
One of the most challenging aspects of selling a home is determining the list price. Many homeowners will go online to find homes nearby that are for sale and base their price assumption on those that are most similar.

The list price of a home, however, is a fantasy. It represents an amount of money the seller thinks, or hopes the home will bring. Until the home sells, he may be right or he may be wrong.

Buyers set market value for homes. What a knowledgeable, willing, and unpressured buyer pays for a home is the home's true market value. Therefore, when pricing a home for the market, one must always look at the sold prices of similar homes nearby.

This is the method both real estate agents and appraisers use when determining a home's market value.

First Impressions Matter
Think back to when you were house hunting. Were there houses that you arrived at that you just couldn't bear to get out of the car to look at? Chipped or peeling paint, sagging window and door screens, and overgrown or dead landscaping do not make a good first impression.

Before you do anything else, clean your house, inside and out. Make cosmetic repairs, especially outdoors where the house makes its first impression. Even if it's merely a new coat of paint on the front door, shiny new house numbers and some fresh mulch in the planting beds, it may help folks want to see more.

Don't neglect the interior either. If you don't know where to start, take a look at some websites with ideas on how to declutter and stage the home.

Since 95% of home buyers are finding their home on the internet, you want to make a good impression on real estate websites as well.  That’s why the Sullivan & Sullivan real estate team has every home that they list and sell professionally staged and photographed by a professional photographer.  See our Ultimate 55 Point Home Selling Plan

Don't Attempt This on Your Own
I know what you're thinking: Of course a real estate agent is going to tell me not to take the for-sale-by-owner route. So, I won't ask you to take just my word for it. Let's look at the cold, hard numbers.

First, only 9 percent of homeowners attempt to sell their homes without the aid of an agent, according to the National Association of Realtors® (NAR). Of those, almost half said they took this route because they were selling their home to someone they knew.

The next most commonly stated reason that a homeowner gave for not using an agent was that he or she didn't want to pay the real estate commission. That's understandable when one isn't sure exactly what an agent does to get a home sold. Once you get a look at that list, you'll understand that you definitely get what you pay for.

You should also take into consideration the fact that a home that is for sale by the owner is considered a bargain to most homebuyers. Many will walk in expecting you to kick back some of that money you're saving by not using an agent. This is why, according to NAR, homes sold by agents sell for 16 percent more than those sold by owner.

Selling a home is a big deal and, thankfully, something we don't often do. When it's time to sell yours, start with the basics, as outlined above, and you'll be ready to list your home before you know it.  Contact the Sullivan & Sullivan real estate team to see how we sell homes in an average of 18 days for 99% of list price!

Technorati Tags: home selling tips,home seller,real estate sales,home sales,home value,staging

Can Pets Hurt a Home Sale?

Homeowners often wonder, Can pets hurt a home sale? Here’s a story that will help answer that question. 
Dogs do the darndest things when they're bored. Take Squishy, for instance. Lauren came home late one night from her job as a nurse to find that Squishy –her usually well-mannered dog – had torn her sofa to shreds, right down to the woody skeleton. Squishy had enough time to not only disassemble the sofa but also to chew up the living room baseboards. While a ruined sofa won't impact a home's value, gnarled-on baseboards most definitely will. 

Americans Love Their Pets
Over 43 million American households own a dog, and over 36 million own at least one cat, according to the American Veterinary Medical Association. It's unclear how many of these households are owner-occupied and how many rented, but since 65.5 percent of Americans own their homes, it's probably safe to say that many pet owners are also homeowners.

The various dog-shaming websites prove that pets behaving badly is sometimes funny – especially if it's someone else's pet acting up. When it's your cat or a neighbor's pooch committing the atrocities, though, you may pay dearly with a lowered resale value on your home.

Impact on Home Value
Time business and money writer Brad Tuttle claims that pets "can potentially do pretty much the same thing to your home's value that some pets do on the rug." He goes on to credit a New England real estate agent for determining that owning a pet may have a negative impact on your home's resale value.

As evidence, the agent cited a cat owner's condo that sold for up to $30,000 less than it should have because of damage caused by the pets.

Then, there's the noise factor. Whining, barking dogs in a neighborhood can bring down resale home values by between 5 to 10 percent, Appraisal Institute's Richard L. Borges tells Business Insider.

There isn't much you can do about a neighbor's dog, but there is plenty you can do about your own.

De-Pet Your Home
Just as you'll need to clean and declutter your home before it goes on the market, you'll also need to de-pet it. This involves getting rid of not only any damage the pet has caused, but also the hair, stains and, most of all, odors.

Start by getting rid of the hair. You'll need a heavy-duty vacuum for the job. Consider having the upholstered furniture dry-cleaned, launder or dry-clean the drapes, and shampoo the carpets.

Carpet: The Stink Magnet
Cat urine in the carpet is one of the hardest odors to get rid of, according to Neeraj Gupta, director of product research and development at ServiceMaster Clean. "Oftentimes," he tells MSN's Marcie Geffner, "you have to remove the carpet, remove the pad and seal the floor, and then replace the carpet and the pad."

If you think you can fix the problem by shampooing the carpet, you may want to pay close attention to those areas your pet chooses to use as a restroom.

First, though, you'll need to find those spots. Christopher Solomon of MSN Real Estate says that not all of the spots will be visible to the naked eye. He suggests that you consider purchasing a battery-powered ultraviolet light – also known as a black light. They are inexpensive and, used in a totally dark room, can pinpoint every bodily fluid that has landed on the carpet.

Other Flooring
If you have a hard-surface floor, you may think you've squeaked by the pet-odor problem. Think again. Even some hard surfaces can absorb urine. You'll need a chemical deodorizer and cleaner to rid the floor of the odor. If it lingers, you may need to strip and repaint, varnish or otherwise seal the floor.

Walls
If you own a dog, you are probably familiar with how they seem to love rubbing against the walls. Walk through your home with your eyes cast on walls and interior doors at doggy height and you'll no doubt notice discolored areas. Sometimes a Magic Eraser will remove the marks. If you've lived in the home for a long time, you may need to repaint to remove the doggy odor.

Cats like walls too – especially male cats, who tend to spray vertical surfaces, such as the backs of chairs and walls, according to the experts at Cornell University, College of Veterinary Medicine. Ask your veterinarian what she recommends to clean and deodorize the walls.

Showings
Your real estate agent will suggest that you not be home during showings. There are a number of reasons for this, but the most significant is that buyers are more relaxed if the homeowner isn't hanging around.

The National Association of Realtors® suggests removing the pet from the home during showings as well. If you'll be home, this is easy, just take the dog for a walk or drive.

If you will be working during showings, you'll need to come up with an alternative for your pet. Here are a few places to take your dog during showings:

Doggie Daycare – This one is ideal. The dog gets a day of socializing and playing, and potential buyers get to tour the home in solitude.

Groomer – An obvious win-win.

Veterinarian – Use the opportunity to get the dog or cat a checkup and shots.

Professional Dog Walker – Hire a dog walker to remove the dog from the home during showings.

Life is chaotic and full of unexpected events when your house is on the market. It's important to remain flexible and accommodate last-minute showings if you want to get the home sold. While pets may be members of the family, they are distractions to buyers, so it's important to decide beforehand how you'll deal with them while the home is for sale.

If you have any questions about selling a home or any other real estate questions for the Sullivan & Sullivan team, please contact us here.

Technorati Tags: Home Value,Home Sales,homeowner tips,Pets,Dog,Cat

How to Avoid Buying a Money Pit

There's an old saying that a boat is nothing more than a hole in the water that you pour your money into. Boats are expensive – from the purchase to the ongoing maintenance – and boat owners throw a lot of money into that hole. If that's true, then it's easy to imagine a house being a hole in the ground, ready to swallow a fortune. Sadly, many of them are just that, but it doesn't have to be that way. If you're house hunting, it's easy to be swayed by design features and miss the red flags that signal the home may just be a money pit. So, how do you avoid buying a money pit?

Evidence of Deferred Maintenance
Ah, real estate lingo. Get ready to learn a whole new language as you go through the real estate transaction. One of the terms you may frequently hear, especially from your agent and home inspector, is "deferred maintenance."

Deferred maintenance is, simply, the putting off of routine home maintenance. Whether because of procrastination or lack of funds, many homeowners fail to perform the tasks that a house requires to remain in good condition.

For instance, failing to replace a cracked or broken wax ring on a toilet can lead to huge repair bills. Caught early, it's a relatively inexpensive fix. If not attended to, however, moisture will seep from the toilet, intruding into the flooring and even the subfloor. Mold may form. Before you know it, you're looking at not only fixing the toilet but replacing the flooring as well.

Let's take a look at some signs that a homeowner has put off performing routine but critical maintenance:

Cracks in the walls – Although this may be just a result of natural home shifting, a crack in the wall may be a symptom of a larger problem. Vertical cracks are typically harmless. Horizontal cracks, or jagged cracks that run at an angle, on the other hand, deserve closer inspection. These may indicate foundation shifting or water damage.

Ceiling stains – Stains on the ceiling are common and indicate a problem somewhere above the stain. The problem may be a roof leak or defective chimney flashing, allowing rain and snow to seep through.

Ceiling stains may also indicate condensation. If the stain is near the bathroom's exhaust fan, condensation is most likely the culprit, and an uninsulated duct in the attic may be the cause.

Then, there is the obvious plumbing leak. If an upstairs bathroom is located above the stain there may be a leak in the tub, toilet or sink. Press your toes around the floor along the edge of the toilet's base. If it feels spongy, the toilet may be leaking. A home inspector has a tool to test a stain to determine if it is wet or dry. A dry stain means that the problem no longer exists while a wet stain means the problem persists.

Firewood piles – If you live in a region where wood-destroying pests are a problem, such as California, the Pacific Northwest and Michigan, a pile of firewood acts as a magnet for them. If that wood pile is stacked against the side of a house, there is a chance that the home may be infested with termites. A pest inspector is your best resource if you suspect there may be wood-destroying pest damage in a home.

Musty odors – Many houses contain hidden health hazards, and one of the biggest is indoor air pollution. Some pollutants, such as radon gas, are impossible to detect by smell and require the help of a professional. Others, such as mold, are sometimes either visually evident or you can smell them. Mold is one of the most common indoor air pollutants, and we inhale the spores every time we take a breath. If the air smells musty, there is most likely mold somewhere in the home. Hire a certified mold inspector to go through the home before signing on the dotted line.

Sticking doors and windows – Open and close all interior windows and doors in the house. If they stick and aren't painted shut, it may be an indication of the foundation shifting. Look at the top of the sticking doors for a gap. This is another indication of the same problem.

While you can never completely eliminate risk when you buy a home, you can reduce it by exercising "due diligence," another of those terms you'll hear bandied about during the home-buying process. Due diligence simply describes your duty to investigate the condition of the property before you buy it. Many homebuyers rely on professional home inspectors to fulfill this aspect of their investigation, and there is nothing wrong with that. By knowing what to look for, however, you can guide your home inspector to those areas of the home that you think require extra scrutiny.

One final note: Certain types of deferred maintenance may sabotage your mortgage loan during the appraisal. Something as simple as broken or cracked windows can hold up an FHA-backed loan, and signs of larger problems, such as water damage and suspected mold infestations may cause a lender to demand further investigation and even repairs prior to closing.

If you are a buyer looking for a home and want a professional that can help you avoid a Money Pit, contact the Sullivan Team for some solid home buying advice. Also if want to sell your home and avoid being labeled as a Money Pit, contact the Sullivan Team for some solid home selling advice.

Technorati Tags: money pit,home buying,home inspection,home seller tips

Dallas Fort Worth Home Sales in 2014

The mid year numbers are in for Dallas Fort Worth home sales in 2014.  Pre-owned home sales for North Texas were up a 7% in June,  the largest year over year monthly gain this year.

The median sales price in DFW was a record $199,900 up 10% from a year ago.

There were 9,841 home sales last month which was more than any single month in the last decade.

Average Days on Market to sell a house was 44 days, the shortest average time on record in the Dallas Fort Worth – North Texas area!

Watch this short video to find out what home sales are doing in specific areas of DFW.

DFW Metro Homes Sales in 2014

If you would like more information about home sales in your neighborhood or zip code, contact the Sullivan & Sullivan team, Your Real Estate Professionals in the DFW area.

Technorati Tags: DFW home sales,real estate,Dallas Fort Worth,Home Sales,real estate news

Sullivan & Sullivan Real Estate Team Aims to Empower Seniors to be Proactive about Late-in-Life Choices

Ingrid and John Sullivan are passionate about helping Seniors make the transition from a larger home to a more manageable living situation.  By focusing on helping Seniors, the Sullivan & Sullivan Real Estate Team aims to empower Seniors to be proactive about Late-in-Life choices. 

As real estate professionals who have managed late-in-life moves for a number of clients, including their own parents  – the Sullivan's are  thoroughly aware of how emotional, complicated and stressful the process can be for seniors and their families. Their message to seniors and their families: "You’re Not Alone."

That’s why the Sullivan's have stepped up to the role of Arlington’s top advocates for a proactive, positive approach to where and how to spend one’s later years. During their hour-and -a-half presentation entitled, "Downsize Your Home to Upsize Your Lifestyle," Ingrid & John present seniors with a framework for getting started on a plan, and urges attendees to look at all of the options available for a new chapter of life that calls for less maintenance and allows for more freedom and fun.

For more information about their downsizing seminars and upcoming dates for the next seminars, see this press release.

Technorati Tags: Seniors,downsizing,Arlington,Downsizing Seminar,Sullivan and Sullivan,Senior Downsizing

Ready to Downsize so You Can Upsize Your Lifestyle?

Are you ready to downsize so you can upsize your lifestyle? Many seniors are aging in place, however there comes a time that you may have too much home in size and maintenance duties and want to downsize to a more manageable living situation. Moving to a Senior Living Community may offer you more freedom to enjoy life by releasing some of your everyday chores and housing concerns.

Independent Living communities are senior housing communities designed for independent seniors that desire the conveniences of community living. These communities offer a senior lifestyle filled with recreational, educational and social opportunities. Independent Living Communities may also called "Retirement Communities", "Congregate Living" or "Senior Apartments".

Some communities offer an enriched lifestyle with recreational and educational opportunities (Congregate Living or Retirement Communities), while others provide housing with only a minimal amount of amenities or services (Senior Apartments). Both types of independent living allow seniors more time to themselves and less time performing home maintenance and yard work.

Independent senior living communities are not licensed and offer a variety of services from place to place. They usually have a minimum age requirement and rent on a month-to-month or lease contract. The key is, they are “independent” senior living communities, meaning they DO NOT provide medical care. Most will arrange for home health services if needed on a temporary basis, however, when a resident requires extensive on-going medical care, they may become ineligible to live in the independent living community.

Independent Senior Living Communities typically offer full kitchens, some meals in a common dining room, housekeeping, paid utilities (except for telephone and cable), laundry facilities, 24 hour staffing, and private area for resident use. Some communities offer other ancillary services such as medication reminders, pet walking, laundry services, etc. There are some are affiliated with churches, schools or other community programs.

In future articles we will talk about Assisted Living, Skilled Nursing and Rehab, and Continuing Care Retirement Communities.

If you have any questions about downsizing or receive a copy of our “Downsizing Made Easy” guide, Please Contact the Sullivan & Sullivan Team.

 

Technorati Tags: Senior Living,Downsizing,Independent Senior Living Community,Continuing Care Retirment Communtiy

6 Tips to Help You Sell Your Home Fast

Good News, it’s a home seller’s market in the Dallas-Fort Worth area! The average days on market for the area in 2013 was 57 days which was down by 23% when compared to 2012. The Sullivan and Sullivan real estate team’s average days on market for 2013 was 27 days! So, how did we help our clients sell their homes quickly? Here are 6  Tips to help you Sell Your Home Fast.

1. Price It Right – Over pricing a home is a major reason a home doesn’t sell quickly. Sometimes underpriced homes sell for higher prices because of a bidding effect. Especially in the Dallas-Fort Worth area home market now with inventories being low. Because they were priced right, we had a number of homes that we listed to sell in 2013 have multiple offers in the first few days on the market . Work with an experienced real estate agent who knows the local market and provide you with an accurate competitive market evaluation. Remember the price should not be determined by: What you paid, What you need, What you want or What your neighbor says. There are real estate agents who will suggest overpricing a property to get a listing. Make sure you carefully review the market analysis. We monitor our listings very closely for correct pricing. Our rule of thumb when listing a property;  If you do not have more than 10 showings or an offer in the first 2 weeks on the market, the property may be overpriced.

2. The First Impression May be the Only Impression – The first impression starts with curb appeal. Make sure your lawn is well manicured, bushes and trees trimmed. If in season, plant some colorful flowers. Sometimes, even silk flowers in a flower pot will work. If it’s fall or winter, rake and sweep leaves. Make sure the front door has a fresh coat of paint or finish. Is there any flaking paint or rotted wood on the home’s exterior? These are signs of homeowner neglect. Moving to the home’s interior, fresh paint is always good. Fix leaky faucets, running toilets, watch the little details. If the carpet is worn and dirty, clean it or replace it. Let lots of light in by turning on lights and opening blinds and curtains before a showing. Kitchens and Bathrooms are some of the most important rooms. Consult with your real estate agent to determine if it’s worth doing some updates. Sometimes there are inexpensive updates you can do which will increase your home’s value and salability.

3. De-clutter and De-personalize – Since you are selling your home, you are also planning to move. Start packing. The more you can remove from your home the better it will show and the more spacious it will look. Start with closets and counter tops. Take all the things that make your home “your personal sanctuary” like family photos, religious decor and other memorabilia, and pack them up. Buyers want to visualize your house being their home– and it’s difficult for them to do that with all your personal items marking the territory as yours.

4. Stage the home – Home staging is one of the services we provide our clients. Staged homes typically sell for more and quickly. Why do you think new home builders stage models. Watch some of HGTV home selling shows.  Our stager like to say, “we are going to make your home look like Pottery Barn.” A good stager can move furniture to make a home look more spacious, help with home de-clutter and take what you have and add a decorator’s touch. We even do light staging on vacant homes because they show and photograph better because we are different.

5. Have a Sales Plan to Promote Your Home – One of the reasons the Sullivan and Sullivan team have been selling homes so quickly  is because of our Our Ultimate 55 point Home Selling Plan. Some agents use the 3 P home sales plan, Put a home in the MLS, Put a sign in the Yard and Pray that it sells. We Are Different. After we have a home staged, we have it professionally photographed. Many times first impressions are made when a home buyer sees the property on the internet. We try to use a minimum of 25 professional photos, have a virtual tour and video for all of our listings. Since most home buyers are represented by agents, you need a plan that promotes the property to local agents as well. Use social media to promote your home for sale to all of your connections. Your agent should be able to provide you with links you can post to Facebook, Twitter, LinkedIn, etc.

6. Listen to your agent - When you find an experienced real estate agent to list your home, who has a successful track record of selling homes in your area, listen to their recommendations! Find an agent you trust and follow their advice as often as you can. The Sullivan and Sullivan team would love to be that trusted agent. Find out about how we are different. Contact us here.

Technorati Tags: Home Selling Tips,Dallas-Fort Worth area,Staging,Listing a home,real estate

Record home sales in the Dallas/Fort Worth area for 2013

According to the latest report from Texas A&M University’s Real Estate Center, North Texas existing home sales rose 4 percent in November.  Year to date 2013 home sale numbers for the Dallas Fort Worth-North Texas area are up significantly with single family home sales of 82,234 an 18% increase over the same 11 month period in 2012. The average price for the area was $226,005 up 10% over 2012.

In November, 5,960 homes were sold in the 29-county North Texas region with a median price of $170,000, 10 percent higher than last year, according to the report.

On average, homes sold in November were on the market for 59 days, which is a 20 percent drop from November of 2012.

The strongest home sales in Tarrant County last month were in central west Arlington, where the median price also rose 74 percent from a year ago. The housing inventory (number tells you how many months it would take for all the current homes for sale to be sold) is still extremely low in area. In the Arlington Mansfield area inventory levels average 2.4 months which is down about 35% from 2012. A normal real estate market is considered to be between 5 and 7 months inventory. The Arlington Mansfield area average home price is $155,075 up 9% and the average Days on Market are 50, down 27% from the same 11 month period of 2012.

For more information on the real estate market in your area contact the Sullivan and Sullivan real estate team.

 

Technorati Tags: home sales,Dallas/Fort Worth,Arlington,Mansfield TX,Days on Market,Average home price

Reverse Mortgages to Purchase a Home in Texas

In November’s general election, Texas citizens decided to change the state constitution to allow for all Federal Housing Administration reverse mortgage products under state rule in Proposition 5.

This legislation will allow the state constitution to be amended to allow for qualified applicants to use a reverse mortgage to purchase a home. Previously, homestead laws within Texas have prevented the loan until now. The Texas constitution has been amended several times since 1999 to allow other reverse mortgage products.

The amendment will also include reverse mortgage safeguards, including a requirement that detailed disclosures be made at least 12 days before the closing of a new reverse mortgage loan, which provides prospective borrowers with the information and time necessary to make the loan decision.

Texas was the second largest market in the country for reverse mortgages. However, prior to the passage of Prop 5, it was the only state that didn't offer the "reverse mortgage for a home purchase." This form of reverse mortgage allows a person to purchase a new primary residence and obtain a reverse mortgage in a single transaction. Prop 5 included the terms of a "reverse mortgage for purchase" in the constitution, so seniors could use this method to obtain a new home. It also required lenders of reverse mortgages to expand the required counseling to borrowers, ensuring that seniors know what specific actions can lead to foreclosure.

Because of homestead laws, a reverse mortgage for purchase in Texas, has as many or more consumer protections that any other state. It is the most regulated mortgage loan in Texas. Some people have expressed concerns about reverse mortgages, however a check with the Texas Department of Savings and Mortgage revealed there have been no enforcement actions from lending involving reverse mortgages in the last 6 years.

A reverse mortgage is a credit agreement under which a creditor provides money to a borrower in exchange for a lien on the borrower's home. A reverse mortgage for purchase of a residence is called a Home Equity Conversion Mortgage (HECM). A HECM is a FHA insured, non-recourse loan. There are no mortgage payments. The borrower is not required to repay the money or interest on the money until the borrower dies, sells the home or permanently moves out of the home. Reverse mortgages are available to people ages 62 and up. Qualifying may be easier than a traditional mortgage, generally there are no credit score requirements. Typically the down payment for a reverse mortgage to purchase a home runs between 40% to 60%.

If you have question about a Home Equity Conversion Mortgage (Reverse Mortgage) please contact the Sullivan & Sullivan team by clicking here.

For answers to frequently asked questions on Reverse Mortgages go to the HUD website here.  

Technorati Tags: Reverse Mortgage,Seniors,Texas,Proposition 5,HECM,Home Equity Conversion Mortgage

Home prices in Texas are up 7.13% Over Last Year

The Federal Housing Finance Agency's latest Home Price Index (HPI) showed Texas prices are up 7.3% when compared to the same period last year.  However Texas is lagging behind the U.S. in price appreciation.

Nationally, prices increased 8.4 percent during the same period while Texas home prices increased 7.13 percent during the year ending in September according to the third quarter 2013 HPI, which was released late last week,.

The price appreciation in Texas being below the national average doesn’t tell the whole story.  Texas didn’t have the severe crash in home prices that other states had during the recent recession.

Here are how home price increases look for the major metro areas of Texas. Houston-The Woodlands-Sugar Land had the largest one-year price increase of the state's major metros at 10.31 percent.  Next Texas metro area was Austin-Round Rock at 10.08 percent followed by Dallas-Plano-Irving at 9.73 percent, San Antonio-New Braunfels at 7.67 percent, and Fort Worth-Arlington at 5.88 percent.

Are you curious about home prices in your neighborhood?  Go to our Market Insider webpage and enter your zip code to get an overview of the real estate market in your area. Feel free to contact us on our website here or you can call/text us at 817-330-9235.

 

Technorati Tags: Home price index,Fort Worth,Arlington,Dallas,Home prices

Ingrid Sullivan Recognized for Expertise in Senior Housing And Late-in-Life Transitions

Prestigious Real Estate and Senior Housing Certification Reflects Knowledge of Distinct Market and Passionate Commitment to Service

Having recently completed a rigorous two-day curriculum, Ingrid Sullivan real estate agent with Keller Williams Realty has achieved the prestigious Certified Senior Housing Professional (CSHP) designation from the Seniors Real Estate Institute.

Awarded only to a select number of real estate professionals in any market, the CSHP designation equips senior housing professionals to serve the distinct needs of seniors and their families with an unsurpassed level of compassion, expertise and connectedness.

Demographic shifts and improvements in life expectancy have given rise to senior housing options that far exceed those of previous decades. CSHPs are not only in touch with the full range of options within their communities, they have the specific skills needed to help seniors to get where they want to go – unraveling the complexities involved in downsizing and selling a family home.

“Despite the fact that seniors are the fastest growing segment of the population, this segment of the market remains largely underserved,” noted Nikki Buckelew, Founder and President of the Seniors Real Estate Institute.

Buckelew, who has a graduate degree in gerontology, pointed to the fact that 10,000 Baby Boomers will turn 60 every day for the next 18 years. At the other end of the senior spectrum, the 90-plus segment of the population nearly tripled over the past three decades, and is expected to quadruple over the next 40 years.

“Professionals such as Ingrid, have a clear vision of how the real estate market is evolving,” Buckelew added. “As such, she has sought out the training, the resources, and the access to trusted experts within the Dallas-Fort Worth metro market, in order to serve senior clients and their families at a high level.

“This expertise, combined with a passion to ensure the dignity of elderly clients, is not just a benefit to seniors and their families,” Buckelew emphasized. “It’s a profound asset to the entire community.”

For more information on the Seniors Real Estate Institute or the Certified Senior Housing Professional Designation, visit http://seniorsrealestateinstitute.com/

To find out more about Senior Downsizing Services provided by Ingrid Sullivan visit her website here.

Technorati Tags: Senior,Downsizing,Certified Senior Housing Professional,Arlington TX

5 Tips For The Best Home Showings

Home routines tend to come to a standstill while your home is on the market. The need to keep the house clean  - and not scare potential homebuyers away - means that kids can't throw their school books on the dining room table, Dad has to pick up his stinky socks, and even the pets need to toe the line.

Keeping the house clean is a good first step toward presenting the home in the best light. But it isn't the only step.

1. Odors
Have you ever walked into a home and been immediately assaulted by nasty odors? Cigarettes, grease, cooking odors, diapers and pets all leave their mark on the way a home smells. While it's almost impossible to rid the home of cigarette smoke without painting, there are ways to get rid of other odors.

Have the carpets professionally cleaned and deodorized.

Launder or dry-clean all curtains and drapes.

Consider having your upholstered furniture professionally cleaned.

Clean the grease from the range hood.

Keep the dog bathed and groomed to keep doggy smells at bay.

Place dishes of potpourri or scented candles in random areas throughout the home.

 

2. Sounds
Like the smell of a favorite perfume, we become habituated to certain things, including sounds. If you've ever lived under a flight path or next to railroad tracks, you understand how quickly one can get used to annoying sounds and not even hear them after a while. Strangers in your home, such as potential buyers, will hear the yappy dog next door, however, so here are some tips to mask the noises in your home.

Play some music, softly, while the home is being shown.

Invest in a white noise machine.

Play a sound-effects CD softly in the background.

 

3. Sights
Light and bright are the operative words when considering the ideal way to present your home to buyers.

Change all the light bulbs in the home to higher wattage bulbs. Leave the lights on for showings, including closet lights.

Paint the walls. If you can't paint, clean the walls.

Remove heavy drapes and replace them with lightweight fabric that allows natural light into the home.

Don't neglect the outside of the house. Before a showing, make sure that the planting beds look clean and attractive and that the lawn is mowed.

 

4. Set the Scene
If you've ever toured model homes, you are familiar with the concept of staging – the art of carefully crafting interiors that appeal to homebuyers. If you're on a tight budget and can't afford a professional designer, make some simple changes that appeal to buyers.

Create vignettes throughout the home. Set the dining room table with attractive dinnerware or create a cozy nook in the bedroom with a small table and chairs. Group items in threes, use different heights, and keep it simple.

Fresh flowers add so much to a home, from masking odors to adding pops of color and texture. A gorgeous bouquet on the dining room table can take the place of a fussy centerpiece. Night stands are ideal places to set small vases of flowers.

Bathrooms are important, so pay close attention to how you stage yours. Get rid of the countertop clutter and add fluffy towels and a new shower curtain.

 

5. Security
Since sellers should make themselves scarce when the home is being shown, it's important to take security measures. Lock up or remove valuables, weapons, prescription drugs and money.

Don't leave personal items - especially paperwork with your financial information - lying around in plain sight.

Whatever you can do to make your home appear move-in ready will appeal to buyers. Tour some new home communities for more ideas and inspiration so that your home shows like a model.

 

Technorati Tags: Home Seller,Sold Home,Tips,Showing Home

Scams That Target Senior Citizens

 

In our business, we are blessed to work with Seniors and helping them in downsizing their living situation. We have seen first-hand how unscrupulous contractors try to take advantage of our Elder clients. On more than one occasion, our clients have called contractors who they’ve trusted in the past, to come in for home repairs and were taken advantage of with outrageous quotes for the repairs. Fortunately, we were working with our clients and encouraged them to get second opinions from trusted contractors who we recommended. In one case, our client was given an estimate of over $20,000 to take care of a bathroom leak repair. Our recommended contractor ended up being able to fix the problem for just a few hundred dollars. Because we’ve seen these problems first hand, we decided to share some common scams perpetrated on senior citizens.

According to the most recent Elder Fraud Survey, the 10 common scams that target senior citizens are:

Health Care/Insurance Fraud
Scammers pose as Medicare representative to get seniors to give them their personal or financial information. Scammers are known to set up makeshift clinics

Door-to-door Sales/Repairs
Products may never be delivered or repairs never done

Funeral/Cemetery Fraud
Scammers attend funerals and aggressively demand payment for debs they claim the deceased owed them

Counterfeit Prescription Drugs
Unauthorized sites with the best prices may send ineffective or harmful drugs

Telemarketing Fraud
Offers for free prizes, health care products, low-cost vitamins. Once deal is made, the buyers information is shared with similar schemers

Fraudulent Anti-Aging Products
Scammer distributors offer bogus homeopathic remedies that do nothing or can possibly have health consequences

Internet Fraud
Pop-up browser windows will fool victims into downloading fake anit-virus software that could download a virus that could steal personal and financial information

Grandparent Schemes
Scammers will contact the senior citizen and pose as their grandchild or relative saying they are trapped in a foreign country and request cash.

Investment Schemes
From pyramid schemes to real estate investments, scammers target seniors who are looking to safeguard their cash for their later years.

Reverse Mortgage Scams
Scammers will send fraudulent letters offering to arrange a reassessment of the seniors property for a fee.

Please feel free to contact us if we can help you avoid potential fraud and provide you with resources for a second opinion.

Technorati Tags: Senior citizen,Elderly,Scams,Fraud

Record Home Sales in Dallas Fort Worth metro area

Home sales in the Dallas Fort Worth continue to set records.  In August home   sales hit almost $2.2 billion which was 2nd highest home sales volume in history for the DFW area.  The average price in the DFW area is up 10% from 2012 at $227,723.  Watch the video for more home sales information for Arlington, Mansfield, Fort Worth and Grand Prairie Texas.  Home inventories are also historically low, as low as 1 month in some areas.  An average market is about 5 to 7 months inventory.  It’s a great time to sell a home.

Technorati Tags: home sales,Dallas/Fort Worth,Arlington,Mansfield TX,real estate statistics

Arlington Housing Finance Corporation Offers Help for Homebuyers

Are you interested in becoming a homeowner in Arlington Texas.   Help is available to qualified homebuyers through the  Arlington Housing Finance Corporation’s Mortgage Credit Certificate program, also known as MCC.

The Arlington MCC Program is a federal income tax credit designed to assist those who are trying to become homeowners. With an MCC, the qualified homebuyer is eligible to write off up to $2,000 of the annual interest paid on the mortgage as a special tax credit. The credit can be claimed annually as long as the home is your principal residence.

Since it launched in April 2011, the AHFC has already helped a number of families become first time homebuyers in Arlington using the Mortgage Credit Certificate program  The first series of the MCC program was so successful the AHFC issued a second series. There are still funds available for assistance

“The MCC program has exceeded our expectations,” said AHFC Director David Zappasodi. “It is a wonderful resource to enable qualified homebuyers to purchase a home of their choice in Arlington. The MCC can also be used in combination with other homebuyer assistance resources.”

For more information and details about the Mortgage Credit Certificate program, visit: www.arlingtontx.gov/housing/homeownership_ahfcmp.html

Click Here to see a fact sheet about the Mortgage Credit Certificate program from FSC Housing.

To apply for MCC contact FirstSouthwest Housing at 214-953-4176 or fschousing@firstsw.com

Technorati Tags: Arlington TX Homes for Sale,Mortgage Tax Credit,first time homebuyer,Arlington Housing Authority

What is a Short Sale

Are you facing foreclosure? Some people are tempted to stay in your home until the bank forecloses and you are evicted from your home.  We think that’s a Bad Idea and don’t recommend that route.  A much more graceful exit is a short sale. A Short Sales is an agreement between you and your mortgage lender to sell your home for less than you owe.  There’s no guarantee that your lender will let you avoid foreclosure with a short sale, government regulations are aimed at encouraging lenders to do so.

Short Sales Get Government Incentives
Short sales aren’t hassle-free, however you’ve got the government backing you. The Home Affordable Foreclosure Alternatives (HAFA) program provides financial incentives for lenders and borrowers to avoid foreclosure through short sales.  It’s geared to homeowners who can’t keep their home with the help of a loan modification.

Advantages of a Short Sale Process
You can:

Be a homeowner again more quickly with a short sale in your past than with a foreclosure. Fannie Mae guidelines help you qualify for a new mortgage in as little as two years after a short sale, as opposed to up to seven years after a foreclosure.

Have more time to make relocation plans and save money than with a deed in lieu. A short sale may take four to 12 months. A deed in lieu of foreclosure arrangement typically requires you vacate your home within 30 to 60 days of signing, according to real estate attorney Lance Churchill.

Receive up to $3,000 from your lender for moving expenses at the time of closing of a HAFA short sale or a HAFA deed in lieu of foreclosure. Relocation funds are part of the incentives of HAFA, but not necessarily for other short sale or deed in lieu programs of the lenders.

Help your community’s home values. Because the lender often receives a higher amount of the remaining loan balance than it would from the sale of a home after a foreclosure, short sales help support home values in the surrounding community.

Disadvantages of a Short Sale

Your credit score will take a severe hit. But that would happen anyway with a foreclosure. Fair Isaac, creator of the FICO score, says foreclosure and short sales have virtually identical impacts on your credit score. VantageScore, a company that has created a credit score model for consumers, says a short sale will lead to only a marginally lighter hit when compared with foreclosure.

If you would like more information on a Short Sale and how it might help you avoid a foreclosure Contact the Sullivan & Sullivan team.

Technorati Tags: Short Sale,HAFA,Home Affordable Foreclosure Alternatives,Foreclosure,Lender,Mortgage

Mid Year Home Sales Report for Dallas/Fort Worth

Dallas/Fort Worth This Month in Real Estate Mid Year Home Sales

Here is a brief video providing you with information on home sales and home prices in the Dallas/Fort Worth Metro area.  The home sales numbers are great and surpass the best years in real estate during the mid 2000s.  Additionally, home prices are on the rise which is currently driven by our supply and demand.  Home inventories are low, in some areas below 2 months inventory.  Home inventory refers to how long it would take to sell the existing homes for sale if no more properties became available.  A normal market is 5 to 7 months of inventory and below 5 months inventory is a seller’s market.  The low inventory situation is causing prices to go up and homes to sell fast.  Good new for sellers and more of a challenge for buyers.  Serious buyers need to be pre-approved and have their financing in order, so they can make a strong offer and are ready to make an offer when they find the right home.  Buyers who wait too long to make an offer are at risk of losing their dream home.  If you need someone who has expert knowledge of our area real estate market conditions, contact the Sullivan and Sullivan Team at 817-330-9235.

Visit www.SullivanDFWHomes.com

Technorati Tags: real estate,home sales,home inventory,real estate news,Dallas/Fort Worth,Arlington TX,Mansfield TX

WOW! Record Breaking Home Sales in Dallas/Fort Worth

Real Estate Homes Sold in May 2013 Set an All-time Record in Dallas/Fort Worth (North Texas)  See graphic.

 

Technorati Tags: Dallas-Fort Worth,home sales,May 2013,Real Estate news