A real estate Appraisal is not the same thing as a Comparative Market Analysis (CMA). A real estate Appraisal determines the market value of the property, which is an estimate of the sale price of the house. An Appraisal is mandatory when you are borrowing money from a lender to purchase a home. An Appraisal is done by a specially trained and experienced individual known as an appraiser. 

On the other hand, a Comparative Market Analysis is used to determine a reasonable asking price based on the selling and listing prices of comparable real estate. This is conducted by the real estate agent listing the property. The sole purpose of a CMA is to help the real estate agent advise the sellers when trying to come up with an appropriate asking price. This is different from an appraisal because a Comparative Market Analysis helps determine the actual asking price, where as the appraisal reveals the property’s actual value. Appraisers usually use similar research on comparable properties as a factor in determining the property value. 

Here are some myths and facts to help you lean more about the Appraisal of your Dallas real estate. 

1. Myth: Some people may think that making sure the buyer does not overpay is the main goal of an appraisal. 

Fact: People buying and selling real estate can gather resourceful information from an appraisal. However, the appraiser’s intended purpose is to provide protection for lenders. An Appraisal is required before the lender approves a buyer’s loan. 

2. Myth: Appraisers determine the property value by multiplying the price per square foot by the square footage of the property. 

Fact: Appraisers determine the value of  Dallas real estate by other characteristics too. Things they take in to consideration include the location, proximity to desirable destinations, school districts, quality and condition of the property, selling prices of comparable real estate, and other relevant qualities. 

3. Myth: Anyone involved in real estate could conduct Appraisals. 

Fact: States regulate the requirements for Appraisals to obtain a license. Obtaining a license usually includes taking courses, passing an exam, and possible hours of experience. 

4. Myth: There is never an obligation to educate buyers on problems with the home found by the appraiser. 

Fact: The appraiser is required to notify buyers of problems when the buyer is applying for a mortgaged insured by the Federal Housing Administration. For other types of mortgages, the appraiser is not required to disclose potential defects. 

5. Myth: If an Appraisal is done there is no need to obtain a home inspection on your Dallas real estate. 

Fact: As mentioned earlier the purpose of the Appraisal is to protect the lender. This does more for the people selling the Dallas real estate. Where as, home inspections are meant to educate buyers on the state of the home and its major elements. 

Get a no obligation Comparative Market Analysis on your Dallas real estate.

Sometimes people have to sacrifice purchasing their dream home for a less perfect home in a better location. The buyer and family’s quality of life can be affected by their surroundings and features a neighborhood has to offer.  Choosing the best neighborhood is just as important as finding the perfect home.  Neighborhoods have numerous characteristics to consider when trying to make the right choice.

One of the most important things to look in to is the quality of schools in the area. Compare various public schools within a school system; some may be better than others. In order to keep all options open, also take a look at private schools in the area. Even if you do not have kids that will attend school, it is still a good idea to pick an area with good schools to help with reselling Dallas real estate.

Another crucial characteristic of a neighborhood to research is the crime. Contact the local police office to find out crime trends, types, and rates. Go online to find out if there are any sex offenders living near by. Do not judge a book by its cover,  just because a neighborhood looks well kept and charming does not mean there are not any crime related issues.

For financial reasons, check in to the property values of homes in the neighborhood. Find out if theDallas real estate values in various areas have been increasing or decreasing. If the neighborhood is in an up and coming area the value of the property is likely to go up. Where as, if the area is going down under, the property value will probably follow. See if there are any future construction and development projects to take place. Alterations to the surrounding area could drastically change the property value. 

Next thing to take into consideration is the neighborhood’s proximity. Make sure the location is a reasonable distance to work, school, and other frequented destinations. Convenience always makes life a little easier. Having grocery stores, pharmacies, hospitals, and other places of interest and importance easily accessible will make a big difference in every day life. 

Other things to consider when choosing a neighborhood relate directly to the neighborhood it’s self. Just as buyers have preferences in things they are looking for in a house, there are also preferred characteristics to look for in neighborhoods. Neighborhoods could have numerous features to offer such as, gated communities, nice sidewalks, large lots, parks, restaurants, safe roads, trees, landscaping, community recreational facilities, civic leagues, and golf courses. Keep in mind that a neighborhood may have neighborhood fees as part of a home owner’s association. Be sure to pick neighborhood features that best fit the lifestyle of you and your family. 

Choosing a neighborhood can be just as difficult as finding the right piece of Dallas real estate. Finding the perfect home in the right neighborhood may be even more of a challenge. Do your homework, research the area and prioritize features that are most important to you and your family. 

Learn more about Dallas real estate at TexasHomeCentral.com. 

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Buyer’s often find themselves watching a property for a price reduction. Although getting the best deal possible when purchasing Dallas real estate is important, it is not the only factor that determines monthly payments on a home. Rising interest rates nearly diminish the positive aspects of waiting for prices to drop. 

Most people are familiar with the basic trends in real estate that have been affected by the United States economic crisis. The listing prices of homes have been steadily declining over the past couple years. This has put people looking to purchase Dallas real estate at an advantage over those trying to sell. People have best described this as a buyer’s market due to the low property prices and reasonable interest rates. However, the decline in prices is stabilizing while interest rates are beginning to inch up. It is becoming more and more popular for investors to make offers on properties, sometimes sweeping the property away from home buyers. Could buyers begin loosing their advantage? Today, properties that are correctly listed at a reasonable asking price are not being reevaluated and reduced as often. These are some of the factors that prove lower Dallas real estate prices are not always worth the wait. 

Buyer’s should not be waiting for interest rates to continue declining, especially since real estate and economy experts are predicting that the lowest rates have come and gone. This is not necessarily a horrible thing. Rates are still lower than historical highs, which exceed 6.00%. With the new administration trying to bring back the economy, many analysts see a period of severe inflation in our future. Meaning interest rates are likely to jump even higher. The Federal Reserve introduced a program to help control interest rates on home loans. For example, the rates for a thirty year fixed-rate loan have been consistently ranging from 4.50% to 5.00%. Now, rates for this type of loan and the rates of other types of real estate loans are beginning to exceed their more reasonable range. Therefore, increasing interest rates may start rushing your desired closing date. 

At the end of May buyers, who have been procrastinating by waiting for lower interest rates or price reductions, learned their lesson the hard way. At the end of the month interest rates went up about .50%-1.00%. Increasing interest rates defeats the purpose of waiting for Dallas real estate prices to drop. Higher interest rates decrease the overall affordability and increase the monthly payments, especially when the price of the desired home does not budge. 

Bottom line, it is not a time to be waiting around. Time is running out to take advantage of the current real estate market and loan programs being offered by the government. For instance, first time home buyers have until December 1^st, 2009 to close on their home if they want to be eligible for a maximum tax rebate of $8,000 dollars. Since interest rates are expected to increase, waiting for real estate prices to drop is not worth the wait. Don’t procrastinate. You might unintentionally pass up a piece of gold trying to find a diamond. 

Search all Dallas real estate and homes for sale by visiting TexasHomeCentral.com.

Finding ways to deal with small spaces in your new Dallas home can be tricky. Everyone likes the place they call home to be somewhere they can kick back and relax. However, it is hard to relax in areas that are cluttered and uncomfortable. Strategic interior design can make a big difference when dealing with small living spaces. Colors, lighting, organization, and décor can make spaces appear smaller or larger. Here are some solutions to make your Dallas home look and feel cozier. 

Organization is the first thing to be conquered when transforming a small living space. Getting rid of clutter and maximizing the use of storage space are the keys to success. Clutter will make any space appear smaller than it really is. Eliminating excessive nik-naks is one way to reduce clutter. Multiple pieces of small, scattered furniture can also make a room look jumbled. Using a couple pieces of slightly larger furniture leads to a less cluttered look. Every inch of storage space should be taken advantage of in small living areas. Planning out storage space will allow for more walking room, functional closets, and more productive space. Use multipurpose furniture like ottomans, which can be used for storage and seating. Try installing an organizational system in the closets. These systems usually provide a perfect spot for everything. 

Colors, lighting, and decorations also affect the appearance of your Dallas home. Colors play a big role in creating illusions of size. The color scheme of small living spaces should consist of light hues. Although white can be a boring color, it will ultimately maximize the illusion of a bigger space. Other colors that tend to open up space include beige, neutrals, and pastels. It is important to avoid contrasting colors. The furniture, especially larger pieces like the couch, should be in the same color family to match the color of the walls. 

Lighting makes a big difference in small spaces. Take advantage of as much natural light as possible by avoiding heavy curtains and window treatments. Although natural lighting is always the most ideal, it isn’t always available. Track and recessed lighting work well as alternatives for lighting up the space. 

Décor should not take over small spaces. Using medium sized pieces of furniture can do a lot for small rooms versus one big piece or a bunch of cluttered small pieces. Mirrors compliment small spaces perfectly. Mirrors reflect light and color, creating the illusion of more space. Mirrors can be found in all shapes and sizes, with and with out frames. One large mirror or several small mirrors collaged on a wall can make a big difference in a small living area. There are tons of solutions to make a small area more livable.

Need more space? Search all Dallas homes for sale.

Wouldn’t it be nice to own your very own vacation home? No more hassles with finding a hotel, worrying about check-in and check-out times and whether or not the kids in the room next door will be playing loud music until all hours of the night. But how do you know which vacation home is best for you?

Choosing a location

Do you want to be in the middle of all the activity, or enjoy the peace and quiet of a secluded location?  Is a condo at the mountain your cup of tea or a farmhouse tucked away in the woods? Whichever environment you prefer, here are some things you should consider:

• Popularity.  A house in a hot vacation market will usually cost more than a place off the beaten path.  At the same time, continued popularity may help you profit from appreciation.
• Proximity to your home.  If you plan to visit regularly, look for a place that’s easy to get to. 
• Rental possibilities.  If you’re hoping to offset some costs by renting the home for part of the year, find out about seasonal demand for rentals in the area.

Maintaining your getaway

Regular upkeep is more difficult with a vacation home than with your primary residence, but no less important.  The value of the home, both as an investment and as a place you enjoy visiting, depends on good maintenance. 

If your primary residence is not far from Dallas, you may want to make weekly visits to mow the lawn, water the garden, clean the gutters or shovel snow.  If doing it yourself is impractical, consider hiring a vacation property management company to provide maintenance services during the times when you’re not using the home. 

Visit TexasHomeCentral.com to learn more about buying a vacation home or give me a call for more personal service.

Dallas home buyers no longer have to wait for their tax return to benefit from the $8000 first time home buyer tax credit. Qualified FHA buyers now have the option of monetizing these funds.Through short-term bridge loans, Dallas home buyers can access the money immediately instead of amending their 2008 tax return or waiting to file in 2009. These home buyers then have the option of adding it to their FHA-required 3.5 percent down payment, covering closing costs or buying down their interest rate. 

Learn how you can take advantage of your Tax credit NOW by visiting TexasHomeCentral.com. Or just give me a call. I’m glad to help.

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A million questions arise when you consider buying a Dallas home. Many buyers don’t want to have to talk with a Realtor in the beginning stages and look for answers online. You’ve got questions and we’ve got answers. TexasHomeCentral.com is the most comprehensive website for Dallas home buyers!!

Learn about our Dallas communities and why you would want to live there…Dallas, Frisco, McKinney, Allen, Plano, Flower Mound, Rockwall and Grapevine. Get a Free relocation package and comprehensive school reports.

Our Dallas home Buyer Tips and Articles provide valuable information on everything from agency to home inspections, saving your down payment, organizing your move, credit scores, The $8,000 first-time home buyer tax credit and more.

Get a free foreclosure list, search all Dallas homes for sale and set-up an automated search.

I am always available to answer your questions, but visit TexasHomeCentral.com as often as you like. When you are ready, I am here to help you buy the Dallas home of your dreams.

According to Realestate.com, buyer’s remorse is one of the top ten mistakes made when purchasing a home. Finding the perfect home and making the decision to buy a home are not easy tasks. First, you spend hours on the computer researching  real estate’ and neighborhoods, perfecting your search criteria on MLS websites, and viewing many virtual tours.  Then, you begin making appointments to go take a look at the ones you think stand a good chance at being the future home of your family.  As you walk through the house you envision the happy life you and your family would live and the future décor for this room and that room. You see houses that “require too much work,” “don’t have enough storage,” ones that are “too small” or maybe even one that is “do-able but not perfect.”  Finally after weeks or even months of searching, you find “THE house.” Now you send in a promising offer and anxiously wait for feedback. You and seller come to an agreement and the offer is accepted. Once the papers are signed you can relax and enjoy the excitement, right?

Wrong! Shortly after signing the agreement many people experience buyer’s remorse. When a person begins to have feelings of doubt about their decision it is known as buyer’s remorse. The feelings of doubt are also accompanied by stress and anxiety. What if this is not the right decision? Am I getting a fair deal? Is this the right house for me and my family? What if there is something better out there? Questions start invading the committed buyer’s mind causing them to become hesitant and loose confidence in their decision. This worrisome state of mind, known as buyer’s remorse, is becoming more common in purchasing Dallas real estate.           

There are several ways to avoid buyer’s remorse when purchasing Dallas real estate. The biggest worry people have when experiencing buyer’s remorse is finances. Buyer’s often worry about whether they will be able to comfortably afford their soon to be home. In order to prevent this from being a problem make sure that you have chosen a good price range that takes all of your other expenses into consideration. The appropriate price range may not include the maximum amount you are approved for; however it is very important not to exceed your set amount. The second biggest part of buyer’s remorse is being satisfied with the house. People experiencing buyer’s remorse second guess their choice in a home. They begin to believe that the chosen home may not be the best one that is out there.

Before you started looking for a home you probably made a list of things you were looking for. Take this list of things you were looking for in a home and see how many of the things match up with the characteristics of the house that was purchased. If most of the things match up, especially the most important ones, then there shouldn’t be any second guessing. If they aren’t comparable, then try to figure out why the compromises were made and if they still make sense. 

If you are interested in buying Dallas real estate, please visit TexasHomeCentral.com.

If you are thinking of buying Dallas real estate for rental property, there are a number of things to consider when choosing the property: 

1. Location

If you will be renting to a year ’round tenant, look for a property convenient to major employers, schools, shopping facilities, transportation. If the property will be a vacation property, you will want to be near major tourist attractions. 

2. Price

If you hope the rental income will be more than the cost of the monthly mortgage, insurance and taxes on the home, you should be careful to invest no more per month than the local rental market can bear. If your goal for rental income is to “break even” or even to have a negative cash flow, price becomes somewhat less important. 

3. Resale

Consider the long-term resale value of the property. If you buy in a fast growing area, the resale value will be greater further down the road. If you buy is a slow growth area, your resale value will be less, but there may be a better rental market.  

4. Neighboring homes

Are the neighboring homes well-maintained? If not, they will drive down your property values. 

5. Solid construction

Look for solid construction. Tenants tend to put more wear and tear on a home than owners. Find a low-maintenance property suitable for renters. For example, white carpeting will have a much shorter life than something more neutral. 

6. Do it yourself

If you live nearby, it can be relatively simple to stay in touch with tenants, and to keep an eye on your investment. If you lack the time, or your property is some distance away, you may wish to work with a property management firm.

Learn more about Dallas real estate by visiting TexasHomeCentral.com.

Who pays for what? I get this question a lot! Closing costs can add up to a LOT when buying or selling Dallas real estate. What are closing costs you ask? Simply put, they are the costs for closing on your home which include escrow fees, title insurance, attorney’s fees, etc… but don’t worry, I will go into more detail as we move along this subject.

There are two sides to closing costs, those fees associated with buying a home and those associated with selling your home and I will tackle these seperately.

BUYER’S CLOSING COSTS

As a home buyer, not only do you need to bring cash to the closing table for the down payment on your mortgage (3.5% of purchase price for FHA, $100 for VA, etc), but also cash for closing costs. These closing costs can include fees such as pre-paid taxes and home insurance (pro-rated from the date of acquisition), title insurance and recording fees, etc., etc., … yes, it can certainly feel like being nickle and dimed. And to think, these fees are in addition to the purchase price.

Buyers typically pay the following closing costs:

• Document preparation
• Notary fees
• Recording charges for all documents in buyer’s name
• Tax pro-ration(from date of acquisition)
• Homeowner’s Association transfer fee
• All new loan charges (includes nickle and dime fees from your friendly lender)
• Interest on new loan from date of funding to first payment date
• Inspection fees(property inspection, termite, etc.)
• Lender’s Title policy
• Escrow fees (typically 50% to buyers and 50% to sellers)
• Fire insurance premium for first year

SELLER’S CLOSING COSTS
As a seller you are also responsible for several closing costs to cover legal and transfer fees, but what else? Oh yeah, there’s the broker’s commission. Let’s just say you get stuck with paying the real estate agent’s commission which I am sure you already know (I can see you cringe). Now, if you want a full-service listing with a lower broker commission of only 1% to the listing agent, don’t hesitate to call me! I will even provide a free virtual tour and high-quality photography. Did I just add a plug for my services? Shameful I know. :)

Sellers typically pay the following closing costs:

• County documentary transfer tax
• Applicable city transfer/conveyance tax
• Document preparation fee for deed
• Any loan fees required by buyer’s lender(FHA & VA loans in some cases)
• Payoff of all loans in seller’s name
• Interest accrued to lender being paid off and any prepayment penalties
• Home warranty(amount negotiable on contract)
• Any judgments, tax liens, etc. against the seller
• Tax pro-ration(for any taxes unpaid at time of transfer of title)
• Any unpaid homeowner’s dues (if you are paid thru the year, you will typically get a credit)
• Recording charges to clear all documents of record against seller
• Any and all delinquent taxes
• Notary fees
• Title insurance premium: Owner’s policy
• Escrow fees (typically 50% to buyers and 50% to sellers)
• Agents Brokerage Fees

Please keep in mind, this list entails a “traditional” distribution of expenses associated with the sale of Dallas real estate. Your real estate agent (hopefully me… okay, that was another shameful plug) and/or the title company can give you a detailed “estimated closing statement” prior to the closing of the home.

Visit Texas Home Central to search for all homes for sale in the Dallas Fort Worth Metroplex.