Where do you want to live? That’s a big question that a lot of folks need to answer. As they say in Real Estate, “Location is everything.” So, the number one thing that I like to look at is distance from work.Maybe this is important to somebody.They want to be right down the street from their office, maybe they don’t mind driving you know 40 minutes to an hour to work. That’s going to really open your search area.The next thing is going to be schools. Schools are important even if you don’t have kids because that is going to affect the resale of a property.If you don’t have kids maybe it’s important for different reasons.I would say determine if you want a specific school, a specific school district, or maybe there are specific things that you want in that school or school district. That would be more for a lot of folks relocating in the area.Now, the next one is going to be community.What do you want in your community? Are you looking for a newer community? I do notice that you see a lot more younger folks in newer communities but I do see that you don’t have as many trees and it doesn’t have that older feel to it.More established is a better word than old. Or maybe you want a more established neighborhood with more larger trees or parks with larger trees and things of that nature. So determine what’s important to you in your community.The next one would be proximity to family.Maybe you want to be close to your in-laws, or maybe you don’t. So I would say determine how close you want to be to family if you have family in the area.So that would be the top 4 things that I see people use to determine their location for their next home.
Alright so the number one thing I think you need to do as a first-time home buyer is- Determine how much home you can afford. When I say “can afford” I mean how much can you realistically and comfortably afford. I see a lot of first time homebuyers speak to a lender and they’ll say “Oh I’m qualified for.. you know X amount!” And then once they get under contract, and they look at taxes, and all the things that go into that whole monthly payment, they start to freak out because they didn’t realize how much the payment really was.
So, I would say reverse engineer that.Determine a monthly payment that you’re comfortable with.So, let’s use easy numbers, let’s say your rent is $1,500 a month and you’re thinking that you can make a $2,500 a month payment. So, make your $1,500 a month payment, and make a $1,000 a month payment to yourself.
Now, this is going to do a few things..
1)Make you pay yourself some money so you can increase your savings.
2)You’re going to start making that $2,500 a month house payment.You’ll find out quickly if that amount is to hard to make each month or maybe that amount is just fine, and you may be comfortable with a higher future mortgage payment.
So, figure out the monthly payment that you’re comfortable with and determine how much money you want to put down or how much money you can put down. Then figure out the loan product you’d like to go with.AFTER THAT you’ll find the home price that you’re comfortable with.
Determine what you’re willing to spend each month for your mortgage.Determine how much money you want to put down. THEN you will know what price of a home you are comfortable with purchasing!
Hope this video was helpful, if you know of anyone that is thinking about being a first-time home buyer go ahead and share this with them.
This is probably one of the biggest questions I get from first-time home buyers!
Alright! Today we’re going to talk about 5 things that you need to do to get your home ready for an inspection. Alright, so you’re under contract and you’re excited but you’re also nervous because you know that the buyer is going to do an inspection during their option period, or inspection period, depending on where you are.It has different names.
So here’s some of the top 5 things that I see come up on an inspection report that a seller can do before hand that will save them a lot of money. These are in no order.
1)Your drains.So if there are ladies in the house or a guy with long hair if your sinks or bathtubs or showers are not draining properly, the inspector is going to mark that as deficient and most buyers are going to want that looked at and most plumbers aren’t the cheapest people in the whole wide world. So go ahead and put some drain-o down there. And don’t put just drain-o down there and think it’s good.Get one of those snake things, don’t be a cheap as here.Get the things that you need to take the hair out and it could potentially save you a lot of money.So go ahead and take care of those drains.
2)Doors. Alright, if you’re house is haunted and you have spirits that open and close the door periodically, there is a really easy what to take care of this.Most doors are going to have three hinges.You’ve got one on top, middle, and bottom.So you’re going to pop that middle pin out, lay it on the ground, I highly recommend that you don’t do this on your wood floors. Put it on some concrete, and just tap it with a hammer and you’re going to put just a little bit of a bend in it.You’re not trying to make a boomerang here. Clean it off with some WD-40 and put it back there, and that is going to create just enough friction that the door will not open and close freely. Now I’m not talking about covering up foundation issues! If you have foundation problems, that’s a different situation.I’m talking about a door that slowly opens and slowly closes.
3)Light bulbs. Now, the inspector probably knows that it’s just a lightbulb and you probably know that it’s just a lightbulb, but the inspector has to mark it as deficient and if they buyer says they’re not going to close on this house unless you have an electrician look at it then you’re probably going to pay someone $100-200 just to come out and put a light bulb in.So go ahead and make sure that all of your lightbulbs are working properly.
4)Air filter.Now this is actually pretty common.The AC filter might be really really dirty and this can do 2 things.1- It’s going to show the buyer that you maybe don’t take care of your house, so that’s going to make them uneasy.2- If that AC filter is really dirty, you’re not going to get enough air flow and that can actually keep the AC from cooling properly.The inspector is going to mark it as deficient and the great thing about this is an AC person is not going to come out and just replace the filter! They’re going to want the whole thing serviced so it’s going to cost you quite a bit of money.
5)Trim shrubbery and trees.If your buyer is going VA or FHA this can actually be something that the appraiser makes a note of by saying that it is a condition of closing.Meaning that it needs to be taken care of before that appraiser will sign off on that appraisal.The reason is if you have a lot of shrubs pushed up against your property it can be considers a conducive condition to wood destroying insects like termites or carpenter ants.So just make sure that’s trimmed back about 4-6 inches and you should be fine there.
That’s the top 5 things that I see come up on inspections that the seller could have taken care of and would have saved them a lot money because now they don’t have to pay a professional do it.In the contract, it states that a licensed person or person of that trade has to take care of any repairs unless otherwise agreed upon.And most buyers don’t want sellers doing their own repairs.
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“ Now the next thing about that is, damn.. I was doing good on that video and just totally lost my train of thought.It’s deer season!
Hey folks! Realtor Chris Hall. Today I want to talk about a seller’s temporary lease back. Now in short what this is is the owner will become a renter and the buyer will become a landlord. Now, one thing I always want to tell my clients whether they’re a buyer or a seller is before you start your lease back period, reach out to your insurance company and make sure that you have the proper insurance. Alright?If you’re doing a 24hour lease back maybe it’s not that big of a deal, but if you’re doing a few days, a week, or a month, you definitely want to make sure that you have the proper insurance just incase the unforeseeable happens.
Now, a lot of times people ask me the questions “Why would somebody want to do a lease back?” Well, let me give you a few scenarios.
Let’s talk about if you’re the seller, alright.Now, the great thing about a lease back if you’re a seller is it essentially gives you the ability to close on your home and lease it back for a period of time.Maybe that will keep you from having to do multiple moves, and get a storage unit, and maybe stay in a hotel or an extended stay or whatever.
Now for a buyer it’s really nice because you can offer that convenience to a seller and everything that has convenience comes with a price. So, if you’re in a multiple offer situation and say that seller really needs that lease back period, you could offer maybe a free lease back and maybe that would make your offer better than a higher offer that’s gonna kick the sellers out of the house in lets say 25 or 30 days. The next situation is if you have a buyer that maybe wants to get a home a little bit below marketing value or maybe try to get what they would consider a good deal, you know maybe that seller would be willing to pay for that convenience if you offer them a lease back and it’s something that that seller really needs.So, really a good tool, it can be very helpful for a seller and it can be a nice too for a buyer to keep in their back pocket.So, that’s they end of this video, I hope that you enjoyed! Until next time, have a great day!”
Oh you know what I didn’t really anticipate that you’d see I have socks on.I took my shoes off so there wasn’t the “clankiness” on the ground. But uh, anyways, lets talk about these 3 options here.
So Option 1 is you can have the seller complete the repairs themselves. Now this is really nice for a buyer sometimes because you know, you don’t have to worry about getting those repairs done when you get inside the home.The only downside, potentially, could be as buyer you don’t know the quality of the work that that seller did.
Option 2 is you can have the seller reduce the price, right?Now, depending on what your loan is, this sometimes isn’t the best option. So let’s use some easy numbers here.. you bought a $400,000 home and a $5,000 repair comes up.So that’s $5,000 to the seller, but if you reduce the price your out of pocket down payment and your monthly payment as a buyer isn’t really going to change much.Which kind of leads me into my 3rd option.
Having the seller give the buyer closing costs in lieu of repairs.So basically that $5,000 repair comes up, the buyer says “Hey, you know what, I’ll get the repair done when I move inside the home, I just want you to cover $5,000 of my closing costs.” It’s essentially the same thing to the seller as reducing the price by $5,000 but now it’s a little but more equal.It’s $5,000 savings for the buyer and its $5,000 reduction to the seller.
So that’s the 3 different options. Sometimes you can use all 3 maybe just 1 or 2, it really depends on the situation. I hope that this video was helpful and that’s pretty much the end.I gotta work on my ending on the videos. So, ya, that’s the video, hope you enjoyed, see ya next time.
Hello this is Realtor Chris Hall with Keller Williams in Southlake Tx. Today I'd like to talk about whether you should or should not get an inspection done on your new construction.
So real quick we're going to go over three different types of inspections or three different phases if you will of inspections and when you might want to have those done.
1. You can contract with an inspector and have a series of inspections done throughout the building process. This is going to be the most costly, but that inspector is going to have the opportunity to catch any mistakes before the sheetrock goes in, wiring, plumbing, so on and so forth.
2. The most common is having an inspection done before you're actually closing on the home. A few weeks before closing you meet the inspector and the do an overview of the whole property, you go over the report, and the builder will fix most of the items. Keep in mind, some of these might be code, so that's just a conversation you're going to have with that particular builder.
3 . This is not very common but I really advise my buyers to do, is have an inspection eight to ten months after you've actually lived in the home. Now the vast majority of builders are going to have a one year warranty on that property. Everything will be in that warranty, even cosmetic items. That's why I think it's a really good idea to have that inspector come out eight to ten months after you've lived in that home. You being the homeowner, living there every day, you're going to find items that are wrong with the property and that inspector is going to be able to find even more.
Always get an inspection done on new construction, just decide on when you think the best time to have that inspection is.
In this short video I go over what the past 5 recessions have done to the housing market and what the next recession could potentially do to the housing market in Texas.
If you are thinking about selling, buying, or investing in real estate you have probably watched the news. Outside of the election, a very hot topic right now is when will the next recession happen and will it be anything like 2008/2009? Most experts say no. You see, the 2008 recession was caused by a housing crisis and subprime mortgages. The housing market is not in the position it was leading up to 2008.
I hope you found this video informative! If you are or anyone you know is thinking about selling, buying, or investing in real estate I'm here to help!
With the start of the New Year, thoughts naturally turn to change. If one of your New Year’s Resolutions is to sell your home, then making the right resolutions can help you sell your home quickly and for the best possible return.
Move Up Spring Cleaning – Time to do your spring cleaning now. Declutter, depersonalize and make the home look roomier.
Stage Your Home – Whether you hire someone or do it yourself, this is the time to rearrange your furniture to make your rooms look bigger and brighter.
Think it Through – Before you spend money on renovations and upgrades, think carefully and don’t overspend by guessing.
Take Care of Neglected Repairs – This is a great time to hire a handyman or break out the tool belt to take care of deferred maintenance and take care of minor repairs.
Interview Real Estate Agents – Hiring a real estate agent is critical to your success. Take the time to interview a number of agents and choose the right one for your needs.
Check out the Competition – Go see homes listed for sale in your area and adjust your timing, staging and pricing based on the market.
Prepare Mentally – Selling a home can be stressful. Be prepared for low offers, picky buyers, drop-by agents and odd terms. Prepare yourself now so you will take them in stride when you’re on the market.
Funny that you ask.. do I think that all agents have the resources to do their job the right way? Yes. In that case we are all equal, or at least should be. The problem that I see often is that some Agents don't take advantage of all the tools out there to market their listings in the best way possible.
Check out the facts:
92% of homebuyers are starting their home search ONLINE!
Homes with professional, high definition photos, are getting more attention!
Picture slideshows are ANCIENT and are being IGNORED.
Buyers want to see a real walk through video of the home!
Before a buyer even sets foot into your home you want an agent that is going to put as much information about the home out there. What floor are bedrooms on, how big are those bedrooms, etc. Buyers appreciate this information. Pictures cannot fully display the layout of a home, and a walk through video tour can really give the buyer a better idea on the layout. Showing your home off to the best of my ability is what ALL Agents should be doing when they list a home! Sadly, many don't.
When you go to sell your home, be sure to hire an agent that is maximizing the exposure of your home!
If you have questions, I'd love to chat!
Realtor Chris Hall | 817-343-6084 | firstname.lastname@example.org