NICK WALTON REALTOR®

Serving Your Frisco Community

NICK WALTON REALTOR® Serving Your Frisco Community

Basic Tips For Buyers

Basic Tips For Buyers

 

1. Know what you can afford before you fall in love with your dream home.

2. Consider additional expenses that come with owning a home like property tax, insurance, and repairs.

3. Be flexible on the little things. It would be wonderful to find a home with everything you want, but those are hard to come by – distinguish nice-to-haves and must-haves early.

4. Have imagination and look beyond paint colors, wallpaper, or other easy and affordable things you can change.

5. Don’t compromise on the big things, such as enough bedrooms to accommodate additions to the family or space for an office if you work from home.

6. Always inspect even if the surface looks great; it’s important to know if anything major is wrong and what it will cost to fix.

7. Think about the future in regard to the neighborhoods, surroundings, schools, and developments.


This blog post is provided to you by Your Frisco Realtor® of NickWaltonRealtor.com

Providing Real Estate services for the cites of Frisco, Plano, McKinney, Allen, Little Elm, Prospre, Celina & North Dallas.

Nick Walton, Realtor®

JP & Associates Realtors®

Nick@NickWaltonRealtor.com
Cell / Text 469-556-2393

www.NickWaltonRealtor.com

Join the Your Frisco Realtor® & Nick Walton Realtors Group Facebook Fan pages

I’m glad that you have found my blog and taken the time to read it. If you find the information useful or informative please “Subscribe” to my blog.

I enjoy building new business relationships across the country and would love to find a way to work together on a transaction or a referral.

February 2012 Market Update Pt. 2

February 2012 Market Update Pt. 2

Home Sales

Home Sales Feb. 2012

Home Sales Feb. 2012

Existing home sales continued their rise, up 5% in December, to a seasonally adjusted rate of 4.61 million. Lawrence Yun, chief economist for NAR, said, “The pattern of home sales in recent months demonstrates a market in recovery. Record-low mortgage interest rates, job growth, and bargain home prices are giving more consumers the confidence they need to enter the market.”

Home Prices

Home Prices Feb. 2012

Home Prices Feb. 2012

Homes prices for December were down 2.6% from a year ago, at a median price of $164,500. One factor contributing to lower prices has been the high level of distressed properties being sold. In December, these properties began to show signs of price stabilization and increase. Foreclosures were selling at 22%, a 2% increase from a year ago, and average prices for short sales prices had risen by 3%.

Inventory

Inventory Feb. 2012

Inventory Feb. 2012

The housing inventory dropped 9.2% in December to a 6.2-month supply, or 2.38 million homes, at the current level of sales. These are the lowest inventory levels of homes for sale since March of 2005. Lawrence Yun, chief economist for NAR, said, “The inventory supply suggests many markets will see prices stabilize or grow moderately in the near future.”

 


This blog post is provided to you by Your Frisco Realtor® of NickWaltonRealtor.com

Providing Real Estate services for the cites of Frisco, Plano, McKinney, Allen, Little Elm, Prospre, Celina & North Dallas.

Nick Walton, Realtor®

JP & Associates Realtors®

Nick@NickWaltonRealtor.com
Cell / Text 469-556-2393

www.NickWaltonRealtor.com

Join the Your Frisco Realtor® & Nick Walton Realtors Group Facebook Fan pages

I’m glad that you have found my blog and taken the time to read it. If you find the information useful or informative please “Subscribe” to my blog.

I enjoy building new business relationships across the country and would love to find a way to work together on a transaction or a referral.

February 2012 Market Update

February 2012 Market Update

2012 is off to a promising start. Mortgage rates continue to drop and have remained under 4% for nearly two months. Home sales are strengthening and pending home sales, a measure to gauge future sales, are at their highest levels since March 2010.

Job growth has been increasing for most of 2011, with unemployment dropping to 8.4%. As more people are getting jobs, consumer confidence has also been increasing. However, underemployment continues to be a problem for a stronger recovery. The underemployment rate is 18.1%, and there are still a significant number of people working part time, who would like to have full-time work.

Even with substantial national improvements, this continues to be a “one neighborhood at a time” recovery. Payroll jobs were up in 25 states, but down in 24, demonstrating the delicate state of the U.S. economy. Global factors such as the European debt crisis are also complicating a more robust recovery. Strong guidance is needed from local and global leaders to continue this growth, as well as allow for business to maintain momentum toward building and expanding upon the opportunities that exist.


This blog post is provided to you by Your Frisco Realtor® of NickWaltonRealtor.com

Providing Real Estate services for the cites of Frisco, Plano, McKinney, Allen, Little Elm, Prospre, Celina & North Dallas.

Nick Walton, Realtor®

JP & Associates Realtors®

Nick@NickWaltonRealtor.com
Cell / Text 469-556-2393

www.NickWaltonRealtor.com

Join the Your Frisco Realtor® & Nick Walton Realtors Group Facebook Fan pages

I’m glad that you have found my blog and taken the time to read it. If you find the information useful or informative please “Subscribe” to my blog.

I enjoy building new business relationships across the country and would love to find a way to work together on a transaction or a referral.

Frisco’s Texas Grand Park Development

Frisco’s Texas Grand Park Development

For the last 7 years Frisco Texas residents have heard rumors of a large park to be located in the heart of the city. This “Grand Park” is to be located South of Cotton Gin & north of Stonebrook Drive, with the North Dallas Tollway to the East and Legacy Drive to it’s West.

Frisco’s Texas Grand Park Development

Frisco’s Texas Grand Park Development

Things are now starting to move forward and last month Dudley Raymond the Parks Planning and Business Development manager said, “Currently, it looks as if it will be approximately 2 years before the project can start construction. We are working with the various state and federal regulatory agencies to receive permission to build the lakes. Construction will take approximately 18 -24 months once began.”


This blog post is provided to you by Your Frisco Realtor® of NickWaltonRealtor.com

Providing Real Estate services for the cites of Frisco, Plano, McKinney, Allen, Little Elm, Prospre, Celina & North Dallas.

Nick Walton, Realtor®

JP & Associates Realtors®

Nick@NickWaltonRealtor.com
Cell / Text 469-556-2393

www.NickWaltonRealtor.com

Join the Your Frisco Realtor® & Nick Walton Realtors Group Facebook Fan pages

I’m glad that you have found my blog and taken the time to read it. If you find the information useful or informative please “Subscribe” to my blog.

I enjoy building new business relationships across the country and would love to find a way to work together on a transaction or a referral.

Buying a Foreclosure

Buying a Foreclosure

Buying A Foreclosure

Buying A Foreclosure

Foreclosed and foreclosing properties dominate many of today’s U.S. real estate markets—more than four years after the sharpest observers saw the market shift coming, and more than two years after the reality hit home for millions of American home owners.

The recent Keller Williams Distressed Property Buying Survey unearthed great information about where the opportunities are, how big they are, and how smart, capable buyers are leveraging the current market.

First-time home buyers make up almost half of all buyers of bank-owned foreclosures and soon-to-be foreclosed short sale properties. They’re followed closely by investors seeking rental properties, and a third important group—homeowners who find they can move up to a bigger or better home they previously could not afford.

To help more consumers win as buyers, Keller Williams agents are now offering a workshop, “Winning with Foreclosures,” that shows buyers how to prepare to be successful buying the “distressed” properties—homes that offer, according to the survey, a 10 percent to 40 percent price advantage, depending on the local market.

The truth is: these markets demand most of the same things an ordinary market demands of buyers—only more intensely and pointedly:

  • Money: Buyers must be financially qualified and ready to buy. The best properties go quickly. Buyers must look strong to lenders.
  • Motivation: Buyers must be motivated to compete successfully. Keller Williams agents urge their buyers in this market to be clear about both their “motivating why” and their criteria for the property itself (size, location, condition, floor plan, etc.)
  • Location: Contrary to the rumors, prime buying opportunities exist in almost every neighborhood and price range.
  • Condition: Buyers should understand that repair costs are not necessarily large. The Keller Williams Distressed Property Buying Survey shows the average cost to repair to be $5,000—that’s less than 3 percent of the median purchase price in the U.S. today.
  • Expert Help: Finally, smart buyers know they need to be even smarter—they become a team with a local expert agent who knows local property, pricing, lenders, and the best listing agents. A strong listing agent can be a critical advantage in seeing a distressed property through from contract to close.

So, bottom line is, if you think you want to buy, have a talk with yourself first, check your financial readiness, and get with an expert and learn everything you need to know, in order to get what you want in this market.


This blog post is provided to you by Your Frisco Realtor® of NickWaltonRealtor.com

Providing Real Estate services for the cites of Frisco, Plano, McKinney, Allen, Little Elm, Prospre, Celina & North Dallas.

Nick Walton, Realtor®

JP & Associates Realtors®

Nick@NickWaltonRealtor.com
Cell / Text 469-556-2393

www.NickWaltonRealtor.com

Join the Your Frisco Realtor® & Nick Walton Realtors Group Facebook Fan pages

I’m glad that you have found my blog and taken the time to read it. If you find the information useful or informative please “Subscribe” to my blog.

I enjoy building new business relationships across the country and would love to find a way to work together on a transaction or a referral.

Do You Know a Homeowner Facing Foreclosure? Here’s A Way Out.

Do You Know a Homeowner Facing Foreclosure? Here’s A Way Out.

Do You Know a Homeowner Facing Foreclosure?

Do You Know a Homeowner Facing Foreclosure?

Headlines today are filled with stories about homeowners in financial distress—people who face a lender’s foreclosure on their home.

Millions of American home owners are wondering what to do.
Like most crises, this one has produced its share of rumors and misinformation. One of the biggest ones is “just let it happen.” Why fight back, this line of thinking goes. It’s too emotionally draining, and the government’s loan modifications aren’t helping many people. Well, that’s only partly true.

While government loan modification programs have fallen short of the mark so far, there is another solid, sensible option for homeowners. It’s called a short sale—a sale to a buyer where the seller’s lender agrees to accept less than the full amount owned.

Why not be foreclosed? Why sell short? Agents who have closed hundreds of these transactions provide this list of reasons:

  • Avoid the foreclosure stigma – Homeowners will always have to disclose that they had a foreclosure on any mortgage application and (many job applications) that they submit in the future. This can have an adverse affect on their future mortgage rates. Foreclosure is asked about specifically in credit inquiries. There is no seven-year time limit on this item.
  • Protect credit score – Credit scores will be lowered by 300-plus points (per loan) by foreclosure. The impact of a short sale—about half that much.
  • Improve eligibility for a government insured loan – The homeowner will be ineligible for a government insured loan for 5-7 years (only two years in a short sale). A foreclosure is the one credit report item that is almost impossible to have repaired.
  • Avoid a deficiency judgment – Lenders can seek a deficiency judgment against the homeowner and collect any amount they do not recover at sale.
  • Protect employment prospects – Many employers run credit checks on prospective employees. Foreclosure is one of the top items that will put a potential new hire, or even current employment, in jeopardy.

These are the top reasons, but there are more. An expert short sale specialist agent can give a full picture of the options.

One more tip. Don’t believe everything you read about how long short sales take and how few get finalized. Short sale timelines, while still longer than normal, are shrinking as lenders get their paperwork act together. Find out who the top short sale agents are in your market. These pros are closing 70 to 90 percent of the short sales they represent—more than three times the national average. They know where to find buyers, and how to negotiate the buyer’s offer effectively with lenders and get the deal closed—so the homeowner can move on with life and recover.


This blog post is provided to you by Your Frisco Realtor® of NickWaltonRealtor.com

Providing Real Estate services for the cites of Frisco, Plano, McKinney, Allen, Little Elm, Prospre, Celina & North Dallas.

Nick Walton, Realtor®

JP & Associates Realtors®

Nick@NickWaltonRealtor.com
Cell / Text 469-556-2393

www.NickWaltonRealtor.com

Join the Your Frisco Realtor® & Nick Walton Realtors Group Facebook Fan pages

I’m glad that you have found my blog and taken the time to read it. If you find the information useful or informative please “Subscribe” to my blog.

I enjoy building new business relationships across the country and would love to find a way to work together on a transaction or a referral.

Getting the Best Value for Your Home – Pricing Your Home to Sell

Getting the Best Value for Your Home – Pricing Your Home to Sell

Pricing Your Home To Sell

Pricing Your Home To Sell

Getting ready to get into the real-estate market?

Most sellers today are nervous and unsure. They wonder: is taking a loss on our house inevitable?
The answer is no! A strategic sales plan, coupled with a smart buy in your new location will ensure that you recoup the maximum value for your home.

Your Strategic Sales Plan

Consult with an expert, local real estate agent to ensure your house is priced competitively and well-staged. Why? Because while there are always three factors to getting a home sold—location, price, and condition—only two are under your control: price and condition. Of the two, which is more significant? Price. Remember that price will correct bad condition, but condition will never overcome a bad price.

Act fast. You’re in a race against time—the best price you’ll get in today’s market is the one you get now. If you wait, it will be lower. And every month the price on your home decreases, your costs remain the same. For example, Keller Williams research shows that sellers who listed their home at the price the agent originally recommended, sold the home 38 days faster. This is over a month of mortgage and tax payments! For a home that cost $200,000 at time of purchase, with 20 percent down and an interest rate of 6.5 percent, selling a month sooner results in a savings of $1101.31 for the mortgage alone, not including the taxes and insurance that the homeowner would be paying during this time.

Don’t worry about where the market has been, keep your focus on where it is going. The price your neighbor down the street got six months ago is not relevant in a market where your house is competing with others from all across town. Again, a local real estate agent will have the kind of long-term, wide-ranging data that will help you decide how to pinpoint your price with precision.

Your Smart Buy

Move up. Whether you are moving to an area where prices are in a downturn, or dreaming of nicer, bigger, home in your own town, selling your house now can get you into the home of your dreams. Falling home prices are a great opportunity for a savvy homeowner looking to move up. Even though your house price may be lower, the smaller loss at sale can be made up by greater savings at purchase. For example, let’s take that same $200,000 home, and imagine that it has decreased in value by 5 percent, reducing the sales price to $190,000. At the same time, let’s imagine that you would like to move up and the $400,000 home you have been eyeing has also decreased by 5 percent. That’s a savings of $20,000, and it is a home that is likely to be better positioned for appreciation when the market rebounds.

The Bottom line is don’t pit yourself against the market, work with the market to get the most out of your house sale.


This blog post is provided to you by Your Frisco Realtor® of NickWaltonRealtor.com

Providing Real Estate services for the cites of Frisco, Plano, McKinney, Allen, Little Elm, Prospre, Celina & North Dallas.

Nick Walton, Realtor®

JP & Associates Realtors®

Nick@NickWaltonRealtor.com
Cell / Text 469-556-2393

www.NickWaltonRealtor.com

Join the Your Frisco Realtor® & Nick Walton Realtors Group Facebook Fan pages

I’m glad that you have found my blog and taken the time to read it. If you find the information useful or informative please “Subscribe” to my blog.

I enjoy building new business relationships across the country and would love to find a way to work together on a transaction or a referral.

Stage It, Sell It, Profit!

Stage It, Sell It, Profit!

Stage Your Home

Stage Your Home

Turn on any popular home network on cable TV and you’ll find a program on staging.
Re-arrange your furniture, pick a soothing color palette, clear out the family photos, and your home will sell faster, and for more money. Sound too frou-frou to be true? It’s not! The soft and decorative side of staging is backed by hard facts.

Real estate agents like great-looking homes because they are easier to sell. Why is that important?

  • An agent’s job is to please their clients, and they will direct their buyers to the homes they think they will buy.
  • Agents talk to other agents who are also directing their buyers to the best homes on the market. An attractive listing will be shown more often, meaning more market exposure—critical for a quick and profitable house sale.
  • Staging is non-negotiable in many parts of the country. Staging a listing for sale in an area where the concept hasn’t caught on can give you an advantage, particularly if there are many unsold listings similar to yours on the market. Buyers gravitate to listings that look good and are in move-in condition.
  • Buyers are looking for value. When prices are flat or on the decline, buyers need to perceive that the house is worth the price.

The bottom line is staging is more than an exercise in tasteful interior design. It is a business decision that can have a huge impact on your financial return and timeline.


This blog post is provided to you by Your Frisco Realtor® of NickWaltonRealtor.com

Providing Real Estate services for the cites of Frisco, Plano, McKinney, Allen, Little Elm, Prospre, Celina & North Dallas.

Nick Walton, Realtor®

JP & Associates Realtors®

Nick@NickWaltonRealtor.com
Cell / Text 469-556-2393

www.NickWaltonRealtor.com

Join the Your Frisco Realtor® & Nick Walton Realtors Group Facebook Fan pages

I’m glad that you have found my blog and taken the time to read it. If you find the information useful or informative please “Subscribe” to my blog.

I enjoy building new business relationships across the country and would love to find a way to work together on a transaction or a referral.

Craig’s List Real Estate Fraud Alert!

Craig’s List Real Estate Fraud Alert!

During a recent office meeting we were made aware that there are several scams that are affecting, currently, people looking for leases. It is highly likely that this scam will graduate to For Sale by Owner (FSBOs) properties as well.

In a nutshell, there are two versions of this scam. In one version the scammers are posting on Craigslist homes that are legitimately on the market for sale, but listing them as for lease. The interested party calls the number and learns that the owner (the scammer poses as the owner) does indeed have the propertly listed in MLS for sale, but is frustrated and trying to lease it as well. Just send in a check for the securty deposit.

In the other version, the scammers list on Craigslist a property already listed for lease, but at a discount. The story is similar, owner is frustrated and offering it on their own. Send in your application and check for the application fee as well as a check for the first month’s rent as a security deposit.

The scammed never see their money again!

The moral of the story is beware listings on Craigslist where the owner claims to be doing something behind his or her agent’s back. This is unethical and illegal.

It is a good thing to have an agent represent you in a residential lease for several reasons, but this is one of the best.

Please forward this information to your friends to help them avoid this scam.


This blog post is provided to you by Your Frisco Realtor® of NickWaltonRealtor.com

Providing Real Estate services for the cites of Frisco, Plano, McKinney, Allen, Little Elm, Prospre, Celina & North Dallas.

Nick Walton, Realtor®

JP & Associates Realtors®

Nick@NickWaltonRealtor.com
Cell / Text 469-556-2393

www.NickWaltonRealtor.com

Join the Your Frisco Realtor® & Nick Walton Realtors Group Facebook Fan pages

I’m glad that you have found my blog and taken the time to read it. If you find the information useful or informative please “Subscribe” to my blog.

I enjoy building new business relationships across the country and would love to find a way to work together on a transaction or a referral.