Three steps to ensure a successful simultaneous transaction.

Today we’re going to talk about how to buy a new home and sell your current home at the same time. Here are the three key points to think about when involved in this kind of transaction:

1. Planning. Your plan should start at least four to six months in advance. Starting the process early will save you a lot of stress. Communication is crucial during this process, so we like to coordinate with our clients months in advance to make sure that we’re on the right path. Then you can prepare your home for sale because you never know when the perfect home is going to come to market.

2. Commitment. Juggling both transactions on top of everything else in life is stressful, so you just need to commit to the process. You can lean on us for help because part of committing to the process is being educated about it. When clients we work with don’t expect what’s coming, it takes them by surprise, and they get frustrated.

“Starting the process early will save you a lot of stress.”

3. Execution. We sit down with our clients and explain the contingencies of the contract and write out a plan for the entire process. We may tell you some things you don’t want to hear at first, but if you trust the process and remember that we only have your best interests at heart, I guarantee you’ll be happy in the end.

If you have any questions or are planning to sell and buy a home, call or email us as soon as possible so that we can start making a plan. We look forward to hearing from you.

Some things you should consider when thinking about buying a house.

Today I’ll talk about whether you should buy a home or rent it. The answer depends on your specific situation. However, if you’re trying to decide whether or not to leap into homeownership, here are a few things you should consider:

1. How long do you plan on living in this house? If you don’t plan on staying there for at least five years, then it makes more sense for you to rent a home than to buy one.

2. Are you financially prepared to purchase a home? Do you have a down payment set aside? What is your credit score? How will a monthly mortgage payment impact your budget? If you are seriously considering buying a home, talk to a local lender and get pre-approved to see what exactly you can afford.

“Your net worth will go up once you make the change from renter to homeowner.”

While buying a home may seem expensive, there are many financial benefits to homeownership. By paying your monthly mortgage payment, you’re building up long-term wealth instead of just paying off your landlord’s mortgage. You also get several tax benefits when you own your own home. For example, your mortgage interest and property taxes are deductible. Your net worth would also go up once you make the change from renter to homeowner.

Now is a great time to buy a home thanks to historically low interest rates. Your fixed mortgage rate won’t change, but rent increases with inflation. You’ll also have more flexibility and freedom. You may have to fix a leaky sink on your own, but you won’t have to worry about a landlord selling the property or raising the rent. You will be in charge of your home.

If you’re curious about becoming a homeowner, give me a call or send me an email. I’ll be happy to answer any questions you have about your specific situation.

Zillow’s Zestimate tool is not an accurate estimate of your home’s value.

You really shouldn’t trust Zillow’s estimates. Zestimates give you an estimated value for your home, but these aren’t very accurate. According to Zillow’s website, Zestimates are only a starting point when determining a home’s value. They aren’t an appraisal, nor are they a final answer.

Their estimates are based on public and user-submitted data. This means that homeowners can go into Zillow and add home improvements to their property which could make it seem like their home is worth more than it actually is. These estimates are being tweaked and manipulated all the time. Zillow even admits that more than three-quarters of homes in certain counties have Zestimates that are off by more than 10%.

To know what your home is truly worth in the current market, contact a real estate professional like me to give you an accurate assessment based on current market conditions. Reach out to me by phone or email. I look forward to hearing from you.

Home inspections are a valuable tool that every buyer should use.

Today I’ll explain what a home inspection is. When you hire a professional inspector, they conduct a thorough review of the house’s most important components, such as the structure, the roof, HVAC, and the electrical system. This process usually takes at least a few hours.

A home inspection takes place after the seller accepts an offer to buy the house. You want to get the inspection done before the option period ends. That’s why it’s important to immediately schedule an inspection after the purchase agreement has been signed and executed. Home inspection costs range between $300 and $500, depending on the square footage of the home. The inspector will provide you with valuable information that could affect your decision whether or not to buy the property. That information can save you a lot of money.

If you have any questions about home inspections, feel free to contact me by phone or email. I look forward to hearing from you.

Here are three common mistakes to avoid when selling your home.

Selling a home is a major milestone in life, and the consequences of making a mistake can impact your finances and peace of mind for years to come. To help you avoid this stress, today I’ll discuss the three most common mistakes to avoid when you’re selling your home:

Mistake No. 1: Failing to understand the costs of selling. The total cost of selling a home can amount to even more than the 6% in agent commissions that most people pay. When you account for closing costs, repairs, and other concessions to the buyer, the cost of selling could be closer to 10% of the sales price.

“The cleaner, less cluttered, and better decorated your home is, the more appealing it will be and the more buyers will be prepared to pay for it.”

Mistake No. 2: Setting an unrealistic price. The price you want to get and the price the market is willing to pay can be two very different numbers. As a seller, if you can’t hit the sweet spot between the two, you risk leaving money on the table or having your home sit on the market for a long time, which can reduce how much you ultimately net. Your agent can help you find that sweet spot.

Mistake No. 3: Not preparing your home for sale. One challenge of listing your home on the market is showing it to prospective buyers. Generally speaking, the cleaner, less cluttered, and better decorated your home is, the more appealing it will be, and the more buyers will be prepared to pay for it. If you have questions about today’s topic or anything else, please call or email me. I’d love to help!

This is how long a typical home purchase takes to close in Texas.

A question I’m often asked by home seller clients is, “How long does it take to close on a home purchase?” In general, most homeowners can prepare to close around 30 days after an accepted offer. The buyer initiates the process by submitting a formal offer. Depending on the type of offer, the home may need to be appraised, inspected, or repaired before the lender will close on the purchase. 

There are a lot of moving parts, so closing in faster than 30 days can be challenging. The lender will also need to gather financial documents from the buyer and finalize the loan. You can save time by accepting a cash offer, but it’s still a good idea to get an appraisal done. If a buyer or seller wants an extended closing for whatever reason, it’s all negotiable.

If you have any other questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

Veterans with a VA rating of 100% no longer have to pay property taxes.

Here in Central Texas, if the VA has given you a rating of 100%, you no longer have to pay property taxes. What does that mean? Anywhere from $3,000 to $8,000 per year has been lifted from your mortgage payment; you are now just paying the principal and insurance on your loan. To learn more, watch this short video.

This is the difference between being pre-approved and pre-qualified.

What’s the difference between being pre-qualified and pre-approved? When you’re pre-qualified, the lender is going off the information you’ve told them: your name, social security number, income, bank account resources, credit score, etc. and they pull your credit score. Being pre-approved means the lender has verified all your information and looked at your documents such as tax returns, bank statements, and W2s. What you truly want is a pre-approval because it proves you’re legitimately qualified for a loan. Being pre-approved also looks better to a seller than just being pre-qualified. 

If you have other questions about this or any other real estate matter, please contact me via phone or email. I would love to help you.

Here’s a significant factor to consider in your home-buying decision.

In my opinion, the decision to buy a new or a resale home depends on what you’re looking for and the lifestyle you want to have.

With a resale home, you can get a home in an established neighborhood with character. You’re also going to generally get more land with these homes compared to a brand-new subdivision.

“A new home is a reflection of your style and preferences.”

With a new home, you get to live in a home you designed, and it is a reflection of you. If it’s in a new neighborhood, you can watch that place grow over the years. Another advantage is the lack of deferred maintenance. All the systems and other major items in a new home will have a builder’s and manufacturer’s warranty because they’re brand new.

At the end of the day, every situation is different. If you have any questions for me about buying, selling, or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

Here are three things to consider when pricing your property for sale.

It’s crucial to price your home correctly when selling because you don’t want it to sit on the market for very long, as this causes other issues. First, consider the condition of your house; make sure it’s clean and all major repairs have been done. Second, think about your property’s location; is it on a cul-de-sac, a corner lot, or in a desirable school district? Third, consider what’s happening in the current market; what is it dictating? 

If you have any questions concerning pricing your home or real estate in general, feel free to give me a call or send an email. I would love to help you.