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 Find out what your Arlington Home is Worth!

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If you’re looking to move into a new home this year, you can do some simple things. These steps will help you position yourself to find the best deal. You should visit us at www.homesforsaleinarlingtontx.org to find the best deals in the real estate market.

Things To Concentrate When Buying a Home

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What is Comparable Sales?

Comparable sales or commonly known as “comps” is a real estate term that refers to homes that are in the same location or area.  The homes included have similar features, condition and size of the home which you are trying to sell or buy.

Comps are very important for both sides of a real estate transaction, whether buying or selling. By comparing similar homes, you will get a vast amount of information which is very useful when you are buying or selling your home. If you are a homebuyer, you will look to comps to determine what is the right price to offer on the home you want. If you are a seller, you will check the comps to know the right price for the home you are selling.

There are many comparable tools offered online that can help you but not all of them are equal.  It is important to work with a professional real estate agent to understand the information and navigate the process.

1. Location

1. 1. If you are trying to know the real value of your home and its price, start with the location.  Location is the number one priority, so look as close to the home you are buying or selling to find similar homes. Try expanding your search into a larger radius if your don’t find sufficient information.
2. Timeframe
   1. Timeframe does matter. According to experts, pending home sales are the best comps, because they are based on live market data.
3. Home Features
   1. Once you are able to check the location and timeframe of listing, the next process is to check the home’s features including the kitchen, bathroom, square footage, foundation and other aspects and features of the home.
4. Having a Real Estate Agent is a Bonus.
   1. Don’t over analyze the comps…rather call the help of a professional. Real estate agents are professionals and can help you decipher comps and walk you through the entire process.

Call Homes for Sale in Arlington TX today!

Pending Home Sales Remain Strong In June

The National Association of REALTORS’ Pending Home Sales Index is “a forward-looking indicator based on contract signings”. The higher the Pending Home Sales Index number, the more contracts have been signed by buyers that will soon translate to sales.

The latest index was released last week, with the headline:

Pending Home Sales Dip in June

As we reported last month, May’s Index levels were the highest recorded in the last 9 years. The small 1.8% decline from May remains 8.2% over last June and the third highest reading in two years. The NAR headline, while accurate, isn’t the best representation of what really happened.

NAR’s Chief Economist Lawrence Yun points towards “low inventory levels in many markets” leading to “reduced choices” at higher price points for the small decline in National Pending Home Sales.

In every major region of the country, pending sales are up year-over-year as shown by the graph below:

Yun goes on to say that there needs to be a significant influx of inventory into the market before anything will change.

“Unfortunately, because nearly all of these sellers are likely buying another home, there isn’t a net increase in inventory. A combination of homebuilders ramping up construction and even more homeowners listing their properties on the market is needed to tame price growth and give all buyers more options.”

So What Does This Mean To Buyers?

There is a lot of competition out there right now for your dream home. Prices are going to continue to climb, act now before you are priced out of your future home.

What Does This Mean to Sellers?

If you are on the fence about listing your home for sale and debating whether now is the time to move on with your plans of relocating… don’t wait!

There are more buyers that are ready, willing and able to buy their first, second, third, vacation, or investment property now than there has been in years! The supply of homes for sale is not keeping up with the demand of these buyers.

Listing your home for sale now will give you the most exposure to buyers and the best sales price.

Bottom Line

Whether you are planning on buying or selling a house this year, waiting to act no longer makes sense.

Home Refinancing Benefits

Refinancing is the process of getting a new mortgage that may ease the burden many homeowners face.  By refinancing you may be able to reduce and or lower your monthly payments and interest. Refinancing may be a good idea for someone who has having a hard time paying their monthly mortgage payment.

With refinancing you will have a lot of benefits. You can change the type of loan, the term and may receive some money from the existing home equity.

Here are some benefits of refinancing:

1. You will have savings on your monthly mortgage payment.
2. You will lock in a lower interest rate.
3. You will have the benefits of consolidating your home loans.
4. You will be out in the debt in the future.

Call Homes for Sale in Arlington TX if you need help with your finances. We can provide you experienced lenders that will help you with your refinancing, offer you benefits and other options for home refinancing.

Do I Need Perfect Credit to Buy a Home?

Some Highlights:

• The average FICO score of Approved Conventional Loans was 757 in May
• The average FICO score of Approved FHA Loans was 688 in May
• Since April 2013, the ability of Americans to obtain a mortgage has increased substantially!

5 Reasons You Shouldn’t For Sale By Owner

In today’s market, with homes selling quickly and prices rising some homeowners might consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons this might not be a good idea for the vast majority of sellers.

Here are five reasons:

1. There Are Too Many People to Negotiate With

Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:

• The buyer who wants the best deal possible
• The buyer’s agent who solely represents the best interest of the buyer
• The buyer’s attorney (in some parts of the country)
• The home inspection companies which work for the buyer and will almost always find some problems with the house.
• The appraiser if there is a question of value

2. Exposure to Prospective Purchasers

Recent studies have shown that 88% of buyers search online for a home. That is in comparison to only 21% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?

3. Results Come from the Internet

Where do buyers find the home they actually purchased?

• 43% on the internet
• 9% from a yard sign
• 1% from newspaper

The days of selling your house by just putting up a sign and putting it in the paper are long gone. Having a strong internet strategy is crucial.

4. FSBOing has Become More and More Difficult

The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 9% over the last 20+ years.

5. You Net More Money when Using an Agent

Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save the commission.

Studies have shown that the typical house sold by the homeowner sells for $208,000 while the typical house sold by an agent sells for $235,000. This doesn’t mean that an agent can get $27,000 more for your home as studies have shown that people are more likely to FSBO in markets with lower price points. However, it does show that selling on your own might not make sense.

Bottom Line

Before you decide to take on the challenges of selling your house on your own, sit with a real estate professional in your marketplace and see what they have to offer.

The Difference Your Interest Rate Makes

 

Some Highlights:

• Even a small increase in interest rates drastically impacts your budget.
• Securing a mortgage now while rates are still low means you can get more house for your money.
• Spend your money on your dream home, not on interest.

 

Newly Constructed Homes are Considered as New Competition?

Real estate competition is currently developing and becoming more realistic. Historically, sellers were competing against foreclosures and short sales homes. But today, newly constructed homes are hitting the real estate market creating new competition for home sellers.

There are a lot of newly constructed homes in todays market.  If these homes are in your local area and similar to your price range and style, this is indeed considered a competitor.

To make your home appeal to homebuyers you must understand the market trends:

Check out the competition:

• Before you begin, it is important to review the market, looking at other properties for sale in your price range, including short sales and new homes.

Consult Homes for Sale in Arlington TX.

• At Homes for Sale in Arlington TX, we can help improve your home to make it more appealing to potential buyers. We will advertise your property for sale to potential buyers by posting it on MLS. We are experienced negotiators. Homes for Sale in Arlington TX will make sure that your home will be sold at the price you want.

Call Now!

Existing Home Sales & Prices