MartiP's Moments

First impressions are everything! Most of us open the garage door, park the car, and enter our house from the garage and rarely enter through the front door. Take the time to act like a buyer and enter your home from there, remembering that they will be spending time waiting for the real estate agent to unlock the door so they will get a real good look there. Touch up paint, clean off cobwebs, shine your door handle, freshen up landscaping, and scan for brown spots in the lawn if you have a pet. This all matters…

Unequivocally it is a seller’s market and the high season is upon us! So if your home is on the market, you’re already halfway to the bank, right?

It’s perfectly possible to spoil your own sale. There are plenty of things you should do, and avoid, to make sure you actually make it to closing day, your way.

When properties are moving quickly, if your home doesn’t sell within the first couple of weeks, buyers will start to perceive your home as market-worn, they’ll assume there is an issue with it and consider themselves in a stronger bargaining position or reject the home altogether.

1. Price to Sell

Many factors can feed in to your initial list price: market inventory, perceived vs. actual value, and others. Sellers often fall victim to the lure of a gigantic payday, thinking the higher the price, the higher their take-home.

In this market buyers don’t think sellers are negotiating very much. If you overprice it, you’ll lose! The first days on the market are critical. Even if you price it $20K over, instead of making an offer, buyers will move on. Your house will take longer to sell, and you’ll likely end up having to cut the price anyway. An agent can show you in black and white that houses typically close at about 97% of List Price.

A typical strategy we hear a lot —‘We can always come down in price’—can be a very costly one. While we understand that nobody wants to leave money on the table, unfortunately this strategy does exactly that.

2. Don’t Get Booed Off the Stage

People don’t buy empty, nice, renovated houses they buy a home! Staging makes a house a home. As awesome as your house may be, it’s your home. Strategic staging offers prospective buyers visual cues to help them picture your house as their home—which can translate to a sale.

Some buyers are capable of visualizing, but most are not. Buyers need a little help to imagine themselves in your home. Agents who have a keen eye and or who may be trained in the expertise to make the most out of certain spaces in the home are your best bet. Listen to their suggestions and follow them carefully.

3. Nab Them at the Curb

The outside of your home is at least as important as the inside. Brown grass, sketchy shrubs, wilting flowers, peeling paint—all those and more can disqualify a home before your prospect walks through the door. For goodness sake make sure the newspapers, flyers and trash cans are properly put away! A freshly landscaped yard, and clean windows, will result in prospects stopping in the street to take a gander thinking if it is as neat and tidy on the inside – it is going to be awesome – let’s call our agent to see it!

4. Choose Your Agent Wisely

It is paramount to hire a REALTOR® that you like, trust, and respect.  Even in a lively market, if you don’t match well with your listing agent, your sale could be adversely affected.  That said; know that there is a difference between a real estate agent and a REALTOR®.  Only REALTORS® adhere to the best of practices and are well versed in their Code of Ethics.  

QUOTE OF THE WEEK..."If you have to forecast, forecast often."--Edgar R. Fiedler

INFO THAT HITS US WHERE WE LIVE...Economist Fiedler, Assistant Treasury Secretary under Presidents Nixon and Ford, knew that wise forecasters give themselves lots of opportunities for revisions. This time of year, the focus is on forecasts and even though many will soon be revised, some are worth considering. The chairman of the Fisher Center for Real Estate at the University of California, Berkeley, feels home prices have bottomed and are increasing, though not rebounding, where there's strong job growth. But other economists anticipate a 5% decline in home prices over the next two years.

Several industry watchers expect mortgage rates to stay low in 2012, especially the first half of the year. But buyers and those looking to refinance shouldn't drag their feet. Freddie Mac's chief economist expects rates to rise at least somewhat during the second half of the year. Fannie Mae's chief economist thinks rates will stay flat most of the year, but may go up a tick the last quarter. And he's hopeful lenders will work with more buyers with good credit scores.

BUSINESS TIP OF THE WEEK...Don't fall victim to "analysis paralysis," putting off a decision until you've evaluated every possible option. Successful people just focus on the critical details, then act.

My thanks to Scott for keeping me and you up to date on what is happening in the Mortgage Finance world...  Contact him directly for all your real estate mortgage needs...  (214) 444-9750

Here's some important news about interest rates that you really need to know:

As directed by the Federal Housing Finance Agency (FHFA), the mortgage agencies, Fannie Mae and Freddie Mac, are required to increase the guarantee fee charged for all new mortgages financed on or after April 1, 2012. What does this mean? Rates on all agency loans (Fannie Mae and Freddie Mac) will start to reflect the extra cost in higher interest rates as soon as February 1st. So if you’ve been waiting on lower rates, now is a great time to “get off the fence.” Waiting could cost you dearly…

Please call 281-703-0016 or email Marti@MartiP.com and allow us to assist you with your home financing!

Fall Greetings to one and all…  today and every day I am grateful to you my friends and clients… If you know of someone needing my services, please call or email me with their info and be sure to tell them I will be following up!  Part of buying a home includes a home inspection particularly if I am involved in assisting you.  So here are some of the components of an inspection described one of my preferred Inspectors.  All inspections and inspectors are not alike of course but I feel most comfortable with Keith and his services…

Home Inspection Myths

Myth # 1: All home components are inspected.
Inspectors are limited visually. Home inspection is not a "CSI type" of inspection. Home inspectors do not dismantle major systems in order to inspect them. Home inspectors will remove panel covers and access covers but an inspector will not use destructive means in order to inspect an item. Home inspectors can not see through walls or under a slab (if we could we would be called Superman, not inspectors). Thousands of materials and components are used when building a home. While at the home the inspector will focus on the essentials and high risk areas.

Myth #2: A home inspection is expensive.
The price of a home inspection is based on the square footage of the home and what other items are to be inspected like a pool, spa, etc. An average home inspection in the Dallas- Fort Worth area costs $300-$350. That is a nominal cost in the investment of a home and could save you thousands of dollars later if there are issues with the home you did not know about because you didn't get a home inspection.

Myth # 3: The home inspector will be looking for problems.

The home inspector is there reporting on the general condition of the structure. The report will certainly include both positive and negative items.

Myth # 4: All items found in need of repair, must be fixed before closing.

Many homes are sold with disclosed defects. Your real estate agent will negotiate with all parties per the purchase agreement. The home inspectors findings my have some bearing on the property value and will be of use during the repair/price negotiations.

Myth # 5: A home inspection eliminates the risk in purchasing a home.
Home inspectors reduce risk of costly repairs and reduce the risk of hazardous conditions and report on general components.

Myth # 6: A home inspector is a specialist in all areas of construction.
Home inspectors are a generalist. Our training/ experience will help us assess issues and bring them to the client. A licensed home inspector has been trained in inspection techniques and methods. Home inspectors are required to complete continuing education making them thorough and proficient. In some cases experts may need to be called to evaluate a certain area. As a reputable home inspector in the Dallas - Fort Worth area I would never hesitate to refer to an expert that is specialized in a certain area of concern if additional findings are needed.

Myth # 7: When I have a home inspection it means no repairs or maintenance expense will be needed right away.
The home inspector is not there to report every little imperfection. The home inspection is not a warranty that repairs will not be needed. All homes are in some state of aging and deterioration. It does happen from time to time to have something breakdown after the inspection and before closing. However, serious issues are not likely to be overlooked.

Contact Keith Boggs if you have any questions about the information in this newsletter or to schedule a home inspection. 214-923-7304 www.spi.guy.com

Welcome to the most current Housing Trends. This information is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general. Please be sure to listen to Ted C. Jones video. Taxes are higher than they should be and I can help! Email me today or as soon as you receive your tax statement!

Please click on this link to view the Housing Trends http://MartiP.housingtrendsenewsletter.com

This Housing Trends report contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau, Realtor.org reports and other sources.

Housing Trends is also filled with local and national real estate sales and price activity provided by MLSs and the National Association of Realtors, U.S. Census Bureau key market indicators, housing market video reports, blogs, real estate glossary, maps, mortgage rates and calculators, consumer articles, community reports that map shopping, schools, recreation and more.

If you are interested in determining the value of your home, click the “Home Evaluator” link for a free evaluation report: www.MartiP.com

Sound decisions can only be made with accurate and reliable information, and I am happy to be a trusted resource for you. Thank you for the opportunity to provide you with the real estate market  update, and look forward to answering any questions you may have and to the opportunity to be your REALTOR® of choice for your next real estate transaction.

Most sincerely, MartiP.

M. A. "Marti" Pattinson

ABR, CSP, e-PRO, LTG, PMN

SFR, Short Sales & Foreclosure Resource Certified

SimplySOLD Real Estate

Call or Text:  281-703-0016 or 972-836-6765

Serving Real Estate in N/NW Dallas, TX & it’s Suburbs…

Facebook.com/Marti.Pattinson | Linkedin.com/in/MartiP | Twitter.com/MartiP_TX

Here are some budget-minded enhancements you can give your home a whole new look and feel. 

Tidy up kitchen cabinets: Home owners can add rollout organizing units, they feel like there’s a lot more room for all your stuff.

Add or replace tile: By retiling very inexpensively, you make a room look way cleaner than it is. Every city has stores that offer $1 to $2 tile, so home owners have to pay only for the low-cost tile and labor to replace a dated backsplash or add a new one. You can also use inexpensive tile to upgrade bathrooms. 

Add a breakfast bar:  When a wall separates a kitchen from a family room, cutting out an opening to create a breakfast bar is a great change for little cash. After cutting the structure of the cutout, add an oversized granite breakfast bar, and put chairs in front of it. That cost about $600."

Install granite tile instead of a slab of granite: Everybody is hot for granite kitchen countertops, but that can be a $5,000 upgrade.  Instead, home owners can put in 12-inch granite tiles for about $300 in materials and get very high impact for little money. 

Freshen up a bathroom without retiling:  With a dated bathroom, putting in a new medicine cabinet for $100 to $150, light fixtures for about $100, a faucet for $50 to $75, and a vanity for $200 to $300. will greatly improve the appearance of your bathroom. And, instead of replacing the tile, the existing grout can be lightly scraped and re-grouted, which leaves a haze that can be buffed out and will make the tile look brand new. Also install glass shower doors. A French door adds a lot of panache and elegance for $250, and people will notice the door, not the tile. With all that, you’ve done a bathroom remodel for $1,000 to $2,000.

Add a room:  Look for large spaces that can be enclosed to create a new bedroom for just the price of creating a wall. That $400 procedure, which will take a contractor one day, netted about $40,000 in the sales price 

Spruce up cabinet fronts:  Home owners can update tired-looking kitchen cabinets. Reconditioning is the least expensive move for under $1,000. "If the wood is starting to look shabby from use or contaminants in the air, take out the nicks and scratches, recondition it with oil, and put new hardware on.  For $1,500 to $4,000, owners can replace the cabinet doors and drawer fronts, and for $4,000 to $12,000, they can have all the cabinets refaced. "With re-facing, owners can change the color of the cabinets by replacing the door and having a new skin put on the boxes.  If you have oak cabinets today, you can have cherry the next day.

Replace light fixtures:  In a foyer and in bathrooms and kitchens replacing overhead light fixtures provides a lot of pop for a little money. If the kitchen has track lighting, spend $450 to $600 to have an electrician replace it with recessed canned lights on a dimmer switch to add ambience. For about $700, you can install the popular pendant lights over a kitchen island or peninsula.

Tech-up the garage:  Sometimes we replace the garage door opener with a remote touchpad entry system. That will cost  about $425 and makes it look like a high-end system.

This article in part appeared in the REALTOR Magazine Online. Original manuscript was by G.M. Filisko.

Timing is everything for many first-time buyers today. For those who purchase a home this year, the tax credit is for 10% of the purchase price, up to $8,000. Those who have owned a home in the past three years aren’t eligible. Buyers also have to meet eligibility requirements regarding income; the current credit begins to phase out for singles who make more than $75,000 and couples who make more than $150,000. 

Read more: http://rismedia.com/2009-09-17/the-clock-is-ticking-as-first-time-buyers-intensify-their-house-hunting/#ixzz0RTo0OVSH

The current Tax Credit expires December 1st. But the buyer's property must be closed and funded by November 30th. The National Association of REALTORS has issued a Call to Action asking all REALTORS to contact our Congressmen 1.) for the credit to be extended till Dec 2010 and  2.) for an expansion to include EVRYONE & not just First Time Home Buyers. You too can contact your Congressman!

Buyer Beware:  If you buy a REO property, don't forget that foreclosure voids structural home warranties.  I see several homes on the market that the foundation is not up to par - if you buy this home, how will it be repaired and what will it cost?  We have to make sure you check with a structural engineer and you have all the facts before you sign your John Doe!

The answer is usually price, location, condition and marketing. But an agent must be internet savvy and know how to market on the internet for todays consumers who shop for houses on the internet first.  Our market is in a flatter position and we have stepped into a buyer’s market. National media is not our friend.  The DFW market is stronger than many other markets.  However, most of the DFW homes are experiencing a problem in step-up housing. That is to say, normally as the family or income expands the homeowner is ready to step up to a larger mortgage to accommodate the families needs. As an example stepping from an $150K to a larger home would usually be to a $250-$300K. Our economy is a factor. We are still driven by our economic dependency on our local industry. Although we are fortunate to have this base of opportunity, this must change in order to grow. The only way to change this perception is to embrace the inevitable by promoting our outstanding communities as part of the Greater Dallas Forth Worth Metroplex. Our counties governments, our city officials, our schools, our churches, our medical communities provide the perfect setting to accept this growth. I am a member of the local Association of REALTORS the local MLS and NLS and am honored to promote the properties in a broader marketing arena.