Real Estate North Texas

Sometimes, life just hands us the inevitable: just when everything seems right with your home, something happens and you have to sell your dwelling. No matter what your reasons are for selling, remember that now is no time to dawdle, the process of preparing a home for sale can take a month or more. So, here's how to start:

1. Take a Fresh Look at Your Home
Your home looks great to you, but a buyer wants to see it since he and his family will be living in it -- so take a fresh look at your dwelling. Hop in your car, drive around the block, and then scrutinize your home as a prospective buyer will see it for the first time. First, consider what's called "street appeal;" does it need washing or painting? Does the driveway need repair work? Is the landscaping in good shape? Remember, be very critical; your buyer will be.

Next, pull into the driveway and take a good, hard look. Is the yard neat and trimmed? What about the view from the front yard? Then, walk inside and size up the interior as though seeing it for the first time. Take a tour and imagine what your real estate agent might say about each room, look into cabinets, open doors, check out the bathroom.

Then, make a mental note of the things that might put off potential buyers, along with another list of the things that first attracted you to the dwelling. Remember, the home's become a great place for you, but a new buyer will see things that you don't.

2. Clean Out the Clutter Before You Start to Sell
Before putting your home on the market, get rid of clutter in every area -- closets, attic storage, kitchen cabinets, drawers, bath vanities, and shelves -- everywhere. Remember, this is no time to be sentimental: if you don't use it, lose it. Potential buyers are seriously put off by clutter, and most of us drag a lot more things through life than we really need.

Also, don't forget the furniture and fixtures when getting rid of clutter -- most of us put too much in too little space, which makes a buying prospect, think your home is too small.

Then, have a great moving sale with all the stuff you've collected and use the proceeds for paint or whatever other materials you need for repair projects. If you just can't bear to part with some possessions, store them in the attic or some other place that's out of sight to a potential buyer.

3. To Sell, Sell, Sell -- Clean, Clean, Clean
After you've cleared out the clutter, it's time to really clean. Have the carpets professionally cleaned, strip and polish the floors, scour the bathrooms, go over the laundry room, polish the furniture, scour out the cabinets, wash the windows and window coverings, and spiff up the ceiling fans and kitchen appliances. In short, clean everything.

Don't forget the exterior; paint or power-wash everything that needs the work. Remember, this is a ceiling-to-floor, roof-to-foundation clean-up project.

4. Get More for Your Home: Repairs Pay Off
After you've cleaned the place to within an inch of its life, the next project is making all the repairs necessary to attract a buyer.

So, patch up the roof, touch up all the paint, repair the screens, spruce up the porch framing, and make your entry area really shine. Don't forget to water the lawn and landscape beds, and take the time to trim, mow, edge and get rid of sick or dying plants. Inside, fix the grout in the bathrooms and on tile floors, adjust any doors that need it, fix any scratches on the walls, cover any stains, and be sure to fix any plumbing problems. Remember, do what your home needs before the first buyer appears at your door.

Also, it's a good idea to get all this done before getting the real estate broker to make the first listing -- a good agent will advise you on what needs to be done. Also, if you have friends willing to be brutally honest about what your home needs to sell, invite them to assess the fix-up needs.

There is, however, an alternative to the sweat equity you get from a total fix-up --but it carries a price. An "as-is" sale keeps you from doing all this work, but a buyer will assess about twice the price you would have paid for the repairs. Then, the buyer will deduct that amount from your asking price before making an offer.

5. Putting Your Home on the Market: Show It to Sell It
After you have cleaned, shined, mowed, and generally whipped your property into shape, it's time to attract a buyer.

Regardless of who markets your home, you or a broker, there are other, small things you must do to attract buyers. For example, even if it's bright daylight, open the blinds and turn on the lights. Also, open all the interior doors to make the home appear roomier. Be sure to remove all your kids and pets -- they're cute, but a prospect wants to see your home, not your pride and joy. In addition, make sure your pet's litter pan is clean so the home smells clean and fresh, not like air freshener. Remember, you need to make sure your home is available to be seen by a prospective buyer with as little notice as possible. That means less than an hour, or even five minutes, if possible.

6. Get a Sense of the Market
Before you put your home on the market, take a weekend day to check out the competition: homes with similar prices and in similar neighborhoods. Remember, you don't have to go out and buy new furniture just to look like that beautiful new model in the new development -- what you want is the feel of that new model -- clean, uncluttered, and fresh.

Remember, after location, the most important item to a buyer is a well maintained home. Many flaws can be overlooked if the buyer knows he can move in without a lot of trouble and expense.

As everyone knows the market has been moving at an unprecedented pace. The big news of the week is the Bush administration has announced to use 250 billion of the 750 billion bailout bill recently passed by Congress. The money will be used to purchase stock in 9 of America's largest financial institutions. This has added much needed confidence. The market rallied Oct 13th with gains of 936 point on the Dow moving up 11%. Is this the end? There are still some major hurdles to overcome but things have finally begun to turn in the right direction.

How does this affect the rates and mortgages? This plan should stabilize the banks with relief from the bad mortgages and free up money to lend on new mortgages. Although it seems harder to obtain a mortgage these days, it is still a great time to buy. Rates are still below the yearly moving average. Prices are low. Down payments are still minimal. FHA and VA mortgages have yet to get hit with any major changes.

The United Stated Department of Ag (USDA) has introduced a loan product that still offers 100% financing with all closing cost rolled into the loan. This loan mirrors the FHA with down payment assistance. Although it is focused on Rural areas it works in more areas than it leads onto. This product is a great alternative to getting into a home with no money down. There are no fico requirements and loan size restrictions with the USDA loan. Every borrower is reviewed on a case by case basis.

Bottom line...before you postpone your next move based on news that the media is delivering, check with us to see how we may help you clear some of the current hurdles!

Information provided courtesy of Tony Ferrari with PrimeLending, A PlainsCapital Company. For more information contact Tony at 972-728-0131 or Linnea Lavell with RE/MAX First Realty at 214-280-5900.

As we all know, the real estate market is ever changing. Lease properties seem to be the hot spot right now in the Frisco/Little Elm areas. Properties seem to be coming on the market, receiving multiple applications and leasing in a very short time frame.

When looking for a lease property, it is important to find an agent that is familiar with the lease process and the inventory available in the area. There are several forms involved in a residential lease so it is important to find someone that can explain the forms, answer your questions and make sure everything is properly filled out.

When the market is as active as it is right now, it is important not to get frustrated or discouraged if you look at a property and suddenly there is an application pending on it. Ask about submitting a backup application, keep looking at other properties and make sure your agent is following up with listing agents to get status updates on pending properties.

If you are looking to list a property for lease, it is important that you understand the property codes, tenant rights, rules/regulations regarding leasing a property and what are comparable properties leasing for in your area. If you aren't sure of something, consult with a professional to get a clear answer.

You may want to consider listing your property with a real estate professional that is familiar with the process, the forms and knows how to market the property in a way to make sure you get maximum exposure to get it leased quickly.

For more information about residential real estate leases contact Linnea Lavell at 214-280-5900.

There are very few things more breathtaking than the sun setting over the Texas landscape. The colors are so vivid it is just an amazing sight. On a warm fall evening there is nothing better than packing a picnic basket and blanket to go down to the lake with your sweetheart to watch the sun slowly set with all the brilliant colors coming to life.

If your plans include relocating to Texas, visit my website for information on neighborhoods, schools, available housing, etc.

www.lavellrealty.com