Dallas Real Estate BlogRecently posted or modified blog postshttps://www.knoxre.com/blog/Copyright KnoxRE.com2021-05-02T08:02:42-07:00tag:knoxre.com,2012-09-20:8833Dallas vs. Miami: Which City is Best? In-Depth Comparison<img src="https://assets.site-static.com/userfiles/1075/image/Featured_Image.png" width="1200" height="630" />
Dallas and Miami are both exciting and vibrant cities, each with its own distinct character and flavor. Both cities have seen an explosion in growth in the past few years, attracting transplants from all over the world. The resulting cultural diversity has only added to the appeal of living in both Dallas and Miami, but there are still significant differences between the two.
If you’re thinking of relocating to Dallas or Miami, read on to learn more about which city might be the best choice for you!
Overview
In terms of size, the City of Dallas is much larger than Miami, covering around 383 square miles. Excluding its expansive metro area, Miami only takes up a compact 55 square miles.
Dallas has a much larger population, too, with 1.3 million people calling the city home, compared to Miami’s 478,000. However, when we look at the metro area population of both cities, each has a population of approximately 6 million.
Both Dallas and Miami are home to a well-educated population, with around 30 percent of residents holding a college degree.
Politically, both cities are left-leaning, with a substantial majority of the population identifying as Democrats. However, although this still holds true for Miami’s metro area, the Dallas-Fort Worth metro area is split fairly evenly between Democrats and Republicans.
Lifestyle and Culture
Dallas and Miami are friendly, welcoming places, and it’s easy to move to either and quickly find your groove. Miami is, perhaps, the more relaxed of the two cities, with a laid-back vibe that’s reflected in its multicultural population and beach-centric lifestyle. Dallas is known for its Southern charm and hospitality, and folks here love to get dressed up and hit the town.
When it comes to transportation, every big city has its own traffic problems. Traffic in South Florida is widely regarded to be among the worst in the country, and sitting on congested freeways is an accepted part of life. On the other hand, Miami has a great <a href="https://www.miamidade.gov/global/transportation/metrorail.page">public transit system</a>, and if you live in a central, neighborhood like Brickell, you won’t necessarily need to own a vehicle.
Dallas has its own fair share of traffic congestion, and because it’s very spread-out, owning a car here is almost a necessity. There’s an extensive <a href="https://www.dart.org">light-rail network</a> in Dallas, though it can be very confusing to use.
Both cities are extremely diverse, with an eclectic population of residents from all over the world. This exciting diversity is evident in all aspects of life, ranging from art and fashion to food and music, and adds to the cultural richness of both Dallas and Miami.
Residents of both Dallas and Miami are spoiled for choice when it comes to art and cultural options. Miami’s fascinating architectural heritage is evident at every turn, and its pastel-hued Art Deco and Miami-Modern buildings are a joy to behold. There are museums throughout the city, including <a href="https://www.pamm.org">Pérez Art Museum</a> and the <a href="https://mocanomi.org">Museum of Contemporary Art</a>, and neighborhoods like Wynwood and the Design District are full of galleries and public art.
Dallas is also home to vibrant and eclectic art and cultural scene and is home to world-class museums like <a href="https://www.perotmuseum.org">Perot Museum of Nature and Science</a> and <a href="https://dma.org">Dallas Museum of Art</a>. Dallas’ Arts District is the city’s cultural hub, and it’s here that you’ll find the striking <a href="https://www.dallassymphony.org">Meyerson Symphony Center </a>and the <a href="https://www.attpac.org/your-visit/venues/winspear-opera-house/">Winspear Opera House</a>.
Both cities play host to an incredible selection of events and festivals throughout the year, and there’s always something special going on. Dallas is home to the fantastic <a href="https://dallasfilm.org">Dallas International Film Festival</a>, the quirky Deep Ellum Arts Festival, and the wonderful Taste of Dallas Festival. Living in Miami means you’ll get to enjoy huge multi-neighborhood events like <a href="https://miamifashionweek.com">Miami Fashion Week</a>, Miami International Boat Show, and Miami Beach Pride.
Cost of Living
When it comes to comparing the general cost of living in Dallas and Miami, we can get a clearer idea of the differences in several categories by looking at <a href="https://www.wolframalpha.com">Wolfram Alpha’s</a> cost of living index. A score of 100 represents the national average in each category:
Dallas
Miami
Grocery
96
122
Healthcare
114
107
Housing
116
136
Miscellaneous
104
100
Transportation
90
103
Utilities
109
101
Overall
106
114
As we can see from the table, the cost of living in Dallas is lower. The primary reason for this is cheaper housing costs. Housing costs in metropolitan coastal cities are typically more expensive compared to a landlocked one.
Having said that, it’s worth noting that both cities have a very low cost of living when compared with other large U.S. cities. For example, Los Angeles has an overall score of 147, while San Francisco clocks in at 192, so both cities are comparatively inexpensive compared to other large cities.
Real Estate
We’ve already noted that housing costs are much higher in Miami, which is to be expected, given that it’s a coastal city. There’s also a much higher concentration of<a href="https://www.discoverhomesmiami.com/miami/luxury/"> luxury real estate</a> here, with an extensive collection of high-end condo towers offering impressive views and resort-style amenities, as well as expensive waterfront properties along the city’s many canals and waterways.
Dallas is a much larger and more sprawling city, so developers aren’t forced to build up like they are in dense, compact Miami. This means you’re much more likely to find an affordable single-family home here, rather than a condo in a high- or mid-rise building.
To put things into perspective, in Miami-Dade County condos represent around 80% of the residential real estate inventory. In Dallas, less than 10% of the real estate inventory is condos.
Both cities offer a wide array of architectural styles. Miami is famous for its Art Deco architecture, as well as other mid-century styles, but you’ll also find Mediterranean, modern, and ranch-style homes. In Dallas, you’ll find American Colonial, Ranch, and French-style single-family homes, as well as many other architectural styles.
Considering moving to Dallas? Check out <a href="https://www.knoxre.com/dallas/">Dallas homes for sale</a>
Entertainment, Recreation & Nightlife
Dallas and Miami are each filled with parks and green spaces, making them excellent choices for those who enjoy an active lifestyle. Dallas is known for having a plethora of amenity-rich parks such as <a href="https://www.klydewarrenpark.org">Klyde Warren Park</a> and Main Street Garden Park. Likewise, Miami has numerous parks featuring lush, tropical landscaping, as well as miles of beaches and waterways that are ideal for boating and water sports.
Both cities offer seemingly endless shopping opportunities, ranging from small, unique boutiques to huge malls offering big-name brands. Miami’s dining scene is world-famous, and there are any number of restaurants serving up cuisine from every corner of the globe. There are cutting-edge, chef-driven restaurants here, as well as undiscovered local gems. While the dining scene in Dallas isn’t as celebrated, there’s still a lot to choose from, and the city’s cultural diversity is reflected in its eclectic choice of restaurants.
Miami is synonymous with glamorous nightlife, and some of the most famous nightclubs in the world are located in South Beach. Bars, clubs, and sidewalk cafes line Ocean Drive and Washington Avenue, and the partying is in full swing until the early hours. Other Miami neighborhoods with top-notch nightlife include the hipster haven of <a href="https://wynwoodmiami.com">Wynwood</a>, and the buzzing, exciting streets of Brickell, which are filled with elegant cocktail lounges, bustling sidewalk cafes, and an ever-expanding collection of awesome restaurants.
It’s difficult for Dallas to compete with Miami’s nightlife scene, but that’s not to say that Dallas doesn’t know how to have a good time. There’s vibrant, fun-filled nightlife throughout Dallas, with plenty of neighborhoods to choose from. <a href="https://www.knoxre.com/uptown/">Uptown/Oaklawn</a> is packed with clubs, bars, and restaurants, and Elm Street, in the famous <a href="https://deepellumtexas.com">Deep Ellum </a>neighborhood, is lined with a parade of themed bars and live music venues that keep the party vibes going every night.
Sports fans will be happy in either city. Miami is home to the Miami Dolphins (NFL), Miami Marlins (MLB), and Inter Miami (MLS). The Dallas Cowboys host some of the most well-attended home games in the NFL, while FC Dallas has been helping to boost the popularity of the MLS.
Weather, Climate & Geography
Dallas and Miami both enjoy long, hot summers, although Miami tends to be much more humid. This can be a dealbreaker for some people, and although there are breezes by the Atlantic Ocean and frequent bursts of rain throughout the summer, the mugginess can become quite overwhelming. On the other hand, winter in Dallas can be quite cold and windy, unlike Miami, where temperatures stay comfortable throughout the winter months.
Both cities feature homes that are designed to stay nice and cool during hot weather. However, you should bear in mind that extremes of weather are part of life in both cities, with hurricanes an annual concern in Miami and tornadoes a reality in Dallas. Aside from the obvious safety issues, weather-related property damage can be a concern for homeowners in both cities.
Miami is a coastal city, and there are miles of beautiful white sand beaches to explore, as well as an extensive network of picturesque canals and waterways. Although Dallas is landlocked, there are dozens of lakes dotted throughout the metro area, as well as White Rock Lake within the city limits.
The tree canopy in both cities has been steadily increasing for years, thanks to local initiatives aimed at encouraging the planting of more trees. Apart from helping to combat climate change, this increase in tree canopy also provides valuable shade and helps cool city streets.
Economy
Both Dallas and Miami have vibrant, diversified economies. The Dallas-Fort Worth metro area is home to 23 Fortune 500 companies, with 10 of those headquartered in Dallas proper. AT&T, Southwest Airlines, and Texas Instruments are among the companies that call Dallas home, as well as 28 members of the nation’s billionaire club.
Dallas is the third most popular destination for business travel in the United States, and the Kay Bailey Hutchison Convention Center is one of the largest and busiest in the country.
Miami is home to fewer Fortune 500 companies than Dallas, but that doesn’t mean its economy isn’t thriving. Tourism is one of Miami’s largest private-sector industries, with the city’s hospitality and cruise ship sectors employing thousands of local residents. PortMiami is one of the largest ports in the nation. As well as being the “Cruise Capital of the World”, PortMiami is an extremely busy cargo hub.
Miami is also an important center for international banking and finance, with a huge concentration of international banks in its Brickell financial district.
Conclusion
It’s almost impossible to pick a “best city” when it comes to Dallas vs Miami. As we’ve seen, both cities are exciting and diverse, and both have their pros and cons.
Miami is more likely to appeal to those who want to be close to the beach and like to have access to constant partying and an eclectic dining culture. Although it’s the more expensive city to live in and the humidity can be a challenge, many will find that it’s worth it to live in a culturally rich and engaging city.
Dallas, on the other hand, will appeal to those who would rather live in a city with more space. You’re more likely to find a single-family home in Dallas, and although you’ll spend more time in your car, you’ll still be living in a dynamic and exciting city with loads to offer.2021-05-02T06:59:00-07:002021-05-02T08:02:42-07:00Jeff Knoxtag:knoxre.com,2012-09-20:6610Dallas vs. Charlotte - Where is Better to LiveDallas vs. Charlotte: An In-Depth Comparison
With the ever-rising popularity and low cost of living in both <a href="https://www.uphomes.com/blog/moving-to-charlotte-nc.html">Charlotte</a> and Dallas, I am frequently asked how the two cities compare. Especially with the New Year upon us, you may be contemplating a move or want to weigh the pros and cons of both areas. Both Dallas and Charlotte share some characteristics in that they offer warm temperatures with mild winters, a lower cost of living compared to other major cities, and other similarities. However, there are – of course – several differences as well.
So, without further ado, let's dive into the similarities and differences between these two cities:
Overview
The saying goes that everything is bigger in Texas, and Dallas is certainly no exception. In terms of space, Dallas is larger than Charlotte, measuring out at 385 square miles compared to Charlotte's 298 square miles. As a result, Dallas has a larger population than Charlotte, totaling about 1.3 million people, whereas Charlotte's population is approximately 850,000 people. Both Dallas and Charlotte are among the fastest-growing metropolitan areas in the United States, with Dallas' metropolitan area comprising 6.25 million people and Charlotte's metro area comprising more than 2.5 million people. While Charlotte's metro area is smaller than in Dallas, both cities have experienced significant growth in the past decade.
Education
Both Dallas and Charlotte boast a well-educated population, with around 42 percent of those in Charlotte having graduated college and about a third in Dallas. Corresponding <a href="https://www.opendatanetwork.com/entity/1600000US3712000-1600000US4819000/Charlotte_NC-Dallas_TX/education.graduation_rates.percent_high_school_graduate_or_higher?year=2017">graduation rates</a> for both cities are included in the chart below:
Charlotte, NC
Dallas, TX
High school graduation rate
89%
76%
College graduation rate
43%
32%
Graduate school graduation rate
15%
12%
Politics
Both Dallas and Charlotte are predominantly liberal. In the 2016 presidential election, 60.2% of individuals in Dallas County voted Democrat, 34.3% voted Republican, and the remaining 5.4% voted Independent. In Mecklenburg County, where Charlotte is located, 62.3% voted Democrat in the 2016 presidential election, 32.9% voted Republican, and the remaining 4.8% voted Independent.
Cost of Living - Which Is More Expensive?
The cost of living in Dallas is higher than in Charlotte. <a href="https://www.wolframalpha.com/input/?i=cost+of+living+dallas+vs+charlotte">WolframAlpha's cost of living index</a> analyzes the cost of living differences between Charlotte and Dallas based on five categories: grocery, healthcare, housing, miscellaneous, transportation, and utilities. It is important to note that a score of 100 represents the average cost of that category in the United States, and these metrics are based on Q1 2019 data.
Cost of Living Index: Charlotte vs. Dallas
Expense:
Charlotte, NC
Dallas, TX
Groceries
98.9
101.9
Healthcare
109.9
105.2
Housing
89.6
112.8
Miscellaneous
106.2
106.9
Transportation
91.1
93.5
Utilities
95.4
107.9
OVERALL
98.2
106.7
According to <a href="https://www.wolframalpha.com/input/?i=cost+of+living+dallas+vs+charlotte">this analysis</a>, Charlotte is slightly more affordable, offering cheaper housing and utility bills. And, although Charlotte technically wins here, when compared to other cities, both Dallas and Charlotte offer a considerably low cost of living. Just to put that into perspective, Manhattan has an overall score of 238, Seattle has an overall score of 159, Boston has an overall score of 153, and Los Angeles has an overall score of 148. It's challenging to find a city that offers a great quality of life, convenience, and affordability – and Dallas and Charlotte offer all of that and more.
Real Estate
The annual median price of a home in Dallas is $175,600. This is less expensive than the median home price in Charlotte, which is $265,000. Rent in Dallas tends to be cheaper as well, with average rent in Dallas falling around $1,239 per month versus $1,459 in Charlotte. <br /><br />If you are looking for an experienced real estate agent in Dallas to help guide you through your search, <a href="https://knoxre.com/contact/">contact us</a> to speak with local experts.<br /><br />Significantly more people own a home in Dallas rather than rent, which makes sense given the affordable median cost of homes in the area. In contrast to Dallas, just under half of Charlotte households rent.<br /><br />In terms of architectural style, Dallas features mostly Mediterranean or Ranch style homes. Charlotte’s architectural style tends to lean more towards Mid-Century Modern, Craftsman, and European (Primarily Victorian and Italianate).
Entertainment
Dallasites are incredibly passionate about sports, especially considering the Dallas Cowboys home games are one of the most highly attended sports events in the United States. Charlotte has a burgeoning sports scene as well, but their real pride is the Charlotte Motor Speedway, home to the annual Coca-Cola 600 and the longest race in NASCAR.
This one is a toss-up because it depends on what matters more to you. Sports fans will prefer Dallas, whereas NASCAR fans will prefer Charlotte.
Traffic
Both Dallas and Charlotte are large cities that require a car to get around. With that being said, Charlotte has a significant traffic problem, ranking as the 16th most highly congested city in the United States. Drivers will, on average, spend around 95 hours per year sitting in traffic, according to the <a href="http://inrix.com/scorecard-city/?city=Charlotte%2C%20NC&index=91">Global Traffic Scorecard</a>. Dallas falls behind Charlotte as the 21st most congested city in the U.S., with residents spending about 76 hours per year sitting in traffic.
This is primarily due to Dallas incorporating better city planning, as their highway systems are intelligently designed, and surface streets are often designed in grids.
Weather & Climate
Both Dallas and Charlotte feature warm climates, with humid summers and mild winters. Dallas tends to get very hot in the summer, more so than Charlotte, but it also has lower humidity and less rain. Charlotte is snowier than Dallas, with an average of 4.3 inches of snow per year, whereas Dallas only sees about 1.2 inches of snow per year.
The chart below demonstrates the climate differences between Dallas and Charlotte:
<img src="https://lh3.googleusercontent.com/l3-otKDsG6kRCcDfEH2WgTlY47TCKfIhJMiCpQLvhK4u_lXsLTuOMBIVabsKYFb86pXSmMIZOqHsjQ1Y3TktY7FT7QrylqzKzYHdX6-cxgru1-SxdF_lby9Siv4kBjLWNatpjdTkO1veRK1Mfg" width="624" height="392" />
Conclusion
Both Dallas and Charlotte offer a vibrant community of forward-thinking, hard-working, and well-educated individuals. Both cities offer great nightlife and entertainment while also providing an affordable, comfortable place to raise a family. There are so many reasons to love both cities; it's hard to go wrong with either choice. Don't hesitate to reach out if you are contemplating moving and have any questions!
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2020-01-10T08:41:00-07:002020-01-10T08:53:56-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5256Living in Lantana TX [2019] - Weather, Golf, Schools & More<img src="https://assets.site-static.com/userfiles/1075/image/shutterstock_235696687.jpg" width="1000" height="667" alt="lantana tx" title="lantana tx" />
Lantana, TX is a master-planned community that is located 8 miles south of Denton. It was originally developed by Republic Property Group with plans beginning to develop in 1999. The entire design of the city is based around an 18-hole golf course, which was designed by Jay Morrish, an award-winning golf course designer.
Twice given the People’s Choice Award for Community of the Year, Lantana, Texas, is one of the best places to live in Southern Denton County. Why? It is a very active, 1,780-acre, a master-planned community filled with growing families and rural appeal. There are 300-acres of protected green space, playgrounds, a water spray park, a beautiful town center and five, Olympic size pools. There are also swim centers, an on-site daycare, four schools, and a renowned golf club.
To live in the community, residents pay an annual fee to help fund the volunteer fire department and the EMS service. Lantana is continuously growing. In fact, census numbers show that in 2010 there were just under 6,900 residents in the community. Today, there are well over 10,000.
Lantana is a fantastic community to be a part of, mostly because of all the options that are available for residents. Along with exciting events and activities designed to keep the residents entertained, there are many other areas that make the city great.
<a href="https://www.knoxre.com/lantana/" title="Homes for Sale in Lantana">Search Homes for Sale in Lantana ></a>
Why Move to Lantana?
One of the best things about moving to Lantana is that you can enjoy the many amenities it offers its residents. Along with a beautiful golf course, the community has a complete tennis complex, competition and leisure pools, hiking trails and landscaped parks.
It is also the owner of several "Community of the Year" awards that the Dallas Builders Association bestowed on it. In addition to these awards, it is the 2011 and 2012 People's Choice Community and one of the top-selling communities in the area.
The location of the community is also fantastic. It is located between Dallas and Fort Worth, which means residents have the benefit of quiet community life, but with all the amenities of a big city. The airport is also nearby, which makes traveling extremely easy and efficient.
The History
The idea for Lantana first began in 1999 when Forestar Real Estate Group partnered with Republic Property Group. This partnership resulted in the purchase of land belonging to the Rayzor family and referred to as Rayzor Ranch. Once the property was purchased, the partners went through the process of finding the best architects, land planners, engineers and landscape designers to develop this community.
The first phase of housing broke ground on March 16, 2000. During this phase, Sandlin, Larkspur and the Lantana Education Foundation were developed. In 2001, the community's first residents were able to move in. This was also the year the Lantana Main Amenity Center was first opened. The golf course opened later in 2002 and hike and bike trails were added to the community.
In 2004, a new high school was built that continued to help students receive the education they needed the most. Additional pools and parks were added in 2005. A second amenity center was opened in 2006 and by 2008, an additional elementary and middle school were added.
New phases of housing began in 2001 and allowed the community to continue to grow. To accommodate this growth, an additional elementary school was added in 2014 and a new grocery store was built in 2015.
Lantana Weather
Being a suburb of Dallas, Lantana shares the same overall climate and weather trends as Dallas. March and April are generally the most comfortable months in Lantana with an average temperature highs of 60s to 70s and lows in the 50s.
The summers can be sweltering with June, July and August all having highs in the mid to upper 90s.
Lantana generally does not receive any snow, but does get approximiately 39 inches of rain per year with around 232 days of sun.
Demographics
When compared to 2010, the population of Lantana grew nearly 45%. Nearly 80% of these residents are white and 12% are Hispanic. A little over 4% of residents are African-American. Nearly half of these residents have a Bachelor's Degree or above.
The community itself is ranked at 280th in Texas when it comes to most populated cities. Heath and Lackland AFB are close behind in numbers. The median household income in Lantana is just over $142,000 and the median age is nearly 35 years old.
Lantana is a fantastic community to be a part of, mostly because of all the options that are available for residents. Along with exciting events and activities designed to keep the residents entertained, there are many other areas that make the city great.
Lantana Schools
Lantana has invested millions of dollars into the educational facilities, services, and programs provided to students from its schools. There are currently three elementary schools, one middle school, and one high school available to students.
Adkins Elementary was the first elementary school to open. It is located to the south of the city and helps promote a community atmosphere for students and families. E.P. Rayzor Elementary is another fantastic option that first opened in 2002. The idea behind this school is to create an environment that is easy to learn and where students can have some fun along the way. Each of the other schools offers their own variety of benefits and provide students with an excellent source of education.
<a href="https://www.knoxre.com/lantana/" title="Lantana Houses for Sale">All Lantana Houses for Sale ></a>
Events
Throughout the year, the city of Lantana holds many <a href="https://www.facebook.com/LantanaCommunity" target="_blank">events</a> for the community. For example, during the spring, festivals take over the city and help get residents outdoors. Music on the Green is also a popular event for those interested in hearing some fantastic music.
In the fall, the city holds many back to school events, neighborhood gatherings and the "Monster Mile" during Halloween celebrations. In addition to these events, holiday events, different types of clubs and swim and tennis teams are also available.
Amenities
The various amenities in Lantana are some of the best around. They are also the ones that will be attractive to large families or individuals, which makes them extremely versatile and convenient. The first place you will want to stop by is the <a href="http://lantanatx.org/lantana-community-association/" target="_blank">Information Center</a>. It is here where you will be able to learn more about the community as well as the events in the area.
The community also offers four community pools, one of which is a junior Olympic-size pool. Swim meets are held in this pool and a water spray park is attached. Residents of Larkspur, Sandlin, and Heritage also have their own community pools to enjoy. Playgrounds are available in many communities in the city.
The Town Green is one of the most beautiful areas in the entire city. It was designed as the go-to place for concerts and festivals but is also a great place to visit at any time. Neighborhood get-togethers are held here as well as holiday caroling during winter months. The Town Green features beautiful landscaping as well as a gazebo, which makes this the perfect place for a leisurely stroll.
Lantana Golf Club and Fitness
Two of the best amenities in the city are the golf course and the fitness centers. When it comes to fitness centers, four rooms have been set up. All four facilities come equipped with workout machines and equipment. Some have additional weight training options and cardiovascular exercise options.
In addition to these fitness areas, the community also has four tennis courts and a stadium and tournament court. Each of these courts is lit so that you can play them at night. Challenging hiking and biking trails can also be found throughout the city. These trails were even designed to be safe from traffic when designers added underground tunnels to help residents avoid crossing the road.
The <a href="http://www.lantanagolf.com/" target="_blank">Lantana Golf Club</a> is also a great addition to the city. The golf club is a private golf club that features a beautiful golf course and golf clinics. Members can also participate in tournaments and other events that take place throughout the year.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2019-10-10T12:00:00-07:002019-10-18T10:46:11-07:00Jeff Knoxtag:knoxre.com,2012-09-20:6267Dallas vs. Atlanta: Where Is Better to Live?<img src="https://assets.site-static.com/userfiles/1075/image/Dallas_vs_Atlanta_1.png" width="1200" height="630" alt="dallas vs atlanta - best places to live in 2019" title="dallas vs atlanta - best places to live in 2019" />
Dallas vs. Atlanta: An In-Depth Comparison
As a real estate professional in Dallas, I am constantly asked by my clients to compare Dallas to Atlanta. This makes sense because both cities are similarly sized and offer similar amenities. Additionally, both cities attract a significant volume of transplants from states like New York and California because of their low cost of living.
Chances are, you may be considering <a href="https://www.knoxre.com/blog/moving-to-dallas/">moving to Dallas</a> or Atlanta and want the “inside scoop” on the real differences between these two cities. Let’s dive in!
Overview
The City of Dallas measures out at 385 square miles, which is significantly larger than the City of Atlanta’s 133 square miles. Correspondingly, Dallas features a larger population than Atlanta with 1.3 million people versus Atlanta’s 486,000 residents. However, both tend to have similarly sized metropolitan areas, with Dallas comprising of 6.25 million people to Atlanta’s 5.35 million inhabitants.
Regardless, both cities have experienced double-digit growth in the past decade and are amongst the fastest-growing metropolitan areas in the United States.
Both cities are well-educated, with around half of those in Atlanta having graduated college and a third in Dallas. Below you will find the corresponding graduation rates for both cities:
Atlanta, GA
Dallas, TX
High school graduation rate
88%
74%
College graduation rate
47%
29%
Graduate school graduation rate
88%
74%
Source: <a href="https://www.opendatanetwork.com/entity/1600000US4819000-1600000US1304000/Dallas_TX-Atlanta_GA/education.graduation_rates.percent_less_than_9th_grade?year=2017&ref=compare-entity">Open Data Network</a>
Politically, the City of Dallas and Atlanta both are both solidly liberal and considered strongholds for the Democrat Party. However, both of their respective metropolitan areas are “purple”, with a near-even split between Democrats and Republicans.
Cost of Living - Which is more Expensive?
Winner: Atlanta
Using WolframAlpha’s <a href="https://www.wolframalpha.com/input/?i=cost+of+living+dallas+vs+atlanta">cost of living index</a>, we are able to compare how much a particular basket of household goods costs in each city. Keep in mind that a score of 100 represents the average cost of that particular good in the United States.
Dallas
Atlanta
Grocery
102
102
Healthcare
105
107
Housing
113
104
Transportation
94
100
Utilities
108
86
Miscellaneous
106
105
Overall
107
102
While both cities are more expensive to live in compared to the average city in the United States, Atlanta is slightly more affordable. The biggest advantage Atlanta has over Dallas is cheaper housing and utility bills.
However, when these results are put into context both cities have a remarkably low cost of living. Dallas and Atlanta are both large metropolitan areas with plenty of big-city amenities, and yet both cities are just slightly more expensive to live in compared to the average city in the United States.
While Atlanta is technically the winner here, both cities offer a very low cost of living, all things considered. This is especially true when you compare it with other cities like Boston (Overall score of 153) and Seattle (Overall score of 159). Even some mid-sized cities are unable to offer a similar quality of life. According to <a href="https://www.greatvancouverhomes.com/">Great Vancouver Homes</a>, the cost of living in Vancouver, Washington (a town of around 200,000 people) is higher than Dallas and Atlanta.
Real Estate
Winner: Toss Up
The annual median price of a home in Dallas is $175,600. This is more expensive than the median home in Atlanta, which is $139,500. Interestingly, average rents in Dallas tend to be lower than Atlanta ($1239 monthly rent versus $1,679).
Looking for a Dallas real estate agent? <a href="https://knoxre.com/contact/">Contact us</a> to talk to local experts.
Significantly more people own a home in Dallas rather than rent, which makes sense given Texans’ preference for independence. This contrasts with Atlanta, where most decide to rent.
Both Atlanta and Dallas have a wide array of architectural home styles. However, Dallas features a higher concentration of Mediterranean and Ranch style homes than Atlanta. Conversely, Atlantans tend to prefer Bungalow and Colonial style homes.
Atlantans also prefer attached living moreso than “Dallasites”. Despite the CIty of Atlanta featuring nearly three times fewer residents, there are more condos and townhomes in Atlanta than in Dallas.
Ultimately, this one boils down to personal preference. While <a href="https://www.omegahome.com/atlanta/">real estate in Atlanta</a> is cheaper to purchase, rents are more expensive.
Entertainment
Winner: Toss Up
Atlanta and Dallas both have professional football, basketball, baseball, and soccer teams. That being said, Dallas is more culturally invested in sports than Atlanta. The Dallas Cowboys home games are among the most-attended sporting events in the country. Atlanta has seen some growing sports interest, especially with its MLS team “Atlanta United”, but it simply cannot compete with Dallas’ fandom.
However, Atlanta is referred to as “The Hollywood of the South” due to its abundant amount of film and television production. For example, Turner Broadcasting and Tyler Perry Studios are headquartered in Atlanta. The State of Georgia also provides generous tax credits, resulting in a lot of film production taking place in the state. Top productions like the television show The Walking Dead and The Avengers films were filmed in the Atlanta area.
Atlanta is also considered the hip-hop capital of the world. Famous rappers such as T.I., Ludacris, and Usher also found their start in Atlanta. The city attracts a lot of up-and-coming rappers trying to get their start. In fact, there’s even a <a href="https://en.wikipedia.org/wiki/Atlanta_(TV_series)">critically-acclaimed television show</a> which showcases an up-and-coming rapper trying to “make it” in Atlanta.
Again, this one is a toss-up because it depends on what matters more to you. Sports fans will prefer Dallas, whereas fans of hip hop will prefer Atlanta.
Nightlife
Winner: Atlanta
While both cities feature an assortment of nightlife opportunities, Atlanta has an undeniable advantage due to its reputation as one of the <a href="https://atlanta.curbed.com/2018/12/28/18158355/atlanta-no-6-party-city-2018">top party cities</a> in the country. Why is this? Well, Atlanta is the destination city for many trying to make it in the music and entertainment business, so there is no shortage of parties.
You can find the best nightlife in Dallas’ <a href="https://www.knoxre.com/oak-lawn/uptown/">Uptown</a> neighborhood, which hosts an assortment of upscale bars and clubs. In Atlanta, party animals should check out the Buckhead and Midtown neighborhoods for some of the best nightlife in the South.
Traffic
Winner: Dallas
It’s no secret that Atlanta has a traffic problem. According to the <a href="http://inrix.com/scorecard/">Global Traffic Scorecard</a>, Atlanta is a fundamentally more congested city. Atlantans waste an average of 108 hours a year in traffic compared to 76 hours in Dallas. There’s such a bad traffic problem in Atlanta that many residents try to live as close as to their work as possible to avoid an insufferable commute.
Put simply, Dallas incorporates better city planning. The highway system was intelligently designed and surface streets are often designed in grids. This contrasts Atlanta, which features a lack of arterial roads and a plethora of highly questionable city planning decisions.
However, both cities are sprawling and car-centric. Residents will need a car to get around either city.
Weather, Climate & Geography
Winner: Toss Up
Dallas and Atlanta feature a comparable situation in terms of weather. Both cities feature subtropical climates, meaning residents can expect hot and humid summers with mild winters. While Dallas is a slightly hotter city than Atlanta, it’s also less humid and rains less.
The following chart below demonstrates the climate differences between Dallas and Atlanta, from Dallas’ perspective.
<img src="https://assets.site-static.com/userfiles/1075/image/dallas_vs_atlanta_weather.png" width="1006" height="503" alt="dallas vs atlanta weather" title="dallas vs atlanta weather" />
Mainly, it comes down to personal preference. Some people don’t mind Dallas’ more intense weather because it’s less humid, whereas some prefer Atlanta’s milder summers and don’t mind the humidity.
Dallas includes a lake within its city limits (White Rock Lake) and a wide variety of lakes within the metropolitan area. This contrasts with Atlanta, which features no lakes within city limits with the nearest lake (Lake Lanier) being around an hour away.
Atlanta also features an impressive tree canopy unlike any other city of its size. Commonly referred to as a “city in a forest”, there are plenty of tree-lined streets and urban forests in Atlanta. This contrasts with Dallas, which has far fewer trees. It’s indisputable that Atlanta is a much more scenic city.
Crime
Winner: Dallas
While neither city has an exemplary record on crime, Atlanta has 44% more reported crimes than Dallas. This is based on data from <a href="https://www.areavibes.com/atlanta-ga/crime/">AreaVibes</a> which indicates that Atlanta features a total of 5,712 property and violent crimes (versus 3,960) per 100,000.
Atlanta has more crime in large part because of the high amount of non-violent thefts that take place. To put things into perspective, Atlanta has nearly twice the amount of per capita thefts compared to Dallas. This may be in part because of Atlanta’s persistent problem with homelessness.
Economy
Winner: Dallas
This one was close, but Dallas edges out Atlanta in terms of its economy. The city features one of the most <a href="http://dallas.culturemap.com/news/innovation/06-17-19-dallas-fort-worth-most-dynamic-metro-walton-family-foundation-entrepreneurship/">economically dynamic</a> metropolitan areas in the country.
Compared to Atlanta, Dallas features a lower unemployment rate, lower sales tax, and zero state income taxes. Dallas has also seen an onslaught of foreign home buyers at a magnitude that isn’t present in Atlanta.
Here’s a chart detailing the differences on a granular level:
<img src="https://assets.site-static.com/userfiles/1075/image/dallas_vs_atlanta_economy.png" width="651" height="423" alt="dallas vs atlanta economy" title="dallas vs atlanta economy" />
Both Dallas and Atlanta are the home of many Fortune 500 companies. Dallas features Exxon Mobil, AT&T, and American Airlines, whereas Atlanta features The Coca Cola Company, The Home Depot, and Delta Airlines.
Fun fact: both Atlanta and Dallas are the location of a Federal Reserve Bank!
Conclusion
At the end of the day, it’s hard to go wrong with either choice. There are many reasons to love both Dallas and Atlanta, as both cities feature a dynamic and diverse population with bright futures ahead.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2019-10-09T10:06:00-07:002019-10-09T14:16:02-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5628Zillow vs Local Dallas Real Estate SitesWhile I understand the big box, national portal sites like Zillow, Trulia, & Realtor.com are popular with consumers, you need to understand that they all share one HUGE common issue. The portal sites are what are known as "syndicated sites."
This means that the portal sites do NOT receive a direct feed from the local MLS boards for listings. The listing data is syndicated to portal sites. Whereas, local REALTOR sites receive direct MLS access. What does this mean and why does this matter to you?
The biggest complaint I hear (over and over again) is that the national portal sites have outdated information. Meaning, sometimes consumers will be searching a portal site like Zillow, find a home for sale they like, only to find out that the home was put under contract days ago. Yet, the information displayed on the portal site is inaccurate and may still show the home being offered for sale. So why is this the case?
Think of it from a logistical standpoint. The national portal sites (try) and update every listing in every market in the United States (and have recently moved into other parts of the world like Canada). Can you imagine the resources it would take to update every listing in every market every 15 minutes? It would be near impossible. In fact, I think it is impossible. This is why large portal sites have data lags and can sometimes be very frustrating for consumers.
With a direct MLS feed, local REALTOR websites receive fresh content and updates every 15 minutes. So, for instance, let's say a home was marked "under contract" in the MLS five minutes ago, the newest refresh of local REALTOR sites will show the "under contract" status within 15 to 30 minutes (depending upon the cycle of the latest data update).
My suggestion - find a local REALTOR site you enjoy using for your home search and stay with it! You'll ALWAYS get the freshest, most up-to-date data and listing information when you use a site with a direct MLS feed.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2019-04-13T20:41:00-07:002019-10-09T14:13:53-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5183Things to Know BEFORE moving to Dallas [2019 Guide]<img src="https://assets.site-static.com/userfiles/1075/image/blog-header-moving-to-dallas-new.jpg" width="1200" height="630" alt="moving to dallas - what it is like to live in dallas" title="moving to dallas - what it is like to live in dallas" />
Guide Updated February 20, 2019
HERE'S WHAT TO KNOW ABOUT LIVING IN DALLAS
If you are moving to Dallas Texas and need to know about the area, the area's best places to live and what you can expect when you relocate to our city in 2019.
If you have a move to Dallas, Texas in your future then you are going to find yourself in one of two places - pleasantly surprised or just feeling smart. Many situations can prompt a move, a major life change, vocational requirements or completely unexpected. If Dallas is where you're going to land, then you probably couldn't have chosen a nicer landing pad. If your move to Dallas is the result of a thoughtful and well-researched decision, well done!
TIPS FOR MOVING TO DALLAS TEXAS
Regardless of how you find yourself calling Dallas home, here are things to expect before moving to Dallas and reasons you'll be glad to be here. To start, here's an overview:
Dallas Hospitality is Real
The people in Dallas aren't just friendly, they are proper too. Get used to hearing "sir" and "ma'am", a warm smile and genuine welcome everywhere you go. Y'all just settle in now, we are just gettin' started! Yep, southern hospitality is still very ingrained in this part of the country.
All About Food
Along with everything you've packed for your move, make sure your appetite is included. In addition to their famous Tex-Mex, barbecues and hog roasts did you know that Dallas has more restaurants than New York per capita? Eatin' is good in Big "D."
Dallas Welcomes Shoppers
It is somehow appropriate that Neiman Marcus is rooted in Dallas. Shopping is one of those activities Dallas is known for, evidenced by all the malls, markets, and shopping centers. Check out the West End MarketPlace or the North Dallas Galleria to get started.
Don't Be Surprised to Find Hollywood Close
The fact that many movies have been filmed in Dallas probably isn't much of a surprise. The weather, landscape, and another thousand reasons could make Dallas a viable movie location. These are some of the films shot in Dallas you may be familiar with: Bonnie and Clyde, Batman & Robin and RoboCop.
A Farmer's Market Unlike Any
Texas has managed to blend farming and industry as few have, and Dallas could be the epicenter of this balance. Supporting technology, industry and a thriving farming community Dallas affords opportunities for everyone. The largest farmer's market in the country is right in the heart of Dallas and has operated since the late 1800s. In Dallas, if it ain't broke then it don't need fixed!
Culture is King
With an amazing cross-section of cultures from Jewish, Muslim, Christian, Asian, Latino, and African-American among others, Dallas is truly a melting pot. There is room for your faith, your practices and you in multi-cultural Dallas.
Corporations Galore
If a desire to enter into the corporate arena and big business was an impetus behind your move, then you apparently did your homework. Just a few of the mega-corporations that call Dallas home are the Dr. Pepper Snapple Group, Frito-Lay and Rolex. In Dallas that is often called opportunity.
An Industrial Hub
In the same vein as being home to well-known corporations, unsurprisingly Dallas is also considered an industrial hub. This is most clearly defined by being a major center for technology, medical research, and energy.
Dallas Flies High
No, this isn't about the mile-high club! The saying is that 'everything is bigger in Dallas,' and that includes the DFW airport. Yes, the airport is worth mention and once you see it you will understand. In sheer size, it covers more area (land mass) than Manhattan and has the world's largest parking lot. Dallas is home to both American & Southwest Airlines.
Incredible Skyline
If it was anywhere else but Dallas it might be odd that the first skyscraper to adorn Texas is just a short ways from that aforementioned farmer's market! Remember, everything is bigger in Texas and the Dallas skyline is just more evidence of that fact. Home to over 250 high-rise buildings, the Dallas skyline is more than picture-worthy.
HISTORY OF DALLAS
<img src="https://assets.site-static.com/userfiles/1075/image/moving_pegasus.jpg" width="700" height="429" />
(Original photograph by Lloyd M. Long, from postcard “Night Scene, Heart of Dallas, Texas”)
Dallas is situated on the Trinity River which is located in the center of Dallas County in North Central Texas. Dallas is situated at the center of Highways 20, 30, 35, and 45. Dallas was founded by John Neely Bryan in November 1841 as a city meant to serve a growing migration population that was coming to the region. Originally, the city took up only about ½ square mile and was nothing more than a few blocks and streets wide. Today, Dallas is a bustling metropolitan city of more than 1.3 million residents, and that number continues to grow exponentially each decade.
Dallas has grown rapidly from its inception in 1841 as it quickly became an outpost city for people who were immigrating to the lands around the city. Early as the 1850s Dallas began to establish all of the basics of being a real town including drug stores, a general store, insurance agencies, a blacksmith, a shoemaker, a saddle shop, trading posts and even had a newspaper. Later in the 1850s a hotel, a sawmill, and flour mill.
For years, the red Pegasus flying horse was the symbol of Dallas. Pegasus flew high above the cityscape and welcomed visitors from miles away as they headed into the city.
Today, Dallas has all of the makings of a large metropolitan city and it continues to grow its population with each passing decade. Dallas began experiencing its most recent explosion in growth in the 1990s and continues today as more residences, office buildings, and other projects continue to go up throughout the city at a breakneck pace.
MOVING TO DALLAS TEXAS PROS AND CONS
Dallas is part of the larger Dallas-Ft. Worth metro area which encompasses a total population of more than 7 million residents. When you say you "live in Dallas," that means it could be anywhere in the Metroplex. The area has added more than 528,000 residents to its population in just the last 5 years alone. If you are thinking about moving to the Dallas area, you are clearly not alone. This has been a growing trend over the past few years as more and more people are getting the same idea. The Dallas is the 9th largest city in the US and is part of the 4th largest metropolitan area in the entire country. Dallas covers a total of 343 square miles, making it quite a bit larger in land mass than many other cities, meaning it is more spread out and residents have more room to move about than in more condensed areas like Chicago or Manhattan.
Public Transportation is Available (but know when to use it)
As in any large city, Dallas offers an extensive network of transportation options for its residents. The Dallas Area Rapid Transportation (DART) offers over 72 miles of light rail and 120 bus routes that make stops virtually everywhere throughout the entire city. There are even specific tourist bus routes that run through certain areas filled with popular attractions such as the culture and arts districts and other entertainment centers. Just be sure to plan your trip carefully or you could be in for a long, scenic route including many stops you probably never cared to make!
Moreover, the Trinity Railway Express (TRE) also connects the downtown Dallas area including a variety of stops throughout the city such as Grapevine, Southlake, Trophy Club, Irving, Grand Prairie, and many other stops between the Dallas and Ft. Worth areas.
DART, however, runs a rather inefficient system and many critics have said that it can dissuade many people from using the transportation system in the area. If you are going to use the transportation system, understand it before you begin, and plan your route carefully to avoid wasting extra hours of your time.
When you Live in Dallas, You'll see Traffic!
<img src="https://assets.site-static.com/userfiles/1075/image/moving_traffic.jpg" width="700" height="421" style="display: block; margin-left: auto; margin-right: auto;" />
Sure, it's not traffic on the Los Angeles level, but any metropolitan area with more than 7 million residents is going to create some traffic hang-ups. The worst of it comes when traveling the main freeway arteries that run to connect Dallas to the other nearby metropolitan city of Ft. Worth. While only a few miles apart in distance, this seemingly short jaunt on the map can take a ridiculously long time to drive when there are accidents or even during rush hours when people are coming home from work. Sometimes, weekends make it bad, too, as people are out and about heading to different events that require them to go from one city to another. It's advisable that you leave plenty of extra time when making this commute to ensure you arrive on time. Moreover, if you work in one city and live in the other, you may want to consider moving to the one you work in, traffic hang-ups can be that frustration and frequent.
To put this in perspective, a study from the Texas A&M University released shows that the freeways between Dallas and Ft. Worth are the 5th most clogged freeways in the entire US. The average driver living in Dallas will spend about 45 hours sitting in traffic compared to the US average of 33 hours that most drivers spend sitting in traffic.
MOVING TO DALLAS - WHERE SHOULD I LIVE?
Zillow.com shows exactly how rapidly the median home value in Dallas is rising thanks to its thriving and flourishing housing market. The average <a href="https://www.knoxre.com/dallas/" title="Dallas Homes">Dallas home</a> is worth $162,000. Rent is also among the highest the nation rating 18th among the largest 50 cities in the US with the average one-bedroom residence running $1,241 per month and a two-bedroom residence running $1,725 per month.
While these rental rates are staggering due to all the folks moving to the Dallas area, they are nothing compared to some cities such as Los Angeles or New York cities where prices of $2,000 - $2,500 or even more are common.
There Are a Ton of Great Neighborhoods to Live in the Dallas Area
There is a plethora of awesome neighborhoods to live in throughout the Dallas area. Dallas is an area very much teeming with young professionals from all different professions that are eager to move into an area they identify with and establish themselves in the area. This means that no matter what lifestyle you live, you will find someplace you identify within the Dallas area.
From trendy, uptown areas to more relaxed and laid back or suburban-type communities, there is something for every preference and lifestyle.
Some noteworthy neighborhoods in the Dallas area to check out include the following:
Preston Hollow: <a href="https://www.knoxre.com/dallas/preston-hollow/" title="Preston Hollow Dallas">Preston Hollow</a> is a neighborhood in northern Dallas that is popular with the upper-middle-class crowd. Many people from doctors to entrepreneurs as well as lawyers, industrialists, and successful business people enjoy calling this area home. There are quite a few local government entities in Preston Hollow and as well.
Uptown: <a href="https://www.knoxre.com/oak-lawn/uptown/" title="Uptown Dallas">Uptown</a> is a hip, trendy neighborhood that provides everything from an eclectic bar life to sports bars, posh global bistros, and hip cocktail lounges. Everything you could want in the fashion world of Dallas has located here in Uptown as well as shops to studios to stores and back. There are also plenty of great hiking and biking trails for exercising and getting out and enjoying a weekend or a day off.
Deep Ellum: Deep Ellum is the entertainment district of the Dallas metropolitan area known across the US for its quirky street art, eclectic murals, and other artwork. There are tons of pubs, bistros, bars, clubs, and restaurants that locals love to frequent. If you love live music and everything loud and entertaining then the Deep Ellum neighborhood is for you.
Lakewood: The laidback <a href="https://www.knoxre.com/lakewood/" title="Lakewood Dallas">Lakewood</a> community provides scenery like the beautiful White Rock Lake which is surrounded by hiking/biking trails, boathouses, botanical gardens, and everything outdoorsy and nature-centered. If you love a laid-back, quiet, calm lifestyle with a great majority of the time spent outdoors then the Lakewood neighborhood is for you.
Trinity Groves: Trinity Groves is the eatery district in Dallas with pretty much every type of restaurant you could imagine being offered at some point throughout the city. Contemporary art galleries are also scattered throughout the area making it home to many up-and-coming artists as they showcase their work for everyone to see.
<a href="https://www.knoxre.com/blog/dallas-neighborhoods/" target="_blank"><img src="https://assets.site-static.com/userfiles/1075/image/blog-best-neighborhoods-in-dallas-2.jpg" width="694" height="350" /></a>
in addition, Dallas has some really great suburbs with newer homes, new neighborhoods, and excellently rated school districts. You can click the image below to explore the top suburbs in Dallas.
<a href="https://www.knoxre.com/blog/dallas-suburbs/" target="_blank"><img src="https://assets.site-static.com/userfiles/1075/image/blog-best-suburbs-in-dallas.jpg" width="694" height="350" /></a>
...And a Ton of Great Architecture!
Dallas offers several different, yet popular, styles of living for those moving to Dallas and wanting something special in a new home.
Contemporary & Modern - <a href="https://www.knoxre.com/dallas/modern-homes/" title="Modern House">Most contemporary and modern homes</a> will be found in the following areas of Dallas - Kessler Park, North Oak Cliff, Highland Park, University Park, North Dallas, Northwest Dallas, and East Dallas. The reason that contemporary homes are mainly found in the areas mentioned above is that the HOA restrictions have long passed for these areas. This allows buyers to build the types of homes they want (Modern) without having to worry about certain HOA requirements and restrictions.
Craftsman Style Homes - Unlike the modern/contemporary homes mentioned above, the <a href="https://www.knoxre.com/dallas/craftsman-house/" title="Craftsman House">Craftsman style homes</a> in Dallas are a classic look. A large majority of this architecture was built back in the early 1900s and the Craftsman style may be found in North Oak Cliff, East Dallas, M Streets, Lakewood, and Kessler Park areas. Please note that the era of construction of the Craftsman home in Dallas may mean some updating and restoration work on the part of a new buyer.
Tudor Style Homes - <a href="https://www.knoxre.com/dallas/tudor-house/" title="Tudor House Dallas">Tudor style homes in Dallas</a> are some of the most popular style of architecture that the area has to offer to buyers. The truer the style of the home to the Tudor architecture, the more one can expect to pay for the house. As with the Tudor, buyers may have to sink some money into the house to restore the architecture back to its original glory. Buyers also need to note and consider that these homes were originally constructed around the early 1900s along with the Craftsman homes, so updating to today's appliances, flooring, fixtures, electrical, etc may also be in the cards for a buyer of a Tudor home. Dallas Tudor style real estate may be found in the same areas as the Craftsman homes - North Oak Cliff, East Dallas, M Streets, Lakewood, and Kessler Park.
Mediterranean Style Homes - The <a href="https://www.knoxre.com/dallas/mediterranean-homes/" title="Mediterranean Homes">Mediterranean style homes</a> in Dallas can be found in the more expensive areas of the city. Dallas Mediterranean real estate is often built as either a custom home or near custom home. The reasoning is because the truest of Mediterranean homes use the truest of materials within their construction. What types of materials are used in a Mediterranean build? Stone - marble and quartz, wood, ornate banisters, very pretty fireplaces, and curved stairways, stucco exteriors with smooth finishes in neutral colors, high vaulted ceilings with natural wood or stone beams, large open kitchens with an abundance of the natural stone on both the counters and the flooring. Mediterranean homes are not cheap to build and, therefore, not cheap to purchase either. While buyers may find Mediterranean styled homes in some of the higher-priced suburbs like Plano, Southlake, Westlake, and others, most of the truest Mediterranean styled properties will be found in Highland Park, University Park, North Dallas, and Northwest Dallas.
Loft Style Condos - <a href="https://www.knoxre.com/condos/lofts/" title="Lofts in Dallas">Lofts in Dallas</a> are going to be found in areas not discussed above. The loft style condos will be found in downtown Dallas and some of the lofts are in some of the oldest buildings in downtown, which really makes for a true loft lifestyle. The lofts in Dallas may be found at 1505 Elm Street Lofts, 2220 Canton Lofts, Soco Urban Lofts, Buzz Lofts, Lofts on Oak Lawn, 3030 Bryan Lofts, 1999 McKinney Lofts, and West Village Urban Lofts. Soco Urban Lofts is one of the oldest buildings where loft-style living is available and probably offers the truest style of loft living for buyers wanting this type of home.
High-Rise Condos - <a href="https://www.knoxre.com/condos/high-rise-condos/" title="High Rise Condos Dallas">Dallas High Rise condos</a> are almost exclusively available south of 635 and most are located in the downtown Dallas area. High-rise living has something to fit almost any budget of a buyer. But, the lifestyle also offers luxury buyers great views of the city along with 24-hour services and amenities. The more expensive high rise living can be found at the following buildings - Bleu Ciel, One Arts Plaza, ParkSide Condos, Stoneleigh Residences, Ritz-Carlton Residences, W Residences, and 2505 Limited Edition.
As you can see, there are neighborhoods & architecture to fit almost every lifestyle preference. Even if you are not a young professional there is a place for families, wealthy and established businessmen, and even seniors to enjoy. No matter what you seek in your local area in your life the great news is that when living in Dallas you will be sure to find a neighborhood that you are happy to call home with plenty of things you love to do surrounding you every single day.
DALLASITES LOVE THEIR FOOD & SHOPPING
<img src="https://assets.site-static.com/userfiles/1075/image/moving_als.JPG" width="700" height="446" /><br /><br />(Photo from <a href="http://www.albiernats.com/" target="_blank">Al Biernat's</a>)
Just like any large population anywhere, people in Dallas not only have to eat but rather enjoy it and they know what some great cuisine is when they taste it. Dallas is home to many great restaurants and nationally recognized dining establishments. Locals love to frequent these great restaurants and tourists and visitors love to give them a try when they come to town as well. When you live in Dallas, you won't be lacking in choices for excellent food.
Al Biernat's:
Al Biernat's is an upscale steakhouse that is known at a national level for its delicious steak and seafood. They offer something for everyone with a menu including lamb, beef, steaks, fish, shrimp, lobster, and scallops to name a few offerings. Their extensive wine list ensures there is something to please every palette. They also always have their host present to meet their diner's every need. DJs and a vibrant bar scene finish off what Al Biernat's has to offer.
Five Sixty by Wolfgang Puck:
The Five Sixty by Wolfgang Puck is a nationally-renowned celebrity eatery that serves up signature pizzas, sandwiches, and other light fare designed by Wolfgang Puck himself. The restaurant is located at the top of Reunion Tower, which provides for a breathtaking view of the beautiful Dallas skyline and a great place to have an upscale meal by one of the most nationally celebrated chefs of our time.
Abacus:
Abacus is an innovative, global eatery providing cuisine choices that originate from various places around the globe. Everything is artfully presented in a luxe fashion. Upscale dishes like venison, lobster, duck, lamb, buffalo, and scallops to name a few of their top-end dishes. The posh dining environment and open kitchen complete the diner experience.
Meddlesome Moth:
The Meddlesome Moth is a classic American gastropub known for its extensive selections of brews and beer with over 140+ different drinks on tap. Enjoy classic fares like French fries, hamburgers, BBQ, steak, and jumbos. There is a common theme on the menu of "everything being great with beer" as they are known for their extensive list of beer.
The Grape Restaurant:
It may be a unique name for a restaurant, but The Grape Restaurant is a long time bistro that has called Dallas home for decades. The Grape Restaurant is a fairly small space yet they are able to take care of every single customer that comes through their door. They know how to make this space work for them. They specialize in New American cuisine from biscuits and gravy to hush puppies, burgers, fried shrimp, soups, sandwiches, pizzas, and more. There is something for taste and occasion.
These are just some of the great restaurants Dallas has to offer. These are some local favorites that everyone enjoys and offers a variety of foods to meet every sort of palette.
Dallas Residents Live to Shop!
<img src="https://assets.site-static.com/userfiles/1075/image/moving_northpark.JPG" width="700" height="429" />
(Photo by Northpark Center)
Besides the food scene, another reason you will fall in love with living in Dallas -- the world-class shopping available. The Dallas area has multiple malls around the Metroplex, each with world-class shopping opportunities.
Northpark Center
First developed by Raymond Nasher in the 1960s, <a href="http://www.northparkcenter.com/" target="_blank">Northpark Center</a> is one of Dallas' top shopping destinations for both residents and visitors. Northpark Center is located at 8687 North Central Expressway. Northpark has 225 total number of stores with seven anchor tenants like Dillard's, Macy's Neiman Marcus and Nordstrom.
Other high fashion stores at Northpark include but are not limited to Carolina Herrera, BVLGARI, Burberry, Cartier, David Yurman, Gucci, Louis Vuitton, Montblanc, Omega, Rolex, Salvatore Ferragamo, Tag Huer, Tiffany & Co., and Versace.
Highland Park Village
Opened in 1931, Highland Park Village was designed to be a shopping area and to serve as a town square for the city of Highland Park. University Park, Turtle Creek, and Oak Lawn also have very close proximity to Highland Park Village. The shopping center was designated as a National Historic Landmark in 2000.
The Shops at Highland Park Village include such luxury stores as Alexander McQueen, Chanel, Christian Louboutin, Dior Beauty, Hermes, Jimmy Choo, Ralph Lauren, and Saint Laurent.
The Galleria
The Galleria touts itself as "you're in for a shopping experience unlike any other in Dallas, including a unique collection of retailers, department stores & dining." Originally constructed in 1982, the Galleria is home to over 200 stores and the Westin Galleria Hotel. Along with those 200 stores for shopping, this mall is also home to an ice skating rink which operates all year (even when in the Texas summers!). Major tenants include Macy's, Nordstrom, Banana Republic, Gap, Old Navy, and Belk.
ENTERTAINMENT MAY JUST MAKE YOU WANT TO MOVE TO DALLAS
Living in Dallas means that you'll have a ton of entertainment options. We address the favorites below like the State Fair of Texas, Six Flags Over Texas, The Mesquite Rodeo and the professional sports teams like the Dallas Cowboys, Mavericks, Stars, Rangers, and FC Dallas.
The State Fair of Texas
<img src="https://assets.site-static.com/userfiles/1075/image/moving_big_tex.jpg" alt="moving to dallas state fair of texas" width="400" height="533" style="float: left; margin: 10px;" />Located in Fair Park near downtown Dallas, the <a href="http://bigtex.com/" target="_blank">State Fair of Texas</a> is open from the last Friday in September and lasts for 24 days. The fair has been an annual event since 1886 and has only missed a few years due to the World Wars. The fair features food of all kinds, Midway games, rides, exhibits, the Texas Star which is a Ferris wheel standing 264 feet tall with 44 gondolas and can carry up to 264 riders at a time. The view from the top of the Texas Star is one of the biggest factors appealing to the riders. While this is Texas and you can still test your shooting abilities on the Midway, the guns today are water guns instead of the old-fashioned six-shooters.
One of the big attractions to the annual State Fair of Texas is the Red River Rivalry which features Texas vs Oklahoma on the gridiron of the Cotton Bowl Stadium in Fair Park. The game is played each year on the second Saturday in October. The Saturday prior to the Texas vs. OU game is known as the State Fair Classic which pits two historically black universities in Grambling State and Prairie View A&M. These two universities have participated in the State Fair Classic each year, except one, since 1985.
The State Fair of Texas is also well-known for having an excellent auto exhibit which features the new models for almost all domestic and foreign manufacturers.
Chevy usually sponsors what is called the "Chevy Main Stage" where they sponsor daily and nightly concerts with some of the biggest names in music often taking the state for free concerts with your fair admission.
Many visitors to the State Fair of Texas are there simply for the food and go to literally "eat their way through the fair." Fletcher's Corny Dogs is one of the biggest food vendors at the fair along with stands selling cold Root Beer, cold Beer, giant Turkey legs and even a building dedicated to only food. Save your appetite if you're visiting the fair...if you leave hungry, that's your fault!
The Rodeo
<img src="https://assets.site-static.com/userfiles/1075/image/moving_rodeo.jpg" alt="moving to dallas mesquite rodeo" width="400" height="300" style="float: left; margin: 10px;" />The Mesquite Rodeo is held in the Dallas suburb of Mesquite, Texas on a yearly basis running from approximately April to September in what is known as the "Rodeo Season." Originally started in around 1946 by a local named Charlie Columbus "C.C." McNally, the original rodeo was held on a property owned by C.C. It has since moved to the newer arena (built in 1985) and at one time was owned by local investor Tom Hicks who also owned the Texas Rangers and Dallas Stars for a period of time. The rodeo has taken the name of the Mesquite ProRodeo and is now owned by Camelot Sports & Entertainment.
The rodeo is the top televised rodeo event with it being shown in over 8,000,000 homes around the country. Camelot has added to the Mesquite ProRodeo experience by refurbishing the arena, adding new suites and a new club restaurant called the "8 Second Club" which is available to members throughout the entire year.
If you are moving to Dallas and want the true western flavor, this is a do not miss event!
Become a Sports Fan & Guru
Dallas Cowboys
Known as "America's Team", Arlington Texas is the site of AT&T Dallas Cowboy's Stadium and Frisco is the site of the new training facility for the 'Boys. The Cowboys play eight regular season games in Arlington with one of them being their annual Thanksgiving Day game.
If you're a fan of the Cowboys, you'll be right at home living in Dallas. And If you don't like the Cowboys, you may want to keep that to yourself if you move here. Saying you don't like "America's Team" in DFW may just be fightin' words!
Dallas Mavericks
Owned now by Mark Cuban, the Dallas Mavericks turned a corner once Mark bought the team over a decade ago. The Mavericks play their 41 home games per season at the American Airlines Center in Dallas' Oak Lawn area of Uptown.
Residents wanting to live near the American Airlines Center can find high-rise condos at the nearby W Residences and The House. Both of those condo buildings are near Victory Park which is the main street leading to the American Airlines Center.
Dallas Stars
Just like the Mavericks, the Dallas Stars share the American Airlines Center as their home ice. The Stars play half of their regular season games at the American Airlines Center in Uptown.
Texas Rangers<a href="http://texas.rangers.mlb.com/index.jsp?c_id=tex" target="_blank"><br /></a>
Two World Series Trips in last few years has energized the baseball fans of the Dallas Metroplex. The Rangers play their home games in Arlington at Globe Life Park right next to Cowboys Stadium and Six Flags over Texas.
The Rangers play 81 home games per season and it gives fans a great opportunity to see their favorite visiting clubs like the Yankees, Red Sox, White Sox, Angels, Astros and more.
SMU Mustangs
The SMU Mustangs compete in the American Athletic Conference and have recently had a nice little run with both their football and basketball squads. SMU is Dallas' college, so be sure and support the red, white and blue ponies when you move to Dallas.
PEOPLE IN DALLAS WORK HARD
Work is a part of everyday life and we all have to do it! People in Dallas are not any different. The job market in Dallas is very stable and more and more new employers (as well as residents) are moving into the Dallas area all the time. In a metropolitan area with over 7 million residents, there are several massive employers that provide plenty of jobs in different fields for everyone. Some of the following are the largest employers in the Dallas area:
AMR Corporation employs 24,700 people in the Dallas area
Bank of America provides 20,000 jobs to the Dallas area
19,000 people work for Texas Health Resources Inc. throughout Dallas
18,300 get their pay through the Dallas Independent School System
17,000 people call the Baylor Health Care System their employer in Dallas
Several other large employers exist in the area including AT&T, JCPenney, Lockheed Martin, JP Morgan Chase, and Texas Instruments also employ 1,000s of workers throughout the Dallas area as well.
People in Dallas Make a Healthy Paycheck
The average Dallas resident makes $59,926 per year which is around the national average of about $59,039 per year. However, Dallas also is also in the top 10 cities with the highest percentage of their population making more than $100,000 per year. According to <a href="http://nerdwallet.com/" target="_blank">NerdWallet.com</a>, Dallas will be adding at least $53 billion in personal income to their population between 2014 and 2019 as the population continues to rapidly increase.
Texas also added 33,200 jobs to their totals in just May of the past year which is only behind the states of New York and California as the most jobs any state was able to add in that single calendar month. Most of these jobs were in the hospitality, retail, healthcare, and government sectors of work.
DALLAS LIVING PROVIDES A COMFORTABLE CLIMATE
<img src="https://assets.site-static.com/userfiles/1075/image/moving_climate_2.png" alt="dallas climate" width="750" height="500" />
Dallas typically has a comfortable living environment that leans towards the warmer side, where temperatures range from 57 96 degrees Fahrenheit throughout the year. Snow is rare in the Dallas area, however, the area does see just a little bit more than 40 inches of precipitation each year.
Many people use warm summers and mild winters to enjoy outdoor activities. Dallas residents also enjoy 234 sunny days per year and only 54 with measurable precipitation, which provides lots of time to do the activities that everyone loves to do outdoors.
EDUCATIONAL OPPORTUNITIES ABOUND FOR THOSE LIVING IN DALLAS
Dallas is home to a plethora of universities and colleges where locals can obtain a degree to help further their incomes and careers. At least 30% of all adults ages 25 and up living in the Dallas area have at least a Bachelor's degree or higher in their educational portfolios.
Dallas is continually becoming more educated. Colleges are ahead of their projected growth curve for strategic planning purposes. The University of Texas at Dallas reports their enrollment in all sectors is up more than they have projected, and many other schools are sharing similar reports. This includes new students, transfer students, and "nontraditional" adult students who are going back to complete a degree or get an education for the first time.
One of those schools is the 5th-to-largest universities in the US in the Texas A&M University whose College Station campus alone is home to 48,346 students at any given time. The University of Texas at Dallas also services another 26,797 students. These universities offer majors and specialties in virtually any field someone could possibly be interested in.
For those who are overwhelmed by those sheer numbers, there are smaller schools such as the University of Dallas which has 2,843 students.
WHEN CONSIDERING DALLAS FOR A MOVE, CHECK OUT THESE FESTIVALS & SPECIAL EVENTS
<img src="https://assets.site-static.com/userfiles/1075/image/moving_deep_ellum.jpg" alt="deep ellum arts festival" width="739" height="367" /><br />(Photo courtesy of <a href="http://www.deepellumartsfestival.com/" target="_blank">Deep Ellum Arts Festival</a>)
When you move to Dallas, you'll quickly find this city is home to quite an extensive list of special annual events and festivals each year. Everything from music festivals to cultural celebrations occurs annually. The following are a list of some of the most prominent and popular annual events that take place in Dallas each year:
Martin Luther King Birthday Parade
Fort Worth Stock Show and Rodeo
Dallas Home & Garden Show + Fort Worth Home & Garden Show
Dallas Autorama
Texas Indian Market and Southwest Showcase
Russian Festival
Dallas Bloom, Dallas Arboretum Botanical Society
Greenville Avenue St. Patrick's Day Parade
Denton Arts and Jazz Festival
Arbor Daze
Deep Ellum Arts Festival
Cottonwood Arts Festival
Mayfest
Taste Addison
Texas Scottish Festival & Highland Games
Juneteenth Celebration
Old Fashioned Fourth of July
Shakespeare Festival
Taste of Dallas
KRLD Restaurant Week
Greek Festival of Texas
Boo at the Dallas Zoo
Haunted Orchestra
Turkey Trot
Trains at the North Park
Dickens of a Christmas
Children's Medical Center Holiday Parade
Locals love to visit these festivals and celebrate any and everything from Mardi Gras to BBQ food or music and films. Holiday-related events are also a big draw in the Dallas area. Historical events and state recognition events are also big draws as Texans are historically known for being proud of who they are and where they come from and take every opportunity to celebrate it with events in the State Fair of Texas.
FUN FACTS ON DALLAS
If you're going to live and play in Dallas, you need to be up-to-speed on fun facts even most Dallasites don't know.
About 24.9 million people visit Dallas each year with about 48.9 million visiting the Metro area.
Neiman Marcus was started in Dallas by Herbert Marcus, Sr., his sister Carrie Marcus Neiman and her husband, A.L. Neiman. Neiman Marcus is still headquartered in Downtown Dallas and their corporate headquarters' building is a Recorded Texas Historic Landmark.
Dallas has more than 30,000 hotel rooms located throughout the city and more than 78.000 throughout the entire area.
Dallas only receives snow about 1.3 days per year, making it quite a warm climate in which to live.
Dallas is home to 5 professional sports teams including the Dallas Cowboys (NFL), Dallas Stars (NHL), Dallas Mavericks (NBA), Dallas Wings (WNBA), FC Dallas (MLS), and Texas Rangers (MLB) and is also home to a couple of the top NASCAR and Indy racing tracks in the US.
The frozen margarita machine was invented in Dallas.
The integrated computer chip was invented in Dallas in 1958.
The Dallas-Ft. Worth metropolitan area consists of 12 counties that make up the metropolitan area.
All points within the city limits of Dallas are between 450 and 750 in elevation.
The first 7-11 was opened in Dallas where the company is headquartered today.
23 of the top 100 richest Americans live in Dallas.
The Dallas Art District is the largest urban art district in the entire continental US.
The Statue of Liberty can fit inside of the AT&T Stadium which is proudly the largest free-built coliseum in the world.
Dallas is proudly the biggest US metropolis that is not located near any body of water.
Dallas was actually ruled by Mexico during part of the 1800s.
The American Football League's Lamar Hunt was a Dallas resident when he coined the term "Super Bowl".
John F. Kennedy made his last public speech in Ft. Worth, which was part of the metropolitan area in which he was later assassinated in.
The annual Fort Worth Stock Show & Rodeo is the oldest event of its kind in the entire nation and dates back to 1896.
There is a 52 foot "Big Tex" statue that greets visitors each year at the Texas State Fair is officially the tallest cowboy in the state of Texas.
The largest permanent train model in the entire US is located in Dallas.
Dallas was recently rated as the number one friendliest city for business in America.
Dallas was recently named as one of the friendliest cities for Gay & Lesbian residents.
Moving to Dallas can be an overwhelming experience, especially when you have to relocate a family with younger children. If you would like to learn more about relocating to Dallas and looking for <a href="https://www.knoxre.com/dallas/" title="Homes in Dallas TX">homes in Dallas</a>, call one of our professional Realtors directly at 972-342-0000 or on the contact email form. We look forward to helping you with your move to Dallas and your new real estate
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2019-02-20T21:51:00-07:002019-06-20T12:35:52-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5283How to Sell Your House (Sell My House Fast in Dallas)<img src="https://assets.site-static.com/userfiles/1075/image/si-sell-my-house-2.png" width="1600" height="900" alt="sell my house - sell my house fast in dallas" title="sell your house fast in dallas" />
Sell My House
This page is full of easy, free, useful information on how to sell your home like the pros do it, and let you keep the most possible money for your home.
Quickly Jump To The Most Important Information:
<a href="https://www.knoxre.com/#video">Cinematic Video</a> (Learn why using one particular type of video attracts 460% more interest in your listing)<br /><br />
<a href="https://www.knoxre.com/#photos">The Tricks to Listing Photos</a> (How to make your photos stand out in the crowd of other listings)<br /><br />
<a href="https://www.knoxre.com/#price">The Best-Kept Pricing Secret</a> (Here's the TOP weapon all successful REALTORS® know & use)<a href="https://www.knoxre.com/#price"><br /></a><br />
<a href="https://www.knoxre.com/#facebook">Leverage Facebook to Sell Your House</a> (If you know your audience, you can get thousands of extra people to market your house - FOR FREE)<a href="https://www.knoxre.com/#facebook"><br /></a>
<a href="https://www.knoxre.com/#website">Property Website</a> (Cut through tire kickers and time wasters with one easy trick)<a href="https://www.knoxre.com/#website"><br /><br /></a>
<a href="https://www.knoxre.com/#sideline">Find the Sideline Buyers</a> (There are "hidden buyers" actually waiting to buy your house. Here's how to find them.)<a href="https://www.knoxre.com/#sideline"><br /><br /></a>
<a href="https://www.knoxre.com/#syndicate">Post Your Listing to Hundreds of Websites</a> (Marketing is essential. Learn how to list your home on hundreds of websites)<a href="https://www.knoxre.com/#syndicate"><br /></a>
<a href="https://www.knoxre.com/#contact">Get Expert Help Now</a> (Rather a professional handle the sale of your home? Contact us now!)
A common question we are asked is how to sell your house. Whether you choose to enlist the help of a professional Real Estate Agent or decide to try as a For Sale by Owner, there are definite steps which should be followed.
This guide is NOT a page or site dedicated to "sell your house fast" (to me). 99.9% of the "sell your house right now" websites online are wholesale buyers who will offer you cents on the dollar for your home. This is VERY important to know prior to contacting one of these professional home buyers.
In this informative guide to selling your house, I'm going to teach you step-by-step instructions of the subtler points to listing and selling your home fast.
<a id="video"></a>Step #1 - Cinematic Video
According to DigitalSherpa, having a cinematic video for your listing has been proven to increase potential buyer engagement by a whopping 460%!
If you have the right type of video, your listing can get 460% more attention than the competition. Only approximately 1 in 100 REALTORS® use cinematic video to market their clients' listings.
A video for listings is becoming very, very popular with potential buyers. It seems as if every Real Estate Agent is starting to promote a video to potential sellers as part of their listing package. But be careful! All videos are NOT created equal.
There is a vast difference between the three basic types of videos when listing a house for sale.
The free video - our MLS® gives REALTORS® a free video of every listing. In short, these videos are nothing more than the MLS® photos set to music with a bit of pan and zoom action applied in post-production. They are NOT the best type of video. Unfortunately, an overwhelming majority of agents only use the "freebie" and don't do anything additional to promote a client's listing.<br /><br />
The amateur REALTOR® video - with all the hype of video, Agents everywhere are promising to create videos for their sellers. However, those with little to no audio and visual experience (and lacking the right equipment) will not produce very effective visual marketing for a listing. You most likely won't be impressed with these videos either.<br /><br />
The cinematic video - a filmlike quality and combination of constantly moving shots - panning, zooming, tilting, sliding, and likely aerial drone cinematography. By far the best type of video marketing presentation to sell your home.
Here's an example of a cinematic video tour for one of my recent listings. Notice how the cinematic video tour captures the viewers' attention by creating an almost a filmlike experience. A cinematic video the type of video you want to sell your house fast & for top dollar.<br /><br />
<a id="photos"></a>Step #2 - HDR Photographs
You never get a second chance to make a first impression! Spending a little bit of money for Professional photos will make your listing standout when grouped with competing homes.
One particular <a href="https://www.imotophoto.com/blog/entry/new-study-by-imoto-photo-finds-listings-with-professional-photography-sell-faster-and-at-higher-prices.html">study</a> showed the following stats when comparing the advantages of properties being marketed using professional photography.
Sold 50% faster than average;
Sold 39% closer to starting list price;
Increased online views by 118%*
Amateur MLS photo
<img src="https://assets.site-static.com/userfiles/1075/image/amateur_real_estate_photos.png" width="3000" height="2000" />
Professional HDR photo
<img src="https://assets.site-static.com/userfiles/1075/image/professional_photo.png" width="3000" height="2000" />
<br /><br />
<a id="price"></a>Step #3 - Market Absorption Rate
Using the Market Absorption Rate is the (best-kept) secret for pricing your home to sell fast. Knowing the current Market Absorption Rate gives you a big advantage pricing your home when compared to your competition.
To accurately price homes, the top REALTORS® use a statistic termed the Market Absorption Rate. You will need access to MLS to find the correct data sets & comparable homes to get the values for the formula. You can use Zillow or another site to see the equivalent number of sold homes and current listings to calculate the Absorption Rate. The Market Absorption Rate gives hard data as to the trend of prices for a particular city, area, or neighborhood.
The formula is comprised of the total number of properties sold within the last 12 months while also taking into account the current inventory. The end figure will provide the current, average number of months needed to "absorb" all existing homes (if no other properties were to be listed).
Any number under six months is a seller's market, while a number above six months is a buyer's market. Knowing the market absorption rate will provide critical data on how to price your home for sale.
Here is a link to a free, easy-to-use Market Absorption Rate calculator - <a href="http://recalculators.com/absorption-rate-calculator/">http://recalculators.com/absorption-rate-calculator/</a>
<a id="facebook"></a>Step #4 - Use Social Media (Facebook)
If you know your audience, social media (Facebook) will sell your house for you. *Note how the ad for this listing garnered over 22,000 views on Facebook alone.
<img src="https://assets.site-static.com/userfiles/1075/image/si-facebook-real-estate-ad-example-large-2.png" width="750" height="891" alt="real estate ad for facebook" title="real estate ad for facebook" />
Think about it for a minute - everywhere you go people have their faces buried in their phones. According to <a href="https://zephoria.com/top-15-valuable-facebook-statistics/">Zephoria</a>, 1.49 billion people on average log onto Facebook daily and are considered daily active users. Why not advertise your home on a website (Facebook) where it will stand alone and get (hopefully) thousands of views? Facebook can do a TON of heavy lifting when it comes to marketing your home.
When we talk about leveraging social media, we aren't talking about just "sharing" your home in a Facebook post. We are talking about building a specific advertising campaign using Facebook Ads. In addition to creating a paid campaign to advertise your house, best practices dictate also setting a custom, targeted audience using Facebook Ad Tools.
For example, one excellent stat to keep in mind when targeting potential buyers of your home (According to the National Association of REALTORS® home buyer & seller trends)
There was only a median of 12 miles between the homes that recent buyers purchased and the homes that they moved from.
With the above stat in mind, there is an excellent possibility the next buyer of your home already resides within 12 miles! The logical first step in your advertising campaign would need to be limiting your advertisement to maybe a 15-mile radius. Thankfully, Facebook Ads allow the user to set a boundary around a specific address.
When targeted audiences are set correctly using radius and other useful settings, a Facebook advertisement can have a HUGE impact on the success of a listing.
<a id="website"></a>Step #5 - Custom Website
When using Facebook Ads, creating a custom website as a "landing page" where visitors can click from Facebook to get more information on your listing. The custom website will create a focus ONLY on your listing.
One of the best marketing tools you can use for your listing is building a custom website for your property featuring the HDR photographs and cinematic video tour. To see a full example of how a professional landing site should look - with all the recommended elements and features - <a href="http://b62e49c9f3854c4d9096b63852d30afd.onepageproperties.com/">CLICK HERE</a>.
<img src="https://assets.site-static.com/userfiles/1075/image/single_property_example.JPG" width="1903" height="971" />
Almost every website groups "similar properties" together when you view a certain listing. For example, if you visit your listing is on Zillow, even the page with your home will have "similar properties" displayed along with your house. Having a choice of other homes shown on the same page as yours takes attention away from your listing.
If you can, try and set up a lead capture registration form. By having a contact form on your custom website, you can quickly follow up with interested buyers. The most interested buyers will complete a registration form.
<a id="sideline"></a>Step #6 - Find The "Sideline Buyers"
There are "sideline buyers" already waiting to buy a house like yours. These sideline buyers are ready, willing and able buyers. Here's how to find these buyers.
<img src="https://assets.site-static.com/userfiles/1075/image/shutterstock_342697889.jpg" width="900" height="365" />
There's a term we use in real estate called "sideline buyers." Sideline buyers are the people who tell REALTORS things like - "If a house in __________ neighborhood ever comes up for sale, please let me know ASAP." Or, "I'm looking for a house in __(city)___ priced around $_________."
So how do you find these sideline buyers? The best way to find sideline buyers is using a technique we call reverse prospecting. Reverse prospecting is a system where you would contact any agent who has either listed or sold a home within your comparable area within the last twelve months. There is an excellent chance one of the agents has a list of potential buyers at their fingertips.
This step takes some seriously hard work, but you may be able to find a buyer very quickly using reverse prospecting.
<a id="syndicate"></a>Step #7 - Syndicate Your Listing
It is vital to have your home syndicated and displayed on as many websites as possible. Remember, you only need one person to buy your home.
Marketing your home means advertising the listing on as many websites as possible.
Our professional MLS® allows us, REALTORS®, to automatically syndicate your listing to all of the websites shown below. Also, all brokerages sharing MLS® privileges will also display your listing via our professional MLS feed.
<img src="https://assets.site-static.com/userfiles/1075/image/021716_Point2.jpg" width="750" height="580" alt="how to syndicate your house listing" title="how to syndicate on MLS" style="display: block; margin-left: auto; margin-right: auto;" />
My advice for a For Sale by Owner would be to try and get your house on as many of these websites as possible. You may have to possibly contact each site individually (and likely pay a small fee), but it would be worth your time from a marketing standpoint to do the legwork for the syndication and exposure.
<a id="contact"></a>Prefer Expert Help? Contact Us Now!
Our REALTORS® are very good at listing homes and getting them sold using our proven marketing system. We are always honest and, most importantly, ethical with our clients. You will never question our commitment to you, the client, during a transaction. Our clients come first. Period.
You can fill out the form below, or call us directly at 972-342-0000 to arrange a no-obligation assessment and free consultation of your home.2019-01-11T14:11:00-07:002019-01-11T16:33:22-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5182Real Estate 12 Days of Christmas (Satirical Version)<img style="display: block; margin-left: auto; margin-right: auto;" src="https://assets.site-static.com/userfiles/1075/image/shutterstock_758484.jpg" alt="satirical 12 days of Christmas for Realtors" width="3072" height="2048" title="satirical 12 days of Christmas for Realtors" />
<img style="float: right;" src="https://assets.site-static.com/userfiles/1075/image/blog_xmas_number_1.jpg" alt="on the first day of christmas" width="150" height="150" class="img_box_right" />On the First Day of Christmas, My Broker Gave to Me...
a client who insists on making ridiculous offers like properties should be free.
<img src="https://assets.site-static.com/userfiles/1075/image/shutterstock_326701532.jpg" width="500" height="334" style="display: block; margin-left: auto; margin-right: auto;" />
<img style="float: right;" src="https://assets.site-static.com/userfiles/1075/image/blog_xmas_number_2.jpg" alt="on the second day of christmas" width="150" height="150" class="img_box_right" />On the Second Day of Christmas, My Broker Gave to Me...
two new agents to train and a client who insists on making ridiculous offers like properties should be free.
<img src="https://assets.site-static.com/userfiles/1075/image/shutterstock_274686593.jpg" width="500" height="334" style="display: block; margin-left: auto; margin-right: auto;" />
<img style="float: right;" src="https://assets.site-static.com/userfiles/1075/image/blog_xmas_number_3.jpg" alt="on the third day of christmas" width="150" height="150" />On the Third Day of Christmas, My Broker Gave to Me...
three contracts with contingencies, two new agents to train and a client who insists on making ridiculous offers like properties should be free.
<img src="https://assets.site-static.com/userfiles/1075/image/shutterstock_221193748.jpg" width="500" height="334" style="display: block; margin-left: auto; margin-right: auto;" />
<img style="float: right;" src="https://assets.site-static.com/userfiles/1075/image/blog_xmas_number_4.jpg" alt="on the fourth day of christmas" width="150" height="150" class="img_box_right" />On the Fourth Day of Christmas, My Broker Gave to Me...
four buyers of homes who cannot get loans, three contracts with contingencies, two new agents to train, and a client who insists on making ridiculous offers like properties should be free.
<img src="https://assets.site-static.com/userfiles/1075/image/xmas_4.jpg" width="500" height="334" style="display: block; margin-left: auto; margin-right: auto;" />
<img style="float: right;" src="https://assets.site-static.com/userfiles/1075/image/blog_xmas_number_5.jpg" alt="on the fifth day of christmas" width="150" height="150" />On the Fifth Day of Christmas, My Broker Gave to Me...
five showing service fees, four buyers of homes who cannot get loans, three contracts with contingencies, two new agents to train, and a client who insists on making ridiculous offers like properties should be free.
<img src="https://assets.site-static.com/userfiles/1075/image/xmas_5.jpg" width="500" height="334" style="display: block; margin-left: auto; margin-right: auto;" />
<img style="float: right;" src="https://assets.site-static.com/userfiles/1075/image/blog_xmas_number_6.jpg" alt="on the sixth day of christmas" width="150" height="150" />On the Sixth Day of Christmas, My Broker Gave to Me...
six days to a sell short sale headed to foreclosure hell, five showing service fees ... four buyers of homes who cannot get loans, three contracts with contingencies, two new agents to train and a client who insists on making ridiculous offers like properties should be free.
<img src="https://assets.site-static.com/userfiles/1075/image/xmas_6.jpg" width="500" height="334" style="display: block; margin-left: auto; margin-right: auto;" />
<img style="float: right;" src="https://assets.site-static.com/userfiles/1075/image/blog_xmas_number_7.jpg" alt="on the seventh day of christmas" width="150" height="150" />On the Seventh Day of Christmas, My Broker Gave to Me...
seven cheap "best agent" trophies, six days to sell a short sale headed to foreclosure hell, five showing service fees .... four buyers of homes who cannot get loans, three contracts with contingencies, two new agents to train and a client who insists on making ridiculous offers like properties should be free.
<img src="https://assets.site-static.com/userfiles/1075/image/xmas_7.jpg" width="500" height="376" style="display: block; margin-left: auto; margin-right: auto;" />
<img style="float: right;" src="https://assets.site-static.com/userfiles/1075/image/blog_xmas_number_8.jpg" alt="on the eighth day of christmas" width="150" height="150" />On the Eighth Day of Christmas, My Broker Gave to Me...
eight property management "needs," seven cheap "best agent" trophies, six days to sell a short sale headed to foreclosure hell, five showing service fees ... four buyers of homes who cannot get loans, three contracts with contingencies, two new agents to train and a client who insists on making ridiculous offers like properties should be free.
<img src="https://assets.site-static.com/userfiles/1075/image/xmas_8.jpg" width="500" height="334" style="display: block; margin-left: auto; margin-right: auto;" />
<img style="float: right;" src="https://assets.site-static.com/userfiles/1075/image/blog_xmas_number_9.jpg" alt="on the ninth day of christmas" width="150" height="150" />On the Ninth Day of Christmas, My Broker Gave to Me...
nine listings with titles clouded with liens on the properties, eight property management "needs," seven cheap "best agent" trophies, six days to sell a short sale headed to foreclosure hell, five showing service fees ... four buyers of homes who cannot get loans, three contracts with contingencies, two new agents to train and a client who insists on making ridiculous offers like properties should be free.
<img src="https://assets.site-static.com/userfiles/1075/image/xmas_9.jpg" width="500" height="334" style="display: block; margin-left: auto; margin-right: auto;" />
<img style="float: right;" src="https://assets.site-static.com/userfiles/1075/image/blog_xmas_number_10.jpg" alt="on the tenth day of christmas" width="150" height="150" />On the Tenth Day of Christmas, My Broker Gave to Me...
ten grumpy inspectors were causing buyer defectors, nine listings where the titles are clouded with liens on the properties, eight property management "needs," seven cheap "best agent" trophies, six days to sell a short sale headed to foreclosure hell, five showing service fees ... four buyers of homes who cannot get loans, three contracts with contingencies, two new agents to train and a client who insists on making ridiculous offers like properties should be free.
<img src="https://assets.site-static.com/userfiles/1075/image/xmas_10.jpg" width="500" height="552" style="display: block; margin-left: auto; margin-right: auto;" />
<img style="float: right;" src="https://assets.site-static.com/userfiles/1075/image/blog_xmas_number_11.jpg" alt="on the eleventh day of christmas" width="150" height="150" />On the Eleventh Day of Christmas, My Broker Gave to Me...
eleven invitations to hand out to an office birthday party for the newly recruited top agent named "Marty," ten grumpy inspectors causing buyer defectors, nine listings where the titles are clouded with liens on the properties, eight property management "needs," seven cheap "best agent" trophies, six days to sell a short sale headed to foreclosure hell, five showing service fees ... four buyers of homes who cannot get loans, three contracts with contingencies, two new agents to train and a client who insists on making ridiculous offers like properties should be free.
<img src="https://assets.site-static.com/userfiles/1075/image/xmas_11.jpg" width="500" height="360" style="display: block; margin-left: auto; margin-right: auto;" />
*** Pause Music and Please note - Marty is coming from a rival firm, and your Broker is treating him like a God since he has generously decided to grace your brokerage firm with his mere presence.
<img style="float: right;" src="https://assets.site-static.com/userfiles/1075/image/blog_xmas_number_12.jpg" alt="on the twelfth day of christmas" width="150" height="150" />On the Twelfth Day of Christmas, My Broker Gave to Me...
twelve tire-kicking time-wasting clients who are lying and ain't buying, eleven invitations to hand out to an office birthday party for the newly recruited top agent named "Marty," ten grumpy inspectors causing buyer defectors, nine listings with the titles clouded by all sorts of liens, eight property management "needs," seven cheap "best agent" trophies, six days to sell a short sale headed to foreclosure hell, five showing service fees ... four buyers of homes who cannot get loans, three contracts with contingencies, two new agents to train and a client who insists on making ridiculous offers like properties should be free.
<img src="https://assets.site-static.com/userfiles/1075/image/xmas_12.jpg" width="500" height="245" style="display: block; margin-left: auto; margin-right: auto;" />
Merry Christmas to all and to all a good night!
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2018-12-10T17:15:00-07:002018-12-10T23:42:31-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5181How to Become a REALTOR (Real Estate License Texas)Becoming a Realtor/Real Estate Agent in Texas by getting your real estate license requires several steps. Within this article, I will do my best to guide you along the path with the least amount of fluff while truthfully explaining all of the steps within the process as described by a Realtor and Broker with over a decade of experience in the business (me). If you are a person in another state, most of this article will probably apply to you as well since most states have very similar state laws governing real estate licenses and license holders. However, if you are in another state besides Texas, please contact your state board with any real estate related questions with regards to obtaining a real estate license within that particular state.
How to Become a Real Estate Agent in Texas:
How to begin to get your real estate license in Texas.
Top Real Estate Educational Providers in Texas.
What happens after you pass the Texas Real Estate Exam - Real Estate Agent vs Realtor.
How to choose a Sponsoring Real Estate Broker.
My advice on how to begin your career.
WHAT YOU WILL NEED FOR YOUR TEXAS REAL ESTATE LICENSE
The State of Texas and, specifically, the <a href="https://www.trec.texas.gov/" target="_blank">Texas Real Estate Commission</a> is the agency in charge of issuing new Texas Real Estate Licenses to those who have passed the exam and all of the requirements set forth by the Commission. The Texas Real Estate Commission is the only organization or government agency within Texas which may issue you this type of license.
Please note - getting a Real Estate License in Texas does not automatically make you a Realtor. Realtor is a designation given by the National Association of Realtors, not given by the State of Texas. We will discuss this in additional detail later in this article.
The State of Texas sets forth very strict requirements needed by each Real Estate License applicant and each applicant must pass a series of background checks, licensing classes and final exams in order to attain a Texas Real Estate License. As such, do not listen to anybody who tells you that getting a Texas Real Estate License is a quick, painless or easy process.
Those wanting to become a new Realtor in Dallas Texas often ask me about how long the process takes. This is a tricky question to answer depending upon the way you structure your educational requirements (more about that below), but, in my opinion, the best case scenario for obtaining your Real Estate License in Texas is three to four months from start to finish. Any expectations of getting one faster than three to four months are both unreasonable and highly unlikely.
The State of Texas calls the application process becoming a Licensed Real Estate Sales Agent. Remember from above, Texas cannot designate you as a Realtor. This is done by a process of joining a local Realtor association and board which may then designate you as a Realtor.
It is also important to note at this time in the article that it is not cheap to become a Licensed Real Estate Sales Agent in Texas. First, the state requires fees from the very beginning of the process.
Texas Real Estate Commission Application Fees
Original Application - $205
Background Check - $29.75
Paper Processing Fee - $20
** If you do not have fingerprints on file with TREC, you will be required to be fingerprinted which will also have additional fees with the fingerprint process. You may get more information about the fingerprint process here - <a href="https://www.trec.texas.gov/fingerprint-requirements" target="_blank">https://www.trec.texas.gov/fingerprint-requirements</a>
REAL ESTATE CLASSES FOR YOUR TEXAS LICENSE (BEST EDUCATIONAL PROVIDERS)
The Texas Real Estate Commission also provides oversight and accreditation to <a href="https://www.trec.texas.gov/education/qualifying-education-providers" target="_blank">Texas Real Estate educational providers</a> for those wanting a Texas Real Estate Sales Agent and/or Broker's license for Dallas and/or the State of Texas.
Based on the exam passage rates provided by the Texas Real Estate Commission, the following schools and educational providers are at the top of the class. The average <a href="https://www.trec.texas.gov/education/education-provider-exam-passage-rates-sales-agents-and-brokers" target="_blank">passage rate of the Texas Real Estate Exam</a> hovers only around 59%. The schools below rank well above that average:
<a href="https://www.realestateexpress.com/" target="_blank">Real Estate Express</a> (77% passage rate)
<a href="https://www.kapre.com/real-estate-courses/texas" target="_blank">Kaplan Professional Schools</a> (75% passage rate)
<a href="http://www.learntexasrealestateonline.com/" target="_blank">Learn Texas Real Estate Online</a> (74% passage rate)
The required courses for a Texas Real Estate License include the following:
Principles of Real Estate - This course is an overview of licensing including ethics, titles to properties and conveyancing of real estate, legal descriptions, deeds, liens, appraisal real estate math, closing procedures and more.
Law of Agency - This course is about principal-agent and master-0 servant relationships, the authority of the agent, termination of agent's authority, fiduciary and other duties of the agent.
Law of Contracts - Covers elements of a contract, offer, and acceptance, the statute of frauds, specific performance and remedies for breach and more.
Promulgated Contract Forms - Talks about the unauthorized practice of law, broker-lawyer committee, current promulgated forms, commission rules governing the use of forms and more.
Real Estate Finance - Covers monetary systems, primary and secondary money markets, sources of mortgage loans, federal programs, loan applications and more.
The courses above are the required "core" classes and an applicant may not obtain a real estate license without a certificate of completion for each of these classes from an accredited provider.
So, from an educational provider standpoint, what are the most important things for students to know about the education process of the license? I reached out to Real Estate Express (one of the top-rated schools by passage rates) and Tom Davidson, the General Manager, says that the most important advice he can give you for getting your Texas Real Estate License is, "take your education seriously and study the terminology. The time and dedication that you put into your education, is the foundation to your successful career."
I'm sure the following is not something which needs to be announced or discussed, but an applicant may now complete all of his or her real estate education online. Back in the dark ages of 2004 when I was studying for my real estate license, I had to get all of the materials and books via correspondence where they sent the materials to my house and I actually had to open books and read the real books. No more nasty books in 2016, everything is online and available in digital and ebook form.
The other option which existed in 2004 and still exists in 2016 is the option of actually attending classes in a classroom. If you are a person who learns better by sitting in a classroom and absorbing information and being able to ask questions of a teacher, this option absolutely is still available. Simply ask your education provider about the classroom option.
Once you are finished with each of the core classes mentioned above, you will have to complete a final exam given by your school. If you pass each course's final exam, the school will print a certificate which will be forwarded to the Texas Real Estate Commission on your behalf which shows completion of each course. Once you have received all certificates of completion, you will be eligible to take the official real estate exam given by the State of Texas.
Remember, I said above that getting your Texas Real Estate License is not a cheap venture? Well, there are more fees associated with schooling as well. Each school is an independent, private business so their fees can differ. However, I would be careful in choosing the cheapest and lowest cost options since the old adage of "you get what you pay for" definitely applies to real estate schools as well. Real Estate Express, as quoted above, has three different packages which cost $484 for the Standard Package, $519 for the Silver Package and $619 for the highest package named the Success Package. Please remember that Real Estate Express has one of the highest passage rates of graduates among almost all real estate education providers. You may see more about Real Estate Express education packages here - <a href="https://www.realestateexpress.com/prelicense/tx/prelicense_info.asp" target="_blank">Texas Real Estate License School</a>.
Like a few other institutions, Real Estate Express offers a money back guarantee of passing the real estate exam with their Silver and Success Packages. This means that if you do not pass the Texas Real Estate Exam, the company actually stands behind their training and offers your money back. This is a great option and I'd certainly register for a school where this guarantee exists.
Please note that I studied very hard for both my Real Estate Agent exam and my Broker's exam. I passed both tests on the first attempts. However, by studying the passage rates as published by the state, you can see that not everybody is as successful on their first attempt. I will advise you that you must take these exams seriously. The exams are tricky and will definitely try and mislead you with the questions if you do not know the material as you should. If you fail to prepare and study seriously, there is a very good chance you will fail the exam.
The exams are divided into both a state and national portion with each section consisting of a certain number of questions. A score of 70% or better is required to pass and an applicant must pass both sections of the exam in order to qualify for a Texas Real Estate License.
*Continuing education is strict for the first few years of being licensed.
NATIONAL ASSOCIATION OF REALTORS & TEXAS ASSOCIATION OF REALTORS
So, you've reached the point where you've passed the Texas Real Estate Exam and you're now ready to start selling real estate. Well, not so fast. If you are going to sell residential real estate, you need to join a local Board of Realtors. Notice that I did not say that you had to join a local board. However, if you want MLS access (vitally important in residential real estate), you must join a local board. In order to have MLS access, you must be a part of both the <a href="http://www.realtor.org/" target="_blank">National Association of Realtors</a> and the <a href="https://www.texasrealestate.com/" target="_blank">Texas Association of Realtors</a>. Local Realtor boards are simply an extension of NAR (National Association of Realtors) and TAR (Texas Association of Realtors). These boards are the local level of the national and state associations.
When you pass the Texas Real Estate Exam and are given a license by the state, you are simply an Agent. You are not yet a Realtor. The State of Texas has nothing to do with the National Association of Realtors. Only NAR can designate you as a Realtor. To become a Realtor you must attend an orientation at your local board and be sworn in to follow the <a href="http://www.realtor.org/code-of-ethics" target="_blank">Realtor Code of Ethics</a> and all rules set forth by the National Association of Realtors for being designated as an official Realtor Member. Failure to follow ethics rules and codes of NAR can result in your being dismissed as a member of your local board, TAR, and NAR.
Being a Realtor means belonging to a higher trade organization than is enforced by the state license. It means that you have sworn to uphold all duties and ethics to perform your job as an Agent to a higher standard. If you notice in the National Association of Realtor commercials, they often mention that Realtors have sworn to represent clients in a higher ethical manner. These Realtor boards and organizations take these promises and sworn duties very seriously.
Texas (and most states) require that you have what is called a Sponsoring Broker in order to start practicing real estate. A Sponsoring Broker is a Broker who teaches you the proper way to practice real estate in an ethical way, leads you through your first few contracts, supports you and helps grow your career as a new Agent. So, how do you find a Sponsoring Broker? Keep reading, as we tackle that issue below.
HOW TO FIND A SPONSORING REAL ESTATE BROKER TO HOLD YOUR LICENSE
What is a Sponsoring Broker? Who are Sponsoring Brokers?
Companies like Coldwell Banker, Century 21, Keller Williams, Re/Max, and others are national companies with locally owned franchises which will sponsor a new agent as a Sponsoring Broker. <a href="https://www.knoxre.com/sponsoring-real-estate-broker-dallas-tx.php" target="_blank">Dallas Sponsoring Real Estate Brokers</a> are both national firms and local firms like our firm - Knox & Associates.
As a new agent, you will have the opportunity to interview and talk with potential sponsoring real estate brokerage firms to see where you fit best as an individual with your business goals. Each firm will offer slightly different benefits to joining their firm. There are both pros and cons to going with each firm. National franchise firms might offer things that local firms do not and vice versa. With the internet leveling the playing field, it is my opinion that belonging to a large national franchise is not as important as it may have once been in decades past.
In the older days, prior to the internet MLS, it was probably very beneficial to have been a part of a large, national brokerage firm where you could easily network within your office to learn about new listings on the market for your clients. This also allowed an agent to easily spread the word about their new listings in hopes to attract the buyer client of another agent in your office. That all changed with the shift to the MLS online.
Agents are no longer required to be in huge offices in order to spread the word about their new listings or to find the newest listings available for their clients. The internet allows small firms to know of listings and promote listings just the same as an office with 500+ agents. In fact, some would argue that you have more opportunities at a smaller, local firm because of the attention you will receive from the lead Broker and managers. Your clients are likely to get better attention from smaller firms as well versus the corporate structures of larger firms.
However, in an effort to be fair, there are things you will get with larger firms which you will not get with smaller firms. Larger, national franchises tend to advertise their brands through both radio and television advertisements. Large national brands will also usually have marketing materials available (for a cost) to their agents where the agent will not have to take the time to design their own marketing materials. On the flip side, most smaller firms do not have readily available marketing materials and this means that the agent will have to spend time and money designing their own promotional and marketing cards, brand, etc...
In addition, most national brands are well-known and clients. Consumers will most likely know of the large national brokerage brands with no explanation needed by an agent. This could also be a double-edged sword. Some potential clients may have had a prior bad experience with an agent from a national brand and, although every agent is not the same, some potential clients with prior bad experiences may hold this against you if you are part of the same brand.
As the use of the internet grows in real estate (with no signs of slowing), it would be my personal recommendation to seek and interview brokerages who seem to understand that a great internet presence is a must when moving forward in today's world.
Questions to ask on this front would be - how are your organic internet rankings? How many people visit your website per day or month? Do you update your blog often? Do you allow your agents to write for your blog to grow their own personal brands? Keep these questions in mind when you interview brokerage firms.
HOW TO MAKE THE MOST OF YOUR NEW REAL ESTATE LICENSE
To get the fairest opinions about what you want to look for in a Sponsoring Broker, I reached out to several of the top Realtors around the country and they advise the following:
Anita Clark - Warner Robins, GA Realtor
Anita Clark a <a href="http://sellingwarnerrobins.com/houston-county-ga/warner-robins/" target="_blank">top Warner Robins GA real estate agent</a> says one of the easiest ways to determine if a sponsoring broker is a good fit for you is to ask other agents who hang their hat in the brokerage.
"While agents technically work for themselves, their license resides with a brokerage, which makes it incredibly important they do their homework before choosing a broker to work for. For instance, it is a good idea to understand the brokers approach to both new and seasoned agents, how they handle conflict, disputes, and resolution management, what their philosophy on agent training and mentorship is, what are their individual vs team and part-time vs full-time rules, agent splits, specific office requirements (i.e. open houses, floor time, special fees, etc.), and whether the broker is affable or unapproachable. Knowing the answers to these topics before choosing a broker will bring peace of mind and help keep the agent motivated during both the busy and slow periods."
Bill Gassett - Franklin, MA Realtor
Bill Gassett, a <a href="http://www.maxrealestateexposure.com/ma-re/norfolk-county/franklin-ma-real-estate/" target="_blank">Real Estate Agent in Franklin MA</a> says this about what a new agent should look for in a sponsoring broker - “Jeff thanks for allowing me the opportunity to share a bit about what makes a real estate broker great."
"My perspective may be a little bit different given the fact I am coming from a RE/MAX agency. For those who are not familiar with RE/MAX, it is a much more entrepreneurial in nature. Essentially in the RE/MAX system, each agent is their own boss. Unlike a traditional agency where the owner/broker calls all the shots, a RE/MAX agent has far more control over their business. This, however, does not mean an agent isn’t looking for guidance just that they are a bit more independent. A good leader still knows how to lead. They are good at listening to agents needs and responding to them. While a seasoned RE/MAX agent might not desire the level of hand-holding that some agents would at a more traditional agency, they still want a broker running the show they can count on when necessary."
Dustin Brohm - Salt Lake City, UT Realtor
Dustin Brohm, a Realtor specializing in <a href="http://searchsaltlake.com/" target="_blank">Real Estate & Homes for Sale in Salt Lake City, Utah</a> added, "Anyone searching for a broker to "partner" with should really focus on two important questions. 1) Will your broker have your back, and go to bat for you, if a conflict ever arises, and 2) Can your broker be easily reached whenever you have a question or need guidance."
"Partnering with a broker who will have your back whenever a conflict arises is so important, but most new Realtors don't even consider this. You want to make sure your broker is a bulldog and will really fight for you against the occasional, but inevitable, unreasonable party that throws a fit if they don't get their way. My broker fights for his agents like he would fight for himself. Also, if I ever have a question about a complicated transaction, I know that I can count on reaching my broker quickly. If the clock is ticking in an offer situation, you can't wait until tomorrow to get an answer."
"Make sure you speak with a few of that brokers' current agents, specifically agents who have had a conflict where the broker stepped in to help. Take the time to do your due diligence up front. Years later, when you're still with the same broker and can't even imagine going anywhere else because you're happy, you'll be glad you did the extra research up front."
Kinga Mills - Honolulu, HI Realtor
Kinga Mills, a <a href="http://www.honolulucondosearch.com/" target="_blank">top Honolulu Condos Realtor</a> advises - "Real estate is an amazing career. To thrive, find a managing broker that has a larger vision for you and the company, one that stays current on what is happening in the industry, and one that you know will support you in your efforts."
"In your meeting, that individual should clearly definite what tools and training will be available to you, how the company will help you get started, and also how it will stand behind you in the long run."
"Do your research and be very selective. This will be your own business. The managing broker needs to be knowledgeable and approachable to help you, but don't solely rely on the managing broker to make you successful. From day one, know that success will have to come from your personal time and commitment to your new career."
Joe Samson - Calgary, AB Realtor
"Almost every profession such as lawyers, doctors, nurses, engineers, heck - even tradesmen like plumbers, painters or hairdressers have to put in a minimum amount of hours of real-life practice time before they are released to work with people. What about real estate agents?"
"Being in real estate for over 10 years now, the best investments that I’d made were the money that I’d spent on my own education. Working with personal coaches was very influential to me and forming lasting friendships with other agents where everyone is willing to share their experiences to help each other," says Joe Samson a top <a href="http://www.joesamson.com/south-calgary-real-estate.php" target="_blank">Realtor specializing in South Calgary, AB</a>.
"Getting wisdom from a seasoned agent is worth all your money that can you invest. But even better, if you have the opportunity to become a team member to work with someone who has been around the block a few times - I am recommending you not to even think about it for a minute. Just say YES, and I promise that your knowledge and experience in the industry is going to soar like an eagle!"
Debbie Drummond - Las Vegas, NV Realtor
Debbie Drummond, a Realtor in Las Vegas with over a decade of experience adds, "The questions an agent should ask will vary depending on their experience level. For a new agent, it’s important to have training and hands-on supervision. The first Brokerage I joined had a saying that 'three sets of eyes are better than one.' Beginning agents had to get at least one of the Brokers to review any offers. If it was a complicated offer, they needed to get two of our Brokers to review. This was time-consuming but it was one of the best educations I could have received."
"Any agent should make sure the office they join is financially secure. Ask how soon they’ll get their checks when a deal closes. Ask other agents if they’ve had any delays in getting their checks. The first Las Vegas office I joined went Bankrupt in 2007. Yes, I lost some commission money on that one. During the recession, we saw more offices close. When they closed, agents usually lost money."
"Three years ago, my partner and I joined a Boutique Brokerage that <a href="http://www.thelasvegasluxuryhomepro.com/las-vegas-luxury-homes.php" target="_blank">caters to the Las Vegas luxury market</a>. Our Broker spent years with the same Franchise we were with before starting his own office. We waited until Simply Vegas had been around for over a year before switching. Three years later, we’re still happy. We’re working with the top agents in town. We get our checks quickly. I’m not the least bit concerned that we’ll have another experience as we had in 2007."
Ryan Fitzgerald - Raleigh, NC Realtor
Ryan Fitzgerald, a seasoned, professional Realtor from Raleigh NC has some great advice as well, "Once you decide you want to <a href="http://www.raleighrealtyhomes.com/blog/steps-to-becoming-a-real-estate-agent-in-nc.html" target="_blank">become a Real Estate Agent</a> you need to obtain your license. A lot of Agents don't realize that while they're going for their license they should be interviewing with multiple real estate firms to determine which is the best one for them."
"Don't just choose the first brokerage you interview with or the one that everyone else says you should join, decide for yourself! There are 10,000+ Real Estate Agents in my market. That means that there aren't even enough <a href="http://www.raleighrealtyhomes.com/raleigh.php" target="_blank">homes for sale in Raleigh</a> to keep food on the table for everyone!"
"The number one reason 87% of Agents fail in Real Estate is that they choose a brokerage that doesn't care if they make it or not. Here is what you should ask your brokerage: What are you going to do to help me become the best Agent in my local area? What is your New Agent failure rate? How much does a typical Agent make their first year?"
Fitzgerald continues by saying, "New Agents need to be cautious of the amount of money they spend early on. Don't invest too heavily until you see that money coming back to you!"
Wendy Weir - Birmingham, MI Realtor
Wendy Weir, a <a href="http://www.wendyweirrelocation.com/" target="_blank">relocation Realtor in Birmingham MI</a> added, "When I moved from my Fathers company after 15 years – (He had retired 3 years after I went into Business) to my Present Broker – (we have changed names three times now!) I was taking 19 Agents with me – my TOP Agents – whom I had given referrals to for years."
"My Questions were; Will you allow me to Refer MY Clients to the Agents I want or are you going to want me to use YOUR favorites Agents? – (whom I haven’t worked with). Secondly, my Father has a HUGE name in Birmingham, MI and we have 5 offices – how can you handle all my business with only One office, especially since I have 300 Corporate Accounts?"
"Finally, what type of Training Program do you have to help New Agents with no experience?"
David O'Doherty - Clayton, NC Realtor
"Find out about their online presence, is it relevant up to date and if so how will the new agent fit into the mix, is there a support system for agents to promote themselves online. Have they received positive reviews."
"Find out exactly what the splits are, whether there is a mentor program you'll be required to pay into, what are all the brokerage fees the firm charges their clients and if they opt not to pay it is the agent then required to. What are the desk/office fees."
"Does the Broker take listings/buyers what is the policy of distributing leads and what type of referral fees are involved. I would really emphasize that new agents not rely on anyone to spoon feed them leads but rather they go out and get them themselves. This is more a general tip for new agents that gets glossed over by brokerages who just want bodies. Not only will you probably not make any money the first 3,6,9 months of your real estate career...you have to spend money every month to stay in the business and market yourself." - David O'Doherty - <a href="http://searchclaytonncrealestate.com/" target="_blank">Clayton NC Real Estate & Homes for Sale</a>
Kyle Hiscock - Webster, NY Realtor
Congratulations on getting your real estate license! One of the first but one of the most important decisions you will need to make is what broker you will work for. In every real estate market there different choices and each broker will offer different things.
The most important thing to look for in a sponsoring broker when beginning in real estate is that they have a top-notch training program or academy. Without the ability to learn about real estate and have people you can ask questions, it will be very difficult to learn the business.
Other important things to look for in a sponsoring broker include the use of cutting-edge <a href="http://www.rochesterrealestateblog.com/what-real-estate-marketing-strategies-should-my-agent-be-using/" target="_blank">real estate marketing strategies</a>, strong local reputation, and strong leadership. Bottom line, make sure you interview a couple brokers before selecting one to make sure you are picking the best for your business!
Kyle Hiscock is a <a href="http://www.rochesterrealestateblog.com/greater-rochester-ny-area/webster-ny-real-estate/" target="_blank">top Webster NY real estate agent</a> with Re/Max.
Paul Sian - Cincinnati & Northern Kentucky Realtor
First thing I would ask a broker is what technology they are using to help their clients out. I would want a full behind the scenes tour by someone who knows how to use all the tools the brokerage has purchased. I would like to know how the broker is generating leads. What forms of advertising and social media are they using and how are they directing leads to their agents? Are leads directed using a cue, going only to top agents or using a shotgun approach to first to respond?
I would also ask about the commission split. How is it determined? When does the split-change? What other fees are there associated with a brokerage?
Also would ask about what training the brokerage provides to their agents and how is it provided? Online, in person, on the job training etc.
Paul Sian is a <a href="http://cincinkyrealestate.com/" target="_blank">top Realtor in Cincinnati and Northern Kentucky</a>.
Xavier De Buck - Johannesburg, South Africa Realtor
My advice would be to opt for a national broker who can give you the much needed initial training and support, as there’s quite a learning curve ahead of you!
Plus, you’ll more than likely be able to join an established team, where you’ll learn tons & you’ll at least make some money while you train yourself up!
Xavier De Buck, a <a href="http://northcliffrealestate.com/real-estate-blog/how-to-ensure-success-as-a-real-estate-agent-in-2016/" target="_blank">top-producing real estate agent from Johannesburg, South Africa</a>
HOW TO START YOUR REAL ESTATE CAREER
First and foremost, get techie with your business. Even if you don't feel comfortable within the technical world, force yourself to sit down and learn the basics of what I call the real estate pyramid of marketing like email, either build or buy a website, learn how to work on your website from the backend tools so that you aren't having to pay somebody to post blog posts etc..., purchase and learn a CRM for drip campaigns and get involved in the technical world as it applies to your new business, study PPC (Pay Per Click) advertising for real estate and see if it will work for you and your business. Or, find a brokerage firm like ours who will do all of that for you.
NAR (National Association of Realtors) reports that over 90% of clients (buyers and sellers) start their search for a home online. I'm going to make a "bold prediction" here - those numbers are not going to decline anytime soon. In order to have success in real estate, you've got to dive into the techie world.
I wish you the best of luck in becoming a new Realtor & Real Estate Agent in Dallas Texas. If you would like to learn more about our brokerage firm, call us at 972-342-0000 and schedule an interview for us to speak about becoming your Sponsoring Broker.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2018-12-10T15:58:00-07:002020-01-08T18:18:55-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5175Dallas Neighborhoods (These are the best Neighborhoods in Dallas)<img src="https://assets.site-static.com/userfiles/1075/image/blog-header-best-dallas-neighborhoods-2.jpg" width="1200" height="630" alt="best neighborhoods in dallas" title="best neighborhoods in dallas" />
As in the other articles we have composed about the neighborhoods, our Realtors will rely on certain aspects which make some Dallas neighborhoods and areas better than others. For ease of this article for both the author (me) and the reader (you) when we talk about "neighborhoods," we are going to reference larger areas of Dallas instead of individual neighborhoods. Admittedly, these are usually considered the most popular neighborhoods in Dallas, but there is often a reason for an area being "popular" and a reason why these <a href="https://www.knoxre.com/dallas/" title="Dallas Real Estate">homes for sale in Dallas TX</a> sell quicker and easier than other homes in some of the neighborhoods/areas which may not be as popular.
This list of the best neighborhoods in Dallas will cover all parts of the City of Dallas from far north to east to west to south Dallas. We will NOT count cities within Dallas as a neighborhood for this article. For instance, neither University Park nor Highland Park will be counted as a qualifying neighborhood.
So, what are our qualifications for making this list?
Desirability - how desirable is the area? How quickly do homes sell when they come on the market in a particular neighborhood? How high are the prices per square foot? Generally speaking in real estate terms, the higher the price per square foot of a home, the more desirable the neighborhood.
Schools - what are the area schools like? While some will frown about properties being homes for sale in Dallas ISD, some of the local DISD schools are known to have high ratings and are popular centers of education for residents. Also, what types of good private schools are available within the neighborhood or areas closely surround the neighborhood? We'll describe all you need to know in the body of the article below.
Lifestyle & Location - What's around this neighborhood? What features and attractions make this neighborhood popular with buyers? What are the best restaurants, retail, entertainment, etc... Where, in the grand scheme of things is the neighborhood located? Why is the particular neighborhood location considered good? We will tell you!
NOMINEES FOR BEST DALLAS NEIGHBORHOODS
Bent Tree Neighborhood
Bent Tree is a luxury neighborhood in Dallas located in what would be considered far North Dallas with homes over $8,000,000, square footage over 15,000 square feet and a local golf course. What about this neighborhood in Dallas doesn't yell luxury?
Homes in the Dallas Bent Tree neighborhood are priced between $300,000 for condos in the neighborhood to over $8,000,000 for the most expensive and luxurious homes in the community.
The schools serving the Bent Tree neighborhood are zoned to both Dallas ISD and Plano ISD. The children living in the homes in Plano ISD will be the more desirable of the two school districts. If a house is zoned to the Plano ISD, children will attend Mitchell Elementary School, Frankford Middle School, and Plano West High School. The Bent Tree neighborhood location also gives residents excellent proximity to Trinity Christian Academy and Greenhill School in Addison, Texas, as possible private school alternatives.
Bent Tree Country Club serves as the local hangout for many of the residents who enjoy golf, dining, swimming, tennis and more. The Bent Tree location also gives owners excellent access to the North Dallas Tollway, The Shops at Willow Bend and Stonebriar Centre.
With golf in the neighborhood and a fantastic location, Bent Tree deserves a spot on the best Neighborhoods in Dallas list!
<a href="https://www.knoxre.com/north-dallas/bent-tree/" title="Bent Tree homes for sale">Click here to search Bent Tree homes for sale</a>
Bluffview Neighborhood
The Dallas Bluffview neighborhood is another luxury area of Dallas, located west of the Town of Highland Park and just west of the North Dallas Tollway.
Homes for sale in this area of our Best Dallas Neighborhoods price upwards to $10,000,000. Bluffview is a wealthy area set on rolling hills in Northwest Dallas near Love Field Airport and some of the best private schools in Dallas.
The prices on all homes for sale in Bluffview range from $400,000 to over $10,000,000 for the most luxurious homes in the neighborhood. One of Dallas' most elite neighborhoods, Sunnybrook Estates, is located in the Bluffview area.
While the Bluffview neighborhood in Dallas is zoned to the Dallas Independent School District, most parents choose to send their children to the top local private schools in the area such as St Marks, Jesuit, ESD, Lamplighter, Hockaday, and Ursuline Academy.
The neighborhood of Bluffview is located within a couple of miles from Love Field Airport and has excellent proximity to North Park Center shopping mall, the North Dallas Tollway, Interstate 35 and LBJ 635.
<a href="https://www.knoxre.com/dallas/bluffview/" title="Bluffview Homes for Sale">Click here to search Bluffview homes for sale</a>
Devonshire Neighborhood
Located west of the Tollway, east of Inwood Road, south of Northwest Highway and north of Lovers Lane, this area allows residents to reside near both Highland Park and Bluffview with homes priced around $1,000,000, but slightly lower in price than those luxury homes in either surrounding Bluffview or Highland Park.
The Devonshire neighborhood in Dallas consists of custom homes with architectural styles of an eclectic mix with contemporary homes, European inspired homes, older cottages, and older <a href="https://www.knoxre.com/dallas/bungalow/" title="Bungalow Houses in Dallas">bungalow style homes</a>. While some of the homes are of newer construction, some of the homes date back to the 1950s. Buyers can find homes in Devonshire with between two and five bedrooms and between approximately 1600 square feet to over 5000 square feet.
Homes within this best neighborhood in Dallas are assigned to the Dallas Independent School district with Children attending Williams Elementary School, Cary Middle School, and Thomas Jefferson High School.
<a href="https://www.knoxre.com/northwest-dallas/devonshire/" title="Devonshire homes for sale">Click here to search Devonshire homes for sale</a>
Downtown Dallas Neighborhood
The downtown Dallas neighborhood provides buyers and residents with that urban feel of living in a downtown area of a major city. As such, there are buildings and condos in the downtown Dallas neighborhood which will not be found in other parts or areas of the city. Buyers in downtown can get that urban loft feel with one of the older and more popular buildings of the Soco Urban Lofts & Condos.
In addition to being an effortless commute to work for most buyers, the City of Dallas has done a great job of the past few years of sprucing up the downtown neighborhood with parks like the Belo Gardens and Klyde Warren Park.
The Arts District condos for sale in Dallas are also a part of what would be classified as the downtown Dallas neighborhood. Dallas has made a big push recently for developing a world-class art scene with the development of the Arts District.
Downtown Dallas also is home to some of the top restaurants in the area like Five Sixty by Wolfgang Puck, Stephan Pyles, Pyramid Restaurant & Bar, The Palm Restaurant, Y.O. Steakhouse and others.
With excellent restaurants and styles of living not found anywhere else in Dallas, how can you NOT have Downtown Dallas in the best neighborhoods?
<a href="https://www.knoxre.com/oak-lawn/downtown-dallas/" title="Downtown Dallas Condos">Click here to search Downtown Dallas condos</a>
Forest Hills Neighborhood
The Forest Hills neighborhood is a popular destination for those buyers wanting easy access to White Rock Lake, the Dallas Arboretum & Botanical Gardens and the older and original culture of the shops, homes, and lifestyles of <a href="https://www.knoxre.com/east-dallas/" title="East Dallas Homes for Sale">East Dallas.</a>
Buyers will be able to find homes for sale in Forest Hills built as far back as the 1950s or as recently as brand new construction. With that wide of a range, the architectural styles of the homes in the Forest Hills neighborhood will vary from small cottage to newer construction homes inspired by contemporary and modern architecture to European style. Most homes within the Forest Hills area will come on larger lots.
The proximity to White Rock Lake is a huge draw for those who specifically want to live in Forest Hills since the beginning marker of the neighborhood is just south of Garland Road. Garland Road is the only thing separating the Lake boundary and the start of Forest Hills. Residents may walk, jog or bike a very short distance to enjoy the lake scene.
Pricing on homes in this best neighborhood in Dallas starts around $500,000 and can go to around $1,500,000 with these homes being zoned to the Dallas Independent School District.
Forest Hills is also a convenient 8 miles to downtown Dallas and 12 miles to Love Field Airport.
<a href="https://www.knoxre.com/east-dallas/forest-hills/" title="Forest Hills Homes for Sale">Click here to see more about Forest Hills homes for sale</a>
Kessler Park Neighborhood
Kessler Park is located in south Dallas and nestled among rolling hills, lush landscape and towering trees. Near the Trinity River, Kessler Park provides buyers with a taste of original Dallas which is the attraction for many home seekers. Buyers here will find new contemporary homes in Dallas to older Craftsman style homes for sale in Dallas in Kessler Park.
Kessler Park has some of Dallas' oldest properties, and buyers will be able to shop homes built as far back as the 1920s. Kessler Park is "old Dallas" and feels as if it is its own city.
Properties in Kessler Park have always been "hot" especially homes in Stevens Park and houses along Colorado Boulevard.
Kessler Park is also home to its own neighborhood golf course owned by the City of Dallas - Stevens Park Golf Course. So lovers of true architecture (whether it be old school like Tudor or Craftsman, or new like Modern and Contemporary) and golf may find their perfect home in Kessler Park which means Kessler Park belongs on the list of Best Neighborhoods in Dallas Texas.
<a href="https://www.knoxre.com/dallas/kessler-park/" title="Kessler Park Homes for Sale">Click here to see more about Kessler Park Homes for Sale</a>
Lake Highlands Neighborhood
Lake Highlands is located in the northeast area of the City of Dallas. However (and this is a big plus for the neighborhood), the homes in the area are zoned to the Richardson Independent School District. The Lake Highlands area of Dallas has multiple elementary schools, two Junior High Schools and one High School - Lake Highlands High School.
More like it is a small town, most activities focus around the High School as they would in a small, Texas town. Most Friday nights in the fall will find a majority of residents at Wildcat Stadium cheering on the Wildcat football team.
Lake Highlands is named such because it is near White Rock Lake and the homes in the area were constructed initially starting around the 1960s. The early homes built in the area will have that 1960's cottage feel with smaller floor plans and usually two to three bathrooms. The original homes in Lake Highlands are in an area which is now fondly termed as homes on the L Streets in Dallas. The L Streets homes are typically "newer" in construction than the ever-popular M Streets homes and, as mentioned above, have the advantage of being zoned within the Richardson ISD as opposed to the Dallas ISD.
The "newer" parts of Lake Highlands were developed around the 1970s and 1980s and typically fell west of Abrams Road. These newer Lake Highlands homes feed to a few elementary schools and Forest Meadow Junior High and then to Lake Highlands High School.
If buyers want an area of Dallas which feels like its own small, Texas town, Lake Highlands might be your "best neighborhood."
<a href="https://www.knoxre.com/lake-highlands/" title="Lake Highlands Homes for Sale">Click here to see more about Lake Highlands homes for sale</a>
Lakewood Neighborhood
Lakewood is an area of Dallas west of White Rock Lake, near downtown Dallas, close to SMU, walking distance to Lower Greenville Avenue...AND...extremely popular with home buyers! Why are homes in Lakewood so popular (besides the things I just mentioned at the beginning of this section)? The architectural styles take buyers and residents back to the beginning of the century - literally.
Along with the M Streets, Lakewood is one of the best neighborhoods in Dallas to find Craftsman style, Bungalow style, and Tudor Style homes for sale in Dallas Texas. Builders of homes in Lakewood are doing a fantastic job building new homes to reflect the building style of the original Lakewood homes constructed in the 1920s.
Some of the better schools in Dallas ISD are also located in the Lakewood area which gives this neighborhood a good advantage over other parts of Dallas where the schools are also zoned to the Dallas Independent School District.
Lastly, Lakewood has a country club within the neighborhood - Lakewood Country Club - where members may play golf, tennis or dine with family. A large percentage of Lakewood residents belong to the local country club which makes the club like one in a smaller town. Many residents would argue Lakewood is the best Dallas neighborhood!
<a href="https://www.knoxre.com/lakewood/" title="Lakewood Homes for Sale">Click here to see more about Lakewood homes for sale</a>
M Streets Neighborhood
The M Streets neighborhood is one of the most talked about and coveted neighborhoods in the Dallas area. Popular and pricey for the sizes of the homes in the area, the M Streets has an awesome location to downtown Dallas, SMU, Lower Greenville Avenue, White Rock Lake, and Uptown. The reason the homes on the M Streets are so popular and pricey comes down to one reason - the impressive architecture and ability to buy a piece of old Dallas.
The M Streets area is full of the best Craftsman style homes, Bungalow homes and Tudor homes for sale in Dallas Texas. Homes on the M Streets date back to the 1920s and buyers of historical homes full of charm and character love the M Streets.
The double-edged sword to the M Streets is that they are close to the bars and restaurants on Lower Greenville and the area can be loud and crowded on the weekends and evenings. But, if you want an area where it is lively and fun, the M Streets is probably your area. Also, the homes on the M Streets are zoned to the Dallas Independent School District. While the two things mentioned in the prior two sentences can be a drawback from the area, it still definitely doesn't stop the M Streets from being listed as one of the best neighborhoods in Dallas Texas.
<a href="https://www.knoxre.com/m-streets/" title="M Streets Dallas">Click here to learn more about M Streets homes for sale</a>
Oak Lawn Neighborhood
The Oak Lawn neighborhood is located north of Dallas between U.S. 75 (Central Expressway) and Interstate 35. Oak Lawn encompasses a large area near downtown Dallas which includes Victory Park, Uptown and West Village.
The Oak Lawn area of Dallas is full of top-notch condos, high-rise condo buildings, and townhomes which, in turn, means that the walkability score for residents is high. Those living in Oak Lawn can often walk to their favorite bar, pub, restaurant or shops. The area is also home to some of the best restaurants, bars, and nightlife in the City of Dallas.
Turtle Creek runs through Oak Lawn, and Turtle Creek condos in Dallas have become associated with expensive, high-rise apartment and condo buildings.
With a vibrant nightlife, concentrated area of some of the best high-rise condos in Dallas and great places to eat and play, Oak Lawn has to make our best neighborhoods list!
<a href="https://www.knoxre.com/oak-lawn/" title="Oak Lawn Homes for Sale">Click here to learn more about Oak Lawn homes for sale</a>
Preston Hollow Neighborhood
Other than the Park Cities homes for sale in Dallas (<a href="https://www.knoxre.com/highland-park/" title="Highland Park TX">Highland Park</a> & <a href="https://www.knoxre.com/university-park/" title="University Park">University Park</a>), the neighborhood of Preston Hollow is widely considered the most luxurious area of properties within Dallas. Some of the Dallas' elite reside in the Preston Hollow neighborhood. Besides the impressive list of names of those living in Preston Hollow, the location near the North Dallas Tollway and Walnut Hill Lane makes this one of the best neighborhoods in Dallas.
While the homes in Preston Hollow are zoned to the Dallas Independent School District public school system, many of the owners of homes in the neighborhood choose to send their children to one of the excellent nearby private schools. For a list of the best private schools in Dallas, see the section above about the Bluffview neighborhood where the top private schools are listed.
Buyers of homes in Preston Hollow will be able to find some of the biggest and best homes in all the city with prices reaching highs near $30,000,000. Yes, $30 million! Some of Dallas' most famous residential streets are within the Preston Hollow areas like Inwood Road and Strait Lane. With these kinds of homes in the neighborhood, no way we could leave it off of the list!
Click here to see more about <a href="https://www.knoxre.com/dallas/preston-hollow/" title="Preston Hollow Homes for Sale">Preston Hollow homes for sale</a>
SMU Neighborhood
The neighborhood around SMU is different - it has both a high turnover yet is very expensive and coveted. Each year, SMU students and families tend to snatch up the condos around SMU at a breakneck pace. Also, the neighborhood is zoned as homes for sale in Highland Park ISD. The Highland Park Independent School District is continuously ranked as one of the top school districts within the State of Texas and the nation. So, the area also appeals to those who want to move into the neighborhood for the schools.
The most popular condos near SMU are the two to three bedroom options where roommates can live and walk to the nearby campus. An average walking distance to campus and classes is approximately five minutes.
Also within the area are shops, restaurants, and retail geared toward SMU students.
<a href="https://www.knoxre.com/university-park/smu/" title="Condos for Sale near SMU">Click here to learn more about condos for sale near SMU</a>
Uptown Neighborhood
The Dallas Uptown neighborhood just became popular around the year 2000. It was first developed in the late 1990s as somewhat of an extension from the Downtown Dallas area since it is just across Woodall Rodgers from Downtown and runs west of Central Expressway.
Uptown includes some trendy areas like condos for sale in State Thomas and condos for sale in West Village. There are also a lot of rentals in the neighborhood.
Uptown is full of some of the best places to eat, drink, shop and nightlife as literally millions have been invested in Uptown's neighborhood development since 2000.
One downside? The area is zoned to the Dallas Independent School District. So, most families or parents with school children usually look into the collection of nearby private schools.
<a href="https://www.knoxre.com/oak-lawn/uptown/" title="Uptown Dallas Condos">Click here to read more about Uptown Dallas condos</a>
Victory Park Neighborhood
With some of the most expensive high rise condos for sale in Dallas, especially the W Residences Condos, easy access to both entertainment and culture with the American Airlines Center and the Perot Museum of Nature and Science, this neighborhood easily makes our best neighborhoods in Dallas.
Some good rental units and condos are also available in Victory Park with Arpeggio, Camden Victory Park, The Alexan, Moda, and Cirque. On the buying side, Victory Park offers two towers at the W Residences Condos in Dallas and The House condos for sale in Dallas Victory Park.
With all of the upside of vibrant living in Victory Park, the condos are zoned to the Dallas Independent School District which may lead to parents with children having to find local private school options.
<a href="https://www.knoxre.com/oak-lawn/victory-park/" title="Victory Park Condos">Click here to learn more about Victory Park condos</a>
White Rock Lake Neighborhood
Want to live near the only lake in the City of Dallas? If so, we cannot omit White Rock Lake as one of our best Dallas neighborhoods!
Want to live about 5 miles from Downtown Dallas? Want to experience some architecture original to Dallas - as in Craftsman style homes, Tudor style homes and more? Want to live near a country club? Well, the White Rock Lake neighborhood may be your place.
With miles of walking, jogging and biking trails, White Rock Lake is a popular destination for those wanting to enjoy the peaceful experience by the lake. Want a home with a view of the lake? Yeah, that will cost you. It will cost you at least a few million dollars and sometimes up to over $10,000,000.
The neighborhoods close to the lake include Lakewood, Forest Hills, Lochwood, Casa View and Casa Linda homes for sale in Dallas. The most expensive homes near the White Rock Lake neighborhood will be found right next to the lake and considered part of the Lakewood neighborhood.
The neighborhood of White Rock Lake is zoned to the Dallas Independent School District. However, some of the better schools in DISD are located in Lakewood and the neighborhoods surrounding White Rock Lake.
<a href="https://www.knoxre.com/east-dallas/white-rock-lake/" title="White Rock Lake Homes for Sale">Click here to view White Rock homes for sale</a>
So, what did you think of our rankings on the best neighborhoods in Dallas Texas? We'd love to hear your comments below. If you have any questions about the neighborhoods mentioned above or need any assistance or guidance in purchasing a home in any of the neighborhoods above or around Dallas-Fort Worth, call us at 972-342-0000.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2018-12-10T10:11:00-07:002019-02-20T10:00:39-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5168Moving Checklist (Best Moving Companies Dallas)<img src="https://assets.site-static.com/userfiles/1075/image/MOVING_CHECKLIST-01.jpg" width="960" height="4351" alt="moving checklist - moving companies dallas" title="moving checklist - moving companies dallas" />
The BEST Online Moving Checklist
Moving is unfortunately never an easy task. Chances are you most likely have experienced a few moves in your lifetime and can personally attest to how demanding the process can be. However, with the right preparation, you could save yourself a lot of time, money, and stress. To help guide you through the moving process, I have created this Ultimate Guide to Moving which I hope will serve as a resource to you.
As you begin this process, I urge you to focus on the most exciting and rewarding aspect: you will soon be moving into your new home!
Process Plan: It goes without saying that the more time you can put into planning a moving strategy, the easier the process will be. However, moves can sometimes be abrupt and making a clear-cut plan is easier said than done.
Budget: I recommend beginning the moving process by determining how much money you can put towards the move. If you are running on a tight budget, you might want to ask family and friends to help you pack boxes and load up your car. If that is the case, I recommend supplying pizzas and refreshments to your moving crew to keep them motivated! I also recommend staggering your moving group into morning and afternoon shifts. If you can get 2 or 3 people to help you in the morning and then 2 or 3 people to assist in the afternoon, it will be more manageable for them (and they will probably be more inclined to help!). If you have more than 2 or 3 people helping you at a time, it might be overcrowded and lead to distractions.
Renting a Truck: If you or your friends/family do not own a truck, you might also need to look into the cost of renting a U-Haul or something similar. U-Haul is typically the go-to company for movers, but there might be other truck rental companies in your area that are cheaper and offer better options. Spend some time researching companies in your area to determine what is best for you. It is also important to factor in the cost of gas for the U-Haul, especially if you need to make multiple trips. After you have some cost estimations in mind, compare the value of the U-Haul, gas, and supplying food/beverages for your friends/family against the cost of hiring a moving company. Depending on where you are moving, it might actually be cheaper (and easier!) to hire a moving company. That way, you aren’t running the risk of your items being damaged and you might save yourself a lot of time.
Research Movers: If you do decide to hire a professional moving company, do as much research as possible ahead of time. If you live in the Dallas area, I have included a list of moving companies I recommend at the end of this post. If you do not live in the Dallas area, ask your friends and family for moving company recommendations and carefully read their reviews online. Hiring a professional moving company is meant to help alleviate the stress of this process but could pose an enormous headache if the wrong company is engaged. It is also essential to book the moving company as far in advance as possible to ensure they can accommodate you on the day you wish to move.
Sell & Purge: Go through your house room by room and try to eliminate as many items as possible. Keep in mind that the more you get rid of, the fewer items you will have to move. There are also many items in your house you can probably sell on eBay or Poshmark (and the profits earned from these sales can go towards your move).
Gather Packing Materials: Have you ever filled a box to the brim, only to lift it and have everything fall out of the bottom? I know I have. Not to mention, buying boxes, tape, Styrofoam, and shrink wrap can be costly. To save money, and to spare yourself the aggravation of dealing with weak cardboard boxes, I recommend renting plastic moving bins through companies such as U-Haul, Bungo Box, or Rent a Green Box. These companies deliver plastic containers to your door and pick them up after your move – saving you a trip to Lowe’s or Home Depot to pick up moving supplies. These boxes are eco-friendly, stack easily, and are much stronger than their cardboard counterparts. If you prefer to use cardboard boxes over plastic, you can most-likely find spare boxes in your office – or even at your local furniture store. If you decide to purchase boxes through a hardware store, I highly recommend buying Heavy-Duty boxes and investing in Scotch Tough Grip Moving Tape. You don’t want to risk experiencing the same problem I did and have your items fall through the box!
If you are moving and not hiring a moving company, I advise renting or buying a hand truck and a furniture dolly. These can be rented or purchased – just be sure to get a hand truck that can hold a minimum of 150 pounds. These items are typically only slightly more expensive to buy versus rent, so it might be a worthwhile investment if you anticipate moving again in the next few years. It is also helpful to have a sturdy box cutter for after the move (if you decide not to opt for plastic bins).
Label all Boxes: It is all-too-easy to lose items when moving, and it always seems to be the items that are the most meaningful that go missing. To keep this from happening, I recommend labeling each box and keeping a detailed list in Excel or a Word Document describing the contents in each. Also, be sure to write ‘Fragile’ or ‘Handle with Care’ on boxes that contain glass or items of value and write ‘This Side Up’ if a box should not be turned upside down or flipped on its side. I also strongly recommend packing a suitcase or an ‘essentials box’ that contains all of the items you know you will need during your first week after moving. This will probably contain keys, important paperwork, shampoo, toothpaste, a few outfits, etc. I also advise having a tool bag handy.
Take Measurements: Nothing is worse than arriving at your new apartment on moving day and realizing that your couch doesn’t fit in the living room. It is very easy to make assumptions that furniture will fit in a new space simply by eye-balling it, but there is a lot of risk in doing that. Take the time to measure the entryway doorframe to ensure your furniture will fit (especially if you are moving into an apartment). Carefully measure your wall art as well to ensure it will fit in the rooms you have in mind.
Take Photos of Important Items: If you are moving with a professional moving company, I recommend taking pictures of the items that are important to you before they go into the moving truck. This includes couches, tables, bed frames, dressers, etc. If those items are damaged after the move and you need to file an insurance claim, having photo evidence will help tremendously.
Conduct a Careful Walk-Through: Before moving, conduct a thorough walk-through of your new home to see if anything needs to be changed. I recommend doing this before the move because it will be much easier to spot items that need to be fixed without boxes and furniture in the way. If you are buying a new home, please be sure to read my <a href="https://www.knoxre.com/blog/final-walk-through-check-list/" title="Final Walk-Through Checklist">Final Walk-Through Checklist</a>. If you are renting a home, make sure that your current home is clean and damage-free before you move so that you don’t risk losing your security deposit.
Update Utilities & Forwarding Address: Before you move into your new home, ensure that all online orders you have recently placed are being directed to your new address. Try to opt for going paperless with your credit card companies and other companies that tend to send regular paper mail. I also highly recommend visiting the United States Post Service’s website at <a href="http://www.usps.com/manage/forward.htm" target="_blank">www.usps.com/manage/forward.htm</a> and forwarding all mail to your new address. Mail forwarding through the USPS website only takes about a minute or two to set up and costs $1.00. It is very worth it! Call your cable, electric, and other utility companies to ensure that your information is transferred over to your new home.
Dallas Moving Companies: If you live in the Dallas/Fort Worth areas, I have compiled a list of moving companies that I highly recommend below to help guide you in your search:
1) AM Moving Company: <a href="http://www.ammovingcompany.com/" target="_blank">ammovingcompany.com</a>
2) Expert Dallas Movers: <a href="http://expertdallasmovers.com/" target="_blank">expertdallasmovers.com</a>
3) Dallas Movers Pro: <a href="http://dallasmoverspro.com/" target="_blank">dallasmoverspro.com</a>
4) Black Tie Moving Services: <a href="https://www.blacktiemoving.com/" target="_blank">blacktiemoving.com</a>
In conclusion, I know that moving can be stressful and challenging at times, but there are many exciting aspects to this process as well. For one thing, moving gives you the opportunity to sell or discard items that you no longer have a use. If you do decide to use the help of your family and friends to move, it could be a fun day filled with food, refreshments, and lots of laughs. And, most importantly, you will soon be moving into a new home! I wish you the very best of luck during this time and congratulations on your new home.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2018-12-08T21:53:00-07:002018-12-10T11:22:58-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5092Mortgage Loan (Easy online guide to home mortgage loans)<img src="https://assets.site-static.com/userfiles/1075/image/MORTGAGE_LOAN-01.jpg" width="960" height="3824" alt="Infographic Mortgage Loan" title="Infographic Mortgage Loan" />
You might be closer to buying the home of your dreams than you think. The only thing between you and that home is – you guessed it – obtaining a mortgage! In this post, we will review the steps involved in securing a loan, from credit to closing.
Step 1: Check Your Credit
It goes without saying that homeownership is a very large financial undertaking. Before getting too excited at the prospect of owning your dream home, complete a careful analysis of your finances to ensure you’re prepared to own the home. If you have high debt and a number of rising credit card bills, it will be more of a challenge to obtain a loan. If you don’t have a lot of debt, take a close look at your savings account. Do you have enough saved up for a down payment and closing costs? Bear in mind that closing costs typically total about 2% to 5% of the purchase price, which I cover in more detail in my blog post titled ‘What are the Costs of Buying a Home?’. If you have not yet read that post, please click HERE.
It is imperative that you hold off on applying for loans or credit cards when obtaining a mortgage. This is important because lenders will carefully assess your credit score when determining your loan eligibility. If you have high outstanding debt, try to bring it down as much as possible to improve your credit score.
Step 2: Mortgage Pre-Approval
Obtaining mortgage pre-approval prior to starting your home search will put you at an advantage because it shows sellers that you are serious about buying. Retaining the services of the same lender that pre-approved you will help the process move along faster since they already have your paperwork and credit check in place. However, you are not required to use that lender.
Step 3: Choose the Mortgage that’s Best for You
When choosing which mortgage is best for you, it is important to understand the various loans that are available and what each mortgage has to offer. There are Government-Backed Loans (such as FHA Loans), VA Loans, Conventional Loans, Adjustable Rate Mortgage (ARM) Loans, Fixed-Rate Loans, and many more. Take the necessary time to carefully research the various loan types that are available to make an informed decision on which mortgage is right for you.
Length of the Loan: If you are comfortable making higher monthly payments at a lower interest rate, a 10-year or 20-year mortgage might be right for you. Most borrowers typically opt for the 30-year term, since that mortgage option offers the lowest monthly payments. However, keep in mind that you will pay more interest since the mortgage term is longer.
What’s your Annual Percentage Rate (APR)? APR includes origination fees, points, and all other associated costs, so it will most likely be higher than the quoted interest rate. Don’t solely base your decision as a borrower on the interest rate – take APR into account as well to ensure you can make the monthly payments.
Step 4: Find a Lender
Once you have already gone through the pre-approval process, it is likely that you will stay with the same lender. However, if the pre-approval process has been challenging due to delayed responses, disorganization, or a general lack of professionalism, you may want to consider choosing another lender or at least switching loan officers.
If you would prefer to use a different lender, your real estate agent will serve as a great resource to you during this time and will most likely have a few capable lenders they can put you in contact with. Speak with your family and friends as well and ask for referrals.
Meet with at least three lenders and spend some time reviewing the fees, down payment requirements, and any other information as needed. Research current mortgage rates to ensure you are getting the best deal. Weigh the pros and cons of each lender and discuss the options with your real estate agent.
Step 5: Submit your Application
If you do decide to stick with the same lender that was used for pre-approval, you will need to submit your recent financial information. If you choose to go with a new lender, you will be asked to submit the following:
- W-2 forms from the last two years
- Pay stubs from the last 30 days
- Federal tax returns from the last two years
- Proof of other sources of income
- Recent bank statements
- Information on long-term debts (such as student loans, auto loans, etc.)
- ID and Social Security number
What if I am Self-Employed? Please note that if you are self-employed, you may have to provide additional information proving your financial stability. This means that you may need to have extra cash reserves and/or a higher credit score. You might also be asked to provide business tax returns (generally for the past two years).
What happens after I submit my application? The good news is, you’ll only have to wait three days to receive a loan estimate from your lender. This estimate will include the following details:
- The cost of the loan
- Closing costs and any other associated fees
- The interest rate on the mortgage
Keep a close eye on mortgage interest rates. If they start increasing, you may want to lock your rate in quickly before the rates become too high.
Step 6: Begin Underwriting Process
Even if you have already received pre-approval for a mortgage, the underwriting process still takes time. During this process, the lender reviews the following information:
- Credit History
- Job History
- Debt-to-Income Ratio
- Current Debt
After the lender has carefully reviewed the details above, they will then order a property appraisal on the home you wish to purchase and a credit report. The appraisal process is important to the lender because it shows the value of the home. The lender can then compare the value of the home against the loan to ensure that the mortgage amount you are requesting makes the most sense.
What can I do while I wait for approval?
If possible, avoid changing jobs during this time, as lenders take your job history into consideration when determining your eligibility for a mortgage. Additionally, avoid making any major changes that could affect your credit score, such as applying for a new credit card. If possible, try not to make any major purchases on your credit cards during this time as well, as you don’t want to increase your debt.
While waiting to be approved for a loan, you will schedule a home inspection to look for any problems in the home you plan to purchase. If there are considerable repairs that will need to be done, you might be able to negotiate that the repairs be taken care of by the seller ahead of time or, depending on the situation, you might even be able to negotiate a lower sale price.
Step 7: Prepare for Closing
Congratulations on your loan approval! There are a few other details to take into consideration before the mortgage process is complete.
- Homeowners Insurance: Your lender will require that you purchase homeowners insurance, so it is crucial that you get a policy in place before your closing date. If you don’t, your lender might choose a policy for you (which is usually much more expensive!).
- Discount Points: If you plan on being in your home for seven years or more, discount points might be worth considering. Discount points is an upfront fee that lowers your interest rate.
- Lender’s Title Policy: Although this is not required, I advise purchasing a lender’s title policy to protect both you and the lender in the event that there are problems with the property title down the line. I delve into this in more detail in my blog post titled, “What are the Costs of Buying a Home?” which can be accessed by clicking HERE.
- Final Walk-Through: Complete a <a href="https://www.knoxre.com/blog/final-walk-through-check-list/" title="Final Walk Through Checklist">final walk-through</a> of the home to ensure nothing has changed and all discussed repairs have been made since the home inspection.
- Closing Disclosure: This is a list of all closing costs you will be responsible for paying. You will receive this list three days before your closing date.
- Cashier’s Check: A cashier’s check, certified funds, or wire fund transfer will be needed to cover closing costs.
Step 8: Close on your Home!
This is referred to as the ‘cleared to close’ stage, when the lender has cleared the loan for closing and the closing disclosure (CD) has been received. You are almost at the finish line! This is a time of excitement as well as a mixture of emotions. At this point, just take a deep breath and remember that what you’re feeling is all normal and expected. Now here's what to expect at <a href="https://www.knoxre.com/blog/closing-on-a-house/" title="Closing on a house">closing on a house</a> and from the <a href="https://www.knoxre.com/blog/title-company/" title="What does a Title Company Do">title company</a>.
Best of luck to you in your move and congratulations on this exciting next step!
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2018-11-08T22:55:00-07:002018-12-31T18:54:44-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5091House Staging (Full photos for easy DIY home staging)<img src="https://assets.site-static.com/userfiles/1075/image/INFOGRAPHIC-HOME-STAGING.png" width="960" height="6334" alt="House Staging" title="House Staging" />
When preparing to put a house on the market, sellers are typically told to put all items that do not have a specific purpose in storage. Although I do agree that it is important to declutter a home to sell, there are many items that sellers should think twice about before storing, as they can be a great asset during the staging process. There are many items that can play an important role in giving your home a warm, welcoming ambiance.
Staging a Home for Sale on a DIY Budget
Staging can be an overwhelming concept, especially if you are handling the process entirely on your own. To help you during this process, I have compiled some of my favorite DIY tips and tricks for staging your home to sell in the list below. To download a PDF version of my handy checklist, please click HERE.
The Exterior
Let’s start with the home’s exterior and work our way in. Although the outside of the home is not typically what comes to mind when sellers consider the concept of ‘staging,’ there are many important areas to focus on outside of your home that should not be overlooked, as the home’s entrance is the first area a buyer will see. If you have a front porch, or even just steps leading up to your home, this is a great place to start.
Keep the following in mind when you begin the staging process: it typically only takes a buyer 10 to 15 seconds to decide if they like a house or not, and they usually make this decision as soon as they pull into the driveway. The front of the home is the ‘first room’ the buyer will see, so you want this area to really stand out.
If your front door has seen better days, I recommend either repainting it or installing a new door altogether. If it has been a few years since your porch has been painted, give it a fresh coat to make it feel new. Make your porch pop with a new outdoor rug, fresh flowers (or fake flowers if you’re selling your home in a colder season), and potted plants. Putting a seasonal wreath on your front door is another welcoming touch that will add pops of color and will bring the outdoor space together. Wreaths from the store, although beautiful, can oftentimes be very expensive. You can easily make a wreath at home by visiting your local craft store and buying a circular piece of Styrofoam and dried or silk flowers. The key to an elegant wreath is to keep it simple with a dash of color so the buyer’s eye will notice but not be distracted from the overall beauty of your entryway. You will, of course, want to ensure that the flowers completely conceal the Styrofoam as well!
Don’t feel the need to spend a fortune on new outdoor furniture. If you have older porch chairs that appear outdated, buy a bottle of spray paint and give your chairs an easy makeover. Although you don’t want to go overboard with bright colors in this area, adding a pop of color with bright outdoor furniture cushions or pillows can make your home stand out. If you prefer to go for a softer approach, pastel colors will give your porch a calm, soothing appeal. If you are handy with a needle (or even just have basic sewing skills), cut out a piece of fabric and sew it onto the front of your old outdoor pillows to make them look new.
Some buyers may only have time to view homes at night, so it is important that the outside of your home is as bright and welcoming as the inside. I recommend arranging lanterns around your porch to further illuminate your home at night. Flameless candles in glass hurricane vases also offer a welcoming ambiance and will help soften this space.
Some additional items to keep in mind when reviewing this area: If you have wrought iron railings on your porch, check that they are rust-free and solidly attached. I recommend putting a coat of rust-proof paint on the railings if they appear worn.
The Entry
This area should be lively and bright, offering a warm welcome to potential buyers as they walk in the door. If you are selling in the Spring or Summer months, fill vases with fresh flowers and arrange them in the home’s foyer to give this space a fresh, lively feel. If you are staging during the colder seasons, collect a handful of thin tree branches from your yard at varying lengths and spray paint them white, silver, or gold. If you are arranging the branches in a clear vase, put a handful of glass pebbles (which can also be purchased at your local craft store) at the bottom of the vase to hold the branches in place. Although you don’t want to overwhelm buyers with bright colors, a tastefully-designed rug might work well in this area to add some extra color and open the space. Utilize as much sunlight in this space as possible (and throughout the home for that matter!), as natural light is one of the most desirable aspects of a home. Drawback or remove any dark blinds and drapes or replace them altogether with light, white shears. If your property is fairly secluded or has enough privacy, you may be able to simply leave your windows bare. Exposed windows often help open the space between the exterior and interior and add to the radiance of the home.
Living Room
When staging your home to sell, keep this general rule of thumb in mind: all items out on display should be larger than a cantaloupe. If you are arranging a few items on your coffee table, try to use no more than three items of varying size in this space, such as a vase, candle, and book.
If you have bookshelves in this space, limit the shelves to 5 or 6 books per shelf. I also recommend covering the book jackets in white, gold, and/or light gray paper (if those color schemes work well with your living room palette). Not only will this give your bookshelf a simplistic and elegant feel, but it will also keep buyers from getting distracted when walking through your living room. If you have neutral-colored ornaments in gold or cream tones, arrange them in a bowl or basket to use as a centerpiece along with seashells and other textural items. Soft blankets do a great job of warming the living room space as well. If you have neutral-colored blankets, throw one or two of them over the back of a chair or couch. Succulent plants are a great way to add a bit of greenery to a space and are easy to maintain because they thrive in areas that have limited exterior light.
Kitchen
When deciding on which items to put in storage or throw away altogether, don’t be so quick to toss items that might be missing pieces. If you have a jar or teapot that lost its lid, fill it with fresh flowers and use it as a centerpiece. Move all items that do not enhance your staging (such as coffee machines, spice racks, toaster ovens, etc.) to a pantry or cabinet where they are less likely to be seen. Although these are items you most likely use every day, it is best to store them out of sight so that the focus can be on the space itself.
Depersonalization is a vital aspect of staging. The goal is to create a distraction-free space that the buyer can visualize as their own, so neutralize this space as much as possible. Remove your children’s homework, magazines, magnets on the refrigerator, photos, awards, religious articles, political posters, sports memorabilia, and any other personal items.
When I was growing up, my mother would always say to me: “clean the house as if company is coming.” You will want to keep this phrase in mind throughout the staging process! Buyers should feel like no one actually lives in the house (especially pets or children). I know this is easier said than done, but keeping the house impeccably clean throughout the listing process will play a major role in selling your home. No one wants to buy a dirty home! I highly recommend hiring a deep cleaner once a week. If your real estate agent typically hosts open houses on Saturdays or Sundays, try to schedule the cleaning company to come to your home the morning of the open house or the day before so that you are showcasing it in the best way possible.
If your kitchen appliances are extremely outdated, consider updating them. If it is not necessary to update your appliances, always remember that buyers will be looking inside, so be sure the range, microwave, refrigerator, dishwasher, and washer/dryer are as clean inside as they are outside.
Bathroom
Make your buyers feel like they have walked into a spa! Although bathrooms can be difficult to stage since space is small, it is still important to evoke the peace and tranquility that is found throughout the rest of the home. When accessorizing your bathroom, don’t feel the urgency to rush to the store and buy all-new staging items. You most likely have plenty of great items that will work well in this space. Fill a Mason jar with bath salts and pair with a candle, votive, or flower. A single white rose from your backyard in a slim vase also adds an elegant touch. If you have a neutral-colored tray, use that as your base for the bath salts and candles. Use soft, white hand towels (invest in new ones if your towels have been over-washed) and roll them similarly to how they are staged in a hotel bathroom. Fill all half-empty liquid soap jars to the brim. Remove loofahs, razors, shaving cream, hair caps, and any other personal items from the shower and/or bathtubs. Take a hard look at your mirror. Are the edges faded or aged? Consider repainting the wooden frame or replacing the mirror altogether. Do you have outdated wallpaper that’s starting to fade? Consider removing it and giving your walls a fresh coat of paint.
Master Bedroom
The master bedroom should reflect a place of retreat. You want your buyers to feel the same sense of calm and relaxation that they feel when staying in a 5-star resort or beautiful hotel.
Even in a very large master suite, the focal point of the room should always be the bed. If you are missing a headboard or have one that is very old and outdated, consider investing in a new one or repainting your current one. If your comforter has a very busy pattern with distracting colors and designs, consider covering it with a solid, soft-colored duvet and some elegant throw pillows. Keep the bedside clear of books, magazines, and medications. If your night table has a lamp, be sure the lampshade is dust free. Remove anything that appears to be dated, such as lace, doilies, or heavy draperies. You don’t want anything in this room (or your house in general) that screams, I am old!
Remember that buyers will visualize themselves living in this home, so you especially want the master bedroom to extend a feeling of luxury, relaxation, and tranquility. If the master bedroom has a desk space, be sure it is cleared of all paperwork. Remove all knick-knacks from dressers. Wall space should not be overly crowded with framed prints or artwork – one or two pieces of art per wall is ideal.
Don’t forget the closets! This is one of the most important aspects of a bedroom and one of the first areas a buyer will look, as closet space is one of the most coveted features in a home. An organized closet adds to the calm, clean feel in the bedroom. To help make the closets as organized as possible, utilize space-saving hangers and put your shoes in neatly-stacked plastic containers.
Garage
The garage is often the most neglected part of a home. The garage is also typically the last part of the home that the buyer will see, so you want to ensure you leave them with a lasting impression. You want potential buyers to get excited about this clean space and visualize parking their car here. Now is the time to sell, give away, or throw out anything you don’t want to pay to move to your new home. An uncluttered garage is always the very best way to showcase it, and a fresh coat of garage floor paint makes a huge difference too. Rakes, brooms, shovels, and other garden tools should be hung neatly on the wall pegs. Storage totes are a great place to store items when stacked neatly on shelving or gorilla racks. If possible, try to remove vehicles so buyers can fully appreciate the open space.
Have some fun!
Staging is a very creative process and can be very enjoyable! Tap into your inner-artist and don’t be afraid to try new color schemes, designs, and layouts. Striking the balance between empty vs. overcluttered can be difficult, but a well-balanced room can completely transform the space.
Before you begin, don’t forget to download a PDF version of my handy DIY staging checklist by clicking HERE!
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2018-11-08T22:40:00-07:002018-12-31T18:57:27-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5090Foundation Repair (Learn about costs BEFORE buying)<img src="https://assets.site-static.com/userfiles/1075/image/INFOGRAPHIC-FOUNDATION-REPAIR.png" width="960" height="4917" alt="foundation repair" title="foundation repair" />
The signs that your home’s foundation might be in need of repair typically start out fairly small and seemingly insignificant. A small crack might appear along the brick façade of your home, or the steps leading up to your front porch might begin to slope ever so slightly. Although these may seem like minor issues, they could be tell-tale signs that your foundation is beginning to shift and is in need of repair. I advise addressing these issues immediately; the longer you wait to correct your foundation, the more likely it will be that serious structural problems will arise within the bedrock supporting your home.
The home’s foundation supports the entire house, so it is very important that it is strong and stable without any defects. If your foundation is in need of repair, there are a variety of options that might be available to you. In this post, I explain the various types of foundation repair processes that are available, including foundation crack repair, pier, and beam repair, and slab repair. I also review estimated costs of the foundation repair process and what I consider to be the top foundation repair companies in the Dallas area if you are in need of a foundation repair specialist.
Generally, buyers are first notified of potential foundation issues during a <a href="https://www.knoxre.com/blog/home-inspection/" title="Home Inspection">home inspection</a>.
Foundation Crack Repair
There are two commonly-used methods for repairing a faulty foundation: ‘piering’ and ‘slabjacking.’ Piering involves placing steel or concrete supports (piers) underground to support the home’s foundation. To begin the piering process, a foundation repair specialist will dig many feet into the ground to solidify the pier under your home’s foundation. The pier is then raised with hydraulics to bring the foundation back into place and stabilize it. Multiple piers must be placed at different points beneath the foundation to make it stable.
There are two different types of piering: concrete piering and steel piering. There are a few key differences between these two methods which I explain in further detail below.
Concrete Piers vs. Steel Piers
The concrete pier foundation repair method is typically significantly cheaper than going the steel pier route. However, concrete piers are driven through the soil and do not go as deep as concrete piers, while steel piers are driven through bedrock and go much deeper than concrete piers. Steel piers will last much longer than concrete piers because they are very deep and stable. If you plan to only be in your home for a few years, concrete piers might be an advisable route, as this is a far more cost-effective process. However, because concrete piers are driven through soil, they are not as structurally sound as steel piers because soil sediment moves and shifts frequently. It is also important to note that steel piers can only be installed if the soil below your home is deeper than 22’. The soil must be this depth because steel piers are driven deep into the ground through the unstable soil until they reach a solid bedrock layer. If the soil below your home is not very deep, concrete piers will work well. However, in areas where the soil exceeds 22’, steel piers most likely will be needed. It is also important to note that concrete piering requires soil sampling and lab work so that the foundation repair specialist can get an accurate read on the depth of the soil below your home’s foundation. This test will help the specialist know how deep they must drill the piers until they are firmly in stable soil. Soil testing is not needed for steel piering since the steel piers are drilled directly into bedrock. It is also important to note that the normal concrete pier installation process typically takes about ten days, whereas installing steel pipes is faster and can usually be completed in less than ten days.
According to <a href="https://hdfoundationrepair.com/" target="_blank">HD Foundation Repair</a>, “Most Dallas, Fort Worth area homeowners ask HD Foundation Repair to use concrete piers vs. using steel piers for foundation repair because they’re less expensive.”
Pier & Beam Foundation Repair
To understand how pier and beam foundation repair is completed, I will first explain what a pier and beam foundation is. This foundation type builds the home atop beams, which in turn rest on pier walls that support the weight. This design creates a crawl space beneath the home which is more susceptible to deterioration from environmental exposure such as wind, rain, etc. Water is typically the primary culprit, as changes in moisture cause the soil to swell or shrink, which leads to movement under the foundation.
It is rare that the entire pier and beam foundation will need to be replaced. Typically, only certain areas will be affected. If that is the case, a process called ‘shoring’ can be used to strengthen your foundation. Shoring involves adding timber beams to support your home. After these temporary beams have been installed, the damaged piers can be safely removed. Oftentimes, foundation repair companies will choose to simply add on to damaged piers instead of removing them altogether. I do not advise this method, as this can lead to improper support distribution in the home’s foundation, making it more structurally sound on one side and only semi-repaired on the other side.
Slab Foundation Repair
The slab foundation repair method is called ‘slabjacking’ (also known as ‘mudjacking,’ because the concrete mixture used in this process has a mud-like consistency). Slabjacking involves pumping a concrete grout mixture beneath the foundation to help float the foundation back to its original position. This method is not as sturdy as piering because the concrete can still be shifted or compromised if there is an earthquake or if the house settles.
If you own a home in Texas where clay soil is prevalent, having piers installed can be seen as a great asset if and when you choose to sell your home. Homeowners living in an area with clay soil know that dealing with a shifting foundation is a problem they will encounter with their home at one point or another, so buying a home with piers previously installed is a huge relief to most home buyers.
Foundation Repair Cost
<a href="https://www.homeadvisor.com/cost/foundations/install-a-foundation/" target="_blank">https://www.homeadvisor.com/cost/foundations/install-a-foundation/ </a>
This will, of course, vary per home, but homeowners on average should expect to pay approximately $4,000 to cover foundation repair costs. If you only have a few minor cracks and don’t need major repair work to be completed, you might only pay around $500. However, if you need extensive repairs to be completed involving hydraulic piers and other costly work, you might be expected to pay upwards of $10,000.
Most reputable foundation repair companies (particularly in the Dallas/Fort Worth areas) will perform an initial foundation evaluation for free. After the evaluation has been completed, the foundation company will most likely charge the following foundation repair fees:
- The cost to hire a structural engineer: typically ranges from $300 to $1,500
- Soil report cost from a geotechnical engineer: typically ranges from $500-$3,000
- If you live in an area prone to earthquakes, the cost of seismic work typically ranges from $3,000-$4,000
- Cost of hidden obstacles such as tree roots, etc.: typically ranges from $1,000 to $2,500
- Foundation repair cost per pier: if your home requires pier and beam foundation repair, the average foundation repair cost per pier is typically about $1,340. In larger projects, the average-size home typically requires that about 8 to 10 piers be repaired.
If you are feeling overwhelmed by the cost of repairing your home’s foundation, keep this in mind: if your foundation was damaged due to a household plumbing flood, your homeowners' insurance policy might cover some or all of the cost. Review your insurance policy carefully and speak with your provider to understand your coverage options.
Pier & Beam Foundation Repair Cost
Although this cost will, of course, vary as well, if you do not need extensive work to be completed to your pier and beam foundation, you might only pay around $1,500. If you have a much larger project being completed and need extensive work done to the piers supporting your home, the average foundation repair cost per pier is typically about $1,340 – as mentioned in the previous paragraph.
Slab Foundation Repair Cost
If there are only a few foundation cracks, you might only have to pay $250 or so. However, if you have to have extensive slabjacking work completed, it could cost anywhere from $500 to $1,300.
Foundation Repair Dallas
In Dallas, foundation repair typically ranges from $3,000 to $6,500. The lower-end foundation repair projects in Dallas are typically closer to $1,900, whereas more involved, high-end projects are closer to $11,000.
Best Foundation Repair Companies
If you are in need of a reputable foundation repair company in the Dallas area, I recommend looking into one of the following companies:
1) James Bond Complete Foundation Repair: <a href="https://www.jamesbondfoundationrepair.com/" target="_blank">https://www.jamesbondfoundationrepair.com/</a>
2) Cornerstone Foundation Repair: <a href="http://csfoundations.com/" target="_blank">http://csfoundations.com/</a>
3) Metro-Tex Foundation: <a href="http://www.metrotexfoundation.com/" target="_blank">http://www.metrotexfoundation.com/</a>
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2018-11-08T16:50:00-07:002019-01-02T10:13:53-07:00Jeff Knoxtag:knoxre.com,2012-09-20:4975Title Company (What does a title company do?)In this article, we'll educate you on a Title Company and answer the question - What Does a Title Company Do?
<img src="https://assets.site-static.com/userfiles/1075/image/si-infographic-what-does-a-title-company-do-2.png" width="960" height="6408" alt="What does a title company do" title="What does a title company do" />
It's a rare residential real estate transaction that doesn't involve a title company. When it's time to engage a title company in the process of buying your own home, you may be more comfortable if you fully understand what a title company does and how they're paid for their services. Here's a primer to the role a title company plays for home buyers and sellers.
What Does a Title Company Do?
So exactly what does a title company do? Title companies work as an impartial facilitator for all the parties involved in a real estate deal, including the buyer, the seller, the mortgage lender, and the insurance company. <a href="https://www.knoxre.com/blog/buying-a-house/" title="How to buy a house">Once an offer is accepted on a property</a>, the title company acts almost like a project manager to gather all the necessary information and monies and ensure that the transaction is completed. Trying to manage the process yourself as a buyer or seller would be difficult, mainly since most homeowners and buyers have limited knowledge of the legal and financial requirements involved in real estate.
If the buyer's offer involves putting money down -- what's known as earnest money -- the seller will need the services of a title company to put those funds in escrow upon acceptance of the offer. The buyer and seller can negotiate to determine which title company will be used, or the seller can make a decision based on experience or a real estate agent's recommendation.
Once the initial offer is accepted, and title insurance is requested, it can take about two weeks to run a review and apply for a policy. Depending on how hot the real estate market is in your area, sometimes this will take longer. It can also take more time if the title examiner uncovers a problem with the title; this will have to be investigated and resolved in <a href="https://homeguides.sfgate.com/long-should-title-company-deliver-title-policy-57383.html" target="_blank">a process called curing</a>.
Be sure to add in another week or two for the paperwork to be completed and accepted by the mortgage lender. After the funds are available for the deal, closing can be scheduled. The entire process usually takes about a month, but can be much faster if the buyer is not financing the purchase through a third-party mortgage lender.
In addition to managing the process, title companies take care of the paperwork -- which is considerable for even the most simple real estate transaction. They also handle:
Title Search
Buyers want to be sure they'll own the property they are purchasing free and clear. While a title search may uncover issues with the property, the primary purpose of a title search and review is to ensure that there are no roadblocks to limit the insurance company from issuing a title insurance policy. In conducting the investigation, the title company is looking for problems like:
Clerical errors in the title paperwork that could cause legal issues down the road.
Illegal deeds, where another person connected to a past seller has a legal claim to the property.
Liens for unpaid debts that weren't taken care of in previous transactions.
Fraud, such as forged documents in the past that impact the current deal.
Issues with easements or boundaries, where others may have a claim to use part of your property.
Reviewing the Property Title Search
Once the title company checks for these outstanding issues, the company may attempt to clear up any problems with the goal of being able to qualify the property for title insurance.
When done with their review, the title company will issue a preliminary title report, sometimes called a title commitment, that explains any concerns or gives the green light for insurance.
The report may include information about past liens that were paid, foreclosures or any other legal issues that have involved the property for sale, but the title company is not obligated to report any of these issues to the property buyer or seller -- especially if those issues have been resolved.
Acting as an Escrow Officer
If the buyer puts any money down as part of making an offer, those monies will be held in escrow by a trusted third party until the deal closes. The title company can act as an independent escrow officer for funds and for keeping the funds from the mortgage lender until all the paperwork is signed and the written instructions from the buyer and seller are completed. As well, the title company can hold the seller's deed and manage the deed transfer once the money is received by the seller.
Issuing Title Insurance
Once the title review is complete, the title company will facilitate the process of issuing a title insurance owner's policy to the property buyer. Working with an insurance company that takes on the risk, the title company arranges for a policy that will pay out if a future problem is discovered in which the seller could be held legally liable. The title insurance protects against a financial loss if any property claims or legal issues come up after the initial title search and review.
Serving as the Closing Agent
As an agent to each party involved in the real estate transaction, the title company makes sure the paperwork is complete, all the loose ends are tied up, and the "project" is completed to the satisfaction of all involved. Part of their work includes:
getting signatures on all required documents
receiving payments from the buyer and the buyer's lender
distributing payments to the seller and dispersing funds to any third parties who are owed, such as lien holders
filing legal documents with the county and any relevant government agencies
In most states, buyers and sellers do not both need to be present at a real estate closing. Instead, the title company ensures that each party has fulfilled its obligations before completing the transaction.
The Roles of the Escrow Officer, Title Examiner, & Title Attorney
You'll come into contact with several different people at a typical title company (typically the Escrow Officer, Title Examiner, and the Title Attorney). Some employees have more than one role in a smaller firm. However, most title companies employ:
Escrow Officer/Title Insurance Agent (these positions are often one and the same) - Most buyers and sellers will initially communicate with a title officer, who manages all of the company's responsibilities throughout the real estate transaction. That title officer is the person you'll talk to if you have questions about the process and who will explain any title issues that arise. These officers are responsible for ensuring that closing goes smoothly and that all the necessary paperwork is signed so that monies can be dispersed.
Title examiners - These are the trained professionals who gather the legal documents on the property and review them for any inconsistencies or proof of another party having a claim. The examiner will issue the report with any concerns that he or she has uncovered during the review process.
Title Attorney - The Title Attorney is in charge of the entire office, and ultimately responsible for all the title policies issued through their office. A title company attorney cannot give any legal advice to any party involved within the transaction. The attorney must remain impartial and unbiased. Therefore, if a buyer or seller has legal questions, they must obtain their own, separate legal representation.
Administrative employees - Title offices rely on office personnel to serve as receptionists, marketing staff, accountants and human resource specialists, much like any office. You usually won't come into contact with these professionals during your real estate transaction, but their assistance helps the process run smoothly.
Title Insurance Policy
When obtaining a title insurance policy, you should be aware that there are two types: Owner insurance and lender insurance. Owner insurance covers the new purchaser and protects against mistakes, fraud or other claims to the property. Lenders title insurance provides the same protections for the lender as the owner's policy does for the owner.
Lenders Title Insurance
The buyer's lending company will also often require title insurance to protect their investment. For buyers, it is less expensive to piggyback on the work done for the seller and purchase a policy through the same title company. In some cases, the seller will pay for both policies just because it is cheaper and easier to do so.
Owner's Title Insurance
Buyers may also need title insurance to satisfy lender requirements. Once the work is done for the owner insurance policy, it is less expensive and more convenient for the buyers to either purchase for themselves or to have the sellers incorporate the price of a second policy into the closing costs they will pay. It is possible, however, for the buyer to select a different title company to provide a review and issue a title insurance policy. In this case, it's normal for the seller's title company to act as the escrow and closing agent.
If the buyer and seller do choose to use two different title companies for the entire process, it is called a split closing. Most state laws are very restrictive on when and how this can be done, as it's primarily utilized in commercial real estate transactions. Due to the practice being cost prohibitive for most residential deals, it's done infrequently.
Title Commitment
The title review process is done to determine whether a title insurance policy should be issued. It's in the best interests of the title company to do a thorough search and uncover any issues with the property, but they are not legally responsible if they do not find an existing problem. The title insurer, which issues the insurance policy, will take responsibility for correcting any mistakes or paying for financial losses incurred if there's a claim, lien or other problem with the property title.
The title company is not responsible for fixing any title defects -- just in determining if a title insurance policy is a good bet. You may not be informed of a title defect until you receive the title commitment or told you may not purchase title insurance. If your title company discovers a problem and lists it in the title commitment or report, it may be advisable to hire a knowledgeable real estate attorney for legal help.
Who Pays for Title Insurance
Like almost all other items in a real estate deal, who pays for the title insurance is negotiable. In most simple residential real estate transactions, the seller will pay for owner insurance, and so he or she will choose the title company.
During a frantic seller's market where homes receive multiple offers in a matter of hours, it is not unusual for a buyer to offer to pay the title insurance policy as part of their offer. To learn more, see our article about bidding wars (and how to win a bidding war for a house).
How Much Does Title Insurance Cost?
Title companies in the State of Texas are regulated by the Texas Department of Insurance, which sets the costs that the company can charge for its services. That means you will pay roughly the same amount at any title company, so there's little need to shop around based on price.
The title company charges for its services as part of the closing costs. While you'll have many expenses included in your closing costs, such as appraisals, lender fees, and taxes, the money that goes to the title company is usually listed as:
Title Report. This covers the title examiner's time to research the title and any costs for procuring documents from the county.
Closing or Escrow. These fees cover the cost of the escrow agent's time and incidental expenses like copies.
As well, the title company usually gets paid a small premium from the insurance company who issues the title insurance policy, as thanks for bringing them a customer.
Do I Need Title Insurance?
If the buyer is financing the deal without using an outside lender and does not require the seller to purchase title insurance, it may be possible to forego the title review and insurance process. However, this is <a href="https://www.realtor.com/advice/buy/5-home-buying-nightmares-title-insurance-prevent/">considered to be risky</a>, as the relatively inexpensive cost of title insurance more than offsets any financial losses you may incur from a lawsuit or clearing up a title issue. Some examples of problems that would only come up with a thorough title search -- or may not come up at all -- include:
Delinquent taxes that are not recorded for at least a year after the tax bill is due.
Nursing home costs that are not assessed as a lien until the death of the patient.
Claims by an ex-spouse for a portion of the property proceeds.
Title insurance will cover these and many other unusual situations that could arise connected to your property deed.
Also, without a title company, you'll have to locate independent escrow and closing services. For the majority of residential real estate deals, it makes sense to use the services of a title company.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2018-10-28T16:52:00-07:002019-01-02T10:16:15-07:00Jeff Knoxtag:knoxre.com,2012-09-20:4966Best School Districts in DFWWhen parents are relocating to a new community, one of their first questions is often "What are the best school districts in DFW?" To help get you started, here is an overview of the best schools in DFW (based on various stats, ratings, and reviews collected from trusted online resources).
<img src="https://assets.site-static.com/userfiles/1075/image/si-infographic-best-school-districts-in-dfw-2.png" width="960" height="6312" alt="Best school districts in DFW" title="Best school districts in DFW" />
Quickly jump to one of the best DFW school districts:
<a href="https://www.knoxre.com/#lovejoy">Lovejoy ISD</a>
<a href="https://www.knoxre.com/#coppell">Coppell ISD</a>
<a href="https://www.knoxre.com/#highlandpark">Highland Park ISD</a>
<a href="https://www.knoxre.com/#allen">Allen ISD</a>
<a href="https://www.knoxre.com/#frisco">Frisco ISD</a>
<a href="https://www.knoxre.com/#prosper">Prosper ISD</a>
<a href="https://www.knoxre.com/#carroll">Southlake Carroll ISD</a>
<a href="https://www.knoxre.com/#argyle">Argyle ISD</a>
<a href="https://www.knoxre.com/#plano">Plano ISD</a>
<a id="lovejoy"></a>Lovejoy Independent School District
Students who attend the <a href="https://www.lovejoyisd.net/">Lovejoy Independent School District</a> enjoy plenty of academic enrichment through competitions, camps, clubs, and events. Within the district are three elementary schools, one intermediate school, one middle school, and one high school (Lovejoy High School).
<a href="https://www.google.com/maps/place/Lovejoy+High+School/@33.1019579,-96.6156685,17z/data=!3m1!4b1!4m5!3m4!1s0x864c106421af25d3:0xec1fe9b467e07885!8m2!3d33.1019579!4d-96.6134798" title="Lovejoy High School">Lovejoy high school</a> students can participate in an internship that allows them to work in their perspective field of study.
With a perfect score by Great Schools, Lovejoy Independent School District is the first district on our list of the best in Dallas.
Great Schools gives Lovejoy Independent School District a rating of <a href="https://www.greatschools.org/texas/allen/lovejoy-independent-school-district/">10/10</a>.
<a id="coppell"></a>Coppell Independent School District
The <a href="https://www.coppellisd.com/">Coppell Independent School District</a> has approximately 11,600 students district-wide, and there are ten elementary schools, three middle schools, one traditional high school, and one alternative school for all grades.
The <a href="https://www.google.com/maps/place/Coppell+Independent+School+District,+TX/@32.9386568,-97.0193365,13z/data=!3m1!4b1!4m5!3m4!1s0x864c2969a7086599:0xdb0cf4bf79bd22cd!8m2!3d32.9512665!4d-96.9853474" title="Coppell ISD">Coppell School District</a> boasts several achievements including the Coppell High School #10 ranking last year in the Lone Star Cup standings. The Lone Star Cup honors the best overall academic and athletic programs in Texas. Sports include tennis, volleyball, football, and baseball.
A rating of <a href="https://www.greatschools.org/texas/coppell/coppell-independent-school-district/">9/10</a> deserves a spot on the list if the best school districts in DFW.
<a id="highlandpark"></a>Highland Park Independent School District
Located north of downtown Dallas, the <a href="https://www.hpisd.org/">Highland Park Independent School District</a> works hard to provide quality, innovative programs that help recognize each students potential. There are four elementary schools, one intermediate school, one middle school, and one high school.
In 2014, Highland Park High School had the honor of being named one of the top high schools in the country by Newsweek magazine, and over ninety-six percent of the graduating class went on to pursue higher education.
Another perfect rating cannot be argued that a district shouldn't be on our list of the best DFW school districts!
Great Schools gives the <a href="https://www.google.com/maps/place/Highland+Park+Independent+School+District,+TX/@32.8417243,-96.8108885,14z/data=!3m1!4b1!4m5!3m4!1s0x864e9efe8e6b78f1:0xa02b21f756419e04!8m2!3d32.8438115!4d-96.797592">Highland Park Independent School District</a> a perfect <a href="https://www.greatschools.org/texas/dallas/highland-park-independent-school-district/">10/10</a> score.
<a id="allen"></a>Allen Independent School District
Enrollment is continuing to climb in the <a href="https://www.allenisd.org/">Allen Independent School District</a>, and it has over 20,500 students spread out over seventeen elementary schools, three middle schools, one high school, and one freshman center. Despite the growing numbers, the district is committed to keeping acceptable class sizes and student-to-staff ratios.
Students in <a href="https://www.google.com/maps/place/Allen+Independent+School+District,+TX/@33.1123216,-96.703751,13z/data=!3m1!4b1!4m5!3m4!1s0x864c1736b22c2c49:0x7b70b90333978cda!8m2!3d33.113949!4d-96.6745042" target="_blank">Allen ISD's</a> middle or high school can try out for sports such as baseball, basketball, football, and golf. The Allen High School football team has won several Texas High School State Championships over the past decade.
The combination of a top suburb, a sports powerhouse and an excellent rating are undoubtedly good enough for us to make our list of the best school districts in DFW.
Great schools give Allen Independent School District a score of <a href="https://www.greatschools.org/texas/allen/allen-independent-school-district/" target="_blank">9/10</a>
<a id="frisco"></a>Frisco Independent School District
With over 50,000 students enrolled in thirty-eight elementary schools, fifteen middle schools, eight high schools, and three special program schools, the <a href="https://www.friscoisd.org/">Frisco Independent School District</a> is one of the fastest growing districts in the country.
<a href="https://www.google.com/maps/place/Frisco+Independent+School+District,+TX/@33.1493559,-96.8759667,12z/data=!3m1!4b1!4m5!3m4!1s0x864c3c3d27de9c73:0xe4d464a10eb24a42!8m2!3d33.1400054!4d-96.8136642" target="_blank">Frisco ISD</a> believes in small learning environments, and according to their website, their mission is to know every student by name and need - and build meaningful relationships to promote family involvement and high levels of academic achievement.
Over ninety percent of the district’s graduates join the military or further their education at a university or technical school.
Great Schools has Frisco Independent School District at <a href="https://www.greatschools.org/texas/frisco/frisco-independent-school-district/" target="_blank">9/10</a><a href="https://www.greatschools.org/texas/frisco/frisco-independent-school-district/"><br /></a>
<a id="prosper"></a>Prosper Independent School District
The <a href="https://www.prosper-isd.net/">Prosper Independent School District</a> is a member of the Texas High-Performance Schools Consortium, which means they joined forces with twenty-two other Texas school districts to develop high priority learning standards, meaningful assessment, and an accountability system that is community-based.
Within the <a href="https://www.google.com/maps/place/Prosper+Independent+School+District,+TX/@33.2358984,-96.8566393,12z/data=!3m1!4b1!4m5!3m4!1s0x864c3f9cc9a37a99:0x85b3ef5a1d864a13!8m2!3d33.2318514!4d-96.7708138" target="_blank">Prosper School District</a> are five elementary schools, two middle schools (one houses grades five and six, while the other has grades seven and eight), and one high school. Eligible Prosper High School students can earn dual credits, meaning they can attend Collin College while still in high school.
Great Schools rating for Prosper Independent School District is <a href="https://www.greatschools.org/texas/prosper/" target="_blank">9/10</a>.
<a id="carroll"></a>Southlake Carroll Independent School District
Located in the center of the Dallas-Fort Worth metroplex, the <a href="https://www.google.com/maps/place/Carroll+Independent+School+District,+TX/@32.9497667,-97.1784239,13z/data=!3m1!4b1!4m5!3m4!1s0x864dd46ff4671563:0xaa7aefb577c8a4cc!8m2!3d32.9533477!4d-97.1467072" target="_blank">Carroll Independent School District</a> has eleven schools including five that were named National Blue Ribbon Schools by the U.S. Department of Education. The district proudly claims a zero percent drop out rate, a ninety-seven percent attendance rate, and students routinely score above the national and state average on all assessments, not to mention the fact around ninety-eight percent of seniors attend college after graduation.
The <a href="https://www.southlakecarroll.edu/">Carroll Independent School District’s</a> World Languages program provides students with the opportunity to learn another language where they will eventually reach a college-ready proficiency. The foreign languages offered are American Sign Language, Chinese, French, Latin, and Spanish. For students who enjoy athletics, there are several sports teams including swimming, golf, baseball, and basketball. Southlake Carroll High School is known as an athletics powerhouse within the North Texas area.
Recently ranked as the best school district in the State of Texas - enough said when it comes to the list of the best schools in DFW!
Great Schools rating for Carroll Independent School District - <a href="https://www.greatschools.org/texas/southlake/carroll-independent-school-district/" target="_blank">10/10</a>.
<a id="argyle"></a>Argyle Independent School District
The <a href="https://www.google.com/maps/place/Argyle+Independent+School+District,+TX/@33.1023379,-97.2516063,12z/data=!3m1!4b1!4m5!3m4!1s0x864dce99e20793c5:0x291ce024dacd8973!8m2!3d33.1182396!4d-97.2005806" target="_blank">Argyle district</a>, made up of three schools, is known for its academic and athletic excellence. It has earned the Lone Star Cup five times including 2013 and 2014, and the Argyle High School basketball team won the 2015 state championship as did the boys wrestling team. The <a href="https://www.argyleisd.com/">Argyle Independent School District</a> participates in the Texas University Interscholastic League which has the most thorough academic and literary program in the country.
Great School rating for Argyle Independent School District - <a href="https://www.greatschools.org/texas/argyle/" target="_blank">9/10</a>
<a id="plano"></a>Plano Independent School District
Long thought of as one of DFW's premier school districts, <a href="https://www.pisd.edu/">Plano Independent School District</a> continues to tow the line as one of the benchmark school districts in North Texas. For years, Plano ISD only had two high schools - Plano Senior High School and Plano East Senior High School. The senior high schools hold grades 11 & 12.
Around 2000, <a href="https://www.google.com/maps/place/Plano+Independent+School+District,+TX/@33.0423069,-96.7796848,12z/data=!3m1!4b1!4m5!3m4!1s0x864c185ed6e59215:0x17aa2ea12adc43a3!8m2!3d33.0550676!4d-96.7279918" target="_blank">Plano ISD</a> opened a third high school - Plano West Senior High School. As with all things new, Plano West Senior High School is currently the "choice" of those wanting into the Plano ISD. The area around Plano West High School holds the most expensive real estate in the city of Plano with most of the homes being priced well above the $500,000 mark.
Great Schools rating on Plano Independent School District - <a href="https://www.greatschools.org/texas/plano/plano-independent-school-district/" target="_blank">8/10</a>
So what do you think about our list of the best school districts in DFW? Let us know in the comment section below.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2018-10-24T09:07:00-07:002018-12-09T21:43:38-07:00Jeff Knoxtag:knoxre.com,2012-09-20:4840Open House (The Secrets of What to Look For While There)<img src="https://assets.site-static.com/userfiles/1075/image/OPEN_HOUSE_WHAT_TO_REALLY_LOOK_FOR_WHILE_YOURE_THERE-01.png" width="960" height="5936" alt="what to look for at an open house" title="what to look for at an open house" />
The housing market offers something for every buyer but finding that perfect home takes effort and dedication. Seeing a specific home requires scheduling and planning, but <a href="https://www.knoxre.com/dallas/open-house/" title="Open Houses in Dallas">open houses</a> provide one of the best ways to get inside a variety of homes quickly. Paying attention to the details while you’re taking a first look at a house can remove problem properties earlier in the process and save you from wasting time. Of course, you’ll have a home inspection to go through a home, but you really should begin your inspection when you attend open houses today rather than wait until an offer has been made on the property. When buying property, an open house can be the first chance to spot issues that nix a sell further down the line avoiding wasted time and money.
The Open House Sign In Sheet
Most open houses you visit (and most likely one of the first things you'll encounter) will have a sign in sheet (or an iPad in today's world) for you to register your information - name, phone number, email address, etc. While a lot of potential buyers think these sheets are for security and safety of the open house, the real reason the sign in sheets exist is so that the agent hosting the open house can add you to their prospect database. If you're not excited about being in a REALTOR's database, politely tell the agent you don't want to give your personal information.
However (and this is a big however), registering on the open house sign-in sheet may be a huge benefit. If you aren't currently working with another Real Estate Agent and you are serious about buying a house, you may want to go ahead and sign the sheet. Here's why (the following is common practice for the best Real Estate Agents) - the people in an agent's database are often the first ones updated to new properties, price reductions, or any additional changes to the status of a property. Again, if you're serious about buying a home, the sign-in sheet at an open house might be your new best friend.
Open House Invitation
Sometimes, either when a home is first listed or is having trouble selling, an agent may send an open house invitation to the neighborhood or their database. Let me assure you that open houses are NOT by invite only. If an open house was only for the invited, calling it an "open house" wouldn't make sense. Would it? So please don't hesitate to attend an open house if you see a sign - with or without invitation.
Things to Ask While at an Open House
One of the advantages of attending an open house today is the ability to ask questions of the Realtor who is listing the home. You can ask, but you may not get answers. Sometimes the Realtor doesn’t know the answer. Other times, the listing agent may not want to reveal some details he or she is not required to disclose.
Feel free to ask why the owners are selling but the agent probably won’t tell you it’s because of a divorce because that would put the sellers at a disadvantage for buyers to know the listing is required as part of a divorce settlement (to learn more about tricks on <a href="https://www.knoxre.com/blog/real-estate-negotiator/" title="how to negotiate in real estate">how to better negotiate in real estate, click here</a>).
One of the biggest questions I'm asked is if a seller must disclose why they are selling. The answer is - No. In Texas, sellers are not required to disclose why they are selling a home. You can ask about issues related to the home’s history such as those included below, and Realtors are expected to share specific information as required by law.
Problems Areas to Check
Don’t get overly enthralled with first impressions when you walk into an open house. It’s easy to get overwhelmed by a newly <a href="https://www.knoxre.com/blog/what-home-improvements-add-the-most-value/" title="What home improvements add the most value">remodeled kitchen</a>, a spectacular master suite or perfect landscaping. Those are great qualities to find in a home, but in the end, it will likely be the little things that make or break whether a house is worth making an offer. What you want to look for at an open house are reasons to disqualify a home from getting another look. It doesn’t hurt to walk through the property once and look over all the rooms to confirm it is what you’re looking for regarding bedrooms, baths, and basic layout. But once you’re sure it’s worth a more in-depth look, it’s time to check out some of the detailed issues that can cause a house to fall off your list.
We’ll go into more details on each of these items of concern when attending a Dallas open house, but these are some of the critical problems to look for when you’re walking through a home.
Foundation
Roof
Exterior
Mold
Smells
Repairs
Maintenance
Basements
Flooding
Neighborhood
Issues to be Attentive to When Attending Open Houses
If you’re in the market for a <a href="https://www.knoxre.com/dallas/" title="Dallas homes for sale">home in the Dallas area</a>, there are things to look for when you attend open houses. Some are obvious, but others might not be top of mind. It wouldn’t hurt to make a list of things to inspect while you’re in the home in case your eyes glaze over when you see the newly remodeled kitchen.
Foundation Failures
When attending an open house in the Dallas area, one thing buyers should be aware of is the home’s foundation. Houses in Texas are at risk of environmental impacts that may affect the foundation. During an open house, take a particularly close look at the foundation on the outside of the home.
Look for any signs the foundation could be an issue such as cracks or deterioration, signs of significant settling, or other apparent problems. Small cracks can be a part of the house settling and are a natural part of the process after a house is built. But large cracks or gaps should be a cause for concern and deserve more of a look.
The inside of the house should be checked over as well. Look at the way doors sit in their frames. If the door is not square to the frame, you may be seeing the impacts of a foundation under pressure. The same can be said for windows that stick in their frames or the development of cracks above either.
If you see cracks where walls meet the ceiling in various places through the house, you might be seeing signs of settling, or you could be seeing symptoms of foundation failure. Large cracks inside should be concerning. Also, look for signs of <a href="https://www.knoxre.com/blog/foundation-repair/" title="Foundation Repair">repairs to a foundation</a>. Ask whether there is a foundation report and if any repairs have been performed inquire about a warranty on the work. Failure to do your homework could result in costly repairs.
Roof Problems
Another potentially expensive repair you should look out for at an open house in Dallas is the home’s roof. Checking the roof for visual signs of damage during an open house today can save tens of thousands of dollars tomorrow. Check inside for water stains on ceilings or walls and don’t assume water damage will only be on the top floor.
A roof leak can channel water through a wall and into the ceiling of a lower level depending on how the home is constructed and where the water may penetrate. During the open house, be sure to walk around the house and look at it from all angles. If there are large trees nearby, look for any potential damage caused by a falling limb.
Other easy-to-spot issues would include missing or broken roof shingles or tiles, shingles that are curled, cracked or have slipped. Also, take a look at the gutters and look at the flashing around chimneys or where a lower roof meets the wall of a taller part of the house. An inspector can identify hail damage, but you can ask the realtor about hail damage and repairs from that or any other issues. A new roof can save you thousands in repairs but ask about a warranty and if it is transferable.
Exterior Issues
Look at the outside of the home all the way around its exterior. A homeowner taking shortcuts or who is unable to keep up with maintenance may try to maintain the front of the house while neglecting issues on the sides or rear where it’s less visible.
Take a walk around the exterior looking for problems with the foundation, siding, windows, decking and other exterior features. While you’re outside, take a look at the fencing, sidewalks, and yard. You can correct cosmetic issues like overgrown shrubs or patchy grass. But a fence that has problems or a broken patio slab will cost some money to fix. A fence that is leaning will need to be repaired before it falls over with the next strong gust of wind. A deck that is sagging or a concrete patio that is chipping and cracking will need to be repaired or replaced before water continues to do its damage and results in a more costly repair.
Mold Growth
Mold, anywhere you find it, is never a good sign. Don’t just check in the typical places like bathrooms around the shower. A homeowner preparing for an open house might try to hide the evidence. Look for walls or ceiling in the bathroom that appears to have been recently scrubbed or fresh paint in places mold might be expected. Mold can continue to grow under paint so look for faint dark spots in corners and on the ceiling over the tub or shower. Use your phone’s flashlight to see under sinks in the kitchen and bathroom and take a look at the pipes while you’re at it to make sure there aren’t any slow drips that could be causing problems in the long run. Signs of mold will generally be spotted by a <a href="https://www.knoxre.com/blog/home-inspection/" title="home inspector">good home inspector</a>.
Smell Test
Carefully smell every room during an open house. Not only might you smell pet damage or detect that someone has been smoking inside the property, but you might also smell water damage that leaves a musty scent. At open houses in the Dallas area, it’s wise to look for signs of a roof leak or broken pipe that was repaired.
Although the problem was solved, it can leave lasting damage inside the walls that may produce an odor. And even if pet damage can be fixed with new carpet, you might be able to use it to negotiate a better price. Don’t be fooled at open houses today by attempts to cover smells. Air fresheners and other efforts to mask the smell of a home will only last so long before the cat urine begins to overpower the lavender potpourri. In fact, you might want to ask yourself whether you’re smelling too many lovely scents as you walk through a home.
If you move from the smell of fresh-baked cookies in the kitchen to a floral garden in the living room and into a pine forest in the first bedroom, it might be time to slow down and take another whiff. Trust your nose if it tells you there’s something off with that floral scent, it might be masking something. At the very least, take time to make a note to recheck at another time. If the house makes it through the first round of cuts and you decide to take another look, perhaps there won’t be so many intense fragrances if you visit the home without the prep work that went into the open house set up.
Amateurish Repairs
Look for signs that amateurs have performed work in the home. Paint on trim or window sills and crooked tile could mean the homeowners hired unskilled workers to complete the work or did it themselves. That’s not always a bad thing unless the quality was shoddy. Were plumbing and electrical repairs performed by workers without the appropriate skills as well? If you find small signs throughout the home, you should be concerned about what might be behind the walls. An open house is a perfect time to see homes without investing in a lot of scheduling to spot repairs that weren’t done by a professional. A homeowner who has cut corners may have caused long-term issues that will belong to you as soon as you close.
Deferred Maintenance
Along with poorly performed work is work that has not been done but should have been. Listen for a running toilet or dripping faucet. Is caulking cracked or missing from the kitchen backsplash or in bathrooms? Are the furnace or air system’s filters clogged from neglect or do they appear to have regularly been changed? If a homeowner doesn’t take the time to perform very basic upkeep, you can expect significant maintenance hasn’t been kept up to date either. While working your way through a home during an open house, take note of these simple chores that haven’t been completed. If it comes down to two houses and you like them both equally, the one that has been maintained the best will likely require fewer repairs over the long haul.
Basement Issues
While most homes in the Dallas area do not have basements, more and more houses are starting to include them. If a basement is on your list, be sure to take a careful look during the open house. A basement can offer a nice change of pace, but they provide opportunities for problems. If there are exposed pipes or wires in any location of the basement, check them carefully for signs of leaks. Even a fixed leak may have left water damage behind that isn’t easy to see. Basements are prone to being musty and wet environments in some seasons, so check for signs of mold. Not only can old basements be prone to water coming in through the basement walls during wet periods, but a leak in a kitchen or bathroom can send water through the floor into the basement. Good ventilation can help. A dry environment is only part of the concern with a basement in the Dallas area. Because of the soil types found in Texas, basements are not common. Some soils absorb water at times and expand and then contract during the hot, dry periods. The expansion and contraction of the ground can cause problems for foundations and basements. Modern building practices, however, have found ways to construct basements that can handle the problematic Texas soils. It’s still up to you to do your homework and make sure the basement doesn’t have any problems, or you’ll face an expensive repair, particularly in an older home.
Flooding Risks
Living near water can be nice. Having a stream running through the neighborhood or having a pond nearby can add to the experience of living in a community. But the presence of water also means there is the potential for flooding, and it’s something that should be checked. When at an open house in Dallas it’s a good time to ask if the home is located in a flood zone. Torrential rain can cause the stream to overflow its banks. Most insurance policies do not cover flooding as part of the standard insurance policies and require expensive flood policies. On top of that, if the home is in a high-risk flood zone, you may have to obtain flood insurance as a condition of closing on your mortgage. You can check out flood risks through FEMA’s flood risk map.
The Neighborhood
While you’re outside, walk up and down the street a bit. Are there some dogs barking, broken down cars, shoddy yards?
Your <a href="https://www.knoxre.com/blog/dallas-neighborhoods/" title="best neighborhoods in dallas">neighborhood</a> will be your home, and the perfect house won’t be much of a home if you’re worried about your neighbors or if you are kept awake by barking dogs every night.
While you’re at the open house, pay particular attention to the neighbors on either side of the house you are looking at as well as the home behind that location and even across the street. Those are the properties that will have the most direct impact while living at that location. Well-kept, tidy yards are indicative of a level of respect while a yard full of junk might indicate an awaiting problem.
You’ll be sharing a fence with the neighbors on either side, so pay particular attention to the side neighbors. Look out the windows of the home you’re walking through during the open house. Take a look at the property's privacy. If your neighbors will be looking in your bedroom window from their back deck or if the bedroom windows line up, there could be some issues with feeling comfortable in the home.
Take Notes and Photos at Every Open House
If you attend several open houses today, or in the weeks to come, the problems you find can blur in your memory over time. After visiting a dozen open houses, you may not remember which house had the cracked foundation. Take notes while you’re there and snap photos with your phone of problems you spot. It’s possible the issue can be solved affordably. Document the issues because it may play into your decision making if you’re struggling to decide on which home to place an offer.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2018-10-02T14:38:00-07:002019-05-09T10:32:33-07:00Jeff Knoxtag:knoxre.com,2012-09-20:4807Final Walk Through Check List (Don't Sign Closing Papers Until You've Reviewed This List!)<img src="https://assets.site-static.com/userfiles/1075/image/Final_Walk_Through_Checklist-01.png" width="960" height="6261" alt="Final Walk Through Check List" title="Final Walk Through Check List" />
FINAL WALK THROUGH BEFORE CLOSING
The day is finally here! You’ve found the home of your dreams, have an accepted offer, and received the <a href="https://www.knoxre.com/blog/typical-issues-on-a-home-inspection.html">inspection report revealing both common issues and major problems</a>. You may have even already purchased brand-new furniture to go with your swanky new pad. Sound familiar? Because the final walk-through typically takes place only a few days before the closing – when buyers are feeling most excited – it is all-too-easy to miss signs of damage, leading to unnecessary stress and unforeseen expenses down the line. Thankfully, I am here to help avoid that. In this post, I will walk you through what to look out for during your final walk-through. I have also created a handy Final Walk-Through Checklist which can be downloaded by clicking HERE.
<a href="https://www.knoxre.com/blog/buying-a-house/" title="buying a home">Buying a home</a> is one of the most important (if not the most important!) purchase you will ever make. Take the time to ensure that everything is exactly the way you want it before signing on the dotted line. Although you are probably extremely excited about the possibility of owning a new home, it is imperative that all details are checked thoroughly to save yourself any headaches in the future.
Many of the issues below will have most likely been addressed, or surfaced, during your home inspection. That said, things can and do break between a home inspection and the <a href="https://www.knoxre.com/blog/closing-on-a-house-close-of-escrow.html">close of escrow</a>. It certainly doesn't hurt to double check the house prior to closing.
I also recommend bringing the following items with you during your final walk-through:
The Final Contract. This will come in handy if you need to confirm that what you find in the home matches the terms of your agreement. Depending on which state you are purchasing a home, you may need to bring a legal document titled the Pre-Settlement Walkthrough Report as well. If you are buying a home in Texas, <a href="https://www.knoxre.com/files/454/Buyers_WalkThrough_and_Acceptance_Form__2.pdf">here is a link to that report.</a>
Notepad (Or Mobile Notebook). Post the date and time of the walk-through at the top of the page and take detailed notes that you can refer back to later on.
Camera (or Mobile Phone with a Camera). Take photos of any details that do not meet up to your expectations or appear to be damaged.
Flashlight. Even if your walk-through is scheduled on a bright sunny day, be sure to bring a flashlight with you (the flashlight on your phone doesn’t count!). You will need a bright light to check dark corners in the attic, basement, and other areas and mobile flashlights might not be bright enough.
The Inspection Summary and Receipts for Repairs. Bring the inspection summary report (yes, <a href="https://www.knoxre.com/blog/home-inspection/" title="do i need a home inspection">you always need a home inspection</a> whether or not you do a walk through) with you and check that all necessary repairs on the report have been completed. Bring all receipts for repairs provided by the homeowner as well to document that invoiced repairs have been fully completed.
Real Estate Agent. It is essential to bring your <a href="https://www.knoxre.com/blog/best-real-estate-agent/" title="How to find the best real estate agent">real estate agent</a> with you during the walk-through so s/he can guide you through the process and answer any questions you may have. Your agent has most likely conducted many walk-throughs in the past and will know the process.
Home Inspector. Although this may seem like overkill considering the home inspection has already taken place, if you are purchasing an older home, it’s not a bad idea to consider bringing a home inspector to the walk-through as well. Many home inspectors will charge a lower rate for a walkthrough, potentially saving you a lot of money in the long-run. Most inspectors call this a "re-inspect" and the main purpose is to make sure any problems are corrected prior to closing.
Cellphone and Charger (or Outlet Tester/Multimeter). Unless you are with someone who knows how to use a multimeter, I recommend bringing an outlet tester or a cell phone charger to check that the outlets work throughout the house.
On average, a walk-through typically takes anywhere from 1 to 2 hours. However, if many complex repairs were completed after the inspection, give yourself some extra time to review the work carefully. Your real estate agent should be able to offer you the best idea on how much time to set aside, but I would recommend giving yourself some extra ‘cushion room’ just in case.
It is very common for buyers to schedule their walk-through right before the closing, sometimes only giving themselves 20 or 30 minutes to check the home before purchasing. Although I understand wanting to get everything done on the same day, especially if you are moving from another state, I highly recommend scheduling the walk-through 1 to 2 days before the closing. This is especially applicable if you are moving into a large home or if multiple repairs have been agreed upon in the contract. If you are completing the walk-through the morning of the closing, you may feel rushed and overlook items. Additionally, you want to allow enough time to negotiate concessions with the seller should you find any issues during the walk-through.
I’m ready for my new house checklist! Where should I begin?
For starters, home buyers typically have a few items that they ask to be fixed before closing on the home. Review these items first. Keep this list of items handy during your walk-through and refer to it frequently to ensure that all requested repairs have been satisfactorily completed. Make sure that the seller leaves behind all necessary warranties in addition to any receipts that were provided after the repairs were completed. That way, you will (1) have the company names and essential contact info should you need to follow-up with the repair companies, and (2) know the repairs were made by a professional company/handyman. If repairs have been made, check that all areas of the home are free of garbage or debris from the repair process.
Before beginning a thorough analysis of the property, first, check every room (spending extra time in the basement and attic) and make sure that the seller’s items have been completely removed. The home should be broom-swept (unless stated otherwise in the contract) and all rooms should be empty – with the exception of items that convey with the home.
It is important to note that mold can begin growing within only 48 hours. Even if your inspector did not find signs of mold or water damage, it is imperative that you take the time to look for any warning signs during the final walk-through. I cannot stress the importance of this enough! Several rooms will need to be checked for mold and we'll talk more about that below.
Kitchen
At the very beginning of the walk-through, I recommend starting the dishwasher and letting it run a complete cycle while you’re inspecting the other rooms. Check on it periodically to ensure that it completes the full cycle without any issues or leaks. Double-check the dishwasher door and make sure it closes and locks properly. Additionally, run the garbage disposal to ensure it works correctly, check all the burners on the stove, and turn on the oven and microwave. Test out the exhaust fan above the range hood and listen for any signs of rattling. It is also critical to check for any signs of mold or leaks in the kitchen, especially near the dishwasher, refrigerator, and under the sink.
If certain kitchen appliances are being conveyed with the property (refrigerator, dishwasher, oven, microwave, etc.), review the model numbers on all appliances to ensure that the conveyed machines have not been replaced with inferior models. Although this may sound crazy, there are sellers out there who will take newer appliances with them during their move and swap them out with older or cheaper models. It’s always best to double-check the model numbers to ensure you’re getting the correct items that convey with the property. Make sure that the owner’s manuals were left behind for the appliances that convey and that there aren’t any missing or ripped pages. If the seller doesn’t have these, you most likely will be able to access the owner’s manuals on the manufacturer's website.
Heat & Air Conditioning
Whether your final walk-through is taking place on a steamy day in the middle of July or a frigid February morning, it is imperative that both the heat and air conditioning are tested. When you initially arrive at the home, set the thermostat to a specific temperature. After about 10 minutes, check every room with a thermometer or a mobile app on your phone. Check the HVAC thoroughly and test the thermostat to ensure that both are in proper working condition as well.
Up, Down, and All Around
As you walk room-by-room, check all ceilings, walls, handrails, and closets to ensure that the home wasn’t damaged during the move-out process. Stains in the carpet, scratches to the floors, and dents in the walls become visible when the furniture has been removed. Test out all handrails and banisters and make sure they are tightly secured. If the sellers had pets, there is a strong possibility that the floors, carpets, and walls could have scratch/bite marks and wear and tear. Spend extra time in the kitchen, laundry room, and bathrooms scrutinizing the ceilings for water stains. Don’t forget to check the walls behind doors for cracks in the sheetrock, holes, or scratches. Test out all doors as well. Do they close appropriately without scraping the floor? If you notice anything that doesn’t meet your standards, please take note of it and let your agent know.
Windows & Doors
Although checking every window and door in the home can be a tedious task, it is a vital safety precaution, as a broken door or window that does not open could pose a severe fire hazard. I also recommend checking that all windows have well-secured screens and working latches. Are there any missing storm windows in the home? Check the lock on every door. Does it open easily without showing any signs of being broken? Repairing a broken lock can be an expensive and time-consuming task and is something you will not want to deal with down the line.
Bathrooms
Flush all toilets throughout the home and check that the flush lever, handle, flapper valve, and flush handle are all functioning correctly. Run the sink and shower faucets to ensure that both the hot and cold water work correctly, the water runs clear, and the valves don’t leak when turned off. Run the hot water for at least 4 or 5 minutes and check that it remains hot and doesn’t sputter. The drains should also drain all water quickly without clogging or stalling. If there is a spa tub, test out the tub jets and make sure they function correctly. Turn the ceiling exhaust fan on and off a few times. Does the fan turn on quickly without excessive noise? I would also recommend checking for any signs of leaks or mold in the bathrooms. Again, most mold will grow under the sink and in corners of the bathtubs and showers.
Home Systems
Review the security system in the home (if applicable) and test the doorbell out a few times. If there is an electric garage door opener that is conveyed with the house, ensure that the remote control works properly, and the garage doors go up and down without a hitch. If the garage doors are not electric, take the time to check that they are correctly aligned and open and close smoothly. Ensure that the owner’s manuals have been left behind for the electric garage door opener and all other home systems and that they aren’t missing any pages or sections. (Again, these most likely can be accessed online if the owner no longer has the physical manuals). I also advise checking the overhead fans in every room. Turn them on and off, test out the various fan speeds, and make sure they don’t rattle or shake excessively when turned on.
Keys
Test out all keys that are supposed to come with the house. If the home comes with a shed, pool house, fence, etc., test out these keys as well. However, it is definitely my advice to have all keys changed by a licensed locksmith almost immediately after the closing.
Landscape
Although this may be hard to believe, sellers have dug up shrubs and trees and taken them with them during their move. No joke! Carefully walk around the home and make sure the landscaping is up to your standards and there are no gaping holes or unwelcome surprises. If applicable, test out the sprinkler system as well.
Pool and/or Hot Tub
If there is a pool or hot tub, check that the pool filter, hot tub controls, and all other related items work the same way they did during the inspection.
Look for Unwelcome Visitors
Thoroughly check the floorboards and walls for any signs of termites, mice, or other pests and check the corners of all rooms for droppings. Signs of unwelcome visitors include rotting, soggy, or cracked wooden beams or pieces of shredded paper/carpet dispersed throughout the home. Although this will be especially applicable in the attic and basement, these tell-tale signs can be found in any room in the house, so you will want to keep a sharp eye out.
Fireplace
If there is a fireplace (or multiple fireplaces) in the home, test out the damper(s) thoroughly. If there is a gas fireplace in the house, make sure the gas comes on and test out the fireplace fan. If the home inspector has noted a dirty chimney flue, it is very important to have the flue professionally cleaned as a dirty chimney can be a fire hazard.
Electric
Although this is another tedious task, team up with your real estate agent and test out every light, dimmer, and fan switch in the home room-by-room. Does every light go on quickly without flickering? During this process, test every outlet with an outlet tester or a multimeter and check all plate covers to ensure that none of the covers are damaged or missing. If you do not own an outlet tester or multimeter (most people don’t!), I would recommend bringing your mobile phone charger with you and plugging the phone into each outlet. Check the kitchen and bathrooms to ensure that there are GFCI outlets next to the sinks and other water sources. Spend some time reviewing the circuit breaker box as well and check each circuit to make sure that they are all labeled. Turn the circuit breakers off and then on again – they should be stiff. If they are too loose, the breaker may need to be replaced. Check the attic, basement, and all other rooms for exposed wiring, as this could pose a serious safety concern and potential fire hazard. Don’t forget about the outside lights as well. Do the porch, backyard, and driveway lights and switches function properly? Are they missing any bulbs? If specific chandeliers or lights convey with the property, check that all agreed-upon fixtures have been left behind.
Don’t Forget the Exterior
It is easy to get caught up within the interior of the home and forget about the outside of the house, which is equally as important. Take some time to walk along the paving stones outside and look for any cracks or signs of severe damage. Check every gutter connected to the home. Are there any signs of damage or blockage? Walk around the home (at least twice) and thoroughly inspect the siding. Are any pieces missing or damaged? If there are shutters on the home, are any cracked or broken? If the house has a deck, inspect the wood carefully for loose or rotting wood posts. If the home has a patio, check the patio stones carefully for cracks or missing stones. Walk up and down the driveway at least twice and check for any cracks in the pavement. Look in storage areas to make sure trash, paint cans, hazardous materials, and any other unwanted items have been cleared out by the seller.
If I find issues during my walk-through. What do I do
If problems arise during your final walk-through, don’t despair! This does not mean that the deal will fall apart and you are going to lose your dream home. Typically, when issues are found during the final walk-through, the seller will provide a concession (a fixed monetary amount) to the buyer to cover the cost of the repairs. As you assess your list of repairs at the end of your walk-through, I urge you to consider every issue carefully. Are these minor details or significant problems? Are the problems you found worth potentially delaying your closing date?
Before you go
I hope that this list will serve as a helpful guide during your walk-through process. I know it can seem like a daunting task, but take your time going room-by-room and team up with your real estate agent, as s/he will serve as a great resource to you during this process. Don’t forget to click HERE to download my Official Final Walk-Through Checklist. Best of luck on your walk-through!
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2018-08-30T12:52:00-07:002019-01-02T10:35:48-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5199July 2018 Dallas Real Estate Market<img src="https://assets.site-static.com/userfiles/1075/image/dallas-real-estate-market-statistics-july-2018.png" width="4405" height="15129" alt="july 2018 dallas real estate market" title="july 2018 dallas real estate market" />
The Dallas Texas Real Estate Market Report for July 2018
The newest data released by NTREIS (North Texas Real Estate Information Systems) for July 2018 indicates that the Dallas-Fort Worth real estate market might be slowing some. The median sale's price has increased since July of 2017, but the increase of the median price could only be an indicator that living in DFW is getting more expensive. Our official NTREIS MLS report for July 2018 sums up the statistics as the following:
"Housing price bubble chatter has increased this summer, as market observers attempt to predict the next residential real estate shift. It is too early to predict a change from higher prices and lower inventory, but the common markers that caused the last housing cooldown are present. Wages are up but not at the same pace as home prices, leading to the kind of affordability concerns that can cause fewer sales at lower prices. At the same time, demand is still outpacing what is available for sale in many markets.
"New Listings were up in the North Texas region 3.6 percent to 14,888. Pending Sales decreased 13.6 percent to 9,345. Inventory grew 5.7 percent to 30,988 units.
"Prices moved higher as Median Sales Price was up 5.9 percent to $264,625. Days on Market increased 5.7 percent to 37. Months Supply of Inventory was up 6.5 percent to 3.3 months., indicating that supply increased relative to demand.
"Consumer spending on home goods and renovations are up, and more people are entering the workforce. Employed people spending money is good for the housing market. Meanwhile, GDP growth was 4.1% in the second quarter, the strongest showing since 2014. Housing starts are down, but that is more reflective of low supply than anything else. With a growing economy, solid lending practices and the potential for improved inventory from new listing and building activity, market balance is more likely than a bubble."
The Dallas Housing Market Stats (July 2017 vs. July 2018)
Key Metrics
07/17
07/18
+/-
New Listings
14,371
14,888
+3.6%
Pending Sales
10,813
9,345
-13.6%
Closed Sales
10,714
10,812
+0.9%
Days on Market
35
37
+5.7%
Median Sales Price
$249,900
$264,625
+5.9%
% of Original List Price Received
97.7%
97.0%
-0.6%
Inventory of Homes
29,305
30,988
+5.7%
Months Supply of Homes
3.1
3.3
+6.5%
2018 Dallas Real Estate Market Stats Year to Date (versus 2017)
Key Metrics
2017
2018
+/-
New Listings
94,819
98,880
+4.3%
Pending Sales
71,403
70,900
-0.7%
Closed Sales
66,277
67,058
+1.2%
Days on Market
41
43
+4.9%
Median Sales Price
$245,000
$259,000
+5.7%
% of Original List Price Received
97.5%
97.0%
-0.5%
(Stats are courtesy of <a href="http://www.ntreis.net/documents/NTREISSTATS_2782018115049.pdf" target="_blank">NORTH TEXAS REAL ESTATE INFORMATION SYSTEMS, INC</a>.).
Breaking Down the July 2018 Market Statistics' Numbers
Let's take a look at the July 2018 Dallas Real Estate Market stats. Good news for buyers continues - there are more new listings when comparing both July 2017 to July 2018, and when comparing year-to-date statistics of 2017 against 2018. Year-to-date, the percentage of new listings versus 2017 has increased +4.3%. However, the number of pending and closed sales have lagged well behind that 4.3% increase, which means inventory is increasing. In comparing the inventory, the month's supply of homes in 2017 was 3.1 months versus 3.3 months in July of 2017.
While closed sales have increased, the percentage has failed to keep pace with the increase in new listings which means better deals for buyers, as evidenced by more days on market, lower % of original list price received and a greater inventory of homes.
The only positive for sellers this month is that the median price continues to increase and that generally means it is simply getting more expensive to reside in the area which has a much greater impact on lower priced properties.
Takeaway: I tend to believe the NTREIS opinion of the market is correct and that we are headed toward a balanced market. I don't see this as a temporary thing, but more of a continuing trend toward being balanced.
JULY 2018 - COLLIN COUNTY REAL ESTATE MARKET STATISTICS
Key Housing Statistic Changes for July 2017 vs. July 2018 in Collin County
+0.4%<br />
-1.9%
+5.9%
Change in <br />New Listings
Change in <br />Closed Sales
Change in <br />Median Sales Price
What You Need to Know for Collin County:
Collin County continues more towards being an even market as the change in new listings outpaces the change in closed sales. In fact, the number of closed sales have decreased 1.9% from July 2017 to July 2018. Additional support for moving more toward a balanced market in Collin County? How about these stats:
Year-to-date the new listings are at +7.9% while the closed sales are only at +2.6 percent. That's an over 5% difference between the two, which isn't a good sign for sellers wanting top dollar.
Another huge stat - the month's supply of inventory has increased from 3.1 to 3.8 (+33.3%). That's HUGE!
These numbers will absolutely slow down a seller's market!
JULY 2018 - DALLAS COUNTY REAL ESTATE MARKET STATISTICS
Key Housing Statistic Changes for July 2017 vs. July 2018 in Dallas County
+0.7%<br />
-5.1%
+7.6%
Change in <br />New Listings
Change in <br />Closed Sales
Change in <br />Median Sales Price
What you Need to Know for Dallas County:
Of all the counties in this report, Dallas County is one of the friendliest to sellers. While the number of new listings has increased and both the pending and closed sales have decreased, the numbers aren't that far apart. In addition, the average and median sales prices have both risen (5% and 6.5%, respectively). Sellers are still in control in Dallas County.
JULY 2018 - DENTON COUNTY REAL ESTATE MARKET STATISTICS
Key Housing Statistic Changes for July 2017 vs. July 2018 in Denton County
-3.7%<br />
-3.8%
+5.9%
Change in <br />New Listings
Change in <br />Closed Sales
Change in <br />Median Sales Price
What you Need to Know for Denton County:
The change in new listings has equaled the change in closed sales which means the market will pretty well stay where it currently sits. One thing to note is the change in year-to-date median sales price (+6.1%) and average sales price (+4.9%).
JULY 2018 - ROCKWALL COUNTY REAL ESTATE MARKET STATISTICS
Key Housing Statistic Changes for July 2017 vs. July 2018 in Rockwall County
+23.3%<br />
+11.3%
+6.2%
Change in <br />New Listings
Change in <br />Closed Sales
Change in <br />Median Sales Price
What you Need to Know for Rockwall County:
Rockwall is throwing up some huge numbers! With a whopping increase in closed sales of +11.3%, it seems as if anyone thinking of selling is trying to take advantage. The number of new listings is up +23.3%! As a result, the cheaper homes are quickly disappearing with an increase in the median sales price of +6.2%. The average sales price between July 2017 and July 2018 increased by roughly $10,000.
JULY 2018 - TARRANT COUNTY REAL ESTATE MARKET STATISTICS
Key Housing Statistic Changes for July 2017 vs. July 2018 in Tarrant County
+5.6%<br />
-0.8%
+6.6%
Change in <br />New Listings
Change in <br />Closed Sales
Change in <br />Median Sales Price
What you Need to Know for Tarrant County:
Cheaper homes are disappearing across Tarrant County - which is the ongoing theme in all of DFW. However, buyers are about to get some relief considering the new listings are up +5.6% while the closed sales are trending downward and are -0.8% from the same month in 2017. The average sale's price is up $11,000 since last year, but that number is $287,000 which, again, means homes on the lower end of the pricing are the ones still going at a fast rate while the overall real estate market in Tarrant County is slowing down.
<br /><br />2018-08-20T07:54:00-07:002018-12-18T09:06:20-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5140Closing on a House (Everything about close of escrow)<img src="https://assets.site-static.com/userfiles/1075/image/CLOSING_ON_A_HOUSE-CLOSE_OF_ESCROW-01.jpg" width="960" height="4195" alt="closing on a house - close of escrow" title="closing on a house - close of escrow" />
You've found the perfect house and had your offer accepted -- no mean feat in this real estate market. You've gone through inspections and negotiations with the sellers until you both reached a comfortable compromise. Your mortgage rate is locked in, and you've even gotten a homeowner's insurance policy for your new property.
But before you can move in, you have to go through a mysterious process called "closing." You know that the result of the closing process is that you get the keys to your new house, but you're not certain about what happens during closing or what materials you need to bring. As well, you might be slightly worried: Is there anything you can do wrong during closing to jeopardize your homeownership?
Maybe you've been through closing before on another property, but you're not exactly sure about everything that happened -- or what all the papers you had to sign meant. You might wonder if anything will be different this time, especially if you bought your previous residence in another state.
Here, then, are expert answers to the most frequently asked questions about closing. Of course, if your question isn't tackled below, or you have a query about another part of the real estate buying or selling process, you can call us anytime for help.
What is a real estate closing?
Closing, which is also called completion of settlement, is the final step in buying a residential property. It officially happens when you, the buyer, take ownership of the property, usually by taking possession of the deed. To get to that point, you need to pay the seller what you agreed on previously. During the closing day, you'll sign the paperwork to legally release the funds from your lender to the seller's account as well as other legal documents. The seller will also sign paperwork to transfer ownership to you.
Closing is the last step in buying a home. Before you can complete closing, you need to have finalized your purchase agreement with the buyer, completed any needed home inspections, received an accurate appraisal of the property and had your mortgage application approved.
Are Sellers & Buyers at closing together?
No. Texas is what's called an escrow state, which means that a trusted third party, like your title company, holds both the money and the signed deed and makes all the necessary arrangements for the transfer. That lets the seller and buyer come in at separate times, mostly for convenience, to sign their documents transferring and accepting ownership, respectively.
Who chooses the title company?
Typically, the choice of title company dictates <a href="https://txrealtors.wordpress.com/2017/07/06/who-picks-the-title-company/">who pays for title insurance</a>. There are two parts of title insurance -- the seller, or owner, has a policy and the lender has a policy. Each policy protects that party from any issues that may arise related to ownership of the property. In some cases, the seller buys both policies, and therefore, gets the right to choose the title company.
It gets a bit more complicated if the seller pays for their policy and the buyer pays for the lender's policy. Under the federal <a href="https://files.consumerfinance.gov/f/201503_cfpb_regulation-x-real-estate-settlement-procedures-act.pdf">Real Estate Settlement Procedures Act</a>, the seller can't require the buyer to use a particular title firm if both parties are paying for their title insurance policies. It can't be a condition of sale to use a specific firm. That means that the buyer and seller have to negotiate the best company, which usually comes down to what the buyer wants to do.
In practice, the buyer will often choose to purchase title insurance from the same company that the seller uses. That's because it will often be less expensive and take less time when one title insurance firm does the due diligence for both seller and buyer at the same time. However, you as a buyer can always go elsewhere. In that case, you'll have to work together with the seller to decide which title company will handle closing.
Closing almost always happens at the office of your title insurance company. Make sure you get the correct name of the company and address from your real estate agent, so you don't accidentally go to the wrong office.
How long does it take to close on a house?
Usually, your part of closing is done in an hour or two on one day. It can take as little as a half hour, but it's best to set aside 2 to 3 hours to make sure you aren't rushed. The sellers also have to complete closing documents, and they might do that on a different day -- but it will usually be done before your time at the closing table.
What do you have to bring to closing?
You must bring a government-issued form of photo identification, such as a valid driver's license or U.S. passport. If you are paying closing costs, you'll also need a certified or cashier's check for the full amount that is made out to your title company. A personal check may not be accepted, especially if you must pay more than $1,500.
You'll also want to bring proof of insurance as required by your lender. This may include title insurance if you've purchased it from a company other than the one conducting your closing, homeowner's insurance, flood insurance and more. If you've been issued any paperwork or legal documents for review, you should bring those as well.
Your real estate agent or title company will let you know if there are any other documents that you must bring. In some cases, you may need to have original versions of documents that you've previously provided in an unofficial form.
You may also need to pay for some incidental expenses, such as the first month of your homeowner's association dues.
Curious about what sellers must bring? They have to have I.D. and documentation, as well as their part of the closing costs. They also must bring all their keys to the property, garage door openers and any relevant codes to operate locks, alarm systems, etc.
Closing Costs
As you may gather from the term "closing costs," closing costs are due at the time of closing. As mentioned above, if you are bringing monies to the closing, you will need the funds in the form of a certified check.
Closing Documents
You'll likely have a large stack of real estate papers to work through at closing, but here are the main documents you'll be signing. Remember that every real estate transaction is slightly different and your documents may vary.
Deed of trust - The deed of trust paperwork establishes the property as collateral against your loan. When you sign this document, you create a lien on the property that is not removed until you fully pay off the loan and own the property in full. What's the difference between a deed of trust and a mortgage? In Texas, the foreclosure process, if you don't pay, is usually handled out of court, or nonjudicially, so it's called a deed of trust. If the state determines that any foreclosure process must be handled in court, then the paperwork is known as a mortgage. (However, there are some circumstances under which lenders in Texas can take a foreclosure to court; check with a real estate attorney if you have questions.)
Closing statements - The buyer gets a closing statement on both the home purchase and the mortgage loan that finances the purchase. The first one is usually prepared by your real estate agent and lists the total purchase price and all fees that are connected with the sale, including commissions, taxes, and insurance. The loan closing statement, sometimes called a credit agreement, outlines the details of the loan such as the total loan amount, interest rate and any prepayment penalties.
Disclosures - You'll have to review several mandatory federal disclosure forms, including forms on structural defects, <a href="https://www.epa.gov/lead/real-estate-disclosure">lead paint</a> and asbestos. The seller has to inform you about the law and let you know what he or she knows about any issues in the house, and you have to sign to say you understand what you've been told.
Promissory note. This is the legal lending document that says you promise to pay the amount you have borrowed from your mortgage company. The paperwork will outline what amount you have to pay and how long you have to do so.
Mortgage insurance agreement. If your down payment is below a certain percentage of the purchase price, you may need to carry mortgage insurance to protect the lender in case the value of the property drops below what you owe.
Flood zone statement. If your property is located in a floodplain, you'll have to read through and understand disclosures about this fact. Your lender may also require proof that you have purchased flood insurance on the property.
HOA paperwork. If your new residence is part of a homeowner's association, you may have to sign documents confirming your rights and responsibilities as an HOA member. You will also have to confirm how much your monthly or annual costs will be to be part of the HOA, and you may need to make an initial dues payment.
Any riders on the contract or special conditions. Sometimes, for example, you may close on the property but allow the sellers to stay for a short period and rent the home back from you. If you're doing anything like this, you'll have to sign to agree to it legally.
Title company documents. You may have to sign documents related to the title insurance that you have purchased and disbursement paperwork that allows the title company to release the funds in escrow to the seller. There may also be disclosure forms related to the transaction, such as explanations of title company rates and fees.
There may be additional documents, such as a bill of sale for any items included with the property but not part of it like a security system. You may also have separate affidavits from the seller to sign and agree to if there are some "as is" issues with the property, like a plumbing or structural problem. If you have any questions or don't understand what you're being asked to sign, please consult a real estate attorney for clarification.
How closely must you read through the documents?
When faced with a mountain of documents to sign, you may feel like you can't possibly understand everything that you're to sign. But you must be confident with what you are signing, and you can ask your title company representative to clarify the purpose of each document that you review. You can also have a real estate attorney present, though that's usually not necessary unless the transaction is particularly complicated.
What you absolutely should make sure to do before you sign any paperwork is to verify the spelling of your name, the property address including zip code, and where applicable, the interest rate and principal balance of your loan. You'll also want to review the terms to repay and prepayment penalty to ensure that those are what you expect. Finally, check the dates on the papers that you sign to make sure they are accurate.
Once the documents are signed, how soon can you move in?
The sale has to be official before you can take residence in your new property, and it doesn't happen as soon as you lay down the pen from signing your final page. The legal transaction has to be recorded by the local government, and the funds have to be transferred to the seller. Fortunately, this usually takes less than one business day, and can sometimes take much less time if you're not using a lender or if the county where you live can publicly record the title in a shorter period. Your real estate agent will usually be the one to notify you when the process is complete, and you have become the official owners of the property.
Do you have other questions about closing and what takes place? We're happy to talk to you about what to expect in your specific situation. <a href="http://www.knoxre.com/contact.php">Contact us</a> or give us a call at 972-342-0000 to learn more about buying -- or selling -- a home in the Dallas-Fort Worth area.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2018-07-12T19:13:00-07:002019-01-02T15:43:23-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5141Best Time to Buy a House (Here's the best time of the year best to buy a house)<img src="https://assets.site-static.com/userfiles/1075/image/BEST_TIME_OF_YEAR_TO_BUY_A_HOUSE-01.png" width="960" height="3471" alt="best time of the year to buy a house" title="best time of the year to buy a house" />
If you're moving and need just the right home in your new city, you won't pay much attention to the time of year when you're buying. Likewise, if the perfect property in the neighborhood you've been eyeing comes on the market, you'll put an offer in no matter what month it is. But for those who have more flexibility when it comes to buying a home, there could be a better time of year to get serious in your search.
When is the best time to buy a house? Here's which season is best for you!
Just because average prices trend lower or availability is higher in a particular season doesn't mean that's the right time of year for you to start your search for the perfect home.
After all, the value of residential real estate can be pretty subjective. That beautiful formal dining room may be the best part of the home to your eye, but to another potential buyer, it may seem like a waste of space. The huge closets that make you take notice may barely register for another person touring the home. Issues that you as a knowledgeable DIY-er can handle yourself may cause another person to see nothing but large expenses and take a pass.
In other words, the reasons why another buyer might wish to snap up a house immediately may solicit a shrug of your shoulders. Different things appeal to different types of buyers, and the season in which you buy is merely another factor in getting the perfect property.
Advantages of Buying in Summer
As summer temperatures rise, the real estate market heats up, too. If you don't mind a little competition, the most extensive inventory is typically available in the summer months, so you'll have more from which to choose. The issue — especially in the always bustling Dallas-Fort Worth market — is submitting an offer before the sellers accept another. You may also fall into bidding wars where prices rise above what the buyer is asking. But you'll see more available houses, so your odds of getting one that meets all your needs are higher in summer.
A few other factors make house hunting in the summer easier and more pleasant.
Sellers think summer is best. People who are putting their homes on the market believe that they're likely to attract more potential buyers and get a higher price for their property. This increases the number of homes to choose from, even if it can be a mad scramble to submit an offer on the more desirable properties.
The sun is shining. You're more likely to enjoy looking at homes when the sun is out and the day is pleasant — though, so is everyone else. It's easier to see what a home looks like under the warm glow of the summer sunshine. You just can't evaluate a house as quickly when the landscaping is dormant, and the clouds are casting shadows over everything. You may feel more comfortable buying in summer because you'll — consciously or subconsciously — think you're better able to see any flaws or problems.
The school year is over. Many parents are reluctant to pull their children out of school mid-year, so they wait until summer to make a move. You may be in this category, and if so, you'll be able to more easily bring your children to home viewings to get their input on which house is best. Even if you don't have school-age kids — and especially if you're looking for a starter home — you can benefit from these families putting their own homes on the market as they move up. And families who need to move in a short window during the summer may be more willing to work with you on cost or make concessions after the offer is accepted.
You can quickly sell your own home. If you're moving into a higher-end home, and plan to put your own house on the market, you'll benefit from doing it in summer too. Your home will be on the market for less time, and you're more likely to get above your asking price if you can sell at the same time or shortly after the time when you buy.
It's easier to sell your things. Don't want to move with a ton of unneeded stuff? Garage sales are more popular in the summer, and it's easier to attract attention from buyers on online sales sites like craigslist. People are more willing to take a drive to look at items for sale and more likely to pay top dollar for your used items. And you're not competing with all the people who've done a bit of spring cleaning earlier in the year. A bonus: That baby gear that you've been storing in the attic or basement and no longer need <a href="https://twocents.lifehacker.com/the-best-time-of-year-to-sell-your-unwanted-crap-1794966150">can more easily find a home</a> as more babies are born in late summer.
With more beautiful weather and more inventory, home buying in summer can yield a better chance of finding what you want. It may also be the best time of year to accommodate your family's needs and rehome any items you won't need in your new location.
Advantages of Buying in Fall
Whew! Fall is typically less crazy than summer as families settle back into their school-year routines and some of the other factors that increased inventory in summer take a reduced role in influencing the real estate market.
Prices 'fall' lower is a popular saying in real estate. You won't see as much inventory on the market as you might have in the summer, but the prices of homes in fall tend to be more reasonable. Those sellers who attached a giant price tag to their homes in hopes of benefitting from the hot market are now willing to be more reasonable, and that can mean you'll get a better deal.
Competition is reduced. Fewer buyers are looking in the summer, having just purchased a couple of months ago. You're more likely to have your offer accepted and less likely to get into a stressful bidding war to claim the home you want.
Weather is better in the fall than the summer. House hunting in fall can be just as pleasant as looking in the summer, especially in the Dallas area. The average highs in the high 90s that mark July and August dip to a more comfortable 80 degrees and under in October and rainy days aren't markedly more.
Tax breaks are better for first-time buyers. You can deduct your property tax and mortgage interest for the whole year, even if you've closed in the last couple of months. You may also get additional tax deductions for expenses and payments made on the house before closing; talk to your financial advisor or tax accountant for a full run-down on all the benefits of buying in the last quarter of the year.
You may find fall to have a pace closer to your liking, and prices may be lower. If you don't like the stress of a high-pressure house hunt and you want to take maximum advantage of tax breaks, buying in the fall may be right for you.
Advantages of Buying in Winter
What's the main advantage of buying in winter? Cost. In the Dallas market, (and according to Trulia) winter prices average about 9 percent lower than in the peak of summer. That can mean thousands of dollars saved as well as less paid out in interest over the life of your home loan.
Typically, sellers in the winter are more pressed for time and the need to find a buyer. They may have an out-of-town job offer or have to relocate for family reasons, and they're more motivated to make the sale. That translates to not only lower prices but also less haggling and hassles.
A few other benefits you may not have considered:
Easier scheduling for contractors - If you want to make some immediate changes to your new house, winter is typically a slower time for many contractors and service professionals. You can't do everything in the winter that you could during the other three seasons — installing a new roof, for example, may need to wait until the risk of rainy days is lower — but many interior remodeling or repair projects can be done more quickly and for a lower cost than in the high-demand summer months.
Great sales on furniture and home items. Need more stuff for your new home? End-of-the-year clearance sales and January home sales can help you outfit your place for less.
Undivided Realtor attention - You'll most likely get excellent attention from your Realtor to where you might feel as if you're the only person with whom your agent is working. With fewer transactions in winter, agents have the time and motivation to move faster and get to closing.
Inventory isn't as high in the winter, but if you do find that perfect property, you'll reap cost and other benefits of buying during the colder months.
Advantages of Buying in Spring
In spring, you'll start to see the market warm up with more properties coming up for sale. It's not yet summer, but many sellers want to get a head start on listing their properties so they can be through the deal and ready to buy their own home during the summer months.
Besides the same weather and inventory reasons why you'd want to buy in summer, spring offers a few additional benefits.
See the landscaping at its best. With spring flowers blooming and the grass green and just the right length, you'll be seeing what your future home will look like at its best. It's easier to evaluate landscaping needs and get right to work if things need to change. You'll also be able to schedule landscaping companies at the beginning of their busy season before their schedules get tight.
Mortgage cost may be slightly less. Need a mortgage? While interest rates are dependent on some economic factors — the month isn't one of them — historical data shows that mortgage rates do dip slightly in April and May. This is typically pretty small — we're talking <a href="http://homeguides.sfgate.com/time-year-mortgage-rates-typically-lowest-8852.html">15-hundreds of a percent</a> — but even if you only save about $30 per house payment, that can add up.
Moving is easier in the spring. The weather in spring is pleasant for moving, but the moving companies are not yet fully booked. You'll be able to get reasonable deals and convenient scheduling, whereas in summer you may have to wait to get the resources you need for your big move.
Spring is a beautiful time to go house hunting, and you may get a slight break on your mortgage rates. As well, moving may be most comfortable in spring.
Challenges in the Market
No matter what time of year you think might be best; it's a great idea to start working with a professional real estate agent now and keeping an eye out for the property that best meets your needs. With <a href="https://www.bls.gov/regions/southwest/news-release/2018/areaemployment_dallasfortworth_20180111.htm">more than 100,000 jobs added</a> to the DFW economy between November 2016 and November 2017, there's more demand for housing in all price ranges.
As well, nearly 40 percent of homes sold last year brought in more than the asking price. The Fort Worth Business Press reports that the average house <a href="http://www.fortworthbusiness.com/news/residential-could-dfw-housing-market-overheat-in/article%5C_f679457c-fd46-11e7-b65f-73cac3c7866c.html">sold for $12,023 above the listed price</a>.
With this boom, it's vital to know which houses are going on the market before the for sale sign gets stuck in the yard. An experienced real estate agent can look for homes that meet your criteria and get you in to see them right away. Your agent can also help you navigate these crazy bidding wars that can pop up, so you increase your chances of getting the right home for you and your family.
Ready to get started in your search for the perfect house? You don't have to swim through the waters of buying in this hot market all alone. Even if you're not sure you're ready to buy this season, <a href="http://www.knoxre.com/contact.php">contact us</a> to meet one of our experienced realtors. We'll be able to watch for the right types of properties and find the one that is ideal for you — whether that's right now or next summer, fall, winter or spring.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2018-05-14T19:31:00-07:002019-10-04T13:54:44-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5142Old House vs New House (Which one you should buy)<img src="https://assets.site-static.com/userfiles/1075/image/OLD_HOUSE_VS_NEW_HOUSE-01.png" width="960" height="4347" alt="old house versus new house" title="old house versus new house" />
For some home buyers, a house with history is at the top of their list of "must have" features. They don't mind making an older home their very own. Other buyers would like to be the first to live in their new residence — with nothing to repair or remodel. Does it just come down to personal preference, or is purchasing a new home better than signing the papers for a house that's been lived in by others?
The good news is that the pros and cons of living in an older home vs. a newer one tend to balance each other out, making the decision one that comes down to personal preference. You may weight specific features more highly than another buyer, making one type the absolute right choice for you. Or maybe you're measuring the costs associated with older home vs. new construction and making a decision based on which is a better value. For those buyers who are still considering their options, here are factors to think about as you determine which type of house works best for your family and your wallet.
Character or Curb Appeal (Old Houses are Usually Better)
An older home may be unique and stand out from the many ranch-style houses and townhomes that line a typical street. Owning a one-of-a-kind home may appeal to you, and you think that can only be found in an older home.
Custom-built new homes can be everything you've dreamed of and look just the way you wish. While brand-new homes in a subdivision may all have similar features, they may be customized enough to stand apart from each other.
As well, older homes may have more established landscaping, such as taller trees. Researchers at Texas Tech found that good tree cover can <a href="https://aggie-horticulture.tamu.edu/faculty/hall/publications/2012%20December%20Landscape%20and%20House%20Appearance%20Impacts.pdf">increase your home's value up to 9 percent</a> -- that may make the home's price higher, but it will also help when it comes time to sell. A new subdivision will have newly planted yards that lack the type of developed vegetation that allows for curb appeal, and it can take several years to grow. On the other hand, with a new home, you are less likely to have to rip out large trees and bushes or have issues with root systems causing damage.
Consider, too, the character of the surrounding area. An older home may be located in a traditional and more established neighborhood, while a new house is likely to be built in an area with other new construction. Be sure to weigh the pros and cons of the community when making your decision.
These are matters of taste and style; no one can tell you what looks right to your eye. A home that you love can look beautiful as well as be more enjoyable to you as a homeowner, no matter whether that's in a turn-of-the-century Craftsman cottage or a newly constructed home.
Size of House
A lot has changed between the post-World War II years and today. Kids made do with smaller bedrooms, and often several children shared a room. Likewise, bathrooms and kitchens were smaller. In today's world, more space is not only desirable, but it's also more affordable. So when you look at a new house, the bedrooms will be bigger, the kitchen space will be designed as a hub for the family, and the bathrooms will offer more luxuries.
To back this up, budgeting guru Dave Ramsay notes that the <a href="https://www.daveramsey.com/blog/housing-trends">average house size in 1950 was under 1,000 square feet</a> with two bedrooms and one bathroom. That grew to 1,500 square feet in the 1970s, and today, most homes that are built measure more than 2,500 square feet. That's quite a difference, especially if you have a family or a need for more space. While smaller homes are going to cost less, you may need to eventually invest in a significant addition to the house if your family's needs change.
Older homes may have smaller rooms, smaller doorways and even smaller places to put appliances. It's not fun to try to move in your sectional couch and be unable to get it through the front door or to get a new, modern refrigerator delivered and find that it won't fit in the allotted kitchen space. You may end up needing to do a rapid remodel that wasn't in your plans — or your budget.
This is one area where newer construction often comes out on top. If you need more square footage, an older home may not be the right choice for you versus a new house.
Housing Building Materials (Each can Have Issues)
Whether you love the long-lasting wood ceiling beams and trim work of an older home or relish living in a new place where no one has even scratched the paint, building materials are a significant factor in whether you want an older house or a new one.
Brand-New Construction Houses are Not Necessarily Problem-Free
What's been used to construct the house you're considering for purchase? In the case of a new house, that's easy to determine. The builder should be able to tell you the details of the building materials, right down to the brands of drywall and paint used during construction. But most homeowners enjoy having brand-new walls, ceilings, and flooring without giving too much thought to the materials used.
Your new house could have been built with less expensive materials made overseas. Does that matter? It did for between 50,000 and 100,000 homeowners who had <a href="https://www.todayshomeowner.com/toxic-chinese-drywall-is-it-in-your-home/">toxic Chinese drywall </a><a href="https://www.todayshomeowner.com/toxic-chinese-drywall-is-it-in-your-home/">installed in their homes</a> between 2004 and 2008.
The products were made with little oversight and have been found to emit toxic compounds that smell bad and cause health problems. These gases are even reacting with electrical wiring and appliances, causing them to fail.
Not all products made in China are a problem, of course. But brand-new construction isn't a guarantee that everything will be perfect. You still need to do research, ask the builder the right questions, and follow up on any problems that arise.
Older Houses Can Incorporate Problem Materials
An older home, on the other hand, has had time to show evidence of issues with building materials. But there can be health hazards lurking in older construction, even when families have previously been living in a residence for many years.
Asbestos is a good example; almost every U.S. house <a href="https://www.thisoldhouse.com/more/what-you-need-to-know-about-asbestos">built between the early 1940s and 1975</a> includes this fire-retardant material in attic insulation, floor tiles, duct sealant, and many other materials. If it's not disturbed, asbestos is not considered harmful, but if you do any renovation, you risk releasing tiny fibers into the air. These fibers move into your lungs and can cause disease, including cancer. To do even simple DIY work, you may need to have professionals come in and test — and possibly do the job at a much higher cost to ensure that your family's health isn't impacted.
Another issue with building materials in older homes is the replacement. If you do have to replace a section of flooring, for example, it may be nearly impossible to match older materials. You'll have to take the time to find a close approximation, and even then, you may need to replace a larger area than would otherwise be necessary.
Finding evidence of problem building materials in any house you are considering is part of what an inspection can cover, but not everything is easy to identify or test. Whether you love the history and durability of older materials or the promise of pristine new construction, there can be issues with any age of a home. Your experienced realtor can help identify any potential problems that may be common to homes from the era in which you're interested.
Costs of New versus Old
It's true that new homes are harder to find and can command a higher price. Fox Business found that existing homes cost <a href="https://www.foxbusiness.com/features/buying-a-home-new-vs-old">an average of 16 percent lower</a> than new construction — and that can vary depending on the area where you're looking to buy.
Plus, if you choose to customize a new home, your costs can rise even more. Custom-built homes are tailored precisely to your specifications, but you'll pay more for the attention that the contractor pays to every little detail. Also making alterations to the new homes being built in a subdivision can cause your final price to take a significant jump over the initial cost you were quoted for a particular model.
Repairs and Renovations Can Get Expensive on an Older House
When buying an older fixer-upper, it's easy to romanticize the house and forget about all the work that you'll have to put in to get it in top shape. By the time you've finished paying for materials and labor, you might have been better off with a new house.
Don't forget that some renovations are best done when the home is vacant. Can you afford to stay in your existing housing until a remodel of your new house is finished? Or can you live with the disarray if you choose to move in and do work at the same time? Some homeowners who enjoy do-it-yourself work can tackle one project at a time while living in the home and spread the costs out over time. If that sounds like you, it makes more sense to purchase that older home that needs work.
What Will Your Maintenance and Utilities Cost? (Older Homes cost more money)
Older homes need more maintenance than newer homes — that's no shock. You'll have more things to replace, and sometimes it may seem like a never-ending stream of updates to make. If you're planning on staying in the house you buy for several years, though, it may be nice to have your costs staggered. When you buy a new home, you won't have much to spend on maintenance for a few years — and then many things could hit at once. Because everything was installed at the same time, it could all come to the end of its natural lifespan simultaneously.
If you're looking at an older house, keep in mind that the top two things that most need to be replaced are the roof and the windows. According to HomeAdvisor, a service that matches professional contractors with homeowners, installing a new roof <a href="https://www.homeadvisor.com/cost/roofing/install-a-roof/">costs an average of $7,307</a> and can be as much as $30,000depending on the type of roof and your location. Replacing windows typically <a href="https://www.homeadvisor.com/cost/doors-and-windows/install-windows/">ranges from just over</a><a href="https://www.homeadvisor.com/cost/doors-and-windows/install-windows/">$2,500 to $7,500</a>. If you're basing a decision about which home to purchase based on cost, be sure to consider that these common maintenance issues are likely to crop up in your first few years of owning an older home, while new houses will be able to get by for at least a decade — and possibly closer to two.
Utilities will cost you less in a newer home, as modern houses are built with higher energy efficiency. That also means that heating and cooling systems will be more efficient and use more current technology to operate.
Don't Forget About Insurance (Older houses generally have higher insurance)
If you're on the fence about whether an older home or a new one is right for your family, you might consider the cost of homeowner's insurance. While hundreds of variables go into the price you pay to protect your property, it's true that coverage for a new house is likely to be a bit less expensive. It's new and should last for many years, so your insurance company is less likely to have to pay out for damage caused by faulty wiring, broken plumbing or a cracked foundation.
Analyzing your initial and ongoing home costs when considering a purchase isn't easy. Future expenses is another area where an experienced realtor is worth his or her weight in gold; the real estate professional you work with can help you determine what costs you're likely to incur immediately and down the road, for the specific home at which you're looking.
Old Homes vs. New Homes: There's No Right Answer
For many families, a new home is the best answer to their needs. For others, an older home with all of its quirks and charm is a great and more livable option. <a href="http://www.knoxre.com/contact.php">Your realtor can help you assess</a> which house is best suited to your family's requirements, whether that's a brand-new residence that you can immediately enjoy or a significant fixer-upper that you'll be proud to update and make your own.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2018-04-27T19:43:00-07:002019-05-07T13:44:22-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5143What to Know Before Offer<img src="https://assets.site-static.com/userfiles/1075/image/WHAT_TO_KNOW_BEFORE_YOU_MAKE_AN_OFFER_TO_BUY_A_HOUSE-03.jpg" width="961" height="3591" />
The process of making an offer should be something you've started in the background well before you get serious about making an offer on a possible house to buy.
Let's face it before you get serious; you've most likely done a lot of online research and consulted with a market expert (or at least that's what you should have been doing). You may have gone to some open houses or kicked some tires on some homes, but you most likely weren't ready until you've decided a few things. The most important deciding factors of where most people choose to live are things like area, neighborhood, price range, school district, number of bedrooms, amenities in the home and community, and other things you "must have" in a new home.
As a buyer, here are the things you need to know before you make an offer on a house:
You'll Most Likely Encounter Some Competition
No matter the market (seller or buyer's market), the best homes attract attention from buyers. I tell all my clients that believe it or not, there is someone else out there looking for the same thing you want in a house. If a home catches your eye, it will catch other eyes, too.
Knowing that you'll most likely face competition for the best properties, there are a couple of things you need to know ahead of time as a buyer.
You'll Need to Know Your Limits
Negotiations on homes, especially those with stiff competition, can move very quickly. My advice is to have your ducks in a row with regards to your limitations and how high you are willing to go, monetarily, for a particular property. If you try and wing it, or aren't sure how much you'd pay for a property before starting negotiations, you'll hesitate. When you pause in negotiations because you're not sure of your limits, the seller may quickly jump to another offer/buyer who is better prepared to meet the seller's needs. It should now make sense to you why knowing your limits ahead of making an offer is beneficial to you as a buyer.
Consider Starting at a Higher Price
Many of my clients tend to think that it is almost a rite of passage for their first offer to be a lowball offer. When you have competition for a house, offering a lowball proposal will only serve to get you removed from consideration by the seller.
However, if you take the opposite approach and offer a strong contract from the beginning, the seller will most likely see you as a reliable buyer and might be willing to negotiate a bit more on smaller items in fear of losing a deal.
Do Your Homework
Sellers will always have needs beyond money. For example, most sellers will want a temporary leaseback to make sure the property closes and then have time to move their stuff out of the home after closing. The seller may also need a particular closing date, especially if they are purchasing a new home and need to get their financials coordinated to meet the strict deadlines of two closings. The point is, do your homework and ask the listing agent if the seller has any special needs to be written into the offer. Bringing the seller an offer with their needs built into the contract from the beginning will give you an edge on the competition.
In addition to knowing what is good for the seller when you have competition, you'll be best served also knowing what will hurt your chances of getting the home. Things like lowball offers; asking the seller to pay items like closing costs, home warranties, HOA transfer fees, title policies, and more will shut sellers down very quickly. If you insist on adding these items to a contract when you have competition, your chances of getting the home are little to none.
What to Know About the HOA
Outside of the City of Dallas, most suburbs have mandatory Homeowners Associations. Also, every condo will be subject to a mandatory HOA. Things you'll want to know about the HOA: is it mandatory or voluntary to join? What are the dues? How often are the contributions assessed? <a href="https://www.knoxre.com/blog/hoa-dues/" title="What do HOA dues cover">What do the HOA dues cover?</a>
If the community has a mandatory homeowners association, you will receive all the HOA documents as part of the contractual process of purchasing the home once you and the seller have executed a contract. As a buyer, it is very important to know that once you receive the HOA materials, you will have a set number of days (agreed upon by you and the seller in the deal) to review the HOA bylaws and exit the contract if you find the homeowners association rules to be unsatisfactory. During this time, you may legally terminate the contract and receive a full refund of your earnest monies.
Know About Local School Districts
Whether the school districts are important to you as a buyer or not, you need to know how they rank before making an offer because of the better the schools, the more future appreciation on the property. For those needing the school district for children, it is apparent that you need to know the ratings. For those without children, buying in the better districts offers much better resale potential.
I'd also advise you to do your research as to if any future rezoning is in the plans. Some buyers like to choose specific neighborhoods because they are assigned to particular schools. Make sure you aren't purchasing a home in one specific area to attend an individual school, only to find out that the community is being rezoned the following school year.
If the local public schools are not suitable, be sure to get a good idea of how far away adequate private schools are located. Many buyers in the City of Dallas are perfectly fine with purchasing in Preston Hollow, Midway Hollow, and Northwest Dallas because they are close to some of the best private schools in the state.
Be Sure to Check Area's Days on Market
Most buyers will be sure to check the "comps" (comparable properties) in the area before making an offer. But the comps will only tell you a small part of the bigger picture. If a property has been on the market for an extended period and the area's inventory sells typically in just a few days, do some investigation into why the house has sat on the market for that long. Ask the listing agent why the property hasn't sold. Inquire as to if the home has previously been under contract and if there is a recent inspection report you can view. Do your homework here because when a house has sat around on the market for an extended period, sellers often get tired of the process and, as such, are much more willing to <a href="https://www.knoxre.com/blog/how-to-negotiate-on-a-home-for-sale-the-3-best-negotiation-tactics.html">negotiate on the home</a>.
More than likely, the reason the house hasn't sold is that the owner overpriced it from the beginning. But, it certainly doesn't hurt to do your homework on the reasons the house hasn't sold and use these to your advantage.
The seller's disclosure will give you an idea of the current state of the house. Most of the times the seller's disclosure is available before even making an offer. Having the seller's disclosure in advance will allow you two advantages - (1) you will know if there are any major issues with a house prior to making an offer; and, (2) knowing potential issues in advance will allow you to make sure your inspector investigates these potential problems during the <a href="https://www.knoxre.com/blog/home-inspections-a-vital-part-of-buying-a-home.html">home inspection</a>.
In Texas, with a few exceptions, every homeowner is required to fill out a seller's disclosure so if you cannot find one online, ask the listing agent for a copy.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2018-04-24T21:10:00-07:002018-12-09T21:45:12-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5144Home Buying Tips (REALTORS® share their best advice)<img src="https://assets.site-static.com/userfiles/1075/image/Tips_For_Buying_a_House-01.jpg" width="960" height="3045" alt="home buying tips" title="home buying tips" />
This article is a guide for things you need to know to negotiate a better deal on a piece of property. There are specific tips, tricks and negotiation tools only the best REALTORS® know. Here is a glimpse of what makes some individual REALTORS® shine during negotiations.
Neither the top REALTORS® nor the smartest buyers wing it in negotiations. Below are the best tips to learn how to get a seller to take less money for their home. And, these tips work!
IF YOU KNOW NOTHING ELSE ABOUT HOME SELLERS, KNOW THIS...
Psychology plays a HUGE roll in the negotiation of properties in real estate, and sellers are proud of their homes. In fact, Duke University did a study on how we, as humans, price items with sentimental value. Duke termed their research the "High Price of Ownership." In fact, Duke called owners of something "predictably irrational." I cannot think of a better way to describe the emotions of most sellers. It is merely human nature. Here's the link if you're interested in watching the video - <a href="https://www.youtube.com/watch?v=drEVExtrUgQ">click here</a>.
Asking a seller to discount their property with zero solid reasoning will only build a wall between you and the seller. In other words, writing an offer for a home and just saying, "hey, we want $20,000 off the home 'just because,'" isn't going to get you anywhere. In fact, an offer like this will almost put you in an almost impossible position of trying to win back the seller's trust. And, it could cost you a few extra thousand dollars just by making the seller angry in the beginning. By offending the seller about their home, I've seen sellers say "I'll sell it to this buyer, but it's going to cost extra."
Here's what I tell clients who insist on writing lowball offers in the beginning - If you don't want the house that badly, feel free to float out offensive proposals. However, if you do want the house, don't do something to anger the seller from the start.
WHY IT'S VITAL TO NEGOTIATE FROM A POSITION OF POWER
Unfortunately, most people believe that real estate negotiations are about just going back and forth until you meet in the middle. As a professional agent, this is a big pet peeve of mine and a colossal waste of time. Also, neither party has the upper hand in this type of negotiation.
As a buyer, it is vital to negotiate from a position of power so that you have the upper hand during negotiations. One party (seller or buyer) will ultimately have the upper hand in the deal. Here's how to make it you:
HOME BUYING TIP #1 - GET A DISCOUNT BY KEEPING YOUR OFFER CLEAN
Sellers already have a good idea of their expenses on the sale of their home - commissions, repairs, title costs, taxes, and more. Instead of offering a lowball price and asking the seller to pay for home warranties, closing costs, and repairs add up what you think those will cost you and build it into your original offer.
Example - factor in how much money you think things like home warranties, closing costs, and repairs will cost and then submit your offer with those numbers in mind. If you can negotiate a deal for $5000 off the price of a home, but pay $1000 of your costs (closing costs, home warranties, etc.), wouldn't you take that trade?
Keeping your contract clean means, you have a MUCH better chance at a lower price if you don't litter the contract with discounts at every opportunity - trying to nickel and dime the seller will only build the wall we discussed above.
TIPS FOR BUYING #2 - GAIN THE SELLER'S TRUST BY BEING STRAIGHTFORWARD
When a seller feels right about you and your offer, a seller will be much more willing to discount a property for you. What makes a seller feel right about you as a buyer? Having all of your documents like pre-approval letters, checks for option monies and earnest monies, and presenting them with your first offer. Being transparent with the seller from the beginning by submitting your documents shows you are serious and not just kicking tires.
Here's my advice - when submitting your offer, compliment the seller's home but mention one or two things you'll need to repair once you purchase the house. Sellers are very proud of their homes and are emotionally attached, so a sincere compliment telling the seller why you like the house will go a long way. That said, there are always things that need repairing, and sellers will understand if you nicely add, "we are making this offer because we need to fix the fence." Most likely they have spotted something like the fence as well. Be sure to pick out items any buyer will see such as the fence, roof, landscape, cracked tiles, and installing stone counters. As a buyer, be careful not to take your compliments too far, or all the seller will hear in their head is "cha-ching" (like a cash register), and it could cost you thousands more!
HOME BUYING TIP #3 - WIN THE NEGOTIATIONS BY DOING WHAT YOU SAY
Negotiations can continue beyond just the initial execution of a contract between the buyer and seller. Any smart buyer will have an inspection performed by a licensed inspector and possibly then negotiate a bit more from issues found in the inspection report. Therefore, gaining the trust of the seller from the beginning is imperative. Doing what you say means timely following the contract from first execution - promptly delivering option monies, getting earnest monies to the title company, and immediately scheduling inspections. A seller will see your timeliness as respect for both them and their property which will psychologically make it OK to discount even more for you (after inspections) potentially. It's crazy, but sellers want to feel right about the person buying their home. This feeling is part of the emotional attachment to their property.
Oppositely, if you drag your feet and the seller starts to consider you "hard to work with," you'll most likely lose any leverage you'll have after the inspection.
In the end, sellers are very, very protective of their homes. If you treat the seller and the property with respect, you're a lot closer to getting a discount than you are if try and play hardball. Playing hardball and submitting lowball offers will ultimately mean you'll most likely end up paying more for a home you want. That is if the seller will even sell it to you!
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2018-04-23T21:17:00-07:002019-01-03T09:53:46-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5170HOA fees (Here's What HOA Dues Cover)HOA fees are a prevalent part of home ownership in Dallas-Fort Worth. There are generally what I call three levels of Homeowner Association Dues. The three levels are made up of the condo HOAs; the townhome homeowners association dues; and, the single-detached subdivision HOAs. The adage of "you get what you pay for" rings true in Homeowner Association Dues.
What Do Condo HOA Fees Cover?
Condo Homeowner Association dues are almost always the most expensive of the three. They are usually the most costly because condos offer the most amenities for their HOA dues. With everything under one roof, condo residents generally pay for standard amenities like a pool, fitness area, and parking facilities. The "standard amenities" still run approximately $300 to $500 per month depending on the building.
Upgraded amenities will obviously cost condo owners more in monthly homeowner dues. Upgraded condo amenities in Dallas include, but are not limited to, things like outdoor dog facilities; room service; maid services; spas; 24-hour security, concierge, and valet. When staff is needed for positions like security, concierge, and valet, the cost for the monthly HOA dues increases substantially because owners become the source of paying the salaries of the individuals in those positions. When talking about buildings with higher HOAs, I'm often asked what makes the dues so expensive. The answer is paying the salaries of the employees. When you start taking all these amenities into account, HOA dues can easily go over $1,000 per month.
One good thing about HOA dues for condos is the fact that you are only responsible for wall-to-wall within the unit. Meaning, your contributions are going to a more substantial fund which is responsible for all maintenance at the building like roofing, foundation, landscaping, pool maintenance, upkeep in common areas like painting and cleaning, general liability insurance, and the exterior upkeep of the building. Generally speaking, all buildings will have a homeowners association fund to cover the things mentioned above.
As a buyer, you need to know that condos are the most expensive types of homeowners association dues, but you will often get more amenities than the other two types of homeowner associations.
What Do Townhouse Homeowner Association Dues Cover
When looking at possibly purchasing a townhouse in Dallas, you should know how the homeowners association dues work for townhomes. Unlike condos, townhome HOAs won't usually have blanket insurance for items like roofing, exterior maintenance of each unit, amenities like fitness rooms, concierge staff, security, parking garages, etc. Most townhomes are built in a complex with each unit being its own, standalone structure. Most will have their own parking spaces outside of the units, or attached garages, as opposed to a parking garage.
About the only expenses for the HOA of townhomes will be the exterior maintenance of common areas and entrances along with swimming pools. But even then, I'd estimate that the number of complexes of townhomes with pools in the Dallas - Fort Worth area is probably only 50%. The only other "normal" amenity for townhomes is fitness centers. However, an even fewer number of townhouse complexes have fitness centers than swimming pools.
The thing to know about townhouse HOA costs as a buyer is that the dues are usually significantly less than those condo dues (again, mainly because you won't have the same number of amenities).
What Do Neighborhood HOA Dues Cover?
Homeowner Association Dues are very, very common in neighborhoods outside the City of Dallas. In Texas, most HOAs last for 25 years. That said, a lot of the subdivisions in the suburbs are newer than 25 years so most homes you look at outside Dallas will be subject to mandatory Homeowners Associations. The 25-year duration is why most neighborhoods within the City of Dallas no longer have mandatory homeowner associations.
In larger neighborhoods, HOA dues will generally cover amenities like community swimming pools, tennis courts, playgrounds, walking trails, and the community's common landscape.
Here's the great thing for a buyer - there are normally enough homes in a subdivision to easily cover expenses which make the dues very, very low. For example, my subdivision has over 1,200 homes and for all the amenities mentioned above, our HOA dues are about $500 per year.
HOA in Conclusion
Just know that HOAs are a very common part of owning homes/condos in the Dallas - Fort Worth area. Be prepared to pay HOA dues if you are planning to reside in a condo, townhome or a subdivision in the suburbs. There is no way to get out of the HOA dues if they are mandatory in the subdivision or condo building where you buy.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2018-04-20T21:28:00-07:002019-04-03T09:30:21-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5145Do these Things to Protect Yourself<img src="https://assets.site-static.com/userfiles/1075/image/DO_THESE_THINGS_TO_PROTECT-01.png" width="960" height="3908" alt="protect yourself when buying in texas" title="protect yourself when buying in texas" />
For most people, the purchase of a home is the most significant financial transaction they will ever make. That said, the very first thing a buyer needs to do is make sure they are protecting themselves and their family. The following is a list of things I highly recommend every homebuyer know when it comes to purchasing a property in Texas.
1) DON'T OVERPAY - HERE'S HOW TO GET ACCURATE PRICING DATA
The State of Texas is what is called a non-disclosure state. Being a non-disclosure state means home valuations from websites like Zillow, Trulia & Realtor.com are often wildly inaccurate. The sale price of a property is ONLY disclosed on the professional MLS and not disclosed to anyone who is not a member of the local board of REALTORS®. The sale price is NOT a matter of public record in Texas. Therefore, the only way to get an accurate indication of a property’s value is through a REALTOR® using the professional MLS.
As a buyer, knowing the fair market value of a home matters to you because you don't want to overpay for a property (possibly by thousands). Asking prices indeed shouldn't be used as the standard of fair market value for a property. In my years of helping sellers list their homes, I cannot tell you how many times a seller has suggested that we price their home "high" and then come down. Sellers often want to overprice their properties. Therefore knowing the fair market value as a buyer is vital!
The image below showing the "Estimated Value" comes directly from the tools on our professional MLS. Any good agent should be providing clients with these Estimated Value reports so that the client has a good idea of the fair market value of a property. Again, no other site outside of the professional MLS operates using accurate data. To be "in the know" on price, you'll have to consult a professional Texas Real Estate Agent.
The information contained in these MLS reports is the same data used by professional appraisers when determining the value of a property. Having these reports means you'll have access to the "real data" when it comes time to make an offer on a property.
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2) MAKE SURE YOUR INTERESTS ARE BEING REPRESENTED BY NOT USING THE LISTING AGENT
First and foremost, the listing agent on any property has a responsibility to the seller. The listing agent’s responsibility is what is known as the “fiduciary duty.” The National Association of REALTORS® defines strict adherence to this duty as “when representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client.” While the National Association of REALTORS® requires that a listing agent treats a buyer honestly, the listing agent DOES NOT have a responsibility, or duty, to look out for your best interests - including financially. The listing agent has quite a different task. The listing agent must look out for the seller's financial interests above yours.
As a buyer, there is no way you should enlist the listing agent to also represent you after knowing their duties include getting as much money as possible from you for their client, the seller.
The image below is directly from the National Association of REALTORS® Code of Ethics which, for the most part, sets standards which would make it virtually impossible for one person to represent both sides of a transaction fairly.
Here's a great example - do you feel like the salesman at the car dealership is representing both your interests and the car dealer's interests evenly? It's no different in real estate, except the prices are much higher.
<img src="https://assets.site-static.com/userfiles/1075/image/nar_code_of_ethics_duties_to_clients_red.jpg" width="842" height="252" />
3) MAKE SURE YOU DO NOT WAIVE YOUR RIGHT TO BACK OUT OF THE PURCHASE DUE TO MAJOR PROBLEMS
One of the most advantageous clauses for the buyer of a Texas Real Estate Contract is in section 23 titled the “TERMINATION OPTION.” This section allows a buyer to pay a small fee for the right to conduct any reasonable inspections of the property within an allotted time. As a buyer, the Termination Option clause also allows you to legally cancel the contract within a certain number of days and walk away from the purchase.
The importance of a home inspection cannot be overstated. Home inspectors will check and test almost all of the home’s systems including but not limited to significant items like roofing, HVAC, plumbing, electrical and foundation. Paying for a proper home inspection will allow buyers to uncover potentially critical issues before closing on the house. Never let anyone talk you out of using the Termination Option paragraph in a real estate contract.
It is essential that you familiarize yourself with the terms of the Termination Option clause in the contract. There are stringent deadlines for the exchange of monies and times which a contract may be terminated where you will receive a full refund of your earnest funds.
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4) MAKE SURE THE AGENT YOU CHOOSE IS FOLLOWING TEXAS LAW FOR YOUR PROTECTION
Texas state law requires that all real estate license holders present a document titled “Information About Brokerage Services” to all prospective clients at the “first meaningful contact.” This document does NOT obligate you to any agent/client relationship, or to the purchase of a property. Rather, this document is designed to protect the consumer and advise you of the roles and responsibilities agents have in a real estate transaction. It also defines what you can expect from the types of representations listed in the document. It is best not to hire an agent who does not show you this information at “first meaningful contact.” By failing to show you this form, the agent is already not representing your best interests and is also violating state law.
The attorneys at the Texas Real Estate Commission have gone to great lengths to protect consumers. The document below explains all aspects of representation and how a consumer should be treated. Not only is this an important document, but it is also Texas law.
The Information About Brokerage Services explains the difference between the two types of Real Estate Licenses in the State of Texas - Broker & Salesperson. It also discusses the absolute minimum duties of real estate licensees required by law. Probably the best section of the document is where the representation roles are addressed when a licensee represents a seller or buyer.
Texas law requires that we, Real Estate Licensees, ask you to initial this document showing we have presented this to the consumer. Again, it does not bind you to anything. However, I'd highly recommend that you carefully study this document as a way to make sure you are being represented correctly during your transaction.
As a buyer, you should know your rights and if you are being represented according to Texas state law.
<img src="https://assets.site-static.com/userfiles/1075/image/protect_yourself_knox_realtors_general_iabs_form_sample_1.jpg" width="2474" height="3188" />
5) PROTECT YOUR HOME FROM LEAD
When concerned about lead in a home, mostly we are talking about paint. Homes built before 1978 used lead-based paint products in the painting materials. The U.S. EPA has come out with a pamphlet aimed at protecting buyers and homeowners from the hazards of lead-based products in older houses. Below is the cover of the guide authored by the EPA. You can <a href="https://www.cpsc.gov/Global/Safety%20Education/Furniture%20Furnishings%20Decorations/426ProtectYourFamilyFromLeadinYourHome.pdf" target="_blank">click here</a>, or on the pamphlet cover below to see the full document.
<a href="https://www.cpsc.gov/Global/Safety%20Education/Furniture%20Furnishings%20Decorations/426ProtectYourFamilyFromLeadinYourHome.pdf" target="_blank"><img src="https://assets.site-static.com/userfiles/1075/image/lead-based-paint-information.JPG" width="536" height="821" /></a>
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2018-04-18T21:25:00-07:002019-05-08T09:50:29-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5146Active Option Contract (Here's what it means for you)<img src="https://assets.site-static.com/userfiles/1075/image/WHAT_DOES_ACTIVE_OPTION_CONTRACT-01.png" width="960" height="2163" alt="Active option contract" title="active option contract" />
The status of real estate in Texas can sometimes be a tricky thing, especially if you don't use these terms very often. Some of the most confusing terms: Active Option Contract; Kick Out; Contingent; Backup; and, Pending (just to name a few). Some of these status terms mean that you can still buy the house. Unfortunately, other terms mean the house is no longer available. By the way, these terms come from the MLS (Multiple Listing Service) which is the platform used to display these listings. Each MLS is owned by the local REALTOR® association.
In this article, I'm going to break down the real estate status meanings into simple language so that, hopefully, the next time you see "Active Option Contract" listed as the status for a property you find online, you'll know what this means to you as a buyer.
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ACTIVE STATUS
Any property in Texas showing on the MLS as "Active" means that it is currently available for purchase. In most areas, if an active property receives and accepts an offer, the listing agent must change the Active Status within 72 hours of accepting the offer. However, most REALTORS® change the status much faster as a courtesy to other agents and potential buyers. There is nothing more frustrating than scheduling a property, meeting a client at a property, wanting to write an offer on the property only to find out the seller accepted an offer two days ago. Point is, if you see a property in the MLS with an Active status, you can almost bet the house is still available. When shopping for your home online, look for that "Active" status.
ACTIVE OPTION CONTRACT STATUS
Active Option Contract - this is a term we are asked about almost daily. The Active Option Contract status in Texas real estate means that the seller has accepted an offer on their property; the property is now under contract; and, the buyer is within the "option period." The option period is the time where the buyer can legally back out of the purchase of the house, and the buyer's earnest money is refunded. It is good to note that so long as a buyer is within the option period in Texas, the buyer may terminate the contract for any reason. Meaning that the buyer does not have to give specific reasoning to exit the contract during the option period. See our blog post about the four things you need to know about buying a home in Texas for more on the option period and where the section is within the contract.
The good news about the MLS status of Active Option Contract is that the house certainly hasn't yet sold. You potentially have a shot at this property. However, the bad news is that someone has beaten you to the property and you must wait to see what that buyer decides about the home - move forward or cancel the contract.
ACTIVE CONTINGENT STATUS
The Contingent status in Texas real estate means that a buyer has placed a contract on a property which has been accepted by the seller, and the buyer's purchase is contingent upon the sale of the buyer's current home. The reason the word "Active" is used within the contingent status is that the property is still actively marketed since the buyer's contingency of selling their current home may not be satisfied as is stated in the contract. Therefore, the home may fall out of contingent status and back to active once the contingency is not met.
There are two types of contingent statuses on Texas real estate: Contingent with Kick Out and Contingent without Kick Out. So what is the difference in these two contingency statuses?
Active Contingent With Kick Out
This Contingent with Kick Out status means that the seller is willing to kick out the current contract if presented with a better offer. So, if you see this status and you're interested in that particular home, write the best proposal you can while knowing that you are already competing with another buyer. Even though you'll most likely have to up your offering price and structure the contract to be most favorable to the seller, you do still have the option of buying the house. In most instances, however, there will be a clause where the first buyer has the opportunity to waive their contingency status and purchase the house without the contingency of selling their current home. But, in your favor, most "first buyers" are not financially capable of waiving their contingencies and closing on the property without ridding themselves of their current mortgage.
Active Contingent Without Kick Out
Contingent without Kick Out obviously means the opposite of Contingent with Kick Out. In this instance, the seller does not have the right to accept another offer or force the hand of the current buyer. Not many contingency contracts will be structured to exclude a kick out option or clause for the seller. The kick out option is in the deal to allow the seller to sell their home as quickly as possible since the basis of a contingency contract means the seller has to wait on another home to sell their house. Sorry, if the current contingency contract does not include a kick out clause, you'll have to wait and watch before you can possibly make an offer on the home.
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PENDING STATUS
The pending status means that all contingencies have been satisfied and the home is simply waiting for closing. To get to the pending status, you'll work through the offer, option period, and any contingencies like selling another home, getting mortgage or financing approval, or repairs to the home. Once a home has reached the Pending status, no other buyer can purchase this house unless the deal falls apart prior to closing.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2018-04-17T21:31:00-07:002019-04-23T11:50:40-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5147Real Estate Negotiator (Secrets to Negotiating House Price)<img src="https://assets.site-static.com/userfiles/1075/image/HOW_TO_NEGOTIATE_HOME_PRICE-01.png" width="960" height="3771" alt="real estate negotiator - how to negotiate house price" title="real estate negotiator - how to negotiate house price" />
#1 - DO YOUR HOMEWORK
Know Your Market
Price is obviously the first thing which comes to mind when we talk about negotiations on a home. However, in order to get the very best deal possible, you need first to know the fair market value of a home. Texas is what is called a non-disclosure state. The sale prices of homes in Texas are not displayed to the public and are only disclosed to the local MLS (assuming the property was listed on MLS). The only way to get the correct sale price of a property is through an agent who has access to the MLS. If the home was never listed on MLS, nobody, including Realtors, will know the sale's price of the property.
Having a good idea of the current, fair market value of a property is the initial step in any negotiation/purchase.
Let The Seller Know You Know The Market
Negotiating begins with the presentation of an initial offer. Merely throwing out an offer on a property without rhyme or reason is going to ultimately leave you with insufficient leverage in the negotiation by alienating sellers.
A compelling, well-planned, detailed offer will tell your story and humanize you to the seller. This type of offer will allow the seller to be more flexible to you and not your competition.
Example - "we know you are asking $500,000 for the property but we feel like the carpets will need replacing and we have priced that repair at around $5,000. Therefore this is why our offer is $495,000."
Show the seller that you have done your homework, know the fair market value, and have a good idea as to what will need to be done to the property to bring it back to full market value. A seller will have much more respect for this kind of offer as opposed to a low ball offer with zero explanation or reasoning. The only thing a lowball offer with no logic will do is offend the seller and create a barrier during negotiations. In fact, this type of lowball offer can very well kill the entire deal. Think hard before making an offensive offer. If you like a house and want that home, I highly suggest not making an insulting offer for the property.
Snoop Around & Learn What Will Break Or Make The Deal
I'm just kidding about snooping...kind of. There is a chance another buyer may have already made an offer that fell apart. Try and gain an advantage by figuring out if another offer already fell apart and why it did. Sellers will almost always have needs apart from just the price such as specific times they need to close due to moves, temporary leasebacks due to having to move, special requirements for closing and more. Try and figure out how to make it easy on the seller by accommodating some of their needs. Most of these seller needs won't cost you any money but will go a long way in gaining favor with the seller.
#2 - GET CONCESSIONS FROM THE SELLER
Here's How To Get Concessions
When you present the offer from a reasonable, commanding position, you lay the groundwork for the seller making some concessions on items they know need to be updated, upgraded, repaired, or replaced. The best way to get a good deal on the home using seller concessions is to pick items any buyer will want to be repaired - i.e., flooring, roofing, drywall cracks, HVAC issues, foundation issues, etc...
Cash Back Is Better Than Seller Repairs - Here's Why
Sellers who stop negotiations on price will often be willing to give more on repairs. Again, if you pick out items every buyer will want to be repaired, sellers generally cannot argue with your mindset. Plus, by going after seller concessions on everyday things, the seller knows the same items will most likely come up in any negotiation.
It is best to have a professional home inspection performed on the home and a thorough written report be issued to you, the buyer. With a professional home inspector's recommendations, a seller is much more likely to take your requests seriously. As, again, most sellers are reasonable enough to figure that all home inspectors will most likely find most issues found by one inspector.
When it comes to either allowing sellers to make the requested repairs or taking cash back, the buyer should always receive cash instead of the repairs. Buyers will never be happy with the repairs a seller will make. Also, sellers will make the cheapest repairs possible. I can promise that the quality of most seller repairs (especially those not requiring a licensed individual to repair) will be deficient quality.
Knowing this, there are several items which the seller should repair before you taking possession of a home. These repairs are items where the inspector may not know the full extent of the repair needed. Therefore, you aren't sure how much cash the repair will ultimately cost. Examples of these repairs are things like an HVAC system not working properly; a water leak; swimming pool leaking; etc. You can see why having the seller repair these types of items before closing would be in your best interest. These repairs may be a simple repair or could run into the thousands.
*If you have a seller make a repair, always get receipts before closing and make sure that a licensed provider was the one who repaired the item (if a license is required for the specific work - i.e., electrical, plumbing, etc.)
#3 - CLOSING COSTS MIGHT BE THE BEST!
The "Hidden" Price Reduction
Sellers are never surprised when buyers ask for closing costs. However, from a psychological standpoint, I've seen sellers almost ignore the fact that a buyer is asking for closing costs so long as the buyer has offered a solid, overall price. Similar to the concessions, closing costs allow the savviest buyers to negotiate a better price by minimizing the cash they have to bring to closing.
A ton of my clients would rather negotiate through closing costs because it allows them to save their cash for repairs and renovations after closing. I cannot tell you how many of my clients will have work they want to do to a house after we close - redo bathrooms, kitchens, build pools, build additions and more. If cash is tight, be sure to keep the closing costs in mind.
Know The Guidelines & Limits
It is important to know mortgage loan regulations. There are limits as to how much a buyer can receive in closing costs from the seller. Talk with your lender before making an offer because he or she will be able to educate you on the amount you can receive in closing costs based on the loan product you are using.
For example, FHA guidelines currently state that a seller can only pay up to 6% of the sale price toward the buyer's closing costs. Be sure you don't negotiate a deal only to have the lender disapprove the deal.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2018-04-16T21:34:00-07:002019-05-02T10:26:17-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5148Best Real Estate Agent (How to Find the Best REALTOR)<img src="https://assets.site-static.com/userfiles/1075/image/HOW_TO_FIND_THE_BEST_REALTOR-01.png" width="960" height="4496" alt="best real estate agent - how to find the best realtor" title="best real estate agent - how to find the best realtor" />
Selling and buying a house can be a stressful process, but finding the best Realtors does not have to be a difficult task. If you follow the guidelines that a growing number of savvy home sellers are adhering to, you too can find an agent that will sell your house for the maximum amount of money possible.
Key Takeaways For How to Find a Good REALTOR®
The best REALTOR® isn't necessarily a friend or family member
The cheapest Real Estate Agent may not save you money in the end
Just because a REALTOR® agrees with your list price doesn't make them the best
Be careful of the self-proclaimed "Local Expert" REALTOR®
The best REALTORS® aren't hard to reach
Top Real Estate Agents listen to their clients
Learn what questions to ask to find the best REALTOR® for you
Hiring Family Members or Friends May Not Equal The Best Real Estate Agent
I think we can both agree, there are few things more important in life than family and friends. Nevertheless, if you are looking to secure as much money as possible for your house, then you should not hire a real estate agent just because you know them. The blog Real Estate ABC notes:
"Friendship alone isn’t enough to establish a professional’s credentials. Use tough standards when selecting an agent, just as you would when hiring an attorney, a doctor, or an accountant to handle your taxes. A true friend will understand and appreciate that this is a business decision and will offer their credentials and expect to compete for the listing. Besides, if a problem or challenge develops while selling your home, do you want to risk damaging a friendship or family relationship?"
Of course, hiring a friend or family member sounds excellent in theory. Ideally, they will work hard to sell your house because they know you, and you get to give your commission to a friend as opposed to a stranger. The concept can work, but all real estate agents are not the same, and more experienced agents can secure thousands of extra dollars for your pocketbook.
Just because you have a friend who is an agent, that does not mean they are the best REALTOR® for you. Here's an excellent way to think about it - would you hire your friend as your REALTOR® even if they weren't your friend? Thinking of it that way should lead you to the best real estate agent for you.
The Agent Who Has the Lowest Commission Sometimes Isn't The Right REALTOR® for You!
In theory, it sounds like a great idea to partner with an agent who has a very low commission. However, the blog Real Estate ABC disagrees with the opinion:
"You get what you pay for. Paying a cut-rate commission will often get you a sign in the front yard and placement in the Multiple Listing Service, but little additional effort from your agent. Realize that agents and real estate companies put up their own funds to market and advertise your home."
All things considered, it is important to remember that incentive plays a big part in sales. If you want to home to move quickly, then you need an agent who is actively trying to sell your house. Agents with lower commissions often make their living by taking on more customers, but that means they have less time to spend on your house. There is another factor to consider as well. Whenever a real estate transaction occurs, there are usually two real estate agents: the buyer's agent and the seller's agent. These two parties typically split the profits between themselves. Well, if the buyer's agent sees that your agent is earning a paltry commission, he won't be very motivated to earn his 50% (or whatever his share may be), and he will show his buyers other houses whenever the opportunity arrives.
Discount real estate brokerages and agents definitely have a place in the market. However, and I think most discount agents would agree if they're being honest, their business models are quantity over quality. They operate on trying to take as many clients and listings as possible which leaves very little time for much personal contact with clients. It has been said that when listing a home, sellers will often have an average of 100 decisions to make during the sale of their home. The decisions start when they decide to list the home - what agent is going to list their home? Should they replace and fix items such as fogged windows, doors, repaint, replace the carpet, update the kitchen, update the bathrooms, etc...? Most likely a discount broker simply will not have the time to coach you through what needs to be done in order to net you the most money.
Bill Gassett with Re/Max Executive Realty wrote an excellent article titled - <a href="http://www.maxrealestateexposure.com/why-a-real-estate-commission-split-matters">"Why a Real Estate Commission Split Matters."</a> We highly suggest you read this article if you are in the process of looking for an agent to list your home. Bill speaks of common tricks and gimmicks used by discount real estate firms which are unknown by their clients, the sellers.
The more that your discount broker shorts the buyer’s agent on your home sale, the less likely that agent is to show his or her client your home. You are creating ill will in the pool of buyer’s agents, and this ill will can have disastrous effects on your home sale. Worst of all, you may not even be aware that any of this is going on. You may just be wondering why there is no one coming to look at your house.
Don't Automatically Think The Best Real Estate Agent is the One Agreeing With Your Selling Price
Some real estate agents tell you what you want to hear, instead of what you need to hear. On the surface, it might make sense to list your house at a high price, and see if any fish bite. However, this strategy carries a surreptitious risk that could cost you money. You see, your house gets the most attention from agents and buyers when it is a brand new listing. After it has been on the market for a while, you start to look desperate, even if that is not the case. As a result, the offers that come in are typically below market value, and you may have to accept a price below what you could have gotten if you just listed your house at a price closer to market value in the first place.
A lot of agents will engage in the practice of telling you what you want to hear and then locking you into a long-term listing agreement. When your home fails to sell and you eventually catch onto the fact that the agent misled you about the actual value of your home, you are probably going to want to change agents and price your home accordingly. HOWEVER, remember that listing agreement you signed with your current agent? Yeah, he or she doesn't have to let you out of that agreement. It is a binding contract to list your home for the period of time specified within the agreement. You're stuck with that agent for as long as the contract dictates. This is a trick by the agent. He or she has lured you into a listing agreement while knowing that (1) your home will not sell for the listed price and (2) you have no option other than to reduce the price of the home to make it sell... all while you have to stay with that current agent.
Unfortunately, this happens a lot. But even the best REALTORS® sometimes overestimate the value of a home. When that happens, the top agents will bring you justifiable data and facts as to why a price adjustment is reasonable and best for you. Don't automatically discard the agent who tells you the truth about the price of your home. In all honesty, they're most likely saving you possibly months of frustration and potential heartbreak. The best real estate agents will be able to lay out a clear and concise argument as to why they feel you should price your home the way they suggest. Listing prices should not be randomly selected. There is a lot of data and psychology that goes into listing a home at a certain price. Again, if you feel comfortable with this REALTOR®, you've most likely found the best agent for you. Listen to them from an impartial viewpoint.
I've found that it is generally the case that the second or third listing agent will get the most attention from a seller, especially if that seller's home did not sell with prior listings. That said, there is no reason to go through two or three listing agents, especially if the first one is presenting facts and logic for the way a home should be priced in the beginning.
The Best REALTOR® May Not Be The Self-Proclaimed "Local Expert"
The tools available to today's REALTOR® are endless. Beyond what is available to the public, REALTORS® have access to a lot of in-depth technical advantages through our professional MLS. Look, there are a TON of REALTORS® who have labeled themselves as "local experts," but that doesn't mean they're the best real estate agent for the job. The "local expert" is more likely a marketing gimmick used by agents when they "farm" an area for business. Farming is the practice of selecting one or more specific areas and bombarding those areas with flyers, postcards, telephone calls, and more. The "local expert" has a nice ring to it when an agent is farming an area.
With today's tools, I can honestly say it takes me about 30 minutes to become familiar with an area, even if I've never sold there. My professional MLS provides me with many tools, data, graphs, and knowledge about any area I want to learn. The best REALTORS® almost always operate the same way during a transaction - quality, professionalism, getting an excellent grasp on the area, and sticking to their plan of attack whether it is representing you as a seller or a buyer.
Just because an agent had a listing in one area of town does not make him/her the "local expert." Be wary of those agents who call themselves the local expert, do some homework, and ask questions, as to why they believe they are the local expert. You'll most likely find it was more for marketing than actual substance.
The Best Real Estate Agents Aren't Lazy
In my time of being an agent, I've heard from clients (and others) that the worst part of working with a prior agent was the lack of communication. There are a variety of reasons people get into the real estate business. However, one of the most overlooked parts of their jobs is that this is a business.
Good REALTORS® promptly answer emails, telephone calls, and text messages. If you are having a hard time reaching your REALTOR®, you've got problems. Your REALTOR® works for you and the best agents understand this.
Do not accept services from a lazy agent.
The Best REALTORS® Listen To Their Clients
One of the most common complaints I hear from the public is that a ton of REALTORS® seemingly don't listen to their clients. Clients will attempt to describe to their agent what they want in a house, their budget, a list of "must-haves," and the area in which they want to live. The most prominent complaint by buyers? That their REALTOR® is showing them properties either outside of the area they want, or they are trying to get the buyer to increase their budget. While I get that this would obviously be frustrating, the best real estate agents will explain to a client why they might be pushing homes in other areas, or get a buyer to try and spend more money.
Buyers often have a list of "must-haves" which, frankly, may not be found (or reasonable) within their budget. This means that even though you think your real estate agent may not be listening because they are suggesting different areas (other areas may make it possible to find your must-haves within your budget) or suggesting you increase your price, the agent may be trying to help. Sometimes to get must-haves within a particular area, a buyer will have to be willing to pay more money.
But, if an agent isn't explaining why they are suggesting other areas and you still feel like they aren't listening, it might be time to find a different agent. The best Real Estate Agents do, in fact, listen to their clients.
Questions to ask a REALTOR
How long have you been a Real Estate Agent? Most times becoming an excellent real estate agent comes with years of experience.
What kind of license do you have? The State of Texas issues two types of a Real Estate License - a Salesperson's License and a Broker's License. A Broker's license means you can own a real estate firm and work for yourself. A Salesperson's license means that you have to work for a Broker. Often, a Broker will be a better bet for representing a client. Brokers have more training and a higher type of license. A Broker's license is the highest type of Real Estate License offered by the State of Texas.
Do you attend home inspections with clients? No way good REALTORS® skip home inspections. This is the best time for both the REALTOR® and their client to learn in-depth issues about the home they are purchasing. Repairs can be negotiated after a home inspection. Any Real Estate Agent who does not attend the home inspection with you is doing you a major disservice.
Do you charge me any fees like a transaction fee? As a buyer, your REALTOR® representation should cost you nothing. The seller pays the real estate commissions. However, some Real Estate Agents have started charging buyers what they call "transaction fees." I don't believe this is an ethical practice and it is an underhanded way to try and squeeze more money from a client. We do NOT charge any fees to our buyer clients.
When are you available to your clients? We are responsive and available to our clients. We are open seven days per week and, on most days, you can reach us from approximately 8 am to 10 pm. There is nothing more frustrating than using an agent who is regularly unavailable. In fact, the National Association of REALTORS® studies have shown that the most significant complaint from clients is lack of communication from their agent.
<a href="https://www.knoxre.com/contact.php">Contact us</a> (Knox & Associates Real Estate Brokers at 972-342-0000) if you would like to learn more about finding the best Dallas Realtors to represent you in any purchase of a Dallas area home.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2018-03-16T21:42:00-07:002019-01-02T10:54:08-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5149How to Make an Offer on a House<img src="https://assets.site-static.com/userfiles/1075/image/HOW_TO_MAKE_AN_OFFER-01.png" width="960" height="4690" alt="how to make an offer on a house" title="how to make an offer on a house" />
You've found the perfect house — the one that is just the right size and condition for your needs and your family, that's located in the ideal neighborhood and that sits within your price range. The next step: Submitting an offer.
If you've never made an offer on a house before, taking the plunge can feel a bit overwhelming. You're not alone -- nearly <a href="https://www.texasrealestate.com/wp-content/uploads/TexasBuyersSellers2017.pdf">34 percent</a> of all home purchases last year in Texas were first-time home buyers. Your real estate broker can answer every question you have, but it can be reassuring to understand the process from start to finish. Let's start by explaining the process and answering some of the most common questions about making an offer on a house.
Making an Offer on a House Explained
In hot real estate markets, it seems that there's barely any time to get your offer in once you find a house that you like. In fact, many buyers are getting stuck in a <a href="https://www.knoxre.com/blog/best-tips-to-win-a-bidding-war-on-a-house-in-dallas-tx.html">bidding war</a> for the home they want. Make sure you're ready: You know what you want and can afford, you have been pre-approved by a mortgage lender and you have sufficient earnest money to prove you're serious about any offer you make. When you're prepared to make an offer, you won't waste valuable time trying to pull these things together.
As far as knowing whether the house you're considering is "the one," imagine what would happen if your offer was accepted immediately. Would you be ecstatic, or overwhelmed? Would it feel right or would you feel like you'd settled for something that was not quite what you wanted?
Let's look at a few features that can make a house the right one for you:
It has the right amount of space. You have the number of bedrooms and bathrooms that you need for family members to feel comfortable. It's okay to have a smaller home, especially for your first, but make sure you anticipate how you can use the space effectively.
It is likely to pass an inspection. You may be a big Do-It-Yourselfer, but there are many issues a house may have that you are unlikely to want to tackle. Look at factors like whether the roof has been replaced recently, the electrical box hosts only ancient screw-in fuses or other signs of old wiring or if there are any obvious signs of dry rot or disrepair. You can change your mind if a full inspection reveals previously unseen problems, but don't fall in love with a structure that shows obvious issues.
The neighborhood is right for you. The location is convenient for work, school, and recreation, plus the area's "vibe" is what you're seeking. Maybe it's a well-established neighborhood with green lawns and white fences or an up-and-coming area with a lot to look forward to — either way, it fits with your lifestyle and your family's needs.
Once you feel like a particular house is the right one for you — or at least one that you can enjoy living in — it's time to make an offer.
How Does Your Real Estate Agent Help With Your Offer?
Your real estate agent can help write your offer so it covers all your bases. As an experienced professional, your agent has seen what helps a good offer get accepted and what to avoid doing and can help you craft your request accordingly.
Typically, an agent has a generic offer document, called a Residential Purchase Agreement (RPA), that can serve as a foundation for your unique offer. This includes legal information that must be part of a formal offer, including the legal address of the house, the price you're offering and the terms, how closing costs are to be handled and what the duration of the offer.
By using a framework to create an offer, you'll be sure to include all that are both legally required and written to appeal to the owner. Your agent can also advise you on how to "sweeten the pot," and increase your odds of having a seller accepts your offer, whether that's by offering just a bit more than asking price, including personal information to persuade the seller to choose your family or reducing the number of contingencies in the offer.
What Does a Typical Offer on a House Include?
The Residential Purchase Agreement will include the basics — address, price, duration of the offer — but it will also include the following:
Contingencies. These are any conditions that must be met before the sale can go through. The roof is in disrepair? You'll buy with a contingency that the seller has a new roof professionally installed before the sale goes through. Even more commonly, contingencies protect the buyer; if a loan doesn't get approved, for example, the buyer will be off the hook. Also likely: You'll include a contingency the requires a professional inspection with the ability to negotiate or even back out completely if problems are uncovered.
Escalation Clauses. Your real estate market is red hot, but you don't want to offer so much over the asking price that you get a less-than-stellar deal? An escalation clause lets you ensure you'll have the highest bid without going over what you need to. For example, your clause might spell out that you, the buyer, will pay $350,000 for the house, or $1,000 over the highest bid not to exceed $400,000. If the seller receives several offers, yours will stand out as being serious and willing to do what's necessary to get the property.
Earnest Money / Good Faith Deposit. This is like a small down payment that tells the seller you're serious about moving forward. Generally, when you make a good faith deposit, the house comes off the market pending an agreement between you and the seller. In most markets, this earnest money is between 1 and 3 percent of the proposed purchase price.
What is a Counter Offer?
Once you submit your offer to the seller, he or she will review it and may find some portion that isn't quite agreeable. This doesn't have to mean that the offer is not accepted; often, the seller simply makes a counteroffer to negotiate with you about the terms of the sale. Perhaps, for example, the seller doesn't want to replace the roof but will offer to knock a few thousand dollars off the purchase price.
You can decide whether to counter again or accept the seller's changes. There are no limits on how many times you can go back and forth, but common residential real estate transactions only have one or two rounds of this type of negotiation.
Can You Take Back an Offer on a Home?
This is one of the <a href="https://www.knoxre.com/blog/common-real-estate-questions-answers.html">most common real estate questions</a>. In most cases, you can take back an offer and back out of any sale as long as you and the seller have not signed a purchase agreement. In the offer documents, your agent can also insert a duration or period of time that the offer is good for, and if that is exceeded then the offer will automatically end.
However, you have to make sure that your state doesn't view the offer itself as a purchase agreement. For Dallas-Fort Worth buyers and other Texas residents, you will need to fill out a separate purchase agreement form, so this is unlikely to be an issue. Ask your real estate agent to understand clearly at what point you can no longer rescind an offer on a residential property.
In Texas, as well as most states, there is what is called the "option period" where the buyer has a certain number of days to conduct inspections while still having the "option" to terminate the contract. In order to have this option, the buyer will pay an amount of money to the seller which is non-refundable.
What Happens When An Offer is Accepted?
Congratulations! Your offer is accepted. Now, what happens?
First, once the counter offers are completed and both buyer and seller have agreed on a purchase price and contingencies, the property is considered "active under contract." There are unlikely to be major issues from this point forward, and you'll likely find yourself packing moving boxes in just a few short weeks. However, you'll need to pass through the following steps before you can officially take ownership of the property.
Appraisal. A third party will assess the property and ensure that it's worth the proposed purchase price. Usually, the appraiser is employed by your lender to make sure the loan won't be greater than the home's value. If the lender doesn't find that the home is worth what you've proposed to pay for it, you'll either need to come up with the difference or call off the deal.
Inspection. A professional home inspector will look all around the property for potential issues. Outdated or dangerous electrical wiring? Ancient plumbing pipes? Trees with roots growing into the foundation? All these issues will be noted in an inspection report. If the inspection uncovers a major issue, you might be able to re-enter negotiations with the seller to either have repairs made or to reduce the purchase price enough to cover the cost of the buyer making repairs.
Legal Disclosures. Sellers are legally required to let you know about certain problems that might be in play at the property — things like the presence of asbestos, a potential carcinogen; mold growth; pest damage that might impact the integrity of the home's structure; or the home's location in a flood zone. The exact required disclosures vary by state. Sellers will report any problems in a document called a Real Estate Transfer Disclosure Statement (TDS). If anything raises red flags, you may be able to negotiate for a lower purchase price, require the seller to fix the problem if possible, or back out of the deal.
Title Report. A title report shows who legally owns the property and if there are any liens or restrictions on the property. You want to be sure you will own the property free and clear once the deal goes through. It's somewhat unusual for a title report to turn up a problem, but if one does arise, talk to your real estate agent or a real estate attorney about how to proceed.
Lender Documents. You'll need confirmation from your lender that you still can borrow the amount of money you were pre-approved for and that nothing has changed to jeopardize a home loan. The lending entity may also require that you carry mortgage insurance, depending on several factors like the ratio of the loan to the property value; if you need it, you'll receive documentation from your lender on how to secure a policy.
Proof of Insurance. Your lender will likely want to make sure you have insurance in case of a problem, so you'll need to work with a provider of homeowners' insurance to secure coverage. Depending on your location, earthquake or flood insurance may be necessary.
Final Walk-Through. Before you take possession of the home, you'll have the right to go through it one more time and make sure nothing has changed that might impact the sale. If something has not been repaired as expected, you can require that it's done before closing the deal.
Contingency Removal. Are there any contingencies still in place? If the appraisal and inspection have been satisfactorily completed and your lender has approved your loan, you should be able to complete all contingencies.
Once all this has been completed and contingencies have been removed, the offer is officially "pending" and should be able to close without any problems.
What is Closing?
Closing is the process of taking ownership of your new property. The offer is accepted, everything is ready to go, and you'll be able to sign paperwork to officially purchase your new home. Closing typically takes place at your title company's office, and includes the transfer of down payment money to the escrow company, which holds it for the seller. Once you've completed closing, the property belongs to you.
Reducing Stress During the Offer Stage
Making an offer on a home can be nerve-wracking, but it's much easier with an experienced real estate agent at your side. Knox Real Estate Agents understand the market and can work with you to find the ideal property for your family -- one that you'll want to make an offer on. What's more, we can help you assess the timing of your offer, understand which important contingencies to include and evaluate counteroffers from the seller. Contact us to learn more about our services and how we can assist you with <a href="https://www.knoxre.com/blog/how-to-buy-a-house-from-start-to-finish.html">buying a home</a> for your needs.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2018-03-14T21:49:00-07:002018-12-18T09:55:43-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5150Real Estate Questions (And the answers you need to know)<img src="https://assets.site-static.com/userfiles/1075/image/18_MOST_COMMON_REAL_ESTATE-01.png" width="960" height="6852" alt="common real estate questions" title="common real estate questions" />
If you were suddenly experiencing chest pains, you'd almost certainly consult your family doctor. If you were faced with a serious legal problem, you'd likely call a competent lawyer. In other words, when you have life-changing decisions to make, you want to be sure you get the best advice possible from competent experts.
Knowledgeable Realtors Know the Answers to Your Real Estate Questions
The same is true when you're buying or selling a home. Although most people buying or selling their homes work with a real estate agent (for example, in 2015, <a href="https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics" target="_blank">89% of people</a> used a realtor to buy or sell their home), some still go it alone—and that can be a costly mistake.
For example, <a href="https://www.realtor.com/advice/sell/why-fsbo-sales-fail/" target="_blank">according to Realtor</a>, the average selling price for FSOB ("for sale by owner") homes in 2016 was approximately $185,000. For sellers who worked with a realtor, the average selling price was more than $245,000, an increase of more than 30% in sales price.
Why You Need to Work with an Experienced Realtor
<a href="https://www.knoxre.com/" target="_blank">Knowledgeable, licensed realtors</a> understand the ins and outs of the real estate industry and can help you navigate what can otherwise be the often-confusing process of buying a home. Because of that knowledge base, they can help you ensure you target only homes you can afford, that you have the money you need to cover your down payment and closing costs and that you get answers to your most pressing questions in a timely manner.
Although every home buyer is different, and each has his or her own set of questions, some of those questions are more common than others. Here, then, are 18 of the most common questions home buyers have, along with the answer to each:
1. What Do Preapproval and Prequalification Mean for a Mortgage?
Imagine falling in love with the home of your dreams, crunching the numbers on your own and making plans based on those numbers, only to find out later that you're not able to borrow the amount of money necessary to afford it. Imagine contacting a real estate agent for that home, only to find out he or she won't show it to you. The preapproval process is intended to obviate these and other problems.
The process begins with "<a href="https://www.bankrate.com/finance/mortgages/do-you-need-mortgage-preapproval.aspx" target="_blank">prequalification</a>," in which the lender uses information provided by the prospective home buyer to estimate the amount the buyer is qualified to borrow. Once the lender verifies this information based on documentation, the buyer is pre-approved to borrow a certain amount of money.
Preapproval, however, means more than simply getting an estimate of how much you're qualified to borrow. It also helps you tailor your home search by eliminating homes you can't afford, and in this way, saves you time and energy. In addition, once you've been pre-approved, you can estimate how much your down payment and closing costs will be.
Finally, the fact that you get preapproved demonstrates to the seller and real estate agent that you're serious about buying the home. In fact, most real estate agents require that borrowers be preapproved before they'll show them homes, especially in the case of more expensive homes. This helps them weed out people who either can't afford a home or are more window shoppers than serious home buyers.
2. Do I Need to Sell My Current Home before Buying a New House?
This can be a bit tricky. For example, if you buy a new home before you sell your current one, you could find yourself financially strapped as you attempt to pay two mortgages at the same time—and, of course, there's no guarantee as to how long it will take to sell your home. On the other hand, if you sell your current home before closing on your new one, you'll need to find another place to live in the interim, typically through a rental, and that's also wasting your money.
It is possible to sell and buy simultaneously through what's called a "<a href="https://www.realtor.com/advice/buy/top-questions-home-buyers-ask-realtors/" target="_blank">sale contingency</a>." This is an agreement in which you essentially make the purchase of your new home contingent on the sale of your existing home. Be warned, however, that not all sellers will agree to these conditions as they might wish to settle on a fixed timeline.
3. How Long Does It Take to Buy a House?
The amount of time it takes to buy a home varies widely depending on many factors, such as current market conditions and how picky the buyer is. In general, however, you can expect it to take between 30 and 45 days to complete the home buying process.
The hotter the real estate market, the longer it usually takes to buy a home, because everyone involved in the transaction—such as the real estate agent, the lender, the home appraiser, and the inspector—are busier and tend to have a larger backlog of properties on which they're working. Said differently, how long it takes to buy your home is largely a function of whether you find yourself in a seller's or a buyer's market.
4. What Does a Seller's Market Mean?
A "seller's market" is just what it sounds like—a time when industry conditions favor the person selling a home, this because more homes are selling, and the price for those home is on the rise. The is how <a href="https://www.upnest.com/1/post/what-is-a-sellers-market-in-real-estate/" target="_blank">UpNest</a> defines a seller's market:
"A seller's market occurs when the demand for homes outpaces the available supply. One handy way to determine exactly when the market enters the "seller's phase" is when the ratio of sales to listings hits 55-60 percent, or three sales for five listings."
Several factors tend to drive a seller's market. For example, when a local economy is strong, new jobs are created, something which causes more people to move to the area, people who need homes. Another is lower interest rates, which makes mortgage payments less expensive and homes more affordable. Finally, when more people are buying homes, there's a shortage of homes for sale, which tends to drive up their price.
5. What Does a Buyer's Market Mean?
In a buyer's market, economic conditions tend to favor the home buyer over the home seller. Those conditions are the opposite of what happens in a seller's market. In a buyer's market, for example, fewer people are buying homes, which puts the onus on sellers to reduce prices. One of the reasons is that interest rates are increasing in a buyer's market. As a result, mortgage payments will be higher, which means sellers need to lower prices to accommodate that increase in a way that reassures people to continue buying homes.
6. As a Home Buyer, Do I Pay the Real Estate Agent Commission?
The simple answer is, "no." Real estate agents do get commissions, but those come from home sellers. This is because the agent must front costs for marketing the home, usually by advertising it with several listing services, as well as through their website, television, radio and print ads. Real estate agents who represent home buyers, on the other hand, get paid by the listing broker, this as compensation for bringing that home buyer to the broker.
7. How Good Does My Credit Score Need to Be to Buy a House?
There's no simple answer to this question. Generally, the higher your credit score, the lower your interest rate (and thus the lower your mortgage payments) will be. This is because a lower credit score means you pose more or a risk to the lender. Although every real estate transaction is different, however, a good rule of thumb is that you should have a <a href="https://www.creditsesame.com/blog/credit/what-credit-score-is-needed-to-buy-a-house/" target="_blank">FICO score of at least 620</a> to qualify for a loan.
8. How Much Will My Down Payment Be on a House?
There's no fixed price for a home down payment—rather, it's calculated as a percentage of the price of the home. In other words, the higher the price of the home, the more money you'll need for your down payment. The other major variable in is whether you're buying your first home. If you are, the amount of your down payment will typically be lower than it would for a repeat home buyer.
On average, nationally, people need to put down 11% as their down payment. So, if the value of the home is $300,000, the down payment would be 11% of that, or $33,000. For first-time home buyers, on average the down payment is much less, typically from 3% to 5%. In the case of the $300,000 home, that means you'd need to come up with $9,000 to $15,000. If you obtain an FHA loan, your down payment will be 3.5%, or $10,500 using this example. Finally, some special loan programs, like those from the VA and USDA, require zero down payment for qualifying home buyers. Be sure to speak with your real estate agent about all these options.
9. How Many Homes Should I Look at before I Buy a House?
Some people will tell you that you should never buy the first home you visit, or that you should view at least 5 homes, or 10, or 20. The truth is that there's no hard a fast rule for how many homes you need to visit before settling on the one that's right for you. Only you know what you're looking for in a home, and, although your real estate agent can help, only you can decide when you've found the home of your dreams.
Obviously, the more specific your needs, the longer it's going to take you to find a home that meets all your needs, and that typically means viewing more homes before you buy. Fortunately, technology makes it easier to view multiple homes today than it used to be. Most realtors have efficient and consumer-friendly websites that enable you to check out homes—with scores of high-quality photographs, descriptions and even videos—to weed out those which don't meet your needs, and that cuts down on the number you need to view "in person."
10. What is Earnest Money? How is Earnest Money Different from a Down Payment?
If several people are interested in buying the same home, the real estate agent needs some demonstration of who's serious, and who isn't. For this reason, they ask that you front what's called "earnest money," which demonstrates that you're serious about buying the home. Typically, this is from 1% to 2% of the homes selling price—so, for a $300,000 home, this would be between $3,000 and $6,000. Paying this money essentially reserves the home and cuts off other potential buyers. Think of earnest money as a deposit on the house.
That money is held in an escrow account until you close on your home. If the deal goes through, your earnest money is applied to the down payment. If for some reason the deal doesn't work out, you get this money back—so you're not really risking anything by fronting this cash. You should note, however, that if you're the one who pulls out of the deal, you might not get this money back, so you should be relatively certain that you want a home before you pay earnest money.
11. If the Seller Rejects My Offer, Did I Lose the House?
The answer is, "no." Sellers have a goal for the sales price of their home and will work hard to get the amount they have in mind. Sometimes they can get that amount, and sometimes they can't, which means that the final sales price is part of a process of negotiation.
Let's say for example the seller wants $250,000 for his home and you offer $235,000. If the home has been on the market for a long time and there are no other potential buyers, the seller might accept your offer. If the home has only been on the market for a few days, it is much less likely the seller will accept a lower offer due to the fact that their home is "fresh" on the market and sellers' hopes are generally high at this stage of the listing.
If there's another buyer, the seller might force you and that buyer to compete with one another, rejecting both initial offers to get the price up. So, the seller might make a counteroffer, say to cut the price by $5,000 and offer the home for $245,000. You could respond by offering $240,000. The point is, the fact that your initial offer is rejected doesn't mean the deal is dead—it just means you and the seller need to work together (with the help of your real estate agent) to agree on a final price.
The rapidness of the negotiation period is greatly accelerated if the home has only been on the market for a few days and potentially has multiple offers (or the listing agent has been advised that multiple offers are going to be submitted).
12. Does It Make Sense to Have the Home Inspected?
This one is easy—absolutely, you need to have a home inspected before you sign on the dotted line. In the first place, some loans (like FHA and VA loans) require home inspections. Equally important, a home inspection will reveal many potential problems with the home, and some of those can end up costing you a lot of money if they go undetected.
For example, the inspector will check out heating and air conditioning, the plumbing and electrical systems, the roof and attic, insulation, walls, ceilings, floors, windows, and doors. He'll also make sure the structural foundation is sound. Bottom line: you should never buy a home until and unless it's been thoroughly inspected.
13. What is the Option Period?
The option period is a set number of days in the contract where a buyer can conduct inspections on the home. The number of days for the option period is agreed upon by the buyer and seller. During this option period, the buyer may walk away for any reason and the earnest monies are returned to the buyer (in Texas).
14. What is Option Money?
Option money is the "consideration" given to a seller for a buyer to have the right of the option period. Most of the times the option monies are a nominal fee of anywhere between $100 and $500. The hotter the market, and the more expensive the property, the greater the option money.
15. What does a Title Company do? What is Title Insurance?
Title insurance is issued by a title company. It is a type of insurance that is required by a mortgage company. The title insurance basically gives you the peace of mind that nobody else has a claim to either the land or the home you are purchasing. Title companies do "title searches" prior to issuing the insurance and they guarantee that once you purchase the property, all persons in the past (who once owned the land or home) have signed off on selling the property. This is what is called the chain of title.
Title companies also "close" the transactions in Texas and distribute all monies accordingly.
16. Why do I need an appraisal?
If you are getting a mortgage loan, your lender will require that the home is appraised to make sure it meets your loan value. If the appraisal does not meet the contract value, only three remedies are available to the buyer and seller. (1) The buyer may terminate the contract prior to closing. (2) The seller may lower the contract price to the appraised value. Or, (3) the buyer and seller can negotiate a different price. In the last instance, the buyer will have to come up with their own cash in order to make the deal work. The bank will not loan money on a mortgage above the appraised value.
17. Why do Homeowner Associations exist? Aren't they bad?
Homeowners associations exist in order to try and maintain the value of the neighborhood. In some subdivisions, the HOA dues are mandatory. In other neighborhoods the dues are voluntary. Homeowner Associations police things in the neighborhoods like your neighbor who refuses to cut his/her grass and is a detriment to the values of the other owners in the neighborhood.
Generally speaking, homeowner associations are good and can help maintain the value of the neighborhood by keeping it clean and neat.
18. What's the difference between a condo and a townhome?
When you own a townhome, there are generally no shared walls and your front entrance is to the first floor exterior of the building. In addition, owning a townhome means you also own the land beneath the structure. Townhouses may be two or three stories.
Condos are generally one level and exist in complexes or buildings where the complex might be up to three stories tall, while condo buildings might be 10 or more stories. In a condo, you only own the actual unit. You do not own any of the "common areas" like the pool, lobby, parking facilities, etc. Most of the times the HOA dues on condos will be more than they will on a townhouse because there is more to maintain within a condo building.
Conclusion
There's a reason almost 9 of every 10 home buyers work with a competent real estate agent. There are many potential pitfalls to the home buying process, and you need someone in your corner, making sure you do due diligence, that all your T's are crossed and I's dotted, and that you don't make any significant mistakes along the way.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2018-03-04T22:54:00-07:002018-12-18T09:17:42-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5152Why Didn't My Home Sell (Here's Why Your House Isn't Selling)<img src="https://assets.site-static.com/userfiles/1075/image/Why_Didnt_My_Home_Sell-01.png" width="960" height="5923" alt="why didn't my home sell" title="why didn't my home sell" />
First things first and full disclosure - I can be as straightforward and candid with you in this article as I want to be. I'm not your listing agent, so I'm going to have a heart-to-heart discussion with you about why your home did not sell. I guess that's one of the advantages to the online world. I can be completely honest with you, and you'll have no hard feelings towards me after reading my thoughts. There are always exceptions to rules, but I can bet that your house did not sell because of one (or more) of the reasons listed in this article. The good news is that there are tangible reasons homes do not sell, this article will explain those reasons, and help you potentially get more money for your house.
Listing your home for sale can be an overwhelming, exciting and emotional experience all at the same time. But what happens when your home doesn't sell? You can imagine all the positive emotions quickly turn to negatives - disappointment, anger, blame, wonder, and bewilderment. These emotions are only natural when your house didn't sell. After all, this is your home. You've poured blood, sweat and possibly tears into your home. You've made forever memories inside this property. This house is perhaps the home where you brought your first child; purchased after a job promotion; relocated to and started a new life and made new best friends; or, raised your children. The list of good feelings about your home is endless. You've accepted that it is time to move, for whatever reason. You've offered your home to the public, and nobody wanted it?!
Now, put your emotions aside and think of your house as a product for sale. Once your home is listed, it becomes a market product. It is no longer "your home." When listed for sale, it is no different than, say, a new car. You are now in the business of selling a house. You have competition. The selling process should become strictly business.
YOUR HOME ISN'T SELLING BECAUSE YOU ARE OVERPRICED
The number one reason that a house doesn't sell is the price. When selling your house, it is important to price it objectively. That is hard for many sellers, because they have an emotional attachment to their home (which is perfectly understandable), and they tend to price it too high. Remember, there is no better time to sell your home than the first few days or weeks on the market. This is what we refer to as the "golden time" in the real estate business. There will never be more excitement or interest in your listing than the first 30 days.
Real Data Isn't Lying to You
There is no conspiracy against you when your home doesn't sell. The market/public merely has said that your home is not worth paying what you are asking. As a seller, you must trust the experts and look at the comparable sold properties and data objectively. Buyers will. I find with every year that goes by with the internet, and with the vast amount information and resources available, buyers become more and more educated about prices and home values in areas where they want to buy. Any good agent should present you with solid numbers as hard evidence to why they suggest a specific list price for your home.
One of the most critical pieces of information a good agent will provide is what is called the market absorption rate. The absorption rate is a mathematically calculated formula which shows the pace at which homes in the area are currently sold. The absorption rate is a great predictor of where the market is headed. The faster the absorption rate, the more of a seller's market it is. If the absorption rate is getting faster over the last few months, you can most likely price your home a bit higher than the current market value. The opposite is exact if the absorption rate has stayed even, or is declining.
Here are the numbers you need to know about the absorption rates: A number on the absorption rate under six months is a seller's market. Six months of absorption rate is an even market. Anything over seven months is a buyer's market. Even though the market may be hot in other areas, looking at your specific neighborhood on a granular level is the most critical data you can know as a seller.
You're Lying to Yourself
When your house isn't selling, you may be guilty of lying to yourself. Here's what I mean - you're not honest with yourself about the comparable properties. Your emotions have gotten the best of you, and you suddenly see your house as the equivalent of bigger, more beautiful homes. I'll give you an example. Since you're reading this article and the case below doesn't personally involve your home, you'll most likely see it with an unbiased opinion.
Example - House A was built in 2004. The home has 3500 square feet with four bedrooms, three bathrooms, a two car garage, and a game room. The kitchen has not been updated. The original counters are in the kitchen from 2004, and they are Corian. The appliances are mismatched. Some of the appliances are stainless while others are black. Some of the original, hardwood flooring has been sanded and stained a light color while other parts of the hardwoods are their original color with a darker tone. None of the bathrooms have been updated, and the master still includes gold, old fixtures. The exterior landscaping is builder grade.
House B was built around the same year and is within the same neighborhood. The home is approximately 400 square feet larger because it has a media room in addition to the game room. The house has five bedrooms and four bathrooms. The kitchen has been completely redone, has all stainless appliances, stone counters, and new fixtures. All the hardwood flooring within House B matches. This property also has a three car garage versus the two car garage of House A. The exterior of the home has been professionally landscaped, and the curb appeal is excellent. The master bathroom has new, stone counters, a freestanding bathtub, a frameless glass shower door, and updated fixtures. The master bathroom is a real retreat.
Which house is more appealing to buyers? In your opinion, are these comparable homes? The seller of House A believed these were similar properties and, as such, wanted House A to be priced similarly to House B. The owner of House A wanted the same price per square foot as House B.
House B was under contract within a few days. House A did not sell as a result of the owners misleading themselves as to the value of their property. They wanted to believe their home was as lovely as House B. It just wasn't the case.
You're Setting Yourself Up for Disappointment
If you price your home too high and you do not receive an offer, most sellers begin to reduce the price of their home until it sells which can create a free fall and downward spiral to where the seller starts to receive low-ball offers on their property.
Once you start reducing the price of your home, it invites low-ball offers because a buyer sees you as more "desperate" to get rid of your home. If you price the home reasonably, you may end up with more money in your pocket in the end than you would with a price too high followed by many subsequent price reductions.
YOUR HOME DID NOT SELL BECAUSE IT NEEDS TOO MUCH WORK
When people are selling their house, they loath putting too much money into it, because they feel they will never see the return on their investment. In some cases, that is true. If you renovate your kitchen before you sell, you may not get a full return. You will probably lose money. However, renovating the kitchen (or other improvements) do have significant benefits as well. The days on the market will decrease, and the sale's price to list price ratio will almost always be higher in the end. Improving your home will never hurt your value.
When It Doesn't Sell, Start Looking Inward
On the other hand, a fresh coat of paint in specific areas may allow you to see excellent returns on your money. There are fixer-uppers out there that sell (generally at a wholesale price), but the type of people searching for fixer-uppers love finding a great deal, and they may not be willing to pay what you are wanting. If you are looking to maximize your profit, it is better to target people who are looking for the convenience of a "turn-key property" and are willing to spend a little bit of extra money to obtain it.
As a general rule of thumb, buyers are lazy. With over ten years of experience in real estate, I can promise that buyers are generally beaten down by the end of a home transaction. So doing work on a home they purchase becomes less and less of a desirable option in their minds. Buyers want "turnkey," or as close to "turn-key" as possible. I would estimate that fewer than 10% of buyers I represent want to do much work on a new home.
Speaking of a fresh coat of paint, I advise all my sellers to check out a few new construction open houses. Take note as to the paint colors builders use in their homes. Remember, builders sell to the masses, so they use soft, neutral paint tones to attract the most significant number of possible buyers to their projects. They do this on purpose. They don't choose paint colors at random. Most builders use licensed, professional designers as consultants to their paint choices. This is strictly a business for builders, so they do mostly the right things to sell a home.
Your home should mirror builder paint colors when it is time to sell. Purple, green, pink, polka dotted, striped paint and old wallpaper yells "WORK" to potential buyers. If you don't want to do the work to fix these issues, what makes you think potential buyers want to do the work? Buyers don't want the job, and they will not do the work. Buyers will move onto the next listing.
Your home will not sell if it needs too much work unless you are willing to wholesale the property to an investor.
YOUR HOUSE DIDN'T SELL BECAUSE YOU WEREN'T FLEXIBLE ENOUGH
When you are listing your home for sale, it is not going to be convenient. Agents will want to show your home at seemingly the most inopportune times. Get used to it and accept that fact. Remember, your mindset should be - We are open for business!
You're Making it Hard on Buyers
If a house is not being shown to prospects, then it will not get sold. This is one of the golden rules of real estate. If you are only showing your house by appointment or at strict, designated times, then you may be damaging your potential to make a sale. You are making it too difficult for potential buyers to see your home and fall in love with it. If you're guilty of doing this, you need to ask yourself an honest question, "do I want to sell his house?" If you don't want to sell, that's fine. But just going through the motions won't cut it and you're just wasting everyone's time - including yours.
While thinking of your house a product for sale on the market, think of things you purchase as a consumer. Put yourself on the other side of the situation. Amazon Prime has changed the way we shop by making it incredibly easy on you as a consumer. Amazon saves our login usernames & passwords, credit card information, shipping address and even suggests purchases to "make your life easier." I know what you're thinking - "they're just trying to sell me stuff by suggesting items." Yes, they are. However, I promise that a vast majority of us, as consumers, have been on Amazon (or another trusted website) and ended up buying something extra the site suggested to us.
Think about your local grocery store. They're open almost 24 hours per day to make it easy on your schedule. Same with pharmacies and drug stores.
For more significant purchases, car dealers are open from around 6 am to 9 pm for service and sales. By making it comfortable and convenient for you, car dealers know that you can surely fit time into your schedule to visit the dealer when you're in the market for a new vehicle.
Why would you make it hard on potential buyers to get access to your "product?"
You're Acting Like You Don't Care if it Sells
Your house needs to be clean and ready for prospects at all times. No matter how you want to slice it, showing off your home frequently is priority number one. Clean your kitchen, put away your products in the bathrooms, don't leave the hairdryer hanging over the sink, fold your towels, make your bed. In essence, your house should look like a luxury hotel room. What kind of impression would you get of a luxury hotel if the beds didn't look fresh and clean when you walked into the room? See your house through the eyes of the consumer.
Declining showings on your home leave a bad taste in the mouths of buyers. Buyers are emotional, and if you reject their showing, they take it personally. They shouldn't, but they do. I cannot tell you how many buyers I've had in the past who will not go back to a home if their original showing request is declined.
Your Personal Rules Are Preventing Your Home From Selling
Another thing I tell all of my home seller clients, "Do not require me (the listing agent) to be at every showing." Most homes are sold by another agent (besides the listing agent) bringing the buyer to the property. When you require me to be at the showings, the buyers will feel pressured. I make this analogy to my seller clients... when you walk onto a dealership lot to buy a car, do you want a salesperson rushing up to you immediately? Most people answer "no." That's precisely how buyers feel when they look at your home if your representative (me, the listing agent) is present.
If you require your agent to be at every showing, the buyers will not talk freely with their agent, they will not stay at your home as long, and they will not like the pressured feeling they get just from the listing agent's presence.
YOUR HOME DID NOT SELL BECAUSE IT WASN'T MARKETED WELL
The power of words and photos are incredible. If you are not trained in copywriting, then you may not be utilizing words that will emotionally resonate with your prospects. If you are not trained in photography, the pictures of your home may not be optimally displaying your house. This stuff matters. Large companies like Apple, spend millions of dollars on copywriting and photography, and for a good reason. You would be remiss to ignore these elements.
Your Agent Might Not Be Doing Enough
I used to think I took good pictures of homes. I have a very nice camera and tripod. HOWEVER, professional photographers put my photos to shame. I now use professional home and real estate photographers for every house I list. I eat the cost as part of my listing package. I cannot urge you strongly enough to get professional photographs of your listing before putting it on MLS.
Some agents are very guilty of trying to save a few bucks when they list a house by still refusing to use professional photographers. If you go right now and search listings online (Zillow, Trulia, Realtor.com, or a local site), you'll begin to notice the difference between photographs taken by agents versus professional pictures. They say you never get a second chance to make a first impression and this could not be more correct when it comes to online home listings and photographs in particular.
When your listing is shown side-by-side with thousands of other listings, you want it to grab attention. Nothing hurts your listing like bad photographs. As an example, here is a professional picture from one of my listings. This is the way homes should be marketed from a visual standpoint.
Your Agent Didn't Leverage Social Media = Home Not Selling
Social media has become a fantastic way to advertise listings. I build individual, advertising campaigns for my listings and they generally attract around 8,000 views per listing. Using this method, most of my listings are sold within just a few days. Everywhere you look today; you will see people's faces almost lodged into their cell phones. Most of the people are checking out their social media and keeping up with friends. Why not place your home right in front of their eyes and where they're looking (social media)?
According to Expandedramblings.com, <a href="http://expandedramblings.com/index.php/by-the-numbers-17-amazing-facebook-stats/">936,000,000 people per day log onto Facebook</a>. Why in the world wouldn't you put your home front & center for that kind of audience? I already do this type of social media marketing for my listings, and I can attest that the results are nothing short of amazing!
YOUR HOME ISN'T SELLING BECAUSE YOU AREN'T LISTENING TO YOUR AGENT
You aren't listening to your agent, plain and simple. Your agent is most likely suggesting price reductions to try and get your home sold. Good agents will have data and can present this factual data to you with an explanation as to why the agent feels like a reduction is what is best for you at this point.
Your Agent Isn't Secretly Working Against You
Your agent is not trying to "give your house away." That's a typical statement made by sellers when their house has been on the market for longer than the average. If your home has been sitting longer than the norm in the area, you've got a problem. Blaming the agent is natural but in most cases incorrect. This is why you hired the agent you did - to solve these types of issues. This is their job. It might suit you to listen to their advice, even if it isn't the advice you want to hear. Don't try and fight/argue with your agent as to why you don't feel the data is correct. The proof is in the pudding; your home is not selling. When you are resistant to change, yet the house isn't selling, your arguments are weak.
At this point, ask your agent for updated market stats (if the agent has not already volunteered this information) including the average stats for the area, current absorption rates and anything else your agent can provide. Look at the numbers from an impartial mindset. It's time to come to terms with what your home is worth. If you're honest with yourself, you can make a rational decision as to how to proceed. Maybe you decide not to sell at this point. That's your decision, but at least treat yourself fairly.
YOUR HOUSE DIDN'T SELL BECAUSE YOUR AGENT DIDN'T TELL YOU THE TRUTH
If an agent is tap dancing around issues, they aren't doing you any favors. I'm often stuck between a rock and a hard place by either telling sellers what they want to hear or telling them what the market will say about their home. It isn't a secure position because many sellers have deep-rooted emotional attachments to their houses. And there is a big difference between a house and a home. I get it.
Agents do not want to lose listings and, moreover, commissions. Therefore, a lot of agents get stuck in the trap of trying to appease the seller to keep the listing, while knowing that there is a good chance the home will not sell at its current price, lousy curb appeal, lack of marketing, etc. These agents are what we call the "list and pray" agents. This means they list the property and pray for a buyer to come along and make an offer that the seller is willing to accept. These listings have a very high percentage of failure.
Most of the agents using the "list and pray" method are inexperienced on how to truly list and market your home for success. Also, most of these types of agents don't have a true "plan of attack" as to what works.
If you want to be a successful seller, find an agent who presents you with a real plan to sell your home. Address all of the issues above with your potential agent and listen to their answers. Don't be too quick to dismiss the agent who is honest with you. Don't be angry if an agent tells you that your home needs work or that the home needs to be listed for less than you think it is worth. If the agent has hard evidence proving their point, they may be right.
If you are interested in listing your home the right way in Dallas-Fort Worth, <a href="https://www.knoxre.com/contact/" title="Contact Knox REALTORS">contact us</a>.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2018-01-26T11:38:00-07:002018-12-18T09:49:43-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5151Home Inspection (cost, checklist, how long home inspection takes, & more)<img src="https://assets.site-static.com/userfiles/1075/image/WHAT_IS_A_HOME_INSPECTION-01.png" width="960" height="4424" alt="home inspection cost, checklist" title="home inspection cost, checklist" />
Few people would ever buy a home without viewing it first. After all, any sensible buyer would want to see first hand what they are getting. However, the person who buys a home without a home inspection is doing this without a full knowledge of potential issues.
Inspections are a good idea even for newly built homes that pass construction codes. Home inspections in such cases are an extra layer of protection against construction defects that would otherwise require costly repair work later on.
HOME INSPECTION CHECKLIST
A home inspection is a visual examination of its structural integrity and its foundation. The inspection includes the roof and walls as well as the home's systems such as the plumbing, various electrical elements, and the heating and air conditioning. Appliances are also checked. The inspector will look for evidence of water damage, mold growth, and other common home issues. The inspection is not an appraisal of the home's value nor does it determine if building codes were violated. It is an assessment of the current condition of a home.
In addition to pointing out problems, the inspector should also make recommendations on any maintenance needs such as changing the AC filters, leaning AC ducts, adding more soil to places around the foundation of the home where the water may not properly drain, trimming back landscape and trees away from the home to reduce pest infestation, etc. He should recommend the required type of professional such as an HVAC specialist, roofer, electrician or plumber. He should never recommend a specific person or company because this calls into question the neutrality of his assessments and therefore his trustworthiness. A home inspector should have no allegiance to any particular recommended company. He should, rather, simply tell you to follow-up with an HVAC company as an example.
It is not uncommon for a home inspector to recommend contacting a specialist in a certain area of expertise. Recommending the buyer follow-up with a specialist in a certain area is very common in the inspector's final report. Don't freak out as a buyer. It doesn't mean the house is not in good condition. It simply means the inspector may have noticed something of concern and he or she is not licensed to diagnose a possible issue any deeper than a surface glance and initial opinion.
In particular, first time home buyers tend to get anxious if the inspector recommends contacting a specialist. The inspector is simply trying to be careful, diligent and looking out for the best interest of the client. From my experiences, and in 99% of the cases, there are no additional, <a href="https://www.knoxre.com/blog/typical-issues-on-a-home-inspection.html">major issues</a> once the expert comes to follow up on the home inspector's recommendations.
A home inspection is NOT a 100% guarantee or warranty that the home is completely free of defects. The home inspector will NOT move furniture, appliances, look inside walls, drain pools, etc... The home inspection is NOT free. It is NOT done by city inspectors or anybody with a public or government agency. This is a private home inspection for which the buyer pays the inspection fee out of their own pocket to a private home inspection business.
A Common Myth about Home Inspections
A common misconception by buyers is that a home inspection is a "pass" or "fail" type of inspection. This is not true in the private sector. A private home inspection (such as you will have) will simply be a report by the inspector about the overall condition of the home, the home's systems and its components. A pass/fail home inspection is only done by city inspectors at the time the home is being constructed. City inspectors will give home builders a pass or fail during certain stages of the home's construction. This is known in the home building business as a "green or red tag." If the home builder receives a failing grade, Mr. or Ms. Home Builder must remedy the issue to the inspector's satisfaction & local code requirements. Again, your home inspection is not a pass or fail grade but rather a general report. A very detailed report, but still just a report.
Important Note about Home Inspections on Condos
Condo inspections will differ from single family home inspections. When you purchase a condo, you are only responsible for "wall to wall" issues. Meaning, you only have liability for repairs for issues inside the interior of the unit. Your HOA dues go to repair problems like roofs, sometimes HVAC systems (check with the HOA first), plumbing issues between the walls, etc... Therefore, a condo inspection may not be as in-depth as a single family home since the home inspector will generally not inspect items covered by the the HOA since you, the buyer, are not responsible for the issues should they arise.
However, and by law in Texas, the HOA bylaw documents, rules & regulations must be delivered to a buyer during the time the buyer is purchasing the contract and must be done prior to closing and taking possession. Read these condo documents. They will state specifically what each condo owner is responsible for when it comes to unexpected home owner issues. In Texas, a buyer may terminate a contract with a certain number of days depending upon what the new buyer finds in the the HOA bylaws. If the new buyer finds a clause or bylaw that he or she cannot live with, they may terminate the contract.
HOW TO FIND THE BEST HOME INSPECTORS
Some buyers view the home inspection as an expense rather than protection against purchasing a problem home. Treating it as an expense causes the buyer to choose the least expensive inspector. These are people with the least experience and skill. Professionals who are good at what they do cost more money but will give a thorough and competent inspection. While a personal referral from friends and family is best, you can also get a list of referrals from your real estate agent, google reviews on possible home inspectors, check out websites for professional home inspector accreditation and more. Ask for several referrals and interview them to find the best one.
The National Association of Realtors also has a great article on their website titled <a href="http://www.realtor.org/field-guides/field-guide-to-home-inspections" target="_blank">"Field Guide to Home Inspections."</a>
The following is a list of national websites and home inspector organizations where you may search for local inspectors.
<a href="http://www.nahi.org/" target="_blank">National Association of Home Inspectors</a> - "The National Association of Home Inspectors, Inc. (NAHI) was established in 1987 as a non-profit association to promote and develop certified and licensed home inspectors in the home inspection industry. NAHI strives to promote excellence and professionalism in the Home Inspection industry; to provide home inspector standards of practice and a code of ethics for home inspectors in the USA."
<a href="http://www.homeinspector.org/" target="_blank">American Society of Home Inspectors</a> - "The American Society of Home Inspectors, Inc. (ASHI) is a non-profit organization and was established in 1976. ASHI is the largest national professional organization of home inspectors with members throughout the United States and Canada."
<a href="http://www.hif-assoc.org/" target="_blank">Housing Inspection Foundation</a> - "The Housing Inspection Foundation (HIF) is an organization of professionals dedicated to the promotion and development of Home Inspection. The Housing Inspection Foundation was created to provide members with Information, Education, Standards, Ethics, and Professional Recognition."
<a href="http://www.nibi.com/" target="_blank">National Institute of Building Inspectors</a> - "The National Institute of Building Inspectors (NIBI) has provided educational and training programs for the home inspection industry and related professions since 1987. NIBI evolved from training programs and is recognized as one of the oldest home inspection training institutes."
POSSIBLE QUESTIONS TO ASK WHEN HIRING A HOME INSPECTOR
Congratulations! You've found your dream home in a great neighborhood. You've been diligent in choosing the right school district and the perfect locale for your commute to work, so why not continue that careful selection process in one of the most critical decisions you will make before you commit to the purchase?
Here are important questions to help you select the best home inspector:
Are you a member of a professional home inspection organization?
A reputable home inspector will be a member of at least one home inspection organization, such as the <a href="http://www.nahi.org/" target="_blank">National Association of Home Inspectors (NAHI)</a>, the <a href="http://www.homeinspector.org/" target="_blank">American Society of Home Inspectors (ASHI)</a>. There are several nation-wide and numerous single-state organizations. Any of those are acceptable alternatives.
Belonging to one of these associations is important because they require their members to maintain particular professional and ethical standards. While belonging to an organization will not ensure an inspector is an expert, it is probably a good idea to weed out any inspectors who do not belong to any professional organizations. If the inspector doesn't belong to any professional organization... red flag.
How much experience do you have (with your specific type of dwelling)?
It is not a deal-breaker if the home inspector is just starting out in business, as we have all started somewhere ourselves. That said, at the very least, choose someone with experience in home construction or home repair, as well as someone with extensive home inspection training. It is even better if a second, more experienced inspector will be assisting during your inspection.
Be cautious about claims of high qualifications and long experience. Beware of clever wording like “10 years of industry experience.” Hauling drywall and hanging doors does not exactly equate to 10 years of “Home Inspection” experience.
What will you actually inspect?
The report should, at the minimum, ensure all applicable state construction requirements have been met. An inspector should check every visible facet of your home, including the water heater, furnace, electrical box, roof, basement and attic. It is desirable the inspector be in physical shape to access all of these areas, including those needing a ladder or a flashlight.
You should review a sample report in order to confirm all of the to-be inspected areas. If there are any additional areas that want checked, be sure to note them before the inspection begins.
The inspector should be knowledgeable enough to clearly explain any problems found and recommend actions for those problems, from specific repairs to replacement.
What will the report look like, and how long will it take to receive my copy of the completed report?
It is a good idea to request a sample report before deciding on an inspector. A reputable inspector will not hesitate to show you a sample, and if he is reluctant to provide one, this is a red flag. It is also important to confirm the inspector’s report will meet the requirements of your lender.
24 hours is a typical amount of time for you to receive your copy of the report. However, many inspectors now carry a laptop and printer with them to the inspection. If they do, you may get your report on-site following the inspection.
Can I be at the inspection?
If the inspector refuses this request, it is a red flag. I've never seen a respectable inspector not allow a client to be at the inspection. In fact, while it will take the inspector some additional time to complete the inspection with the client present, most inspectors would invite you to be there so that they can explain their findings as they happen.
The inspection is a great chance for you to learn all about your future home and to see first-hand any problems that might be discovered. Take advantage of this opportunity to see your prospective home through the eyes of an expert.
How much time will the inspection take?
A reasonable amount of time for a single inspector to completely check a single-story house is two to three hours. If additional buildings or large properties are involved, additional inspectors may be brought in.
An inspector who promises a quick hour or 90-minute inspection is not doing you any favors. It is possible a fast inspection will overlook important details.
How do you keep your home inspection knowledge up to date?
An inspector's commitment to continuing education and training is a good measure of his or her professionalism and service to you, the consumer. Continued professional development is especially relevant for inspecting properties with unique elements or newer "smart" homes which require additional or updated training.
A final note: Why isn't price included in the questions to ask? When you are hiring a home inspector, it is more important to choose the most qualified one for your property's needs, rather than the best bargain in town. Is it really worth saving $50 if due to lack of attention, your inspector should miss an expensive problem?
HOME PEST INSPECTION - YOU'LL NEED THIS TOO!
Most home inspectors will ask the buyer if they would like a pest inspection in tandem with the home inspection services. It will cost a little extra to have a <a href="https://www.texasagriculture.gov/RegulatoryPrograms/Pesticides/StructuralPestControlService/StructuralPestControlLicensing.aspx" target="_blank">licensed pest control company</a> come to the home and check the home for bugs, termites, rats, snakes, etc... However, this is money well spent. In our area of the country, we tend to have termite issues. While it will cost a little extra to your total bill (maybe $100 to $150 in our neck of the woods), it will give you peace of mind that your home is termite and bug-free when you take possession. It is absolutely money well spent. A few home inspectors are also licensed pest control technicians, but most are not. More than likely, the home inspector will work closely with a pest control company who charges a nominal fee to come inspect the home as part of the overall inspection.
If you choose not to get a termite and bug inspection and decide to save $100 or so, think of the headache and cost if the home does end up having termite issues. Most home inspections are done during the "option period" (or a time where the buyer may back out of the home if there are major issues). Spending that $100 or so extra dollars during the time when you may walk away from the home if it is stuffed with termites seems like money well spent to me.
SHOULD I GO TO MY HOME INSPECTION?
Buyers may be present at a home inspection from the very beginning or wait until the end when the inspector is finished. Some buyers like to be there from the beginning while other clients tell me that they want to wait until the end. Here's how that works -
First, an average home inspection takes between 2-4 hours depending upon the size of the home, scope of the inspection, etc... If you are a buyer and you are there from the very beginning of the process, you may follow the home inspector around and ask whatever questions you wish to ask. However, please know that you will be there for the approximate two to four hours that the home inspector is doing the inspection.
Being at the inspection in person will give you a better sense of the home's condition than the report alone. It is an opportunity to observe the inspection and to ask questions. Being there and listening to the inspector's feedback will give you a sense of the seriousness of any issues found. Without this knowledge, you might spend money on minor issues before focusing on problems that pose a serious threat to your health or to the house. A clear picture of the home's condition allows a more informed decision on whether the house is right for you.
If you wait until the end of the inspection to arrive, the home inspector will have a report finished about what he or she observed and found as issues to the home. If you wait to arrive at the inspection until the end, you will be at the home for approximately one hour going over the report, talking with your agent and asking questions to the inspector.
WARNING - THE AVERAGE HOME INSPECTION REPORT IS USUALLY 25-30 PAGES IN LENGTH. Know this is completely normal. Do not have a meltdown when you see the length of the inspection report. You, your agent and the home inspector will go through the report at the end of the inspection and, again, you may ask the inspector whatever questions you have. The inspector works for you. Don't be shy about your questions and do not think that any question you have is a "dumb question." You don't do this everyday and both your agent and the inspector know that. However, they cannot read your mind so be sure to ask your questions.
Why is the inspection report so long? For both liability protection to the inspector and because of state requirements, a home inspector will mark any issue he or she finds a "faulty." These issues could include things as simple as a faucet leaking when in use to the drain pan being rusted under a hot water heater to a loose toilet bolt on the floor. Other things the inspector may mark as an issue may be because city building codes have evolved to become stricter since the home was originally constructed. These code items are not required to be "brought up to code." Rather, the home inspector will simply bring these issues to your attention and educate you about requirements of the new code since the time the home was built. These are very minor repairs and issues. But, again, the inspector will mark these items as "deficient" to give the client any and all knowledge the client needs about their new home. Again, all of this is very normal.
YES, HOME INSPECTIONS FOR SELLERS, TOO
While home inspections are primarily a home buyer's tool, they are useful to sellers as a way to spot overlooked repair issues before placing their home on the market. Resolving these issues allow sellers to ask for a top price. Advertising that your home is in excellent condition because you followed all repair recommendations from a recent inspection, places you in a unique position compared to other sellers in the market. This means a faster and smoother sale of the home which is always better for the seller, especially if he or she requires the funds to buy another home.
A home inspection is vital to buyers because it protects them from buying problem homes that will require expensive repair work. For sellers, it makes their homes more marketable and brings about a quick and smooth selling process. For more information on ensuring that your home buying or selling experience is a smooth one, <a href="https://www.knoxre.com/contact.php" target="_blank">contact us</a> at our website or call Knox & Associates Real Estate Brokers at 972-342-0000.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2018-01-24T23:11:00-07:002018-12-18T09:42:51-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5179What Home Improvements add the Most Value<img src="https://assets.site-static.com/userfiles/1075/image/shutterstock_364874630.jpg" width="750" height="501" alt="What home improvements add the most value" title="What home improvements add the most value" />
Whether you're trying to sell a home in Dallas, Plano, Southlake, Frisco, or even somewhere <a href="http://austin.realfx.com/leander/" target="_blank">outside DFW like Leander, Texas</a>, all of the tips & improvements below will help get your home ready for the market.
Summary of Home Improvements that Increase Value:
Don't always put stock in home improvement shows
Check your neighborhood comps (comparable homes)
Make sure your upgrades will appeal to buyers
Don't start a bigger project than you will finish
Kitchens and Bathrooms are always number one with buyers
Which Home Improvement That Add Value to Potential Buyers?
Television is saturated with home improvement shows. In a single 30 to 60-minute episode, viewers can watch as a team of experts “magically” transform what appears to be a dilapidated ruin into a mini palace (or a Zen-like, tranquil space). But, the question remains, do any of these flashy home improvements add value to the home? If so, which improvements add the most value?
There’s a caveat to consider before these essential questions are addressed. Though an approximate monetary “value” can be assessed, this calculation often varies depending on:
Neighborhood valuation comparatives or “comps”
The perception of the buyer -- this is particularly the case if your intention is to sell the home after you’ve upgraded any of the areas listed below
The amount of improvement you intend to undertake (e.g. gutting the entire kitchen and upgrading everything or just refurbishing a few well-worn components of the room)
With this in mind, there are two key areas that can boost a home’s perceived value whether you perform a large-scale improvement or make small, yet important, changes.
Kitchens and Bathrooms are Number 1
There are three generations of buyers to consider when choosing to upgrade your kitchen, bathroom or any other part of your home: Baby Boomers, Generation X, and Millennials.
Since each group has both within group (meaning within the Gen X segment, this will vary) as well as between group – meaning between each group, which means that Gen X and Millennials have separate and distinct lifestyle choices that affect home buying – it is difficult to pinpoint what, exactly, should be done to improve your kitchen and bathrooms.
However, the one aspect that unifies all generational groups is where they first encounter a home for sale: they will first search online for available homes that fit their budget and style choices. Therefore, doing a bit of research as to the current homes on the market and reviewing the pictures presented (along with the current sale price) will give you a general idea as to what is most valued in terms of home improvement or minor, money-saving upgrades.
Some general guidelines for the kitchen are:
Paint or update the cabinets
Update the appliances: microwave and stove (Gen X and Millennials tend to prefer “SMART” appliances – though this is far from being 100% true)
Replace smaller fixtures such as lighting and the sink faucets; water saving features translate into being money-saving incentives
If you want to remodel the kitchen completely, then open kitchen floor plans tend to be a popular choice amongst Gen X and Millennial buyers
When analyzing your bathrooms for possible upgrades:
Replace the toilet seats – this is particularly true if they are cracked or otherwise damaged in any way
If there is carpeting in the bathroom, make sure it is thoroughly steam cleaned or replaced
Stem clean or replace floor and bathtub or shower tiles – cracked tiles are a turn off as they signal an extra expenditure that many first home buyers don’t want to finance (and due to the Millennial generation, first time home buyers are on the rise)
Update shower heads and other fixtures including lighting; this doesn’t need to be super expensive, but durability, water saving features, and a generally pleasing aesthetic can increase the incentive for the buyer to make an offer
Make sure shower doors are fully functional and clean; replace shower doors that are rusted, leaking, cracked, or irreparably water stained
Even if you’re simply improving the kitchen and bathroom for yourself, it is wise to keep in mind the “what if I need to move and sell the home” question as you plan any upgrades or other changes.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2017-04-24T14:00:00-07:002018-12-10T15:16:32-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5153Bid Wars (Here's how to win bidding war on house)<img src="https://assets.site-static.com/userfiles/1075/image/BEST_TIPS_TO_WIN_A_BIDDING_WAR_ON_A_HOUSE-01.png" width="960" height="4193" alt="bid wars - how to win a bidding war" title="bid wars - how to win a bidding war" />
Welcome to learning the best way to win that bidding war for the house you want. While written for my market, Dallas, Texas, the tips below generally apply to all areas of the country. My article will give a buyer some great hints, tips, and strategies to win a bidding war against the competition. Our mission is to give you all the tools and weapons you need to successfully compete in the bidding war process.
Recently in our area, the market has been flying, as I hear it has in much of the country. Buyers are getting into bidding wars for homes almost daily. I've heard horror stories about how some buyers have missed out on ten or more homes because of the recent financial bidding wars. We, too, have lost homes for clients because the seller received a better offer.
With this article, I can make no guarantees about winning a bidding war but I can definitely give you some good ammo for your cause.
Summary of Best Ways & Tips to Win Bidding War:
Assemble the right team
Have a plan of attack
Accept that you are not in a position of negotiating power
No contingency offers
Know when it is time to walk away
BIDDING WAR TIP #1: ASSEMBLE THE RIGHT SQUAD
Assembling the right squad for your mission is imperative! You're most likely going into battle here. You most likely already know this. It is even likely you've already "lost" on a home. Sound familiar? You need the right General to lead you into war. The right General is the right REALTOR.
I'm going to be brutally honest here, you need a seasoned professional with some years' experience when you're going into a bidding war as a buyer. You need a General who has seen bidding wars from both sides of the lines. You need a General who has been beaten in a bidding war but, most importantly, has learned from his or her defeats and developed a solid strategy to win you the house.
You need the right War Department Treasury. The War Department Treasury in this instance is the lender. You need a lender who is available at all reasonable, retail hours to get you any financial documents or pre-approval letters for your bidding war. You need a reputable lender...a lender with a good name who sellers trust. Maybe most importantly, you need a LOCAL lender!
Big, national banks have horrible reputations for not getting loans closed on time or efficiently. Local REALTORS representing sellers know this. If a seller has multiple offers with one of the offers having a pre-approval letter from a reputable, local lender, this could very easily be the difference between taking one offer over another - with the seller choosing the offer with the local lender.
Large, national banks can be a complete headache for REALTORS and, frankly, we just don't trust them as much as the local lender where we can pick up the phone and call the lender directly. There are some great local lenders with excellent reputations and efficiency.
This is the team you need for your upcoming bidding war - an agent who acts as a strong general and a war department treasurer who is both available and reputable.
BIDDING WAR TIP #2: HAVE A PLAN OF ATTACK
Your attack will be the contract and offer on the house. Everything in an offer is negotiable. Remember this as I give you suggestions on how to make your offer as strong as possible. I'm going to reference the Texas Real Estate Commission contract below. I am not licensed in other states, so if you are making an offer on a house in another state, please consult the appropriate professional within your state. That being said, most states' contracts are very similar so this advice could easily apply to your offer and situation as well.
When competing with other buyers in a bidding war, it is NOT the time to try and save money. If you are trying to save money and cut corners, you need to skip a home where there is going to be a bidding war.
Let's now get into the contract and how to put together the strongest possible offer to win this bidding war!
Sales' Price - Stop second-guessing yourself and thinking you're being duped to offer more than list price. Guess what...this is a red-hot market and homes are getting well over asking price. You need to be offering over asking as well. If you're stretched to even offer full asking price, you need to adjust your criteria and downgrade a bit to homes and listings that fit your budget. You need to be shopping for homes where you can offer above asking. Trust me, in a bidding war, offering just asking price is not going to cut it.
Title Company - Yes, technically according to the new laws it is the buyer who gets to choose the title company. However, here in Texas, our title fees are regulated by the state. Therefore, every title company charges the same title insurance premium. Ask the seller's agent where the seller would like to close. Do yourself a favor and just close where the seller wants to close. Think brownie points here.
Title Insurance - Most of the time, the seller will pay for the title insurance on the house. That is most of the time. In a bidding war, the buyer should offer to pay the title policy. Yes, a buyer should pay the title policy in their offer. Remember, you're in a bidding war and please refer to what I stated above - a bidding war is not the time to try and save money.
Survey - Any lender is going to require the buyer to have a survey of the property. If the seller has a recent survey, it can be used if the lender will accept it. However, if there is no survey or if the lender says the survey is too old, the buyer needs to be willing to pay for a new survey. Truthfully, as a buyer, it is your loan. You need to offer to pay for your own survey.
Closing - Make your closing date as soon as you think you can close. However, be reasonable. Four weeks is a general rule of thumb for a "quick closing" for those getting a loan. Three weeks is appropriate if you are paying cash. In the case of those buyers needing to obtain a loan, the lender will have plenty of work to do and newer lending laws require certain time frames by which lenders must abide in delivering disclosure documents. Even the best mortgage professionals need four weeks to close. The point here is not to put off closing for six to eight weeks (or longer) because of various reasons. Remember, the seller wants their money. Make it happen!
BIDDING WAR TIP #3: NO CONTINGENCY PLANS
If there is a bidding war, you will not win it with a contingent offer.
In a bidding war, most potential buyers will not have to sell a house prior to purchasing this home. Contingency offers are risky and they delay closings. Most sellers want to close ASAP as, frankly, they want their money. During a contingency contract, the seller removes the home from the market in hopes the potential buyer can sell their home to purchase the seller's house. With multiple offers, the seller won't need to take a contingency contract.
If you love a house and it is at all possible to carry two notes for a short time, do it. If the market is hot enough where there are multiple offer situations on almost all good homes, your home should sell quickly, too. Talk to your lender and see if you have to sell your home first before buying another.
A contingency contract in a bidding war simply will not win.
BIDDING WAR TIP #4: PULL OUT THE TROOPS
Set a deadline to pull your troops out of the war. What I mean by this is - with an offer this strong, give the seller a hard deadline by which time the seller must respond to your offer or your offer becomes null and void.
As it is only human nature, sellers sometimes get greedy when there is a bidding war and begin to think "the next offer will be even better." That's not always true. Oftentimes, a bidding war and a large number of offers can get overwhelming for a seller. So, make your offer one they cannot refuse and give the seller a hard deadline to accept it quickly.
What is a reasonable timeframe for their acceptance of your offer? If you submit an offer at noon, give the seller until seven in the evening to give you a response or the offer becomes null and void.
BIDDING WAR CONCLUSION
Sellers' markets create tough situations for buyers. Trying to buy a home in a hot sellers' market can be frustrating and emotionally taxing. But, if you are going to have any chance of winning that house you want, you have to follow a few basic steps.
We hope the tips above give you the ammunition you need to win the house you want.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2016-12-13T12:10:00-07:002018-12-18T09:38:56-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5154Buying a Foreclosure (Everything you need to know about foreclosures)<img src="https://assets.site-static.com/userfiles/1075/image/FORECLOSURES_IN_DALLAS_TX-01.jpg" width="960" height="5775" alt="buying a foreclosure" title="buying a foreclosure" />
Many buyers are attracted to the foreclosed listing and the thought of purchasing a house way below market value. In theory, it is wonderful. In reality, there are things buyers need to know before they go down the road of purchasing a foreclosure. To be honest, very, very few people either find a foreclosure they want to purchase or end up actually buying a foreclosure.
A general rule of thumb to remember is this - the more a market is a seller's market, the harder it will be to find a foreclosure. In a seller's market, homes are easier to sell and generally, if a homeowner is facing a foreclosure, they can simply sell the house as opposed to the foreclosure. The opposite is true in a buyer's market - in a buyer's market, homes tend to sit on the market longer and aren't as easy for a seller who is facing a foreclosure.
In a buyer's market, prices go down which could place the seller "underwater" in their loan...meaning the seller may owe more on their mortgage than they can get for the house. However, finding foreclosures is much easier in a buyer's market. Keep these things in mind when shopping for a foreclosure.
While I'm writing this article with an idea of a hyperlocal focus of Dallas, Texas, most of the content within the article generally applies to all markets. Most REALTORS® who have dealt with foreclosed homes will give you the same advice as is in this article.
What is the Difference Between a Foreclosure & Short Sale
Many clients don't necessarily understand the differences between a short sale and a foreclosure.
A foreclosure means the bank has taken the home from the owner, kicked the owner out of the home, and can now market the home and sell the home without the former owner's permission or consent. The bank now owns the home. In a foreclosure situation you, or your REALTOR®, will be dealing with a listing agent representing the bank. In a foreclosure, negotiations are not as fast as a normal sale, but they are not painfully slow either.
Since this is purely a business to the bank, their responses can be delayed. For example, banks are not available during the weekends. So, if you submit an offer on a foreclosure home on a Friday, do not expect to hear anything until the following week. Unlike most sellers, banks are not 'excited' when they receive an offer on one of their bank owned homes. Remember, the bank has no emotional attachment to the house and the home is simply considered a liability on their books. Banks do respond, just not as quickly as most buyers would like.
A short sale is when the current owner owes more on the house than the market says it is worth. For example, an owner facing a short sale may owe $200,000 on the mortgage note but can only sell the home for $180,000. In this example, the owner must try and negotiate with the lender to sell the home for less than they owe. This process is painfully slow.
Unless, as a buyer, you are willing to invest a ton of time (possibly months) waiting on responses from the bank, this route isn't worth it. Plus, a very large majority of short sales do not end up closing. So, you may invest months in a home that doesn't even end up closing. I always advise my buyer clients against getting involved with a short sale.
Foreclosures are Generally in Bad Shape
If, by chance, you do find that needle in a haystack of a foreclosure you want to purchase, please note that most foreclosures are in very bad shape.
I'd be willing to confidently state that about 99% of foreclosed homes are in very rough shape. Buyers will find all sorts of items and fixtures either missing or damaged beyond repair. Most common issues buyers will see on foreclosure homes are as follows: carpet needing to be replaced; light fixtures either missing or broken; broken flooring tiles; interior and exterior of the home needing to be painted; interior and exterior doors needing to be replaced or repaired; and, the landscape in serious disarray.
I've personally seen attached items removed from a foreclosed house which I can only assume the owner has sold for cash. I have seen light fixtures removed; media rooms stripped bare; built-in refrigerators missing;
If a homeowner cannot afford to make mortgage payments, they cannot afford the upkeep of the house. Plus, once an owner has faced the reality of a foreclosure, they are much less likely to maintain the home.
A study by the National Association of REALTORS shows that respondents to their questions actually noted poor conditions of foreclosures as one of the main reasons not to purchase one.
Thirty-five percent of recent buyers considered purchasing a home in foreclosure (down from 39 percent last year), but the top reason for ultimately not purchasing a foreclosure property was not being able to find the right home. Other reasons for not purchasing a home in foreclosure included that the process was too difficult or complex and the poor condition of the home. This year, first-time buyers made up the largest group who considered purchasing a home in foreclosure.
Buying a foreclosure will be a lot of work. Don't let anyone tell you otherwise.
No! The Bank will not do Repairs on a Foreclosure!
In most home sales, the buyer has a home inspection. After the home inspection, the buyer and their agent will normally put together a list of desired repairs for the seller to make prior to closing. Sometimes the list includes minor issues. Sometimes the repair list includes major issues. And sometimes, the list includes both major and minor issues. Generally, in a normal course of a home sale, the buyer and seller will negotiate as to which repairs the seller will make or pay for prior to closing.
So, this is the way it works with banks, too, right?
No. Absolutely not. Banks will balk at repairing anything found on a home inspection. Only if the repair is a major issue - one which any buyer would want to be repaired - will the bank even entertain footing the bill for an issue on the home.
Examples of repairs banks MAY entertain are as follows: serious foundation issues; serious plumbing issues; serious electrical issues; serious roofing issues; serious pool issues; and, serious HVAC issues. Outside of these major issues, banks will generally not repair any items prior to closing. For the most part, you are buying a house "as-is" when purchasing a foreclosure.
Headaches after Buying a Foreclosure
In Texas, and I suspect most states, banks are not required to fill out a Seller's Disclosure. Since the lender has never actually occupied the home, they are not required to fill out the disclosure which is meant to inform potential buyers about any issues known about the house. Texas law requires normal home sellers to fill out a disclosure when they sell a home.
99% of sellers are very honest on their disclosures which mean the buyer will be notified (in writing) of anything the seller knows might be an issue on the house. Without this disclosure, buyers are purchasing a property without the "safety net" of knowing all potential issues with the property.
Knowing this, please note that significant issues and repairs can arise after the purchase of a foreclosure.
Buying a Foreclosure - Final Thoughts
I usually don't advise against buying a foreclosure like I would a short sale (because of the reasons noted above). And, if I was advising a client, foreclosures don't scare me as a REALTOR®.
However, it is always best to get as much information about a foreclosed house as possible through very thorough home inspections. If the home inspector recommends a certain professional like a plumber, electrician, roofer or HVAC professional take a more in-depth exam of the home, do it.
If you are committed to trying to find that deal of a house by way of a foreclosure, I wish you the best of luck!
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2016-12-06T12:27:00-07:002018-12-09T21:48:48-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5169Zillow Dallas (Zillow Zestimate Accuracy)Zillow in Dallas Texas - How Accurate are Zestimates?
About Dallas Texas Zillow Zestimates®
Zestimates® do not use real sold data in Texas for estimates
Texas is a non-disclosure state with sale prices
No large portal site like Zillow uses real sold data in their estimates
Licensed REALTORS® & Appraisers use accurate data
Zestimates® are important to both sellers & buyers
Why Zillow sometimes has outdated information
The Conclusion on Zestimates
With the popularity of bigger syndication websites like Zillow, Trulia, and Realtor.com, many consumers believe they can attain the same information from those sites as they can a local, professional REALTOR®. Unfortunately, this is false and there doesn't seem to be enough correct information out there in "internet world" to properly educate consumers on the best ways to find the necessary information.
With the popularity of syndication sites mentioned above, one of the biggest questions is - Are Zillow's Zestimates® in Dallas, Texas accurate? They're getting better but still not completely accurate. Zillow's data has come a long way from being completely inaccurate. For example, one home I sold about ten years ago had a Zestimate of around $250,000. The home actually sold for approximately $600,000. The home was appraised, as part of the lender mortgage process, for the sale's price of the $600,000. That's a major difference between the data provided by Zillow and the actual sale's price.
So if the data in Dallas from Zillow isn't accurate, do Zestimates matter? Although mostly inaccurate, they matter to both sellers and buyers. I will explain below.
Are Zillow Zestimates Accurate?
The simplest answer to whether Zillow's data is accurate is - "Kind of". Zestimates® are getting better but still not completely accurate. The complete answer is a little more complicated.
Most likely, Zestimates® will never be completely accurate in Dallas...or as accurate as a professional REALTOR® can provide to consumers. Why is that? Syndicated websites like Zillow, Trulia and Realtor.com do NOT have access to the real MLS® data.
REALTOR® Data Versus Zillow in Dallas
So, why is there a difference in the data REALTORS® and appraisers have versus the data Zillow and other syndicated sites use? Texas is what is called a non-disclosure state. Sales' prices are not disclosed to the public in the State of Texas. The only way to find accurate and true sales' prices and data is through the professional MLS® which can only be accessed by professional REALTORS®. Remember, syndication sites like Zillow, Trulia and Realtor.com are just that - they syndicate and reproduce data. They are not actual people and, therefore, are not REALTORS®. They do not have access to the real MLS®. Therefore, sites like Zillow have to take data from "clues" which they input into their proprietary algorithm.
However, and again, even with a REALTOR® and/or an appraiser gives a value to a consumer, they are still opinions. REALTORS® and licensed appraisers values (opinions) are generally more accurate than Zestimates®. Why? Because REALTORS® and appraisers have access to better and more accurate local market data.
How Zillow Dallas Figures Area Values
Zestimates® are an algorithm created by Zillow to draw information, stats, and data from a number of sources and then take a good guess at the value of a home. Yes, a Zestimate® is a guess. However, please know that a REALTOR® and/or appraiser is ALSO only providing a guess of sorts - when a REALTOR® determines the value of a property, we (in the real estate business) call this a "price opinion." When a licensed appraiser determines a value of a property, we call this an "appraisal."
What Data is Used in Zillow's Zestimates?
Zillow says they take a lot of public information to form their Zestimates®. One can only assume their algorithm uses data like the public tax records and appraisals; and, it probably examines current list prices; the increase or decrease in the percentage of asking prices from the prior month; and, how quickly homes are selling in certain areas. I would also assume Zestimates use information like days on market, prices per square foot for listings, and a few other factors.
The following is my opinion and only my opinion as I do not know the data used by a Zestimate: If I was creating a valuation tool without having access to actual sold data, one of the most important factors would most likely be how quickly a home sells within a certain neighborhood or subdivision.
Here is an example of what I mean: Let's say there is a home in the neighborhood priced at $200 per square foot and it has been listed for 60 days. Let's say another home in the subdivision is priced at $180 per square foot and it goes under contract within seven (7) days. Yet a third house is priced at $185 per square foot and goes under contract in 15 days. From this example, it is most prudent to assume the right price per square foot is somewhere between $180 and $185 per square foot since the two homes priced within those ranges quickly went under contract. I would then base my comps (and value estimate) based on homes with close to the same number of square feet, same neighborhood, the same number of bedrooms and bathrooms, and same time frame of original construction. Without actually seeing the inside of the homes, I can then somewhat safely assume I'm pretty close on the correct price per square foot of my valuation tool. Again, this is a guess as to one of the main factors of a Zestimate.
REALTORS® and appraisers have access to the real MLS®. Our real MLS® has technology where we can create reports for clients using the most updated comps and sales' prices. This is the major difference between the accuracy of getting home value estimates from a professional REALTOR® and syndicated websites.
Why Zestimates Matter in Dallas
Knowing this information, it leads us to the question - Do Zestimates® matter?
The answer is yes. Zestimates® do matter. But they are inaccurate, right? So why should they matter? In truth, Zestimates® are important to both sellers and buyers. In fairness to Zillow, they do have a disclaimer on their Zestimates® stating, in part, - "It is a starting point in determining a home's value and is not an official appraisal..."
Buyers Love Zillow Zestimates!
Much of the public believes Zestimates® are very accurate. When buyers are looking for a house, they are very likely to look at the Zestimate® and believe it to be solid information. Many buyers will compare the Zestimate value to the list price of a home they find for sale. In fact, I've had clients tell me it is one of the first things they look at when they find a home they like. With what we mentioned above, a Zestimate is a good place for buyers to start. You won't hear many REALTORS® say a Zestimate is a good place to start, but I believe it is. They will at least give you an idea as to what a property might be worth.
It is up to the buyers' agent to educate them on the inaccuracy of the Zestimate® due to the limited data by which the algorithm creates the estimate. Buyer's agents in Dallas (and most other places of which I'm aware) have access to a program on the backend of our MLS programs which will give much more accurate data than a Zestimate. It is a program by a company called <a href="http://www.corelogic.com/industry/real-estate-solutions.aspx" target="_blank">CoreLogic</a> and professional real estate agents have access to a full report showing an estimated value of a home, a range where a home can fall, and real data from comps sold within the same area. In short, the program by CoreLogic is the absolute best place to start. However, as a buyer, you can only obtain these reports from a professional agent.
Zestimates are Important for Sellers, Too
The same is true for sellers, Zestimates are important for a lot of the reasons mentioned above. One of the first things I suggest sellers need to do is research their estimated value on Zillow. Like we stated above, buyers certainly will.
Getting an idea of where buyers think a home should be priced through a Zestimate gives the seller a good idea of a starting point. It is then up to the agent listing the home to bring hard data to the listing appointment to set a good listing price. But, again, do not overlook the importance of the Zestimate in the minds of buyers.
Are Zillow Real Estate Listings Outdated
One of the biggest complaints about Zillow's information is that it seems outdated. What do I mean? Many consumers and clients complain that when they use Zillow, the information on the website is not updated frequently enough. Consumers complain that a lot of the houses they find listed on Zillow are either not for sale, are already under contract, or are sold. Yet, the listing states the home is still available for purchase.
In fairness, Zillow covers the entire United States for real estate listings. They are constantly having to pull data from servers to try and keep up with changes in the market. This means they have millions and millions of homes and listings to update every hour. It is almost an impossibility to timely update all that information.
If you're going to use Zillow to search homes in Dallas, or any other part of the country, you'll need to keep in mind that the information may not be as updated as you would like.
The Conclusion on Zestimate Accuracy
Zestimates® do have a place and are beneficial to consumers. Any public information which further educates home buyers and sellers is a good thing. Just remember what you learned in this article and take your next Zestimate® with a grain of salt.
It will always be better to get your most reliable information from a local, professional REALTOR® when it comes to buying and selling real estate.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2016-12-01T22:20:00-07:002019-04-03T09:30:26-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5155Buying a House without a Realtor (You probably aren't getting the deal you think)<img src="https://assets.site-static.com/userfiles/1075/image/Should_I_Use_A_Realtor_When_Buying_A_House-01.png" width="960" height="4847" alt="buying a house without a realtor" title="buying a house without a realtor" />
One question we are constantly asked is - "should I use a REALTOR® when buying a home?" In fairness, this article is being written from the perspective of a REALTOR®. Full disclosures and formalities out of the way, the answer is YES! Of course, I will explain and offer reasons within the body of the article below.
Now, on to the actual article where I will present a very convincing case as to why a buyer would want to use/hire a REALTOR® when purchasing a home. The reasons listed below apply to all sorts of real estate purchases - new construction homes, pre-owned homes, condos, and townhouses.
The article will compare some of the biggest myths of buyers versus the truths.
Why You Should Use a REALTOR® when Buying a House
Using a REALTOR® can help you get a better deal on new construction
Builders' representatives work for the builder. Not you.
You will not get a better price on a home without using a REALTOR®
By hiring a REALTOR®, you will get accurate info not available on Zillow, Realtor.com or Trulia
When you have a REALTOR®, they know people & contractors to help after the purchase of a home
SHOULD I USE A REALTOR® WHEN BUYING A NEW CONSTRUCTION HOME?
There are some false beliefs and myths buyers have when it comes to buying a new house without having a REALTOR® represent their interests.
Myth - I will get a better price on the home if I deal directly with the builder's representative
Truth - Builders have already accounted for commissions within the asking prices of the homes. If a buyer does not have REALTOR® representation, the builders will keep the excess monies they have saved by you not having a REALTOR®. Unfortunately, builders do not "pass along the savings" to buyers. The revelation here - builders are in this to make money so they do not "share" the savings. Having a REALTOR® represent you with the builder costs you nothing and looks out for your interests.
Myth - Builder reps are fair and impartial
Truth - The builder reps are there to (1) make as much money for the builder as possible; and, (2) represent the interests' of the builder. Do you have the mindset that car salesmen are fair and impartial? Do you have the mindset that you'll get a great deal from a car salesperson? Builder reps fall into the same category. Even though builder's reps generally do not carry the same reputation as car salesmen, the reps are still in the same position - to make as much money from you as they can for their boss.
Just like any business, profit margins are important to builders and the reps are very much held accountable to their bosses to keep the best profit margins possible. Again, the builder reps are not on your side. They are negotiating to make as much money as from you (and all buyers) for their bosses - the builder. The reps do NOT represent you and are NOT looking out for your best financial interests.
Builders reps also do not have to provide buyers with local "comps" or provide buyers with information on recent sales within the community or neighborhood. Only a licensed REALTOR® will have access to the MLS® data showing the accurate, recent sales and comps. Therefore, as a buyer, you may not have the "security" of knowing if you are paying a fair price for the new house.
In addition, very few builder's reps are licensed REALTORS® and, as such, are not held accountable to the Ethics Board & governing body of the National Association of REALTORS®. In fact, builder's reps don't even have to be licensed at all. No such license even exists in Texas for being employed as a new construction salesperson. Therefore, there are no organizations to which a builder's rep may be held accountable.
Myth - A REALTOR® cannot help me buy a new construction house.
Truth - Builders love REALTORS®. In fact, REALTORS® generally can cut through all the red tape and get the best price for their clients on new construction from the builder reps. I cannot count the times I have represented clients on new construction properties and gotten a deal for my clients for thousands (sometimes tens of thousands) of dollars below the list price.
So, why are builder reps so honest and upfront with REALTORS®? Because we are not "one-time buyers." I could literally bring countless clients to the builder for their new construction listings. That being said, reps are generally very straightforward with REALTORS®. REALTORS® have the ability to really promote builders' developments and new homes. REALTORS® have REALTOR® friends with whom they can share the quality or customer service of a certain builder(s). Again, builders love REALTORS®!
WHY SHOULD I USE A REALTOR® WHEN BUYING A HOUSE?
Myth - I will save money if I deal directly with the listing agent and the listing agent will represent me, too.
Truth - While the listing agent does have a duty to treat an unrepresented buyer fairly and ethically, do not confuse this duty with having to look out for your best interests. The listing agent has what is called a fiduciary duty to represent his or her client (the seller) above the buyer's interests.
I have represented listings (sellers) where the buyer did not have a REALTOR® representing them. The cold hard truths are that it is my job to represent my client, the seller, to the best of my ability. This means it isn't my job to teach the buyer how to practice real estate and an unrepresented buyer may very well overpay for the house when they are negotiating against a skilled, seasoned REALTOR® representing the seller.
An unrepresented buyer may not necessarily overpay for the sale's price of the house but they may very well overpay in other areas of the contract. Items like the following are completely negotiable: earnest monies; options monies; repairs and monies for repairs; which party pays for the title policies, additions of extra title insurance; which party pays closing costs; which party pays for a new survey; which party pays for the HOA, HOA documents, and HOA transfer fees and the list goes on. Can you see how not knowing what you are doing as a buyer could actually end up costing you thousands of more dollars than if you had a REALTOR® representing your interests?
Myth - I don't need a REALTOR®. I can get all the information I need from sites like Zillow, Trulia and Realtor.com
Truth - In my state, Texas, we are a non-disclosure state. This means sites like Zillow, Trulia, Realtor.com, and others are simply guessing at the values of the properties. The syndicated sites DO NOT have access to the real sold data and the accurate information on the MLS®. Only licensed REALTORS® have access to this data. Sales' prices in states like Texas are private and not public information. Being a non-disclosure state is a big part of why Zestimates and public, online valuation tools are wildly inaccurate.
REALTORS® can pull the "comps" to show you exactly what are fair market values on the homes you view. REALTORS® are the only people who have access to the real MLS® system. Therefore, only a REALTOR® will be able to look up recent comparable sales and tell you what a home may be worth. No other sites online can give you sales' prices outside of those owned by a REALTOR®.
Myth - If I don't use a REALTOR® to buy a house, I will get the REALTOR® commission off the price of the home.
Truth - Listing agreements are signed between the seller and the listing broker/agent. The listing broker then pays a percentage to the selling agent (the REALTOR® representing the buyer) out of the total commission the listing broker charges to the seller. Buyers do NOT automatically get the commission deducted from the home if they choose not to have a REALTOR®. This is a huge misconception by buyers.
In fact, most of the times the listing brokerage will choose to keep the entire commission if a buyer is unrepresented (and according to the listing agreement the listing agent has every right to keep the full commission), as they have signed a listing agreement with the seller outlining the total commission as their fees. Neither the seller, nor the buyer have a say so as to whether the buyer receives a percentage off of the home equal to what the buyer's agent would have received. This decision is entirely up to the listing brokerage.
Even if the listing broker agrees to only accept half of the commission (as they would if another REALTOR® was involved in the transaction), the seller will most likely then choose to keep the extra monies themselves rather than give it to the buyer of the home.
A buyer not using a REALTOR® has absolutely no say so in the savings or reductions of commissions as, again, the contract for the commission fees is strictly between the seller and the listing broker. Therefore, in essence, by choosing not to use a REALTOR®, a buyer is forfeiting the right to be represented by an expert AND gaining nothing financially.
HIRE A REALTOR® BECAUSE THEY "KNOW" PEOPLE
Whenever I'm working with a buyer I ultimately always end up giving referrals to people like mortgage lenders, handymen, painters, plumbers, electricians, flooring companies, movers and more. More often than not, I get better prices for my clients than the client would be calling service providers on their own.
We refer these people to our clients because (in our case) we have spent years finding and working with the best contractors available.
In the case of a mortgage lender, most good REALTORS® generally refer someone local. This is because a local lender will generally be easier to reach, easier to work with and usually gets loans closed on time. Most large, national banks have a reputation of not getting loans closed by the closing date.
A good REALTOR® should readily have a list available for their clients for the jobs mentioned above. If a REALTOR® does not have a list like this, you may need to look for another agent.
MY SUGGESTION - USE A REALTOR® WHEN BUYING A HOME
REALTORS® are more than just people who open doors for buyers. A good REALTOR® will help you through the entire process whether it is buying a new construction home, a preowned home, a condo or a townhouse.
My suggestion is that you find the best possible REALTOR® to help you shop for homes and take their guidance through the home buying process. I wish you the best of luck and please do not hesitate to contact us if we can be of assistance in helping you find a new home in the Dallas - Fort Worth Metroplex.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2016-11-29T12:35:00-07:002018-12-18T09:36:16-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5180Zillow Trulia and Realtors (How Zillow Group backstabs Agents)<img src="https://assets.site-static.com/userfiles/1075/image/zillow_trulia_backstabbing.jpg" width="5000" height="3800" alt="how zillow group continues backstabbing realtors" title="how zillow group continues backstabbing realtors" />
Why I'm Writing This
This falls under the category of "you cannot make this stuff up!"
Very rarely would I choose to make a public stand which could result in some backlash and controversy. However, something happened the other day which caused me to give considerable thought to the way big, national websites have treated, and continue to treat, REALTORS®.
You would think that villains would eventually get tired of being villains - Lex Luthor, Darth Vader, The Joker (my personal favorite), Dr. Evil, Mike Myers had to play all of those villains in the Austin Powers movies, etc. It seems like a lot of work to continuously have to maintain a bad image. Don't you think?
In the real estate world, Zillow and Trulia have taken over the villain role by using listing information, syndicating it and then selling the ad space back to REALTORS® for obscene profits. These companies are not REALTORS®, they do not belong to our board(s), and they aren't even an actual person.
Why, as an organization, we continue to let it happen, is, in itself, insane! In 2014, <a href="http://www.geekwire.com/2014/holy-toledo-zillow-now-worth-5-billion/">it was reported that Zillow (before adding Trulia) was worth $5 Billion</a>.
The Newest Trick By Zillow & Trulia to Outrank REALTORS®
Let me start by asking - who do you see at the top of almost all search engine rankings? Zillow, Trulia, Realtor dot com and other prominent websites. If you have a real estate website, it directly competes with these national sites for rankings and traffic. If you have a real estate website, you should care about this article.
Do you think it is smart to assist these big websites in continuing to outrank you on search engines? Do you believe it is good to allow them to take the visitors and traffic you could potentially have on your site? Do you think it is smart to add to Zillow's $5 billion worth by helping them take potential sales away from you as local REALTOR®? These are rhetorical questions, of course, and you're smart enough to get the drift.
I mentioned above that last week something happened which led me to write this piece. I received an email from Trulia asking if I would be interested in Trulia writing an article to post on my personal website's blog. Not only did I receive one email, Trulia started getting pushy and emailed me twice within a week asking me to publish their article.
Hi Jeff,
I reached out last week. I hope my e-mail didn’t find its way into your spam folder. Trulia discovered in our recent article Market Mismatch that in Dallas, a full three-quarters of all search activity occurred on houses that were priced below the median listing price. Fort Worth didn’t fare much better coming in as the fourth most mismatched market. I thought your readers should know. Do you think this is a good fit for your readers? Additionally, if you're interested in having one of our staff writers put together a piece of content for your site, we'd be more than happy to take a deeper dive at the data.
Cheers,
Sue Weaver <br />Marketing Outreach Lead <br />P <a href="tel:415-400-7281">415-400-7281</a> <br />M <a href="tel:925-719-0961">925-719-0961</a> <br /><a href="http://www.twitter.com/SweaverSue">@SweaverSue<br /><img src="https://www.knoxre.com/uploads/agent-1/small%20trulia.png" alt="" width="86" height="23" /><br /></a>
You might be asking - why does Trulia want me to publish their article(s) so badly on my little, local real estate website?
The ugly truth of an answer is - Trulia is anything but interested in how this can, or will, benefit me as a local REALTOR®. What they do know, however, is that my website has some decent authority for a local real estate website and by me publishing their article, the article would give a backlink to Trulia from my site. Backlinks make websites stronger. Backlinks are SEO gold, and Trulia knows this. By me publishing Trulia's article, Trulia would be using me and my site to make their website stronger.
I'm not blinded enough by my ego to believe I am something "special," and that I'm the only one Trulia has contacted about publishing their content. I wrote this article because I KNOW I'm not the only one who was (or will be) solicited. I also believe REALTORS® should be fully aware of their actions of linking back to Trulia and others. It is your decision whether you publish Trulia's content, but you should at least be educated to the fact that you are helping the competition outrank you.
As a little bit of history - big websites like Trulia sometimes will solicit expert advice and opinions from local REALTORS® for blog posts on their websites. I had personally contributed to Trulia when they asked for help.
Remember how I said backlinks from other websites would help your website? Trulia refuses to give backlinks to local REALTOR® websites even when those same REALTORS® give their time to write expert opinions for Trulia. When asked why Trulia does not help local REALTORS® by giving backlinks for the REALTORS®' assistance, Trulia directly responds with - that is our "policy."
In the internet world, the right way is to link back to the source's website. Trulia knows the 'right way' and they intentionally and knowingly do it the wrong way. Anyone at Trulia ever heard of ethics?
So, after reading these emails from Sue at Trulia, what ran through my mind was the following: I've contributed to your blog to assist Trulia with gaining website visitors and traffic, yet Trulia intentionally stiffed me (and all REALTORS®) on linking back to our websites. Then they dismiss their behavior by hiding behind "policy."
So, why does Trulia refuse to link back to our websites? Trulia knows our sites are competitors and by giving us backlinks they would make our websites stronger and, thus, able to compete with Trulia for traffic.
What I wanted to say to Trulia was this - "Remember when you refused to do the same for me because it is against your 'policy!?' Remember that? Let me get this straight - you now want me to publish your articles with backlinks to your site to make your website stronger?"
You cannot make this stuff up!
I Respond to Sue at Trulia on Her Article Requests
After the second email from Sue with Trulia, I responded -
Sue,
Thank you for your email. I did miss the one you sent earlier in the week. I appreciate you thinking of me and sharing this data. However, I do not link to Trulia. I will explain below.
First, I assume you are reaching out to me because my domain authority is decent for a local site and my blog ranks as #3 organically on Google for the term "Dallas real estate blog." I'm sure you are aware that a link from my site would be good for Trulia.
Maybe as the Market Outreach Lead, the following will benefit you: In February of this year, a writer for Trulia solicited expert advice from Realtors. I took my time to write for Trulia, offered my expert opinions for your readers and was rewarded with absolutely nothing in return from Trulia for my efforts. Here is a link to the Trulia article where I was quoted - <a href="https://www.trulia.com/blog/fixtures-furniture-and-finishes-what-to-outline-in-a-purchase-agreement">https://www.trulia.com/blog/fixtures-furniture-and-finishes-what-to-outline-in-a-purchase-agreement</a>/.
There is a right way and wrong way to cite and attribute for expert opinions. Trulia intentionally chooses to do it the wrong way. Instead of attributing ethically and correctly by linking back to a contributor's website in order to reward them with taking their time to write for your site, Trulia chooses to only link back to our Trulia profiles. For lack of a better term, that's completely bush league. Realtors are in this for their site's traffic as well. We do NOT enjoy being taken advantage of by a large site like Trulia and their mentality of "take, take, take" with no return.
I personally know of several influential Realtors who would rather quit writing than to help contribute again to Trulia's blog.
I have a suspicion you do not do your job for free and neither should contributing professionals. In short, Trulia solicits our opinions and basically uses our advice to gain readership with nothing in return. It is wrong and unethical.
One other thing you should know, while Realtor dot com certainly is a competitor for local real estate websites, they certainly do the right thing by linking to our sites when they solicit our opinions and professional advice. This is the way it "should" work. In return, we (real estate professionals) are happy to link back to Realtor dot com.
When asked about why Trulia does not link to Realtor sites for contributors, we were told that it is simply "policy."
Should Trulia choose to rethink their attribution process in the future, I'm sure local, leading Realtors would be much more accommodating in returning links to Trulia.
Not surprisingly, I never heard back from Sue or Trulia. They just moved on to the next REALTOR® who they could try and fool into giving them backlinks to make Trulia's website stronger.
Final Thoughts
Just remember, Trulia and other big sites are in this for their financial gains. The example above is just another way Trulia and company are attempting to grow stronger by using unknowing REALTORS®.
Here is the golden rule - every time you link back to Trulia or Zillow, you are helping them to outrank your site in search engines. It doesn't matter if you are using their widgets, publishing articles or giving them links...you are helping them get stronger. For a great article on how you're helping Zillow and Trulia outrank you - <a href="http://www.realgeeks.com/blog/how-youre-helping-zillow-and-trulia-outrank-you/">see this Real Geeks blog post.</a>
Here is my last question - we, as REALTORS®, have allowed these big sites to use our information and make a killing from it. What do we get from allowing these types of sites to syndicate our listings? Many might say exposure of the client's properties. Do you realize what would happen if these big sites no longer existed by using our information? Local REALTOR® sites would take over the top rankings in search engines as opposed to these big syndicated websites. The exposure level would remain virtually the same for clients and listings. Anyone looking for a home in your market would find local sites to explore homes rather than large, national sites run by corporations. It isn't as if the search engines would suddenly stop displaying listings. No. Instead, the search engines would fill the spaces left behind by the big sites with local real estate sites - possibly yours.
So, I ask again, why do we continue to allow these sites to syndicate our listings and make billions of dollars in the process? I'd love to hear your thoughts.
Lastly, I have never before asked this, but I ask that you share this article socially so that more REALTORS® will become better educated on how we are helping big, national sites outrank us and take business out of our pocket.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2016-10-20T14:31:00-07:002018-12-10T15:56:10-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5171Dallas Suburbs (These are the 2019 best Dallas suburbs)<img src="https://assets.site-static.com/userfiles/1075/image/best-suburbs-in-dallas-3.png" width="700" height="422" alt="best dallas suburbs" title="best Dallas suburbs" />
When people talk about Dallas, what they really mean is Dallas plus all the suburbs in the area. Suburbs like Plano, Frisco, Richardson, McKinney, Southlake, Colleyville, Westlake, Coppell and more. So, what makes one suburb better than another? Information concentrating on just <a href="https://www.knoxre.com/blog/what-are-the-best-neighborhoods-in-dallas-texas.html" target="_blank">the best neighborhoods in Dallas, Texas, can be found here</a>. Some factors which make one suburb more desirable than another might be the cost of the homes; public schools and school district ratings; shopping, entertainment, and dining; commute times to work and airports; unique things about each city, and more.
In this article, we are going to count down the top suburbs in and around Dallas - Fort Worth to purchase a home. We will talk about the criteria mentioned above and use that criterion as a sort of "measuring stick" for purchasing a <a href="https://www.knoxre.com/dallas/" title="Homes for sale in Dallas TX">home in Dallas</a>.
The article is written so that no particular suburb will actually be called #1, rather we will simply provide the best suburbs as a group below. So, let's get started...
Allen Texas: Reasonable Pricing Makes This Suburb One of the Best
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Home to currently the nation's largest high school football stadium, <a href="http://www.cityofallen.org/" target="_blank">Allen, Texas</a> is a high school sports machine! Allen High School football won three consecutive state championships from 2012 to 2014. Great Schools gives Allen ISD high marks of 9/10.
Located in Collin County, the drive to the airports can be a tad long but Allen is an absolute for this list. Why? Great schools, friendly people, and a super small town atmosphere.
List prices on houses in Allen average a shade under $500,000. However, buyers can find plenty of homes in the area starting around the $200,000 mark.
One of the bigger attractions to Allen is the shopping. The city is home to the Allen Premium Outlet Mall which features dining, clothing, accessory, shoe & home stores. Some of the bigger named stores at the mall include but are not limited to Adidas, American Eagle, Banana Republic, Brooks Brothers, Gap, J Crew, Kate Spade, Nike, Reebok, The North Face, Under Armor and Zales Jewelers.
Allen has a population around 92,000 residents but has a low crime rate, great schools, above average home value appreciation and a high percentage of owner-occupied properties. With stats like these, Allen definitely makes the list of the best suburbs in Dallas.
<a href="https://www.knoxre.com/allen/" target="_blank" title="homes for sale in Allen TX">Click here to search all homes for sale in Allen Texas</a>
Photo By Aerial Photography, Inc. (website [3]) ([1] [2]) [CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons
Colleyville Texas: One of the Best Suburbs in Tarrant County
<img src="https://www.knoxre.com/uploads/agent-1/best%20suburbs%20colleyville.jpg" alt="colleyville texas best suburbs in dallas" width="525" height="350" style="display: block; margin-left: auto; margin-right: auto;" /><a href="http://www.colleyville.com/" target="_blank"></a>
<a href="http://www.colleyville.com/" target="_blank">Colleyville, Texas</a> homes have an average list price of a shade under $900,000. With these types of prices, Colleyville is on the luxury side of the suburbs around Dallas. Located in Tarrant County with a population around 25,000, Colleyville has excellent proximity to DFW Airport (just a few miles) and a short commute to see both the Texas Rangers and Dallas Cowboys play in Arlington.
With higher home prices in Colleyville, there are some great shopping opportunities at The Village at Colleyville with salons, restaurants, barbers and wine tasting. The Village at Colleyville has both shopping and living within the village.
Colleyville and Grapevine share a school district which has only two high schools. The Colleyville high school is Heritage. Great Schools scores Colleyville schools an 8/10 with the homes in Colleyville almost 100% owner-occupied.
A great location, almost totally owner-occupied, luxury homes and prices, and a great school district, Colleyville makes our list for the best suburbs in Dallas.
<a href="https://www.knoxre.com/colleyville/" target="_blank" title="best suburbs in dallas - colleyville">Click here to search all homes for sale in Colleyville Texas</a>
Coppell Texas: An Older Suburb but Still One of the Best
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One of the older suburbs of Dallas, Coppell has long been known as one of the "better suburbs" in the Metroplex. As one of the better suburbs near Dallas, prices on Coppell homes for sale average around $615,000.
Coppell is near DFW Airport and is a popular suburb for business travelers who need easy access to the airport, 635 and Interstate 35.
Coppell has its own school district and the schools are ranked as excellent with a rating of 9/10 by Great Schools. The district has ten elementary schools, three middle schools and one high school - Coppell High School.
The city exploded in growth during the late 1980s and early 1990s. This means there are very few new construction homes in the area, but Coppell homes still hold their value and increase as much (or more) than other suburbs.
Older school suburb with excellent schools and continuous property value increases make Coppell a "must have" on this of list Dallas suburbs.
<a href="https://www.knoxre.com/coppell/" target="_blank" title="Dallas Suburbs - Coppell TX">Click here to search all homes for sale in Coppell Texas</a>
Flower Mound Texas: Great Location Near The Lake Means One of the Top Suburbs
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One of the hotter suburbs, <a href="http://www.flower-mound.com/" target="_blank">Flower Mound</a> has a population of around 69,000 and homes for sale average a list price of near $740,000. Flower Mound's values have risen to one of the more expensive suburbs of Dallas. The city is located in Denton County where property taxes are some of the lowest in the Metroplex.
The homes in Flower Mound are zoned to the Lewisville Independent School District but the city has its "own schools" with Flower Mound High School and Marcus High School along with several middle schools and a handful of elementary schools within the city limits. Great Schools gives Flower Mound schools a rating of 8/10.
With almost 90% owner occupancy rates, very low crime, good home value increases and average list prices so high, Flower Mound absolutely makes our list for the best suburbs near Dallas Texas.
<a href="https://www.knoxre.com/flower-mound/" target="_blank" title="Flower Mound TX, Top Dallas Suburb">Click here to search all homes for sale in Flower Mound Texas</a>
Frisco Texas: This Suburb is near the Top of the Best List
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Arguably the hottest suburb of Dallas in the hottest market in the nation, <a href="http://www.ci.frisco.tx.us/" target="_blank">Frisco, Texas</a> is booming! Frisco is home to the Dallas Cowboys, <a href="http://www.milb.com/index.jsp?sid=t540" target="_blank">Frisco RoughRiders</a>, shopping like Stonebriar Centre and more.
Once a stop on the railroad coming and going to Dallas, the growth in Frisco exploded around 2000. With a population of near 137,000, the homes for sale in the area average a list price of near $630,000. However, even with those high prices, buyers can still find homes in the area pricing as low as the mid $200,000's. Values on homes in Frisco have risen almost 25% over the past three years and the homes are approximately 80% owner-occupied.
The City of Frisco has its own school district which Great Schools ranks as a 9/10.
Frisco is located mostly in Collin County with a small portion in Denton County. The location provides residents excellent access to the North Dallas Tollway, 121 and the George Bush Tollway. The city is about a half an hour drive to either airport.
With a huge increase in property values, excellent schools and 80% owner occupied properties, you cannot leave Frisco off of the list of the best suburbs in Dallas to buy a home.
For extra information on Frisco see - <a href="https://www.knoxre.com/blog/what-are-the-best-neighborhoods-in-frisco-texas.html" target="_blank">Best Neighborhoods in Frisco Texas</a>
<a href="https://www.knoxre.com/frisco/" target="_blank" title="Frisco TX is one of Dallas' best suburbs">Click here to search all homes for sale in Frisco Texas</a>
Photo By Loadmaster (David R. Tribble) This image was made by Loadmaster (David R. Tribble) Email the author: David R. Tribble Also see my personal gallery at Google Picasa (Own work) [CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0) or GFDL (http://www.gnu.org/copyleft/fdl.html)], via Wikimedia Commons
Grapevine Texas: Excellent Location & Education in this Suburb Means the Best
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One of the older suburbs in that Southlake, Colleyville, Westlake, Trophy Club, Grapevine area. Some homes in Grapevine were constructed as far back as the 1960s and were originally focused around <a href="https://en.wikipedia.org/wiki/Grapevine_Lake" target="_blank">Grapevine Lake</a>. With a population around 50,000, the homes in Grapevine average a list price of approximately $500,000. Buyers may find homes in Grapevine starting around $250,000 up to over $2,000,000.
Grapevine shares a school district with neighboring Colleyville and the schools are rated an 8/10 by Great Schools. Grapevine has its own high school - Grapevine High School.
Grapevine is located in Tarrant County and just a few miles from DFW Airport with excellent access to both Dallas and Fort Worth.
With a local lake, lower property prices than surrounding cities of Colleyville and Southlake, an excellent school district, Grapevine definitely makes our list as one of the best suburbs to buy a house in Dallas.
<a href="https://www.knoxre.com/grapevine/" target="_blank" title="Grapevine is a great Dallas suburb">Click here to search all homes for sale in Grapevine Texas</a>
Photo By Wildstoo (Taken with a Casio Exlim EX-H5 in Grapevine, TX.) [GFDL (http://www.gnu.org/copyleft/fdl.html) or CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons
Heath Texas: Upscale Living Near the Lake. Yep, It's One of the Best!
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Heath Texas is a smaller suburb of Dallas near Rockwall and Lake Ray Hubbard on the east side of the Metroplex. With a population of around 7,800 residents, the homes are a little more luxury and a little higher in price than a buyer will find in neighboring Rockwall. Heath homes price on average for around $762,480 with a high near $5,000,000 and a low about $300,000.
Most homes in Heath will be set on larger lots and will be newer in construction. Heath has become a popular suburb within the past 10 or so years. With a smaller population than a lot of the other suburbs on this list, Heath shares a school district with Rockwall but does have their own high school - Heath High School. Great Schools gives Heath schools a solid 7/10 rating.
Heath is located in Rockwall County and just a few miles from Lake Ray Hubbard where residents can enjoy boating, water skiing, jet skis and more.
If luxury living near the lake is your idea of DFW, Heath, Texas, is a great place to start your search and makes it one suburb which belongs on our list.
<a href="https://www.knoxre.com/heath/" target="_blank" title="Heath Texas Dallas Suburb">Click here to search all homes for sale in Heath Texas</a>
Highland Park Texas: Very Possibly THE Best
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Excellent schools, in the middle of Dallas County, the most expensive homes per square foot...all of this describes Highland Park. Highland Park has a population around 8,900 and the homes in the area average a list price of $3,175,000 with a high of over $10,000,000. Buyers may find small condos as low as the mid $250,000's.
Highland Park shares a school district with University Park, although the school district is named Highland Park ISD. Great Schools gives Highland Park ISD a perfect 10/10 rating. The district has four elementary schools, one middle school and one high school - Highland Park High School.
Some of the homes in Highland Park were built as far back as the 1940's or older. Some of those homes are still standing today. However, many have been torn down in order to build larger, more expensive homes on the land where they once stood.
Although landlocked by the City of Dallas, Highland Park prides itself on a small town atmosphere. Highland Park Village and the Dallas Country Club are two places local residents enjoy. Many local celebrities live within the Highland Park area including Jerry Jones, Troy Aikman, and others.
Prices on homes and real estate in Highland Park is the highest per square foot in the Metroplex and land alone can run over $1,000,000. With a "perfectly rated" school district, small-town atmosphere, average listing prices over $3,000,000 and one of the most prestigious country clubs in America within the town, how can you leave Highland Park off the list of the best suburbs in Dallas to buy a house...if you can afford it, that is!
<a href="https://www.knoxre.com/highland-park/" target="_blank" title="Highland Park - the best dallas suburb">Click here to search all the homes for sale in Highland Park Texas</a>
Photo By Raphael Tuck & Sons [Public domain], via Wikimedia Commons
Keller Texas: Another of the Best in Tarrant County
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Keller, Texas is located in Tarrant County. The population of Keller has exploded over the past 25 years growing from around 14,000 residents in 1990 to approximately 44,000 residents in 2015.
Keller is only minutes away from DFW Airport with easy access to highways 635, 183 and 114.
Keller is still reasonably priced compared to neighboring cities of Southlake and Colleyville with an average asking price of $584,707 for homes currently listed for sale. Luxury buyers can find homes as high as $2,500,000 or as low as $230,000.
Keller has its own school district - Keller ISD which supports four high schools, six middle schools and 23 elementary schools with a total enrollment around 34,000 students. Great Schools gives Keller ISD a nice 7/10 rating.
With a solid school system, reasonable prices for the location and an exploding population (that many people cannot be wrong), Keller definitely makes our list as one of the best places to buy a home in the Dallas suburbs.
<a href="https://www.knoxre.com/keller/" target="_blank" title="Keller Texas Dallas suburb">Click here to search all homes for sale in Keller Texas</a>
Photo By Traveller2020 at English Wikipedia (Transferred from en.wikipedia to Commons.) [GFDL (http://www.gnu.org/copyleft/fdl.html), CC-BY-SA-3.0 (http://creativecommons.org/licenses/by-sa/3.0/) or CC BY-SA 2.5-2.0-1.0 (http://creativecommons.org/licenses/by-sa/2.5-2.0-1.0)], via Wikimedia Commons
Lantana Texas: Access to a Championship Golf Course - Enough Said!
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<a href="http://lantanatx.com/" target="_blank">Lantana Texas</a> is a community centered around golf, golf, and more golf. With a population of around 6,874 residents, the master-planned community is situated around an 18 hole championship golf course - <a href="http://www.lantanagolf.com/" target="_blank">Lantana Golf Club</a>.
The Lantana homes are zoned to the Denton School District with children attending Adkins Elementary School, Harpool Middle School, and Guyer High School.
Lantana is in Denton County and about equal distance to both Love Field Airport and DFW Airport. The drive to each airport is approximately 45 minutes.
The downside to Lantana is that it is somewhat remote and local shopping, restaurants and entertainment is a bit of a drive.
However, the upside is a small, tight-knit community centered around the golf course. Homes on the golf course will always price more per square foot than other properties. The average list price on a home in Lantana is around $491,289 with a high near $1,000,000 and a low of approximately $300,000.
With prices as high as they are in Lantana and a community which is basically heaven for golfers, Lantana makes our list as one of the best suburbs to buy a house in Dallas.
<a href="https://www.knoxre.com/lantana/" target="_blank" title="Best suburbs - Lantana TX">Click here to search all homes for sale in Lantana Texas</a>
McKinney Texas: The County Seat of Collin County Makes This Suburb one of the Tops in Dallas Area
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Located in northern Collin County, McKinney is the county seat with a population around 150,000. Second in population to Plano in Collin County, McKinney has long been one of the quiet, more popular suburbs in Dallas.
McKinney has its own school district which Great Schools rates a very solid 8/10. The McKinney ISD supports 20 elementary schools, five middle schools and three high schools with an approximate enrollment of 25,000 students.
Homes in McKinney price for sale around $469,951 with a high near $3,000,000 and a low near the $200,000 range.
With a solid reputation, good schools, decently priced homes and cost of living, McKinney Texas cannot be left off the best places to buy a house in Dallas.
<a href="https://www.knoxre.com/mckinney/" target="_blank" title="McKinney Dallas best suburbs">Click here to search all homes for sale in McKinney Texas</a>
Photo By Cohee (Own work) [CC BY-SA 4.0 (http://creativecommons.org/licenses/by-sa/4.0)], via Wikimedia Commons
Plano Texas: The suburb of Plano has long had a reputation as one of the best in Dallas
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Long thought of as the standard of Dallas-area suburbs, Plano, Texas has been going strong with that reputation for over thirty years now. Just as one suburb tries to take that "crown," Plano does something to freshen the city and retain its spot as arguably the best suburb to buy a house in Dallas.
Plano got popular in the 1980s as residents began moving north in the Metroplex. Still growing, Plano has recently added several company headquarters to their resume with Toyota being the top new company on the list. Along with Toyota, Plano has developed the Shops at Legacy and the Shops at Willowbend within the past couple of decades as the west side of the city has seen tremendous growth and increase in property values.
Plano has its own school district which Great Schools rates as an eight of ten. The Plano ISD has numerous elementary, middle and high schools with three senior high schools serving grades 11-12. The total enrollment for Plano ISD is around 55,000 with 72 total campuses.
The west side of Plano is now the most popular area of the city as it sits on the Dallas North Tollway and has its own high school - Plano West High School. The average price for a listing in Plano is about $773,745 with a high over $5,000,000 and lows around the $200,000 mark.
Plano is not a cheap place to buy a house, but the reputation, school district, and prices definitely meet the criteria for the list of the best places to buy a house in Dallas.
<a href="https://www.knoxre.com/plano/" target="_blank" title="Plano is one of Dallas best suburbs">Click here to search all homes for sale in Plano Texas</a>
Photo By Cityofplanotxpr (Own work) [CC BY-SA 4.0 (http://creativecommons.org/licenses/by-sa/4.0)], via Wikimedia Commons
Prosper Texas: A newer suburb which is quickly becoming one of the tops in Dallas
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Prosper Texas is probably the suburb of Dallas with the most potential for luxury growth in the Metroplex. Prosper is located in both Denton and Collin Counties, north of Frisco along the North Dallas Tollway. With a population of around 13,000, the average list price on a home in Prosper is around $636,591 with a high of $12,000,000 and lows near $200,000.
Prosper is experiencing a boom in the housing industry with currently over 30 builder communities currently being constructed. Yes, new houses are everywhere in Prosper.
One of the best things about Prosper is that custom builders are offering larger lots with plenty of space for luxury homes. There is still a lot of land left to purchase in Prosper to build a dream home.
Prosper has its own school district with an enrollment of around 7,000 students. Great Schools gives Prosper ISD a rating of 9/10. The school district supports seven elementary schools, two middle schools, and one high school.
With this much upside, a small town feel within DFW and an excellent school district, Prosper is a definite for the list of best suburbs to buy a house in Dallas Texas.
<a href="https://www.knoxre.com/prosper/" target="_blank" title="Prosper Texas Dallas Suburb">Click here to search all homes for sale in Prosper Texas</a>
Rockwall Texas: Golf, education & living on the lake. How could you leave it off the list of the best?
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Rockwall, Texas is on the east side of the Metroplex, near Heath, Texas (mentioned above as nominee for best suburbs to buy a house in Dallas), and on Lake Ray Hubbard. Rockwall residents have a median income of around $65,000.
Rockwall is another one of those small-town suburbs even though the population would state otherwise. Rockwall has around 41,000 residents and an average list price on homes of $503,374.
Buyers can find luxury homes on the lake for as high as $6,500,000 and homes/condos in the city for as low as $200,000.
Rockwall is in Rockwall County, which is the smallest county in the State of Texas. Rockwall also has its own school district which services around 16,000 students with 13 elementary schools, three middle schools, and two high schools. Great Schools gives Rockwall ISD a solid rating of 8/10.
<a href="https://www.knoxre.com/rockwall/" target="_blank" title="Dallas Suburb Rockwall Texas">Click here to search all homes for sale in Rockwall Texas</a>
Photo By Michael Barera [<a href="http://creativecommons.org/licenses/by-sa/4.0">CC BY-SA 4.0</a>, <a href="http://creativecommons.org/licenses/by-sa/3.0">CC BY-SA 3.0</a> or <a href="http://www.gnu.org/copyleft/fdl.html">GFDL</a>], <a href="https://commons.wikimedia.org/wiki/File%3ARockwall_November_2015_08_(Rusk_Street).jpg">via Wikimedia Commons</a>
Southlake Texas: Competing with Highland Park as THE Best in Dallas
<img src="https://www.knoxre.com/uploads/agent-1/best%20suburbs%20southlake.jpg" alt="best suburbs to buy a house in dallas southlake texas" width="525" height="394" style="display: block; margin-left: auto; margin-right: auto;" />
Buyers often speak of Southlake in the same sentences as the Park Cities in Dallas. Southlake has a population of around 28,000 residents and homes average asking prices around $992,723. Buyers may find homes as expensive as $5,950,000. With prices like these, Southlake is a true "luxury community" within DFW.
Southlake has its own school district - Carroll Independent School District. The district has around 7,800 students spread over nine campuses. Carroll ISD has five elementary schools, two middle schools, one high school, and one senior high school. Great schools score Carroll ISD at a perfect rating of 10/10. Carroll ISD was also recently named the best school district in Texas.
One awesome feature of the community is the Town Square where residents can enjoy great dining, entertainment, and shopping.
With "perfect schools," asking prices on homes averaging close to $1,000,000, and a local town square, Southlake has to be on the list of the best suburbs to buy a house in Dallas.
For more information on Southlake, see our articles on the Best Neighborhoods in Southlake Texas and Moving to Southlake Texas.
<a href="https://www.knoxre.com/southlake/" target="_blank" title="homes for sale in Southlake TX">Click here to search all homes for sale in Southlake Texas</a>
Photo By No machine-readable author provided. Chriswardster assumed (based on copyright claims). [Public domain], <a href="https://commons.wikimedia.org/wiki/File%3ATownSquare.jpg">via Wikimedia Commons</a>
Thoughts On Our List of Best Suburbs?
What are your thoughts on our list of the best suburbs in Dallas to buy a home? We tried to highlight the suburbs which are most asked about and discussed by our buyer clients. We'd love to hear your thoughts below. If you have any questions about any of the suburbs mentioned above, call us at 972-342-0000.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2016-10-03T23:57:00-07:002019-02-27T22:00:35-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5172Best Neighborhoods in Frisco<img src="https://assets.site-static.com/userfiles/1075/image/blog-header-best-neighborhoods-in-frisco-2.jpg" alt="best frisco tx neighborhoods" width="900" height="506" />
When looking at <a href="https://www.knoxre.com/frisco/" title="houses for sale in Frisco TX">homes for sale in Frisco, Texas</a>, a lot of our buyer clients will often ask us "what are the best neighborhoods in Frisco?" The best Frisco neighborhoods, of course, is going to depend upon the client's budget, wants and needs in a home. However, there are some neighborhoods in Frisco which grab our "Realtor attention" more than others.
So, what are the criteria for making our Best Neighborhoods in Frisco Texas list?
Desirability tops the list of criteria for being a part of the neighborhoods below. How do we measure "desirability" for the list of the best neighborhoods in Frisco? Truthfully, the consumers are the ones who help us determine the desirability. We listen to our clients and time, and time again, they will mention certain neighborhoods and subdivisions are their favorites or places where they'd like to start their search. In addition, inventory, or available homes, always seem to be in short supply. The desirability factor means that homes are hard to come by in the neighborhoods below. Also, how easy is it to resell the property when you are ready to move? High desirability means it will be effortless to resell the property when the time comes.
School District is another big, deciding factor for the best neighborhoods in Frisco. While most of the City of Frisco is zoned to the Frisco Independent School District (Frisco ISD), small sections are assigned to some of the surrounding school districts in the area. While those other districts are certainly good school districts as well, the neighborhoods below must be in the Frisco school district to make the list. Of the surrounding school districts to Frisco, Frisco ISD is the tops.
Quality of Homes in the area is another factor. Frisco real estate isn't cheap. Put that on a shelf by itself. However, what are you getting for your money? What neighborhoods offer the best values for your money (no matter the price range) as far as amenities, community features, were developed by better area builders, etc. Some builders build/built better quality homes in Frisco than others. No matter the market, some products will always be superior to other products...that's just a fact of life. So, when deciding upon the best neighborhoods in Frisco, we took quality into account.
Now that you know the criteria we used to determine the best neighborhoods in Frisco, we will begin the list. The neighborhoods on our best of Frisco list are in no particular order, as we had a hard time ranking these subdivisions and communities in an actual numerical ranking. So, we decided that this list will be in no particular order and merely a suggestion of what we believe are indeed the best neighborhoods in Frisco. Have fun reading this article, and we'd love to hear your opinion at the end of the post in the comments section.
<a class="btn-effect" href="https://www.knoxre.com/blog/category/buying-a-home/">Click here to read more of the BEST articles for homebuyers!</a>
Nominees for Best Neighborhoods in Frisco TX:
Newman Village Neighborhood
<a href="https://www.knoxre.com/frisco/newman-village/" title="Newman Village"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://assets.site-static.com/userfiles/1075/image/frisco-best-neighborhoods-newman-village.png" alt="frisco tx best neighborhoods newman village" width="500" height="500" title="frisco tx best neighborhoods newman village" /></a>Newman Village is located on the west side of the North Dallas Tollway in Denton County. Homes in Newman Village are assigned to the Frisco ISD and, as such, children attend Newman Elementary School, Trent Middle School, and Lone Star High School. Great Schools gives a rating of 9/10 to Lone Star High School. Newman Elementary School and Trent Middle School are both too new to have rankings on Great Schools as of the publication date of this article.
Newman Village was initially developed around 2010 with a second phase now opening for new construction. Newman Village is one of the more expensive neighborhoods in Frisco and the prices on homes in the subdivision range from an approximate starting price around $700,000 to over $2,000,000.
The neighborhood is a gated community with the main entrance at the front off of El Dorado Parkway. The architectural styling of the homes in the Newman Village neighborhood is stunning. Builders have done a fantastic job with mixing and blending the architectural styles to give the community a tremendous look and appeal. Buyers will find the homes in Newman Village to offer styling in Mediterranean, European, Southern and more. However, no contemporary homes will be located in this neighborhood.
The Newman Village neighborhood is centered around a gorgeous pavilion which gives the community a small town atmosphere. The pavilion features benches, landscape, a community pool, clubhouse, and decorative fountains. Residents in Newman Village are close-knit and tight. Many of the residents of homes in Frisco Newman Village participate in the holiday celebrations within the community including a neighborhood 4th of July celebration and a winter holiday celebration including sledding on a hill of snow for the children.
Newman Village makes our list as one of the Best Neighborhoods in Frisco!
Newman Village by the numbers:<br />Schools - 10<br />Location - 9.5<br />Desirability - 10
<a href="https://www.knoxre.com/frisco/newman-village/" class="btn-effect">Click here to search Newman Village Homes for Sale</a>
Newman Village Overall Score - 9.83
<br />Starwood Neighborhood
<a href="https://www.knoxre.com/frisco/starwood/" title="Starwood Frisco"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://assets.site-static.com/userfiles/1075/image/frisco-best-neighborhoods-starwood-2.png" alt="starwood best neighborhood frisco tx" width="500" height="500" title="starwood best neighborhood frisco tx" /></a>An "old classic" with "old money" in Frisco...if you want to call anything in Frisco "old." Homes in the Starwood neighborhood of Frisco were built initially starting in the late '90s. A gated community, Starwood is monitored 24 hours per day by live security cameras and guards. The security hut tightly guards the entrance into the neighborhood at the front gates. The area is surrounded by tall fencing which makes it very secure and a very low-crime neighborhood.
One of Frisco's first elite neighborhoods, Starwood homes range in price from approximately the high $700,000's to upwards around $3,000,000. Children within the neighborhood attend Spears Elementary School, Hunt Middle School, and original Frisco High School. Spears Elementary School has a rating of 9/10. Hunt Middle School in Frisco gets a grade of 9/10. And, Frisco High School receives an 8/10 from Great Schools. All three of the Frisco ISD schools assigned to the Starwood neighborhood receive excellent marks.
Located near the intersection of Lebanon and the Tollway, the Starwood neighborhood gives residents excellent access to the Tollway and shops/dining at the local Shops at Starwood. In the Shops at Starwood, visitors may find excellent restaurants, hair stylists, boutique shops and more.
All of the above is why Starwood makes our list as one of the Best Neighborhoods in Frisco.
Starwood by the numbers:<br />Schools - 10<br />Location - 10<br />Desirability - 9
<a href="https://www.knoxre.com/frisco/starwood/" class="btn-effect">Click here to search homes for sale in Starwood Frisco TX</a>
Starwood Overall Score - 9.66
Chapel Creek Neighborhood
<a href="https://www.knoxre.com/frisco/chapel-creek/" title="Chapel Creek Frisco"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://assets.site-static.com/userfiles/1075/image/frisco-best-neighborhoods-chapel-creek.png" alt="best neighborhoods in frisco chapel creek" width="500" height="500" /></a>East of the Tollway and north of 121 is home to the Chapel Creek neighborhood in Frisco. Initially developed in the early 2000s, Chapel Creek also has homes built as recently as 2012 or newer. Another expensive neighborhood in Frisco, homes in Chapel Creek range from approximately $850,000 to over $3,000,000. No two homes in Chapel Creek will be alike as this is NOT a cookie cutter neighborhood, but preferably one where almost all houses were/are custom builds.
Children living within Chapel Creek are assigned to the Frisco ISD schools of Spears Elementary School, Hunt Middle School, and Frisco High School.
With excellent access and proximity to the North Dallas Tollway, Stonebriar Mall, Highway 121, most entertainment and restaurants in Frisco, Chapel Creek easily makes our list.
Chapel Creek by the numbers:<br />Schools - 10<br />Location - 9.5<br />Desirability - 9
<a href="https://www.knoxre.com/frisco/chapel-creek/" class="btn-effect">Click here to search homes for sale in Chapel Creek Frisco TX</a>
Chapel Creek Overall Score - 9.5
Stonebriar Neighborhood
<a href="https://www.knoxre.com/frisco/stonebriar/" title="Stonebriar of Frisco"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://assets.site-static.com/userfiles/1075/image/frisco-best-neighborhoods-stonebriar-2.png" alt="stonebriar - frisco best neighborhoods" width="500" height="500" /></a>Wrapped around the Stonebriar Country Club, the Stonebriar neighborhood homes often come up in conversation with clients who have the financial means to purchase some of the most expensive properties in Frisco. While some of the Stonebriar homes in Frisco are zoned to the Lewisville ISD, others are assigned to the Frisco ISD. Therefore, Stonebriar is eligible to make our list of the best neighborhoods in Frisco.
There are several phases to the Stonebriar neighborhood, and the most coveted and priciest homes in the subdivision overlook the Stonebriar golf course. Those children living in Stonebriar and attending the Frisco ISD are assigned to Spears Elementary School, Hunt Middle School, and Frisco High School.
The neighborhood is located west of the Tollway and north of 121 which means the proximity is very near the new Toyota headquarters and the new Nebraska Furniture Mart.
The homes in Stonebriar started development in the late 1980s. However, a vast majority of the houses were constructed beginning around 2000 — prices in the neighborhood range from $500,000 to over $6,000,000. One cool thing about Stonebriar is that since some of the most luxurious homes in Frisco were built back in the late 1980s, these expensive properties come with land as well - some up to or over two acres. The most expensive homes in Frisco can be found in the Stonebriar neighborhood, and that makes it a definite must on our list.
Stonebriar by the numbers:<br />Schools - 10<br />Location - 9<br />Desirability - 10
<a href="https://www.knoxre.com/frisco/stonebriar/" class="btn-effect">Click here to search homes for sale in Stonebriar Country Club Frisco</a>
Stonebriar Overall Score - 9.66
The Trails of Frisco Neighborhood
<a href="https://www.knoxre.com/frisco/trails-of-frisco/" title="Trails of Frisco"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://assets.site-static.com/userfiles/1075/image/frisco-best-neighborhoods-the-trails.png" alt="the trails of frisco - best neighborhood" width="500" height="500" /><br /></a>The Trails of Frisco offers buyers "moderately" priced homes in Frisco if one considers homes priced between approximately $300,000 to over $700,000 to be "moderate." However, taking into account the first four Frisco neighborhoods mentioned above, homes starting around $300,000 would have to be on the "lower end" of the price range.
Located west of the Tollway and in Denton County, The Trails of Frisco homes are within the Frisco ISD and children within the subdivision may attend either Fisher Elementary School or Corbell Elementary School (depending upon the zoning and where the house is located), Cobb Middle School and Wakeland High School or the newer Reedy High School. Zoning has recently changed the Trails neighborhood to now feed to Reedy High School as opposed to Wakeland High School.
Fisher Elementary School receives a score of 10/10 with Corbell getting 8/10. Cobb Middle School has a score of 10/10 with Wakeland High School getting 9/10. Reedy High School is too new as of the publish date of this article to receive a rating from Great Schools.
Homes in the Trails of Frisco neighborhood are of classic and traditional architecture with brick and stone exteriors. The houses in the Trails were developed around 2000 with some of the homes as new as 2005. The community features numerous phases, some of the best golf course homes in Frisco overlooking the Trails Golf Club Course and two large community pools. One of the community pools serves as a place for neighborhood residents to gather on various occasions for events such as the 4th of July, a traditional visit from Santa, and other times. One such "other occasion" is during the holidays where Santa makes an appearance for the local, neighborhood children to come and meet Santa and to get photos with Saint Nick.
One of the bigger community events within this neighborhood is movie night at one of the community pools. On the weekends, the HOA will put on a movie night where residents may lounge around the community pool and watch a film.
The Trails neighborhood is very social. It is not unusual to drive down any of the streets and see many of the neighborhood's residents walking or jogging on one of the actual walking/jogging trails throughout the neighborhood.
The Trails is a subdivision not to be left off the list of the Best Neighborhoods in Frisco.
Trails of Frisco by the numbers:<br />Schools - 9.5<br />Location - 10<br />Desirability - 10
<a href="https://www.knoxre.com/frisco/trails-of-frisco/" class="btn-effect">Click here to search homes for sale in The Trails of Frisco TX</a>
Trails of Frisco Overall Score - 9.83
Panther Creek Neighborhood
We like to say Panther Creek is to the east side of the Tollway as The Trails are to the west side. The Panther Creek neighborhood in Frisco is a tad newer than the Trails with home construction originating around 2005 and continuing into today. Panther Creek homes in Frisco sell very quickly because of what we mentioned above, desirability.
Zoned to the Frisco ISD, children in the neighborhood are assigned to Tadlock Elementary School, Maus Middle School, and Frisco Heritage High School. Tadlock Elementary gets a 9/10 review. Maus Middle School gets 9/10, and Heritage High School receives 9/10.
Pricing on the homes in the Panther Creek neighborhood start around $250,000 and go to nearly $600,000. There are several different phases of Panther Creek with the most expensive stage being the Village at Panther Creek and the Dominion at Panther Creek.
Again, as the Trails are to the west side of Frisco, Panther Creek is to the east. Wouldn't make much sense to leave Panther Creek off this list now, would it?
Panther Creek by the numbers:<br />Schools - 9<br />Location - 8<br />Desirability - 9
<a href="https://www.knoxre.com/frisco/panther-creek/" class="btn-effect">Click here to search Panther Creek homes for sale</a>
Panther Creek Overall Score - 8.66
Christie Ranch Neighborhood
Christie Ranch is located west of the Tollway near Eldorado Parkway in northwest Frisco. The homes in Christie Ranch neighborhood of Frisco were developed starting around the year 2006, but some new construction continues in the area in some of the later phases.
The Christie Ranch neighborhood is zoned to the Frisco School District with children in the area attending Boals Elementary School, Trent Middle School, and Frisco Lone Star High School. Boals Elementary School receives a perfect 10/10 rating from Great Schools while Lone Star High School receives an excellent score of 9/10.
Pricing on the Christie Ranch homes ranges from approximately $350,000 to $600,000.
Christie Ranch's location, assigned schools and moderate price range easily make this one of the best neighborhoods in Frisco.
Christie Ranch by the numbers:<br />Schools - 10<br />Location - 8<br />Desirability - 8.5
<a href="https://www.knoxre.com/frisco/christie-ranch/" class="btn-effect">Click here to search homes for sale in Christie Ranch Frisco TX</a>
Christie Ranch Overall Score - 9.5
Shaddock Creek Estates Neighborhood
<a href="https://www.knoxre.com/frisco/christie-ranch//frisco/shaddock-creek-estates/" title="Shaddock Creek Estates Frisco"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://assets.site-static.com/userfiles/1075/image/frisco-best-neighborhoods-shaddock-creek.png" alt="best neighborhoods in frisco shaddock creek" width="500" height="500" /><br /></a>Shaddock Creek homes in Frisco are in a gated neighborhood west of the Tollway and in Denton County. Shaddock Creek is one of the more expensive neighborhoods in Frisco with homes ranging in price from approximately a starting price of $500,000 to over $1,300,000.
Originally developed around the year 2006, buyers can find both preowned homes and new construction homes in Shaddock Creek. A more luxury community, the floor plans in Shaddock Creek offer buyers plans with square footage between 4000 square feet and 6000 square feet with between four and five bedrooms.
Children living within this Frisco neighborhood are assigned to the Frisco ISD schools of Pink Elementary School, Griffin Middle School, and Wakeland High School.
As one of the higher priced communities in Frisco, Shaddock Creek is a must on the list of best neighborhoods in Frisco TX.
Shaddock Creek Estates by the numbers:<br />Schools - 10<br />Location - 9.5<br />Desirability - 9
<a href="https://www.knoxre.com/frisco/shaddock-creek-estates/" class="btn-effect">Click here to search Shaddock Creek Estates homes for sale</a>
Shaddock Creek Overall Score - 9.5
Heather Ridge Neighborhood
Located across Teel from The Trails and just south of Shaddock Creek Estates sit the homes in Frisco Heather Ridge. A step above The Trails in pricing but definitely below Shaddock Creek or nearby Newman Village, the Heather Ridge neighborhood offers buyers excellent location, schools, lot sizes and community amenities for their money.
First developed around 2005, Heather Ridge homes in Frisco run in approximate list price between $400,000 to $600,000 with most plans being on two stories. The square footage of the homes in the neighborhood varies between 3700 square feet to some homes a little bigger than 5000 square feet. With the houses being built around 2005 and newer, buyers may find bonus rooms from the original construction like media rooms and game rooms.
Children living within the Heather Ridge neighborhood will attend Carroll Elementary School, Cobb Middle School, and Wakeland High School.
Location and value put Heather Ridge on this list of the best neighborhoods in Frisco.
Heather Ridge by the numbers:<br />Schools - 10<br />Location - 9<br />Desirability - 9
<a href="https://www.knoxre.com/frisco/heather-ridge/" class="btn-effect">Click here to search homes for sale in Heather Ridge Frisco TX</a>
Heather Ridge Overall Score - 9.33
Phillips Creek Ranch Neighborhood
<a href="https://www.knoxre.com/frisco/phillips-creek-ranch/" title="Phillips Creek Ranch"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://assets.site-static.com/userfiles/1075/image/frisco-best-neighborhoods-phillips-creek-ranch.png" alt="phillips creek ranch - best neighborhood" width="500" height="500" /><br /></a>Phillips Creek Ranch is a new player in Frisco, but the neighborhood/area is extensive with some of the best new construction homes and builders heading the projects. Phillips Creek Ranch homes in Frisco have a lot of phases of the development and pricing on the houses in the subdivision range from approximately $450,000 to $1,000,000. Square footage on the neighborhood homes in Phillips Creek gives buyers around 3000 square feet to 5500 square feet. Most homes for sale in the Phillips Creek Ranch subdivision have been built within the past couple of years and are either brand new homes or very new preowned homes.
Located on the westernmost part of the City of Frisco, Phillips Creek Ranch runs parallel with FM 423 which is used as a guide to separate Frisco from Little Elm and The Colony. However, one advantage Phillips Creek Ranch has is that development of Frisco shopping, dining, entertainment, and retail is definitely in full-swing along that section of 423 near Phillips Creek Ranch.
With Phillips Creek Ranch being so large as compared to other subdivisions, new Frisco ISD schools have opened rapidly to accommodate an influx of new students to the neighborhood. Children living within Phillips Creek Ranch attend Hosp Elementary School or Bledsoe Elementary School, Pearson Middle School and Frisco Reedy High School.
With a Frisco neighborhood, this big and this new, Phillips Creek Ranch couldn't be left off of this list. New subdivision and new schools in an outstanding school district to couple with the new neighborhood? That has to be good, right?
Phillips Creek Ranch by the numbers:<br />Schools - 10<br />Location - 9<br />Desirability - 9
<a href="https://www.knoxre.com/frisco/phillips-creek-ranch/" class="btn-effect">Click here to search homes for sale in Phillips Creek Ranch Frisco TX</a>
Phillips Creek Ranch Overall Score - 9
Conclusion: What did you think about our list of Frisco TX Best Neighborhoods?
Did you agree or disagree with our take on the best neighborhoods in Frisco Texas? Were there some other or additional neighborhoods you would have liked to have seen made the list? Let us know your opinions below. Again, the neighborhoods mentioned above are our opinions of what we believe to be the best the City of Frisco has to offer.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2016-05-11T11:14:00-07:002019-02-20T10:06:39-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5156Buying a House (How to buy a house with steps & photos)<img src="https://assets.site-static.com/userfiles/1075/image/How_to_buy_a_house_from_start_to_finish-01.png" width="960" height="6064" alt="buying a house - how to buy a home" title="buying a house - how to buy a home" />
We are going to address the process of buying a house by offering our best tips below. Here is a quick list of what will be covered in our guide on How to Buy a House:
Our Suggested Steps to Buying a House:
Are you Ready to Own a Home?
Best Way to Search for Homes Online
Find the Right Website
Contact a Local REALTOR
Talk to a Mortgage Lender
How to Find the Right Home
Closing Process
Funding your New House
#1: BUYING A HOUSE - ARE YOU READY TO BUY A HOME?
This one is all you. Nobody can make this decision for you. However, most people in this situation will solicit opinions from friends, family or their spouse. I always advise buying from a monetary standpoint since you build equity in your property, you may write off the interest on your loan payments and other things around your home and you'll never be paying more on your mortgage than the property was worth when you purchased it...meaning, if you bought the home for $100,000 ten years ago, you will still only be paying a $100,000 mortgage today even if the home is now worth $250,000. With rent, you'll always be paying the market value of a property as it continues to rise in value through the years.
However, sometimes renting is easier if you travel a lot for business and do not have time to keep up with the maintenance of owning a home. Or, maybe you don't have the extra cash to fix unexpected issues as they arise. Owning a home is not cheap because things will break at the home. Things like the HVAC, foundation, painting, broken tiles, etc. will break and need repair. These will be out of pocket expenses for you. If you don't have this kind of money, it may be best to keep renting. Remember, renting allows you to be free to move as soon as your lease has expired and will allow you the freedom to move to various different locations in the event your work changes to another area, you are relocated to a different city, you decide to move away from your current location for personal reasons, you get married and need a bigger place, you want to buy a pet and your current lease does not allow for pets, you get a raise or a job where you make more money and can afford a nicer place, or you decide you like the new apartments or condos which were just built and you can afford to live in a new rental property. Renting does have its advantages as well.
There are also some good symptoms and signs that you're ready to buy your first home. For more on the signs & symptoms, see the links below -
Additional articles to see about "Are you ready to own a home" - <br /><a href="http://www.greatcoloradohomes.com/blog/should-you-rent-or-buy-a-home-in-colorado-springs.html">Renting vs Buying</a> by Andrew Fortune & <a href="http://www.greatcoloradohomes.com/blog/5-signs-that-youre-ready-to-buy-your-first-house.html">5 Signs you are ready to buy your first home</a> by Andrew Fortune
#2: HERE'S THE BEST WAY TO SEARCH FOR HOMES ONLINE
So you've made the decision to buy a home, now it is time to find that home by searching online. There are many different options for which to search for homes online. The two primary sources of searching online are (1) local Realtor websites; and, (2) the big, national portal websites like Trulia, Zillow and Realtor dot com. Each site will offer a few variations from the next, whether it is local vs local, national vs local or national vs national.
While I am biased as a local Realtor, I would highly suggest finding a local Realtor's website to use as your "go to" search. Why? Local Realtor websites have a direct MLS feed to the local MLS. I personally know that my websites are updated every 15 minutes with new properties and status changes (homes which have gone under contract). As a local Realtor, I receive the top treatment from the local MLS which means my site is never outdated with listings which have already been placed under contract or, worse, have already been sold.
National portal websites are what we call "syndication sites." This means that the information is syndicated to the portal and is not a direct feed. The biggest complaint I hear from clients is that the information on large portal sites is constantly outdated. This happens for a couple of reasons (1) as we discussed above, the national website is not actually a Realtor member of the local board and therefore they do not receive the same direct feed and updates as local websites; (2) national websites have to try and keep up with EVERY listing and EVERY change of a listing throughout the country. They simply cannot pull information fast enough from local MLS indexes to keep up with all of the changes in EVERY market of the United States. This leads to the information on the websites being outdated by days or even weeks.
Some websites will ask you to register your information and some will not. If you find a local website which is very user friendly, go ahead and register your information. Registering will allow you to save your favorite listings, keep track of the saved listings, receive automatic updates for new listings as they are listed on the market and most websites will also send you homes in your price range which have been reduced in asking price.
Maybe try out a few websites before you commit to one, but to avoid confusion and streamline your search, pick one website and stay with it!
Additional articles to see about "Searching for Homes Online" - <br /><a href="http://www.greatcoloradohomes.com/blog/looking-at-homes-online-versus-in-person.html">Looking at Homes Online vs In Person</a> by Andrew Fortune & <a href="http://www.greatcoloradohomes.com/blog/3-reasons-why-local-real-estate-websites-are-better-than-national-ones.html">3 Reasons local websites are better than national sites</a> by Andrew Fortune
#3: IN THE PROCESS OF BUYING A HOUSE, FIND THE RIGHT WEBSITE FOR YOU
Everyone's tastes in websites will be different. You need to find the best real estate website for you. Find one which makes you feel comfortable, a design you like seeing (since you'll probably see it a lot if you spend hours looking at homes), find one which is user-friendly and also has a good appearance on all types of platforms.
Why is a website which has a good look on all platforms important? In today's technological society, you will absolutely want a website you can search on your phone, tablet, laptop and desktop computers. Plus, good websites will feed you new listings and updates to the MLS at all hours of the day. Therefore, you will be able to get the latest listings and price reductions on whatever device you have handy. While many websites have made the conversion to be mobile friendly, some old school website designs still operate on a template which only applies to desktops and larger screens. You can see why using a website which fits all devices would be important during your search.
If you are like most people looking for a home, you will be very interested in doing your own web searches for homes. Make sure you choose the site which is easy and fun for you. We pride our website on being one of the best websites to <a href="https://www.knoxre.com/dallas/">search homes for sale in Dallas TX</a>.
Also, make sure the website you use is being updated frequently with new content. Nothing is worse than using a website which is stale and hasn't been updated in months or years. You'll see and learn very quickly if the website you choose to use is being updated with new, fresh content allowing you to keep up with the market...or.... if the site is like a ghost ship where it seems to have been abandoned years ago with no sign of life.
Additional links to "finding the right website for you" - <br /><a href="https://www.knoxre.com/">Knox & Associates Dallas Real Estate</a><br />
#4: TALK TO A LENDER FOR A HOME MORTGAGE
Very few people have the reserves needed to purchase a home for cash. That means a large percentage of people have to obtain a mortgage for their home. A mortgage process is not something to be scared about. While it is intense, will cause some anxiety, and will be a thorough examination of your past and present credit history, outstanding debt and current income, it is a necessary part of purchasing a home for most buyers.
How can you make sure your mortgage process runs smoothly? Several tips I would offer... (1) ask your Realtor for a list of a few mortgage professionals they might recommend. Realtors have clients getting mortgages and home loans on a daily basis. If the agent has been in the business for long enough, he or she will generally know the better lenders who get deals closed and closed on time. Closing a loan when it is supposed to be closed and done on-time can be a major issue for some lenders. Some lenders are not as organized as others and your agent will generally know who to avoid as a consumer looking for a mortgage. (2) Make sure to do your job. Lenders will ask you for many different pieces of information and documentation during your loan application process for a mortgage. Don't be surprised or offended when they ask you for private information. They are doing their best to get you the money for your home and getting this information is important to what they are doing. You can help with the process by getting the requested information as quickly and as efficiently as possible for your lender. This will be a big help to keep things on track for your loan to close on-time with the closing documents reaching the title company ahead of schedule. You can definitely help speed up the process by working diligently with your lender. (3) Ask friends who they used for their mortgage or if they know a good mortgage professional they would recommend. Sometimes friends can also be of assistance when it comes to finding a good mortgage professional.
What are some of the things a mortgage professional will want from you? Well, there will be a credit report, they will want to know about any outstanding debt you have like credit card debt, auto loans, furniture loans, jewelry loans, etc. Lenders will throw about the term "debt to income ratio" which means how much do you make that is already theoretically spent by current, outstanding debt.
Additional articles to see about "Finding Money & Mortgage Loans" - <br /><a href="http://www.raleighrealtyhomes.com/blog/what-do-i-need-to-know-about-mortgages-when-buying-a-home.html">What do I need to know about mortgages when buying a home</a> by Ryan Fitzgerald | <a href="http://www.maxrealestateexposure.com/tips-on-how-to-get-the-best-mortgage/">Tips on how to get the best mortgage</a> by Bill Gassett | <a href="http://www.maxrealestateexposure.com/how-to-avoid-overpaying-for-a-mortgage/">How to avoid overpaying for a mortgage</a> by Bill Gassett | <a href="https://www.madisonmortgageguys.com/questions-to-ask-your-mortgage-lender/">Know what questions to ask your mortgage lender</a> by Inlanta Mortgage | <a href="https://www.madisonmortgageguys.com/loan-process/">The home loan process</a> by Inlanta Mortgage | <a href="http://www.lvhomeexpert.com/unconventional-loans-buyers-should-consider">Unconventional loans buyers should consider</a> by Barb Bottitta | <a href="http://sellingwarnerrobins.com/2015/06/3-tips-to-select-a-mortgage-lender/">3 Tips to select a mortgage lender</a> by Anita Clark | <a href="http://www.thehuntergroupre.com/2015/05/01/dealing-with-financing/">Dealing with financing</a> by The Hunter Group | <a href="http://www.wendyweirrelocation.com/will-my-home-purchase-be-delayed-with-the-new-mortgage-disclosure-laws/">Will my home purchase be delayed with the new mortgage disclosure laws?</a> by Wendy Weir | <a href="http://www.imagineyourhouse.com/2015/09/17/why-do-i-need-to-get-a-mortgage-pre-approval/">Why do I need a mortgage pre-approval</a> by Lynn Pineda
#5: NOW CONTACT A LOCAL REALTOR/BROKER
Once you have found your website and narrowed down your searches to an approximate of what you want in a new home, it is time to call an expert. When I say expert, I mean a Realtor. A Realtor is a licensed agent in your particular state who belongs to the National Association of Realtors.
Having a Realtor help you with the purchase of your home will do a few things. First, a Realtor knows the market and can help you decide what area of the city is the best place for you with what you want in a home and neighborhood. If you want a happening place with lots of young, singles and great nightlife, your Realtor could point you in several directions. For example, in Dallas, we would direct you to either homes in Uptown, condos in West Village or condos in Addison. With what you just described as wanting, we know exactly what areas will suit your needs and we can point you in the right direction without wasting a lot of your time looking in other places.
If you want a quiet, family-oriented city with a great school district, perhaps we would recommend real estate in Southlake, houses in Colleyville or homes in Frisco. Each of these cities would meet the criteria of being more of suburban setting with parks, family-friendly activities, and great schools. As you can tell, Realtors know the local market.
Realtors also can schedule multiple showings for you at once. This means we can show you as many listings in a day as the day and time will allow. You don't have to call each listing agent to try and schedule a time to see a particular home. As a Realtor representing your interests, we can get you into multiple homes and properties you want to look at during your home search.
Realtors are also trained in knowing the workings of a real estate contract, the proper amendments and addendum(s) with each situation like a contingency contract, a request for certain <a href="https://www.knoxre.com/blog/typical-issues-on-a-home-inspection.html">repairs to a home following a home inspection</a>, the proper HOA documents needed for certain homes, the specific contracts for new construction or land properties and more. How often have you studied a real estate contract? When spending hundreds of thousands of dollars, it isn't wise to try and learn on the fly with a real estate contract. Ignorance of the contract and its terms is not a defense in the event you get sued for breach of contract on a home. To learn what it really means to have a Realtor represent you, I have attached a few good links below -
Additional articles to see about "Contacting a Realtor" - <br /><a href="http://www.greatcoloradohomes.com/blog/12-different-realtor-personality-types-you-should-know-about.html">12 Different Realtor Personalities</a> by Andrew Fortune & <a href="http://www.greatcoloradohomes.com/blog/what-does-it-really-mean-to-be-represented-by-a-realtor.html">What does it really mean to be represented by a Realtor</a> by Andrew Fortune
#6: HOW TO FIND THE RIGHT HOME
Now it is time to find the right home. This part should be fun! Once you've narrowed down your searches, contacted a Realtor and lined up your showings, get ready to have some fun. You'll likely want to see at least a handful of homes. I highly suggest taking a notepad for taking notes on each home. The homes will start to run together in your mind unless you take notes. I also always take the official MLS listing sheets with me for my clients to help them remember the homes we've seen. I also suggest that my clients take a camera or use their phones to snap pictures of the homes as we tour them. Again, at the end of the day, the homes will start to run together in your mind unless you do something to remember them individually.
The chances are high that you will have your "wants" or a "wish list" in your mind about what exactly you want in a home when shopping. For example, you may want a large kitchen, 3 or more bedrooms, a pool and a fireplace in your master bedroom. However, there is also an excellent chance that you will have to sacrifice one or more things from your wishlist in the end. Make a plan of what is most important to you. We call these a "must have" in your new home. Arrange an order of things you are willing to give up in your new home from least important to most important. Once you find your new home, it will be time to write the offer known as the contract.
Realtors are trained on contracts and contract negotiation to make sure the contract is done correctly with no mistakes to protect you and your interests. Once you submit the offer to the seller and the seller agrees to terms, it will be time for your "option period." In Texas, the option period is a specific number of days written into the contract which will give you, the buyer, a chance to do any inspection you want on the home while still allowing you to walk away from the home if you find major issues or if you simply change your mind about wanting to buy the home. The option period allows you to walk away for ANY reason! You do not have to give a reason for walking away from the home during the option period. You may simply walk away even if you change your mind or find a home you like more during this time. In order to have a valid option period, you will have to give the seller something called "consideration." Consideration is done in the form of money. "Option money" (as it is called in Texas) will be paid directly to the seller from you and it is money which is non-refundable. If you walk away from the home during the option period, you will lose your option monies. The amount of the option monies is negotiable and is usually based on the asking price of the home. If, however, you continue with the purchase of the home after the option period, the option monies will be credited to the purchase price of the home at the closing.
Smart buyers will have a home inspection during the option period. A home inspector will go through the home and his or her job is to find all things wrong with the home while testing all structural and mechanical components of the home in the process of the inspection. Once you get the home inspection report, talk to your agent about what is negotiable and what you might ask the sellers to repair. Again, you may walk away from the home during this period because of the option monies mentioned above. This is a good time to talk to your agent about the problems found in the home inspection.
During this time, and behind the scenes, your lender will be doing their final preparation work to close your loan. Your lender will be doing two things on your behalf. First, the lender will be ordering a survey. This means the lender will be sending out a professional surveyor to take measurements and boundaries of your home and the surrounding land. The lender wants to make sure there are no easements or encroachments onto your new property. This means they want to make sure the neighbor did not build a fence which comes across onto your property. This is for both yours and your lender's protection.
Second, the lender will be ordering an appraisal on the new home. This means the lender will be sending a professional appraiser to appraise the house and let the bank know its current value in today's market. The lender does this for both their protection and your protection. The lender wants to make sure you are paying fair market value and, also, that the lender is loaning money for fair market value.
Let's be silly for a minute and say the contract price on your new home is for $1,000,000. Let's also say the appraiser comes back to the lender and tells the lender the house is only worth $200,000. The lender is not going to loan $800,000 above the current market value of the property. Why? In case you do not make the mortgage payments and the lender must foreclose, the lender does not want to be stuck in a home where they loaned $800,000 above market value. This would mean the lender would, theoretically, lose $800,000. So, lenders will not loan over the market value of a home. For the most part, appraisers will value a home at the contract price because Realtors can tell through comps a very good estimate of what a home is worth. However, there are times where the contract price and the appraisal do not match. In that instance, you will have to talk to your agent about what to do.
Additional articles to see about "Finding the right home" - <br /><a href="http://birminghamappraisalblog.com/appraisal/new-real-estate-agent-appraisal-resource-guide/">The Real Estate Agent Appraisal Guide</a> by Tom Horn | <a href="http://birminghamappraisalblog.com/appraisal/top-five-areas-look-mistakes-appraisal/">5 Common Mistakes when the Appraisal comes in too Low</a> by Tom Horn | <a href="http://www.maxrealestateexposure.com/appraisers-look-real-estate-appraisal/">What appraisers look for in a home</a> by Bill Gassett | <a href="https://www.madisonmortgageguys.com/importance-of-the-appraisal/">The importance of an appraisal</a> by Inlanta Mortgage | <a href="https://www.knoxre.com/blog/typical-issues-on-a-home-inspection.html">Typical problems on a home inspection</a> by Jeff Knox | <a href="https://www.knoxre.com/blog/home-inspections-a-vital-part-of-buying-a-home.html">Home inspections explained by a Realtor</a> by Jeff Knox | <a href="http://frederickrealestateonline.com/first-rule-negotiating-dont-let-emotions-rule/">How to negotiate a home</a> by Karen Highland | <a href="http://www.dwslaterco.com/#!How-Real-Estate-Appraising-is-Like-a-Track-Meet/ccs2/55b43f900cf24f011b675bf9">Why a home appraisal is like a track meet</a> by DW Slater Appraisals | <a href="http://www.thelasvegasluxuryhomepro.com/blog/protect-your-earnest-money-deposit-when-buying-a-home.html">Protect your earnest money when buying a home</a> by Debbie Drummond | <a href="http://www.rochesterrealestateblog.com/top-8-reasons-a-real-estate-deal-falls-through/">Top 8 Reasons a real estate deal falls through</a> by Kyle Hiscock
#7: IT IS TIME TO CLOSE
The big day has arrived. It is time to go to the title company to close your home! This will be about an hour process for all of the documents to be signed and notarized at the title company. In most cases, your agent will be present at the closing. While the role of the agent at the closing is very small, I like to be at all of my clients' closings in case anything goes wrong. My presence will allow me to be right on the spot to make any necessary corrections if they should arise.
Please know there will be many documents and forms for you to sign at the title company. Your lender will require you to sign many documents about truth in lending practices, the amount you are financing, documents stating you are not committing mortgage fraud, papers stating you are who you claim to be and, most importantly, forms stating that if you do not make the agreed upon mortgage payments that the bank will foreclose on your home and take the property. You will be informed of upcoming tax liabilities and more.
Also, you will be shown and given what we call a HUD statement. This form will show you a breakdown of exactly where the money is going and who is receiving funds from this real estate transaction. You will see fees from the title company, attorney fees for preparing the documents, escrow fees for holding monies during the deal, prorated taxes, commission disbursements for the agents involved and more. This is a pretty complicated document if you don't study them daily. If you have any questions, ask the Escrow Officer handling the closing. He or she will be able to answer any and all questions you may have about the HUD.
When you close, you have officially signed all the documents required to purchase the house. However, you may not receive keys to the home until your loan "funds." We will talk more about funding in the next section. Both parties, buyer & seller, have to sign at closing to make the transaction official. Both parties will use the same title company, and the title company will be determined in the body of the sale's contract. Determining a title company is a negotiable part of a contract. However, this is usually not a deal breaker on 99% of negotiations.
Please know that there generally will also be some additional fees you will owe at closing. These are called closing costs. If you are concerned about closing costs and the expenses, it is best to talk with the title company and your lender ahead of time and ask the title company for a "preliminary HUD." This is a very close estimate of the final HUD and will give you a good idea of your closing costs and what you will need to bring to the closing table. Please note that in Texas, closing costs must be paid in a cashier's check or wire transfer. The closings fees may not be paid by a personal check. Also please know that your Realtor does not control closing costs and has nothing to do with your closing costs or how much you will need to bring to closing. These amounts are set by the state, title company, and your lender.
Additional articles to see about "Closing your new home" - <br /><a href="http://www.greatcoloradohomes.com/blog/game-changing-new-cfpb-real-estate-regulations-part-1-who-chooses-the-title-company.html">Who chooses the title company?</a> by Andrew Fortune | <a href="http://www.greatcoloradohomes.com/blog/dont-be-surprised-by-these-common-fees-when-buying-a-house.html">Common fees associated with buying a home</a> by Andrew Fortune | <a href="http://cincinkyrealestate.com/how-to-avoid-closing-cost-sticker-shock/">How to avoid sticker shock on a home purchase</a> by Paul Sian | <a href="http://teresacowart.com/closing-costs-and-fees-paid-by-home-sellers/">Closing costs & fees paid by sellers</a> by Teresa Cowart
#8: YOUR LOAN NEEDS TO "FUND"
Closing is over. You have signed all the documents required by your lender and the title company. You, of course, want the keys to your new home! Well, there is one more additional hurdle before you get the keys to your new property. It is called "funding."
Funding is exactly as it sounds. Your loan must be, well, "funded" by your mortgage lender. This means that the lender sends the funds to the title company for disbursement. The disbursement will be handled by the title company and people paid by the disbursement of funds will be the seller, the title company, the prorated taxes, the real estate brokers involved in the transaction.
Important to know about funding - funding is done by a wire transfer from the lender to the title company. Here in Texas, we are on Central time. Wire funds work on Eastern time, so the funding on our end does not take place after 4 pm Central time (5 pm Eastern time). If a home does not fund before 4 pm Central time, this means the house will not fund until the next day. 99% of real estate deals and title companies will not release the keys to the new homeowner until the deal has officially funded. Once the funds reach the title company, the keys will be issued to the new owner.
One tip I give to my clients about closings - Do NOT schedule closings for Fridays. Lenders and title companies do not work over the weekends. Funds are not wired over the weekends either. This means if a snafu happens during closing, it will not be straightened out until Monday at the earliest. It also means that if the home does not fund by 4 pm on Friday, you will not get the keys until Monday morning.
Also, please know that your Realtor has nothing to do with the release of keys. The title company is the one who ultimately decides as to when to release the keys to the new owner(s). There is nothing your agent can do to get the keys early if the deal has not funded. This is because title companies are the ones taking on the liability if they release a key to a new owner without the proper funds having been sent to the title company.
Let's pretend that the lender denied your loan at the last minute but you have already gotten the keys from the title company. Let's keep pretending and assume you have started moving into the home before the funds arriving at the title company. Oops... your baby just spilled his red Kool-Aid on the new, white carpet of the house. "Oh well," you're thinking. "I own the home now, so I'll get it fixed." Wait, remember that your loan was just denied, but you don't know about it yet and you're already spilling things on the carpet and moving your boxes into the home. The title company is the one who would have to answer to the seller about the damages to the home since you still haven't paid for the house through the "funding." This is just an example as to why the title company will not release the keys until the deal funds. Again, your agent has nothing to do with the release of the keys. This is up to the title company and only the title company.
Additional articles to see about "Your home needs to fund" - <br /><a href="https://www.madisonmortgageguys.com/how-to-get-a-va-home-loan-part-3/">VA Home Loan funding fee</a> by Luke Skar | <a href="http://homeguides.sfgate.com/funding-process-mortgage-7545.html">The Funding process for a mortgage</a> by Tricia Chaves | <a href="http://pdxhomeloan.com/mortgage-process-flow/step-six-loan-funding-close-of-escrow/">Loan Funding/Close of Escrow</a> by PDX Home Loan
#9: CONGRATS! YOU OWN A HOME!
Congrats are in order. You have made it through the home buying process. Hopefully, you met some great and outstanding professionals along the way who made your home buying process easier and helped make your dream a reality. Involving experts in the field of real estate is an excellent way to ensure a smooth and calm purchase of your new home.
The crucial players in your home buying experience will include your Realtor, the home inspector, your mortgage lending professional, the title company and Escrow Officer, your movers, your insurance company, the surveyor, the home appraiser and any other professionals you consulted along the road to your home ownership.
I'd like to thank all the professionals who allowed me to link their articles and contributions to this post which, hopefully, gave you, the reader, a bit more insight on the entire process of buying a home from start to finish. The goal of this article was to give you a quick but detailed overview of buying a home and the process as a whole.
If you like this article, please consider sharing it socially. A lot of our business is built on the referral of past clients, and we appreciate the opportunity to earn your business.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2015-10-01T11:42:00-07:002019-05-02T16:46:49-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5157Common Repairs Needed after Home Inspection<img src="https://assets.site-static.com/userfiles/1075/image/Major_Problems__Common_Issues-01.png" width="960" height="4307" alt="common repairs needed after home inspection" title="common repairs needed after home inspection" />
Major issues which should not be ignored! There are five categories of potentially significant matters: plumbing, HVAC, roofing, foundation and electrical. These five items are core functions of the structure. These can be what we call possible "deal breaker" items and they should always be remedied by a seller before a buyer closing on a home. In no way am I advising you to skip or ignore significant issues. If a substantial problem involving one of the items above is found on your inspection report, talk to your agent immediately about how to remedy the issue or cancel the contract. Not all of the major problems should cause you to terminate a deal, but they should cause you some concern about repairing the issues before taking possession of a home.
I usually advise my clients to negotiate for money in place of repairs. However, when significant problems are discovered during the inspection, there is no way to estimate how much a considerable issue might cost. Therefore, it is better (in these cases) to negotiate that the seller remedies these items before closing. Also, significant problems should be repaired by licensed/qualified providers, and receipts should be provided for the work to the buyer before closing.
Plumbing Problems
Significant issues to plumbing include but are not limited to the following: slab leaks. A slab leak occurs when a pipe embedded within the slab foundation is leaking. A professional plumber will have to first find the leak. After the leak is detected, and if the leak is located in a concrete slab foundation, the plumber will have to either dig a trench under the home to repair the leak or break out the slab foundation to get to the leak. This is a significant problem!
Another major problem that can arise on a home inspection for plumbing is backed-up lines. Backed up plumbing lines, which are discovered by slow drains in the sinks and bathtubs, can lead to a flood and extensive damages to a home.
Plumbing issues are the first of our major possible problems a home inspector might find during his investigation.
Electrical Issues (Specifically Federal Pacific Panels)
Electrical issues on a home inspection report can include things like faulty wiring, old wiring, bad junction box connections, spliced wiring, and faulty electrical panels.
On older homes built around the 1940s to 1960s, home inspectors will find a lot of Federal Pacific electrical panels still in use. These panels have been known to be the cause of fires in homes. Inspectors will always point out a Federal Pacific Panel (also called FPE for Federal Pacific Electric). During the time these panels were initially installed, most local codes allowed them to be installed in a closet of a home. Law has since changed (at least here locally) and now requires that the electrical panels be installed in a garage our on an outside wall.
With the fact that a Federal Pacific Panel might still be in use, and the fact that code has changed as to the proper location of the panel, you can see where the replacement and relocation of a panel box could get expensive for a buyer. Also note that if a Federal Pacific Panel is still in use, there is a good chance that the home's wiring associated with the panel is also against the current code. Therefore, there is a good possibility that rewiring the house may also be required.
The Federal Pacific Panel is not the only possible electrical issue, but it is one of the biggest in a large number of homes constructed in the period mentioned above.
HVAC Items (Air Conditioning & Heating)
As modern people, we often state that we cannot live without our heat and air conditioning. During your home inspection, the inspector will visually check the units and the furnace. Common issues will be rusted pans, clogged drain lines, not enough walkway space to and around the units, dirty filters, etc. However, to test the unit's efficiency, the inspector will check what is called the temperature differential.
According to Braeburn, the <a href="http://www.braeburnonline.com/products/faq">explanation of the temperature differential</a> is as follows:
Your thermostat is equipped with an adjustable temperature differential setting which will determine how much your system cycles. The lower the differential setting, the more your system will cycle and the tighter the temperature will remain. If your system cycles too often, raise your differential setting to a higher degree.
Significant gaps in temperature differential can signal a potentially major problem to the HVAC system. If a significant temperature differential is noted, be sure to immediately speak with your agent about the seller having a qualified HVAC professional diagnose the possible issues.
Foundation Problems
As I am only licensed in Texas and, more specifically, just practice in the North Texas area, my opinions on significant foundation issues will are formed around my knowledge of homes in my area. However, structural support and design will mostly fit all areas.
There are two types of foundations found in North Texas (and I'd guess most other places) - the pier and beam foundation and the slab (concrete) foundation. In North Texas, we have clay soil which expands and contracts with moisture (rain). The contraction and expansion in the earth under a home causes the house to settle, shift and potentially move. According to most structural engineers and home inspectors, the pier and beam foundation is better suited to deal with movement caused by the soil. Unfortunately, the pier and beam will mostly be found in homes built in the 1970's and older because installing this type of foundation is both labor intensive and expensive for builders. Because of this, today's new homes are mostly constructed on slab foundations.
Major Pier and Beam foundation issues - the piers are no longer touching the support beams; the support beams have shifted to the point where they are no longer level with the beams; the beams/piers have rotted over time due to moisture under the home caused by time (years of rains), or a leak. A water leak can destroy the piers and beams which are almost always constructed from treated wood.
Significant Concrete Slab foundation problems - one major issue with slab foundations are cracking. If left untreated for a long enough period, movement can cause a slab foundation to crack under the home. Unlike a pier and beam structure which uses a system of connecting all the piers and beams, a slab is one solid block of concrete. Concrete, while solid, doesn't flex or give much without breaking. If there are any signs of the following concerns: sloping floors, difficulty opening, and closing windows, doors not latching correctly, separation of brick from home, large sections of missing mortar from the brick, etc., then ask your home inspector more in-depth questions about your worries. If anything feels outside your reasonable comfort level, or you want to be safe, you need to schedule a structural engineer to inspect the home before purchasing.
Roofing Worries
A roof can be a significant issue and possible expense for a buyer. There will be typical issues with a roof that we will discuss below. And a few minor issues on a roof are perfectly reasonable.
So what is not normal? Evidence of prior leaks is not typical and they are usually discovered by the inspector on what we call the "decking" of the roof. The decking is the plywood layer of roofing to which the felt and shingles are attached. You (and your inspector) can visually inspect the decking from the attic where the underside of the plywood will be exposed. Large water spots, dark areas, and rotted plywood will be evidence of a prior leak. If you see visual evidence of a previous leak, I'd highly suggest having your agent do some investigating by asking the current owner if (a) they are aware of the leak; and, (b) the leak has been repaired.
Another thing that is not normal in roofing is missing sections of shingles. I'm not talking about one or two shingles here and there. I'm talking about large parts missing from the roof. As a buyer, you will most likely not be climbing on the roof to inspect the shingles. This is where your home inspector is vital. Most home inspectors do one of two things to examine a roof - (1) they will physically climb onto the roof and "walk it" to inspect its condition. Or, (2) they will position and climb ladders to where they can visually inspect the condition of the roof through binoculars. Personally, I would rather the inspector "walk" the roof. I think it provides more of a comprehensive inspection. But, visually inspecting through binoculars seems to be almost as good from my experience.
If significant and major roofing issues are discovered, have your agent alert the seller's broker. A bad roof is something any buyer will want to repaired before taking possession of the home.
A Little Background on Home Inspectors
(1) Home inspectors will find things wrong with every home. Why? Because you're typically paying them about .10 per square foot for the inspection. Meaning, if you are buying a 3,000 square foot home, you may expect to pay around $300 for your home inspection. Some inspectors are higher in pricing, and some are lower. But, be careful when you hire a discount inspector. The adage of "you get what you pay for" absolutely applies to home inspections as well.
So, in our example, a home inspector is charging you $300 to inspect your new home. If an inspector spends 3 hours at the home and then tells you there is absolutely nothing wrong with the house, you aren't going to trust their professionalism or that he did a thorough job looking over your home. Plus, every home has something wrong ranging from severe problems to pretty insignificant issues. Even new construction homes have problems. Advice - if you hire an inspector and he tells you nothing is wrong with the house, you may want to get a second opinion from another inspector. In 10+ years of real estate, I've never seen a perfect home inspection. Remember how I said they average 25 or so pages? How can nothing be wrong in 25+ pages?
(2) Home inspectors also take on quite a significant amount of liability when they inspect a home. If a home inspector misses something substantial like a water leak, you buy the house, the home floods due to the inspector's negligence of missing the major water leak, guess who is getting sued? That's right, the inspector. So, to cover their behinds, inspectors will (intelligently) note every issue they find on a home, whether it is major or very minor. They will record everything from a loose toilet screw to a leaky faucet to a step missing on the front porch to minimize their liability. If they fail to note something as small as a broken step on the front porch and grandpa falls off the porch due to the faulty step, guess who gets sued? That's right, the home inspector!
Now you will have a little background as to why your report will cover so many issues, problems, recommendations, tips and be longer than you ever expected a report to be about a home. Honestly, it can be pretty interesting reading when it comes to learning about your new home, its structural components, working systems and how your home is put together. I'd advise you to read it beginning to end when you get it.
Top 10 Common Inspection Problems Found in Every Report
We've addressed the major concerns, and I've given you a little background on home inspectors, their motivations, and their jobs. Now let's focus on the meat of this article and those small issues I see at almost every inspection. While these issues should be corrected, they are not a concern for panic or walking away from a home you want. Here is my list of the top 10 things which are on almost every home inspection report I've ever seen...
#10 - Soil Height Around Foundation Of Home
The soil height around the foundation of the home will not be the correct height. It doesn't matter if the soil is 2" around the foundation or 12" tall around the foundation, the height will not be correct to the inspector. I've never seen an inspector say the soil level around the foundation is the correct height. Hell, I don't even know what the correct height is supposed to be. However, I can tell you that it will be noted in your inspection report.
#9.5 - GFCI Outlets Not Up To Code
If you're buying a pre-owned home, get ready because the GFCI outlets will NOT be up to current building code. The local code on GFCI outlets seems to change as much as gas prices at the pump. Again, I've never seen a preowned home live up to current building code with regards to its GFCI outlets. The outlets not being up to current code doesn't mean the seller has to rectify the situation. The home will be "grandfathered" into the correct code for when the home was constructed. This means that if the home was constructed today, the GFCI outlets wouldn't meet current code. In case you don't know, GFCI outlets are the ones required in a wet area and will cause the breaker to trip with the slightest detection of water. These outlets save lives in kitchens and bathrooms. But, I can promise you that the home your buying will not be up to current code with its GFCIs.
#9 - Smoke Detectors Not Up To Code
I included a #9.5 and a #9 because both of these issues are code issues. Smoke detectors are now required to be in every bedroom in the State of Texas. This one is probably a good point to remedy after you purchase the home. Smoke detectors do save lives and having them in every bedroom is a good rule of thumb. Again, this isn't something the owner must fix. And, truthfully, I'd rather go to the hardware store and buy my smoke detectors since I can get them with carbon monoxide features built into the same unit. If you make a seller fix this issue, you can rest assured they will do it as cheaply as possible. Get your smoke and carbon monoxide detectors when you go to the hardware store for the other things on this list.
#8 - Foggy Windows
You've seen them. You probably have one or two in your own home. No matter how much you clean and scrub these windows, they still have a "fogged" appearance. This issue stems from the double panes of glass with inert gasses (mostly argon) in between the panes which insulate both the windows and your home. The gasses are sealed between the panes by a seal. Over the years, the seals eventually break down and succumb to the elements which allow moisture to begin to enter the space between the panes. This is when fogging will occur. You can read more about this at <a href="http://pressroom.pella.com/fast_facts/130/what-causes-windows-to-fog">Pella's website</a>. I bet it hasn't been on the top of your repair list for your home. And, it won't be for a seller either. Expect some foggy windows.
#7 - Wood Rot Around Those Exterior Doors
Exterior doors take a beating from mother nature. Fully expect there to be some wood rot around exterior doors, windows and your garage door frame. Wood rot is evidenced by the coat of paint peeling (usually near the ground) and the surface of the wood being exposed to the elements. If you ever have seen any rotten wood, you'll easily be able to identify what the inspector is talking about when he shows you the wood rot. This is a prevalent issue. Wood rots. Expect this to be noted in your inspection report.
#6 - Get Your HVAC Serviced
This one is a prevalent one here in Texas. Even if the HVAC is performing correctly on inspection day, I've never not seen an inspector recommend getting it serviced. This is big CYA inspectors use in this part of the country because as modern humans, we enjoy our cold AC and warm heat. If your system gives you problems right after you purchase the home, guess who you are blaming? Yep, the inspector. I swear this is an item inspectors mark as needing repair or servicing before they even arrive at the home for the inspection. You'll see this item marked...I guarantee it.
#5 - Loose Nails On The Roof
Each roof has thousands of nails which secure the roof to the decking and the decking to the framing of the home. You'll have some missing and loose nails. I guess that the seller never even knew any of the nails were loose. However, if the seller did know there were some loose nails, I can almost guarantee you that he or she never climbed onto the roof to remedy the issue. You live with loose roof nails on your home, so did the seller. A handyman can make this repair. Don't stress about some loose nails on your roof.
#4 - Replace Those Broken Sprinkler Heads
Sprinkler heads take a lot of abuse from kids running over them in the yard to mower blades hitting them when mowing, to just being stuck in the ground. I promise there will be some broken sprinkler heads. I think they cost about $4 at the local hardware store and they simply screw off the threaded PVC pipe in the ground. They are a very easy fix and you do not need a handyman to fix these. This is about as easy of a DIY project as you will find.
#3 - Window Screens Will Need Repair
I've never quite figured out why we have window screens in Texas. But we do and they'll need repairing or replacing. You'll probably even find that some of your windows are missing their screens. Where these screens go is something I've never quite solved. At any rate, there will be missing screens, broken screens and screens which are bent and no longer fit the window correctly. Again, here in Texas it is usually hot and I cannot remember the last time I opened a window to let in "nice" hot breeze. I wouldn't worry about window screens but this is your call. In any event, get ready to read about missing window screens.
#2 - The Bathroom Exhaust Fan Vents To The Attic
This one drives inspectors mad. In the old days, builders would simply vent the bathroom exhaust fan into the attic. However, we now need special vents to vent to the exterior of the home as opposed to the attic. Modern code says that venting to the attic will cause the moisture from the bathroom shower to collect in the attic and could cause wood rot for the raw framing. I guess in theory this is right. However, I've never seen a home where the exhaust fan has caused major issues in the attic. Honestly, most people never correct this issue. This one is up to you.
#1 - Caulk, Caulk & More Caulk!
Get ready because you're going to need a gallon of it when the inspector is finished looking at your new home! Caulk can help seal the weather out of your home, and inspectors love this product. They'll want you to caulk around windows, doors, bathtubs, showers, counters, backsplashes, your kids, the dog, the Christmas Tree... OK, so maybe not the kids, dog or Christmas Tree, but they will want you to caulk just about everything else in the home. I'm not kidding! After you get your home inspection report, you may email me and tell me I was right about the caulk. Caulk comes in at #1 because, well, you'll see.
Honorable Mention Home Inspection Issues
The following items received an honorable mention but did not make the top 10: leaky faucets and dripping exterior hose bibs; dirty chimneys needed cleaning; broken doorbells; door handle needs to be reset to allow for proper latching and slow draining sinks or bathtubs.
*Update - Thanks to an inspector friend of mine, he let me know that I had missed (and admittedly, I did) the anti-tip device on the range or stove. Great call, Greg!
My Friends Weigh-In on the Home Inspection Process
After telling you what I believe are my top ten usual suspects for a home inspection, I reached out to some of my fellow agents and friends around the country. Let's see what they had to say on the topic -
Debbie Drummond is a Realtor specializing in luxury homes in Las Vegas, NV. You may read more of Debbie's articles here - <a href="http://www.thelasvegasluxuryhomepro.com/blog/selling-your-home-and-the-buyer-cancels.html">http://www.thelasvegasluxuryhomepro.com/blog/selling-your-home-and-the-buyer-cancels.html</a>
"Las Vegas doesn't have some issues that are common in other States. We don't have radon. Termites exist here but they're rare. The most common issues we uncover at inspections are easy to fix but not fixing them can be costly.
Most common finding at a home inspection is dirty filters in the HVAC system. The climate here is dusty. Most inspectors recommend changing the filters monthly. Not changing them will add to the energy costs and shorten the lives of the equipment.
I would guess 8 out of 10 home inspections find filters that need changing. Some brands advertise that the filters will last three months. Before buying them you should consider whether you will remember every three months. It may be easier to remember as a monthly routine.
The other item we find is irrigation that isn't insulated. Las Vegas doesn't have the kind of harsh Winters that cause pipes to freeze and burst. We do get those occasional nights where the temps drop below freezing.
Half of our inspections include a reminder to insulate the anti-siphon valves. Cover the outdoor faucets as well. You can pick up insulated covers for them at most hardware stores."
Paul Sian is a Realtor and Attorney practicing in Cincinnati and Kentucky. You may read more of Paul's work at his blog - <a href="http://cincinkyrealestate.com/blog">http://cincinkyrealestate.com/blog</a>
Buyer’s need to be on the look out for issues that catch their eye when they are walking through the home. Those issues should be discussed with the home inspector to ensure the home inspector looks at the issue and so that the buyer can get a good understanding of the situation. If the issues are minor ones that can be easily and cheaply fixed then it may be in the buyers best interest to ignore these issues and get them fixed after you close on the house, as bringing up issues to be fixed does give the sellers a way to get out of the contract if they don’t want to make the repairs.
Why might a seller want to back out of a deal? Maybe they have changed their mind about selling, or in a hot sellers market they already have another buyer willing to offer more in case the first offer to purchase falls through. Where there are major issues like bad HVAC, bad foundation or more, those problems need to be brought to the attention of the seller and repair requests be made if you still want the home. If those issues are more than you bargained for then you might want to talk to your real estate agent about your options for canceling the offer to purchase and looking for another home.
Luke Skar is one of the <a href="https://www.madisonmortgageguys.com/">best Madison WI Mortgage Lenders</a>,
With a home inspection report, it is possible that major repairs are uncovered. However, our experience has shown that the majority of items revealed in a report can be fixed with a bit of elbow grease and time. Here are a couple examples of common items that can be fixed without excessive expenses.
Electronic motion sensor for garage door is at the wrong height – Garage doors come equipped with an electronic motion detector placed at the entrance of the garage. These motion-sensing devices will stop the door from closing in order to protect harm to pets and children. Often times the sensors are placed about a foot off the ground. However, they are intended to be at 6 inches or lower.
Oven missing anti-tipping stops – There is a federal regulation aimed at preventing accidents in the home involving ovens. Anti-tipping stops (or legs) are supposed to be installed on the bottom of all stoves/ovens in order to block a major accident in the event a child tries to climb on the appliance. The legs are easily installed and can be easily sourced from a local appliance parts store.
In the case that the needed repairs are more than $5,000 it could be time to consider using an <a href="https://www.madisonmortgageguys.com/programs/government/fha-203k-loans/">FHA 203k mortgage</a>. This loan allows the borrower to get enough money to purchase the home as well as funds to pay for major repairs and renovations. For borrowers with good credit scores, or an investment property, the <a href="https://www.madisonmortgageguys.com/programs/fannie-mae-homestyle-renovation-loan/">Fannie Mae Homestyle mortgage</a> could be a better fit.
Ryan Fitzgerald is a Realtor specializing in the Raleigh, North Carolina market.
For anyone who is <a href="http://www.raleighrealtyhomes.com/blog/moving-to-raleigh.html">moving to Raleigh, North Carolina</a> from another state, say the northeast, they may have a different set of your typical home inspection problems that show up on the report. The roof was always a huge concern when I lived up North because of the heavy snow falls that happened. In Raleigh, it’s entirely different since the typical snowfall is less than ten inches per season here.
What is worrisome in Raleigh, is the sun. The heat, and humidity can often cause problems with the roof and shingles. Whether it’s the shingles blistering or ‘fungal growth’ (mold). Both are problems that will often show up.
Along with the roof, you should be worried about termites. Termites are prevalent in Raleigh, and whether you’re buying or selling <a href="http://www.raleighrealtyhomes.com/raleigh.php">real estate in Raleigh</a> you’ll want to be sure you inspect the house for termites.
The most common types of termites in Raleigh are Eastern Subterranean Termites, which are found in 75% of the country, and West Indian Powderpost Termites, found along the east coast from Virginia to Florida. You can learn more about the different types of termites <a href="http://www.termite.com/termites/termites-north-carolina.html">here</a>.
Karen Highland is a <a href="http://frederickrealestateonline.com/">top Frederick Md Realtor</a>.
Over the years we've seen a few real estate transactions fall apart after buyers find surprises in a home inspection. Most of the time, it's really a shame because apart from major items, most things can be fixed. More times than not, buyers and sellers get overly alarmed by items we in the real estate industry see over and over. This is very often a matter of having the right expectations.
One of the things a buyer can do to set their expectations right is to understand what is the norm for their area of the country. We sell homes in the Washington DC metropolitan area, a very transient part of the country. We've helped people move from all over the country, and we've seen a lot of different issues come up to surprise buyers.
One issue that comes to mind is termites. In Maryland, it's very common for an inspector to find termite damage, whether the termites are currently active or no longer active. If active, they are treated and we move on to settlement. If they are no longer active, usually there is no real damage and we just shrug and move on to settlement.
Once we had buyers from Texas write a contract on a house. When the inspector found evidence of previous termite activity, though no longer active, the buyers FREAKED out. They wanted out of the deal and were in a panicked state! After a little bit of Internet searching, we discovered that there is a huge difference between Texas termites and Maryland termites...everything really is bigger in Texas! Bigger termites and bigger damage.
After explaining the difference to our buyers we sent them to the University of Maryland Extension Service website to read their research. They calmed down with their new understanding and we went on to settle on their new home. Since then, we're always interested in what the norms are in the buyers previous home state. Like so many issues in real estate, expectations are everything.
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2015-09-24T12:01:00-07:002019-06-05T14:34:55-07:00Jeff Knoxtag:knoxre.com,2012-09-20:5158Getting Your Home Ready to Sell (Things NOT to do!)<img src="https://assets.site-static.com/userfiles/1075/image/HOW_TO_GET_YOUR_HOME_READY_TO_SELL_2-01.jpg" width="960" height="6300" alt="getting your home ready to sell" title="getting your home ready to sell" />
This article is about the "no no's" and "do not's" of listing your home. If you are considering an upcoming listing, I'm going to give you a comprehensive list of things to avoid, correct and change prior to listing your home for sale. Some of the things listed below are common sense items you've heard many times. However, in my ten plus years of real estate experience, I have added a few things of my own. My best advice and overall theme to this article are the following points - (1) Buyers want turnkey properties and they do NOT want to do work! (2) If you're too lazy to do the needed work, I can promise you a buyer is not going to do the work. And, (3) whatever you do, don't use the old line, "I'm not going to change anything because I'm going to let the new buyer do whatever they want to the home."
Do Not Make a Bad First Impression!
You don't get a second chance to make a first impression. This first impression? Curb appeal. It's a term we agents like to throw around. So, let me ask you - how is your curb appeal? Curb appeal is defined as the impression a potential buyer gets when they first drive up to your home. Is your grass mowed neatly? Is the grass even alive? Do you have good landscaping of seasonal flowers and perennial plants? Are the flower bushes filled with fresh mulch? If you answered no to any of these questions, your curb appeal needs help before placing your home on the market. Below, I have included photos as examples for bad curb appeal vs good curb appeal. Which photo does your home closer resemble?
Ever heard the saying, "if I had a dollar for every time I've heard _______________, I'd be rich"? Yes, I'm going to use that saying here. In my years of helping buyers find new homes, "If I had a dollar for every time I've had a buyer tell me they were not interested in a home simply by driving up to the home for a showing, I'd be rich!" Curb appeal really, really, really matters and it is the first chance you have to make a great impression on potential buyers. It is also a critical point where a buyer decides if they even want to see the inside of your home. If your curb appeal is poor, the agent showing the home will almost have to drag the clients into your house. I promise that at least 50% of clients I have will decide not even to get out of the car and look at the interior of the home if it presents itself poorly with the curb appeal.
Look, landscaping is generally pretty inexpensive. Home Depot, Lowes and other hardware stores all carry a wide variety of local, basic landscaping plants to improve the look of your home for maybe a couple of hundred dollars. If you have dead grass which needs replacing, do it! If you are too lazy to do this minor "repair" on your home, I can promise you that it will cost you both money on any offer you receive and it will cost you potential buyers.
Do Not Leave your Gutters Full of Debris
Nothing looks worse when potential buyers approach your home for the first time than your gutters stuffed with leaves, branches, and debris. This gives the impression that you do not care about the condition of the home and that you have failed to maintain the home as it should be maintained. Buyers will start actively looking for other issues to your home rather than just enjoying their tour and falling in love with the house. Don't give buyers a reason to start hunting problems. Once this happens, you've lost them.
Gutters are relatively easy to clean and repair. This is one of those issues you can either fix now or fix later when it shows up on a home inspection report the buyer conducts. Personally, I'd advise you fix it now... that way it won't be one more thing added to the home inspection report as needing repair. You want a home inspection report to come back as clean and defect free as possible. This is an easy fix. Do it.
Do Not Leave your Sprinkler System Broken
Again, an issue which will rear its ugly head on a home inspection. Before you list your home, make sure your sprinkler system fully works. And by fully, I mean every head operates and pops up as it should, there are no zones or sections which do not operate, etc... If you don't make the repairs prior to listing the home, it will pop up on a home inspection. What's worse? Most of the buyers I've seen who are alerted to a sprinkler system issue will want the seller to have the system fully checked by an irrigation company. That means you'll be spending a few hundred dollars for an irrigation company rather than just having fixed some broken heads and such yourself.
Sprinkler heads are literally one of the cheapest and easiest things to fix around your home. Irrigation systems installed within the last two to three decades use PVC piping which is threaded and it literally allows the homeowner to simply unscrew the current sprinkler head and replace it with a new, functioning head - lefty loosey, righty tighty. The last time I priced sprinkler heads, I think the <a href="https://rainbird.com/homeowner/products/sprays/index.htm" target="_blank">Rain Bird sprinkler heads</a> cost around $4. Replace them.
Do Not Leave Your Personal Paint Colors on the Walls
It is true when you own a home, you can do whatever paint colors and designs you want inside the home. If your daughter wants a pink bedroom, paint it. If you like the color purple and you want a purple room, do it. If you want to sell your home, repaint your pink, green, purple and yellow rooms. Your home needs to be painted in neutral colors. And, it needs to be painted throughout in the same neutral color. I like tans as far as the color pallet with crisp white ceilings.
Personally, I recommend the <a href="http://www.sherwin-williams.com/painting-contractors/products/catalog/promar-400-interior-latex/" target="_blank">Sherwin Williams contractor grade paint</a>. Don't pay more for premium paint when you are selling the house. "Designer paints" don't make a bit of difference to a buyer...colors do. As I've said before, go and look at some new construction homes built by new builders. I promise their rooms won't be painted in odd, personal colors. Builder colors will be warm, neutral colors which will appeal to everyone. Builders of new homes sell to the masses and they hire decorators who know what colors are in style and trendy with buyers. If you must, copy their colors.
Do Not Leave Your Pet's Mess in the Backyard for Buyers
Buyers love backyards. They envision a grill, outdoor furniture, friends and their families hanging out in their backyards. It's a romantic vision buyers have and they want to walk around your yard and fantasize about their parties to be. What could hurt this? How about an unpleasant experience of stepping right into your dog's mess! Plus, not cleaning up the mess will make your yard stink and it has been proven that smells can make a home not sell. Why do you think people bake cookies and apple pies prior to showings? What's the opposite to freshly baked pie? A big pile of dog mess! Clean it up daily while your home is on the market.
In addition to removing the dog mess from the yard, fill in any holes the dog has dug. Nothing looks worse for a yard than a bunch of craters in the ground where the dog has apparently been digging. Dogs dig, I know that. My dog digs. But, if you are selling your home, get some dirt, fill in the hole and cover the hole with a piece of fresh sod.
Kyle Hiscock has a great article about <a href="http://www.rochesterrealestateblog.com/how-to-sell-a-home-with-pets/" target="_blank">selling a home with pets</a>. Read Kyle's article for more advice when selling your home with pets.
Do Not Leave Your Kid's Toys Scattered Around Your House
Do not assume buyers will just "look past things" when they look at your home. That's simply not true. Your inability to keep your kid's toys put away and neat will hurt the sale of your home. Buyers will spend more time looking at the mess and talking about the mess than they will be looking at your home. They will judge the overall appearance of your home and whether or not they want your home based on the messes they find inside. They're likely to even judge you as a parent based on the messes. Clean up the toys daily.
Messes like toys will leave a bad impression on buyers. It leaves the impression that you don't really care about your home, even if that's not the case.
Do Not be Stingy on Electricity while Selling your Home
In the heat of the summer, nobody wants to walk out of the summer heat and into a hot house. Neither the agents nor the buyers want to walk into a hot home. First, it makes an unpleasant experience and buyers will not stay very long at your home if it is too hot. The other thing I've heard over and over in ten years when a home is too hot... the buyers will start questioning if the AC works properly. It may sound strange, but this absolutely does affect a buyer's perception of your home. I promise.
Here in Texas where temperatures are currently over 100 degrees during the summer months, I tell all of my sellers to set their thermostat on a brisk 70 degrees (or cooler) while their home is listed. I promise that buyers would rather be too cold than too hot.
Do Not Keep Your Family Pictures Hanging on the Wall no Matter how Cute You Think They Are
No matter how cute or clever you think your family photos are, do not leave a gallery of them hanging on the wall. Buyers will spend more time looking at these photos than they will be looking at your house. Plus, when listing a home, buyers want to buy a lifestyle. They want to buy a home they can see as theirs. If all they notice are your pictures and your personal things, the buyers won't be able to envision the home as their home. Take down the "cute" pictures. These cute family pictures are for Grandma, not buyers.
Do Not Keep Old, Worn Furniture in Your Home when Selling
Ever watch Frasier the television show? Remember Frasier's dad's old green chair? The chair with duct tape? Yeah, if you have anything like that in your home when you plan to list it, get rid of it. Or, at least store it somewhere besides the home. No buyer thinks the chair is as nice as you do. Again, it makes your house look bad and buyers will get an overall bad taste for your home when they see old, nasty furniture. Your furniture should look like it is staged just as if it would be on the showroom floor of the local furniture dealer...not like it is waiting for the pick up from Goodwill.
Do Not Just Hope Your Roof is OK
Many times your roof is in need of some sort of repair. And, more likely, you have homeowner's insurance which will cover higher priced repairs to your roof. Before you list your home, get a roofer out to give you an assessment of your current roof. Most roofing companies will give you a free estimate. If the estimate is high, turn it into your insurance company so they may send out their own professional adjuster to give you a second estimate. If the needed repairs are minimal, spend the money to make the roof right.
Roofing, like some of the issues mentioned above, is one of those things which will come up in a professional home inspection. If you are prepared and you have already spent the money to repair small or large roofing items, your agent may provide the invoice and seal of approval from a professional roofing company stating that everything is A-OK on your roof. Roofs are something most buyers are scared about being an issue. If you can give them a clean bill of health on your roof, you've just crossed a big hurdle. Again, do this before the inspection so that it does not delay a closing while the home is under contract. If you haven't looked at the roof and there are major repairs needed, a buyer may walk away in the time it takes you to get the repairs coordinated through your insurance company.
In addition, a bad roof will be a major issue on both sides of the transaction. As a seller, you will have to face the facts that no buyer will want your home with a bad roof, or a roof which needs major repairs. Some sellers push to sell the home "as is." When you sell a home "as is," please remember that the buyer will be the most expensive contractor or repair person you will ever meet. If the buyer has to spend $10,000 to repair your roof, they will subtract at least $20,000 from their offer. In order to take your "problem" of a roof, they will want a great deal on the purchase price. The buyer will "charge you" for having to do the work.
Problems on the buyer side - first, no buyer is going to buy a home with a significant roofing issue. Second, the house will not be able to be insured by the new buyer if it has roofing issues and the deal will ultimately fall apart. Third, the buyer won't be able to close with a bad roof because most lenders would categorize this as a major issue and will not loan money on a home with major issues.
Do Not Leave Broken Light Bulbs and Burned Out Lights
Lighting is a huge part of selling a home. Replace the lights with new light bulbs. Not being able to turn on lights will turn off buyers. Not replacing burned out and broken bulbs leave the impression that you don't care much about your home. New lighting options can really make a home "pop." If you think you are in need of a new chandelier for your kitchen, dining or another room, <a href="http://www.homedepot.com/b/Lighting-Ceiling-Fans-Hanging-Lights-Chandeliers/N-5yc1vZc7o0" target="_blank">Home Depot</a> and <a href="http://www.lowes.com/Lighting-Ceiling-Fans/Chandeliers-Pendant-Lighting/Chandeliers/_/N-1z0y296/pl" target="_blank">Lowes</a> both offer cheaper, basic options. If you want to get fancy, see <a href="http://www.zgallerie.com/c-36-lighting.aspx" target="_blank">ZGallerie</a> or <a href="http://www.lampsplus.com/products/chandeliers/" target="_blank">Lamps Plus</a>.
DO take Advice from these Expert Realtors
"To encourage the most positive feedback, it’s best to create a neutral environment. The best way to do this is to remove any objects that reflect your personal choices and lifestyle. If a buyer can walk through your house and determine your religious preference, family size, profession, and/or favorite alcoholic beverage, you may have a problem. Some buyers have a hard time emotionally attaching to a home when a sellers lifestyle choices are front and center. This is particularly true when those choices conflict with theirs." - <a href="http://www.greatcoloradohomes.com/blog/steps-to-take-before-selling-your-home.html" target="_blank" style="font-size: 17px;">http://www.greatcoloradohomes.com/blog/steps-to-take-before-selling-your-home.html</a>
"When a Buyer says certain things, often times you have to dig a bit deeper to analyze what it is they’re really saying and what they actually mean. Don’t let the true meaning slip through your hands. Here, in today’s Real Estate article, I uncover common Buyer feedback and how to tackle the feedback to get your home sold." - <a href="http://www.imagineyourhouse.com/2015/08/08/decoding-buyer-feedback-when-selling-a-home/#more-9770" target="_blank">http://www.imagineyourhouse.com/2015/08/08/decoding-buyer-feedback-when-selling-a-home/#more-9770</a>
"Home buyers make their impressions quick, and if your house has little to no curb appeal, you can forget about getting an offer. Luckily, most improvements to the outside of your home are very affordable and go a long way to boosting curb appeal. In fact, some of them are free—they just require a time investment. Before putting your home on the market, consider investing a small amount of time and money into these budget-friendly curb appeal ideas." - <a href="http://www.ferrispropertygroup.com/blog/budget-friendly-curb-appeal-ideas/" target="_blank">http://www.ferrispropertygroup.com/blog/budget-friendly-curb-appeal-ideas/</a>
"On an ongoing basis there is a need to keep the house clean and orderly, tend to the outdoor landscaping and keep up with any other issues that may arise while your home is on the market. This is done so that when potential buyers come through they are still seeing a house that looks great and is something they would like to put an offer on...For more severe repair issues it is in your best interest to take the home off the market while the repairs are being done." - <a href="http://cincinkyrealestate.com/how-to-market-your-home-while-it-is-listed-for-sale/" target="_blank">http://cincinkyrealestate.com/how-to-market-your-home-while-it-is-listed-for-sale/</a>
"While the inside of the home is important to stage, don’t forget about the outside.<a href="http://teresacowart.com/7-ways-to-boost-your-homes-curb-appeal/" target="_blank">Curb appeal</a> is important for both vacant and non-vacant homes. The outside should be cleaned and freshly painted if needed. Landscaping should be freshly mulched and weeded." - <a href="http://teresacowart.com/what-not-to-do-when-selling-your-vacant-property/" target="_blank">http://teresacowart.com/what-not-to-do-when-selling-your-vacant-property/</a>
"You have to sell your house. O.K. you say, but there are already three homes for sale on my street. What can I do? Plenty, when you’re selling your house, you want it to look good, but when you have competition, it needs to look great. You want your house to stand out from the others, and the best way to do that is to make the exterior sparkle and shine." - <a href="http://www.orlandotinarealtor.com/home-sale-preparation-and-staging/">http://www.orlandotinarealtor.com/home-sale-preparation-and-staging/</a>
"In real estate, slow and steady wins the game. If you rush the sale and don’t get your property in decent enough shape, you will miss an opportunity of getting more money from it. If you let feelings get a hold of you and dictate the price, you’ll not only miss the chance to sell, but also have that mistake follow you for the future, possible transaction. Be patient and cerebral, make a plan and stick to it, the desired result will be just around the corner." - <a href="http://www.wendyweirrelocation.com/3-tips-consider-before-listing-your-house/" target="_blank">http://www.wendyweirrelocation.com/3-tips-consider-before-listing-your-house/</a>
"Keep the air at a comfortable setting for the season we are in. If a potential buyer is hot or cold they may be focused on that and not your home. The last thing you want is a potential buyer that is in a hurry to leave the house just to get comfortable." - <a href="http://www.fishhawkranchrealestate.net/preparing-your-fishhawk-ranch-home-for-property-showings/" target="_blank">http://www.fishhawkranchrealestate.net/preparing-your-fishhawk-ranch-home-for-property-showings/</a>
"And here’s another thing you need to know: When you put your home on the market, it creates the most interest among potential buyers within the first few days – especially among those who get “alerts” from their favourite property websites about new listings that match their requirements – and if you lose their interest at that stage because they consider your asking price too high, you will lose it for good, no matter how many times you reduce the price after that." - <a href="http://www.immoafrica.net/resources/the-bottom-line-on-home-pricing/" target="_blank">http://www.immoafrica.net/resources/the-bottom-line-on-home-pricing/</a>
"Unfolded laundry, toys, dishes in the sink – leaving the house a mess is not a nice thing to do to your Realtor. A dirty home is not easy to sell, even if you are the best salesperson in the world. Keep in mind that first impressions count in real estate sales. There are some people who have no vision and if your home is a disaster area they may not be able to look past it." - <a href="http://www.maxrealestateexposure.com/things-sellers-do-that-real-estate-agents-hate/" target="_blank">http://www.maxrealestateexposure.com/things-sellers-do-that-real-estate-agents-hate/</a>
ABOUT THE AUTHOR
<img style="padding: 3px; margin-right: 11px; float: left;" src="https://assets.site-static.com/userfiles/1075/image/signature_bio_jk.png" alt="Jeff Knox" width="150" height="150" />Jeff Knox is the Broker Owner of Knox & Associates REALTORS® in DFW and the creator of most of the content on KnoxRE. Jeff's real estate articles and opinions have been featured on websites like Realtor.com, Fox News, U.S. News & World Reports, Inman, RISMedia, and more.
Jeff was initially licensed in 2004 and has held a Texas Real Estate Broker's License since 2009. Jeff and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Jeff may be reached directly at Jeff.Knox@KnoxRE.com
2015-08-26T12:10:00-07:002018-12-09T21:50:46-07:00Jeff Knox