No matter what the condition of the housing market, purchasing a Dallas home is a major commitment and a vital financial decision. A home is much more than a financial investment; it is an investment in a new lifestyle and a new way of looking at property. Those who are unprepared to make the leap from renting to Dallas home ownership can make some costly mistakes, and learning to avoid those blunders is vital.

Think With Your Head Not Your Heart
One of the most common mistakes made by first time home buyers is allowing emotion to rule the day. Although buying a home can be an emotional process, there are some things home buyers can do to prevent emotional ties from getting in the way of sound financial discipline. 

While it is all too easy to picture your family relaxing in the backyard of a new home, take a step back and look at the home with the eyes of an investor. Pretend for a moment that you are not going to live in the house but are buying it as a pure investment. Is it still just as attractive, or has it lost some of its appeal? Emotional attachment is fine, but it should not overrule your good judgment.
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I wanted to follow up our blog post, Downsizing Your Dallas Home with a reprint on a Money Magazine article from CNNMoney.com, When It’s Wise to Downsize. The article discusses the pro and cons of downsizing, pricing in today’s market, carrying costs involved and lesions learned from other empty nesters. 

Here is the article in its entirety (but don’t hesitate to visit the link to the original article to see the interesting graphs): 

“(Money Magazine) — Last year Rick and Suzanne Pepin moved from the four-bedroom 3,400-square-foot house in Minneapolis where they lived with their three (now grown) kids to a luxury condo that’s a third smaller and offers only a Murphy bed for guests. Still, the couple couldn’t be happier.

“The location of our old home dictated that we drive to the grocery store, pharmacy and cleaners,” says Suzanne, 57, a retired lawyer. Their new digs are across the street from Whole Foods and within easy walking distance of other stores and restaurants. They love the low-maintenance life.
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You just dropped your youngest child off at college and have officially joined the ranks of the empty nesters. One of the first questions that usually comes to mind is should we downsize our Dallas home. The kids are gone and we probably don’t need this big house. But is buying a smaller home right for you?

There are pros and cons to downsizing. Consider your finances and lifestyle before making a decision.

Reasons not to downsize your Dallas home:

• You want a place for your children and grandchildren to stay when they visit. The family is spread all across the country and you want to have a place for everyone to gather for the holidays and vacations.
• You can’t bear to part with your cherished belongings. You have been in your current home for many years and have filled it to the gills with mementos you don’t want to part with.
• You aren’t you emotionally ready to leave? You are not ready to pack up and leave a lifestyle you worked hard to create. Leaving family, friends and familiar surroundings is more than you can bear.
• You enjoy the prestige that goes along with your luxurious home. A smaller home will not portray the correct image of success.

Reasons to downsize your Dallas home:

• The lower house payments that accompany a smaller home would give you more discretionary funds to travel and enjoy other recreational activities.
• A smaller homes means less to maintain and more time to play.
• You or your spouse, are not able to navigate the stairs like you use to and a single level home is more desirable.
• A smaller, newer home is more efficient, costs less for utilities and is better for the environment.
• You need to be closer to a spouse or parent who is in a nursing home?

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You’ve probably seen lots of financial arguments about why you should invest in Dallas real estate and own your own home rather than rent. This includes budgeting (no rent increases) and the tax savings you’ll most likely have. Now we’re going to give you some reasons you probably haven’t heard.

1. Freedom to pursue other goals in life once the major goal of home ownership is achieved.

   Strange as it sounds, many of our first-time buyers have told us that once they bought the house, other things in their life started to fall into place. It’s as if not owning took so much of their mental energy that other goals were not worked on until that big goal was reached. So buy a home and get on with your life!

2. A greater sense of belonging to the community.

Once you own a home, you feel more attached to the city in which you live. You’re more interested in what happens in Dallas, to the roads, schools, and shopping areas. Some people even become involved in local politics.

3. A commitment to something, a sense of stability.

   Home ownership is an anchor, something that cannot be pulled out from under you. You’ll never get a notice that you have to move. You’re kids will never have to change schools. It gives you freedom to plan years ahead. (more…)

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Buying a Dallas home can seem like a frightening prospect. Whether it’s your first home, or your fifth, so much is at stake — your savings, your credit rating, your financial freedom.
It’s difficult to get up the courage to sign on the dotted line, even if you want that home very, very badly.

How do you determine whether or not the purchase of a home makes sense?
What’s the easiest way to examine the whole picture, from emotions to economics? I suggest that you read this entire article before you go house hunting. You’ll learn how to separate whims from true needs. You’ll discover how to prepare a game plan for your real estate venture, how to research effectively, choose wisely, finance appropriately and survive the whole procedure with your smile intact.

Seven Steps For Dallas Home Buying Success:
1) Establish your needs and wants.
2) Determine how much you can afford.
3) Get pre-approved by a lender.
4) Find a good real estate agent to help you.
5) Find a home that meets your needs.
6) Make an offer to buy a home.
7) Save as much as you can on the purchase.

By the time you’ve done your homework and completed the suggestions, you will have an excellent overview of how to find and buy the Dallas home of your dreams. And you’ll have plenty of confidence to back up your decision to buy that special home, too.

Step One: Establish Your Needs And Wants
Begin your search for a perfect home by making a careful assessment of the kind of a home you need and want.

I recommend that you take time to do this in writing. So take time, right now, to be as specific as you can about your particular requirements.
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Today’s Dallas real estate market is super-competitive, this much is for sure. Sellers need to do everything they can to move their homes off the market as quickly as possible. This may explain why “staging” listings has become such a hot trend when selling in the Dallas real estate market. Unlike some trends that are more trouble than they’re worth, this is one trend that can really pay off! Here are 12 reasons why you should consider staging your Dallas home:

1. Turbo Boost Sales Time
   Experts all agree and studies show staged homes sell quicker than non-staged homes. Sometimes 30-50% faster in most areas. This is more important then most people realize because the longer a home is on the market….the greater chance for a price reduction. Most buyers and buyers agents believe that, if a home has been on the market for some time, there must be something wrong with it or that the seller will be anxious to sell and will take much less than the asking price.
2. First Impressions Last a Lifetime
   People’s first impression of your listing is critical. Staging gives you the best opportunity to make a positive first impression rather than a negative one. The stronger the impression the less likely a potential buyer will be bothered if some things aren’t perfect.

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It seems like everywhere I turn these days, every day products and services I use in Dallas are “going green.” Who knew Dallas Real Estate was going green too! Now, with so many ways available to help the environment, it may be overwhelming to figure out exactly how you as a Dallas homeowner can make changes.

This article from RealEstateJournal.com details five ways homeowners can add “green” upgrades to their home, saving money and increasing their homes’ values at the same time. Below is the list of suggestions, check out the article for full descriptions of each item:

• Washers that save energy and water
• Toilets that conserve water
• No-VOC paints
• Smart thermostat applications
• Low-flow faucets and shower heads

To learn more about owning a Dallas Fort Worth home or other Dallas real estate, please visit TexasHomeCentral.com, or call me at 800-326-9011. I would love to show you how we can help find you that “green” dream home in Dallas Texas.